10 Best Purchasing Software for Organizations in 2024

Introduction

Purchasing software is a critical asset for organizations that aim to enhance their procurement process. The right purchasing software can lead to a 25% reduction in cost and offer 2.5x greater ROI besides several other benefits. However, with so many options available, it can be overwhelming for you and the stakeholders to figure out the best software for your organization. 

In this blog, we bring to you the 10 best purchasing software and other additional information you need to choose the best purchasing software. We’ll cover the key features of each software, pricing, and benefits.

List of 10 best purchasing software

• SAP Ariba 
• Coupa
• Procurify
• Teampay
• Zip Intake-to-Procure
• PRM360
• Planergy
• Order.co
• Precoro
• Emburse Certify Expense

A detailed comparison of the 10 best purchasing software

Name	Market segment	Free trial	Starting price	Overall rating	Ease of use rating
SAP Ariba	Enterprise	No	Contact for pricing	4.0 out of 5	7.9
Coupa	Enterprise	No	Contact for pricing	4.2 out of 5	8.6
Procurify	Mid-market	No	$2,000.00 Per Month	4.6 out of 5	9.1
Teampay	Mid-market	No	Contact for pricing	4.4 out of 5	9.1
Zip Intake-to-Procure	Mid-market	No	Contact for pricing	4.8 out of 5	9.1
PRM360	Enterprise	Yes	Contact for pricing	4.8 out of 5	9.8
Planergy	Small business	Yes	Contact for pricing	4.9 out of 5	9.4
Order.co	Mid-market	No	Contact for pricing	4.5 out of 5	9.3
Precoro	Mid-market	Yes	$35.00 per month per user	4.7 out of 5	9.4
Emburse Certify Expense	Mid-market	Yes	Contact for pricing	4.5 out of 5	8.8

10 Best purchasing software: An in-depth explanation 

Here’s an in-depth look at the top 10 best purchasing software:

1. SAP Ariba 

SAP Ariba is a leading cloud-based purchasing solution that offers collaborative spend, finance, and sales management capabilities. Organizations can streamline their procurement processes and enhance collaboration with suppliers. The software is accessible online through a browser, providing users convenience and flexibility. 

Its user-friendly interface ensures ease of navigation and adoption. It is available by subscription and on-demand, eliminating the need for software installation or maintenance. This cloud-based approach enables organizations to seamlessly access the software’s features and updates.

Key features and functionalities

• Cloud-based solution
• Spend management
• Collaborative finance management
• Sales acceleration management

Benefits

• All-in-one command center
• Unified requisitioning experience
• Central demand aggregation
• Enterprise contract orchestration
• Central analytics

Pros and cons

Pros	Cons
Streamlines the entire procurement process to reduce costs	According to a G2 review, the user interface can be complicated for new users
Enables increased collaboration and flexibility in the organization	According to a review, creating a procurement order can be complex due to the number of options and resources that users need to be aware of

Pricing and plans

Contact the sales team for pricing

Ratings

4 out of 5

Quick Read: 10 Best Spend Management Software for Enterprises

2. Coupa

Coupa is a robust purchasing solution that empowers organizations to control their spending and improve their growth prospects. Companies can gain enhanced control and visibility over their procurement processes, enabling them to make informed decisions and optimize their spending. 

The software is a single source for all spend management needs, encompassing procurement, invoicing, expense management, and supplier management. Coupa provides a holistic solution for managing and optimizing spend, allowing businesses to achieve better financial health.

Key features and functionalities

• Centralize management of requests and approval process
• Accounts payable automation
• Integrated vendor onboarding and management
• Global payments platform

Benefits

• Smart guides to help employees make the right purchasing decisions
• Embeds purchasing requisition policies directly in the buying experience
• Automatic routing, reporting, and email and mobile approvals

Pros and cons

Pros	Cons
Enterprise-level app with flexibility, intuitiveness, and user-friendliness	According to a review, the dashboard can be improved for enhanced customization
Ease of use to drive spend and automation	According to a review, there can be more user-friendly options for analytics

Pricing and plans

Contact Coupa sales team for pricing

Ratings

4.2 out of 5

Read More: TOP 7 Coupa Alternatives and Competitors: A Closer Look

3. Procurify

Procurify is an easy-to-use intelligent spend management and procurement platform that empowers organizations with real-time visibility and control over their business spend. Companies can efficiently manage their processes on a procurement management platform and minimize rogue spendings and rework. 

