The Future of Work
How Automation Can Improve Work-Life Balance in Accounting
Achieving work-life balance in accounting isn’t just a lofty goal that sounds nice – it’s a must to maintain both productivity, employee satisfaction, and individual well being. When you can help your team strike a better balance between their work and personal life, the positive results are too hard to ignore.
However, work-life balance is hard to achieve in an industry where professionals face increased workloads due to many factors, a few of which include:
- A talent shortage, which I’ve talked about extensively before
- Many accounts reaching the age of retirement
- An ever growing need for accountants
- Globalization and cross-border complexities
- Increased demand for real-time reporting and information
- Compliance and regulatory demand increases
A big problem arises where simply continuing to add more to the plate of accountants is not viable.
So, where do we go from here?
Automation is a vital place to start, because it can allow your team to do more in less time, especially when integrated properly with the right technology solutions. In tandem, automation empowers accounting departments to transform financially by enabling greater strategic insight and agility. This allows leaders to make informed decisions faster and adjust to changes as they arise.
However, to truly capitalize on automation and reduce your accountants’ workloads, it’s essential to first understand the current state of the industry. As we’ll explore, managing – and even lowering – your accountants’ workload is possible with the right approach.
The Current State of Work-Life Balance in Accounting
It’s no secret that overworking your accountants leads to burnout. Employees excel when they have time for work and the personal activities they enjoy in life. It’s been found that the average person will spend over a third of their life working, and that’s only the average person.
When looking at accountants, they often work even more than the average person – which puts them at an even higher risk for burnout. For example:
- CFOs work 50 – 60 hours a week; some report working 90 hours each week
- Some controllers work 10 hours a day, six days per week
Looking at these numbers, it’s no surprise that one survey of over 200 accounting and finance professionals found that 99% of accountants felt burnout at some point during their careers.
And how does this impact employee retention? 72% of accounting professionals report they would leave their current employer if it meant they had more work-life balance.
The evidence is overwhelming: many accountants are overworked and would be happy to say ‘yes’ to an opportunity that enabled them to achieve better work-life balance.
Work-life balance is worth investing in not just for retention purposes, but also to improve:
- Mental health: Time away from work is good for your mental health, and that’s a fact. One study of 243 public records found that overworking led to depression and anxiety.
- Physical health: Focusing on the study mentioned in the last point, work stress and overworking can lead to fatigue, potential risk of hypertension and cardiovascular issues, and other health issues.
Balancing life and work leads to greater mental and physical health, which can improve job satisfaction and even boost productivity in the process.
I can attest to this myself, as I notice that I do better and accomplish more in short work sprints. After a few long days of work, I feel like everything is taking twice as long as it should. Research supports this too, as a Stanford University study found that after 55 hours productivity drops so much that putting in any more hours is pointless.
With this understanding, it’s time to take proactive steps. If you want to restore balance and reduce the risk of your team burning out, automation is a practical solution and first step.
How Automation Can Help Restore Balance and Reduce the Risk of Burnout
Working 50 – 90 hours a week will, eventually, wear down even the most diligent and dedicated accountant. Over time, the exhaustion will hit and cause your team’s productivity to fall. Employee turnover will likely increase as well because, as we’ve seen previously, over 70% of accounting professionals are willing to leave their employers for better work-life balance.
Leveraging automation will help your team have more free time by:
- Reducing the risk of errors
- Improving overall efficiency
- Reducing manual tasks
Automation frees up an accountant’s day so that they can focus on more fulfilling tasks that they want to do.
Fulfilling work feels less like work and helps improve employee satisfaction. You want your accountants to be fulfilled and confident in their roles, and automation is just one piece of the puzzle in achieving work-life balance.
Reviewing your tech stack is an additional step to help reduce employee workloads.
The Tech Stack You Should Be Leveraging
Technology can empower accountants to get more done in less time, allowing them to focus on more rewarding tasks.
But not just any technology will do.
Accountants want an integrated technology solution built with their needs in mind. In fact, research shows that accountants who work with an integrated technology solution have an 80% chance of staying in their job compared to 10% being willing to stay with their job when working with no integration.
A solution like FloQast, for example, empowers accountants with tools designed for them, including:
- Workflows that leverage automation, provide greater control and optimize processes.
- Integrations with tools they’re already using, like spreadsheets, Slack, email and more.
These tools are all available on a single platform, making it even easier to get things done faster and with greater accuracy.
Ultimately, your tech stack should make life easier for your accounting team and not more frustrating. Choosing the right solution is key, so take the time to carefully weigh your options and gather input from your team.
Other Key Factors in Achieving Work-Life Balance
Automation coupled with the right technology stack is a great start to achieving a better work-life balance, but other practices should also be put in place to ensure your team feels fulfilled.
Start by sitting down with each team member and finding out what’s important to them. How can you provide support and help make that a reality? For example, if someone on your team wants to move up the corporate ladder, is there a way you can help them achieve that goal?
You can also help cultivate a better work-life balance for your team by:
- Providing top-down support and taking a proactive approach to the management of working hours. Managers and leaders need to be cognizant of employees who are working more than normal hours. Check on employees to see what can be done to reduce their workload. Far too often, employees are praised for working more, but there’s a fine line between extra effort and overworking to the point of burnout. Addressing the issue now can help prevent things from escalating in the future.
- Establishing an open-door policy and check-in with employees’ work-life balance. Make sure your team members feel comfortable coming to management when they have too much work on their plates.
- Encouraging life outside of work. Support your team in other interests, whether it’s hobbies, ensuring they can get to their kid’s weekly baseball game or taking a two-week international trip every year. Make sure your team is finding happiness outside of the workplace.
Taking a proactive approach and providing support to your team is crucial to preventing burnout and cultivating a culture that prioritizes work-life balance.
Final Thoughts
Achieving work-life balance is a challenge for many working individuals, but it can be especially difficult for accountants to manage, as demands and expectations continue to grow every year. Automation is an important first step in reducing your team’s workload, but it’s important to take a well-rounded approach if you really want to improve work-life balance.
Providing support and encouraging fulfillment outside of the workplace can help keep your team happy and productive while keeping burnout at bay.
