Best practices for CPA firms to help their remote team
Many people had to make significant changes to their working and personal lives when the COVID-19 pandemic forced the majority of the workforce to work remotely. And this applies to accounting firms as well.
During the COVID-19 pandemic, 76% of the financial services workforce was able to work remotely.
However, finding a work-life balance is one of the difficulties for remote employees.
When you work remotely, it can be challenging to put your work aside because your office is close by and your work phone is always within reach when you're trying to unwind in the evenings.
But let’s first talk about remote working for accountants.
There is no denying that working remotely has many benefits, which is why many people choose to do so even when they are finally permitted to return to the office.
Instead, scale back operations, restart Zoom, and get ready to let events play out as they will. You'll have to let your people make their own decisions and not pressure them to return.
Because it's your human resource on the line. And for the accounting industry in the US, it is scarce.
One may say, why remote even after the pandemic?
The Great Resignation is still affecting every industry. In 2021, more than 40 million people left their jobs, and 40% of employees changed employers. In 2019, there was already an 18% increase in turnover in the accounting industry.
The past two years probably didn't make things much better. (Recall the pandemic work schedule?)
Additionally, the value of an accountant in the market has remained constant for some time. In essence, it's not good:
Unsurprisingly, accounting professional associations are attempting to avoid talking about the high levels of dissatisfaction.
In light of all of this, it’s time for a change. Don't waste the one advantage that accountants had: a hybrid work environment. Here is what you should do instead.
Adapt A New Work Environment
Regardless of the industry, work-life balance is a topic that is frequently discussed in businesses. But as remote work becomes more common, the idea of work-life balance shifts from being an individual objective to being more of a team effort.
A healthy work-life balance is a term that is frequently bandied about carelessly. Additionally, the phrase becomes more than just a catchphrase if a CPA firm employs remote workers. Everyone must do it in order to succeed.
Now let's explore how accounting firms foster this new remote work culture while still ensuring that their employees have a positive work-life balance.
Improving work-life balance for remote employees
While encouraging a balance in accounting firms can be challenging, especially when everyone works from home, the advantages of work-life balance are obvious, including better employee retention and increased business profitability.
Here are five quick actions you can take to make sure your remote employee has a better work-life balance:
1. Encourage?breaks while working
CPAs aren't machines, but they do occasionally need to have their batteries recharged. Given that there are constant numbers to crunch and deadlines to meet, taking breaks at work can occasionally seem impossible. However, a culture of overworking and stress can develop if people don't take breaks during the day to eat, drink, and refuel.
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Encourage them to take short walks and quick breaks from the numbers on the computer to ensure better productivity and mental health.
2. Check in on your employees regularly, and start today
You might assume everything is fine because they work remotely, but their stress might be high. Asking is the first step to showing your staff that you care about their well-being. Acting on what you learn is the second and most important step.
With regular check-ins, you can learn how your staff feels about their work-life balance at the accounting firm and come up with solutions by holding regular meetings with them. By being honest and open with your staff, you can also let them know how you manage your work and personal obligations, which will give them the assurance to establish boundaries between work and personal hours.
3. Limit work hours, especially during the busy season
When working from home, it can be difficult to maintain a schedule. You'll feel like it's simple to respond to one more email or make one last call before cutting the connection. Before you know it, though, it's late at night and you still haven't had dinner.
Think about the tasks you perform on a daily basis at work, such as attending team meetings, responding to inquiries, or coordinating with clients or project managers. Set a time limit for each task after you have a clear idea of everything you need to get done in a day.
Set time limits that are appropriate for each of your tasks. Your day will be more productive as a result, and you won't have to worry about meeting too many deadlines.
Don’t overwhelm your team. Read this article to know how to thrive this tax season.
4. Pay people more or compensate them
Get your pay adjusted for the market. Price increases may be necessary.
In this regard, the Big Four are already setting the bar high. KPMG recently disclosed that it would spend $160 million on staff raises. There is no doubt that this is a calculated investment aimed at reducing turnover.
If you are stuck with a budget due to inflation, you can compensate them by providing facilities like health insurance, daycare, and other necessities.
5. Build your capacity
So, here is a thing. We are well aware that accounting firms struggle with an excessive workload that is handled by a small team. For businesses to achieve work-life balance, they must look beyond conventional thinking.
Making sure your team has enough members to handle the work that is assigned to you is crucial to the success of these efforts. Accounting outsourcing is one method of achieving this. Work with a reputed name that offers outsourcing services for CPA firms to outsource time-consuming, commoditized compliance work.
Work with a reliable offshore outsourcing firm that can provide accounting services for your accounting firms to help you with time-consuming, and compliance work. This will free up time for your internal team, ensuring a better work-life balance as well as allowing them to use that time for other revenue-generating tasks.
To Conclude
In the future, businesses will need to learn how to collaborate with their remote teams. They will need to get ready for cultural changes as well as adjustments to the workplace and how work is distributed. It's not simple to make the transition to remote work. It's crucial to get ready by teaching your team how to achieve a better work-life balance.
Whether you're working onsite or remotely, striking the right balance will significantly increase your firm’s productivity and efficiency.
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