Fintech startup helps small and mid-size companies control SaaS expenditures, manage utilization, and ensure data security and compliance
Quolum, the Software as a Service (SaaS) Spend Management Company, introduced Quolum SaaS Card, a one-of-a-kind, virtual corporate expense card designed exclusively for purchasing and managing recurring SaaS and Cloud subscriptions. Quolum’s SaaS Card is the frontend purchasing card and the backend monitoring software stack for hundreds of enterprise SaaS purchases.
The Quolum SaaS Card is hyper-optimized to help companies pay for and monitor recurring expenses for SaaS and Cloud services, aggregate invoices and close the loop with 360-degree control from sign-up to utilization monitoring to employee departure. Unlike corporate credit cards, Quolum captures and visualizes all SaaS spend and utilization to help prioritize spending decisions, with custom spend rules to control whitelisted vendors, apply spending limits, and get an aggregated view of expenditure across hundreds of SaaS vendors.
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Furthermore, with robust tools to purchase, monitor and analyze SaaS and Cloud services enterprise-wide, Quolum SaaS Card is helping tech-savvy organizations save time and money while mitigating data, security and compliance risks. Quolum’s current SaaS catalog contains over 32,000 vendors and counting.
“In the current SMB environment, frontline workers often bypass IT staff and find their SaaS solutions to business challenges, purchasing them singlehandedly with a corporate or personal credit card and dealing with IT down the road, if ever,” said Indus Khaitan, Founder and CEO of Quolum. “With the explosion of SaaS adoption in the workplace and monthly recurring SaaS spend now higher than ever, companies must look to modernize control over spending, data security, compliance and utilization of SaaS and Cloud services. Quolum helps companies understand what they are spending on SaaS tools and goes deep into consumption.”
Additionally, the Quolum SaaS Card increases transparency by providing one virtual expense card per employee and individualizing spending. This helps address fraud by allowing companies to cancel one employee’s Quolum SaaS Card instead of a multi-use company credit card as well as limiting subscriptions to approved SaaS vendors only and rejecting non-compliant purchases.
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Highlights of the Quolum SaaS Card
- Real-Time Visibility into Software Spend: Control software expenses while maintaining spending limits, approval workflows and whitelisted vendors.
- Invoice Aggregation: No more searching for hundreds of invoices every month from recurring services. Invoices are automatically sent from software vendors and tagged against their respective card transactions.
- Utilization Management: Track granular consumption of SaaS services and monitor usage and feature consumption. It also aids in monitoring employees’ use of business subscriptions and cancelling services when staff leaves the company.
“With the massive explosion in SaaS popularity, it just doesn’t make sense any longer to have hundreds of monthly recurring charges for software leapfrog IT and go straight to Accounting for payment with absolutely no insight into compliance, data security, or purchase authorization,” continued Khaitan. “The Quolum SaaS Card solves these problems for both departments, and it gives the organization peace-of-mind knowing that this critical part of their business is being monitored and managed efficiently.”
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