Adopt business spend management software for full expense control
Experience spend management like never before with Precoro. Seamlessly navigate your purchased services and marketing campaign budgets, renew vital software subscriptions on time, monitor budget usage, and prevent overspending.
Why companies rely on spend management solutions?
Spend management solutions are tools designed to help businesses track, control, and optimize their expenses across areas like purchasing, employee spending, and travel. They provide real-time insights, automate routine tasks, and deliver analytics that support smarter spending decisions. The goal is to reduce costs, increase efficiency, and enhance financial oversight.
See what users report after choosing our spend management tool
feel there is better visibility into procurement activities across the company
think that Precoro offers great value for money
report they can analyze procurement spending and identify future trends with the system
Spend management software that provides total spending control
Our spend management platform offers modules and features to help you achieve full control over budgets and expenses. Gain complete visibility into spending across locations, departments, and suppliers.
Streamlined expense management
With Precoro’s expense module, you’ll be able to monitor corporate expenditures, speed up billing cycles, and reimburse employee expenses, all in a single system. It takes just a few clicks to request, review, and approve a reimbursement.
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Eliminate bottlenecks in the reimbursement process.
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Pay for multiple expenses at the same time.
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Automatically track expenses in real time.
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Seamlessly link the procurement and finance teams with the help of automatic document forwarding between Precoro and the integrated accounting tools.
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Gain confidence in your end-of-month reports with a comprehensive system for organizing and managing employee expenses.
Smooth procurement process
Our spend management solution enables requesters, approvers, buyers, procurement officers, and warehouse managers to efficiently cooperate in procurement activities. Order and track new items with ease.
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Use purchase requisition (PR) and purchase order (PO) templates.
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Set up approval workflows for PRs and POs.
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Create receipts upon receiving the ordered items.
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Store and verify invoices without having to switch between systems.
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Requesters, approvers, buyers, and other stakeholders can enjoy full visibility at each order stage.
Customizable approval workflows of any complexity
Manage your business spending with ease by creating an approval policy to ensure all inquiries are automatically routed to the right stakeholders. Process approvals 2.5 times faster using the spend management application and buy what you need while ensuring total compliance.
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Easily submit any type of request and track the status of each document in real time.
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Add notes, attachments, or comments to requests to give approvers all the context they need, and get notified of updates via email or Slack.
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Customize approval policies and define criteria for your workflows — such as cost centers, locations, subsidiaries, and monetary thresholds.
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Set up sequential or parallel approval workflows to streamline decision-making processes and expedite procurement approvals.
Real-time control over budget usage
Consolidate all procurement-related information in the spend management solution to gain complete transparency over purchasing activities. Make informed decisions based on this data, optimize budget planning, and save up to 7% on annual business spending.
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Set up budget limits for each project, department, and location, so all transactions are made in accordance with company policy.
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Monitor spending against budgets, view up-to-date inventory levels, and track document statuses and revision history.
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Control business spending thanks to immediate notifications in cases when purchases surpass the allocated budget.
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Analyze your spending to identify savings opportunities and accurately predict cash flow using Precoro’s visual dashboards.
Convenient subscription management
Maintain all subscriptions, services, and marketing campaign budgets in one place and ensure your company has everything it needs for efficient operations. Mitigate unexpected invoices, unauthorized spending, and uncontrolled renewals in the spend management platform.
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Tailor spend categories to align with the needs of your administrative, IT, marketing, and other departments.
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Monitor the details of each subscription and renew them on time to keep your working process running smoothly.
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Keep all agreements with suppliers in one platform and receive instant notifications about contract renewals.
AP automation
Transform your invoice processing to eliminate duplicate payments, fraud, and discrepancies. Easily reconcile financial records without wasting time compiling invoices from different sources or procurement-related data from multiple spreadsheets.
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Accelerate your invoice processing with OCR (Optical Character Recognition) and receive automatically pre-filled invoices.
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Ensure there are no discrepancies between the ordered and received goods with the help of 2- and 3-way matching.
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Simplify invoice submission and streamline communication between suppliers and the finance team with our Supplier Portal.
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Take advantage of accounting and procurement tool integrations to eliminate manual data transfers and avoid human errors that can lead to payment inaccuracies.
Straightforward vendor management
Precoro spend management software ensures that you can control expenses by supplier, efficiently choose new vendors, and seamlessly communicate with existing ones. Plus, use our Supplier Portal to make supplier management even smoother.
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Manage all RFPs in a single system and provide vendors with real-time updates.
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Order items directly from within Precoro and get full visibility into historical orders for each vendor.
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Store all agreements with suppliers in Precoro’s organized system, and receive instant notifications about contract renewals.
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Generate real-time reports on supplier data and track spending per vendor to identify cost-saving opportunities.
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Enhance vendor collaboration using our Supplier Portal to let vendors send proposals, create item catalogs, receive purchase orders, and send invoices all within Precoro.
Advanced reporting capabilities
Receive insightful business spending data at any given moment using Precoro’s customizable report builder. Visualize crucial indicators at your convenience and analyze the state of your company with ease to make data-driven decisions.
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Generate interactive reports using 20+ filters and 120+ custom fields.
