The top 3 risks that come with tracking your vendors and renewals in a spreadsheet

The average startup has 5 times as many vendors (that includes software, services, and contractors) as staff. It’s also not a static number, there are always free trials being utilized, new vendors being added, and other vendors coming to the end of their usefulness.

So…who’s keeping track of all the vendor comings and goings? The renewal dates? The cost per month? Wait, are we being charged on a consumption model or is it a flat rate? Also where did all these contracts go?

If you’re still tracking your vendors in a spreadsheet, you’re entirely reliant on ALL of this data being manually inputted and updated while exposing yourself to major risk factors that could cost your business tens of thousands of dollars per year.

What are these risks? Great question, let’s highlight the top 3:

3) Shadow SaaS & Wasted Spend

Spooky! In reality, this is one of the most common problems we see at Stackpack when working with a new client. Shadow SaaS can take a few forms:

• The No Longer “Free Trial” Plan | Oh crap, you had to input your credit card for that free trial didn’t you? And you never got alerted that the trial was ending…so now you’re just paying for it. While it may not end up costing more than $100/month, that spend adds up, and chances are where there’s one “Free Trial” that snuck through, there are several.
• The Former Employee’s Favorite Software | Dan may not be here any longer, but all the tools he bought are. And if his email has been turned off, all those contracts and vendor specifics are gone too. Hope somebody was keeping tabs, or that “Wasted Spend” number is going to skyrocket.
• The “I Could’ve Sworn We Cancelled That” Conundrum | If it’s not on the spreadsheet, does it still exist? Unfortunately, yes. The trouble with a manual spreadsheet is that as soon as something falls off, it’s hard to remember it was there in the first place. It’s all too common for a company to integrate Stackpack and immediately identify a handful of Vendors that are still getting paid months after they should have been cancelled.

In any of the above formats, the spookiest thing of all is the wasted spend that flows from your bank account each month.

2) A Bunch of Wasted Time

When you think “manually updated” the first thing that comes to mind is generally not “super efficient use of time”. Manually updating your spreadsheet with the latest vendor data requires someone to spend hours of their time tracking and updating changes. Think of all the production that goes missing just because someone needs to spend hours per week combing through contracts for renewal dates, confirming they have the right spend for each vendor, and praying they’re staying on top of all the new free trials and cancelled vendors that are coming on and off the books.

Beyond the time commitment, manually updated sheets are just that - they require someone to be present and aware for the right data to be inputted. What if that person gets sick? What if they leave the company? What if they’ve been tracking in their own special way that doesn’t translate to anyone else? We’ve seen it all before, and in each case, you can say goodbye to hours of productivity while you sort out the mess.

1) Missing Renewals

Let’s get right to the point - the most common refrain we hear from companies before they join Stackpack is “fear of missing another vendor renewal”.

There’s a reason this fear stands out and why it’s the biggest risk you take on when trying to manage all of your vendors and contracts in a spreadsheet: a single accidental mistake can cost you tens of thousands of dollars (if not hundreds of thousands 🤯).

How does this happen? Unfortunately the most common error we see is when the “renewal date” is written down instead of the “final notice date”. It’s an absolute killer, but it happens all the time.

No one wants to deal with any of these risks, but how do you upgrade from the vendor spreadsheet without paying thousands of dollars?

That’s where Stackpack comes in. At $99/month, with a 15 minute integration, you can immediately upgrade your vendor, spend, and contract management and de-risk your business while saving yourself time and money for years to come. Right now you can also give Stackpack a try for 4 weeks for free at the link below.

Avoid the risk, avoid the headache, and MOST IMPORTANTLY avoid the loss of thousands of dollars and dozens of hours - make the upgrade to Stackpack today!