28% of Accountants Say Work Is Harming Their Mental Health

People in accounting are struggling. 

It is known that accountants often work long hours, especially during busy seasons, and face the pressure of not making mistakes that could have serious consequences for clients. This kind of pressure can take a hugh toll on mental health and well-being, leading to stress, anxiety, burnout, and depression. 

According to a recent survey by Thomson Reuters, 28% of accountants say that their work is harming their mental health. The survey, which involved more than 7,000 professionals across eight countries, also found that 41% of accountants feel overwhelmed by their workload, 32% struggle to balance work and personal life, and 24% have experienced bullying or harassment at work.

However, not every field is grappling with a talent shortage like the accounting sector, which simultaneously faces a surge in demand. This combination makes meeting timely deliverables especially challenging.

The Case of Remote Work

The survey revealed that the COVID-19 pandemic has exacerbated the challenges faced by accountants, as they had to adapt to remote work, deal with increased client demands, and cope with uncertainty and isolation. More than half of the accountants surveyed said that they worked more hours during the pandemic than before, and 44% said that they felt more stressed.

Remote work can have both positive and negative impacts on accountants’ mental health, and there are a thousand articles on the topic trying to make a case on both upside and downside of this phenomenon. On one hand, it can offer more flexibility, autonomy, and convenience, as well as reduce commuting time and costs. On the other hand, it can also create communication barriers, make us feel isolated, blurred boundaries between work and home, and bring even more difficulties to naturally procrastinating profiles on managing distractions and interruptions.

Therefore, here we are addressing what accounting firms can do to support their remote workers and promote a healthy work culture that values mental health and well-being. 

What Accounting Firms Can Do For Mental Health

Acknowledge Boundaries

Recognize and honor the distinction between work hours and personal time. Employees should be able to disconnect once the workday concludes without the fear of intrusion into their private lives.

No Expectation of After-Hours Communication

Make it a company policy that employees aren't expected to respond to emails, calls, or messages after office hours unless previously arranged for exceptional cases.

Encourage Quality Breaks

Promote the idea of taking regular, undisturbed breaks during the day. This can include short walks, mindfulness exercises, or simply stepping away from the workstation, aiding in mental rejuvenation.

Flexible Work Schedules

Where possible, allow flexible work hours. This not only acknowledges individual working patterns but also respects personal commitments, improving work-life balance.

Fun Team Activities

Enhance mental well-being with fun activities ranging from virtual team-building sessions to group outings. Remote workers should have dedicated virtual activities to foster connection and inclusion.

Employee Appreciation Day/Week

Celebrate employees' contributions with dedicated appreciation days or weeks. Recognizing efforts can boost mental well-being and provide a sense of belonging.

Offsite Meetings

Hold meetings at external locations to rejuvenate creativity and collaboration. This change in environment can aid mental refreshment and team-building.

Budget for SPIFs/Perks

Allocate funds for performance incentives and additional benefits like wellness programs or mindfulness sessions. These tangible recognitions can enhance mental well-being.

The Case With AI and The Future Of Work

Another factor that can affect accountants’ mental health is the fear of losing their relevance or value in the face of technological advancements such as artificial intelligence (AI). However, the report emphasized that AI is not a threat to accountants’ jobs; rather, it is an opportunity for them to enhance their skills and roles. 

AI cannot replace the human aspects of accounting, such as creativity, judgment, ethics, empathy, and communication. AI can also not understand the context or nuances of accounting situations or provide advice or solutions that meet the specific needs of clients or stakeholders. Therefore, accountants can leverage AI to augment their capabilities and add more value to their work. 

Accounting Positions Are Not Going To Disappear

According to the Future of Professionals report by Thomson Reuters, AI will have a transformational impact on professional work by 2028. The report predicts that AI will create new roles and services for professionals, such as data scientists, AI trainers, AI auditors, and AI consultants. The report also estimates that AI will generate $14 trillion of additional revenue and cost savings for businesses by 2035.

AI can help accountants perform tasks faster, more accurately, and more reliably, as well as provide insights and recommendations that can improve decision-making and problem-solving. AI can also free up accountants from mundane and repetitive tasks, allowing them to focus on more strategic and creative aspects of their work, such as planning, analysis, consulting, and advisory. This way, accountants can not only improve their mental health and well-being, but also enhance their career prospects and opportunities.