Vendor Management

  • 13 min read

Top 10 Subscription Management Tools in 2024

Rohit Rao

21st November, 2023

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As an IT manager, you must ensure seamless operations and effective subscription management as a part of your primary responsibilities. As your organization increasingly relies on diverse SaaS apps, the demand for robust subscription management tools has surged.

Subscription management software helps to keep track of everything that goes on with the sale of subscription-based products. It aids in managing your customers' subscriptions and ensures they have a positive experience with your product or service.

"Subscription management" refers to various customer lifecycle processes, including managing trials, assigning credits, issuing refunds, and modifying subscriptions in the middle of a cycle.

The subscription management process begins when customers sign up to "subscribe" to your product or service. And the process ends when the customer cancels their subscription. Managing subscriptions takes work, especially if you have a large clientele. The list is almost never-ending, from collecting customer information to making invoices to collecting payments and much more.

Managing subscriptions well is essential for businesses that rely on recurring revenue and use a subscription business model. This helps ensure that customers are happy with the service and continue to subscribe.

This article lists the 10 best subscription management tools in 2024. But before that, let's see the features of an efficient subscription management tool.

Key Features Of Efficient Subscription Management Software

Every business with a subscription-based pricing model needs to handle payments and cancellations, record what customers have bought, send invoices at the right time, notify customers when payments fail, and do much more.

And that's not less work. So what should you do? Look for efficient subscription management tools. But how? Here are some of the features that subscription management software must have:

• Integration: Look for a solution that easily integrates with popular ERP, CRM, and accounting systems. This ensures a smooth flow of information across platforms, reducing manual data entry and minimizing the chances of errors.

• Centralized Dashboard for Real-Time Insights: An efficient subscription management software provides a centralized dashboard, offering real-time insights into subscription usage, renewals, and expenditures. This centralized view empowers you to make informed decisions, optimize resource allocation, and ensure your IT budget is utilized to its full potential.

• Automated Renewal and Billing Processes: Top-notch subscription management solutions automate renewal processes, sending timely notifications and facilitating seamless billing process. This saves time and minimizes the risk of oversights, ensuring that critical software subscriptions remain active without disruption.

• Customizable Reporting and Analytics: A feature-rich subscription management solution offers customizable reporting and analytics tools. This enables you to generate tailored reports, analyze trends, and gain a deep understanding of subscription utilization, allowing for strategic planning and optimization.

• Role-Based Access Controls: An efficient subscription management solution provides role-based access controls, allowing you to define who has access to specific functionalities and data. This enhances security and ensures that team members have the right level of access to their responsibilities.

• Proactive Alerts and Notifications: A top-tier subscription management tool that goes beyond automation by providing proactive alerts and notifications. You receive timely warnings about upcoming renewals, potential overages, or other critical events, allowing them to take preemptive action and avoid disruptions.

Why Do Organizations Need Subscription Management Tools?

A subscription management tool is a must-have for businesses that sell subscriptions. Many times, several customers come back to renew their subscriptions or make a change in their plan. Without such software, it will be difficult to keep track of all such customers.

Is that the only advantage? Well, no! Below, we have listed some other benefits that subscription management software offers:

• Explaining subscriber plans: Most SaaS companies offer different types of subscriptions to their users. Using tools for managing subscriptions, product managers can define, change, and update the exact features of each level of service.

• Billing automation: Most tools for managing subscriptions have an automatic billing feature that handles renewal payments automatically based on dates set by the system.

• Account management: Even though most SaaS subscriptions can be handled entirely by self-service, managers still need to be able to update account records by hand. This is where features for managing accounts come in. Most tools let users change the default actions, cancel plans, and upgrade them from the backend. Most of the time, these changes would be made to customer-facing resources like customer support and success.

10 Best Subscription Management Tools

Many things go into running a successful subscription business, like having a great product, finding the right product-market fit, and coming up with new ideas all the time to stay ahead of the competition. What's easier to forget but very important for subscription businesses is to have tools for managing subscriptions.

But you don't want just any tools—you want the right subscription management tool to keep your business running smoothly and make tracking all of your products and services easier. So here, we've put together a list of software for managing subscriptions that can simplify your tasks and help you get more customers.

Let's look at them.

1. Zluri

As SaaS applications burgeon within the workspace, a 1000-employee startup, on average, leverages about 100-200 SaaS apps. The proliferation of these applications often results in IT teams grappling with the challenges of monitoring and managing them effectively. This lack of control leads to cost overruns and exposes organizations to compliance issues.

