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What is Procurement Software for Small Business?
Procurement software is a set of solutions that help to automate the purchasing work of companies. You can utilize it to raise and approve purchase orders, pick and order the product or service, receive and match the invoice and order, and pay the bill online. Your company’s procurement unit can make sure nothing can be ordered without proper approvals.Show more Plus, they can get good value by combining multiple orders for the same types of goods and by getting discounted offers from suppliers for the contract. Start by checking our leader Tipalti, and other recommended solutions in this category. Large companies and multinational enterprises usually use a shared procurement system to gain from economies of scale and to reduce the purchase costs. Nowadays, eProcurement software applications are also designed for small and medium-sized companies.Show less
How was this ranking made?
To develop this list of best Procurement Software for Small Business we have evaluated different solutions currently present on the market, comparing their features, ease of implementation, customer support, offered integrations and mobile device support using our exclusive SmartScoreTM rating system. This ranking has been prepared by Nestor Gilbert, our SaaS authority responsible for the Procurement Software for Small Business category.
List of Top 12 Procurement Software for Small Business
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1. Tipalti
Our score: 9.1 User satisfaction: 100%A cloud-based solution that automates complex global payment processing operations from onboarding to tax compliance. It also helps you stay secure thanks to features such as payment fraud detection and payment risk management. Its end-to-end accounts payable automation service boosts its users’ accounting efficiency, accuracy, and safety.
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2. Tradogram
Our score: 9.1 User satisfaction: 100%This easy-to-use procurement software with comprehensive features to manage processes like sourcing, purchasing, spend control, and suppliers. It ensures you get goods and services at the best prices without sacrificing quality. The platform also includes modules for inventory tracking and reports.
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3. Precoro
Our score: 8.7 User satisfaction: 94%A reliable procurement software that lets you stay in control of your procurement processes in a single, user-friendly interface. Designed for small and medium-sized businesses, Precoro is packed with tools that let its users stay on top of their orders.
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4. Bellwether
Our score: 8.8 User satisfaction: 92%A full-suite online and on-premise free purchasing, payables, and inventory platform that provides complete functionalities suitable for all business sizes. It uses a modular system design where functionalities are clustered per process and users can choose which modules to use according to business requirements.
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5. GEP NEXXE
Our score: 9.5 User satisfaction: 95%A supply chain management software that provides enterprise-level businesses with greater visibility, agility, intelligence, and resilience. Built with the latest technology, the software allows businesses to gain control over their entire supply chain processes.
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6. SAP Ariba
Our score: 9.0 User satisfaction: 100%SAP Ariba is a cloud-based procurement platform that enables businesses to connect to their trading partners anywhere, at any time from any application or device. It includes a robust contract management module that makes it easy to manage procurements, sales, internal agreements, and IPs. It streamlines the entire lifecycle from initiation to renewal.
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7. Oracle Procurement Cloud
Our score: 9.0 User satisfaction: 100%Oracle Procurement Cloud is a source-to-settle solution for businesses that combines automation and social collaboration to speed up your source-to-pay process.
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8. Kissflow Procurement Cloud
Our score: 8.7 User satisfaction: 100%Kissflow Procurement Cloud is a procurement tool that simplifies your purchasing processes and engagements with suppliers.
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9. Paramount WorkPlace
Our score: 8.7 User satisfaction: 94%Paramount WorkPlace is a robust requisition and procurement tool that helps businesses of all sizes streamline their workflows. With this at your disposal, you can reduce processing costs, control expenses, and make informed procurement decisions.
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10. AvidXchange
Our score: 8.5 User satisfaction: 100%Avid XChange automates invoice and payment processes and is designed for the use of midmarket companies regardless of industry. It automates key processes like managing accounts payable, billing services, and bank reconciliation. With this, you can save time and money as well as increase financial management accuracy.
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11. eBuy
Our score: 8.8 User satisfaction: N/AeBuy is the Laboratory’s online ordering solution for commonly used low-value office, and lab and computer supplies.
