A guest author from Mitratech described some of the attributes that differentiate one package of spend management software from one another. The differences they cite include:
- “The level of billing detail they support (e.g. line items and sub-line items)
- International capabilities ( e.g., recognize multiple currencies and tax codes; operate in multiple languages)
- Integration capability with the corporation’s financial system
- Ability to attach document to invoices, such as images of paper invoices and expense receipts
- Automatic validation of invoices for formatting errors, missing fields, duplications, etc., and the automated ability to notify vendors for resubmission
- Ability to ensure compliance with established billing guidelines and automatically reject non-compliant invoices
- Ability to enable law firms to submit accrual data, with full accountability, for fast, accurate reporting to corporate finance.”
Undoubtedly, each vendor promotes the attributes they offer and emphasize, but the list is a good starting point.