Stress-Busting Tips for Bookkeepers and Accountants
Running your own accounting or bookkeeping practice is rewarding, but it can also be stressful. Between managing AML regulations, handling large volumes of data and keeping up with new technologies, the pressure can feel overwhelming. And if you’re looking to scale, the pressures can be even greater as you’ll have to learn new disciplines and move out of your comfort zone.
If you're juggling it all alone, you’re not alone in feeling the strain. So, we’ve come up with some simple suggestions about how you can manage stress and protect your mental health while keeping your business running smoothly.
Recognise Stress Early
Stress often sneaks up on you, especially when you’re trying to manage everything yourself. You might notice feelings of exhaustion, sleep disturbance or even headaches. If you start feeling overwhelmed, it’s important to recognise these signs early so you can take steps to address them before they take a toll on your health.
Staying on Top of Compliance (AML Regulations)
AML regulations are essential but can also be a major source of stress. The key is staying organised. Use our AML Complete software to track deadlines and ensure you’re meeting compliance requirements. By staying proactive and keeping your knowledge up-to-date with regular training, you’ll reduce the pressure of always feeling that you’re falling behind.
Managing Data Effectively
As a sole trader, managing client data can sometimes feel like an endless task. From financial statements to tax filings, it’s easy to feel overwhelmed by the sheer volume. Organising your data and automating repetitive tasks using practice management software such as Fathom or Capium – both Member Benefits - can really save you time and reduce stress.
And if data management is taking up too much of your day, don’t hesitate to outsource where you can. That way, you can focus on higher-value work without getting bogged down in details. This is an important part of the Scalability Framework where we show you how to Embrace AI and Technology
AI is changing the landscape of accounting, but it doesn’t have to be a threat. Think of it as a tool to help you work smarter, not harder. Use AI for repetitive tasks like data entry, so you can spend more time focusing on client relationships and strategic decisions. By embracing these technologies, you can free up time and reduce the mental load of manual tasks.
Simplify Your Marketing
Marketing can feel like another job entirely, but it shouldn’t need to be stressful. The key is focus. Rather than spreading yourself thin across every platform, concentrate on the ones where your clients are most active. Create a simple marketing plan which includes having a decent Google Business Profile, an up-to-date LinkedIn presence and some authentic content that differentiates you from your immediate competitors.
Set Boundaries and Take Breaks
When you work alone, it’s easy to fall into the trap of never switching off. But working non-stop isn’t sustainable. It’s vital to set clear boundaries between work and personal time. Make time for regular breaks throughout your day – even a five-minute walk or a cup of tea can help refresh your mind. Also, don’t be afraid to say no when clients push for unrealistic deadlines. Setting boundaries helps prevent burnout and keeps your mental health intact.
Protect Your Mental Health
As a sole trader, you might feel isolated at times, but it’s important to protect your mental health. Make an effort to connect with others in your industry. Joining one of our Ambassador Groups, the IAB private Facebook Group or attending events like our Coffee Mornings can help reduce feelings of loneliness and provide valuable support. And remember, there’s no shame in seeking help if you’re struggling. Whether it’s talking to a fellow IAB member, a mentor or seeing a therapist, it’s important to have people to turn to when the stress becomes overwhelming.
Remember, being part of the IAB is being part of a community
Running your own accounting or bookkeeping business can be demanding, but it doesn’t have to take a toll on your health. By recognising the signs of stress early, staying organised, and embracing technology, you can manage the pressures of being a sole trader.
Here’s a great video from our January Coffee Morning where Member Benefit Kim Searle talks about how to cope with stress
Remember to set boundaries, take breaks and don’t hesitate to reach out to the IAB for support should you need it. Protecting your mental health is just as important as staying on top of your business. With the right approach, you can keep your work-life balance in check and continue thriving in your career.
