The workforce is now well-settled into being hybrid and distributed. This means corporate card usage and business travel are trending up. Finance teams that want to better control decentralized spend must leverage tools that can automate policy and influence employee behavior. 

Challenge: Encouraging Employees to Follow Policy

One essential aspect of managing corporate spend lies in creating, educating about, and enforcing a travel and expense (T&E) policy. However, employee behaviors don’t conform to written policies overnight or just because they exist—it takes the right tools and implementation for this to be successful. And with only 39% of companies currently having a written, up-to-date policy, intelligent card programs are needed more than ever.

A T&E Policy is Only One Part of the Solution

With a third of companies admitting their policies are outdated and 22% lacking any written policy, it’s no surprise that nearly 40% of respondents reported that more travel reservations are happening on sites or apps outside of designated booking platforms—even though 32% have introduced stricter policies. 

Creating—and educating about—a T&E policy is two-fold. For businesses wanting to gain control of travel spend, building a T&E policy is an essential step, but it’s just one part of how companies can get in front of leakage. The survey revealed that employee understanding and awareness of existing policies remain a top challenge, indicating that a strategic T&E policy rollout could improve employee adoption and adherence.

Improve Compliance with the Right Software

To move compliance in the right direction, companies must combine well-thought-out T&E policies with intelligent expense management tools—and most (60%) of finance leaders would consider integrated travel, expense, and card management experience. For businesses wanting to say goodbye to decentralized spend, tools that automate policy are not only helpful, but they are a must-have for today’s modern finance teams. The right software will give you built-in policy controls to guide travelers through a compliant booking process that gives you real-time purchase data—and eliminates the visibility gap.

View Center’s 2024 Annual Trends Survey Report to explore more insights on the evolving practices of expense management.

The post How the Right Software Can Improve T&E Compliance appeared first on Center®.

We asked 200+ US finance leaders from small and medium-sized enterprises (SMEs) about their experience with travel and expense management tools to learn how organizations are adapting to distributed workforces. Our 2024 Annual Trends Survey Report reveals that if companies want to reduce leakage in today’s flexible work reality, they must consider the employee experience and take advantage of software that improves control over business and travel spend.

Leakage is a Leading Concern

It’s no surprise that as business travel picks up, so does spending. Yet, without a solution that integrates policy in place, travel is inclined toward non-compliance. Employees are opting to book off-platform more often, suggesting that employees want the same sort of consumer-grade experience when booking corporate travel. This leaves finance teams with limited visibility over employee trips and expenses. In fact, nearly two-thirds (64%) of SMEs reported leakage, a concerning uptick from last year’s 57%.

When business travel purchasing happens off-platform, a variety of things go unchecked. Preferred vendors aren’t prioritized, policies aren’t likely to be adhered to, leading higher costs. Additionally, it makes it harder for companies to track employee spend, enforce travel policies, and ensure duty of care for their employees.

Travel Policies are an Essential First Step

To try and fix leakage, many companies are reconsidering their policies. In fact, 51% of SMEs revamped their travel and expense (T&E) policies to keep pace with the hybrid work model, and 20% charted this territory for the first time last year.

T&E policies are essential for modern organizations to:

• Establish a source of truth
• Create consistency to make enforcement easier
• Increase productivity by reducing unnecessary communications

A well-documented policy that focuses on key T&E categories, paired with employee education and awareness, can increase compliance and allow for better cost control. However, though essential, leakage cannot be fixed by policy alone. Finance teams wanting enhanced visibility and compliance need software that automates policy into the process. The kicker? This all hinges on having modern expense management tools that employees will actually use.

Employee Experience + Policy = Improved Compliance

Many travel management systems are cumbersome and a thorn in the side of compliance and satisfaction. There is a great opportunity to adopt software that integrates policy and supports a positive user experience (and thus, reduces or eliminates leakage). The data reflects this: nearly 60% of employees are open to a new travel solution that integrates travel, expense, and card management to improve the overall experience.

The Future of Business Spend and Travel is Integrated

Business leaders and finance teams need intelligent solutions that can weave travel, expense, and card management—including policy—together. And, employees need simple-to-use software that encourages adoption through a favorable experience. Companies that choose the right integrated travel and expense software can achieve control over costs and budgets.

View Center’s 2024 Annual Trends Survey Report to explore more insights on the evolving practices of expense management.

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A Trend Emerges: Distribution Without Adoption

SMEs report that corporate card distribution has surged by 46%. The allure of efficiency, streamlined transactions, and financial agility are obvious. However, there’s been a mere 2% increase in software adoption to help manage the corporate card activity. This increase in usage without supporting software highlights an opportunity for businesses to vastly improve their expense management programs and processes.

The Case for Intelligent Card Programs

One of the biggest hidden struggles is the timing of corporate card statements, which often do not line up with the end of the month. Without connected software, finance teams must sometimes wait a week or two past the end of the month to get complete spending data. This prevents leadership from having big-picture financial data. It also slows the month-end close process.

