How to Manage All Your SaaS Subscriptions
Every day there is a new SaaS vendor out there that can help your small business, whether it be accounting, marketing, HR, or sales. In fact, the size of the SaaS market is growing by nearly 20 percent every year!
Naturally, the number of SaaS tools businesses are using is increasing, and the difficulty in managing them reaches a tipping point commonly referred to as SaaS sprawl. Luckily there are solutions to these growing pains of adopting the use of more subscription-based software and managing your business’s SaaS subscriptions.
What is SaaS sprawl, and why is it a problem?
SaaS sprawl occurs when companies have more subscriptions than they can manage, often because they have no real way to keep track and control them in the first place.
There are many consequences that can result from SaaS sprawl, including wasted software spend, SaaS overcharges, security, and more.
The primary issue resulting from SaaS sprawl is that businesses waste money! If you don’t know what subscriptions you are paying for, there is no way to know how much money you are spending on SaaS.
As a result, businesses waste on average 30% of their SaaS spend every year paying for subscriptions they don’t actually need, forgetting to cancel free trials, having their rates raised without their knowledge, and more.
SaaS sprawl is also problematic because you might lose track of what subscriptions you can offer to all of your employees. Without having all of your subscriptions in front of you at one time in an easy-to-see place, you could sign up for a new vendor that does the same thing as a subscription you already have.
What are ways to manage all your SaaS subscriptions?
Good: Using Spreadsheets
The first thing you need to have in place is a centralized location to view all your SaaS subscriptions. If you regularly evaluate your business’s SaaS spend (which you should), a simple spreadsheet with all your vendors and how much you are spending on each subscription could suffice.
However, although spreadsheets provide a good overview of your SaaS ecosystem, it’s not a perfect system. A spreadsheet can get cluttered and hard to keep updated, especially with a larger team, so it isn’t the ideal solution for your business.
Better: Using SaaS Management Platforms (SMPs)
What spreadsheets lack is a smart dashboard that centralizes all of your SaaS subscriptions along with how much they each cost, the renewal dates of each tool, and what each vendor does.
You also need a way to track and manage your spending on your SaaS subscriptions. We’ve all been there when we forget to cancel a free trial, or we get overcharged for a SaaS vendor without knowing it.
The tools that have the features above are called SaaS Management Platforms (SMPs), and there are many out there, including NachoNacho. Many of them solve for SaaS sprawl in the same way, offering centralized views of the SaaS tools employees are using, onboarding and offboarding features, and increased security.
Best: Using an SMP powered by Virtual Credit Cards (VCCs)
We believe the best way to manage SaaS subscriptions is by utilizing virtual credit cards (VCCs), due to their flexibility, ease of use, and enhanced security. What sets NachoNacho apart from other SMPs is that NachoNacho’s SaaS management is powered by VCCs.
What are virtual credit cards? They are digital cards that live entirely online and generate unique card numbers, expiration dates, and CVV codes for any purchase you want to make. Numerous businesses offer virtual credit cards, but none combine their features with a central dashboard for SaaS management.
How NachoNacho can help with managing SaaS subscriptions
NachoNacho offers both a centralized SaaS management dashboard and virtual credit cards that can help you avoid wasted SaaS spend and manage your SaaS subscriptions.
With NachoNacho, all your company’s subscriptions appear in one dashboard. You can view each subscription and its status by individual vendors.
The dashboard neatly organizes account holders with their associated NachoCards (NachoNacho’s virtual credit cards) which provides a clear view of what employees are signed up for what SaaS subscriptions. This allows you to easily identify subscriptions you no longer need as well as avoid any duplicate subscriptions.
NachoCards also allow you to set spending limits each month to avoid overcharges. Those spending limits also will enable you to make sure you don’t forget to cancel any subscriptions after a free trial runs out.
By using NachoCards, you can also easily cancel your SaaS subscription without having to talk to a vendor’s support team or hang out on the phone for an hour. Canceling SaaS via virtual credit cards is done with a single click.
With a SaaS subscription management platform like NachoNacho, you’ll be able to tame your SaaS sprawl in no time.
Start managing your SaaS with virtual credit cards and stop losing money due to SaaS sprawl. Learn more about NachoNacho or sign up to get started now.