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12. Tradeshift
Our score: 8.3 User satisfaction: 98%Tradeshift helps businesses of every size to run more efficiently, using cloud technology to improve processes like AP automation, procurement, and working capital optimization.
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Table of contents
For small businesses, procurement software is necessary to optimize resource planning and business processes. Many small businesses in agriculture, construction, hospitality, and retail use procurement software to improve their efficiency and profitability. With its capability to automate processes that go into purchasing raw materials, replacement parts, and other equipment, procurement software has become an essential tool for businesses of all sizes to run efficiently.
Get to know each product with free trial
The best way to find which procurement solution is ideal for your business is to perform product research and carefully consider the features and benefits that the top procurement platforms have. On top of those, you may also want to sign up for the free trials offered by most of the leading procurement software for small business providers. This can help you try out each software’s functions and capabilities firsthand. Doing so can also help you learn each system’s strengths and weaknesses, enabling you to understand if it can meet the demands of your business.
You can start your search from the following industry-leading procurement tools: Kissflow Procurement Cloud, GEP NEXXE, AvidXchange, Bellwether, and Paramount WorkPlace. These procurement software for small business products all have high rankings and satisfactory feedback on our procurement software reviews.
Targeted Businesses
Procurement software systems are ideal for small businesses that need to streamline their purchase processes. This type of software gives small business owners total control over the entire purchasing process—from ordering new supplies or products to receiving, generating, and completing purchase orders. It also eliminates redundant tasks, reduces errors, and streamlines the company’s overall workforce efforts.
Examples of Procurement Software for Small Business
Some of the best procurement software for small businesses are:
- Kissflow Procurement Cloud. A cloud-based and user-friendly procurement software that helps small businesses handle all aspects of their procurement processes. It provides purchase order management tools, invoicing, and financial reporting features intended to give you total control of your operations.
- GEP NEXXE. A supply chain management solution built to provide you with greater visibility into your procurement operations. It has best-in-class tools to help you respond to large demand changes and handle supply shortages.
- AvidXchange. An end-to-end payment automation suite designed to reduce friction in procurement processes. It enables you to lessen the manpower required to reach procurement objectives and streamline your day-to-day operations.
- Bellwether. A comprehensive purchase order management suite that helps you shorten the length of your purchasing cycle. It is a cloud-based solution that can easily be tailored according to the specific requirements of your business.
- Paramount WorkPlace. A procurement and expense management solution that you can use to improve the efficiency of your purchasing workflows. It automates tracking and managing purchase orders, enabling you to reduce the manual workload of your team.
Types of Procurement Software for Small Business
The following types of procurement software for small businesses are popularly used:
Purchase Order Software
This type of software is mainly used to automate the generation of purchase orders. It allows you to manage approval workflows, supply chain logistics, expenses, budgeting, and supplier management. With purchase order software, you can accurately keep a complete record of every purchase, tracking, and all spend data.
Spend Analytics Software
Spend analytics software is mainly used to reveal patterns in your purchasing behavior that can help you optimize cost savings and streamline your purchasing workflows. It provides you with accurate and actionable data about every transaction you make, enabling you to identify valuable opportunities for your business.
Supplier Relationship Management Software
Software products in this category allow you to identify, communicate, and recruit vendors who can help you build an efficient and well-optimized supply chain. Generally, these systems allow you to search for vendors based on specific criteria, whether by location, capacity, special certifications, or compliance history. With supplier relationship management software, you can easily record accurate and current supplier information, identify risk profiles, and track supplier performance history.
eProcurement Software
An eProcurement software simplifies and ensures the smooth running of transactional procurement activities, from purchase order generation and product catalog maintenance to contracting. It also streamlines the procure-to-pay (p2p) process, enabling you to quickly and efficiently order the correct goods and services that you need from your suppliers.
Key Features of Procurement Software for Small Business
Below are some of the most important features of procurement software products for small businesses:
- Budget management. This feature helps you enhance the efficiency of your purchasing process by tracking and managing the available budget that you currently have. It gives you a complete view of your spending, enabling you to easily pinpoint potential issues in your budgeting before they can negatively impact your operations.
