From virtual payment accounts and accounting integrations to e-commerce analytics, we are witnessing a drastic digital shift in the way founders run their businesses. Gone are the days where manual data entry and physical branch visits reigned supreme. Now, Software-as-a-Service (SaaS) tools are seen as the norm.
Essentially, SaaS platforms are cloud-based solutions that operate on a software distribution model. Instead of installing and developing tools, this model already offers a variety of ready-made solutions offered for a period of time. Unlike traditional software that can only be installed on computers, SaaS tools can be easily downloaded online.
To simplify it even further, think of it this way; instead of buying costly computer-based software on a one-time payment basis, you can now rent this software through the internet for a much cheaper price.
Don’t confuse general software with SaaS business tools. SaaS tools provide usage-based subscriptions that can be purchased on a monthly or yearly basis compared to purchasing software. Instead of making a one-time payment, founders essentially rent the software at a much cheaper price.
Not only do you ditch the additional hardware but it’s also much easier to install. This is why most business owners are making the switch from conventional software purchasing.
Here’s a list of some of the most common SaaS tools for business:
But when you have an overwhelming amount of software that you actively use, managing multiple payment cycles can become challenging in the long run. That is where SaaS management comes in.
Also known as software asset management, SaaS management platforms allow founders to manage and track their day-to-day operations across all their SaaS applications. This includes everything from integration with other tools, payments, renewals, licensing, onboarding, and offboarding activities—you name it.
Instead of manually monitoring each software in your technology portfolio, this business tool allows you to track everything on a single platform. Due to its convenience and cost-saving factors, SaaS management is quickly becoming prevalent across all sectors today.
Essentially, the goal is to eliminate the risk from unmanaged technologies. With a clearer overview of your software spend, you’ll develop a deeper understanding of your business’ software stack and make quicker and more informed business decisions moving forward.
Other functions covered by SaaS management include:
Still not convinced by the wonders of SaaS management? Here are a few reasons that might help to change your mind.
Employees don’t need to familiarise themselves with complex jargon or technical terms. Most, if not all, SaaS management tools are made with intuitive and user-friendly interfaces. This allows anyone from the managerial to executive level to understand and navigate the application with ease.
Without the need for software-specific training, you can save more time and put more expenses towards growing your business.
Previously, you may have been appointing one key employee in charge of a particular subscription that’s relevant to their department. With SaaS management, founders and executives can effectively track who has access to various applications and how they’re being used.
With a clear overview, you’ll be able to monitor the number of times a payroll software has been accessed by the accounting department, or perhaps when you need to renew your monthly Slack subscription. On top of that, it also reduces data breaches, which ultimately eliminates the risk of internal fraud within the company.
Sometimes, there are certain applications that you absolutely need to run your business. However, high software costs may deter founders from making a purchase. Instead of purchasing software, the installation costs are a lot cheaper than on-premise systems.
What’s more, you’ll only be paying for the duration of your subscription, which you have the liberty of choosing as well. If you only need a particular program for six months to work on an upcoming project, you can opt for a six-month subscription instead of a one-time payment. Imagine spending hundreds on an application you won’t even be using much!
As a founder, You would want your employees to be assigned only the functions that are relevant to their specific roles. In line with having clearer visibility, SaaS management gives you the option to manage access control across all active subscriptions.
For instance, only the product team should have full access to developer tools with an ‘Edit’ access option, while others only get the ‘View Only’ option. These advanced permission settings ensure that sensitive information within the company stays confidential, while access and control are given to the relevant employees efficiently.
With a virtual payment account like the Aspire Business Account, streamline your company’s expense management process with just a few clicks. Whether it’s software subscription fees or ad payments, founders can now track their expenses seamlessly at any time, anywhere.
On top of that, you’ll also get access to a variety of smart features including accounting integrations and virtual cards. What’s not to love?