Accounting practice owners have a plethora of duties that need to be completed on a daily, weekly and monthly schedule. This not only means a ton of responsibility for the owner but also for all the employees of the practice. However, this trickle-down effect can have grave ramifications for the overall wellbeing of your accounting teams.
Busy tax season
The January tax season is probably the busiest time of the year for most accounting practices, which means an added pressure on all the staff. This pressure can manifest into other work-related problems for the owner and the employees. In most cases, staff would be required to work extra hours and even weekends to complete all the additional work by the deadline.
However, by outsourcing tax work overseas you can considerably reduce the headaches that come with the 31 January self-assessment deadline. Imagine this task now being taken care of by a qualified professional and the extra time and resources this frees up. You can now refocus on taking on additional work that you normally would have had to turn away.
By partnering with outsourcers to look at the overflow work, owners could help improve the wellbeing of their accounting staff.
Staff burning out
Based on feedback from clients and an article from AccountingWeb the ‘always-on’ culture of the modern world is wreaking havoc on workplace wellbeing. The knock-on effect from this burnout is leading to a plunge in productivity and an increase in overworked accountants. As accountants prepare for the busy self-assessment tax season this could have a negative impact on productivity and well-being, causing staff to either leave or take extended leave due to the pressures.
This can happen for a number of reasons however, a good owner should be alert to this and also the risks that come with overworked employees. A burnout is generally considered to be a precursor to job turnover. So it’s really pertinent that practice owners catch this early and take steps to make sure it doesn’t get to that stage.
With outsourcing accounting firm owners can address the reasons why their staff is burning out. It could be because they’re busy doing the grunt work such as year-end accounts preparation and bookkeeping. Or it could be because they’re getting bored and not being challenged enough. Either way, to improve the wellbeing of the practice and reduce burnout instances, owners can outsource labour-intensive work overseas.
Work life balance
Let’s be honest, everyone including an accounting practice owner wants a healthy work-life balance. Of course, business owners are expected to work long hours and sacrifice some of their personal life to help their business prosper. However, this busy type of lifestyle can only go on for so long before it affects other aspects of your life.
In fact, according to a survey conducted by constant contact, “56 percent of small business owners say they feel like they can never be away from their business and just over half (51 percent) say they don’t have time to focus on themselves.”
These type of statistics and statements are actually quite alarming and can have a detrimental effect on the wellbeing of your team. Nonetheless, many of our clients who were also facing similar concerns are no longer troubled by this.
By outsourcing accounting functions they’ve reduced the number of hours they spend in the office and are actually able to spend more time with their family. They also don’t have to think so much before deciding to take a holiday or a day off.
Take control of the wellbeing of your accountants and see how outsourcing can actually help you live a better life.
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My name is Vishal Kurani, the author of the QXAS blog and I appreciate you stopping by! I help accountants gain Accounts Outsourcing knowledge through my easy to follow blogs and guides. Download my free guide "The Accountants Guide to Making Payroll Profitable" to learn how to make payroll profitable for your accountancy practice.