Despite the importance of a robust spend culture for businesses, there is a growing disconnect between knowing this and having formal plans and policies in place to address it; according to new research from spend management platform Payhawk.
Around 61 per cent of CFOs understand the importance of spend culture for growth. However, very few have successfully struck a balance between autonomy and control, Payhawk has revealed. The research, conducted by independent research house Coleman Parkes, surveyed 1,000 finance leaders in large organisations across the UK, France, Germany, the Netherlands, Bulgaria, and Spain.
Spend culture refers to the set of attitudes, behaviours and practices that shape how an organisation approaches spending. In practice, this can look like flexibility within a framework. For example, some companies empower employees to use corporate cards within set budgets and limits, a model followed by 28 per cent of respondents, promoting autonomy while retaining oversight. Others adopt clear, enforceable limits with few exceptions, used by 18 per cent of organisations, reflecting a highly controlled spend culture.
While 41 per cent of businesses are actively defining their spend culture – a clear indicator of its strategic importance – only 31 per cent report having a formalised policy in place. This disconnect highlights tension between desired autonomy and control, with CFOs citing fraud concerns (51 per cent) and trust issues (44 per cent) as barriers to implementing effective frameworks.
Payhawk says that its findings underline the need for robust spend culture frameworks that empower teams without compromising security.
Barriers to change
Although 85 per cent of finance leaders understand the importance of spend culture, a significant majority still lack clear policies to guide financial decision-making.
According to Payhawk, CFOs cite a range of barriers to defining and implementing spend culture within their organisations. Many said there is a lack of suitable tools that support real-time visibility and control over spending.
Meanwhile, others said inefficient approval workflows lead to delays and data inaccuracies, while resistance to change remains within many organisational structures.
Just four per cent of CFOs have no plans to develop a spend culture in the near future. Thirty-one per cent have a defined framework, 41 per cent are in the process, and 25 per cent intend to make this a focus in the next 12 months. Among those that have established policies, 49 per cent reported improved financial controls, as well as improvement in profitability (41 per cent) and an increase in accountability (38 per cent).
“The challenge isn’t just defining spending policies on paper – it’s bringing them to life through automation and real-time controls,” said Hristo Borisov, CEO of Payhawk. “When properly executed through technology, spend culture becomes an enabler of growth rather than a barrier to efficiency.”
Many CFOs are turning to technology, such as comprehensive spend management solutions, to gain real-time insights, save time with automated approval processes, and improve visibility and accountability across teams to give employees autonomy and build trust while reducing fraud. By leveraging advanced tools alongside well-defined spend culture policies, organisations can bridge operational gaps, unlock financial potential, save time, and drive sustainable, long-term growth.
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