- Purchase order management. With this feature, you can easily take control and gain complete transparency of your purchase requests. From creating and reviewing to managing your purchase orders, a good procurement system should be able to streamline every stage of your procurement process.
- Vendor management. This feature enables you to streamline the vendor management process. It lets you find, engage, and evaluate vendors and build better supplier relationships. Most procurement systems also ease the process of vendor onboarding by allowing you to access vendor information more easily.
- Invoicing. An invoicing tool within a procurement system is essential in accelerating your invoice approval processes. It also helps you stay compliant with industry regulations. With this tool, you can easily retrieve purchase invoices whenever you need them.
Benefits of Procurement Software for Small Business
Below is a list of how small businesses can benefit from implementing a procurement platform:
- A procurement system can automate your processes and reduce operational and logistical costs.
- It improves collaboration among all important stakeholders involved in your purchasing processes.
- It gives you clear visibility into your procurement operations, such as approving requisitions, clearing invoices, or onboarding vendors.
- It gives you accurate data and insights into your company spend.
- It simplifies generating purchase orders, authenticating purchase orders with vendors, and submitting requisitions expeditiously.
Latest Trends
Predictive and advanced analytics
To gain more accurate insights on various aspects of your business processes, procurement software providers are leveraging cost/price fluctuations, demand/supply scenarios, and sophisticated technologies such as AI, machine learning, and process modeling. Combining these predictive and advanced analytics tools with third-party data sources leads to precise information that exposes the strengths and witnesses of supply chains.
Low-code platforms
Low-code procurement platforms enable small businesses to tailor automation solutions that would otherwise require a huge sum of money to build from scratch. These systems make it easier for organizations to test and deploy applications quickly. Also, the pricing of low-code procurement platforms usually depends on the volume of usage, making them a cost-effective option for small businesses.
Mobile services
Mobile devices have become indispensable tools for procurement specialists who spend a lot of time managing their operations on the go. With mobile-friendly procurement platforms, businesses have more ways to take control of their procurement processes from anywhere at any given time.
Potential Issues
Here are some examples of the most common challenges faced by users of procurement platforms:
Lack of transparency
With the complexity of some procurement operations, it can sometimes be tough to locate information and track it across several systems. This happens even more often when you are using an outdated system that cannot keep up with the demands of your business. Lack of transparency in your operations can lead to inaccurate data, costing you deals, clients, and vendor relationships.
Supplier-related issues
Supplier management can be challenging if you have no way of automating and simplifying tasks related to it. The entire process of supplier management is filled with complications. Finding the right supplier, monitoring vendor performance, and ensuring a stable supply of quality products are no easy tasks. These can all be especially challenging if you have no way of automating and simplifying supplier management tasks.
What to consider when choosing a procurement software for small business?
Investing in a procurement platform is a big commitment and, therefore, takes a worthwhile consideration. After all, a good solution can bring many valuable benefits to your organization. Here are some important factors to ponder upon when choosing the procurement solution to use for your business.
Ease of use
Before you invest in procurement software, make sure to check for its ease of use. After all, nobody wants the struggle of using a system that is too complicated and hard to navigate. User-friendly procurement platforms are the best options if you want to simplify and accelerate your procurement processes.
Integration with ERP/accounting systems
In most procurement operations, it is likely that you will need to switch between different apps for different purposes. Therefore, choosing a procurement solution with wide integration capabilities can enhance your existing tech stack and consolidate your systems and data.
Mobile accessibility
With remote procurement becoming more common, mobile-friendly platforms can help your organization transition to working from home. Currently, there are plenty of procurement solutions with native mobile apps that allow you to request, approve, and receive purchases on the go. They are also built to help you perform important functions, such as speeding up approval workflows and monitoring company spend.
List of Procurement Software for Small Business Companies
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Things to consider when you invest in a SaaS
Infrastructure plays a key role in a SaaS solution. If there is an outage, you would not be able to access the service. So, you should pay good attention to the software’s infrastructure when considering SaaS vendors.
Many firms fail to ask their shortlisted SaaS providers questions about disaster recovery, service level agreements (SLAs), and security. These are crucial infrastructure features that need careful consideration when considering a vendor.