In response to the escalating SaaS complexity, Zluri steps in as a game-changer. Zluri offers a comprehensive SaaS management platform that empowers you and your IT team to discover and manage SaaS subscriptions seamlessly. By providing your team total control and visibility over their entire SaaS landscape, Zluri ensures effortless monitoring of applications in use and engaged vendors.

Key Benefits

• Comprehensive Tech Stack Oversight: Zluri's discovery methods enable you to achieve total visibility over your entire SaaS stack. This includes monitoring usage and accessing crucial data such as vendor information, invoices, renewals, licenses, compliance, and security risks. With Zluri, managing SaaS subscriptions becomes an efficient and streamlined process.

• License Module: Zluri's license module offers a 360-degree view of all licenses, contracts, subscriptions, and perpetual agreements across the organization. Each user's license details are laid out comprehensively, allowing for easy tracking of all SaaS apps and licenses.

• Informed Decision-Making: Empowered with detailed app insights, you can make informed decisions. Zluri's subscription management capability reveals critical information such as the number of subscriptions, upcoming renewals, subscription types, costs, and payment methods. 
  
  It goes a step further by comparing subscription costs and usage, enabling strategic decisions in future SaaS subscription renewals.

• Streamlined Operations: Zluri assists your IT team in finding, optimizing, and securing SaaS apps. With features like renewal monitoring, application cost optimization, and subscription usage tracking, Zluri ensures that your IT team operates efficiently and effectively.

• Cost Reduction and Increased ROI: Through Zluri, your IT team can meticulously track SaaS vendors, licenses, subscriptions, and contract renewals. This reduces SaaS spending and maximizes return on investment (ROI).

Customer Rating

• G2- 4.8/5

• Capterra- 4.9/5

2. Zoho subscriptions

Zoho Subscription, a notable subscription management tool is a one-stop solution for managing recurring billing and subscriptions. With Zoho Subscriptions, you can handle complicated billing cycles, keep track of customer subscriptions, and automate invoicing and payment collection.

It helps you handle failed payment retries and see how your business grows. It lets you take care of your customers' subscription billing from start to finish. Automate recurring billing, handle subscriptions, send professional invoices that comply with GST, and always get paid on time.

Zoho subscriptions also help you give customers more control by giving them a self-service portal and strengthen your relationship with them by letting them know ahead of time when payments fail or cards expire. You can Sign up for a free test account with Zoho Subscriptions today to try out all of its features.

Key Features

• Automated Recurring Billing: One of Zoho Subscriptions' standout features is its automated recurring billing system. With Zoho Subscriptions, you can set up automated billing cycles, ensuring timely payments and reducing the risk of revenue leakage.

• Flexible Subscription Models: The subscription management platform allows you to create a variety of subscription models, from simple monthly plans to complex usage-based billing. Tailor your offerings to meet the diverse needs of your clients effortlessly.

• Dunning Management: With Zoho Subscriptions, receive timely notifications, automate retry schedules, and customize communication to ensure your customers stay informed about payment issues, promoting a proactive approach to revenue collection.

• Comprehensive Reporting and Analytics: Zoho Subscriptions equips you with comprehensive reporting and analytics tools. Gain insights into customer behavior, revenue trends, and churn rates, empowering you to make informed choices that steer your business in the right direction.

• Subscription Metrics and KPIs: Track the performance of your subscription-based business effortlessly with Zoho Subscriptions' built-in metrics and KPIs. Monitor customer acquisition costs, lifetime value, and other crucial indicators to refine your strategies and maximize profitability.

• Multi-Currency and Multi-lingual Support: Zoho Subscriptions offers multi-currency and multi-lingual support. Expand your horizons without worrying about currency conversions or language barriers, ensuring a smooth customer experience regardless of location.

Customer Rating

• G2- 4.4/5

• Capterra- 4.5/5

3. Sage Intacct

Sage Intacct is a subscription management tool that makes monitoring and tracking subscriptions easy. Sage Intacct helps nonprofits improve their stewardship, increase their influence, get more money, and complete their missions.

The platform makes bills for subscriptions, contracts, and recurring services easier. Sage Intacct subscription billing software adapts to your needs to make payment management easier and smarter. Moreover, the Sage Intacct subscription billing software can automate subscription-payment processing and billing, revenue recognition, and Salesforce-financial data flow.