The software helps businesses save time and money by automating manual tasks, streamlining purchase approval workflows, and providing actionable insights into spending patterns. Ultimately, businesses can make smarter purchasing decisions, and reduce inefficiencies.

Key features and functionalities

• Purchase requests
• Expense management
• Approval workflows
• Standardized purchase requisitions

Benefits

• Promotes transparency and accountability across the organization
• Captures reliable spend data to fuel business growth
• Streamlines communication and empowers decision-making

Pros and cons

Pros	Cons
It has a helpful resource center	According to a review, navigating the tax area when adding an expense report can be tricky
Ease of ordering from multiple websites	According to a review, creating several POs one by one can be a hassle

Pricing and plans

$2,000.00 per month

Ratings

4.6 out of 5

Quick Read: 10 Best Expense Management Software and Tools

4. Teampay

Teampay is an all-in-one purchasing software that offers comprehensive spend management features. Organizations can efficiently manage all company spend in one centralized platform. The software provides real-time visibility into actual spend, allowing businesses to track expenses, budgets, and invoices in a streamlined manner. 

Teampay empowers quick and compliant purchases by providing employees with the tools and controls to make authorized spending decisions. Organizations can optimize their spend management processes, enforce compliance, and gain greater financial control.

Key features and functionalities

• All-in-one spend management 
• Real-time visibility into actual spend
• Automated purchasing workflows and reconciliation
• Pre-coded and pre-approved spending

Benefits

• Approve purchases before they happen
• Deliver an effortless employee experience
• Automate your routine work
• Maximize productivity company-wide
• Track your spend in real time

Pros and cons

Pros	Cons
Seamless issue and tracking of payments	According to a review, there can be more control over the payment activity
Integrates with Slack for seamless collaboration	According to a review, there is no reporting API

Pricing and plans

Contact Teampay sales team for pricing

Ratings

4.4 out of 5

Read More: What Is Purchase Order Automation and How to Do the PO Process?

5. Zip Intake-to-Procure

Zip Intake-to-Procure is a leading intake-to-procure solution that revolutionizes the purchasing process. It provides organizations a centralized platform to conveniently initiate purchase or vendor requests. The software seamlessly integrates into all major ERP (Enterprise Resource Planning) and P2P (Procure-to-Pay) solutions, enabling smooth data flow and process integration. 

The seamless integration allows organizations to gain clear visibility across all their purchases, eliminating silos and enhancing transparency. With its user-friendly interface and powerful features, Zip Intake-to-Procure simplifies the procurement workflow, improves efficiency, and drives better decision-making.

Key features and functionalities

• Centralized purchase and vendor request platform
• Streamlined approval across teams
• Integration with major ERP and P2P solutions
• No-code configuration

Benefits

• Effortless procurement front door for employees
• Orchestration with real-time control
• Pre-built connectors to essential systems

Pros and cons

Pros	Cons
Easy to learn and use UI	According to a review, there can be more reporting functionalities
Adjustable workflows to combat organizational changes	According to a review, there can be more flags and notifications

Pricing and plans

Contact the sales team for pricing

Ratings

4.8 out of 5

Quick Read: Centralized and Decentralized Purchasing: Which is Best for Your Business?

6. PRM360

PRM360 is a leading purchasing management solution that specializes in meeting purchase-to-pay requirements. With its comprehensive features, PRM360 helps organizations effectively manage their procurement processes from start to finish. It cuts down on any possible delays in the payment schedule, ensuring timely payments to suppliers. 

