What is spend management?

Business spending includes different types of spend: Strategic spend is usually centralized and managed by C-level executives with dedicated spenders. It can be managed through invoices, wire transfers and purchase orders. Discretionary and operational spend is also centralized, but spending is done by managers and employees during their daily professional lives. It includes card purchases, subscription payments, digital ads, events, office orders, and business travel. Expenses , unlike strategic spend, represent a significant amount of small purchases that can be difficult to track. These include card payments, expense claims, team perks, and travel expenses. Spend management is the process through which companies manage business spending . It takes into account the end-to-end process when someone needs to spend: getting purchase approvals, providing payment methods, submitting and processing invoices, submitting and reimbursing expense claims, chasing receipts and invoices for reconciliation, and assigning the right analytical codes, expense accounts, and VAT rates to all those expenses for bookkeeping. Spend management tools become necessary when the number of employees increases and the need for clear processes, better visibility and control starts to grow for finance teams. Employees need flexible, user-friendly tools, in order to spend easily and be empowered to do their job. That’s when Spendesk can be a good fit.

BlogFinance tools & tech

Best ERP systems: A finance leader's guide to choosing the right platform

Chris Dunne

Published on October 13, 2025

Finance tools & tech

There are a range of excellent tools for finance teams available on the market right now. The first challenge is choosing the right one. But where do you start? How do you know which one suits your company – and team – best? And once you have the right tools, how can you optimise your finance tech stack?

These questions are challenging to address, so we turned to the experts. CFO Connect surveyed more than 250+ finance leaders, asking them about their favourite finance tools and why they love them.

This article will cover one category of tools in particular: ERP systems. We’ll discuss what they are, who needs them, and the top five favourites as voted for by finance leaders.

What is ERP?

ERP stands for Enterprise Resource Planning. According to Microsoft (which has a much-beloved ERP system, which you’ll learn more about later): “Enterprise resource planning (ERP) is a type of software system that helps organisations automate and manage core business processes for optimal performance.”

But what does that mean, exactly?

SAP, another favourite ERP platform, defines ERP systems in simple terms: “Enterprise resource planning (ERP) is a software system that helps you run your entire business, supporting automation and processes in finance, human resources, manufacturing, supply chain, services, procurement, and more.”

These tools become necessary once a company reaches a certain size and having these functions separated becomes impractical.

Why use an ERP system?

There are many reasons why companies choose to implement an ERP system. These include anticipated growth, disparate tools or processes that need to be streamlined, and a desire to automate manual or error-prone tasks.

Primary benefits

However, the biggest benefit of using an ERP system is centralising most of the company’s data in one spot. This is an invaluable advantage that has knock-on effects: centralised data leads to better data security, improved workflows, and one source of truth for company financial data.

Additional advantages

Other benefits to using an ERP system include:

Increased efficiency
Enhanced analytics
Better risk management
Real-time data and improved reporting
And more

Now that we’ve seen why ERP systems are useful, let's cover highly rated ERP systems and why finance professionals love them.

Top ERP system examples as voted by finance leaders

A considerable majority of finance teams have built their stack around an ERP, with roughly three-quarters of companies using dedicated systems. The market is led again by Oracle NetSuite, and if we remove companies with fewer than 50 employees, NetSuite's market share increases to more than a quarter of all respondents (26%).

Over 250+ finance leaders voted for their favourite finance tools – including their preferred ERP systems. Here are the top systems for 2025, with new entries and expert commentary.

The data reveals clear patterns based on company size:

Only one company with 250 or more employees stated that they have no ERP
Interestingly, three respondents stated they use custom-built, in-house ERPs
All custom ERP users have fewer than 250 employees

Here are the most highly recommended ERP systems:

1. NetSuite

NetSuite remains the number-one ERP of choice for finance teams. Loved for its scalability, custom dashboards, and ability to handle multi-entity accounting, NetSuite is the natural next step for companies outgrowing tools like Xero and QuickBooks.

NetSuite shows strong adoption across all company sizes above 50 employees, with particularly strong market share among mid-market and enterprise organisations.

Popular features: Custom dashboards & reports, integrations, tailored budgeting, multi-entity support

Best for: Companies scaling up and needing highly personalised tools

"Integrates well. Can be used across regions and covers a range of processes." - Portfolio Director, 500-999 employees

"Strong, customisable reporting. And good multi-entity/currency consolidation." - Head of Finance, 50-249 employees

G2 rating: 4.1/5

Capterra rating: 4.2/5

2. Dynamics 365 Business Central

Microsoft Dynamics 365 is especially popular with firms already invested in the Microsoft ecosystem, showing strong adoption particularly among smaller companies (18% of companies under 50 employees). It's flexible, integrates with everything from Excel to Teams, and now features Copilot AI to enhance efficiency and insights.

Popular features: Journal entries, invoice customisation, inventory automation, purchase order management, AI integrations

Best for: Companies using Microsoft Business Suite

"It has the supportive tools like Power BI with the advantages to help to control and manage data with better visuals." - Finance Manager, 50-249 employees

"Flexibility, (and) is the most compatible with many other external software." - Financial Director, 1,000+ employees

G2 rating: 4.0/5

Capterra rating: 4.0/5

3. Odoo ERP

Odoo climbs to third place, recognised for its flexibility, open-source model, and wide range of business apps. It’s ideal for SMBs wanting an affordable, customisable ERP that grows with them.

