As you know, the looming 5 October deadline for self-employed individuals to register for Self-Assessment is a critical point in the calendar for accountants.
However, while this date might bring in more revenue for you and your team, it also represents a significant stressor for those in the profession.
We’ve seen time and again that the influx of clients rushing to meet this deadline often pushes accountants to their limits, exacerbating an already strenuous workload.
The strain on resources, time, and mental health during this period is a stark reflection of the deeper issues plaguing the accounting industry.
In fact, recent data from the ICAEW – reported by Accountancy Age – highlights the alarming severity of the mental health crisis within the accounting profession.
Almost one-third of accountants (30.4 per cent) struggle with mental health issues.
More than half (51 per cent) acknowledge that depression and anxiety frequently cause them to dread going to work.
Additionally, 43.5 per cent of these professionals believe that their job plays a significant role in their deteriorating mental health.
This underscores how the pressures of the job, especially during critical deadlines like the 5 October, are significantly impacting accountants’ wellbeing.
Recruitment problems making things worse
Compounding these challenges is the ongoing talent shortage within the accounting and finance sectors.
According to recent research from Avalara, an overwhelming 84 per cent of CFOs in the United Kingdom and the United States are struggling with a significant shortage of talent within their teams.
Of those surveyed, 47 per cent attribute this shortage to issues such as employee burnout from long working hours and the repetitive nature of accounting tasks.
Both of which are prompting professionals to leave the industry or switch careers entirely.
Findings fromAdvancetrack’s Accounting Talent Index reveal that 88 per cent of accounting professionals worldwide report that extended working hours, driven by an ‘existential’ skills shortage, are significantly harming their mental health, work-life balance, and stress levels.
The impact of these long hours is widespread and deeply concerning.
Alarmingly, one-third of respondents describe the damage to their wellbeing as ‘severe’.
This talent depletion not only increases the workload for those who remain but also amplifies the stress and pressure they endure during peak periods, such as the Self-Assessment registration deadline.
These statistics paint a bleak picture of the profession, where increased workloads during critical periods are not just a temporary inconvenience but a serious threat to the overall wellbeing of accountants.
