How Stress Awareness Month highlights the important of supporting staff with stress management

Stress Awareness Month: As One Tax Year Ends, A New One Begins 

April is recognised as National Stress Awareness Month to bring attention to the negative impact of stress. Managing stress is an essential component of a healthy lifestyle. Knowing how to manage stress can improve mental and physical well-being and minimize health-related issues. 

Launched by the Stress Management Society, each year sees a different theme highlighted throughout April, with the 2024 focus being ‘Little By Little’. The 2024 theme shines a spotlight on the benefits of consistent, small positive actions.  

With an emphasis on how even the smallest steps taken each day towards self-care and stress reduction can yield significant improvements in mental health over time, this is the perfect time to consider how your firm is supporting your workforce’s wellbeing. 

Is your team feeling stressed?  

Are you seeing a rise in sick leave?  

Has the end of the tax season put pressure on your staff? 

Accounting is often seen as a profession wrapped in precision and analytical rigor, but beneath the surface, accountants working in public practice encounter a range of stressors that can challenge even the most seasoned professionals.  

From tight deadlines to client demands and the juggling act of balancing multiple projects, the pressure is constant. But what exactly makes this field so demanding, and how can your firm help your team cope?  

This article will break down the main sources of stress for accountants in public practice, including workload, client expectations, and the pressure to remain compliant with ever-changing tax laws and regulations. It will also cover the impact of these stresses on mental health and provide practical advice for managing stress effectively, ensuring your team members can maintain their wellbeing while excelling in their careers. 

First, let’s look at the current state of stress within accounting…

According to caba analysis,

  • 55% of accountants admit to suffering from stress and burnout – a significant increase on the 41% of employees in other industries. 
  • Four out of five accountants believe that stress and poor mental health are a problem within the industry.  
  • Two-thirds of accountants say the complex nature of their work and the lack of room for error are key drivers of stress. 

Understanding the Stress Factors for Accountants in Public Practice

While accountants might be perceived as calm and collected number-crunchers, the reality for those working in public practice is far more complex and stressful. Accountants face a myriad of pressures—from high client expectations and stringent regulatory environments to the sheer volume of work during peak times like tax season. 

Navigating Client Expectations and Workload

With your team members managing multiple clients, each with their own set of demands and deadlines, the pressure to deliver accurate, timely results can be overwhelming, especially when resources are stretched thin. 

Are your accountants at risk of working long hours and burning out due to an unmanageable client portfolio? Or is the client’s own stress and urgency causing heightened expectations and setting unrealistic demands? 

The shift towards a more advisory role in accounting means professionals are expected to provide more than just number-crunching; they must also understand broader business implications and offer insights that support business growth. This shift requires accountants to continuously expand their knowledge and skills, which could also add an additional layer of pressure. 

How can you help your team meet client expectations without burning out? 

  1. Implement and uphold processes: Utilising time management tools and techniques can help your team members plan their workday efficiently, as well as helping to organise priorities and outline upcoming deadlines. 
  1. Manage expectations from the beginning: A good onboarding process should outline the deliverables and set expectations for things like turnaround times and liaison. 
  1. Bolster the team ahead of busy periods: Spreading resources too thin is a fast way to lose valuable team members. Make sure your headcount is suitable for the varying workload throughout the year – whether that’s hiring permanent accountants or turning to interim staff to support busy periods. 

Keeping Up with Changing Regulations

Tax laws and financial regulations are constantly evolving, requiring accountants to stay informed and adapt quickly. The pace and volume of regulatory change can be a significant source of stress, as failing to keep up can have serious consequences for clients and firms. 

The best way to ensure your team doesn’t feel overwhelmed in a fast-changing sector is to champion continuous learning and implement a process for monitoring and interpreting emerging trends. Consider: 

  1. Regular Training and Education: Regular workshops, seminars, and courses are crucial. Many accounting firms provide in-house training sessions when new regulations are passed, or changes are made to existing ones. Additionally, professional accounting bodies often offer resources and updates to their members. 
  1. Subscriptions to Industry Publications: Keeping subscriptions to relevant industry publications can help your team be at the forefront of changes in laws and regulations. Many of these publications now offer digital alerts that can notify accountants immediately when important changes are happening. 
  1. Utilising Technology: There are numerous tools designed to help accountants stay on top of regulatory changes. These can automate some of the updates needed in financial statements and tax calculations based on the latest laws, significantly reducing the manual work required to stay compliant. 
  1. Support Systems in the Workplace: Creating a support system within the workplace can help distribute the load of keeping up-to-date with changes. This can include designated teams that focus on tracking regulatory updates and champions knowledge sharing across the firm.

Balancing Technology and Personal Touch

Advancements in accounting technology can help streamline processes, but they also bring challenges. Learning new systems and integrating them into existing practices while maintaining the personal touch that clients value can be a tricky balance.  

If your firm is forward-thinking and keen to keep abreast of new technologies, such as cloud-based systems, AI for predictive analytics, and automated transaction processing, your team is likely facing the challenge of mastering these tools quickly and seamlessly incorporating them into daily operations.  

At the same time, your team of accountants must ensure that this digital integration does not compromise the personalised service that clients expect. Clients value the technical expertise of their accountants and their ability to provide tailored advice with a deep understanding of the company’s financial situation. 

The transition to new technologies can be stressful for accounting professionals at all levels. For senior staff, the challenge often lies in adjusting to new workflows and understanding how technology can complement their deep industry knowledge. For newer staff, the learning curve may be less steep, but integrating technology effectively into their client interactions requires skill and practice. 

Continuous training is essential for the smooth implementation of new technologies, as well as effective support systems and clear communication. Setting expectations from the onset will help to maintain client relationships during periods of learning.  

Investing in workplace wellbeing isn’t just good for people, it’s also good for business

According to Deloitte, poor mental health costs UK employers up to £45bn a year. The Big Four firm says that for every £1 spent by employers on mental health interventions they get £5 back in reduced absence, presenteeism and staff turnover. We’re not accountants, but even we can see that’s a significant return on investment. 

There are a wide range of factors that can affect someone’s wellbeing and it can be hard to pinpoint the main areas of stress, but there are many ways for firms to champion workplace wellbeing and implement measures to reduce stress for accountants. 

Just as the theme of this years’ Stress Awareness Month, firms can adopt a ‘little by little’ approach to improve the wellbeing of their staff. Whether it’s providing consistent, bite-sized training on new technology, regularly communicating and aligning expectations, or implementing support systems to create strong foundations within the team, employers have the power to create a happy workforce, little by little. 

Here at Public Practice Recruitment Ltd, we only work with forward-thinking firms that foster supportive workplaces where accountants can thrive. As such, we’re representing some truly outstanding candidates who are keen to be a part of a happy and prosperous workforce. 

Whether your team needs an experienced accountant, a tax specialist, or a seasoned auditor, we have an extensive network of candidates across the country. Let us know what skillset your team needs, contact us today. 

Share

Latest Blogs

Blog Archive

Archives

Latest Jobs

Quick CV Upload

Sign Up For Job Alerts

Keep up to date with the latest vacancies by signing up for job alerts via email.