Do you look at your company’s bank account and shudder each time your bank balance gets lower?
Bankruptcy can happen to any business and you need to find a way to protect your company’s financial health. One of the best ways to do this is to keep an eye on your business spending.
To help with your spend management you want to opt for a spend management software. This helps you track your business spending and keep your company afloat.
Here are our recommendations for spend management software:
Bento
The best option regardless of what stage your business is in is Bento. Bento is a great software for planning your budget.
You’ll enter your budget within the software program and then connect it with your bank account. Each time you make a purchase, this will get updated within the app.
You can check the dashboard at any time on your computer or mobile device. This is an affordable software that also comes with a great customer support staff.
It’s also the perfect spend management software to use as you scale your business as it works for different company sizes.
If you’re interested in using Bento you can visit this website to learn more: https://bentoforbusiness.com/expense-management/spend-management-software/
Spendesk
This is a complex software but works great for freelancers or any company that works with vendors and contractors.
With Spendesk you’ll collect invoices and enter them into the application. Spendesk keeps track of how much money you’ve collected and spent.
You’ll also get to break down how much you’ve spent from each category. This helps you know where your business spending needs to slow down. You can also see which vendors bring you the most money.
This is a great way to plan your business spending for the future. It works best for medium-sized and larger corporations.
Expensify
This is a great option for a smaller business that’s been in operation for a few years. If you’re trying to scale your business this is great to manage your financial health.
You can connect your company’s debit card to the app to track every purchase. This helps you keep track of your business spending in real-time.
You’ll also see what categories you’ve been spending your money on. This is great to find ways to reduce your expenses or find alternative options.
Expensify is one of the more expensive spend management software options on this list. However, it’s trusted by hundreds of businesses and doesn’t require too much technical expertise.
Choose Your Spend Management Software
Now you know the different options for a spend management software and can choose the best option to help your company stay on track.
Bento remains the best option no matter what stage your business is in. You can keep track of your business spending at all times.
With Spendesk you’ll create a list of invoices so you can track your earnings and expenses. Expensify is a great option to use if you’ve been in business for several years and tracks your spending in real-time.
You can find more business articles and software recommendations on our blog.
