Spendesk – Best Accounting Software for Expense Management

Spendesk is an expense management platform companies use to spend and enhance financial control.

It provides businesses with various features, including unlimited virtual cards, invoice management, and automated approval workflows.

This software allows employees to access funds easily while enabling finance teams to monitor budgets and spending in real-time.

How Does Spendesk Work?

Spendesk is an expense management platform that is designed to simplify the financial processes within organizations by providing both employees and finance teams with a user-friendly interface and powerful control mechanisms.

The platform allows employees to make necessary purchases by using company funds and ensures that finance teams maintain supervision and control over all companies’ expenditures. Employees can request funds for specific purchases and utilize Spendesk’s physical or virtual cards to execute payments.

If employees are unable to use these cards they can easily submit expense claims by photographing receipts through the mobile application which are sent for manager approval and processed by the finance team.

Spendesk offers real time visibility into company spending for finance teams that enables them to monitor budgets, set spending limits, and manage approvals efficiently. Every employee is assigned with a unique Spendesk profile linked to their spending activities which enhances accountability and reduces the risk of fraud.

The platform automates expense reporting by allowing finance teams to settle transactions quickly and accurately while also sending reminders for any missing receipts. Spendesk enhances operational efficiency and promotes a culture of trust and responsibility among employees by centralizing the expense management process that makes it an ideal solution for growing businesses with complex spending needs.

Who Should Use Spendesk?

Spendesk is a versatile spend management solution designed for various teams and organizations that fulfills different spending needs while balancing control and efficiency.

Finance Teams

Spendesk is beneficial software for financial teams, as it provides full visibility of company spending. This software helps the finance team to set budgets, monitor expenses in real time, and ensure compliance with spending guidelines.

The platform lets users to automate many processes, such as tracking payments and receipts which helps finance teams save time and reduce administrative burdens. Finance teams can maintain control while enabling other departments to manage their spending responsibly.

Marketing Teams

Marketing teams usually manage multiple subscriptions and campaigns which makes Spendesk an ideal software for tracking marketing expenses.

The platform helps users to easily manage various marketing software and subscriptions by ensuring that all spending is accounted for and aligned with the marketing budget. It helps users to simplify processes and improve financial accountability within marketing initiatives.

Sales Teams

Sales teams can use Spendesk to simplify the expense reporting process. Sales team members can use Spendesk for convenient spending instead of traditional expense reports by making it easier to manage costs associated with client meetings, travel, and other sales activities.

This flexibility enhances efficiency and allows sales professionals to concentrate on their core responsibilities without being hindered by administrative tasks.

HR and Operations Teams

Spendesk is also utilized by the HR and operations teams  to establish a clear spending process across the organization. The software includes managing employee expenses related to recruitment, training, and operational needs.

These teams can ensure that all expenditures are justified and within budget by providing a structured approach to spending that promotes a culture of accountability.

IT and Tech Teams

Spendesk offers IT departments a way to manage software subscriptions and devices effectively. This software tracks all subscriptions in one place, allowing IT teams to ensure that they are spending on applications that may not be fully utilized.

This management helps optimize technology budgets and ensure that all applications are necessary and beneficial for the organization.

Office Management

Spendesk is a beneficial tool for the office managers as it provides access to flexible payment methods for various operational expenses. This includes everything from office supplies to facility management by allowing for quick and efficient purchasing processes while maintaining oversight of spending.

Spendesk Solutions

Spendesk Solution	Description	Example
Business Travel Spending	Spendesk manages and controls travel expenses with prepaid expense cards by ensuring that all purchases are recorded and tracked.	Employees use prepaid cards for flights and accommodations and all transactions are logged in real-time.
Digital Advertising	It centralizes and manages all digital advertising spending across platforms such as Google and Facebook using virtual cards.	A marketing team creates unique virtual cards for each campaign by tracking expenses from one dashboard.
Office Expenses	The software simplifies the management of office-related expenses through automated workflows and real-time tracking.	Employees can submit expenses for office supplies through the Spendesk app which simplifies the approvals and reimbursements.
Administrative Expenses	It automates and manages administrative costs by ensuring the clear visibility and control over all related spending.	Administrative staff use Spendesk to handle costs for office maintenance and utilities with automated invoice processing.
Subscription Management	Spendesk tracks and manages subscriptions with unique virtual cards for each service that allows easy monitoring of spending.	A finance team uses Spendesk to manage subscriptions for software tools by ensuring all payments and renewals are tracked.
Easy Invoice Processing	It helps to automate the invoice handling process from entry to payment by reducing manual effort and improving accuracy.	Finance teams process vendor invoices directly through Spendesk with automated approvals and payment scheduling.

