Research Reveals 64% of Finance Teams Have No Procurement Software

Research into the tools and working habits of finance leaders reveals that 64% manage purchasing without a dedicated procurement tool.

That does not mean those businesses have no purchasing controls, but it does raise a useful question: how long can finance manage spending commitments without a shared system for approval and supplier records?

For CFOs, the answer depends on how purchasing works across the business. A simple process can suit a small team but as more people buy from more suppliers, finance needs a reliable way to see and approve commitments before invoices arrive.

Key takeaways

• 64% of surveyed finance leaders have no dedicated procurement tool, but that does not necessarily mean they lack purchasing controls.

• Review procurement when finance discovers purchases too late, approvals stall or supplier and contract records become difficult to find.

• Choose software around your process gaps, prioritising clear approvals, visibility into committed spend and an experience employees can easily follow.

Why do businesses manage purchasing without procurement software?

CFO Connect surveyed 215 finance leaders in June and July 2026 for its Top CFO Tools Report 2026. Respondents represented businesses ranging from startups to large enterprises. Nearly two-thirds of respondents reported having no dedicated procurement tool.

There are several reasons a business might manage purchasing without one: its needs may still be straightforward, existing systems may cover enough of the process, or introducing a new platform may require more time and budget than it can currently commit.

The following are possible explanations, rather than reasons established by the survey.

Purchasing is still straightforward

When a handful of people make most purchases, finance may be able to review requests directly. The process can keep supplier and approval records manageable while preserving budget oversight. CFO Connect identifies smaller businesses as particularly likely to operate without a procurement tool. For smaller businesses with fewer buyers and suppliers, a simple purchasing process may be enough. As those numbers grow, dedicated procurement software can become more useful.

Existing systems cover some of the process

An accounting platform may record purchase orders, while a spend management system handles payments and approvals. A business may feel it has enough coverage without adding another tool. The question is whether those systems share the information finance needs. Finance teams that record an invoice only after purchase do not gain visibility into commitments beforehand.

Implementation requires time as well as budget

A purchasing system needs approval rules that finance and budget owners agree, along with clear ownership and consistent employee use. If those foundations are missing, introducing software can become a substantial process change. Finance leaders should consider that workload alongside the potential benefit. If employees bypass the tool, finance leaders will still face much of the original problem.

When should you review your procurement process?

The strongest reason to review procurement is a recurring control or visibility gap. Common warning signs include:

• Finance first learns about a purchase when the invoice arrives.

• Requests sit in inboxes because employees cannot identify the approver.

• Different teams buy similar services without checking existing contracts.

• Finance struggles to retrieve supplier checks and approval records.

• Budget owners cannot see commitments they have approved but finance has not yet received an invoice for.

  For example: a department signs an annual software contract after the designated approver approves it in a chat message. Finance discovers the commitment weeks later, and nobody has recorded the renewal owner. An approver may have authorised the purchase, but employees recorded important information in several places across the process.

Benchmark your procurement setup against other finance teams

Before comparing tools, identify where your current process falls short and agree what needs to improve. Turn those gaps into requirements, such as clearer approval routing, central supplier records or visibility into committed spend.

Once you have identified your purchasing requirements, peer benchmarks can help you build a shortlist. Compare your business with organisations of a similar size, while considering differences in supplier numbers, approval structures and purchasing volume. These factors will help you judge whether the tools other teams use could suit your needs.

Use the findings to guide further evaluation. For each shortlisted platform, check how it would support your approval rules, connect with existing systems and give finance visibility into committed spend. Ask providers to demonstrate those requirements before committing to a rollout.

CFO Connect’s Top CFO Tools Report 2026 reveals the three most-used procurement platforms among surveyed finance leaders, with company-size breakdowns to put those choices in context.

Download the report to discover what your peers are using and which tools could be worth exploring.

How can Spendesk help you manage procurement?

If your review highlights a need for more structured purchasing, Spendesk’s procurement software brings purchase requests, approvals, supplier records and contracts into one place. Configurable workflows route requests to the right approvers, while purchase orders give finance visibility into committed spend before invoices arrive. Contract renewal alerts and a recorded approval history help teams maintain oversight as purchasing grows.

Frequently asked questions

What is procurement software?

Procurement software helps businesses manage purchase requests, approvals, supplier information and purchase orders. Some platforms also connect these activities to contracts, invoices and payments. The features vary by product.

Can a business manage procurement without dedicated software?

Yes. A business with straightforward purchasing may use existing systems and clear approval rules. What matters is whether employees can follow the process and finance can access supplier records, verify approvals and see committed spend before invoices arrive.

When should a CFO review the procurement process?

Review procurement when purchasing spreads across more teams, approvals become slower or finance repeatedly discovers commitments after purchases have been agreed. Depending on the cause, you may need clearer processes, better software or both.

About the data

CFO Connect’s Top CFO Tools Report 2026 draws on a survey conducted in June and July 2026, exploring the tools finance leaders use across core finance functions.

About CFO Connect

CFO Connect is a global community of finance leaders founded by Spendesk, offering research, expert insights and opportunities to learn from peers.