Impact of Work-Life Balance on Accountants: A Comprehensive Report

This report delves into the critical contemporary issue of work-life balance within the accounting profession, examining its multifaceted impact on accountants and organizations. It begins by identifying the core concerns, including employee burnout and the pressures of modern work environments, and analyzes how these challenges have evolved over recent decades. The report investigates the consequences of poor work-life balance, such as increased stress and reduced productivity, while also highlighting opportunities that arise from effective management, like improved employee retention and enhanced operational efficiency. It offers recommendations for mitigating these issues, including communication strategies for clients, the potential of specialist teams, and the importance of staff training. The report concludes by summarizing arguments for and against the implementation of specific strategies for enhancing work-life balance within accounting firms, providing a comprehensive overview of the topic.

Accounting Theory and
Contemporary Issues

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Issue of the concern............................................................................................................1
2. How issue has impacted work of accountants in recent decades.......................................3
3. Opportunities from proper handling of the issue................................................................4
4. Threats from neglecting the issue and types of business that will be most ‘at risk’..........5
5. Recommendations on how the mitigation strategies for enabling employee work life
balance should be communicated to its clients.......................................................................7
6. Arguments for and against of presence of specialist team for dealing with work life balance
................................................................................................................................................8
7. Recommendation to staff for training on technical aspect for enabling work life balance 9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Contemporary issues in accounting and in organisation are major factors which are
needed to be taken into consideration by the firm. Present report deals with the issue of enabling
work-life balance of workers at workplace from different perspectives. The reason of issue in
organisations is presented along with employee burned-out factors leading to contribute towards
improper work-life balance. On the other hand, impact of selected issue on work of accountants
is discussed. Furthermore, opportunities that may arise by effectively handling the issues are
provided by which companies may resolve this issue and then imparting several benefits such as
high productivity, lower turnover rate, low absenteeism among employees and greater reliance
on personal and professional life in a better way. Threats from neglecting issue are enumerated
and recommendations for communicating to clients are presented with mitigation strategies.
Arguments for and against issue is taken for resolving it with the help of specialised team.
Lastly, recommendations are given for training staff on technical aspect of issue along with
dealing nicely towards client’s queries.
1. Issue of the concern
The business requires focusing not only on its growth along with enabling work-life
balance of employees. It is essentially needed as employees are an integral part of company
contributing towards organisation for earning higher profits. The issue of work-life balance is
taken as it is one of the emerging factors hindering organisational culture if handled not properly.
It means that workers are dominating the workforce and employers are trying hard to appeal to
millennial employees. Maintaining healthy work-life balance minimises the level of stress and
preventing burnout usually involves in workplace (Sheppard. 2016). There are various
consequences if improper work-life balance exists such as hypertension, chronic aches, heart
related problems, etc. These can impact the normal life and employees are prone to such
diseases.
Too much stress is hazardous to workers and can affect them leading to workplace
burnout. It is being analysed that people who work for more number of overtime hours are
significantly prone to high risk of burnout (Garton. 2017). This has several other causes which
may affect the performance of employees up to a high extent. Mood swings, increasing
irritability and fatigue are some of the causes affecting health of employees and prove to be
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hazardous to organisations as well. In accordance with Harvard Business review, psychological
and physical issues of burned-out workers cost around $125 to $190 billion every year in
healthcare expenses in the US. These are much of expenses but real costs are far greater like low
productivity, increased turnover with losing capable workers.
On the other hand, executives are required to manage heavy workloads, job insecurity
among employees and irritating routines of work so that organisation may be able to maintain
work-life balance in an appropriate way. This is essentially required for enabling confidence
among workers and will reduce absenteeism among them leading to higher productivity. In
relation to this, employee burned-out problems can be discussed which hinder capable talents to
work effectively (Wilkinson, Tomlinson and Gardiner, 2018). First of all, excessive
collaboration is common factor having too many decisions making and decision-maker nodes.
Endless meetings and conferences require every stakeholder to be heard in an effective manner
for enriching business relations. Senior executives receive 200+ mails on an average per day.
This leads to burnout as employees are driven by many priorities and to handle digital tools.
