At ExpenseOnDemand we are always keen to ensure our solution is current and flexible and we recently commissioned an extensive survey of business leaders* to understand how firms around the globe are utilising their tech subscriptions. The results of our survey highlighted a staggering 75% of business leaders believe the tech they subscribe to was overpriced in 2022 and yet many tech providers have started off 2023 by increasing prices further.
Inflation is pushing up costs globally which means many tech solutions face increased fees for servers, energy, staff and many other rises across their businesses which has inevitably led to many passing these price rises on to their customer base. This is fine if the service on offer is perceived as good value for money but for many business leaders, this is simply not the case with the vast majority believing many of their subscriptions were already overpriced before these recent hikes.
We are pleased to confirm, unlike many other tech providers we are keeping our prices the same as last year to help our continually growing client base.
According to a recent survey from Simply Business, over four in five (81%) small businesses are worried about how the cost-of-living crisis will affect their business. Many have already had to deal with rising costs and crippling energy bills and the additional increase in tech subscriptions will mean many firms looking for alternative providers even if the process of moving is complex.
Along with rising costs, millions of business leaders believe the tech services that they need to help automate and speed up their business processes don’t offer them the best solution as they are a ‘one size fit all’ solution with no way of tailoring these for specific needs. In fact, according to our survey over half (59%) of business leaders globally want a more tailored solution from their tech provider. Many small businesses are currently paying for a vast portfolio of functions but only utilising a small number of these.
How to reduce the cost of your tech subscriptions
Review all your current subscriptions – Many businesses are paying for historic solutions that no one is actually utilising anymore. This review often reveals unnecessary outgoings and can reduce costs.
Avoid contracts– Look for solutions that offer no or monthly contracts so you can cancel these if you don’t need them.
Shop around – Most tech solutions for businesses have multiple providers and offer varied solutions. Many business owners often commit to a solution with little research as they need to access the platform ASAP especially if it is business critical such as accounts or expenses.
Get feedback from staff - Many business leaders assume a tech solution is effective or adds value to their business because staff are using it but often a quick conversation with teams can reveal that this isn’t the case.
Take control – Set reminders to cancel when you sign up and schedule regular reviews to see how the service is utilised.
At ExpenseOnDemand, we allow businesses to hand-pick what services they need, and we can tailor our solution to mirror their current business processes rather than forcing them to change to match our tech. We pride ourselves on ensuring our tech is market-leading and our costs are not only completely transparent but remain very competitive.
At ExpenseOnDemand we are also offering a 30-day free trial, with the option to sign up for our “pay as you use” model, allowing our clients to have flexibility and reassurance that they aren’t tied into a long-term commitment
How ExpenseOnDemand benefits businesses and their staff?
ExpenseOnDemand works seamlessly with staff working remotely or hybrid. Employees no longer need to send paper claims to claim their expenses and they can benefit from:
1. Claimants and Approvers can use the app within minutes.
2. Photograph receipts and submit & approve expenses in seconds.
3. Approvers can view and manage all historical claims.
4. ExpenseOnDemand ensures no duplicates with any employee claims.
5. Expenses can be made in any currency.
6. Finance can choose from 100+ functions.
To find out more about how ExpenseOnDemand can help your business please visit – www.expenseondemand.com
*Research commissioned by Research without Barriers – June 2022