My Accountant friends remind me of the saying ‘running around like headless chickens’ closer to the date of financial year ending. They look stressed, panicky, desperate, more stressed and very, very tired. Some get dark circles around their eyes and are present physically but absent mentally at ‘that time of the year’.
Fact is; the deadline shall come, as it comes every year, and you can do nothing to avoid it. Everybody in the office must swing into action and ripples of the current financial year end effect are felt from top to the bottom of the hierarchy. This is serious, legal business and leaves no room for error. Understandably, it brings with it a fair share of the strain associated with meeting a target. But it really doesn’t have to be so always, every year and every time.
The following tips should help make the process smooth and work stress-free for your organization. The trick lies in planning ahead.
Ways to Reduce Stress at the End of Financial Year:
The following mentioned are few tips on managing stress at work before the deadline for tax return and ways for overcoming stress.
1.Set a rhythm in your system:
The end of holiday season is reason enough to feel deflated. And on top of that comes, the nasty business of filing tax reports and setting straight business accounts. Meeting the deadline for filling taxes can be stress-free with a simple, efficient system in place. Set a rhythm of monthly updating of accounts all year round. As the deadline nears, make it weekly and later even bi-weekly. If everything is set right on a regular basis, where is the reason for frenetic last-minute activity near the end?
2. Qualified, efficient handling:
Your team handling the accounts needs to be qualified, efficient, dependable and driven. Get a proper consultant on board along with your regular accountant as time to meet the deadline for taxes approaches. The team needs to put a timeline to all the activities. As an employer, your main concern should be delegating tasks to responsible set of people. Identify which activities take longer, and plan accordingly a few months in advance.
3. Use technology:
There are some excellent softwares like LiveAccounts and AccountRight which are automated and highly cost-efficient. Gone are the days when hassled men and women would have to stress over sheets and sheets of numbers on paper and get their accounts to match. Data can be accessed at the click of a button. Move with the times and get latest technology at your finger-tips. It will save you a lot of sleepless days and nights.
4. Breathe and enjoy the process:
Mental stress is a real killer. Decide and organize everything way before the actual time comes, keeping the process relaxed and fuss-free. File your tax returns early before the tax return due date. Why wait for last minute what you can get done early? Mark your calendar and set reminders through-out the year. Use your experience and previous learnings to ensure an enjoyable year end closing process.
Please feel free to jot down any further precious tips you have to share with the readers. Wishing each of you a smooth end to the financial year!