Such interruptions have bad repercussions on employees as they are distracted up to a certain
extent and overload of work takes place which is a serious issue for the business.
Moreover, it is required that organisational culture should be managed in a better way by
which decision-making nodes could be handled with much ease. Thus, excessive collaboration is
the major issue for improper work-life balance in business. Another major issue for burnout is
weak-time management policies leading to enhancement in stress, a negative factor hindering
personal and organisation's growth. The increasing demand for collaboration, structured
disciplines, policies and dynamic rules have major impact on employees as they are left with too
much of work affecting their personal time and maximising irritability phenomenon in them.
Employees are left with tasks to be completed and it is their outlook how they manage
individual’s work according to capabilities. It is a challenging task for them as similar policies
are rigid in nature and they have no influence to take into account. Moreover, they have no
power to call off any meeting scheduled which they think of necessary in certain aspect. This
leads to creation of stress among them (Abdullah, and et.al, 2018).
Handling the problem is one of the main elements to be undertaken by employees so that
tasks can be managed in a proper way. Moreover, to measure time spent by worker and effect
on burnout and productivity of organisation. This is essentially required because weak-time
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management policies lead to stress among individuals affecting their performance. In this
manner, organisation requires implementing of tools which will have understanding of
perspectives and diverse issues which affect time management and tasks are not completed
within stipulated time period. It includes time spent on meetings, contacting through emails and
online collaboration.
This means that such information can be gathered in the best possible manner and reduce
company's drag towards less productivity and leading to burnout issue. By implementing it,
around 20% of employees can be managed in a better way and hence, work can be streamlined
minimising the level of stress. Workers should be given with sense of autonomy at workplace
contributing towards success (Suutari, Mäkelä and Wurtz, 2018). Employee workloads have
considerably increased in which hiring of workers is not proper without anticipation of requisite
talented personnel. More reliance is seen of company towards digital productivity tools and
management rarely checks if assumptions are actually correct. The biggest victim of
collaboration overload are capable workers as they have increased responsibilities towards
organisation and major element in contributing stress.
2. How issue has impacted work of accountants in recent decades
Work-life balance is important concept in company so as to enhance productivity of
employees by striking balance between the personal and professional life. Accountants work has
been impacted through this issue. The healthy organisation is termed as company that maximises
worker's goals for achieving common objectives with the help of productivity. Attaining work-
life balance has become ideal for accountants and have to a strike on outside work apart from
organisational work. In past decades in New Zealand, mass shortage of accountants was apparent
having only 60 % of vacancies filled within 10 weeks post advertisement in 2005. The thing was
happened due to factors like increasing number of firms and elevation in scrutinising of
organisation's finances leading to demand of accounting services (Gupta, 2018).
Work-life balance now has increased in current scenario as accountants are now
demanding for proper balance between organisation's work and outside work quite effectually.
Initiative are now being taken to help businesses to take into control perspectives of accountants
so that they may be relaxed in a better way. This is essentially needed because work of
accounting professionals have changed significantly in recent times. One of the main force that
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has driven is technological innovation up to a high extent. In relation to this, due to modern
technology, new software's have evolved which has created mental pressure among employees.
They have to consider and learn to operate accounting software so that they may be able to
accomplish work in effective manner.
Technological advancement has revolutionised the way of accounting which was done
earlier as several accounting software's prevails in market and organisation adopts the same for
preparation of financial statements. It is useful for company as accurate statements and financial
reports are prepared which helps stakeholders to assess financial health of firm (Barrett and
Holme, 2018). But, accountants feel they are under stress as they do not know properly to
operate software leading to bad repercussions to them. It is required that proper training
regarding software should be provided by which they may easily operate it and continue work in
quick and effective way. This will help them to have proper balance in life and work.
Professional work will be done by them and also balanced personal life could be enjoyed.
Hence, the impact of work-life balance has increased and changed the work of accountants.
