By Daniel Hunter
Sixty percent of finance professional feel undervalued by their business with more than half saying their don't receive the same respect as employees in other departments, according to research from webexpenses.
The research also found that 60% of finance professionals who feel undervalued believe that their work often gets forgotten about as they are seen as ‘behind the scenes’ support. Over half (53%) feel that they are rarely seen as a strategic part of the business and 51% believe that people don’t realise the influence their work has on an organisation.
Revealing the gripes of financial professionals, the research found that their biggest annoyance — reported by 28% of those surveyed - is having to deal with finance problems that could have been avoided by following common sense or company protocol. This is closely followed by staff putting finance tasks at the bottom of their list of priorities (27%).
Processing expense claims can be another source of grievance, with over one in five (23%) of those surveyed reporting that their biggest expense annoyances are people not providing receipts or the right information on expense claims.
The research shows that placing more value on finance professionals and giving them more freedom could reap rewards for businesses, as 76% of those surveyed said they think they could save their company money if they were given more autonomy over company finances. Of these people, 40% believe they could save over £10,000 a year.
Michael Richards, Chairman of webexpenses, said:
“It’s clear from our research that many of the UK’s finance professionals feel undervalued and are often frustrated by certain aspects of their job. Too many businesses still view finance as a function. They are missing out on the benefits that could be reaped if finance professionals are given the time, autonomy and respect that will enable them to play a more strategic role."
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