The software contributes to vendor satisfaction and strengthens supplier relationships. What’s more, PRM360 eliminates any unproductive time spent by the procurement team on manual follow-ups, allowing them to focus on strategic activities. Using  PRM360, organizations can optimize their purchasing operations, enhance efficiency, and improve overall procurement performance.

Key features and functionalities

• Online bidding process 
• Automatic reminders to the vendor 
• Online approvals for clearances

Benefits

• Unified procurement solution that drives greater efficiency
• Easy-to-use and intuitive interface
• Fully customizable interface
• No limitation on users

Pros and cons

Pros	Cons
Well-organized vendor bidding process	According to a review, the workflow and UI should be enhanced
Vendors can participate in the auction	According to a review, there should be an inbuilt workflow tool for various steps

Pricing and plans

Contact PRM 360 sales team for pricing

Ratings

4.8 out of 5

Read More: Vendor Management System (VMS): Benefits, Features & TOP Systems

7. Planergy

Planergy is a SaaS-based purchasing solution that offers a comprehensive spend management system. The software allows companies to gain more control over their financial operations by streamlining and automating the procure-to-pay and AP automation processes. 

The software enables organizations to manage spending efficiently, from requisitions and purchase orders to invoice processing and payment reconciliation. Automating these processes helps Planergy minimize manual errors, reduce processing time, and enhance accuracy.

Key features and functionalities

• SaaS-based spend management system 
• Procure-to-pay automation 
• AP automation 
• Real-time reporting through dashboards

Benefits

• Streamlined approval processes
• Reduced accounts payable processing costs by 80%
• Real-time spend visibility 
• High ROI at a competitive price

Pros and cons

Pros	Cons
Offers complete visibility and control over spending	According to a review, the search functionality could be more robust
Authority and access levels with full audit trails	According to a review, multi-line invoices export have less detail than desired

Pricing and plans

Check out the website for pricing related details.

Ratings

4.9 out of 5

Read More: Purchase Order and Invoices: Definition and Differences

8. Order.co

Order.co is a web-based purchasing software that serves as a spend efficiency platform for businesses. This software saves organizations significant time and money in their procurement processes. It provides clarity into their spend by offering real-time visibility and comprehensive analytics. 

Organizations can streamline purchasing operations by eliminating manual procurement and payment processing tasks. Automating these tasks helps improve efficiency, reduces errors, and enables teams to focus on strategic initiatives.

Key features and functionalities

• Eliminates manual purchasing and payment tasks 
• Centralized purchase, approval, track, and pay system 
• Customizable budgets and reporting

Benefits

• Automatic PO generation
• Rule-based approvals
• Budgets and reporting
• Order tracking
• Audit trails

Pros and cons

Pros	Cons
Frequently ordered page makes purchasing simple	According to a review, the setup can be confusing at first
The layout is user-friendly and simple, just like shopping platforms	According to a review, users cannot checkout and go through the next stage when purchasing goods from multiple vendors

Pricing and plans

Contact the Order.co sales team for pricing details 

Ratings

4.5 out of 5

Quick Read: Purchase Requisition vs Purchase Order: A Comparative Guide

9. Precoro

Precoro is a cloud-based purchasing software that offers a comprehensive solution for optimizing the procurement process. Your organization can bid farewell to time-consuming manual procedures and the potential for human errors. It automates operations and centralizes purchasing processes, allowing you to streamline procurement workflows and enhance efficiency. 

Precoro’s user-friendly interface and robust features allow you to automate requisitions, purchase orders, and invoice processing. It results in improved accuracy, reduced cycle times, and better procurement performance.