3. Opportunities from proper handling of the issue
Employee’s work-life balance is crucial for organisation and employee himself. Workers
are motivated up to major extent which is a key element in company. This is because company
gets high productivity and employee’s gets encouraged. Positive work-life balance promotes
healthy life of workers, furthermore, supportive growth will be achieved in a better way. It can
be analysed that 6.5 million employee’s are working in the UK comprising of 30 % of population
describes themselves as unhappy which means that they have are not enjoying proper work-life
balance (Kossek and Lautsch, 2018). The facts have been assessed highlighting that 1 out of 3
employee’s feel unhappy in relation to time devoted by them in accounting work. More than 40
% are ignoring several other aspects of life just because of professional work. Long hours are not
liked by them as 27 % feel depressed, another 34 % have anxiety, while remaining 58 % feels
irritable. Apart from it, around two-third workers have bitter experience as negative effects are
seen on their personal health, increase in physical and mental issues and lack of personality
development.
In order to resolve above highlighted issues, several mechanisms should be deployed
which will provide opportunities to businesses and overall performance can be enhanced in a
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better way. On the other hand, benefits could be accomplished such as profits enhancement for
organisation, good level of efficiency and productivity. Moreover, workforce remains motivated,
effective and improved services are provided to customers. Applicants are ready to work for the
company seeking work-life balance in a appropriate manner and higher retention level is
achieved. This means that switching of employees gets reduced having retained capable
employees who have higher productivity level. Furthermore, it will be able to attain several
benefits leading to attain efficiencies in operational tasks. In addition to this, accounting work
requires great consciousness so that accurate financials may be prepared reflecting true
performance of the concern.
For promoting work-life balance, company should deploy various factors such as flexible
working hours must be given, paid time-off policies, providing support to employee’s, thereby,
caring and giving advices to them. Implementation of reasonable element of communication
between them and management. Imparting with mental and physical activities so as to provide
satisfaction level of them. Moreover, medical services should also be provided by which they
may be satisfied and work-life balance may be achieved. On the other hand, firm may be able to
accomplish opportunities such as higher level of productivity, motivated workforce, job
satisfaction will be attained by company. Employee motivation is one of the major opportunity
which a firm could easily achieve. Workers who perform their job duties in adequate way will
eventually help organisation to attain stated objectives and goals with much ease (Why employee
work-life balance matters and how you can improve it. 2017).
On the other hand, Australian work-life balance has alluded in past 70 years. It can be
analysed that discretionary time not allocated to paid or unpaid worker, could be seen that they
enjoy nearly 3.5 hours per day (Work-Life Balance in Australia. 2018). Moreover, Australian
men have more leisure time on an average rather than women. Average adult men spends 34
minutes more time in comparison to average female. Hence, all opportunities can be analysed
which shows that work-life balance is quite important in work of accountants leading to have
proper balance among outside life and professional duties.
4. Threats from neglecting the issue and types of business that will be most ‘at risk’
There are various types of businesses which have greater demand of skilled accountants
so that financials may be prepared in appropriate way. This is essentially required because if
financial statements does not reflect fairness of health of company, then stakeholders cannot
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make decisions in the best possible manner and as such, accountants are required to be hired by
company by which financials must be able to reflect overall financial performance quite
effectively. In addition to this, if firms do not make emphasis on work-life balance, then nearly
all the industry will be at risk because accounting work is needed in all types of businesses.
Manufacturing organisation, service company, partnership, limited liability company and other
businesses are at higher risk if work-life balance is neglected by them (Shanafelt and et.al.,
2012).
On the other hand, accountants should be provided with flexible working hours so as to
retain them in existing business else, they will get disheartened and will move to other firm
leading to loosing efficient and capable employees. Moreover, time management should be there
so that employees may effectively attain concerned work in a better way and accomplish job
satisfaction. Moreover, it is needed that manufacturing organisation should take care of the same
and not neglect this issue as it is the biggest threat for them. It can be justified that numerous
transactions takes place in company which requires proper accounting of transactions in journal,
then posting it into separate ledger accounts making analysis simple.
Next step is to prepare trial balance to showcase arithmetical and mathematical errors if
any could prevail while posting and as such, final accounts like balance sheet, income statement
and cash flow is produced reflecting clearly organisation's position at a particular time period.