Inefficiencies abound:

• Employees lose time waiting, manage expense reports manually, and then navigate complicated credit card reconciliation processes. 
• Valuable time that could be dedicated to innovation and strategic work is consumed by manual tasks that should be automated or eliminated altogether. 
• Businesses without software miss out on the financial benefits of accurate, real-time employee expense data.

Survey respondents reported increased month-end-close processes compared to last year. This inefficiency leads to strained resources, lower productivity, and poor growth potential.

Opportunity: A Connected Solution for Spend

Adopting modern expense management software is essential. It empowers finance teams to deliver on strategic initiatives. The right software can transform manual reporting chaos into a streamlined, efficient, and transparent operation. It enhances productivity and minimizes errors.

For businesses thinking about a corporate card program, integrating the right expense management software is vital to harnessing its full potential. Look for a solution that can help your finance team by:

1. Expediting time-consuming processes
   The average monthly close now requires 14 days—an increase from 2021. Your expense software should leverage automation to improve reporting speed and accuracy while improving agility for your employees.
   
2. Delivering increased visibility
   Your business needs a real-time, holistic view of your company’s spend so you can refine budgets or strategies on-demand—not weeks or months after everything is reconciled.
   
3. Improving the expensing experience for all employees
   Ease of use for card members, such as snapping photos of receipts and submitting them on the go, increases adoption. As for your finance team, the ability to manage spend from one platform makes their jobs that much easier.

Expanding card use signals your organization’s digital maturity and potential for even smarter spend management. You need expense management software that can propel your business forward. Our Corporate Card Evaluation Checklist can help you evaluate programs to choose the right one for your business. 

View Center’s 2024 Annual Trends Survey Report to explore more insights on the evolving practices of expense management.

The post Beyond Corporate Cards: The Next Step for a Smarter Spend Program appeared first on Center®.

With nine consecutive quarters being prominently featured as a leader, we thank our loyal customers and appreciate the continued trust they place in us. We are grateful for the continuous recognition alongside other industry leaders in the influential G2 report. We are honored that G2 recognizes our efforts to serve our customers, and we look forward to adding even more features and functions that will upgrade the way you expense.

A first-class experience is always our goal for customers. Hear what some had to say about using Center:

If you are unfamiliar with it, G2 is a trusted online software marketplace visited by more than 90 million people annually to make well-informed decisions based on authentic peer reviews. Each quarter, the G2 Report is one of the most reputable and dependable resources within the software industry, helping business professionals select the best solutions for their organizations.

At Center, we provide businesses with an all-in-one card and software solution that offers real-time visibility into employee spending—including travel. Providing the financial control and data needed for optimal decision-making while supporting an experience employees love drives us each and every day.

If you’d like to find out more about how modern spend management tools can empower your organization to do more, schedule a personalized demo today.

The post G2 Names Center a Leader for 9th Consecutive Quarter appeared first on Center®.

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In the G2 2023 Fall Report, Center also garnered numerous other notable accolades, including Easiest Setup, Best Relationship, Easiest to Use, and High Performer.  

Let’s not rely on our own words; here’s what some of our customers have to say about their experiences with Center: 

If you’re not familiar with it, the G2 report stands as one of the most reputable and dependable resources within the software industry. It helps millions of business professionals make well-informed decisions when selecting software solutions for their organizations.

At Center, we are constantly striving to improve our product and provide our customers with the best possible experience. We are grateful for G2’s recognition. We look forward to continuing to provide businesses with a corporate card and connected software solution that gives them real-time visibility into all employee spending, automates the traditional expensing experience and cumbersome accounting tasks, and ultimately provides finance teams with the controls and data needed for optimal decision-making.

If you’d like to find out more about how modern spend management tools can empower your team to do more, schedule a personalized demo today.

The post Center Tops G2 Report for 8 Consecutive Quarters appeared first on Center®.

Serving a sizable roster of construction customers, Center helps companies experience greater visibility and more productive workforces, achieve robust controls and gain timely financial insights—while accelerating month-end close by days or weeks. With a modern spend management solution, construction companies can: 

1. Streamline accounting processes
With Center’s expense management software, construction companies now have a powerful tool to digitize and streamline their financial processes. The mobile app enables employees to easily capture and track expenses on the go, eliminating manual paperwork and reducing administrative burdens. Real-time spend visibility and seamless integration with accounting systems facilitate a smooth transition to a digital financial ecosystem.

2. Make informed, timely decisions
Center’s robust reporting and analytics capabilities provide construction companies with insights into their spending patterns and project-specific expenses.Finance teams can identify cost-saving opportunities, optimize resource allocation, and more accurately bid on future projects with the use of real-time, transaction-level data and trends. Center empowers construction companies to monitor key performance indicators, track budget variances, and proactively address potential risks, ultimately driving improved project profitability.

3. Ensure Controls and Compliance
With Center’s configurable expense rules and automated approval workflows, companies can effortlessly enforce expense policies consistently, reducing non-compliance and fraud. Digital receipt capture helps construction companies maintain accurate and auditable expense records, reducing errors in reporting.

