Why Expense Managers at Financial Services Firms Deserve a Free Massage

Have you hugged your expense manager today? If not, maybe this post will inspire you to.

Employees who are responsible for managing expenses for an entire organization carry a heavy load on their shoulders. For employees who manage expenses for financial services firms, the load can be spine shattering. If you work in the financial services industry, here are three reasons you should consider passing the hat to pamper your expense manager with an unexpected massage.  

Lumbar-loosening regulation

As one of the most regulated industries worldwide, the financial services sector is heavily focused on:

  • Governance
  • Compliance
  • Risk management
  • Internal audit capabilities
  • Transparency

Company leaders rely on expense managers to ensure the organization remains compliant with dynamic regulatory demands. When tiny details slip through the cracks, organizations can face strict discipline and hefty costs. That’s a lot of pressure on the expense manager.  

Ergonomically incorrect egos

Certain staff members at financial services firms have a reputation for being ego-driven. Simply put, they think they are too important (and some are legitimately too busy) for menial tasks that are necessary for the company but provide no personal benefit. So they ignore them. Or they perform them carelessly, creating an error resolution time suck.

To perform their jobs effectively, expense managers need these “menial tasks” completed in a timely, accurate manner. Late expense report submissions cause inaccurate budgets and forecasting models. Errors cause overspending, time-wasting communication, and create tension between employees, managers and the finance department. The expense manager is forced to play the role of “bad cop” – a role no sane number cruncher wants.

A capable expense management solution provides a daily massage to expense managers and egoists alike. The finance department no longer needs to pull double duty as the police because the company’s T&E policy is built into the solution. The policy and the workflow are completely mobile, allowing for timely, accurate data with far less administrative and employee involvement.  

Cost-cutting cramps

Many financial services firms are struggling to increase revenues. In order to stay viable, these firms are placing an intense focus on cost-cutting measures. Then, additional cost-cutting measures. And after that, even more cost-cutting measures.

The expense manager wears many hats, and “Chief Turnip Squeezer” is among the most uncomfortable – especially when all unnecessary costs have already been squeezed. It’s not the most popular position, either. Management is adamant that more costs can be cut. Employees are adamant that you’ve already cut too much. It’s a no-win situation for the expense manager.

Next time you become frustrated with your expense managers, please consider what they deal with on a daily basis. They don’t want to play the bad cop, or take things away from you. They’re just doing their jobs. So instead, give them a hug and say, “Keep up the good work.”

Learn how to give your entire organization an expense management massage. Check out Why a Capable Expense Management Solution Is Critical for Financial Services Firms.

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