Why shouldn’t we use a spreadsheet to manage company subscriptions?
Substly brings your subscriptions, users, and costs together in a way that your accounting software or a spreadsheet could never do.
In accounting software, you need to put substantial time and effort into manually processing the financial data each time a report is required (which is basically what Substly does for you). There is also a lack of possibilities to manage users, track renewal dates etc.
Spreadsheets are great. We love them. But not when used to keep track of company subscriptions. Here are some of the drawbacks with tracking your company’s subscriptions in spreadsheets:
- No currency conversion handling – you’re paying for all your subscriptions in different currencies and with ever-changing conversion rates it becomes hard to understand your total cost.
- No up-to-date and relevant financial data for budgeting and reporting – aggregating that data over time requires a lot of manual work and/or ninja-style formulas.
- No notifications about upcoming renewals – it is hard to remember to cancel your unwanted subscriptions before they hit the credit card without notifications.
- Lack of transparency within your company – Without transparency, it is easy to assume that “others” are in control. But what happens if the spreadsheet “owner” gets injured, sick, or leaves the company?
- No data repository – for documents/contracts/off-boarding procedures/contact data etc.