Figuring out stress for accountants

As we head towards the busy tax year end, how can we best help accountants cope with the increasing levels of stress in the profession?

Traditionally, the reputation of an accountant is someone who’s trusted and someone you can turn to in a crisis for calm, wise words.

That’s still the case for the vast majority of interactions clients and colleagues have with accountants throughout the UK, but it goes alongside a worrying increase in the number of people within the profession suffering with stress and mental health issues.

According to a recent report from global accountancy firm AdvanceTrack, 88% of accountants said increased working hours caused by ‘existential’ skills shortages are ‘significantly’ harming their mental health, work life balance and stress levels. A third described that harm as ‘severe’.

The Association of Chartered Certified Accountants (ACCA) is discovering similar findings in its annual reports on Global Talent trends. Gemma Gathercole, Strategic Engagement Lead for the ACCA says that 57% of accountants globally said their mental health was suffering because of work pressures.

Work pressures causing stress

“These pressures can be a combination of level of work, peaks and troughs or covering for other colleagues who are absent,” Gathercole says. “This is a huge challenge for the profession. We’ve done this survey now for three years and it has been cited as a concern in each one. As a profession we need to be mindful of it.”

Digging deeper into those work trigger points, Gathercole says there can be periods of high stress for accountants around key deadlines, such as the self-assessment window and the end of the tax year. “These times of the year definitely increase workload, but it is a year-round problem. The pressure from January bleeds through the year,” she says.

The increasing level and uncertainty of new regulations and legislation, such as the recent hike to Employers’ National Insurance in last year’s Budget, as well as recent economic woes hitting clients, is also taking a toll.

“We heard from members during the recent energy crisis that they were having to change forecasts on a weekly basis because there just wasn’t enough stability for them to have confidence in their numbers,” she explains.

Emotional intelligence (EQ) coach Kim Searle, who has worked with many accountants experiencing stress, adds: “Difficult conversations with clients can be stressful. You may have to give them bad news. Or a client, given the current economic climate, may also be stressed and giving you a difficult time.”

Sleepless night and irritability

So, how does the stress manifest itself? How can a colleague or client recognise there is an issue? “It’s not one size fits all. Everyone is different,” says Gathercole. “But it could be recognising when people are drawing back and not engaging in conversation. Perhaps someone is in the office before everybody else and is still there when everyone else leaves. Look for those triggers.”

Searle explains that signs also include waking up constantly through the night thinking about work, drinking or eating too much, irritability and being less tolerant with other people. “The signs are there but often they and colleagues just don’t pick up on them,” she says.

When it comes to mitigating the effects of stress, the ACCA has created its own Wellbeing Hub which helps its members with mental health support, wellbeing activities, articles and expert resources.

But Gathercole says this should be a ‘live conversation” for all employers to have with staff. “Be open to discuss mental health issues,” she says. “Don’t stigmatise it. If you’re a manager, then talk about occasions when you haven’t felt great. That can open up similar responses from others.”

Tech can ease the workload

Gathercole says technology can also help alleviate some of the more menial tasks in an accountant’s day. That could lower stress, but she added that it will always be in an accountant’s nature to “go back and check that the work has been done correctly”.

“If you get a quiet moment then speak to your peers and your network about new AI tools or systems that can help you out that you are not aware of,” she says.

More typical solutions to try and alleviate stress in the workplace can also be used, such as offering flexible work arrangements including remote working and mental health days. Training and professional development can also help ease some of the pressure on accountants and make them feel better about their careers and position within an organisation.

A positive work environment could also help, such as recognition programmes and even those oft-maligned ‘break-out zones’ to help colleagues connect with each other.

Talk to colleagues and clients

When it comes to dealing with excessive workload, Gathercole says accountants have to look at how they approach planning. “That includes working with your clients to get the information you know you will need in advance. Start talking to them in the February of the year before about year-end or self-assessment the following January. Be clear with your clients about what you need from them, when and why,” she explains. “If you are in a crunch point then lean on your team and ask for support. Be honest about where you are with the workload.”

Accountants can also lean on brokers who they work closely with, and have strong enough relationships with, to discuss professional and even personal issues. Markel, for example, can offer Employment Law advice and professional indemnity insurance, which can help accountants through challenging periods.

Generally, Gathercole says there is more work to be done by the industry in understanding stress and mental health challenges. “This is a barrier to the profession. We know from studies that the workload is something that puts new entrants off,” she says. “We need to be able to better show how we are managing this and how we are encouraging more of a work-life balance in the profession. We don’t want to scare potential accountants away.”