Spendesk is a comprehensive spend management platform designed to streamline and control all aspects of a company’s spending, from approvals and payments to accounting and reporting.
What Spendesk Does
Spendesk integrates various financial management functions into a single, user-friendly platform. It helps businesses manage their expenses efficiently, enhance financial visibility, and improve operational efficiency. The platform is particularly beneficial for small to medium-sized businesses (SMBs) looking to centralize and simplify their spend management processes.
Key Features and Functionality
Control and Approvals
- Multi-level Approvals: Spendesk allows companies to set up advanced payment approval workflows, ensuring that all spending is pre-approved and aligned with company policies.
- Custom Spending Limits: Users can define budgets and set custom spending limits for different departments or employees, providing real-time control over company expenditures.
Payment and Spend Management
- Smart Company Cards: The platform offers virtual cards and employee debit cards with adjustable limits, enabling secure and controlled online spending and in-person transactions.
- Invoice Management: Spendesk facilitates the creation, delivery, and tracking of invoices, including automated VAT extraction and expense account allocation.
Expense Tracking and Reporting
- Real-time Spending Overview: The platform provides a real-time dashboard for tracking spend transactions as they happen, allowing for immediate visibility into company spending.
- Receipt Capture and Management: Employees can capture and manage digital receipts easily, and the system automates receipt reconciliation and chasing for missing receipts.
Automation and Accounting
- Accounting Automation: Spendesk automates various accounting tasks such as month-end closing, expense account allocation, and VAT extraction, significantly reducing the time spent on these activities.
- Budget Analysis and Reporting: The platform offers robust reporting features, including real-time reporting, multiple views (e.g., by vendor, team, GL, department), and the ability to export reports in various formats like Excel, CSV, and Google Sheets.
Integration and Customization
- Integrations: Spendesk integrates with various accounting tools and other business software, ensuring seamless data flow and reducing the need for manual data entry.
- Customization: The platform allows for the definition of budget hierarchies, use of budgeting formulas, and versioning of budgets, providing a tailored approach to financial management.
Additional Features
- Subscription Management: Manage recurring SaaS payments easily using virtual cards and smart tracking software.
- Procurement and Team Spending: Spendesk helps in managing procurement processes and team spending, ensuring that all expenditures are tracked and approved within the platform.
By combining these features, Spendesk provides a holistic solution for companies to manage their spending more effectively, enhance financial control, and streamline their financial operations.