A 2024 study from Deakin University found through their annual ‘Counting On U’ index that accountants reported that 56% of participants were feeling stressed or burnt out by their workload. The Victorian based university took a stance for small business accounting and bookkeeping firms when creating this annual report as a way to monitor the mental health and wellbeing of its counterparts. They recognised that the accounting industry is one filled with pressures and deadlines that impact the stress levels of its workforce, especially when the country is being impacted by economic pressures. Another topic of concern is the industry recently struggling with maintaining a high-level of recruitment and retainment of talented staff.
During the tax peak season, the goal for any firm is to produce high-quality work in a timely manner, which can often leave wellbeing by the wayside. In order to reach this goal, the mental welfare of you and your team needs to take centre stage. The best time to shift your focus in preparing for the upcoming busy period is to begin now. We’ve compiled a list of five of the best actions you can take to alleviate stress and burnout both during peak and all year round.
The best way to begin is to map out your year and examine pain points where burnout has occurred in the past. Look at what caused this. An unrealistic yet promised deadline, or not leaving enough time for mistakes to occur. What happened because of this? Perhaps you were unable to maintain a healthy work/life balance during this time, or you disappointed a client and had to deal with the fallout which caused unnecessary stress. How did you handle it? You may have been overcome with burnout, or you could have retreated from outside support who were able to help you handle the issue.
The key to creating your calendar is figuring out how better to handle the busy periods that cause stress and learn from past mistakes. Schedule in a one-to-one meeting with senior staff before this time to organise bolstered support. Ensure you have out of work activities that you can engage in to blow off steam and maintain a healthy balance. Meet with your colleagues to discuss how they can help you and how you can help them to have a more positive experience.
Outsourcing comes in many forms including recognising when your workload is too full and being able to delegate with confidence. Identify who within your workspace is able to support your tasks and make sure they are not overwhelmed themselves before setting expectations. You can also delegate tasks to outsourcing companies who know the industry well and are trained to tailor their approach in a personalised way that suits your needs.
But outsourcing doesn’t just extend to the tasks you complete within your workplace. Managing stress means balancing your work and your life, and there are mental health outsourcing options like online therapy and wellbeing workshops available to support your own wellbeing and that of your staff.
AI is swiftly becoming a fundamental tool of the accounting industry. Tasks that could take up valuable time are now able to be automated and can alleviate burnout by taking over admin which are better replaced by improving client relationships, business advisory services, and stress management.
You can use automation to help write emails, document meetings for later reflection, schedule time with clients, and more. Find out what tasks cause you the most time lost and seek information from reputable sources about which AI software is best able to help so that you don’t experience burnout from repetitive and tedious assignments.
This one might sound easier said than done, especially during busy tax time but it is one of the most important points to prioritise. Even if you begin small and make sure you are taking breaks when needed, this all accumulates to lowering your stress levels and improving your wellbeing. You might enjoy taking a short walk during your lunch break during slower periods. There’s no need to skip this when things get busy. Ensuring you stick to the routines that clear your mind throughout the rest of the year can make the world of difference during peak season.
What you do at work is just as integral to your mental health as what you do outside of it. Set clear boundaries with your clients and let them know when you are and are not available to discuss their queries. Engage in hobbies and socialising outside of work to boost morale and maintain a healthy equilibrium.
Whether you are the leader of a team or a valued member of staff, the workload is best dealt with when shared. If you need help with a matter, make sure you ask for support and if you are leading a team, it’s important you check in with your staff and offer solutions. Some solutions may be partnering up with another colleague to complete their work, or inviting everyone to a team lunch so everyone is able to take a proper break.
There are also many options for team-building exercises outside of the workplace. Pub trivia nights, karaoke, art and cooking classes, boat trips are just some examples of ways to encourage your team to bond together, inspire collaboration, and create long-lasting memories that aren’t based upon stress or burnout.
