Home Tax News Accountants sacrifice personal wellbeing to support clients during new tax year period – Accountancy Age

Accountants sacrifice personal wellbeing to support clients during new tax year period – Accountancy Age

0
Accountants sacrifice personal wellbeing to support clients during new tax year period – Accountancy Age

With the 2022/23 tax year having just ended on April 5, accountants are likely to be recovering from what is often an incredibly stressful period. In the months leading up to the end of each tax year, small businesses rely on their accountants more than ever.

According to new research from Intuit QuickBooks, this reliance can mean the period around the start of the new tax year becomes a time-consuming and overwhelming period for many accountants who are trying to keep their clients happy, prepared and low on stress.

The research reveals that 30% of small business owners find preparing for the start of the new tax year the most stressful and high-pressure time of year, second only to the busy Christmas period.[i] Luckily for small business owners, over three quarters of accountants say they are prepared to work extra hours to help reduce their client’s burden during this period.[ii]

On average, accountants say they work four hours longer than usual each week, for a period of five weeks in order to prepare for the new tax year – adding up to almost a day (20 hours) in overtime per accountant.[iii]

Rachel Harris, director at accountancy practice striveX, founder of @accountant_she, and director and trustee of the Association of Accounting Technicians encourages small businesses to lean on accountant knowledge and advice rather than struggling alone.

“No matter your skill or success level, there are people you can and should rely on to help you. Your accountant is top of the list. They can support you in countless ways, but the first is both as obvious and as essential as you’d expect: compliance,” she says.

“When I speak to clients, so many equate financial processes with rising anxiety levels. Before they even say a number to me, they’ll tell me a feeling. Worry, fear, stress – the concern that stems from not knowing if your business is compliant or if you’re making the right decisions is an incredible burden for many business owners. But you don’t have to do this by yourself – the right accountant can take the weight right off your shoulders.”

Many accountants see putting in extra hours around New Tax Year as an important part of being a good advisor to clients, building relationships, and ensuring the future success of their business.

Jolawn Victor
Jolawn Victor, Intuit Quickbooks

While it is important that small businesses know where to seek help, many accountants make personal sacrifices to accommodate for the extra demand. QuickBooks’ research amongst accountants suggested that nearly two thirds sacrifice having a good work/life balance and nearly half sacrifice getting a good night’s sleep.[iv],

With this in mind, over three quarters of accountants admit they’d benefit from additional support for their own wellbeing in this period.[v] That’s why QuickBooks is showing appreciation for accountants by giving them the chance to claim a free wellbeing care package worth £30 – with all gifts are sourced from small business and QuickBooks customer, needy,

While the tax year has just come to a close, accountants should not shy away from preparing for the next year end by streamlining processes early on this year.

Each year, businesses need to be particularly aware of regulation changes affecting National Insurance, R&D tax credits, corporation tax, for example – yet it’s now clearer than ever that accountants, too, should seek wellbeing support from their professional network, just as the profession encourages small businesses to do the same.

Jolawn Victor, vice president and UK country manager at Intuit QuickBooks says there’s no doubt that this is a “highly stressful time of year” for accountants.

“That is why we are encouraging our community to contact us if there is a way we can support you professionally or with your wellbeing. We have a team of people on standby ready to help you maximize QuickBooks functionality and win time back for you and your clients. In addition, we would love all the accountants out there to take advantage of our care packages.”

Accountants can be in with a chance of winning a wellbeing gift worth £30 by filling in this form between 10th – 30th April. The first 500 accountants will win a free gift from Needi, a corporate, gift matching concierge service that uses psychology and AI to pinpoint the perfect gifts and experiences for the recipient. Prizes include afternoon tea, wellness or cheese and port hampers.

[i] A survey of 505 small business owners, aged 18+, was conducted between February 24 and 27. This study was commissioned by QuickBooks with Censuswide. Censuswide abide by and employ members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles

[ii] A survey of 506 Accountants, who work in the UK, aged 18+ between April 5 and 11. This study was commissioned by QuickBooks with Censuswide.

[iii] A survey of 505 small business owners, aged 18+, was conducted between 24.02.23 – 27.02.23. This study was commissioned by QuickBooks with Censuswide.

[iv] A survey of 506 Accountants, who work in the UK, aged 18+ between April 5 and 11. This study was commissioned by QuickBooks with Censuswide.

[v] A survey of 506 Accountants, who work in the UK, aged 18+ between April 5 and 11. This study was commissioned by QuickBooks with Censuswide.

LEAVE A REPLY

Please enter your comment!
Please enter your name here