Spendesk Review: Features, Pros & Cons. Is Spendesk Worth It?
Spendesk is a popular platform used for automating accounting processes and optimising spend management.
The platform is diverse, offering a solid range of spend management features for businesses.
In this Spendesk review, we take a deep dive into the software’s features and abilities to help you determine whether Spendesk will work for your business.
What Is Spendesk?
Spendesk is an all-in-one spend management platform designed to cover seven different financial processes in a single platform. This includes helping businesses manage their cards, invoices, expenses, approvals, budgets, reports, and accounting automation.
Basically, the platform is designed to help companies save time with their spend management while being able to make smarter, faster spending decisions.
Here are some of the main reasons why Spendesk exists, and what it aims to help businesses achieve:
You can use Spendesk to track spending across your organisation in real time. This helps finance teams stay more in control of their budget.
Spendesk offers a central dashboard that lets you control all payments across an entire company.
Enhanced Payments For Internal Teams
Teams within a company can use Spendesk to access their own virtual cards and take control of their budget. This includes tools for expense reimbursements and digital invoices.
Subscription Management Tools
Spendesk conveniently displays all of a company’s subscriptions in a central dashboard so that you can gain more control over managing subscription payments.
Spendesk’s “all-in-one” spend management tool has been designed to save time on admin and accounting. The platform also makes it easier for teams to collaborate and access the information they need.
So, overall, Spendesk is a fairly diverse tool for optimising the way businesses manage their accounting. While it’s not a bookkeeping or accounting platform, Spendesk does offer a range of functions to make a business’s current accounting processes more efficient.
Main Features Of Spendesk
For this Spendesk review, we’ve broken down the platform into seven main features. Let’s explore them in more detail.
Spendesk offers virtual and physical cards that companies can use. The cards connect to the Spendesk software, which makes them easy to track.
This lets companies provide employees with cards for business expenses, which the business can keep track of for easier expense management.
This can be useful for companies with large teams to manage budgets, track spending in real-time, and customise spending control by adding spending policies to the cards.
Businesses can access Spendesk’s expense feature to reimburse employee expenses without any paperwork.
The platform digitises expense reports and lets you consolidate expense reimbursements alongside other areas of company spending.
Spendesk’s invoice management function is designed to assist with the accounts payable process. This tool links purchase orders and supplier invoices to team approvals, budgets, payments, and accounting.
Using this tool takes a lot of the manual work out of the procure-to-pay process while providing complete visibility over invoice management.
The main focus of Spendesk is its spend control dashboard. Businesses can manage and control all of the company spending from one place. You can use this dashboard to set spending limits and add more control to spending with pre-payment approvals.
You can use Spendesk to automate tasks like VAT extraction, receipt reconciliation, and expense account allocation.
This platform has a feature that allows you to set business budgets for more control over spending. This is especially useful for team budgets and approval orders.
Spendesk provides a single source of information for all company spending activities. This makes it easy for businesses to generate detailed spending reports and gather all of their spending data.
Spendesk Review: Pros and Cons
Spendesk is one of the more robust spend management software solutions, offering quite an extensive range of features. Here are some of the pros and cons to consider.
Pros Of Spendesk
An efficient spend management system that keeps all of your company spending data in one place
Automated payments and approvals can save a business a lot of time
An easy-to-use spend management platform
Spendesk offers a good range of functionality all from one platform
Cons Of Spendesk
Gaining visibility over specific category spending can be tricky
It is a more expensive spend management tool
Accounting system integrations are limited
Although Spendesk is very user-friendly, setting up and monitoring the various processes in the platform can be quite time-consuming and challenging
Spendesk is all about enhancing company spending operations, which various integrations help it achieve.
Spendesk offers a complete Xero integration, which can make bookkeeping through this platform a lot easier. There are also custom data export options from Spendesk to Xero, DATEV, Sage, Cegid, and Netsuite.
Spendesk can also integrate with Slack and SAML SSO for easier data sharing.
While these integrations are useful, they are quite limited from an accounting software perspective. Other platforms allow for more integration and automation abilities between the different platforms.
Spendesk Review: Pricing
Spendesk offers three different pricing plans:
Each plan’s pricing is based on a flat fee for platform access, as well as variable fees for transaction usage.
Unfortunately, Spendesk is not transparent about their pricing and you will need to get on a platform demo with a sales rep to find out about pricing for your business needs.
Based on other users’ experiences, small businesses can expect to pay around £100+ for the platform.
Spendesk can be a great platform for large businesses looking for expense and spend management tools. It’s relatively easy to use and offers quite a good range of functionality.
It’s important to explore all of the options available before committing to your financial software, as this plays a major role in how your business operates.