Popular features: Custom dashboards, automation, integrations, dedicated business apps

Best for: SMBs and companies wanting a user-friendly, modular ERP

"Easy to understand. Very flexible, scalable and inexpensive." - CFO, 1-19 employees

4. SAP ERP

SAP’s ERP maintains its position as a leading choice for large enterprises, though it appears lower in our overall rankings due to its specific focus on complex, enterprise-scale operations. Its flexibility and automation make it ideal for large enterprises with complex needs. It can be cloud-based or on-premises, depending on security and compliance requirements.

Popular features: Custom workflows, automation, internationalisation, multi-entity support

Best for: Enterprises and large companies with broad, complex operations

G2 rating: 4.5/5

Capterra rating: 4.4/5

5. Workday

Workday maintains its position in the top rankings, thanks to its real-time data, workforce planning, and seamless HR/finance integration. It's celebrated for its intuitive interface and strong community and shows particular strength among larger organisations.

Popular features: Real-time analytics, integrations, user-friendly design, strong HR functionality

Best for: Companies wanting to manage HR and people needs within the finance function

To ERP or not to ERP?

ERP systems are not a universal solution, nor are they the best choice for every company. However, they can be a transformative solution for companies and finance teams that could benefit from centralised data, maximised efficiency, improved collaboration, enhanced analytics, and better planning and resource management.

You probably don’t need an ERP system if:

You don’t have much data. ERP systems are meant to handle large amounts of data from across the company. If your business does not collect, rely on, or otherwise use a lot of data to run smoothly or make strategic decisions, then you don’t need an ERP.

You’re already happy with your existing finance tech stack. It may sound deceptively simple, but if you find that you’re managing just fine without an ERP, then you probably don’t need one. Don’t force an ERP system on your company if it’s not necessary or won’t provide significant ROI.

You have major budget constraints. ERP systems can be prohibitively expensive, usually way beyond the budgets of most SMBs. Not only are they expensive to acquire, but costs can escalate rapidly because you’ll need to hire trained professionals to implement and maintain an ERP. This leads to our next reason…

You don’t have the manpower to dedicate to managing the system. Some companies have entire teams (or at least one FTE) to manage their ERP. These systems are data-heavy and require trained experts to manage them, which can prove costly.

You’re not ready to commit. ERP systems take a long time to implement and get up and running. If you don’t have at least a few months to commit to your ERP system, then it may be a sign that it’s not the right time.

You have no plans to scale. Implementing an ERP system is a great investment – if you’re scaling or you anticipate significant future growth. It’s a good idea to get your system in place before your growth outpaces your current processes. But if you’re not growing and your current tool stack is satisfactory, there’s no reason to invest in an ERP.

If you identify with any of the blockers above, then right now might not be an appropriate time to implement an ERP.

The high price and steep learning curve are blockers for many, but those who invest in ERP systems are generally satisfied with them.

Learn more about finance tools

Ready to connect smart spend management to your ERP? Much like ERP systems, smart spend management tools put all your company spending data in one place. See how Spendesk connects with your favourite ERP and accounting platforms.

If you’d like to learn more about the top tools preferred by finance professionals, including the best spend management platforms, download our free report.

Finance tools & tech

Chris Dunne

Chris Dunne is our Content Marketing Manager. Based in Derry, he brings over 15 years of marketing experience to our content strategy. Outside of work, Chris loves spending time with his two young children, playing football, and exploring Ireland.

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Business spending includes different types of spend:

Strategic spend is usually centralized and managed by C-level executives with dedicated spenders. It can be managed through invoices, wire transfers and purchase orders.
Discretionary and operational spend is also centralized, but spending is done by managers and employees during their daily professional lives. It includes card purchases, subscription payments, digital ads, events, office orders, and business travel.
Expenses, unlike strategic spend, represent a significant amount of small purchases that can be difficult to track. These include card payments, expense claims, team perks, and travel expenses.

Spend management is the process through which companies manage business spending. It takes into account the end-to-end process when someone needs to spend: getting purchase approvals, providing payment methods, submitting and processing invoices, submitting and reimbursing expense claims, chasing receipts and invoices for reconciliation, and assigning the right analytical codes, expense accounts, and VAT rates to all those expenses for bookkeeping.

Spend management tools become necessary when the number of employees increases and the need for clear processes, better visibility and control starts to grow for finance teams.

Employees need flexible, user-friendly tools, in order to spend easily and be empowered to do their job.

That’s when Spendesk can be a good fit.

Spendesk provides payment methods for modern businesses, and a powerful platform for finance teams to manage spending. This includes debit cards to replace old-fashioned company credit cards, virtual cards for online purchases, and automated expense reports for unexpected payments.

For employees
Employees no longer need to spend out-of-pocket. They request funds for a particular purchase, and can use their Spendesk card or virtual card to execute the payment.

If for any reason the employee can’t use their Spendesk card, they snap a picture of the receipt via the Spendesk mobile app and create an expense claim on the spot. This is sent directly to their manager for validation, and on to the finance team.

For finance teams
Each employee has their own Spendesk profile and debit expense card. So unlike the company credit card, you always know who’s spending company money.

The platform lets controllers create spending limits and pre-approvals. C-Level executives or managers will have a different level of pre-approved spend from other staff. Should a team member need to go over their pre-approved budget, they can make a request to their manager via the mobile app or the platform online.

When an expense is made with a Spendesk card, the employee simply snaps a picture of the receipt at the time of purchase. Which means no more lost receipts.

Finance teams can see real-time company spend and follow up on missing receipts or invoices by sending reminders to employees via the platform.

Reviewing expenses is also easier as finance teams can group expenses and assign them the right VAT rates and expense accounts before exporting everything easily to their accounting tools.

Spendesk streamlines the whole business spending process, making spend management intuitive, simple and efficient.