Top 5 Expense Tips for SaaS Products

Top 5 Expense Tips for SaaS Products

Sun Mar 15 2020

How to expense software you need for work?

Remote work might mean that you need 1000s of dollars more tools to be productive. The pro-hack of the tech industry is that you can expense all of them.

“Surprisingly, 32% percent of employees purchase a SaaS application using an expense process, typically a personal credit card that is then reimbursed by the company’s expense system” according to Zylo.

To fully take advantage of that perk here are our Top 5 Expense Tips:

Top 5 Expense Tips

1. Choose the right expense category Common mistakes include using the ‘Other’ and ‘IT’ category, so make sure to choose the right expense category (Software) in your expense system to reduce the friction for it to get passed.

2. Reduce the price By selecting the annual rate, you can avoid expensing every month and save the business up to 20% of the cost because the vendors give you a discount for a one-time payment. You can reduce the cost even further if you provide a product testimonial after buying the product. Vendors often give you a marketing discount of up to 20% for a customer quote:

3. Get the most out of the software Since your business is paying for it, make sure to use as much of the functionality of that software as possible e.g. at Kindly we have more than 21 different machine learning/data products available to you right now.

4. Present the results to your manager Present your findings to your manager on a regular basis. This will put you in good light as well as justify their decision to expense your purchase. For example, you can send your boss the following email:

Hi Jenny, I’ve recently started using, kindlyAnswer.me to benchmark our data/ml products for quality and price. Based on those insights, I discovered another vendor with 20% better results and for half the price, saving us $10k per month. I will continue updating you on the progress, but I believe it aligns well with our quarterly goals of efficiency and impact.
Replace underlined text with your own numbers.

5. Invite your team to collaborate. In order to reduce the marginal software cost to zero, share the credentials with other employees or run the tool for some of their use cases from your computer.

Finally, please share these tips with others that work remotely, so they can too save money on tools.

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