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. But to manage a lot of subscriptions in SaaS becomes a tough job, and to manage the same, you will have to look for automated software for subscription management, and this article deals with the same.
Most of 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 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 track of each subscription payment. This is where payment automation takes the cake for being the most reliable way of managing multiple subscriptions.
SaaS - At a Glance
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 of the SaaS payment management feature via the Internet on a subscription-based model as per their requirements and convenience.
Basically, instead of setting up a team in-house to develop these tools, businesses can avail this ready-to-use software for a set period on a recurring payment basis.
There is a huge benefit of virtualization in cloud computing, and one such is SaaS payment management. Let us understand SaaS in a simpler form with an 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 of hosting it on servers and then maintaining them, fixing bugs, and regular updates.
With SaaS, 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.
Why choose SaaS Payment Management Utility?
To manage SaaS spends, you should not depend on a single company's virtual cards or physical cards for all your SaaS spending. What if the card is lost? Or the credit limit is reached, and you cannot renew a subscription you need the most?
This is nothing short of a nightmare for the finance department to manage SaaS spend. To handle such a situation, you need robust expense management software that comprises ample tools, including the virtual card, and using such software; you can smoothly manage your business cash flow.
With EnKash cards, you get two benefits in one. Want to know how? Have a quick look here.
Power of Virtual Cards
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 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 authorized 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, processes like expense reimbursement and automated reconciliation are simplified, so your accounting department doesn't have to manually look after these processes at the end of each month. So, a virtual card is the best tool to manage recurring payments for SaaS subscriptions. Many top SaaS companies in India are opting for SaaS spend management utilities to speed up their business by following the current demand of time.
Your Hunt for a SaaS Management System Ends Here!
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 canceled, and new SaaS that needs to be added.
Now, you don’t have to bother about the question, what automates your business processes? The simple answer is expense management software. Using this tool, 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 cards 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 realize 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 into your business family and which ones to give the boot to. In a nutshell, EnKash can help your business save a lot of cash.
