Compare the top 5 spend management software and tools in Australia

For businesses focused on growth, creating the right tech stack for your specific needs can seem like an overwhelming task. This is especially so when it comes to figuring out how to streamline your domestic and international spend management. 

If you’re looking to improve visibility over your company’s spend and save time by eliminating repetitive, manual tasks, adopting a comprehensive spend management solution is the answer.

Let’s look at the top five spend management software solutions available in Australia in 2024 to get a clear picture of what’s on offer.

What is spend management software?

Spend management software provides a comprehensive solution for businesses to track, manage, optimise and report on their internal and external expenses. Top spend management software solutions empower users to gain real-time visibility into their spend, automate workflows, easily pay suppliers and reimburse employees, and enforce spending policies. 

The global spend management software market size is projected to grow to US$57.22 billion by 2032, with the COVID-19 pandemic increasing software adoption due to businesses' heightened concern with managing their spend and financial risks. The pandemic also changed the workplace landscape in regards to flexible work options, with many companies now requiring the ability to pay employees working overseas. Spend management software is a key tool to improve business productivity and reduce costs.

How does spend management software work?

A comprehensive spend management solution works by consolidating data and capabilities from specialised spend management tools. This automates time-consuming tasks, provides real-time visibility into cashflow, and improves business control over global spend. 

Spend management software allows you to capture employee and business expenses, manage spend and spend approval workflows, streamline employee reimbursements, manage bill pay processes, and provide spend analytics to businesses.

Spend management software can improve efficiency and accuracy, giving your business’ finance team hours of time back each week. It also provides greater financial visibility, control and decision-making abilities. 

The top five spend management software and tools in Australia (2024)

• Airwallex

Airwallex (that’s us!) is an end-to-end financial platform, trusted by over 100,000 companies to simplify their financial operations. We’ve packed all the features a modern finance team needs to simplify global spend into our suite of spend management tools, Airwallex Spend:

• Bill Pay: Automate your entire global bill-paying process 

• Borderless Cards: Create employee and company VISA cards in minutes and stay in control of all purchases from a single dashboard in real time

• Expense Management: Our all-in-one solution for reconciling your corporate card expenses and reimbursements

• Software integrations: Airwallex Spend also integrates with accounting software, removing even more manual processes from your team's to-do list. 

Airwallex’s unique combination of innovative spend software with built-in financial infrastructure puts us in a category of one. On our unified platform, you’ll gain unprecedented visibility into, and control over, your domestic and international spend.

• Budgetly¹

Budgetly is a spend management platform offering prepaid corporate debit cards, budgeting tools and accounting integrations. It's designed to take the complexity out of spend management and give finance teams more control. With Budgetly, you can instantly issue virtual or physical cards to employees, capture receipts instantly on mobile, and take advantage of real-time budget and transaction visibility.

• Expensify³

Expensify is a spend management platform that helps manage company spend — from receipt scanning and expense management to paying bills and booking travel. The software directly connects to accounting, HR, payroll, and travel software, giving companies real-time visibility and control over business spend. Expensify offers global employee reimbursement, a bill pay feature, and expense reports. 

• MYOB⁵

MYOB is a spend management solution whose name stands for ‘Mind Your Own Business’. The software manages bills, automatically matches purchases to bank transactions for reconciliation, and quickly on-charge expenses to customers. MYOB has developed the ‘Capture’ app, where you can snap a photo of your receipts and the details will be captured and automatically filed in the software.

• Weel⁷

Weel is a spend management solution that provides tools to track and control spend. With corporate cards and quick employee reimbursements, its easy-to-use software is built for financial efficiency. Weel’s virtual cards have built-in spending controls. The platform also offers subscription management and multi-level approval flows for bill payments. 

Top features to look for in spend management software and tools

When looking for a spend management solution to simplify your spend processes, here are some of the top features to look out for:

• Visibility through real-time categorisation, tracking, and reporting: Make more informed financial decisions by choosing a spend management platform that features interactive dashboards, customisable reports and real-time notifications to stay on top of company spend. 

• Innovative and seamless automation: Using a spend management software platform that focuses on automating your processes helps save time, reduce manual processing errors, and enable faster approvals/reimbursements.

• Custom spend policies and approval workflows: Design multi-layer approval workflows and spend policies to control spend before it happens.

• Multi-currency capabilities for global businesses: A must-have feature for global businesses. Look for providers that allow you to make payments to employees and vendors around the world at affordable FX rates from within the same platform. 

• Ability to issue virtual and/or physical cards: Instantly issue multi-currency global employee cards that empower your employees to spend the money they need to keep your business moving forward. 

• Hassle-free global reimbursements: Choose software that empowers your employees to submit expenses in multiple currencies and get reimbursed to their local bank account quickly.

Compare the top spend management software providers in Australia (2024)

Here’s a quick comparison of the five top spend management software providers in Australia on their key features.

