The month-end close can often feel like an uphill battle, filled with an avalanche of responsibilities and tight deadlines. It's important to acknowledge that while these pressures are intrinsic to our roles, they do not have to come at the expense of our well-being.
Studies have shown that a staggering 87% of professionals feel overwhelmed by their workload during month-end close, leading to increased stress levels. In an industry already grappling with a reputation for long hours, this is a concerning statistic. And it doesn’t help that there is a shortage of qualified accountants, adding to the workload of strapped teams.
The American Psychological Association reports that stress can have debilitating effects on both mental and physical health, with symptoms including increased anxiety, depression, and heart disease. This highlights the urgent need for systemic changes that prioritize employee well-being alongside productivity.
Maintaining a good work-life balance during this period is crucial not only for personal well-being but also for professional performance. This blog post will explore strategies to help you manage stress and improve efficiency during the month-end close.
The challenges of month-end close
Heavy workloads and tight deadlines
The nature of the month-end close demands meticulous attention to detail and adherence to strict deadlines. One of the main contributors to the workload is that often the data you need is saved in disparate systems, like your enterprise resource planning (ERP) and Excel spreadsheets. This means you must keep context switching and entering data manually, which can lead to mistakes.
Of course, accountants don’t like making mistakes, which means you can spend long hours double-checking to make sure everything is correct.
Emotional and physical stress
Long working hours can lead to burnout, affecting both mental and physical health. Common signs of burnout include chronic fatigue, irritability, and a lack of motivation. These symptoms not only hinder productivity but can also spill over into your personal life, affecting relationships and overall happiness. Research shows that nearly 60% of accountants report experiencing burnout during busy seasons.
Burnout can not only affect your job performance—leading to mistakes and a decline in performance—it can also affect your physical health. Moreover, according to a survey by Deloitte, if your company neglects to prioritize work-life balance, it can experience a 25% increase in employee turnover—resulting in increased hiring and training costs. A high turnover rate can also mean that the accountants who are left on the team are carrying an even heavier workload burden, inflating the problem even more.
The importance of work-life balance in accounting
Achieving a healthy work-life balance is more crucial than ever in the accounting profession, especially during high-pressure periods like month-end closes. It’s important to recognize that while these times are inherently stressful, they are also opportunities for growth, both personally and professionally. That said, there can be a fine line between growth during discomfort and all-out misery.
Strategies for a stress-free month-end close
Prioritize tasks and time management
Breaking down tasks into manageable chunks and prioritizing them according to urgency and importance can make a world of difference. Here are a few time management tools and techniques to consider:
- Time blocking: Allocate specific time slots for different tasks to ensure you stay focused and organized.
- The Pomodoro technique: Work in short, focused intervals (usually 25 minutes), followed by a brief break. This approach can enhance concentration and reduce burnout.
For more tips on effective time management, check out our blog post on how software can help you save time during the closing process.
Set boundaries and practice self-care
Setting clear work boundaries is essential to prevent work from spilling over into your personal time. Here are some practical self-care tips:
- Scheduled breaks: Take regular breaks to recharge. A short walk or a quick meditation session can do wonders.
- Exercise: Incorporate physical activity into your daily routine to relieve stress.
- Mindfulness practices: Techniques like deep breathing and meditation can help you stay calm and focused.
Use technology to automate and collaborate on month-end close tasks
Automation and accounting software can streamline processes and reduce manual workloads. Tools like NetClose can help automate repetitive tasks, thus saving time and reducing errors. By integrating technology into your workflow, you can focus more on strategic tasks rather than getting bogged down by manual data entry.
For a comprehensive monthly close checklist, download our free monthly close checklist template.
Embracing work-life balance as an accountant
While your month-end close may fill you with dread, it's crucial to understand that while these challenges are part of our profession, we don’t have to accept the status quo, and we certainly shouldn’t let this process compromise our well-being. By acknowledging the impact of chronic stress—such as anxiety, cardiovascular problems, and burnout—we can take proactive steps to prioritize a healthier work-life balance. The following are some ways you can take back control.
Find your voice
Open communication with management can significantly alleviate stress. Sharing your workload challenges fosters an atmosphere of understanding and support. When we feel comfortable discussing our needs, it not only enhances our job satisfaction but can also lead to better work conditions overall. Remember, it's crucial to advocate for yourself—your mental health matters as much as your contributions to the team.
Embrace flexibility
The growing trend of flexible work arrangements is a game-changer for many accountants. Being able to choose when and where we work can ease the intense pressure of the month-end rush. Take advantage of options like remote work or adjusted hours, as these can create a more conducive environment for balancing both personal and professional commitments. Work with your team to come up with scheduling ideas that let you maintain productivity without sacrificing well-being.
Feedback and recognition
Regular feedback from management is essential not just for professional growth, but also for sustaining motivation during demanding periods. We all appreciate being recognized for our hard work, as it ignites passion and engagement in what we do. If your company has systems in place for appreciation, make sure to take notice and celebrate those moments—they are vital for your morale and overall job satisfaction.
The role of technology in the lives of accounting teams
Harness the power of modern tools
Historically, the role of an accountant has been made up of time-consuming, manual processes in disparate tools—increasing the likelihood of errors. The introduction of advanced accounting technologies has transformed the way we work, especially during stressful periods like month-end closes.
Automation tools allow us to reduce the burden of manual tasks, freeing us to focus on strategic initiatives that add real value. Embracing these innovations can seriously cut down on reporting times and improve accuracy, so don’t hesitate to seek out training on these tools to maximize their potential.
Invest in your growth
Participating in continuous learning is crucial for staying ahead in our field. Not only does it enhance our skills, but it also boosts our confidence in handling recent technologies. Companies that invest in their employees' growth are more likely to see the long-term commitment of their staff. So, take advantage of available development programs—they are an investment in your future!
Simplify your month-end close process with NetClose
Maintaining a good work-life balance during the month-end close is essential to ensure both personal well-being and professional efficiency. By implementing effective time management strategies, using technology, and fostering a supportive work environment, accounting professionals can navigate this challenging period more smoothly.
NetClose is here to help. Our software automates processes and speeds up the close, giving accountants back valuable time.
With NetClose, you can:
- Automate tedious tasks like amortizations, reconciliations, and accruals to free up your time.
- Generate accurate close reports in minutes. From waterfall reports to detailed financial summaries, you’ll have the data you need to make informed decisions without spending a ton of time on producing it.
- Easily manage close tasks with a Kanban-style task board where you can assign and schedule tasks and track the progress of the close process.
- Manage your entire close process inside of NetSuite. Journal entries automatically post to your general ledger (GL) for reliable audit trails.
As ex-Big 4 accountants ourselves, we understand the pain points of the close process deeply. It’s why we built NetClose—it’s what we wished we had! To see how NetClose can save your time—and sanity—during the close process, explore the interactive demo.
Balance sheets and a balanced life
As accountants, we can navigate the month-end close without compromising our health. It’s essential to prioritize practices that foster work-life balance, ensuring that we remain resilient and engaged in our roles.
By advocating for ourselves, embracing flexibility, using technology, and prioritizing ongoing development, we can redefine this typically stressful period into a manageable experience.
Remember, maintaining balance in our lives is not just a goal; it’s a pathway to professional success and personal fulfillment.
