New: Expanding our financial insights suite with Recurring Expenses
If you’ve ever signed up for a subscription and then forgotten about it, you’re not alone. As businesses grow, so does the risk of certain recurring expenses slipping through the cracks. With more people and teams making buying decisions, it’s easy for a business to end up with duplicate or unused subscriptions, or to miss a sudden change in a recurring payment amount.
For Pilot Bookkeeping customers, understanding their recurring payments just got easier. We’re excited to announce that we’ve expanded our insights capabilities with Recurring Expenses, increasing visibility into these costs for all our bookkeeping clients.
The Recurring Expenses report gives you a centralized view of your monthly baseline spend by vendor. This makes it simple both to monitor how much you usually spend on subscriptions, and to regularly audit all of the recurring services you’re paying for.
Recurring Expenses can help you:
- Consolidate vendors. If one team signed up for SurveyMonkey and another signed up for Typeform, do you really need both? Recurring Expenses helps you spot possible duplication in your subscriptions, so you can identify opportunities to consolidate and lower spend.
- Monitor changes in your spending. If you subscribe to usage-based services like Amazon Web Services (AWS), Recurring Expenses will track how your spend fluctuates from month to month, making it easier to flag and investigate unexpected cost changes and keep track of usage.
- Identify vendors you aren’t using. Especially as companies grow, it’s easy to lose track of whether or not a service is actually being used. Maybe a team changed to using a new tool, but never cancelled the old one. Or maybe you bought a website chat messenger but, six months of regular payments later, you still haven’t implemented it. With Recurring Expenses, these charges are visible each month at a glance – helping you prevent unused subscriptions from slipping under the radar.
The Recurring Expenses report is available to all Pilot Bookkeeping customers. Check it out (along with Flux Insights) on the Insights tab in Pilot.
Learn more about Pilot Bookkeeping in our weekly live demo – register now!