Embracing Sustainable Practices in Accounting

Does your accounting firm feel like it's stuck in a loop, with everyone feeling tired and stressed out?

Well, don't worry! We've got some simple solutions that can help turn things around. Let's talk about sustainable practices – they're like the superhero your firm didn't know it needed!

The Burnout Problem: The Facts

Imagine this: most of your team is is feeling burned out at some point. Its a big problem, right? Well, its pretty common in accounting:

• A 2022 University of Georgia (UGA) and FloQast study: This study revealed an alarming statistic - nearly 85- 90% of the surveyed accountants reported experiencing burnout. The respondents, exceeding 1,000 U.S. adults working in accounting and finance, indicated feelings of exhaustion, inefficiency, and detachment from their work.
• Deloitte's 2022 Workplace Burnout Survey: This survey found that 77% of respondents across various industries experienced burnout at their current job, with over half reporting multiple occurrences.

But before we dive into solutions, let's see if your team is showing any signs of burnout:

Signs Your Team is Burned Out

Before your accounting superheroes don their capes and jet off to save the day, it's crucial to recognize the warning signals. Keep your eyes peeled for these signs:

• If your team members resemble zombies more than CPAs, it's time for a burnout check.
• If mistakes become a regular feature in your financial reports, it's not just a minor hiccup.
• if you notice frustrated people in the coffee area or overflowing emotions like an unbalanced spreadsheet, burnout might be the reason.

Here are some contributing factors to burnout in accounting:

1. Work overload: The accounting profession faces a shortage of skilled professionals, leading to increased workloads for existing staff.
2. Long work hours: Meeting deadlines, especially during tax season or financial statement closing periods, often necessitates extended work hours.
3. Compliance challenges: Keeping up with ever-changing tax regulations and accounting standards can be mentally taxing.
4. Lack of control: Accountants may feel limited control over their workload or work schedule due to external factors and client demands.

Addressing burnout in accounting requires a collective effort.

The Power of Sustainable Practices

No more beating around the bush – let's dive straight into the game-changer for your accounting firm: sustainable practices. These aren't just fancy terms; they're the secret potions that can breathe life back into your firm, rescuing it from the clutches of burnout.

1. Make flexibility your superpower

Imagine giving your accountants the ability to be the masters of their time. Flexibility in work schedules and the option to work remotely are like golden tickets. They empower your team to strike a balance between work and personal life without sacrificing the productivity that keeps your firm running smoothly.

2. Invest in the mental health of your employees

In the fast-paced world of accounting, mental health often takes a back seat. But wait, it shouldn't! It's time to create a workplace where talking about mental health is as normal as discussing the latest numbers. Promote an environment free of judgment and encourage open conversations. Let your team know that it's perfectly fine not to be okay – it's a human thing.

3. Have efficient workflow management

Implement efficient workflow management systems tailored to the specific needs of your accounting firm. Use project management software and cloud-based platforms to track tasks, deadlines, and client interactions. By streamlining processes, you reduce the likelihood of bottlenecks and alleviate stress on your team, thus combating burnout effectively.

4. Client Relationship Management

Emphasize the importance of clear and transparent communication with clients throughout the engagement process. Implement client relationship management (CRM) systems to track interactions, deadlines, and client preferences. By fostering strong client relationships built on trust and transparency, you create a supportive environment for your team and reduce the risk of burnout.

5. Team Bonding and Supporting Culture

Think of team building as the superhero cape that binds your squad together, ready to tackle any challenge. Regular team-building activities aren't just for fun; they strengthen the bonds between team members. A supportive team culture is the invisible force that propels your firm forward, creating an environment where everyone feels like they belong.

6. Training and Skill Enhancement for Growth

Investing in your team's professional growth is like watering a plant – it flourishes. Introduce training programs and opportunities for skill enhancement. It's not just about preventing burnout; it's about keeping things interesting. When your team continues to learn and grow, monotony takes a backseat, and burnout struggles to find a place in your firm.

7. Adapt the right technology

Welcome to the age of accounting superheroes equipped with cutting-edge tools! Automation is the unsung sidekick that handles repetitive tasks, freeing up your team for more strategic endeavors. Providing your team with the latest accounting tools is like handing them a shield against the mundane, allowing them to focus on what truly matters.

Now let’s take a look at some of the industry news and insights.

Industry Spotlight??

1. 6 opportunities every firm should consider

An amazing article by David Hood on the burden of choice accounting firms faces these days. From the constant stream of new technologies and the proliferation of new firm models to the emerging demand for services in CAS, ESG, and beyond, one of the most critical choices firm leaders can make is which to pursue, and which to ignore.

1. KPMG launches 'energy check-in' meetings with staff flagged as burnout risks

Accounting giant KPMG has revealed plans to run 'energy check-ins' with employees who are at risk of burnout and other wellbeing issues.

Tips by our founder to get more time for yourself.

We get the constant juggle for more time.

Here's how you can turn the tide and preserve your sanity:

1?? Have A-Team : Hire superheroes, treat them well, and witness time-saving magic unfold!

2?? SOP Mastery: Craft detailed procedures for crystal-clear communication. Tight on time? Loom + ChatGPT for speedy SOP creation.

3?? Check-in Ritual: Regular syncs with team leaders keep the ship sailing smoothly. Brainstorming sessions? They're my secret productivity sauce.

About Ace GLOBAL

Ace Global provides highly skilled CPAs and accountants from all across the world to CPA firms across the USA.

• Find best-in-class accounting talent.
• Increase your capacity while also saving time and money.
• A global talent solutions provider with over a decade of workplace management experience exclusively serving the accounting industry.

There’s a whole world out there. Why not hire anywhere?

Get in touch with one of our specialists today.

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