Work-Life Balance in Accounting Firms: Need for Flexible Working Hours During Tax Season

Innovation in Technology impacted almost all sectors of our economy. Also with lockdown declared due to the COVID-19 pandemic changed the perspective of traditional  9-5 work schedule. Now the technology makes it easier to access work from any location. The work-by-objective framework, which comes to us from the technology industry, has shown that you can reach company goals without sacrificing a healthy life-work balance.

Accounting firms are showing more and more interest in allowing employees to benefit from a more flexible work schedule. As long as they can easily be reached by phone or email, accounting professionals now can work from home more easily.

Need For Work-Life Balance

Everyone wants to achieve a good work-life balance improves employees’ well-being and overall predisposition to work. This includes spending quality time with loved ones, sharing family responsibilities, and saving precious commuting time.

Nowadays many accounting firms have relaxed their dress code to allow employees to dress more comfortably and reduce the cost and time required to prepare for work. This applies not only to accountants who work at home but also to those who prefer the office.

It is important to note that every company need results in their work. Stick on to the strict rules and timing won’t give the best output. A clear mind of employees increases the output. Employees will strive more to meet the company’s goals rather than stick to a schedule. Happy employees who take advantage of their benefits will make an effort not to lose them.

Ha Pham, who graduated from college in 2019, knows what those hours can be like. She used to work at Deloitte, sometimes clocking upward of 100 billable hours a week during the busy season, and she noticed high turnover among both new colleagues and those with experience. That added to the workload for those who remained. She resigned about 10 months ago.

“I left because at some point I didn’t feel like myself,” Pham said. Last summer she became a tax accountant at wealth management firm Stonehage Fleming. “The workload is a lot more manageable,” she said.

“We’re a couple of years into this human capital issue,” said Jen Cryder, CEO of the Pennsylvania Institute of Certified Public Accountants (PICPA). And the problem has become more severe for employers that didn’t adapt.

Accounting Firms Prioritising Work-Life Balance

• Schellman; Tampa-based Schellman is the largest CPA firm specializing in attestation and certification services.
• H&CO, LLP; H&CO is a professional services firm providing domestic and international accounting, tax, and technology advisory services. The firm has a global presence and specializes in international taxation.
• Plante Moran; Plante Moran is one of the largest and most highly respected U.S. accounting firms. The firm offers interns hands-on experience, networking opportunities with partners, and a “buddy” program.
• PKF O’Connor Davies; PKF O’Connor Davies is one of the 30 largest accounting firms in the U.S.

• Frank, Rimerman + Co. LLP; Bay Area-based Frank, Rimerman + Co. specializes in providing accounting services to industry-leading firms, including many Silicon Valley pioneers. The firm embodies its clients’ entrepreneurial spirit and offers its staff growth opportunities like soft skill training, technical training, and the ability to rotate through the firm’s departments.

Many Indian Cooperates also provide flexible working hours to their employees. Companies like Infosys, Cognizant Technology Solutions, IBM, Wipro, HCLTech etc provides flexible hours and policies for maintaining work-life balance of employees.

Flexibility In Working Hours During Tax Season

The change in the traditional style of working hours impacted more in the lives of accounting professionals too. As we know the traditional work time not only complies with a strict schedule and physical office time but often requires long hours and weekends to meet deadlines during busy periods such as tax season. This can lead to burnout and discomfort.

While some accounting tasks do require a fixed schedule many other more systematic tasks can be carried out remotely or during non-traditional hours, such as analyzing financial data and preparing reports. The flexibility of a work schedule can help accounting professionals reduce stress, increase job satisfaction, and improve work-life balance.

Conclusion

With the effective implementation of strategies, one can reduce stress, improve well-being, and have a happier professional life even in the demanding field of accounting, finding a work-life balance can be difficult, but it is possible.

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