4. Empower teams to perform
Center’s mobile app and intuitive platform enables employees to have more time to focus on their projects while giving finance and leadership teams the systems and information they need to improve performance. Field crews can easily submit expense reports on the go—eliminating errors and capturing expense data accurately with built-in business logic, receipt matching and automated expense categorization. Budget approvers see spend as it happens, and custom approval workflows route to the right approvers—so they only review what is necessary. This streamlined reconciliation process reduces manual paperwork, minimizes billing delays, increases cash flow and fosters greater productivity and transparency between field staff and financial teams.

Center’s connected corporate card and expense management solution allows construction companies to embrace digital transformation, gain actionable insights from their expense data, streamline accounting processes, improve cash flow and track job costs more accurately for better profit margins.

Want to learn how modern spend management tools can empower your construction team to do more? Schedule a personalized demo today.

The post Four ways Center helps construction companies manage spend appeared first on Center®.

Today, we are thrilled to announce that Center has once again been recognized as a leader in the G2 2023 Summer Report in the categories of Spend Management, Expense Management, and Travel & Expense. We are humbled to be recognized among the industry’s leaders in this influential report and grateful for the trust our customers have placed in us. This marks the seventh consecutive quarter that Center has been recognized as a leader.

Center has also garnered several other notable awards in the 2023 Summer Report, including Easiest To Use, Easiest Setup, Momentum Leader, and Users Love Us.

Don’t just take our word for it. Here’s what some of our customers have to say about Center:

The G2 report, for those who may be unfamiliar, is one of the most respected and trusted resources in the software industry. It serves as a beacon of guidance for millions of business professionals, enabling them to make informed decisions about the software solutions they choose to incorporate into their organizations.

At Center, we are constantly striving to improve our product and provide our customers with the best possible experience. We are grateful for the recognition from G2 and look forward to continuing to help businesses optimize their spend and travel expenses with our innovative solution. And if you’d like to find out more about how modern spend management tools can empower your team to do more, schedule a personalized demo today.

The post Center Tops G2 Report for 7 Consecutive Quarters appeared first on Center®.

We are thrilled to share that Center has once again been recognized as a leader in the G2 2023 Spring Report in the categories of Spend Management and Travel & Expense. This marks the sixth consecutive quarter that Center has been named a leader.

But that’s not all! Center has also received several other awards in the 2023 Spring Report, including Best Relationship, Best Usability, Easiest To Use, Highest User Adoption, Momentum Leader, and Users Love Us.

The G2 report is one of the most respected and trusted resources in the software industry, with millions of business professionals relying on it to make informed decisions about which software solutions to use. The fact that Center has been named a leader for six consecutive quarters speaks volumes about the quality and effectiveness of our product.

These awards are a testament to Center’s commitment to providing businesses with a user-friendly and effective solution for managing their spend and travel expenses. With Center, businesses can easily track their expenses, automate their workflows, and gain better visibility into their spending patterns.

Don’t just take our word. Here’s a sneak peek into what our customers say about us:

At Center, we are constantly striving to improve our product and provide our customers with the best possible experience. We are grateful for the recognition from G2 and look forward to continuing to help businesses optimize their spend and travel expenses with our innovative solution. And if you’d like to find out more about how modern spend management tools can empower your team to do more, schedule a personalized demo today.

The post Center Tops G2 Report for 6 Consecutive Quarters appeared first on Center®.

Our 2023 Expense Management Survey, which gathered data and insights from 300+ U.S. finance leaders, indicated that the amount of leakage was roughly correlated to company size. Smaller and mid-sized companies—especially those with fewer than 500 employees, which typically have less-established policies and processes—reported higher leakage rates, occasionally exceeding 50 percent. Larger companies reported lower rates, but still experienced leakage to some degree.

Adding to the growing importance of adherence to a defined travel and entertainment policy is the increase in hybrid workforces. More than 50% of respondents now work in remote or hybrid environments, which have increased both the distribution of corporate card spending and the need for travel.

Getting a handle on leakage is important because getting more in-program spend means better visibility and control of expenses, enhanced safety and security for travelers, and a better negotiating position with travel providers for preferred pricing. And with nearly a third of the companies we surveyed spending more than $250K per year on business travel—and half expecting business travel to increase in the next 1-3 years—the bottom-line impact can be significant.

How to reduce booking leakage

Companies of all sizes can use these strategies to reduce leakage:

• Documenting and enforcing a written travel and expense policy
• Flagging out-of-policy spend to managers and finance
• Using a connected corporate card and expense management software to quickly identify travel spend outside the corporate booking tool so you can coach frequent violators
• Revisiting your policies and choosing tools that deliver a more modern user experience, more travel options, and better prices

Read more about Center’s best-in-class customer rating and recent accolades for usability and user satisfaction on G2. And if you’d like to find out more about how modern spend management tools can empower your team to do more, schedule a personalized demo today.

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