Involving such a pre-defined steps or structure can only be prepare by skilled accountants as
daily large number of business transactions prevail. Threat is certain as if improper work-life
balance will be there, then accountants will switch from one job to another threatening
manufacturing company as many transactions are present (Haar, and et.al., 2014).
On the other side, it can be analysed that service companies engaged in providing
intangible services to customers also involves lot of transactions but in comparison to
manufacturing businesses, service firms are at least risk. It is because in manufacturing firms,
cost of overheads, direct, indirect, variable and fixed costs are generally there. Moreover, raw
materials are required for production purpose also prevails and if accountants are offered proper
work-life balance involving various aspects, then threat is certain. Furthermore, it can be
assessed that manufacturing businesses is likely at risk, if not following sense of autonomy for
employees and is required that company may effectively take into consideration, enabling this
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issue so as to eradicate threats such as high absenteeism, lower retention, job insecurity, job
satisfaction and thus, risk could be easily accounted for. Thus, it can be analysed that work-life
balance is essential in every type of businesses be it small or large and requires accounting work.
5. Recommendations on how the mitigation strategies for enabling employee work life balance
should be communicated to its clients
Work-life balance is considered as a vital factor which is observed by each candidate
during evaluation of future employees. It has become a trend especially for present generation. In
this context, communication is one of the most important factors for encouraging employees to
work efficiently. The application of effective channel of communication in business entity might
enhance employee’s motivation. In simple words, motivation of employees is stimulated via
managers by passing relevant information which creates a positive image. As an outcome,
positive communication in whole organization might boost the level of motivation among
employees and it would foster understanding about job. In the same series, workers are
appreciated via open communication as they create loyalty and commitment towards
organization (Neff, 2018).
The organizations are trying to extract productivity by different forms from various
employees which lead to revolution from normal work days. There is presence of various
strategies which could be communicated to employees for effective work life balance. In this
context, clear boundaries must be set for maintaining productive workplace such as business
hours, encouraging unlimited vacations and exit time. Employee hours must be restricted along
with allowance of flexibility for overtime. In this context, various policies should be set for
flexibility for working parents such as work from home and split of shifts. Job mobility must be
provided for employees to transfer among workplace for extracting suitable arrangements which
would assist for good balance in between work and family responsibilities.
In context of strategy for work life balance, safety and well-being must be given with
major concern for employees. It must ensure that every employee should be capable for
receiving urgent telephone call from their family members at work in working hours. Lunch
schedule must be less rigid. In simple words, reasonable amount of time must be emphasized for
lunch break. Equipment and laptops must be provided for work from anywhere and policy work
device use must be implemented along with training of staff with digital safety. The social
activities must be encouraged which is a smart step for engaging and connecting to staff. They
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have presence of social committees formed by employees which collaborate events such as
sport’s team, movie nights and dinner after work. These activities build friendships and assist
towards productivity at work.
With reference to allowing for payroll, steps have been considered for corporate social
responsibility for letting their workers to sign up. In the same context, this would be allowing for
selecting portion about deduction of pay-cheque as donation for charity perspective of their
choice. Generally, employees are involved in charity via organisation and they are more satisfied
and happier which could go long way for helping their employees and involved in work life.
There must be open door policy which elaborates along with high ranking executives that
reside in open place within regular employees but in actual sense, it means communicating
anybody for help. It might be related to professional or personal work as it must be remarkable if
employees about issues could be managed for open discussions. The counselling services must
be offered and valuable which could be over phone or personal. It would provide help to
employees for balancing their life in a better aspect along with stress. Usually, it is about
ensuring about staff for reaching at best possible selves to work every day. Corporate social
responsibility, employee health and well-being are making organization an attractive place for
work as a reason for promoting work life balance among employees (Schwartz and et.al., 2018).
6. Arguments for and against of presence of specialist team for dealing with work life balance
This specific argument is not difficult as it looks like, as there is presence of various
arguments which are prepared for advantages of work life balance and for purpose of solving
problems such as poor engagement, high absenteeism and less productivity about employees.
The major argument about maintaining equal amount of leisure time with context of working
hours is very simple. If work is not balanced with rest of life then it would be created as burden.