Key Features

• Centralized Subscription Tracking: With Sage Intacct, all subscription data is consolidated in one centralized hub, providing a real-time, 360-degree view of your organization's subscription landscape. This centralized approach ensures accurate reporting, making it easier for you and your team to stay in control.

• Automated Billing and Invoicing: Sage Intacct excels in automating billing and invoicing processes. This feature reduces the risk of revenue leakage and ensures that your organization's financials are always up to date.

• Flexible Revenue Recognition: Sage Intacct offers the flexibility you might need with its robust revenue recognition capabilities. Whether your organization follows ASC 606 or IFRS 15 or has specific revenue recognition requirements, Sage Intacct can be tailored to meet your needs. This flexibility ensures compliance and accuracy in recognizing revenue from subscription-based services.

• Subscription Metrics and Reporting: Sage Intacct empowers you with a comprehensive subscription metrics and reporting tool suite. Easily generate reports on subscription growth, churn rates, and other critical metrics. These insights help in strategic planning and enable you to proactively address any challenges in the subscription lifecycle.

Customer Rating

• G2: 4.3/5

• Capterra: 4.2/5

4. ProfitWell

ProfitWell is a subscription billing platform. It offers products that are focused on results and can help you optimize pricing and manage subscriptions easily. For example, with Pricing Audit, you can compare how your pricing strategy has changed over time, and Retention Audit will help you figure out where your revenue is leaking away.

ProfitWell's subscription reporting and analytics can also give you a lot of clear information. The software for managing subscriptions is easy to use and has a simple learning curve. It is also easy to set up. In addition, ProfitWell's customer service team is quick to respond, so if you're having problems, you can immediately get help.

ProfitWell offers accurate subscription reporting and analytics in real-time. You can connect Stripe, Zuora, Zapier, or any other billing data source to see your metrics in 5 minutes. This is all free, forever.

Key Features

• Automated Billing and Invoicing: ProfitWell's automated billing and invoicing feature takes the hassle out of the financial side of subscription management. It ensures accuracy, reduces errors, and frees up valuable time for your team by automating routine billing tasks, allowing you to focus on strategic IT initiatives.

• Revenue Recognition Made Simple: The platform provides a user-friendly interface for recognizing revenue in compliance with the latest accounting standards. This feature ensures that your financial reporting is accurate and transparent.

• Churn Analysis and Reduction Strategies: ProfitWell equips you with powerful capabilities for churn advanced analytics, helping identify patterns and potential causes. Armed with this insight, you can implement targeted strategies to reduce churn, ultimately preserving revenue and enhancing customer satisfaction.

• Subscription Metrics Dashboard: With ProfitWell's intuitive subscription metrics dashboard, get a real-time overview of key performance indicators, customer behavior, and revenue trends. 

Customer Rating

• G2: 4.9/5

• Capterra: 4.7/5

5. Recurly

Recurly, one of the popular subscription management software excels in simplifying the process of creating and managing subscriptions. Its user-friendly interface allows you to effortlessly set up various subscription plans, accommodating the diverse needs of customers. 

The tool provides flexibility in customization, enabling the tailoring of subscription models to suit the unique requirements of your business. Moreover, Recurly seamlessly integrates with various payment gateways, CRMs, and accounting software. This facilitates a cohesive ecosystem where subscription data seamlessly flows between different platforms, ensuring a unified and efficient workflow.

Key Features

• Automated Billing and Revenue Recognition: One of Recurly's key features is its billing and revenue recognition automation capabilities. You can rely on Recurly to automate recurring billing processes, reducing manual workload and minimizing the risk of errors. This ensures accuracy in financial transactions and contributes to a more efficient revenue recognition workflow.

• Dunning Management for Payment Failures: With Recurly, you can set up automated dunning emails and retry logic, improving the chances of successful payment recovery. This proactive approach to handling payment failures helps maintain a steady cash flow and reduces the impact of involuntary churn.

• Subscription Analytics and Reporting: Recurly offers robust subscription analytics and reporting tools. This empowers your IT team to make informed decisions, optimize subscription offerings, and identify areas for improvement in the subscription management process.

• PCI-DSS Compliance: Recurly provides PCI-DSS compliance that helps you trust that sensitive customer payment data is handled securely. This subscription management tool safeguards your business and customers and fosters trust in your subscription services.

