According to a survey done by IOFM earlier this year (prior to the pandemic) showed that most businesses were not doing a great job of managing their spending, as 74% admitted that they needed to improve. The same survey showed that before the pandemic, at least 41% of businesses made at least half of their payments to suppliers by check, but since the start of the pandemic, the percentage of businesses that make at least half of their payments by check has declined by 7%. Before the pandemic, none of the surveyed businesses paid all their suppliers electronically – now, 3% of businesses do so.