How to manage your monthly subscription software spend

18.5.2021
Angelica A.
  |  

Keeping track of business expenses can get dirty. It’s actually challenging to be on top of every single payment a company makes, especially one with large teams. Knowing how to best navigate corporate expenses can be a complicated process for most individuals. To help, we’ve come up with a word or two on how to manage your monthly subscription software spend. 

Just imagine the number of places to which company money needs to go. There are innumerable costs to be paid out of pocket. And there are also corporate accounts and petty cash to think about, including different bank accounts or credit cards. Paying for subscriptions for all of the software our teams need is just one more concern and expense out of many. To stay on top of it all, be responsible while saving some money in the process. Subscription management tools are here to spare our headaches. Let’s expand on this below. 

Company use of subscription tools

Research data shows that the world is moving more and more to subscription-based charging. Sharing data from Zuora, CBInsights reports, “Revenue among subscription businesses [to have grown] roughly 5x faster than both the retail sector and the S&P 500 from January 2012 through June 2019.” 

As it stands, companies can quickly pay as many as 50 different subscriptions on various SaaS tools at a time. That’s why business owners and managers can go crazy, conceiving ways to be on top of payments. To do so right, owners must furthermore manage any new features that come up. They need to make sure everyone uses all possible resources and even cancels what’s not working for the company. 

Why have monthly software subscriptions?

On the other hand, we need to consider how it’s more common for businesses and consumers to have monthly software subscriptions. Mainly because there are many reasons why that can be the way to go. 

For one, a monthly subscription is a predictable monthly spend. And, from a business perspective, monthly spending can mean stability. And consumers also find tons of affordability and convenience in that kind of pricing model.

Monthly subscriptions can also ensure using the most current version of any software. It’s also easier to think of swiftly fixing troubles on a monthly subscription if something weren’t working than it is to do on an annual one. And, of course, monthly subscriptions are easier to cancel. 

On the other hand, if we miss an auto-renewal for a monthly subscription, costs are less than annual expenses. 

Effective use of SaaS management apps

In the sense above, SaaS tools are coming in to help a business get its money’s worth. 

As these software types help save time and resources, it’s normal nowadays for businesses to use SaaS Operations software for different daily processes. They make life simpler overall, keeping an eye out for what the industry is using to determine if what they’re paying for is truly worth having.

Yet, multiple subscriptions to several SaaS applications can quickly become expensive. That’s mainly why SaaS management apps are currently lending a hand in keeping track of business expenses.

Photo by Brooke Cagle on Unsplash

What are SaaS tools for?

As we just mentioned, SaaS tools help businesses in various ways. They’re probably even helping you out, already, without you even knowing. However, a few areas in which you can find SaaS tools to be handy include sales and assistance related to developer tools. They can also help with communications, internal management tools, and customer success. 

If you ever think of getting a management app, bear in mind there are a few critical features for which to look out. We’ll detail those next.

What SaaS management apps do for a company

A few of the functions a SaaS management app can complete for you, depending on company needs, including the following:

Role access: 

SaaS management apps can determine which team member in a company needs access to which tools.

Administration:

Admin aspects of SaaS management tools have to do with subscriptions across all of a company’s departments. These include keeping an eye on the respective license renewal dates and more. 

IT Workflow:

Here, SaaS management apps don’t fail to forget the IT crews making it all happen. Focused on IT workflows, these apps can keep an eye on what the IT team might need to stay on top of its software operations.

Compliance:

Apps can also track those terms to which you’re agreeing, how data is being used and protected, and more info of that kind.

How to manage your monthly subscription software spend

Managing any budget is focused on setting fixed amounts to spend on particular areas. To run a business, we should know which budgets we should adhere to in a company’s main areas. On managing software, define the costs you can afford on a monthly and yearly basis. For that, our SaaS Entrepreneur’s Budget: Where to Spend & Where to Save by our CEO can help. 

Fortunately, new SaaS management apps are designed as new ways to keep track of your SaaS applications and subscriptions. Ensure you spend money to make the most of your subscriptions by using smarter tools if you aren’t already. 

Having a monthly subscription of SaaS apps, for example, is less costly than getting plenty of tools subscribed, up and running with constant maintenance by hand. And, in the end, running tools reliably is just what we need for our businesses.

Recurring app as a SaaS tool management option

Recurring is an excellent option in terms of SaaS Management tools. It certainly helps keep track of everything in a single place. 

Clearly assisting with subscription management, Recurring also edits, cancels, and renews everything a company might need. The app will also help startups optimize all of their SaaS tool usages. 

Recurring also takes SSO and GSuite + Quickbooks and Xero integrations to track members who are taking advantage of specific features to define those. As such, Recurring provides feedback on the tools teams are using the most, identifies what’s not being used, and suggests what can end up saving the company money.

The app is designed to give smart recommendations whenever new tools offer a better deal than currently subscribed.

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