The 2025 guide to spend management: How CFOs can gain control and visibility

The rise of digital transformation, particularly in the finance sector, has presented new opportunities to streamline spend management. But as finance leaders know, not all solutions are created equal. US businesses, both large and small, are learning that having a unified, centralized system for managing spend is key to long-term success. Here’s why this matters and how embracing all-in-one spend management technology can transform financial oversight.

Understanding international attitudes toward spending

Spend management varies from country to country, with the US and UK showing distinct approaches. A recent report we worked on with Visa revealed that in both regions, 50% of organizations require spending to be approved first, while 28% of companies allow employees to spend freely. But here’s the catch — these approaches can create inefficiencies if the processes aren’t streamlined. Without a unified system, US companies often struggle with reconciling expenses, handling multiple cards, and using disparate software, leading to wasted time and resources.

A fragmented approach to spend or expense management is like trying to put together a puzzle with missing pieces — frustrating, inefficient, and ultimately costly. CFOs in the US are increasingly aware that controlling spend effectively requires a consolidated solution. Having complete visibility into company-wide expenses is essential, and it’s no longer just about approving spending upfront. It’s about tracking spend in real time and making data-driven decisions.

Navigating turbulent economic times

CFOs in the US have been grappling with economic uncertainties, including inflation, rising interest rates, and global supply chain disruptions. These pressures have made cost control a priority. According to a recent survey, 54% of finance leaders have focused on streamlining costs, while 58% have made compromises in their product or customer experience to cope with external pressures. The need for agile and accurate cash-flow forecasting has never been greater.

Yet, despite these challenges, many companies are still using outdated financial systems. For CFOs managing spend across multiple platforms and regions, this lack of integration creates unnecessary hurdles. In an era where data is critical, US businesses need spend management systems that provide centralized control and visibility. A single, unified solution can simplify cash-flow management and help CFOs focus on strategic growth initiatives instead of being bogged down by manual processes.

The top challenges for US CFOs

CFOs in the US are responsible for balancing financial risks with growth opportunities. They need to ensure that financial goals align with operational priorities while managing short- and long-term objectives. That’s a tall order when you’re dealing with disconnected financial tools and systems.

Recent data highlights the top three challenges facing US CFOs:

• 58% say balancing risks with growth is their primary concern
• 56% struggle with aligning financial goals with operational priorities
• 45% are focused on managing both short- and long-term objectives

To overcome these challenges, CFOs need a holistic view of their company’s finances. But using multiple, unconnected systems makes it difficult to get a clear picture. This is where the next wave of digital transformation comes into play. The second wave, fueled by AI and automation, provides CFOs with an opportunity to adopt advanced technologies that unify spend management across global entities.

The biggest challenges in spend management

Lack of visibility and transparency are the top challenges for CFOs managing spend. In the US, 85% of finance leaders struggle with these issues, while 73% report difficulties with maintaining data quality and consistency. Legacy systems, spreadsheets, and siloed data can hinder decision-making, create redundancies, and lead to potential compliance risks.

Human error is another major concern. For small businesses, manually capturing receipts and reconciling expenses is time-consuming and error-prone. Meanwhile, large companies grapple with inefficient software that wastes time and limits their ability to close the books quickly.

Centralizing spend data is critical to overcoming these obstacles. CFOs in the US need systems that provide real-time insights into company-wide expenses. This can help identify trends, control costs, and streamline reconciliation processes, allowing finance teams to shift their focus from manual data entry to more strategic initiatives.

Watch our video on managing multi-entity spend (and centralized data) below.

Centralizing global data for better control

CFOs are quickly realizing the importance of centralized data in overcoming multi-entity management issues to do with spend. For 93% of finance professionals, gathering data from multiple regional systems complicates decision-making. But with the rise of all-in-one global finance solutions, businesses can now track, manage, and analyze data on a single platform. This unified approach makes it easier to manage cash flow, streamline workflows, and simplify the month-end close.

For US CFOs, having a single solution that provides real-time visibility into global operations is essential for maintaining financial control. Whether it’s standardizing processes across multiple entities or tracking expenses in real-time, a centralized platform can help businesses operate more consistently and efficiently.

The benefits of all-in-one spend management solutions

Adopting an all-in-one spend management solution offers several key benefits that CFOs in the US should consider:

1. Real-time data access: Having a centralized system allows CFOs to view data across all departments and regions in real-time. This transparency makes it easier to manage budgets, control spending, and make informed financial decisions.
2. Improved spend control: By consolidating corporate cards and expense management into one platform, finance teams can control spend more effectively. CFOs can track everything from reimbursements to top spenders with just a few clicks.
3. Standardization across regions: A unified system allows US businesses with global operations to standardize expense management practices, ensuring compliance and improving consistency.
4. Increased efficiency: Automating manual processes can save finance teams hours of work each month. CFOs no longer need to chase down paper receipts or reconcile expenses by hand.
5. Sustainability tracking: With growing pressure to meet ESG standards, CFOs need solutions that track carbon emissions from corporate spending. Some all-in-one systems even offer features that enable businesses to track their carbon footprint.
6. Easy card linking for real-time insights: Integrate existing corporate cards for instant transaction tracking and automatic reconciliation. This streamlines expense management, reduces manual entry, and improves spending visibility for accurate financial reporting.
7. Seamless integration with existing systems: All-in-one solutions offer smooth integration with your existing accounting software and ERPs, ensuring data flows in real-time and reducing the need for manual data entry. This not only simplifies expense tracking but also speeds up reconciliation processes, allowing finance teams to focus on more strategic activities.

How US businesses must adapt to fintech regulations

As more US businesses adopt fintech solutions, staying compliant with the latest regulations is critical. From consumer protection laws to cybersecurity regulations, fintech companies must prioritize data security and privacy. Regulations like the California Consumer Privacy Act (CCPA) ensure that US businesses handle customer data responsibly. Companies that stay ahead of these requirements will build trust and credibility with their customers.

The fintech industry’s rise has also made digital solutions more attractive to US companies looking to enhance spend control, efficiency, and risk management. With more businesses investing in fintech tools, CFOs have a unique opportunity to leverage advanced technologies to support growth and innovation.

Transforming your global business with Payhawk

For businesses looking to transform their global spend management, we offer an all-in-one solution that integrates corporate cards, expense tracking, and real-time analytics. At Payhawk, our platform provides CFOs with complete visibility and control, enabling them to make informed decisions and manage spend more efficiently.

By switching to Payhawk, US businesses can save up to four days a week, cut manual work by 50%, and close the month twice as fast. Whether you’re a startup or a large enterprise, our comprehensive solution can help you streamline financial processes, reduce human error, and improve overall efficiency.

In today’s dynamic economic climate, CFOs need every tool in their belt to navigate challenges and seize growth opportunities. But even more importantly they need these tools to work in perfect harmony. Find out how we can change the game for you and your finance team, letting you control spending, get real-time visibility, and focus on strategic growth. Book a personalized demo to learn more (Not ready to talk? Read the full report for more tips and insights).