Strategies to manage work-life balance and burnout are becoming increasingly important for accounting firms. Between the significant shortage of accountants, new tax and regulatory changes, and higher demand, it’s no wonder accountants are burning out at rapid rates and leaving firms understaffed.
Nearly 80% of finance accounting managers are worried about retaining high-value CPAs or employees due to factors like low morale and heavy workloads. Considering that 99% of accountants report feeling high levels of chronic stress, there is every reason to be concerned.
So what’s the solution? While there’s no single fix for the accounting industry, implementing better workforce management procedures can help alleviate some of the burdens placed on staff accountants through better organization, protocols that encourage work-life balance, and an easier way of keeping hybrid and remote teams connected.
Why Is Work-Life Balance Important for Accounting Firms?
Proper accounting requires significant attention to detail, critical thinking, and an analytical mindset – all of which can be impaired when an accountant is feeling overwhelmed. This leaves a higher chance for critical errors and decreases the reliability of the work.
According to Accountancy Age, 85% of accountants reported having to reopen their books at least once in 2022 to fix mistakes, and nearly half had to reopen their books three or more months out of the year. This could lead firms to incorrectly report income, expenses, and other important datasets to their clients.
How Improved Workforce Management Can Help What?
By design, workforce management centers on strategically maximizing resources and performance levels across an organization. In today’s digital age, the easiest way to keep track of things like client billing, resource allocation, and project management is to implement workforce management software.
Here are a few ways workforce management software can alleviate common challenges, such as work life balance in the accounting and finance industry.
Easier Accounting Business Forecasting
Workforce management software helps provide (greater transparency v. full transparency) full transparency into:
- Which employees are working on which projects
- Real-time project progress
- What work is billable versus non-billable work
- Which projects have already been completed
- Which staff (and teams) have the potential for additional work (e.g., billing capacity), and, conversely, which staff might have “too much” work
By having visibility into each team and team member’s schedule and workload, accounting firms can better forecast future projects based on each employee’s workload and availability. This helps to ensure an equal distribution of work, eliminating the chance of unknowingly piling too many projects on one employee or one team.
More Effective Remote Work Management for a Corporate or Small Accounting Firm
Accounting firms that don’t offer remote or hybrid work are having a tougher time attracting top talent from today’s competitive applicant pool. While more than 40% of finance managers want their employees working on-site, 65% of accounting professionals say they prioritize jobs with remote work options when applying for work.
Having a workforce management system in place makes it easier for firm leaders to track productivity, monitor task completion, and make business analytic comparisons about the current cost of productivity and turnover rates, making remote work management a less intimidating possibility.
Happier Employees
Many public accounting employees are leaving their positions for corporate jobs with more manageable workloads. Amidst the volatility of the accounting industry, accountants are looking for:
- Predictability
- Sustainability
- An aligned workplace culture
- A firm that encourages work-life balance
The tools located within workforce management systems are designed to:
- Keep remote and hybrid teams connected with communication channels and shared meeting notes
- Advocate for work-life balance by stopping employees when they’re about to work overtime and reminding them to take scheduled meal breaks
- Help employees stay organized with personal task tracking both inside and outside of work
- Provide visibility into each project’s progress, enabling them to better predict when a project might hit their desk
Create a More Engaging Work-Life Culture With Workforce Management Software for Accounting Firms
With a 33% drop in the number of first-time accounting candidates sitting for the CPA exam in just a five-year period, the accountant shortage is only going to worsen. Firms that want to survive must work to improve their employees’ work-life culture to maintain a competitive talent edge.
coAmplifi’s workforce management system was built specifically to navigate the challenges of today’s accounting professionals. Find out why other accounting firms are using coAmplifi – schedule your demo now!