But it is an essence of pro-augmentation. The first argument is stated as money does not create
happiness as this is most common argument but it is not convincing (Pro and Con Arguments on
Work Life balance, 2018). Earning cash in full bag in each month is golden moment but with
absence of time, friends and spend on hobby seems silly.
If there is more free time which implies that various social interactions which specify
about requirement about social time with other. It might be friends, partner or family. Innovation
and creativity always origin from free time and it would benefit work and career as well via
appropriate work life balance. As compared from work life balance, burn-out is not referred as
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myth. If hard earned cash is not used on spending medical bills then it is of no use (Melo and
et.al., 2018).
The arguments against work life balance are stated in many journals in which most
striking one is about absence of balance. If perfect life work balance is reached then happiness
would be diminished. It would end road and humans are not for standing yet. There is
requirement of exploring, developing innovative ideas and to create things better. The regular
serach of appropriate work life balance is considered as frustrating endeavour. In simple words,
it would never feel safe and steady if everything is properly balanced. Fundamentals must be
build but it should be valuable, solid and good. It is not only considered as functional concept as
this argument is supported by undertaking leaders who had accomplished tremendous things and
formed multi billion dollar organizations. This is impacting our present life in better aspect. The
organizations of modern era are altering their working environment to work living environment
which is replicated as very productive structure in defined aspect about moving ahead. So, in this
argument it had been recommended that be a leader, change the world and live to work.
Summary
By considering above against and for arguments about work life balance, conclusion had
been drawn that everybody has different point of view. The concept of work life balance is
outdated according to career oriented people. For them life and work is single aspect. In the
present scenario, technology is helping to work from anywhere, it might coffee shop or
conference room. Mobile devices are the best example for technology to work from anywhere.
The organizations are adjusting working environment and job structure with this context only. It
had become passion for various people about responsibility of one task. They had extracted
purpose and excel in career. On the contrary, the best balance of work life is to work for few
hours at office and then fetching home grown veggies, walk with dog or it might be time given to
family (Alegre and Pasamar, 2018). For others, huge amount of cash is not relevant as compared
to spending quality time with their loved ones or to performing activity related to extra curricular
hobbies. Though from past analysis, many people who are staying on this plant does not have
choice among easy going job or high paid career. From estimation 95% of people does not have
luxury for implementing work life balance in appropriate aspect.
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7. Recommendation to staff for training on technical aspect for enabling work life balance
The training program of work life balance delivers various trademarked tools which are
not matched to measure outcome which would prepared for organization perspective. These tools
consist of solutions of time and stress management which is applicable on both off and on the job
and prepares ongoing and immediate outcomes. The careers and life of individual are altered for
better perspective in context of driving outcome and commitment of business entity.
By using highly interactive learning, work life balance skills and tool are used for
managing relationships and project as well in better aspect. The individuals could retain value,
control and balance by these solutions in personal or professional view. Its result would be
generated as high performance by organization through committed, accountable and skilled
managers and employees. It would consider training for managing time, stress and balance
among personal and professional. It must consider proper definition of work life balance with its
significance. There should be proper enjoyment and achievement on basis of objectives of
lifetime. They must be capable for accepting responsibility for own work and life outcomes. In
the same series, focus is very important as compared to interruptions. Te critical variation among
date and meeting must be known. The main objective for this training of work life balance is to
improve productivity via effective and quick planning for business entity.
This training program must include techniques for timely project completion. In simple
words, time management leads to maximize quality time in relationships with friends, family, at
work and most important is yourself. There are various ways for building lasting rapport and
with context of associates could be included. It must be capable for providing connection about
daily activities on goals of work life along with emotion decision link. There should be presence
of strategies for improving and maximising team communication and choice challenge should be
mastered. Further, it must be capable for adjusting work life balance over time in effective aspect
(Braun and et.al., 2018).
