Spend Control Definition
Spend control is the process of monitoring and managing organizational spending. It includes identifying, recording, and authorizing expenditures in order to optimize organizational resources and improve financial performance.
Organizations use spend control systems to track spending patterns, assess vendor contracts, and review budget requests. Spend control systems can be manual or automated. Automated spend control systems typically include software that integrates with an organization’s accounting system to track and manage spending data.
Organizations with effective spend control practices can improve their financial performance, save money, and avoid overspending.