ROI Calculator from Spedesk

The ROI Calculator allows companies to input various financial metrics related to their spending habits and processes. The calculator estimates how much a company could save through improved expense management practices by analyzing these inputs.

Key Features ROI Calculator

• Users can enter specific data such as the number of employees making purchases, an average monthly salary of employees, the total budget for subscriptions, and the number of expense reports filed each month. This data is crucial for generating accurate savings estimates.
• The calculator provides a breakdown of different costs associated with company spending such as expenses related to processing invoices, managing corporate cards, and filing expense reports. It highlights hidden costs that may not be immediately apparent to finance teams.
• The calculator presents potential savings that could be achieved through automation after processing the input data and provides better management of spending processes. This includes reduced costs from fewer manual processes and improved efficiency in handling expenses.

Benefits of Using the ROI Calculator

1. The calculator helps finance teams to achieve a clearer understanding of the company’s expenses.
2. The ROI calculator enables finance leaders to make informed decisions about adopting expense management solutions.
3. It encourages companies to consider automation and better spending controls to save time and cost.
4. The calculator is part of a broader spend management platform that offers real-time visibility into company spending and allows for proactive budget and expense management.

Integration of Other Applications with Spendesk

Spendesk integrates with a variety of applications across different categories that enhances its functionality in expense management, accounting, and human resources. Below are the different applications that are integrated with Spendesk according to different categories:

Accounting Integrations

• Xero: Simplifies bookkeeping processes
• NetSuite: Speeds up financial closing procedures
• QuickBooks: Synchronizes financial data seamlessly

Human Resources

These integrations allow for automatic updates and management of user data across systems by ensuring consistency and reducing manual entry errors. Spendesk connects with several HR platforms to simplify user management:

• Personio
• HiBob
• Workday
• BambooHR
• PayFit
• Lucca

Productivity and Communication Tools

• Slack: It enable team purchase requests directly from the Slack interface

Travel Management

• TravelPerk: It automates receipt collection for travel expenses made with Spendesk cards by enhancing visibility into travel spending.

API and Custom Exports

Spendesk offers an API for custom integrations that allows businesses to connect Spendesk with their preferred applications and set up customized exports for various accounting software. 

Pros and Cons of Spendesk 

Pros

• Spendesk provides users with smart prepaid debit cards by allowing businesses to set budgets and control spending effectively that minimizes the risk of overspending.
• The platform is known for its reflexive design that makes it accessible for users regardless of their tech-savviness.
• Spendesk automates many aspects of expense management such as payment requests and accounting tasks. This automation helps teams to focus on more strategic business activities rather than manual processes.
• Users have praised Spendesk for its responsive customer service along with a helpful online help center and chat support.
• The platform is available in multiple languages such as English, French, and German which makes it suitable for businesses operating in diverse regions.
• The ability to issue virtual cards for specific expenses adds convenience especially for unexpected costs or travel.

Cons

• Some users have reported that Spendesk cards are only accepted by some vendors which can create challenges during travel or for specific purchases.
• The onboarding process can be lengthy that can take up to 3-4 weeks which may need to be clearly communicated to new users.
• Every Spendesk card must be supported by pre-loaded funds which can tie up working capital and may be a concern for smaller businesses.
• Users have mentioned the requirement for advanced features such as receipt scanning that automatically adjusts borders which could enhance user experience.

Top Spendesk Alternatives

• Airbase – Airbase spend management platform with flexible rulebooks, intuitive workflows, and integrations.
• Brex – Brex is an expense management platform with corporate cards, expense management, and invoice payment. It offers 50,000 points for $100,000 deposits in Brex business accounts.
• Pleo – Polo is a company cards and expense management software that offers prepaid cards and automates expense reporting of the company.
• Payhawk – Payhawk is a software that combines credit cards, payments, expenses, and cash management. I has features to manage the invoice processing, budgeting, and compliance.
• Qonto – It is an online business banking service which offers features for managing finances, accounting, and bookkeeping for small businesses, freelancers, and startups. It provides 3-7 months free on various plans.
• Fyle – Fyle is an alternative to spendesk which helps finance teams to build expense management systems around existing business credit cards. It reduces the time spent on expense reporting.