Spend Management
 min read

What is a Spend Management System?

Every year, companies around the world spend an average of 1.8 million AED (0.5m USD) and nearly 3,000 hours fixing errors in expense reports. Imagine the horror that finance and accounting teams have to incur, day in and day out. The question arises: Can this money and time be better utilized elsewhere, allowing these teams to finally take a sigh of relief? The simple answer is YES.

A solution exists that could save companies thousands in expenses, countless hours of receipt chasing and corrections and give finance and accounting teams a much-needed break. It's called a spend management system, and it's there to transform the way businesses handle expenses.

A spend management system, also referred to as an expense management system, is a digital solution designed to streamline, simplify, and optimize the process of handling expenses within an organization. At its core, a spend management system like Alaan automates various aspects of expense management, including expense tracking, categorization, and the generation of comprehensive expense reports.

We’re in 2023 and it is essential for finance and accounting teams to adopt a spend management system, as it not only enhances operational efficiency but also reduces errors and improves compliance with financial regulations.

Key components of a spend management system

1. Expense tracking
: Enables real-time monitoring and categorization of expenses, providing a clear view of where the money is going.

“With Alaan, I have access to a dashboard where I can keep track of every expense/transaction, whether it is for Markathon or for our clients.” - Girish, CEO of Markathon

2. Expense reporting: Automates the generation of comprehensive expense reports, simplifying the often tedious and error-prone process.

“It was highly stressful for staff who may have lost their receipts from a trip taken 2 weeks ago, so Alaan was really helpful for us from both sides - the spender and the admin” - Lee McMahon, Co-Founder of Clara Technologies

3. Integration capabilities: Integrates with all existing accounting and ERP systems. This integration ensures that financial data, transactions, and expense reports are synchronized effortlessly, saving both time and effort.

“Alaan was able to seamlessly integrate with our accounting systems, and made it feel like such a plug-and-play solution and the fact that Alaan is completely approved by the authorities and regulated made us gain more confidence in using the system” - Murtuza Unchwaniwala, CFO of Al Barari Real Estate Group

4. Financial control: Empower organizations with spend limits, enhanced approval workflows, and data analytics to make informed financial decisions.

"Washmen employees can spend as they need for work without breaking policy. They're happy knowing the company's expense policy is built into Alaan via spend limits and approval workflows." - Finance team, Washmen

How to get started

If it excites you as a business owner or a finance/accounting professional to make the lives of your teams simpler and have a more streamlined expense management solution in place for your organization just like Al-Barari, Washmen, Clara Technologies, Markathon and 300+ businesses across the UAE, then you don’t have to do much.

Book a free demo with Alaan and experience Middle East’s largest and most comprehensive spend management platform for yourself!

Start simplifying your business spend with Alaan 🚀

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