Spendesk, a French company that specializes in spend management, has unveiled its community-designed API. This API allows businesses to integrate scrutiny and management of their spend data with other essential operational tools.

The Spendesk API comes with key features such as enriching company financial data with spend data, automating data transfer to accounting tools, providing detailed insights on team spend and budget trends, tracking and allocating costs in real-time, and customization to connect with other operational tools like HR, project tools, BI, accounting, and more. It also includes critical process monitoring with tracking, alerts, reminders, and warnings capabilities.

The firm claims integrating Spendesk’s API has yielded several benefits, including reducing the closing time by four days due to accounting connection, 100% centralization of company financial data through Spendesk connection to a BI tool, and becoming a single source of truth for managing a user base. The API was designed in collaboration with customers and partners thus delivering a tool that meets the user’s needs efficiently.

Analyst QuickTake : The new API is likely to complement the company's recent acquisition of Okko in April 2024 as it looks to expand its offerings to provide a fully integrated procurement and spend management solution for mid-sized businesses.