Here's the lowdown on the typical pricing strategies used by expense management platform providers, so that you can figure out which one works best for your organisation.
Expense management solutions are critical for businesses to effectively manage their budgets, and make your employees (and financial controllers) happy.
But, the cost of these handy expense management tools can be confusing.
So, here's the lowdown on the typical pricing strategies, so that you can figure out which one works best for your organisation:
1. Subscription-based pricing:
Lots of expense management tools work on a 'pay us every month or year' kind of deal. The more users or transactions you have, the more you might pay.
This one's a good fit for small-to-medium businesses. It's the pricing model we use here at Budgetly, so our customers always know what they'll pay each month.
2. Per-transaction / unit pricing:
Some platforms ask for a fee for every transaction you put through. This could be a set fee per transaction or a chunk of the transaction amount. It could also be on top of a subscription model.
This model might work for companies with a few transactions, but the costs can pile up as the transactions do. We've had customers move to us from this pricing model, telling us it's tricky to keep track of in real-time. So, it's hard to predict the total cost. To avoid a nasty surprise when the bill rolls in, they'd have to take a day to add up all the transactions.
3. Custom pricing:
Big businesses with bespoke needs might get a custom price. This usually means a chat with the service provider to work out a tailored pricing plan. This model is a good fit for enterprise businesses.
Other things to consider, besides pricing
Price isn't everything.
Here are other key considerations to think about when picking an expense management tool:
- Level of Support: Check out the kind of help the platform offers. What are their customers saying about it? Good, quick support can make a big difference to your experience with the software. Support is one of our key differentiators when you look at our Capterra reviews.
- Flexibility in Managing Budgets: Have a think about how much the product can bend to your business's needs. The more flexible the solution, the easier it will be to make it work for your business.
- Software Usability: Lastly, don't forget about the user-friendliness of the software. If it's a pain to use, it's going to slow you down. So, pick a solution that's easy to get around.
Like any business choice, it's all about weighing up what your company needs and what it can afford.
By getting to grips with the different pricing models out there, you can make a savvy decision that's a good match for your organisation.
Want to understand if Budgetly’s the best fit for you? Have a read of our ebook to find out.