Stress is the enemy of efficiency in accountancy

What do you get when you cross a cow and an octopus? A visit from the ethics committee and immediate withdrawal of your funding.

It’s a joke, but in the working world, ethics and professionalism encompass the way you present yourself, your attitude and the ways you communicate with others.

As we discussed before, this goes hand in hand with integrity and honesty, so being professional can ensure a positive first impression and develop successful interpersonal relationships, while ethics and integrity ensure a lasting reputation within your organisation and industry.

That in turn puts pressure on accountants to maintain those high standards.

Labour shortage still a headache

On top of that, we are still facing a huge labour shortage countrywide, with accountancy badly affected, according to the latest figures from the Office for National Statistics.

A recent survey conducted by caba, the well-being charity for ICAEW members, showed that 80 per cent of people said stress and potential burnout was a problem within the profession.

It showed that accountants are significantly more stressed than employees across other sectors, with the workload and long hours and that 56 per cent, said they were suffering from stress and burnout.

How can stress be managed?

There are ways that practices can deal with these issues, some with lifestyle, others by changing working practices or outsourcing work.

Well-being courses could be one way. A team at GI recently took part in yoga sessions.

Other ideas could include looking at diet, taking part in some exercise every day at the gym at lunchtime, or maybe cycling to work.

In the office look to:

Delegate work. Don’t always believe only you can handle it. It encourages others to step up as well.

Look at the work schedule. Could the hours in the day be better organised? Can some meetings be cut out?

Communicate with staff. They will be feeling the heat as well, so discussing the problems will be a relief valve and will encourage them if you can demonstrate a career path.

How can outsourcing ease the pressure?

Not only can experts like GI offer support in so-called ‘back office’ functions like payroll, accounting and HR, but they can also relieve the headache of selecting, implementing and training with the latest accountancy apps. That is stressful enough in its own right.

Again, GI has the experts and expertise to guide you through this with impartial advice.

Some businesses go a step further and opt for offshoring – using an accountant or firm based overseas. We can also help there.

Contact our UK-based team of account managers today to find out how we can help your firm.

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