Small and midsized companies have been increasing use of corporate cards, but their use of expense management software has not kept pace, according to expense management provider Center’s annual Expense Management Trends Survey.
The survey, based on responses from more than 200 finance and accounting professionals and fielded in December, showed 46 percent of respondents reported increased use of corporate cards. Adoption of expense management software, however, “remains nearly at a standstill,” with only 2 percent of respondents reporting increased adoption. Since the 2021 survey, expense management software adoption has remained in the range of 39 to 47 percent among respondents, according to Center.
The survey also indicated respondents are becoming laxer with policies. Only 39 percent of respondents said they have a “written, well-maintained” expense policy, a decline of 10 percentage points compared with Center’s survey two years ago. Respondents said they are seeing more bookings happening outside of preferred platforms, but only 32 percent said they had responded to that shift with stricter policies, Center reported.
“With confusion around policy emerging as a major challenge in 2024, businesses are signaling a need for clearer processes and policies,” according to Center.