Key features and functionalities

• Approve documents 2.5x faster
• Streamline approval workflow 
• Save purchasing budget
• Track discounts and never spend more than planned

Benefits

• Electronic, round-the-clock tools and features for better procurement management
• Control the procurement process and approvals on the go
• Regular reports and data analysis to ensure complete control over procurement process

Pros and cons

Pros	Cons
Offers a wide functional coverage, including purchase requests and invoice management	According to a review, the supplier base customization can be improved
Customer support is  responsive	According to a review, the expense module is not integrated with Quickbooks

Pricing and plans

$35 per month per user

Ratings

4.7 out of 5

Also, Read: 12 Best Invoicing Software

10. Emburse Certify Expense

Emburse Certify Expense is a powerful and trusted purchasing solution that offers spend optimization solutions. The software humanizes work by delivering extensive expense, accounts payable, and business travel solutions. Organizations can simplify their expense management processes with automated features. 

It results in streamlined workflows, improved accuracy, and reduced administrative burden. Emburse Certify Expense also empowers businesses to manage and control their expenses effectively while enhancing visibility and compliance. With its comprehensive suite of features, Emburse Certify Expense simplifies expense management, allowing organizations to achieve greater operational efficiency.

Key features and functionalities

• Automated expense report creation
• Integrated spend request
• Card issuing workflow
• Embedded audit capabilities
• Mobile receipt capture

Benefits

• Gain control and insight over organizational spend
• Automated accounts payable and purchasing work flows 
• Overcome tedious processes with complete visibility into cash flow

Pros and cons

Pros	Cons
The software’s analytic capabilities are easy to navigate and robust	According to a review, the software doesn’t directly export to the payroll processor
The communication on the platform is centralized	According to a review, there could be more customization options for reporting features

Pricing and plans

Contact Emburse Certify Expense for pricing

Ratings

4.5 out of 5

Quick Read: 10 Best Expense Reporting Software

What is purchasing software?

Purchasing software is a tool that helps organizations manage the process of acquiring goods and services from suppliers. It automates the manual tasks related to purchase requisitions, purchase orders, and invoice approvals. Your organization can streamline its procurement process and increase its spending visibility. It can also help reduce errors and save time and money. 

Purchasing solutions typically include vendor management, contract management, and spend analysis features. It may also include tools for managing requests for proposals (RFPs), tracking inventory levels, and managing supplier relationships.

Read More: What is Invoice Management: Types, Process, Systems, Challenges

Types of purchasing software

Some of the most common types of purchasing software are:

1. Cloud-based software

It is hosted on the cloud and can be accessed from anywhere. It is popular among small and medium-sized businesses as it requires no hardware or software installation.

2. On-premise software

On-premise software is installed locally on the organization’s servers and requires dedicated IT resources for maintenance and support. This type of software is used by larger organizations requiring a high level of customization and control.

3. Open-source software

It is free to use and can be customized according to the organization’s needs. It is popular among small businesses and non-profit organizations with limited budgets.

4. Supplier relationship management software

It focuses on managing supplier relationships and can help organizations negotiate better contracts, monitor supplier performance, and manage supplier risk.

5. Spend management software

Spend management software helps organizations track their spending and identify areas for cost savings. It usually includes spend analysis, budget management, and cost allocation features.

6. Procure-to-pay (P2P) software

P2P software is an end-to-end solution that automates everything from purchase requisitions to invoice payments. It is a popular choice among larger organizations.

Importance of purchasing software

Purchasing software has become increasingly important for organizations wanting to streamline procurement and achieve greater efficiency. A study found that organizations with advanced procurement capabilities can achieve up to 25% cost savings compared to those with less advanced capabilities. 

With benefits like increased efficiency, cost savings, and improved supplier relationships, a purchasing system solution is critical for organizations wanting to gain a competitive advantage in today’s business environment.

Also, Read: 10 Best Business Budgeting Software & Tools

What are the benefits of using a purchasing software?

Purchasing software is crucial in helping organizations streamline their procurement processes and achieve greater efficiency.

Here are some key advantages of purchasing software:

1. Increased efficiency

Automating manual tasks related to purchase requisitions and purchase orders helps organizations complete the procurement process more quickly and with fewer errors. It helps save time and reduce costs, allowing staff to focus on more strategic tasks.

