A Better Way to Manage your Company Subscriptions with Float

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 ✏️

• Create a spreadsheet listing all of your subscriptions, and be sure to include the team owner, cost, plan type and payment frequency and update it throughout the year

Step 2: Set up a virtual Float Card by vendor 💳

• To make subscription payments easier, Float allows you to set up an unlimited number of virtual corporate 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 3: Automate your subscription spend monitoring 🤑

• Using Float's Savings Insights to get monthly suggestions on how to save money on your company's software spending and notifications of any unexpected billing increases, or double charges.
• Monitor spending using our Reporting feature, to track spend trends over time and spot anomalies as they happen

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.