Let’s face it, there are subscriptions now for just about everything. From software licenses to business publication subscriptions to association memberships, the costs add up quickly and unfortunately some may be costing you money with absolutely no value in exchange for the expense.
Here are some of the ways businesses lose money paying for unnecessary subscriptions:
- Software licenses that you piloted but no longer use.
- Software licenses at the wrong level, such as paying for a full Adobe license when Acrobat is all that is needed.
- Association memberships in which you no longer participate or attend.
- Legacy services and licenses for employees you no longer have.
Take Advantage of Trial Periods
Who doesn’t love something free? I know I do, and I will be the first to sign up for something if I can try it without paying. During sign up, you’ll see the disclaimer that you will be charged in 15, 30, or 90 days. The problem is most people forget to cancel before being charged and end up paying for something they either don’t love or don’t use.
There are two very simple options to prevent this:
- Don’t sign up for subscriptions that you don’t intend to use or are not willing to pay for.
- If you’re like me and can’t resist something free, write it on your calendar! If you will be charged in 30 days, put a note on your calendar 25 days out to cancel it, unless of course, you see the value in keeping it. (Adjust the timing based on the company’s deadlines and requirements.)
What are you paying for that no longer has value?
- Do you have a subscription to a business publication that no one is reading any longer? Know who is using each subscription so that you know when it is no longer relevant.
- Are you paying dues for an association in which you no longer attend events? Be aware of what dues you are paying for so that you will be aware of which ones no longer offer any value to you or your business.
- What about a software license for an employee that is no longer with the company? Just like hardware issued to an employee, software licenses should also be tracked to an employee. This will ensure that when the employee leaves, someone is aware of any subscriptions that need to be cancelled.
Be In Control
Know what you’re paying for and why you’re paying for it. Don’t throw your hard-earned money away on services that your business does not benefit from.
This post is courtesy of MMC Office and Accounting Manager Kimberli Holcombe.