2. Better visibility

The software provides greater visibility into the procurement process, allowing organizations to track spending and identify areas for cost savings. It can also help to identify suppliers who consistently deliver high-quality products or services and those who may pose a risk to the organization.

3. Improved supplier relationships

With supplier management features like contract management and supplier performance tracking, purchasing solutions help organizations build stronger relationships with their suppliers. It leads to better negotiation of contracts and improved delivery times.

4. Reduced risk

Automation of the procurement process and greater visibility helps organizations mitigate the risk of fraud or other errors. It also ensures all purchases comply with the organization’s policies and procedures.

5. Increased compliance

Purchasing software can help organizations ensure that all purchases comply with relevant regulations and standards. It helps avoid costly fines or legal issues.

Quick Read: 10 Best Audit Software

Features to consider when choosing purchasing software

Here are some of the most features to consider when choosing a purchasing solution for your organization:

1. Purchase order management

The ability to manage purchase orders is a core feature of any purchasing software. Look for software that allows you to create, approve, and track purchase orders. Besides, it should also allow you to manage supplier invoices and payments.

2. Supplier management

Good supplier management features can help you to build better relationships with your suppliers and reduce the risk of supplier-related issues. The software should include supplier performance tracking, contract management, and supplier risk assessment.

3. Budget and spend management

It’s important to clearly understand your organization’s spending and budget to make informed decisions. Watch out for budget tracking, spend analysis, and real-time reporting features.

4. Integration with other systems

Purchasing software should be able to integrate with other systems like accounting software or inventory management. Look for easy integration with other systems, and ensure it is compatible with your existing technology infrastructure.

5. User-friendly interface

The software should be easy to use for both employees and suppliers. Get something with a simple, intuitive interface and clear instructions for users.

6. Customization

Every organization has unique needs and requirements, so choosing the software you can customize to fit your needs is important. Look for software that offers flexibility and customization options.

7. Security

With sensitive financial and supplier information being stored in the software, it’s important to ensure security. The software should offer data encryption, access controls, and regular updates.

Quick Read: 6 Best Cash Flow Management Software

How does purchasing software work?

Here’s a general overview of how a purchasing solution typically operates:

• Requisition management: The process starts with creating purchase requisitions. Authorized employees can submit requests for goods or services through the software, specifying item descriptions, quantities, and desired delivery dates.
• Approval workflow: The software routes the requisitions through an approval workflow, ensuring the appropriate individuals or departments authorize them. You can customize the workflow based on the organization’s hierarchy and policies.
• Purchase order generation: Once a requisition is approved, the software generates a purchase order (PO). It includes all the necessary details, including supplier information, pricing, and delivery terms. The PO is then sent to the designated supplier.
• Supplier management: Purchasing software includes features for managing supplier relationships. It allows users to maintain a centralized supplier database, track performance metrics, and manage contracts.
• Receipt and invoice matching: The software enables users to match the received items with the corresponding purchase order when the goods or services are received. It ensures accuracy and helps prevent discrepancies. Additionally, the software may facilitate the automated matching of supplier invoices with purchase orders and receipts.
• Reporting and analysis: The software provides comprehensive reporting and analysis capabilities. It generates reports on spending patterns, supplier performance, budget utilization, and other key metrics. These insights help identify cost-saving opportunities, negotiate better contracts, and make data-driven decisions.
• Integration with other systems: Purchasing software integrates with other systems related to accounting, inventory management, or enterprise resource planning (ERP). The integration allows seamless data exchange and enhances overall operational efficiency.

How to choose the best purchasing software?

Bottom line

Leveraging the capabilities of these top-notch purchasing solutions will help automate manual tasks, gain better visibility into spending, improve supplier relationships, and achieve cost savings. However, choosing the right purchasing software requires a thorough assessment of your organization’s unique requirements. 

So, embrace the power of the right purchasing software to streamline your procurement processes and drive efficiency within your organization.

FAQs