Accountants under most pressure at end of tax year, study finds

Some 46% of accountants experience the most pressure and stress in supporting their clients during the end of the tax year – even more than in the lead up to Self-Assessment deadline (42%) and the Christmas season (31%) – according to new research from Intuit QuickBooks.

It said this is partly due to the increased reliance on accountants from SMBs during this time, as 33% of small business owners find managing this time of year to be their least favourite part of running a business – with 35% saying they would most like to receive support from accountants or tax advisors in order to provide the greatest stress relief when running their business.

Intuit Quickbooks added that it found the increased workload accountants experience during the new tax year period causes just under 7 in 10 (69%) to work longer hours to keep up with demand.

This added commitment to work can result in knock-on personal effects for many – from having to work weekends (38%), spending less time with family and friends (37%) and feeling less connected to loved ones (37%).

In addition, during the new tax year period, 36% of SMB owners find accountants to be the most valuable expert advisor to business success, alongside financial advisors (25%) and financial management software (18%).

Simply by having an accountant’s support during the new tax year period, 33% of SMB owners said they feel more confident that their taxes have been filed correctly and that payroll systems are accurate (23%).

Jolawn Victor, VP country manager at QuickBooks, said: “The new tax year period can be a challenging time for accounting professionals as they face increased pressure and demand for the full range of services.

“While tackling an inflated workload, it is crucial accountants seek proper support – from utilising financial management tools to streamline workflow, to being kind to their mind, prioritising self-care and leaning on emotional networks for support.”

Rachel Harris, founder of AccountantShe, added: “The sheer volume of work that needs to get done during the new tax year can be quite overwhelming for accountants, but I also know first-hand what an opportunity it can be.

“Our clients put all their trust in us to make sure they are compliant and that their finances are settled as the new year begins, but when we have the chance to build that relationship further with business owners, we can not only monitor the finances, but we can help to build aspirational and achievable financial goals.”