Finally keep track of all subscriptions, whether software, newspapers or cars! With finway, you manage all subscriptions in your company via one platform and never again lose track of terms, responsibilities and associated costs.
Subscription management with finway means: You always keep track of which costs are caused by software subscriptions & Co. and by whom – clearly arranged in one place.
Link all recurring expenses to a virtual card and assign them directly to the responsible employee and department.
In our software, you can see exactly when a subscription expires and decide whether to renew or cancel, depending on your needs.
In finway, you always have an overview of all your subscriptions, know exactly which recurring payments are due and when, and can quickly identify and cancel unnecessary tools and services.
For maximum automation of all recurring expenses and unique assignment to a person and department, simply link each subscription to its own virtual card. You specify whether it is a monthly subscription, for example, and the card automatically recharges and creates a request in the system, to which only the relevant invoice needs to be added.
In finway, each subscription is already linked to the relevant accounting information: you can select cost center(s), G/L account and cost object. Supplier contracts can also be saved directly in finway. In addition, you always keep an eye on your budgets, because all upcoming subscription fees are mirrored in real time in your budget overview.
Missed cancellation deadlines and surprise charges are a thing of the past. finway reminds you of upcoming subscription renewals, so you can cancel on time if necessary. You can finally evaluate in time whether you still need a subscription and save your company a lot of money, which is better spent elsewhere.
Coworkers come and go, so the recurring cost of your team software subscriptions, such as Slack, changes. The owner of a subscription leaves the company? Or the pricing for a subscription is changed by the provider? In finway, you can adjust your subscriptions as needed, change billing periods, or update the deposited payment method (e.g., virtual card) hassle-free in the blink of an eye.
The popularity of subscriptions has grown rapidly in recent years – partly because numerous software offerings have switched from the classic “buy once, use forever” model to licensing models or SaaS subscriptions. SaaS stands for “Software as a Service” and means: software as a form of (on-demand) service. The use of SaaS is then billed according to time period or volume of use. This leads to new or increased challenges in finance departments:
Recurring payments have always existed, but when suddenly over a dozen – and often many more – (software) subscriptions are used in the company, the overview of costs, budgets, performance periods, etc. is quickly gone. Not only do these subscriptions increase the number of invoices sent to the finance department, but there is also the risk that unused subscriptions can lead to unexpected costs that are easily overlooked. So it’s high time for you to act!
We hardly use subscriptions in the company, why would we need a solution here?
Are you sure about this? Have your employees give you all the info & put together a list that takes everything into account: Software, magazines, cars, regular consistent supplies, etc. And check for yourself: What recurring payments are charged to your current company credit card? Which recurring payments go through your business account? Again, at least in some cases, you can switch from direct debit to card debit to better organize and structure your expenses. This will give you much more detail about where your money is really going.
How do I transfer our business subscriptions to the virtual finway cards?
Let’s walk through this as an example using a project management tool that your IT department uses. Up to now, it has probably been the case that the monthly or annual costs for this are debited via a company credit card (which is in the name of the managing director). Your financial accounting department or your tax advisor receives the corresponding invoices from you by e-mail. With finway you define a person responsible for the tool. They apply for a card via our software, in which they specify costs, accounting period, service period, cost center (and if applicable already the G/L account). As soon as this card is created by the system, the card data (name, number, expiration date, CCV) is available and the card can be stored in the software as a new means of payment. From now on, everything else runs automatically.
What happens to the invoices we receive for the subscriptions?
Per billing period, you will receive one invoice each from providers to whom you have subscribed to a service or software, which of course has to end up in the accounting department. finway ensures here for you that nothing gets lost. Each time the cost of a subscription is debited from the associated card, our system automatically creates an invoice request. The respective cardholder then receives a notification to submit the invoice directly in finway. And from there, the responsible person from the finance department can access it for further processing.
Our subscription management is done through an excel spreadsheet and the company credit card, why is that bad?
It’s good if you have a system in place to monitor your subscriptions. You are already one step ahead of other companies! But also your method costs much more time than it actually needs. Put your focus on automation! Because: If all costs are debited from the same card, your accounting department will need more time for the correct allocation to cost centers etc. You also have to maintain budgets manually and thus hardly get real-time insights. And last but not least, you have to rely on the employees responsible for the subscriptions to forward the incoming invoices. These must then still be manually matched with the respective transactions in the accounting department.
How much time should we invest in subscription management?
Of course, this depends on how many subscriptions are currently running in your company. You should collect these and initiate an evaluation in the respective departments: Is the subscription still needed, or can it be cancelled? Also question low costs – after all, pennies make pennies! Once this is done (set deadlines!), you and your employees can start converting the subscriptions to our system. This is a one-time effort. Once everything is set up properly, you will hardly have to spend any more time, because finway does the work for you and at the same time provides you with the long-awaited real-time insights into the budget. When a subscription renews, finway automatically creates an invoice request to which the new invoice of the respective tool needs to be attached. The responsible employee receives a notification to do so. Done.
Our experts will guide you through the tool in approx. 30 minutes without obligation and will work out potentials for your company together with you.