Compare the pricing of spend management software providers in Australia

What questions should you ask when onboarding spend management software?

What features does your platform offer?

It’s essential to clearly understand the platform’s capabilities and how it can solve your organisation’s specific pain points. Ask about features like mobile receipt capture, OCR data extraction, customisable approval workflows, real-time spend tracking, and reporting. Ensure that the solution can accommodate your company’s unique requirements and scale with your growth.

We’re a global business. How does your platform support multi-currency payments and reimbursing employees located overseas?

Multi-currency support is crucial for businesses with a global presence or employees who travel internationally. Ask about the platform’s ability to automatically convert expenses incurred in foreign currencies, apply accurate exchange rates, and handle cross-border reimbursements. Inquire about any additional fees or limitations associated with international transactions.

What integration do you offer with our existing accounting software, ERP systems and the other business tools we’re currently using?

Seamless integration with your company’s existing technology stack is key to streamlining processes and avoiding manual data entry. Ask about the platform’s pre-built integrations with popular accounting software like QuickBooks, Xero, or NetSuite, as well as any custom integration options available. Ensure the solution can sync data bidirectionally and provide a smooth workflow between systems.

What automation capabilities does your software have to streamline spend processes?

Automation capabilities can significantly reduce the time your team spends on manual, error-prone processes. It’s important to get an idea of the level of automation available with the software, such as bill and receipt data extraction, expense categorisation, automated bill payments, and workflows for approvals. 

What security measures and compliance standards does your platform adhere to?

Data security and privacy are paramount when it comes to managing sensitive financial information. Inquire about the company’s security protocols, data encryption practices, and compliance with relevant regulations such as GDPR, SOC 2, or ISO 27001. Ask about user access controls, data backup and recovery procedures, and any third-party security audits or certifications they've undergone.

What level of customer support can we expect from you during ongoing usage and how is this provided?

Implementing a new expense management system can be complex, so it’s crucial to have access to reliable support and training resources. Ask about the onboarding process, including any dedicated account management, user training sessions, or online resources available. Inquire about ongoing support options, such as live chat, phone assistance, or a comprehensive knowledge base, to guarantee that your team can get help when needed.

How transparent is your pricing structure and are there any hidden costs we can expect down the line?

Clearly understand the pricing model and any associated costs to avoid surprises down the line. Ask about the base subscription fee, per-user costs, and any additional charges for features like receipt scanning, expense reimbursements, or custom integrations. Inquire about contract length, cancellation policies, and any potential discounts for annual commitments or volume pricing.

What is your vision for future product enhancements, and how do you manage incorporating customer feedback into your development process? 

Understanding the company’s vision and plans for future enhancements can help you assess whether the solution will continue to meet your needs over time. Ask about their product roadmap, upcoming features, and how they prioritise development based on customer feedback. Inquire about opportunities for beta testing or providing input on new functionalities that could benefit your organisation.

By asking these detailed questions, you can better understand whether the expense management company is the right fit for your business. Review their responses thoroughly and consider how well the solution aligns with your company’s goals, culture, and long-term growth plans. A comprehensive assessment upfront can help you make an informed decision and set your organisation up for success with a robust expense management system.

Why choose Airwallex to streamline your spend management?

For businesses seeking a spend management software solution that streamlines their spend management processes and empowers their growth trajectory, Airwallex clearly stands out as the top choice. 

Airwallex Spend can help save you time and money through an automated and scalable solution, unifying software with its market-leading global financial infrastructure. With integrated financial infrastructure, you’ll be able to track spend as well as make payments on the one platform. One of the major benefits of adopting a unified spend management system is that it can prepare your business for growth. With streamlined processes and accurate data, companies can make quick, confident decisions‌ — ‌crucial for expanding into new markets or scaling operations. 

The Airwallex Spend solution is bursting with time-saving automations that are powered by AI to give your finance team back hours each week spent on manual, repetitive tasks. Think one-click receipt and bill extraction, auto-categorised expenses, and seamless custom approval workflows. You can instantly issue Airwallex Borderless Cards to team members in 40+ markets, letting them spend easily and get reimbursed quickly.

For businesses currently operating globally or those looking to scale, our spend management software platform supports multiple currencies, providing simple cross-border spend management with payouts to suppliers, vendors and employees in 150+ countries.

No matter your business size or where you operate, take control of your spend by optimising your tech stack to track, approve, manage and execute payments – all from one global platform. 

The system’s ability to integrate with existing accounting software, enforce global spending policies, and provide real-time financial visibility ensures that businesses are always ready to take the next step. 

Create an account today to access Airwallex’s suite of spend management solutions.  

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here. References: 1. https://www.budgetly.com.au/ 2. https://www.budgetly.com.au/pricing 3. https://use.expensify.com/ 4. https://www.expensify.com/pricing 5. https://www.myob.com/au/features/expense-management-software 6. https://www.myob.com/au/pricing 7. https://letsweel.com/ 8. https://letsweel.com/pricing