How do I switch from monthly billing to annual?

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The Billing Administrator will need to navigate to Admin Panel > Billing > Customize Plan to switch to annual billing. 

If you signed up through Salesforce.com or through an Account Executive at Salesforce.com, you will not see this screen. You will  need to reach out to your Salesforce Account Executive or call 1-800-NO-SOFTWARE to switch your billing plan from monthly to annual billing.