TrackMySubs vs. Substly
Do you know how much your company spends on subscription services? Companies use three times the numer of subscriptions and spend two times what they think. The main benefit of software like TrackMySubs or Substly is to get a clear overview of the services you pay for on a regular basis, the transparency will save your business both money and effort.
The world is becoming increasingly dependent on software solutions, and the cost of these services is a huge blind spot for most businesses. Using a subscription tracking software for your company, rather than using spreadsheets (or even worse – nothing at all!), will save you a lot of time and help you out in several ways. These nifty services will make keeping control way easier and more efficient.
All businesses using digital services can benefit from a good subscription tracking tool. Here’s our comparison of the main players for small to medium-sized companies: TrackMySubs vs. Substly.
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Both services let you add all your company’s subscription services and give you a clear overview of how much these costs, help you keep track of payment dates and frequency. You can set alerts and get notified before a renewal happens. Both systems are useful for more than keeping track of your SaaS expenses, you can add pretty much any costs you’d like to be reminded about; like rent, company cars, or even free services.
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.
Substly is a subscription tracking and user management software. That means you can add people that use these services (like employees, consultants, etc) and track what they have access too. This is handy if your company has sensitive information or data in any of these services that need some extra caution. It’s also helpful to see where you can cut subscription costs by reducing the number of users of a service. 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 also allows you to track what kind of 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 get started with – and neither of them requires you to be an IT-technician or a tech-savvy millennial. To a large extent, you do need to manually add your data 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 by yourself).
Substly offers bank transaction uploads, which allows their software to discover services and recurring payments that you might have forgotten all about. Substly also has an integration with G-suite and Microsoft 365 for swiftly importing users into their software.
Tracking subscriptions with a subscription service?
We know, it is kind of 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 or Substly will put a big dent in your budget since they are fairly low-priced. They also let you try them out for free without having to add any credit card information. Both vendors have a free tier and Substly also offers a 30-day free trial on their premium plans.
So, when should you choose TrackMySubs or Substly as your subscription tracking software?
If you are a freelancer or have only a few employees, choose TrackMySubs. They are slightly cheaper and have a little less complexity that probably isn’t necessary for you yet, not until you reach about 10+ employees. If you do your own bookkeeping, it’s nice to combine the subscription tracking with your recurring revenue in the same overview.
Go with Substly if you want to track both your subscriptions and user access in one place or will in the future. If you are a small or medium-sized company, there is great value in visualizing how your software services are being utilized within your organization and comforting to have it all in one place.
We hope that this was helpful to you! The subscription economy is booming (https://www.bloomberg.com/press-releases/2019-10-03/the-subscription-economy-grows-more-than-350-over-7-5-years) and money spent on software services increases rapidly 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 important.