Person utilizing Emburse's spend management software

What is spend management?

Effective spend management requires a systematic and proactive approach, leveraging technology, automation, and data analysis to achieve financial stability and optimization. Continue reading to learn more about all of your pressing questions to help you get the most out of spend management.

See FAQs

Spend management, explained

Spend management refers to the process of tracking, controlling, and optimizing an organization's spending activities to improve cost control, increase financial efficiency, and gain valuable spending insights. Spend management involves managing and monitoring expenses across various categories, such as procurement, travel and entertainment, employee reimbursements, and other operational costs.

see more questions
Person optimizing their spend management with software

Key components of spend management include:

  • Budgeting and planning
  • Procurement and sourcing
  • Vendor management
  • Invoice and Expense processing and tracking
  • Policy and Compliance
  • Reporting and analytics

Emburse FAQs

To choose the best corporate credit card for your organization, consider the following factors:

  1. Features and benefits: Evaluate the card's rewards program, travel perks, expense management tools, and integration capabilities with financial software.
  2. Credit limit and spending flexibility: Determine the credit limit and whether it aligns with your company's spending needs. Also, consider if the card allows for individual spending limits for employees.
  3. Fees and interest rates: Compare the annual fees, transaction fees, foreign exchange fees, and interest rates associated with the card.
  4. Reporting and analytics: Look for cards that offer detailed expense reports, real-time transaction tracking, and customizable spending controls.
  5. Card acceptance: Consider the card's global acceptance and merchant network to ensure your employees can use it for business expenses.
  6. Customer support: Assess the quality and availability of customer service and support the credit card issuer provides.
  7. Integration with expense management software: Check if the card can be easily integrated with your existing expense management software for streamlined processes.

Business credit cards are financial products for business owners and employees. They provide a line of credit that allows businesses to make purchases and manage expenses. They often offer features tailored to business needs, such as rewards programs, expense tracking tools, employee spending controls, and customized reporting options. These card programs help separate personal and business expenses.

Having a business credit card offers several benefits, including:

  1. Improved expense management: Business credit cards provide a centralized platform to track and manage business expenses, simplifying record-keeping and reducing the administrative burden.
  2. Enhanced financial visibility: Detailed monthly statements and expense reports from business credit cards offer visibility into spending patterns, helping businesses analyze and optimize their expenses.
  3. Separation of personal and business expenses: A dedicated business credit card helps separate personal and business transactions, simplifying accounting and tax reporting.
  4. Reduction of reimbursement burden: Allowing employees access to the organization’s funds reduces the need for employees to use their money for expenses while waiting 30+ days for reimbursements.
  5. Access to credit and working capital: Business credit cards provide a revolving line of credit, offering businesses a convenient and flexible way to access funds for everyday purchases or unexpected expenses.
  6. Rewards and perks: Many business credit cards offer rewards programs tailored to business needs, such as cashback on business expenses, travel rewards, or discounts with partner merchants.
  7. Employee spending control: Business credit cards often allow business owners to set spending limits for individual employees, providing control and oversight over company spending.
  8. Building business credit history: Proper use of a business credit card can help establish and improve the business's credit profile, potentially leading to better financing opportunities in the future.

Using business credit cards for business-related expenses is recommended to maintain proper separation between personal and business finances. Mixing personal and business expenses on a business credit card can complicate accounting, tax reporting, and expense tracking. Obtaining a personal credit card for personal expenses is advisable to ensure clear delineation between personal and business transactions.

Spend management software is a tool that automates and streamlines the processes of managing an organization’s expenses. Spend management software typically offers features such as expense tracking, invoice management, budgeting, reporting, and analytics. Spend management software enables businesses to gain insights into spending patterns, streamline expense processes, enforce spending policies, and make data-driven decisions to improve cost control and financial efficiency.

Our growing technology ecosystem

Emburse is the global leader in helping organizations simplify spend management. Our expense travel and expense management, purchasing, accounts payable, and payments solutions are trusted by over 12 million business professionals, including CFOs, finance teams, and travelers.

Emburse offers a full suite of world-class spend management solutions that can be tailored to your organization’s unique needs. Whether you’re a Fortune 100 enterprise organization or a growing company, Emburse has what you need.