May is Mental Health Awareness Month, an opportunity for advisory firms to prioritize well-being and rejuvenation.
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Tax and accounting professionals are no strangers to long hours, heavy workloads, and high-pressure deadlines. These demands can especially take a toll on advisory firms, leading to burnout, stress, and anxiety.
May is Mental Health Awareness Month, an opportunity for advisory firms to prioritize well-being and rejuvenation. The stress from tax season may linger even after filing deadlines, so recognizing your employees’ mental well-being is not just an act of compassion — it is a strategic business decision that can increase productivity, enhance client service, and a create harmonious work-life balance for all.
Here are four ways your firm can invest in healthy behaviors this month.
1. Reduce stress by setting boundaries
One of the main sources of stress for advisory firms, especially smaller ones, is the overwhelming workload. It is important to communicate clearly with your clients and team about your workload to avoid taking on more than you can handle. Remember to take breaks during the day and avoid checking emails or work-related messages after working hours.
Setting boundaries can also open the doors to achieving a healthy work-life balance. Take time to evaluate your firm’s policies and practices regarding work hours and flexibility. Ensure your team feels encouraged to prioritize self-care however they see fit, whether by spending an afternoon out of the office or taking time off for a vacation.
By promoting a culture that values and supports work-life balance, your team will feel empowered to take breaks, recharge, and engage in activities that promote their mental well-being. A mentally healthy environment can lead to better decision-making and improved overall performance — ultimately enhancing the quality of the advisory services you provide.
2. Outsource demanding tasks
During Mental Health Awareness Month, consider outsourcing certain tasks to alleviate the burdens on your team. Delegating non-core activities to external service providers allows you to free up valuable time and mental energy for your staff — leading to a healthier and happier workplace.
Outsourcing not only reduces stress but also permits your team to focus on higher-value activities that require their expertise and strategic thinking. Furthermore, this can encourage them to take ownership of their workloads and better serve their clients in exciting and engaging ways.
3. Offer wellness benefits
According to ACCA’s Global Trends Survey 2024, 63% of firms want more support in managing their mental health from their employer. Help your advisory firm cope with the challenges of a demanding profession by introducing wellness programs into your workplace. These programs are designed to help accounting professionals better manage the types of stress they’re most likely to encounter on the job.
Accounting employee wellness programs may include:
- Free access to confidential counseling or referrals
- In-home treatment services
- Mental health education
- Access to well-being apps and online tools
Building a workplace culture that values mental health allows your team to feel safe and supported, making them more likely to stay motivated and engaged in offering advisory services.
4. Invest in AI-powered tax software
Technology has revolutionized the tax and accounting industry, and AI-powered tax software can be a game-changer for advisory firms. These advanced tools can automate repetitive tasks, streamline processes, and enhance accuracy.
By investing in AI-powered tax software, your advisory firm can significantly reduce the time and effort spent on manual tasks. This not only increases efficiency but also minimizes the risk of errors, which can be a significant source of stress for your firm. With more time and mental bandwidth available, your team can focus on providing strategic advisory services and nurturing client relationships.
Improve your advisory firm’s staff well-being today
During Mental Health Awareness Month, give your teams the time, space, and tools they need to achieve the right work-life balance for themselves as well as the maximum productivity your firm needs. Remember that prioritizing mental health doesn’t just benefit employees — it also helps advisory firms like yours become more successful.
For more tips on managing stress and staying positive at your advisory firm, listen to the Pulse of the Practice podcast hosted by Paul Miller and Mo Arbas. You can also read our self-care blog series to learn more strategies on how to take care of yourself throughout the year.
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