Accountant Burnout Is On The Rise – How Technology Can Help
Today, we’re diving deep into the cause of accountant burnout, why the struggle exists, and providing some keen tech solutions to help ease the issue at hand.
The pandemic was hard on everyone, but it seems to have taken a particular toll on the financial industry. A recent study found that accountant burnout is at an all-time high, with nearly half of respondents saying they feel burnt out from their job. Even before the pandemic, accountants were struggling. It wasn't uncommon for them to log 60-70 hour work weeks. Then came the pandemic, change in work style, and the sheer messiness of adapting to a new financial ecosystem.
So, what was the initial cause of the burnout cycle?
Well, there are a few factors at play, but most signs point back to 2020. This was a time when many people shifted from in-person work to working from home. Financial worries were at an all-time high (and with recession worries trending, they still are). Many people in the financial space report that they found themselves working longer hours from home while trying to balance childcare and other responsibilities.
Along with the onset of the pandemic, there was also an increase in regulation and paperwork for accountants. With so many businesses struggling to stay afloat, there was and has been a lot of pressure on accountants to make sure everything is in order to avoid any IRS issues for these businesses.
To sum it up: What started in 2020 caused a domino effect, and burnout has now reached an all-time high.
Why are accountants struggling presently?
AS we explained above, the professionals in the financial industry are under more pressure than ever before. The demand for accounting services has gone up, accompanied by rapid legislation changes and heightened client expectations.
These factors have placed pressure on firms to not only deliver great results, but also take on more advisory positions. The sheer volume of work can be overwhelming, and the need to be up-to-date on the latest legislation means that many accountants are struggling to keep up with the demands of the job.
Though the demand on the industry is unlikely to lessen anytime soon, technological advances have come a long way in helping firms automating systems, streamline day-to-day tasks, and serve clients more efficiently.
How technology can help alleviate accountants’ burnout
Automating repetitive and time-consuming tasks can free up accountants' time so that they can focus on more value-added activities.
For example, cloud-based automation software can be used to generate reports, reconcile accounts, schedule appointments and send invoices. Modern day technology allows accountants to spend less time on mundane tasks and more time on strategic planning and client relations.
In addition, automation technology can help to reduce the error rate by ensuring that data is entered correctly and eliminating the need for manual input. As a result, automation technology can help to improve accuracy and efficiency, making life easier for accountants and reducing the risk of burnout.
Here are a few top automation tools for accountants
- Xero:
Xero Practice Manager is an essential tool for streamlining workflows, timesheets, and invoicing. Xero lets you assign work to staff, track and invoice for time, integrate with other software tools for invoicing and payments, and create customized reports. It is based on the cloud infrastructure, which allows you to access your data from anywhere in the world. It’s best known for its powerful mobile app, robust time and billing system, and ability to allocate various jobs with specific due dates.
- Taxdome:
TaxDome is an all-in-one practice management platform designed to help accounting firms streamline their workflow and improve efficiency. Accounting firms can manage their client accounts, emails, invoices, and current jobs in one shared space. The platform also includes client-facing tools such as document management, e-signatures, and messages. This allows firms to provide a seamless experience for their clients while reducing the amount of time spent on administrative tasks
- Karbon:
Karbon is a great tool for accounting firms, as it helps manage deadlines and has a feature that turns emails into tasks. This program is important for financial service providers since most finance-related tasks are completed on a monthly, quarterly, or annual basis. The platform’s built-in CRM feature helps manage and maintain client relationships through information management and automation. Aside from that, this tool also allows firms to send reminders and continue bringing in client business regularly. While these are some of the stronger points of the software, one of the most notable downsides for users is the lack of seamless outbound email integration.
If you're feeling burnt out from your job as an accountant, don't despair. Automation technology can help take some of the burden off of your shoulders.
Wrapping It Up
Overall, accountant burnout is caused by several factors however, there are ways to combat accountant burnout using automation technology. Automation technology can help by taking on repetitive tasks, improving accuracy and efficiency, and freeing up time for accountants to focus on more value-added activities.
If you're feeling burnt out and ready to take control of your business using tech solutions, Intuitive Networks can help. Use the button below to schedule with one of our MSP experts today and create a customized solution for your business.