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View detailed charts and standard XLSX reports to access a thorough and visually engaging interpretation of business spend.
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Separate reports for different modules in Precoro, from documents to budget usage.
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Schedule automatic report creation to send data directly to Google Sheets or Power BI at specified intervals.
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Compare documents using the changelog and document version comparison features for a transparent audit trail.
What sets Precoro apart among spend management solutions
Overcome these challenges with our spend management application
Managers rely on inaccurate spend forecasting because of insufficient data and manual errors in calculations. That leads to budget misalignments and unexpected cash flow issues.
Spend management platform provides businesses with accurate historical spending data. Based on it, managers can create accurate forecasts, ensuring better budget planning and financial stability.
Employees may bypass the established procurement and spend management policies due to perceived complexity and time constraints.
Spend management software makes it easier for employees to comply with policies and helps to enforce approval workflows. Users can quickly create requests that can be tracked by stakeholders at every approval stage.
Lack of real-time visibility into spending hampers effective budget management and decision-making when approving new purchases.
Precoro allows requesters and approvers to view available budgets while processing purchase requisitions and purchase orders. Users can also access real-time dashboards with spending data.
Fragmented and unorganized spending data weakens a company’s negotiating power with suppliers.
Procurement managers can see how much is spent on each supplier and use it as leverage in supplier management to negotiate bulk discounts and favorable contract terms with suppliers.
The company wants to combat overspending or maverick spend, but the exact source of it remains unclear, making it difficult to address the problem effectively.
Precoro provides users with detailed spending reports by department and category, offering clear insights into where overspending occurs. This functionality enables targeted cost-saving measures.
Why businesses love Precoro
Discover why companies consider Precoro the best spend management software to tackle their procurement challenges.
Spend management software that enhances your tool stack
Eliminate manual work and inefficient processes by connecting Precoro directly to your favourite accounting, ERP, and business tools.
Fisher Scientific PunchOut
Automate procurement of laboratory equipment, chemicals, and supplies by accessing Fisher Scientific’s full catalog directly from Precoro.
Grainger PunchOut
Simplify the process of purchasing industrial supplies by shopping directly in Grainger and having all item details automatically imported into Precoro PO or PR.
Sage Intacct
Simplify accounting with automated sync of invoices, suppliers, payments, and more between Precoro and Sage Intacct.
QuickBooks Desktop
Integrate Precoro with QuickBooks Desktop to sync invoices, payments, GL accounts, and tax codes seamlessly.
QuickBooks Online
Send orders, bills, and vendors from Precoro to QuickBooks Online automatically.
Xero
Sync POs, invoices, and supplier info from Precoro to Xero accounting software.
Want to achieve the same results?
If the answer is yes, Precoro is the right procurement spend management software for your company.
spend under management
faster approval process
average budget savings per year
Learn how to establish a spend management system
We made a video to help finance teams create an efficient spend management system. Check out this 9-step process, and learn how the right business spend management platform can help.
All your questions answered
What is spend management software?
What are the benefits of spend management software?
What are the must-have features of business spend management software?
What is spend data management?
What are the goals of spend management services?
What is the difference between spend management and expense management?
What is the difference between spend management and spend analysis?
What are the spend management activities?
What are the steps in the spend management process?
What is spend under management?
What is tail spend management?
What is spend lifecycle management?
Curious about the value of spend management services?
Spend management services help businesses gain control over and optimize their spending by providing visibility, automation, and analysis of various spending categories. They cover everything from handling expenses, vendors, and invoices to spotting spending patterns and forecasting budgets.
Learn more about spend management
We’ve compiled a handful of resources to help you get company spending under full control with the use of spend management solutions. Check out our blog for more insights into optimizing business purchases and financial operations.
See what else Precoro has to offer
Explore how our spend management software stacks up against other tools, discover its key features, and see how it helps organizations across industries take control of their spending.
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Spend Management
Implement the best spend management software to ensure 100% spend control and achieve up to 5% of yearly budget savings.
Procure-to-Pay Automation
Adopt procure-to-pay software and simplify your workday – because you can’t manage everything in spreadsheets forever.
Accounts Payable Automation
Optimize your accounts payable operations by automating manual processes with Precoro. Simplify document processing and focus on strategic tasks.
Supplier Relationship Management
Streamline your supplier management. Onboard and evaluate suppliers with ease and provide them with a convenient tool for cooperation.
Vendor Management
Build better relationships with vendors and get better deals. Check out how Precoro streamlines onboarding, evaluating, tracking, and collaborating with vendors.
Purchase Requisition Management
Use straightforward purchase requisition software with easy-to-follow templates and customizable approval workflows.
Mobile Procurement
Speed up procurement processes with the Precoro mobile app. Easily monitor spending, approve orders, and collaborate with your team on the go.
Intake Management
Transform your requesting and buying processes with seamless, effortless intake management.
Three-Way Matching and OCR
Check out how our 3-way match software uses Google's custom data extractor to process invoices and match them to POs and receipts.
Invoice Approval Process
Approve invoices 3.5x faster with Precoro. Enjoy full visibility into documents and pay only for verified bills.
AI in Procurement
Simplify your AP workload and achieve flawless document accuracy with our AI procurement software.