Software as a Service (SaaS) is a software licensing model, allowing access to software on a subscription basis.
This software is vital for many companies and can be found on external servers, which means there needs to be something in place to monitor and manage them.
This is where SaaS payment management software comes in, as it helps businesses easily manage subscriptions.
So, how can your business effectively manage subscriptions using this software?
Automated invoicing system
A well-designed automation system for subscriptions can significantly help those upcoming month-end payments.
Manually creating invoices for all subscriptions can be time-consuming, but this can be solved by automatically sending out invoices with parameters you can set accordingly.
Refine SaaS subscriptions
This management software can be used to identify which subscriptions are necessary for your business.
It’s important to either downgrade subscriptions or remove them altogether if they no longer serve a business use.
This will cut business costs, so you only opt for subscriptions that will benefit your company and employees to a high degree.
Track subscription payments/renewals
Refining the number of SaaS subscriptions owned, already reduces the amount that you have to keep up with.
However, it’s important to regularly track the subscriptions you have to ensure all payments are on track, which could be done using a shared company calendar.
There may be times when you forget, which could incur late or missed payments, but it is easier to avoid this by using SaaS spend management software.
Your subscriptions will be compiled into one dashboard, where you can find all subscription details, at once, in a centralized location.
Using virtual corporate cards
Corporate cards are constantly evolving and now, more than ever, businesses are opting for virtual corporate cards.
They can be used to manage various business aspects, along with any subscriptions, making it easier to set up payments.
Managing subscriptions can be difficult, but it’s much simpler if you automate payments using these cards, so you don’t miss any upcoming deadlines.
To make managing subscriptions even easier, you can dedicate separate virtual cards to each of your subscriptions – automating them so your business can properly utilize resources and time efficiently.
Improve onboarding and offboarding practices
Onboarding and offboarding practices need proper implementation when new employees join a business and if employees leave a business.
This helps to create a steady workflow with as little disruption to how your company runs as a whole.
Automating these processes with thorough instructions can minimize errors that come from human error.
When employees leave, your company needs a full list of the subscriptions and services that specific worker has been using. Then, these subscriptions can be effectively removed to limit the extra expenses on any unnecessary services.
Ensuring high levels of security
With many businesses having a large number of transactions that will be taking place for a variety of subscriptions, it’s important to ensure they all have high levels of security when it comes to their payments.
Utilizing business time and money to protect transactions by using SaaS management software, ensures maximum security and a much-reduced risk from scammers and hackers.
This will give your company peace of mind and ultimately help from wasting time battling fraudulent behavior.
Effectively managing SaaS subscriptions using SaaS payment management software, allows your business to clearly identify and manage the overall cost.
Instead, the most necessary subscriptions can be focused on, to benefit an individual’s learning process in the workplace, whilst properly utilizing company resources.
