Can CFOs escape the spreadsheet trap?
For all the talk of digital revolutions, a staggering number of finance teams are still stuck in the past. Nearly 70% of organizations have entered 2025 juggling manual processes alongside digital tools, with only a lucky 13% claiming full digitization. Meanwhile, CFOs are left to untangle the inefficiencies, the fraud risks, and the missed opportunities that come with clinging to outdated systems.
It’s not just a logistical headache; it’s a strategic bottleneck. Rising costs, stricter compliance rules, and an increasingly competitive landscape demand faster, smarter, and more secure financial operations. Yet for many, the tools to deliver are still locked behind manual processes or patchwork systems.
These findings come from AccessPay’s Finance Trends Report 2025, which surveyed finance leaders across industries to understand the state of finance transformation. The report highlights how outdated systems are also dragging teams into a cycle of inefficiency, making them vulnerable to fraud, compliance failures, and the inability to capitalize on growth opportunities.
From automating workflows to integrating smarter tools, the clock is ticking for finance teams to escape the spreadsheet trap. The question is, will they make the leap?
Despite the push for digital transformation, finance teams remain tethered to manual processes that limit their potential. 71% of teams still rely on manual methods to retrieve bank statements, with only 18% using multi-banking portals capable of real-time reporting. These inefficiencies make daily operations time-consuming and add layers of complexity to financial management.
Manual workflows also introduce vulnerabilities, particularly in areas like cash management and reconciliation. Tasks such as compiling payment instructions or matching bank statements to ledgers are not only tedious but also prone to error. For businesses managing high transaction volumes, these bottlenecks can hinder decision-making and delay critical insights.
56% of finance leaders prioritize operational efficiency as the driving force behind transformation initiatives. Automating repetitive tasks, reducing reliance on spreadsheets, and integrating cloud-based systems are just some of the strategies being explored to bridge the gap.
The reliance on manual workflows isn’t just inefficient—it’s a significant vulnerability. Finance teams handling large sums of money are a prime target for fraudsters, and the data shows how pervasive the issue has become. Fraudulent online payments, invoice fraud, and impersonation scams are among the most pressing concerns, with 78% of invoice or mandate fraud occurring on business accounts.
Manual systems amplify these risks. Tasks like approving payments, reconciling accounts, or handling sensitive financial data often involve multiple touchpoints, increasing the chances of errors and unauthorized access. Alarmingly, fraud in intra-bank transactions—where funds move between accounts in the same institution—has surged by 106%, highlighting the need for tighter controls.
Some organizations are starting to adopt preventative measures, such as Confirmation of Payee (CoP) and Account Name Verification (ANV) technology, which verify payment details before transactions are processed. Tools like these are proving essential in reducing errors and blocking fraudulent activities. However, reliance on training and manual checks remains high, with 58% of organizations citing staff training as a key component of their fraud prevention strategy.
Finance teams face another pressing challenge in 2025: keeping up with rapidly evolving compliance standards. At the forefront is ISO 20022, a new financial messaging standard that introduces mandatory data requirements for payment processing. Despite its far-reaching implications, 26% of organizations remain unaware of the standard, and half have yet to begin preparations.
Key changes include the requirement for Purpose of Payment (PoP) codes and Legal Entity Identifiers (LEIs) in all CHAPS transactions by May 2025. By November 2025, payment systems will also require structured address data, rejecting any transactions that fail to comply. These shifts demand that finance teams re-evaluate their data collection processes and upgrade their systems to align with the new standards.
Organizations that are ahead of the curve are already working with their banking partners or appointing internal leads to oversee the transition. However, readiness levels remain uneven. Only 19% of respondents have begun collecting missing data, and just 21% have reviewed their customer data processes.
While compliance deadlines and fraud prevention dominate the agenda, there’s a broader opportunity for finance teams to leverage technology to unlock efficiency and agility. Tools like payment automation and cloud-based platforms are already reshaping how organizations operate.
Cloud adoption is another game-changer, enabling real-time access to financial data and improving collaboration across remote or hybrid teams. With 31% of retail businesses already implementing cloud technologies, the benefits are becoming clear: reduced overheads, enhanced data accessibility, and improved scalability for growing organizations.
For those willing to innovate further, Generative AI is beginning to gain traction. While just 7% of organizations have implemented it so far, another 28% plan to adopt AI solutions for automating accounts payable, financial reporting, and other repetitive tasks.
Yet, the cost of inaction remains high. Fraud losses continue to mount, with £47.2m lost to APP fraud in H1 2024, and compliance failures tied to unpreparedness for ISO 20022 threaten operational stability. For finance teams still reliant on manual processes, the risk isn’t just falling behind competitors—it’s being unable to meet the demands of an increasingly digital economy.