Why Your Finance Team Needs a SaaS Management Tool

Managing your company’s finances in today’s SaaS-driven landscape is no small task. With multiple teams purchasing and using different SaaS applications, businesses like yours face the challenge of manually tracking SaaS costs, preventing SaaS waste, and ensuring compliance, while staying on top of SaaS renewals and budgets.

If you finance teams still relying on manual spreadsheets and IT processes, you’re making your job harder than it needs to be.

Are there any solutions to address these SaaS concerns? Yes. Our SaaS management software, CloudFuze Manage, is the most trusted and best solution to regain control over your SaaS environment.

In this blog post, you’ll learn:

• What a SaaS management tool is
• Why your finance team needs one
• How manual SaaS management compares to tool-based management
• Tips for choosing the right solution
• Why CloudFuze Manage is the ideal choice for your business and more.

Overview of SaaS Management Tool

A SaaS management tool is your central command centre for managing all the SaaS applications your organization uses.

As an IT admin, instead of switching between shared spreadsheets, vendor invoices, and emails, you get a centralized platform that gives you 360-degree visibility and control over your tech stack.

Here’s what a SaaS management platform helps you do:

• Discover Every SaaS App: Identify all SaaS tools in use, including those purchased outside official channels.
• Manage SaaS Licenses: Track all active and inactive users so companies only pay for what they need.
• Analyze Software Spend: Monitor cloud subscription costs and apps’ usage trends to make informed financial decisions.
• Stay Ahead of Renewals: Get renewal alerts before contracts auto-renew so you can review and reclaim particular licenses.
• Ensure Compliance: Centralize all SaaS details and confirm all tools meet security and regulatory standards.

Why Your Finance Team Needs a SaaS Management Tool?

It is often challenging for finance teams to manage multiple software subscriptions and keep track of expenses manually. This is the point where a SaaS management tool becomes essential for them. Here are the benefits of using a SaaS-based tool to reduce SaaS costs:

1. Gain Full Visibility into SaaS Spend

Without a centralized system, it’s nearly impossible to know how much you’re spending on SaaS subscriptions across different departments.

A SaaS management tool provides a clear view of all subscriptions, offers cost-saving insights, and reveals SaaS usage patterns, enabling you to make informed decisions based on data and insights, not assumptions.

2. Control Software Subscription Costs and Reduce SaaS License Waste

Unused licenses and duplicate subscriptions can greatly drain your budget. With a SaaS management platform, enterprises can identify underutilized resources, reassign licenses, and eliminate unnecessary tools.

This simple step can save money without sacrificing productivity.

3. Improve SaaS Budget Forecasting

Accurate forecasting is highly essential for financial planning.

A SaaS management tool provides detailed insights into SaaS usage and cost optimization, helping you predict future software expenses and allocate budgets effectively.

4. Strengthen SaaS Compliance and Reduce SaaS- related Security Risk

Unapproved SaaS purchases can lead to compliance threats and SaaS security risks.

A SaaS management platform ensures all tools meet your organization’s standards and keeps vendor contracts in one place for easy auditing.

5. Simplify SaaS Renewal Management

Auto-renewals can lock you into another year of unnecessary SaaS spending. A SaaS management tool sends timely notifications before renewals hit.

It gives you the chance to review SaaS license usage, reclaim those licenses, or cancel subscriptions you no longer need.

Manual SaaS Management vs. Tool-Based SaaS Management

Tips to Choose the Right SaaS Management Tool for Your Business

When selecting a SaaS management platform, look for the following checklist:

• The tool should detect all SaaS apps, including those purchased outside official channels.
• Look for a tool that displays detailed cost breakdowns and usage trends to identify cost-saving opportunities.
• Ensure the platform you chose can track active vs. inactive users and reclaim unused SaaS licenses.
• Prioritize a platform that sends automated notifications for upcoming renewals.
• Choose a tool that integrates with your accounting, procurement, and HR systems for seamless data flow.
• Select a platform that helps enforce security and compliance policies.

CloudFuze Manage: An Industry-Leading SaaS Management Tool

Our SaaS management tool is designed to give finance teams complete control over their SaaS ecosystem.

Here’s why finance teams trust our SaaS management tool:

• CloudFuze’s SaaS management tool provides finance teams with a single platform to manage every cloud subscription.
  
• Finance teams can spot inactive users across your SaaS apps without switching multiple tabs.
  
• Budgeting teams can use the “Potential Savings” feature to see exactly how much they can save by removing unused licenses and optimizing their SaaS spend.
  
• Accounting Managers can receive timely renewal notifications so you can review, reclaim, or cancel subscriptions before it’s too late.
  
• Compliance-focused organizations can download audit reports for 7, 30, or 180 days in just a few clicks to meet their audit requirements without stress.
  

Smarter SaaS Management Begins with CloudFuze Manage

SaaS is one of your organization’s largest and fastest-growing expenses. Managing it manually is no longer a sustainable approach.

Our SaaS management tool, CloudFuze Manage, helps large enterprises and businesses to control SaaS costs, reduce security risks, and optimize their SaaS investments.

If you want to help your finance teams stop wasting time on spreadsheets, contact us for a free demo!

FAQs

1. Is employee onboarding/offboarding automated with CloudFuze Manage to prevent SaaS license leakage?

Yes. With CloudFuze Manage, you can automate both employee onboarding and offboarding to prevent license leakage. When you add a new employee, our SaaS-based system automatically assigns the right SaaS tools. When someone leaves, our SaaS management tool automatically revokes access and reclaims unused licenses, ensuring you never pay for seats that are no longer in use.

2. Does CloudFuze Manage integrate with identity providers?

Yes. Our SaaS management tool integrates with Microsoft Entra ID (formerly Azure AD) to track user access and manage SaaS licenses efficiently. Companies can monitor SaaS user activity, automate employee provisioning and deprovisioning, and accurately allocate permits from a single platform without switching multiple tabs.

3. Do we require any training to use CloudFuze’s SaaS management platform?

No. You don’t need any training to use CloudFuze Manage. Our platform has an intuitive interface that guides you through every step. You can easily connect SaaS apps, track SaaS licenses, and manage SaaS renewals without technical expertise, making SaaS management simple and efficient for your finance team.