Stress is a common issue among many professions, and the field of accounting is no exception. According to a recent study, accounting is among the top 10 most stressful jobs in the world. In January 2023, accountants are facing a number of stressors that can have a significant impact on their physical and mental well-being. One of the main stressors for accountants is dealing with clients, but also the pressure to meet deadlines. With the constant stream of tax deadlines, year-end reports, and other financial obligations, accountants are under a lot of pressure to get everything done on time.
This can lead to long hours, missed breaks, and a lack of work-life balance, all of which can contribute to stress. These issues arise mostly from not having good procedures in place for dealing with clients and the associated workload. Another major stressor for accountants is the increasing complexity of accounting and tax laws. With new laws, regulations, and requirements being introduced on a regular basis, accountants must stay on top of the latest changes in order to ensure compliance. This can be challenging, especially for smaller firms or solo practitioners who may not have the resources to keep up with the latest developments.
Remote working has become the norm for many, which has led to a lack of separation between work and personal life. This can make it difficult for accountants to disconnect from work, which can lead to increased stress and burnout. The pressure to be constantly available to clients, colleagues, and staff, with the expectation of instant response, is also a stressor that has been exacerbated by technology and the need to always be connected. To mitigate the stress, firstly, accountants need to ensure they have procedures in place to mitigate stress caused by dealing with difficult clients, multiple workloads, and deadlines. Getting the right clients in the first place and having a system for dealing with most client eventualities can significantly reduce stress.
it is important for accountants to take steps to take care of their physical and mental well-being. This can include regular exercise, proper nutrition, and getting enough sleep. Additionally, it is important for accountants to set boundaries and make time for themselves outside of work. This can include taking regular breaks, setting aside time for hobbies and interests, and disconnecting from work when not needed.
Conclusion
In conclusion, stress is a significant issue for accountants in January 2023, due to the pressure to meet deadlines, the complexity of accounting and tax laws, and the pressure to be always available. To mitigate stress, accountants should take steps to take care of their physical and mental well-being, set boundaries and make time for themselves outside of work, and seek support when needed.
123 Sheets:
123 Sheets is a VAT and MTD ITSA spreadsheet software that helps accountants to prepare and file their client's value-added tax (VAT) returns. It streamlines the process of calculating, collecting, and reporting VAT to the government, making it more efficient and accurate. 123 Sheets software provides a user-friendly interface and includes features such as automated calculations, and data import/export capabilities. It also keeps track of all the returns and deadlines, making sure nothing is missed. Overall, 123 Sheets is designed to help accountants and taxpayers save time and reduce the risk of errors when filing VAT returns.
FAQs
In January 2023, accountants are facing a number of stressors that can have a significant impact on their physical and mental well-being. One of the main stressors for accountants is dealing with clients, but also the pressure to meet deadlines.
How stressed are accountants? ›
Nearly 9 in 10 accountants want a better work-life balance, while just over 70 percent would like more help from their organizations to manage mental health, according to ACCA's Global Trends Survey 2023. Long hours and heavy workloads are nothing new for many accounting professionals.
What is the career outlook for accounting 2023? ›
Employment of accountants and auditors is projected to grow 4 percent from 2022 to 2032, about as fast as the average for all occupations. About 126,500 openings for accountants and auditors are projected each year, on average, over the decade.
Why do so many accountants quit? ›
Concerns about becoming embroiled in ongoing global scandals have led some accounting professionals to look for work elsewhere. Other accountants have simply realized they can make more money and have more flexibility outside of their current industry.
Are CPAs declining? ›
- According to the AICPA, there is a 33% decline in first-time candidates taking the CPA exam. - In 2022, there were 1.6 million Accountants/Auditors in the profession. - Of the 1.6 million, 300,000 left the profession and only 47,000 entered it. Jobs are increasing, Accountants are decreasing.
What is the accounting issue in 2023? ›
In conclusion, the accounting industry is facing a number of challenges in 2023 such as digital disruption, growing concerns surrounding talent, and new areas of interest in management accounting. Firms need to stay up-to-date with the latest trends and technologies to position themselves for success.
What is the burnout rate for accountants? ›
A FloQast survey of approximately 200 accounting and finance professionals found that 99% of surveyed accountants report feeling burned out. Of that, 24% reported medium to high levels of burnout. Below, we'll discuss what may be causing this.
What percentage of accountants are happy? ›
But when it comes to doing their job, over 90% of accountants are satisfied with their current job (95%) and the company they work for (94%).
Are accountants happy with their job? ›
Nearly all (94%) said they are satisfied with the company they work for, and 93% said they are satisfied with the current state of accounting.
What is the long term outlook for an accountant? ›
The U.S. Bureau of Labor Statistics (BLS) projects employment of accountants and auditors to grow 4% from 2022 to 2032, with about 126,500 job openings each year, on average, over this period. This growth is projected on a national level and local growth will vary by location.
Early- and Mid-Career Accountants Leave the Profession
Accounting Today attributes part of this attrition to the “Great Resignation” — the mass exodus of career professionals in the wake of the COVID-19 pandemic as the culture began to re-evaluate the role of work and career in their sense of personal fulfillment.
Why are accountants paid so little? ›
Some attribute the stagnant pay simply to supply and demand—in the past, when companies had plenty of students to recruit, they weren't pressed to increase entry-level earnings. Also, some smaller accounting offices have said they are worried about their own profitability, and are reluctant to raise clients' rates.
Will CPAs become obsolete? ›
Accountants aren't going away—why you don't need to worry
As an accountant, the roles you play in business are vital. You just need to embrace these inevitable changes.
Is the CPA changing in 2023? ›
A new version of the CPA Exam launched on January 10, 2024. The CPA licensure model is transforming to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future.
What is the future for CPAs? ›
Based on the U.S. Bureau of Labor Statistics, the job outlook for auditors and accountants from 2021 to 2031 is expected to see a 6% increase. This makes the accounting field, and careers with CPA licensure, a secure profession to pursue in the future.
What are the changes to the CPA 2024? ›
In 2024, the CPA Exam is keeping AUD, FAR, and REG, and introducing three new disciplines. Those disciplines are Business Analysis & Reporting (BAR), Information Systems & Controls (ISC), and Tax Compliance & Planning (TCP).
Is there a shortage of accountants in 2023? ›
Wall Street Journal – “The Accountant Shortage Is Showing Up in Financial Statements” (July 11, 2023) Forbes – “Accountants Are Turning Away Work—Hurting Firms and Small Businesses” (December 26, 2023) Financial Times – “Dire Shortage of Accountants Prompts Calls for Shake-up” (January 4, 2024)
