Part 1 of 2
With all the changes happening in the accounting industry, it’s not surprising that accountants become overwhelmed.
Stress can be high especially during busy times. When you add tons of compliance work that consume a lot of time to the ever-changing client demands, you’re bound to find yourself exhausted.
We all know that workplace stress has a negative impact on productivity. According to a Forbes article, workplace disengagement increase when employees experience high levels of stress. In a study referenced in the article where 22,347 employees across several countries, which include the United States and United Kingdom, data showed that more than half of the respondents who are under high levels of stress reported that they felt disengaged with their work.
This is alarming because the loss of motivation can lead to a lack of interest in their work. Performance will suffer. Disengagement can result in loss of motivation and productivity, which, ultimately, leads to profit loss, which is not good for your practice.
Accountants have a huge responsibility. Some of the tasks you have might feel like redundant and energy-sapping but compliance plays an important role in your job. It is a vital part of the process that contributes to a company’s growth. And that means you have to find ways to continue feeling motivated.
The thing accountants dislike about compliance work is it takes too much time. When you’re constantly bombarded with small, repetitive tasks that consume a lot of your time, you’re bound to deliver poor quality of work.
Automation offers the solution. Tools like Xero, MYOB, and Practice Protect have made accountants’ lives easier because they now have more time to focus on tasks that actually generate revenue. By taking care of compliance, technology has freed accountants from the drudge work and allowed them to spend more time with clients and offer sound financial advice.
Communicate Constantly With Your Clients
It is important that clients know you are there for them in case they need anything. By being a real-time accountant, you will be able to ensure client satisfaction and, ultimately, retain business.
No matter how busy you can get, make sure that you are in constant communication with clients because that’s how you maintain trust and ensure that any issue that arises is addressed promptly. Furthermore, by constantly checking up on clients, you are telling them that you sincerely care about them. Nothing reinforces trust more than that.
Yes, there will be times when you’d be so buried in work you’ll feel like you won’t be able to complete everything. Time management has the answer.
Make sure that you prioritise tasks ahead. That way, you will be able to allocate your time properly. Here at TOA Global, we highly encourage proper planning. Schedule all your activities so you have a clear idea of what to do and when to do it.
At the start of each day, identify what needs to be done and prioritise according to deadline and the effort required to complete one.
It’s also important to not put off tasks for later. You can always spare a few minutes to work on whatever it is on your plate.
The accounting landscape is continuously evolving. Client expectations are changing and with the workload accountants need to face, there is a very good chance that accountants experience high levels of stress, which can affect their productivity.
These tips are guaranteed to help you remain productive despite the challenges brought about by the busy tax season.
See part 2 of this article here.
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