Customer Rating

• G2: 4.4/5

• Capterra: 4.8/5

6. Zuora

Zuora offers a centralized platform for end-to-end subscription management systems. From subscription creation to billing, amendments, and renewals, your team can oversee the entire process within a unified interface. This seamless approach enhances operational efficiency and minimizes the risk of errors, ensuring a smooth subscriber experience.

The subscription management tool seamlessly integrates with other key business systems, such as CRM and ERP solutions, ensuring a cohesive and synchronized operation. This interoperability minimizes silos of information and enhances the overall efficiency of IT infrastructure.

Key Features

• Flexible Pricing and Packaging: With Zuora, you can easily configure and adapt pricing models and packaging structures to meet the unique needs of your business. This flexibility is crucial for adapting to market changes, experimenting with new offerings, and maintaining a competitive edge.

• Automated Billing and Revenue Recognition: Zuora's automation prowess extends to billing processes and revenue recognition. You can set up automated billing cycles, reducing manual intervention and the potential for billing errors. Additionally, the platform supports compliance with revenue recognition standards, offering a reliable foundation for financial reporting.

• Subscription Metrics and Analytics: With this subscription management tool, you can gain valuable insights into subscriber behavior, usage patterns, and financial performance. This analytical depth aids in optimizing pricing strategies, identifying upsell opportunities, and refining overall subscription management strategies.

• Regulatory Compliance and Security: Zuora prioritizes data security and ensures compliance with industry regulations. You can trust in the platform's robust security measures, giving them peace of mind when handling sensitive subscriber information.

Customer Rating

• G2: 3.9/5

• Capterra: 3.9/5

7. sticky.io

sticky.io is one of the subscription billing software for direct-to-consumer and subscription commerce that can grow quickly. sticky.io can be added to any storefront or front-end app to improve billing and order management. sticky.io's API-driven platform and custom integrations allow organizations to run their business exactly how they want.

With sticky.io's advanced analytics and reporting, brands get a 360-degree view of the customer and can determine what actions will have the biggest impact on maximizing opportunities and revenue. Sticky.io helps you keep track of all of your subscriptions. Moreover, using different pricing models, you can track billing and personalize features that best fit your business.

Key Features

• Seamless Subscription Lifecycle Management: One of the standout features of sticky.io is its robust subscription lifecycle management capabilities. This end-to-end visibility ensures that subscription-related processes are smooth and error-free, allowing your team to focus on other strategic tasks.

• Flexible Billing Models and Revenue Optimization: sticky.io empowers you with the flexibility to implement various billing models. This adaptability caters to the unique needs of different industries and facilitates revenue optimization by maximizing customer lifetime value.

• Advanced Customer Retention Tools: sticky.io provides a suite of advanced tools to bolster customer retention. From intelligent dunning management to personalized subscription options, the platform ensures that customers remain engaged and satisfied, reducing churn rates and fostering long-term relationships.

• PCI-DSS Compliance for Data Security: sticky.io prioritizes data security by being compliant with the Payment Card Industry Data Security Standard (PCI-DSS). This commitment to security reassures you that customer data is handled with the utmost care, meeting industry standards and regulations.

Customer Rating

• G2: 4.5/5

• Capterra: 4/5

8. Maxio

The subscription management feature of Maxio (one of the best subscription billing software) makes it easy for your organization to manage their customers' subscriptions with term subscriptions. You no longer need to have long conversations with your sales reps. 

Maxio makes managing and changing subscription information easy so that nothing gets lost. It is a cloud-based solution that helps with financial operations.

If you run a business, you can use this subscription management tool to manage subscriptions and keep track of billings. Maxio's universal subscription and billing solutions can handle even the most intricate SaaS business models and increase recurring revenue.

In just a few easy steps, you can use Maxio to generate flexible subscription plans and ensure proper billing for any number of subscribers, even if you have thousands of them.

Key Features

• Automated Billing Processes: You can effortlessly streamline billing cycles, reduce errors, and enhance efficiency. The platform automates the generation of invoices, supports various billing models, and adapts to the evolving needs of your subscription-based business.

• Revenue Recognition Made Simple: With Maxio, you can leverage the platform's advanced capabilities to comply with revenue recognition standards effortlessly. Gain a clear understanding of revenue streams and recognition schedules, and ensure financial compliance without the burden of tedious manual calculations.

• Scalability for Growth: Designed with scalability in mind, Maxio empowers you to handle the challenges of business growth seamlessly. Whether it's adding new products, expanding into new markets, or onboarding a multitude of customers, the platform scales alongside your business, ensuring that your subscription management remains efficient and effective.