SaaS is straightforward to subscribe to. All you need to do is go the website and purchase a suitable package for the required number of users. For this reason, many firms pay attention only to the cost of the package and not to infrastructure considerations. They may also think that thorough evaluation is not needed since it is so easy to get started quickly.
But you need to be prepared for situations as such as the SaaS provider going out of business or their website going down. You need to have contingency measures in place to tackle these situations to ensure they do not have a deleterious effect on your business. It is easy to subscribe to a SaaS product, but think about the impact on your company if the program is withdrawn by the provider.
Frequently asked questions about Procurement Software for Small Business
What is the best procurement software for small businesses?
The best procurement software for small businesses is Kissflow Procurement Cloud. It is designed as an all-in-one solution that hosts a number of useful capabilities, including purchase requisition, purchase order management, vendor management, invoicing, and analytics. It automates time-consuming procurement processes to help you accelerate your purchasing cycle.
Moreover, the platform allows you to take control of procure-to-pay operations, making it easier and more convenient both for you and your suppliers. It is built with invoicing tools that you can use to streamline your AP processes and connect invoices to contracts, purchase orders, receipts, and service entry sheets. The solution also allows you to track the status of your invoices in real-time.
What are the benefits of procurement software for small businesses?
- Streamlines procurement operations. One of the most important functions of procurement platforms is automating purchasing processes. This streamlines your workflows and ensures the efficiency of your operations.
- Improves spend visibility. Procurement software products for small businesses are built with spend management tools that provide valuable data and insights into company spending.
- Minimizes errors. Automation of procurement tasks allows you to minimize costly errors due to manual data entry.
- Reduces operational costs. Most procurement systems provide powerful analytics tools that help you determine ways to save operational costs and find suppliers that can offer the best deals.
- Optimized processes. Implementing procurement software can help you optimize time-consuming and tedious procurement processes, such as bids, negotiations, payments, and purchases.
What are the features of procurement software for small businesses?
- Purchase order approval. This feature streamlines and speeds up your purchase approval workflows.
- Supplier management. This can be used for identifying, communicating, and evaluating suppliers to help you find the best opportunities for your business.
- Category management. This gives you the ability to organize your spend data into different categories to improve business visibility and transparency.
- Product catalogs. Making use of product catalogs allows you to organize your inventory and see at a glance which items are out of stock and need to be reordered.
- Budget management. With this feature, you can stay in control of your company’s financial resources and avoid budget overruns.
- Spend reports. Ready-to-use spend reports provide valuable insights that take away the guesswork in analyzing your purchasing data and improve your decision-making.
What is the easiest procurement software for small businesses to use?
Not all procurement software products are created equal, and some go beyond their capabilities to provide small businesses with a seamless user experience. Here are some examples of the easiest procurement software to use:
- Kissflow Procurement Cloud. This is an extremely easy-to-use procurement platform ideal for small businesses. It provides all the essential tools to simplify complex procurement processes, from purchase requisition to vendor management.
- GEP NEXXE. With its user-friendly features, GEP NEXXE helps ease procurement processes. It offers intuitive dashboards, smart sourcing, supplier management, and more tools that improve the efficiency of your purchasing operations.
- AvidXchange. Also known for its ease of use, AvidXchange offers an array of features that helps you stay on top of all your purchase orders. It fully automates procurement processes, allowing you to improve the efficiency of your business and save operational costs in the long run.
What is a good free procurement software for small business?
Tradogram is a good free procurement software that provides essential tools to help you automate and streamline purchasing processes. It is a highly configurable purchasing software solution that you can use to oversee every stage of your procurement lifecycle. It also simplifies purchase order management, enabling you to automate filling purchase order forms with the corresponding item specifications, payment terms, and prices.
The platform also allows you to set approval workflows to heighten procurement control and prevent off-budget spending. Moreover, Tradogram is built with item catalogs that help you import and organize your product lists in an easily accessible database. This further helps you reduce the risk of miscommunication with your suppliers and prevent data inaccuracies.
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