Accountancy is one of the most difficult professions to succeed in. Having to juggle deadlines, compliance and constantly changing legislation, keeping composed can be tricky at the best of times.
If your accounting team seems a bit more stressed than usual, we’ve put together some top tips to help you minimize stress, automate manual processes and improve workflows.
What are the main causes of stress for accountants?
In the UK, over 1.1 million people are employed in financial services and many of those professionals suffer from workplace stress. While every firm has different challenges, one of the most frequent causes of stress is dealing with clients. As accountants work with lots of different types of clients, pleasing them all can be tough.
Another major cause of stress is the pressure to meet deadlines. Whether that’s tax deadlines, end-of-year reports or other financial obligations, many accountants constantly feel under immense pressure to complete their work on time. This can lead to a poor work-life balance, missed lunch breaks and long days burning the midnight oil. For employees working remotely, this only makes the problem worse as it can be hard to escape their to-do lists.
Add into the mix constantly changing tax rules and it’s not hard to see why many accountants feel burnt out.
What should financial managers consider to reduce stress and improve workflow?
Create a supportive work environment
One of the most important things to consider is creating a supportive work environment where people feel like they have the trust and respect they need. To develop a supportive working environment, it’s important to distribute work evenly, invest in employee growth and encourage a better work-life balance.
If it’s not possible to distribute work evenly, it might be best to look into outsourcing some tasks. For example, there are plenty of accounting companies in London that can ease your team’s workload.
Encourage open communication
It’s crucial to foster an environment where employees feel as though they can openly discuss their worries with managers. Often, burnt-out employees feel uncomfortable approaching their leaders to air their grievances. To prevent this, managers should be encouraged to regularly speak with their team to uncover issues before they persist.
Encourage self-care
Self-care goes a long way towards ensuring employees can cope with a large workload. So, encouraging your employees to take good care of themselves will help protect their physical and mental health.
A small change such as implementing a well-being initiative can go a long way in advocating for self-care for your team members.
Final thoughts…
It can be hard to see your team members suffering from burnout. But the good news is that you can take steps to actively improve their welfare and productivity at work. By investing in simple self-care initiatives and fostering a supportive working environment, you can tackle burnout head-on.