• Real-time Analytics and Reporting: You can harness the power of real-time analytics and reporting within Maxio to gain valuable insights into subscription performance. The platform provides customizable reports that enable data-driven decision-making, facilitating a deeper understanding of your business's financial health.

Customer Rating

• G2: 4.5/5

• Capterra: 4.6/5

9. Billsby

Billsby, one of the best subscription management apps, was developed specifically for subscription and Software-as-a-Service (SaaS) enterprises. Using the Billsby Value Score, you may learn more about your clientele. In addition, Churn and chargebacks can be mitigated through the use of automated payment processing, billing, and dunning management. The platform is compatible with every popular business application out there.

Billsby's drop-in checkout and account management capabilities make launching a subscription billing business simple, and the platform also supports more extensive API integrations. It's a service hosted in the cloud specializing in handling money matters. If you own a B2B SaaS company, this program will help you keep track of your subscriptions and payments.

Key Features

• Centralized Subscription Management: Billsby's standout feature lies in its ability to centralize subscription management. This centralized approach simplifies tracking and empowers you with insights into usage patterns and cost distribution.

• Automated Billing and Invoicing: Billsby excels in automating billing management and invoicing processes, ensuring timely and accurate transactions. This not only saves precious man-hours but also minimizes the scope for errors, contributing to a smoother financial workflow. 

• Flexible Subscription Models: Billsby understands the diverse subscription models prevalent in your IT landscape. Whether your organization thrives on one-time purchases, recurring subscriptions, or a hybrid model, this platform provides the flexibility to adapt. 

It empowers you to experiment with pricing strategies and tailor subscription plans according to your evolving business requirements.

• Subscription Analytics and Reporting: Billsby offers robust analytics and reporting features, allowing you to dive deep into subscription metrics. This tool equips you with actionable insights from customer retention rates to revenue forecasting. Stay ahead of the curve by leveraging data to make informed strategic choices.

• Integration Capabilities: Whether it's syncing with your CRM, accounting software, or other essential tools in your tech stack, Billsby ensures a harmonious ecosystem. This integration prowess contributes to a more cohesive and efficient IT infrastructure.

• Subscription Lifecycle Management: Billsby's subscription lifecycle management feature is a game-changer. This tool streamlines the entire subscription journey from onboarding to renewal and everything in between. 
  
  Automated reminders for renewals, easy upgrade/downgrade options, and graceful handling of cancellations – Billsby ensures a frictionless experience for both you and your end users.

Customer Rating

• G2: 4.8/5

• Capterra: 5/5

10. FastSpring

FastSpring offers one of the best subscription management solutions. Its user-friendly dashboard gives you real-time insights into subscription metrics, revenue trends, and customer behavior. 

The intuitive interface enables quick navigation, ensuring that your IT team can efficiently oversee and manage subscriptions without the need for extensive training.

FastSpring understands the importance of integration within the existing IT infrastructure. The platform seamlessly integrates with popular CRM, ERP, and accounting systems. This interoperability ensures a smooth transition, minimizing disruptions and maximizing the efficiency of subscription management processes.

Key Features

• Flexible Subscription Models: FastSpring offers the flexibility to implement various subscription models, from simple monthly plans to complex usage-based pricing. This versatility allows you to tailor the offerings to match evolving customer demands, ultimately enhancing customer satisfaction.

• Automated Billing and Invoicing: FastSpring's automation capabilities alleviate the burden on your team by handling billing and invoicing processes seamlessly. With automated billing cycles, recurring payments, and customizable invoicing options, your IT team can allocate resources more efficiently and reduce the risk of errors associated with manual processes.

• Global Payment Support and Compliance: FastSpring's comprehensive payment support and compliance features are invaluable. The platform supports multiple currencies and payment methods, ensuring a frictionless customer experience worldwide.
  
  Additionally, FastSpring complies with global regulations, providing you with peace of mind regarding legal and financial considerations.

• Secure Customer Data Handling: FastSpring prioritizes the protection of customer data. You can trust FastSpring to handle sensitive information securely, with robust encryption protocols and compliance with industry standards. This commitment to data security builds customer trust and minimizes the risk of data breaches.

Customer Ratings

• G2: 4.5/5

• Capterra: 4.4/5

FAQs

About the author

Rohit Rao