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27 may, 2020 • Substly

TrackMySubs vs. Substly

Would you happen to know how much your company spends on subscription services? Companies use three times more subscriptions and spend two times more than they think. The main benefit of software like TrackMySubs or Substly is to get a clear overview of the services you pay for regularly. Transparency will save your business money and effort.

These nifty services will make keeping control more manageable and efficient. The world is becoming increasingly dependent on software solutions, and the cost of these services is a huge blind spot for most businesses. Using subscription tracking software for your company, rather than spreadsheets (or even worse – nothing at all!), will save you much time and help you in several ways.

All businesses using digital services can benefit from a good subscription tracking tool. Here’s our comparison of the leading players for small to medium-sized companies: TrackMySubs vs Substly.

Common grounds

Both systems are helpful for more than keeping track of your SaaS expenses, and you can add pretty much any costs you’d like to be reminded about, like rent, company cars, or even free services. Both services let you add all your company’s subscription services and give you a clear overview of how much these costs, helping you keep track of payment dates and frequency. You can set alerts and get notified before a renewal happens.

So what’s the difference?

I’m glad you asked! So, TrackMySubs is a subscription tracking software. They have a bookmark manager called “GO” that will count how many times you open up a service – and by doing so, get a better understanding of how much you pay per time the service is being used. You can also add your recurring or single revenue streams to track cash flow in your business if you fancy that. TrackMySubs also offers something called “Explore” (in beta when this blog post was published), which lets you see statistics for the 20 most popular subscriptions on their platform.

Track my Subs

Substly is a subscription tracking and user management software. That means you can add people who use these services (like employees, consultants, etc.) and track what they can access. This is handy, especially in off-boarding situations when user accounts and services need to be cancelled. It’s also helpful to see where you can cut subscription costs by reducing the number of service users. Since you can keep track of both users and services, you can see how much money you spend on an average per user and for specific users, helping you reduce unnecessary costs.

Substly

Substly also allows you to track what personal data you store in your different services and who has access to which type of data. This helps you to stay GDPR compliant. There is a helpful off-boarding feature for when someone is leaving your business. This will prevent unwanted access to your company data by former employees or cooperators and help you avoid costly mistakes.

How does it work?

TrackMySubs and Substly are both easy to start with, and neither requires you to be an IT technician or a tech-savvy millennial. To a large extent, you do need to add your data manually, but both TrackMySubs and Substly have neat features to help you along the way:

TrackMySubs offers a Chrome extension where you can add subscriptions to their software (although you still have to add them yourself).

Google

Substly offers bank transaction uploads, allowing their software to discover services and recurring payments that you might have forgotten about. Substly also integrates with Google Workspace and Microsoft Azure AD to import users and subscription-based services into their software.

Tracking subscriptions with a subscription service?

It is ironic to buy a subscription-based service to track your subscriptions! 🙂 But as long as they save you more money and time than you’re spending (and they will), the incentives to use them are strong.

Neither TrackMySubs nor Substly will put a big dent in your budget since they are reasonably low-priced. They also let you try them out for free without adding any credit card information.

Track My Subs pricing:

Track my subs pricing

Substly's pricing:

Substly Pricing

Our verdict

So, when should you choose TrackMySubs or Substly as your subscription tracking software?

  • If you are a freelancer, choose TrackMySubs. They are slightly cheaper and have a little less complexity that isn’t necessary for you yet, at least not until you reach 10+ employees. Combining the subscription tracking with your recurring revenue in the same overview is nice if you do your bookkeeping.
  • Suppose you are a small or medium-sized company. In that case, there is excellent value in visualising how your software services are utilised within your organisation and comforting to have it all in one place. You can go with Substly if you want to track both your subscriptions and user access in one place or will in the future.

We hope that this was helpful to you! The subscription economy is booming, and software spending increases each year. The only question is if your business will take advantage of this – or fall victim to it. Tracking your company subscriptions has never been more critical or more accessible.


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