As a vocation, accounting can be professionally and financially rewarding. Yet anyone who has worked in the industry for long knows that a career in the sector is no walk in the park. The workloads for accountants can be immense, particularly during the busy periods as businesses scramble for accurate reporting to stay ahead of tax deadlines.
The demands and expectations resting on the shoulders of accountants invariably leads to stress and feelings of burnout. The statistics speak for themselves: according to a 2023 study, a whopping 99% of accountants surveyed reported that they had experienced some form of burnout in the past, or were going through it presently.
If you’re an overworked accountant, then this guide is for you. Here, we’ll be discussing why burnout is so prevalent, as well as how accountants can keep on top of their workloads and preserve their mental health during busy periods. Read on to learn more.
What Makes an Overworked Accountant?
Why are accountants under so much pressure these days? In brief, there are a number of reasons that explain this phenomenon. For one thing, the industry is going through a significant shortage at the moment.
For example, The Wall Street Journal reports that more than 300,000 U.S. accountants and auditors have left their jobs in the past two years. Meanwhile, the rate of undergraduate enrollments in accounting college courses has dropped by 4.7%.
What this means is that those accountants left are being forced to take on significantly more work in order to pick up the slack. Furthermore, although remote work has been a blessing for many professionals, the boundaries delineating work from leisure time have become increasingly ambiguous. For many, the working day is getting longer and longer, with clients now expecting accountants to be available 24/7, while also staying ahead of increasingly tight deadlines.
So, with all this in mind, how can accountants ensure that they are beating the work overload and taking care of their mental wellbeing?
Top Tips to Tackle Accountant Burnout
Set Firm Boundaries to Demarcate your Time
It’s important not to be too much of a people-pleaser and to set some realistic standards for when you can and can’t work. Try your best step away from work at the end of the day and over the weekend, so you can give yourself time to recover, and don’t forget to take advantage of vacation time when you can.
Prioritise your Workload in Order of Importance
No accountant can do everything at once. If you’re faced with an overwhelming workload, try to sort through everything on your plate logically. For example, you could tackle each challenge in order of importance or in order of deadlines. Choose whatever system works best for you and try to stick with it.
Leverage the Power of Automation
There are now a number of all-important AI tools out there for accountants looking to boost their efficiency. You can automate the more tedious minutiae involved in client-based paperwork, and leave you free to concentrate on higher-order tasks.
Communicate and Manage Expectations
Ultimately, one of the best ways to manage your mental health is by being open and communicative about your struggles. If you need help, reach out for it. Don’t bottle up feelings of frustration or stress, and if deadlines do not seem feasible, a conversation with your clients could be the first step towards resolving the issue with an adjusted timeline.
Access Ongoing Accounting Education with INAA
Here at INAA, we aim to help accountants get the most out of their careers and overcome the obstacles preventing them from achieving professional success.
So, if you’re interested in learning more about how to nourish your mental wellbeing and enjoy a healthier, happier standard of work, then visit our website to learn more about what INAA can do for you and apply for your membership today.