The number of SaaS-based start-ups in India has seen an astonishing rise over the past couple of years. Demand for SaaS products is increasing day by day among industries like e-commerce, healthcare, and BFSI. Even start-ups and MSMEs are now adopting SaaS into their business portfolio to boost productivity without affecting the existing workflow. Pretty soon, SaaS products will become indispensable for company operations; no matter what the business size. When such a huge number of SaaS tools are employed in the business, it gets very hard very soon to keep a track of all the subscriptions that you've opted for. Each new SaaS tool addition is a new paid subscription to manage. And not just that, each SaaS tool is deployed in different departments of a company. Hence, it gets really difficult for finance teams to keep a track of each subscription payment. This is where payment automation takes the cake for being the most reliable way of managing multiple subscriptions.
Let's first understand what SaaS tools are. SaaS is a cloud-computing-based software licensing and delivery model in which software is created and distributed by a vendor by hosting it centrally on a cloud. Users can avail these tools via the internet on a subscription-based model as per their requirement and convenience. Basically, instead of setting up a team in-house for developing these tools, businesses can avail this ready-to-use software for a set period of time on a recurring payment basis. For example, if you want to set up your internal communication email model for your business. Before SaaS, you'd need to hire a developer to create the mail portal and build it from scratch. Not to mention, the added expense for hosting it on servers and then maintaining them, fixing bugs, and regular updates. But today, all you need to do is go to a mail hosting SaaS tool and just get registered. And since SaaS is a cloud-based service, you do not even need to maintain dedicated servers for it. There are many types of SaaS tools available in the market for Sales Automation, Customer Service, Internal Management, Code Developer, and Communication.
When you have several SaaS subscriptions under your belt, it gets hard for the finance team to keep track of renewals, cancellations, and overlaps. Thus, it is necessary to have a SaaS payment management strategy before it's too late and you find yourself drowning in SaaS subscriptions you don't need anymore. It is not ideal to burden a single company card with all your SaaS spends. What if the card is lost? Or the credit limit is reached and you cannot renew a subscription you need the most? There is also an added risk of fraud because personal expenses can be forged under the SaaS payments garb and with so many subscriptions to track, who will have the time to cross-check each expense? God forbid the company card needs to be cancelled on such accounts, you'd need to track all your subscriptions and refurbish them with new card details. This is nothing short of a nightmare for the finance department. To maintain a proper structure for all SaaS spends, you need a robust spend management stack and a virtual card!
Virtual cards can be created on the fly by your finance manager and sent to individual employees for use when asked for. These cards are not physical cards and can be used digitally for all kinds of business expenses. Simply enter your card details on the website and use it like any other card- the only difference being that each card's credentials are unique and so even if the card's security is breached, you can easily cancel it from the platform and refurnish another card in its place; all in a matter of minutes. Since the card is virtual, it can be shared with all the employees. If the card is maxed out, you can instantly create another card. You can also set different max limits for different cards to avoid overspending. You can allot different levels of access and authorization for different team members. Managers can be given a virtual card with a preloaded monthly budget amount. Employees can be given virtual cards but they would need pre-authorization from your +1 to make any payment. The payment can be acknowledged and authorised online through the spend management platform. This provides a high level of visibility and expenditure tracking. When payments are made via a company virtual card, there is no case of reimbursement or reconciliation at the end of each month. So, a virtual card is the best tool to manage recurring payments for SaaS subscriptions. EnKash offers a powerful spend management platform along with virtual cards for easy subscription management. It gives you full flexibility, high visibility, and efficient control over all kinds of spends. You can keep a detailed track of all your SaaS subscriptions and view them on a single dashboard. It gives you a bird's eye view of all your SaaS spends- upcoming renewals, SaaS that needs to be cancelled, and new SaaS that needs to be added. You can monitor recurring payments in real-time. Spend Management is the best tool for monitoring free trials as well. Free trials are a boon to test-drive the SaaS that you are itching to add to your business portfolio. But all that glitters is not gold. You might find it underwhelming when you use it or you might realise that it is similar to a SaaS tool you've already subscribed to. Hence, visibility in your SaaS spends can help you judge which free trials to welcome in your business family and which ones to give the boot to. In a nutshell, EnKash can help your business save a lot of cash! Try our "Free Demo" today! We are confident that you will find us important enough to make us a permanent member of your family.