How many subscriptions do you currently use? “A few, maybe 5 or 6,” is a common first response when most small business executives are met with this question. The follow-up question asking about how certain they are of the first answer often prompts a response of “maybe closer to 10 or 12.”
Tracking business subscriptions is a challenge that is heightened with increasingly distributed teams. Subscribing to new tools is essential for growth and scalability, but as the count of these increases it becomes a Herculean task to track the credentials for each subscription. Password management is a significant pain point for both individuals and businesses worldwide. A recent survey by NordPass found that many respondents equated the stress of losing a password with that of facing an illness, and over 80% of respondents across the US and UK agreeing that managing password is difficult.
Password struggles tend to be emphasised when we’re trying to commit time sensitive actions such as managing payment details or subscription preferences. Inefficiency in accessing accounts creates a lack of clarity around connected payment sources and active payment plans. This lack of clarity makes it harder to track expenses, requiring greater manual effort and organization.
A common way to alleviate this burden has been to use a combination of password management software and a knowledge base – usually spreadsheets. The former enabled easy access across subscriptions, enabling effortless sign in and secure password sharing. Spreadsheets tend to take over beyond this point, offering granular customisation of stored information. While this combination is functional and effective, it limits scalability. Teams are still required to devote time and attention to maintain the knowledge base and track financial movement.
Thousands of businesses have addressed this roadblock by leveraging NachoNacho. By issuing virtual cards per subscription to individual team members, company-wise subscriptions are consolidated in one dashboard. Real-time data tracking provides a clear picture of transactions as they happen, and gives users the ability to cancel or suspend cards, enabling management of subscription spend without going off-site.
Issue custom cards today and take control of your subscriptions with NachoNacho’s free tool for teams.