Product Education

A better way to manage your company subscriptions with Float

Learn how to audit and manage your company software subscriptions with Float

August 10, 2022

As teams adopt more and more software tools, you can imagine how often auto-renewal payments get mixed in with other charges on your corporate cards and go unnoticed.

A recent study found that most companies spend approximately $10,000 per employee per year on software subscriptions. 😯 With this amount of money being paid out to vendors on an annual basis, there’s a huge risk of missing questionable charges, hidden fees, or price increases. 

Pro tip: Looking at a list of your subscriptions is one of the best places to find cost savings! 💲

As a best practice, we recommend reviewing big ticket vendors and purchases regularly. Start by doing the following:

👍🏼 Ensure tools and platforms are being used

👀 Look for ways to control costs

💵 Set a budget and stick with it

Let’s go over how to review your current subscriptions to help you achieve greater accountability, transparency, and autonomy over company spending. 

Step 1: Make a list of your subscriptions ✏️

  • Make a list of all of your subscriptions and update it throughout the year
  • Be sure to include the name of the tool, the cost, plan type, and payment frequency

Step 2: Assign an owner 👨🏾‍💻

  • Distribute your list to your Department Leads or Managers
  • Have them assign an owner to each tool
  • This person will be responsible for managing users, monitoring payments, etc

Step 3: Audit your current subscriptions

  • Identify which tools are still in use and/or determine if there are cheaper options available
  • Cancel any subscriptions that are not adding value to your business

Step 4: Set up a virtual card by vendor 💳

  • To make subscription payments easier, Float allows you to set up an unlimited number of virtual cards for your vendors, which allows you to:
    • Assign daily, weekly, monthly, and yearly card limits
    • Instantly pause or cancel cards
    • Request and approve card top-ups
    • Automatically capture receipts and match to transactions
    • Track spending in real time

Step 5: Successfully manage your subscription spending 🤑

  • Take the list you created in Step 1 and easily move spending over to Float by assigning the person you identified in Step 2 as the cardowner
  • Your finance team can monitor spending by looking at individual card transactions, or filtering by vendor on the Transactions page

Subscribe to Float’s management method 👀

There’s no doubt that we all love subscriptions – shoutout to Netflix! 🍿 When it comes to your business, they serve as a convenient way to pay for some pretty cool tools that support your day-to-day operations. But we also recognize that it can become overwhelming to manage these expenses at times. Luckily, Float’s virtual corporate cards can help. By assigning a virtual card per vendor, you’ll be able to stay on top of your monthly purchases and save money along the way. 🤩

To learn more about our smart spend software and how we can help you improve the way you manage your company’s subscriptions, book a demo with us today! Our team is happy to walk you through all of our incredible features.

Written by

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Amy Fisher

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