The employers are willing to grasp this major concept along with advantage of
arrangements of flexible workplace which could light business on various levels. There are
various steps which could be undertaken for creating flexible workplace. Break down of rigid
structure and employees on condition aspect. The forward thinking organizations are not
providing appropriate work arrangements but implement structural alterations which are
available to its potential employees. After break down, there should be creation of strategy
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documenting conditions and terms. It must be capable for identifying the best metrics for
purpose of recording productivity along with involvement of new strategy. The program must be
actively managed for flexibility. There must be appropriate plans for meeting with presence of
person. If there is absence, employer has to invest in technology. Prior to launch a full scale
flexible work program, trial period must be given to sample of trusted employees.
In the same series, communication is vital aspect for scheduling commitments of job
sharing and scheduling meetings. There are various tolls for ensuring about continuous
communication such as Yammer which connects its remote employees to main hub. It is an
inexpensive method for channel of communicating. In the whole process, employees must be
involved and fully supported through management. The main objective for flexibility in work life
balance is to be result oriented instead of hours driven. The smart organizations are assembles
with their customise flexible policies (Make workplace flexibility a measurable success, 2018).
There outcome must be measure on true aspect and allow people to work where, how and when
they performed their best. It should not give priority to time and desk but to quality of outcome.
CONCLUSION
From the above report it had been concluded that in every organization there is presence
of Accounting theory and contemporary issues. It is articulated from above report that work life
balance is considered as major aspect for health work environment. It helps in reducing stress
and prevents burnout in workplace. This issue provides major impact on work of accountants in
this present scenario. There is presence of numerous opportunities for handling this issue such as
huge turnover, job satisfaction and many more which provides benefit to both employee and
employer as well. Apart from opportunities, it has major threats which is risk to business entity.
It had shown various recommendations for method of communicating to its clients in which open
door policy is highly recommendable as it increases friendly relationship among employee and
employer. This report had shown various arguments for and against dealing with issue of work
life balance, in which it had been extracted that everybody has their own perspective as it is all
about priority. Further it is concluded by providing recommendation about components of
training procedure on basis of dealing with technical aspect of work life balance.
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REFERENCES
Books and Journals
Abdullah, N. H., and et.al, 2018. Flexible Working: Effects on Women’s Work-Life Balance,
Lifestyle and Health. Advanced Science Letters. 24(6). pp.4684-4687.
Alegre, J. and Pasamar, S., 2018. Firm innovativeness and work-life balance. Technology
Analysis & Strategic Management. 30(4). pp.421-433.
Barrett, R. and Holme, A., 2018. Self-rostering can improve work–life balance and staff retention
in the NHS. British Journal of Nursing. 27(5). pp.264-265.
Braun, B. J., and et.al., 2018. Work-Life-Balance. Der Chirurg. pp.1-4.
Gupta, R. K., 2018. Balancing Life in Working Lifestyle. GST Simplified Tax System:
Challenges and Remedies. 1(1). pp.188-191.
Haar, J. M., and et.al., 2014. Outcomes of work–life balance on job satisfaction, life satisfaction
and mental health: A study across seven cultures. Journal of Vocational Behavior. 85(3).
pp.361-373.
Kossek, E. E. and Lautsch, B .A., 2018. Work–Life Flexibility for Whom? Occupational Status
and Work–Life Inequality in Upper, Middle, and Lower Level Jobs. Academy of
Management Annals. 12(1). pp.5-36.
Melo, P. C.,and et.al., 2018. Does work-life balance affect pro-environmental behaviour?
Evidence for the UK using longitudinal microdata. Ecological Economics. 145. pp.170-
181.
Neff, D., 2018. Work-Life Balance. In A Surgeon's Path (pp. 271-273). Springer, Cham.
Schwartz, S., and et.al., 2018. 1271: The Relationship Between Work-life Balance Behaviors
And Teamwork, Safety, And Burnout Climates. Critical Care Medicine. 46(1). p.619.
Shanafelt, T. D., and et.al., 2012. Burnout and satisfaction with work-life balance among US
physicians relative to the general US population. Archives of internal medicine. 172(18).
pp.1377-1385.
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Suutari, V., Mäkelä, L. and Wurtz, O., 2018. Management of Work-Life Interface of Global
Careerists: Experiences Among Different Types of International Professionals. In The
Management of Global Careers (pp. 291-318). Palgrave Macmillan, Cham.
Wilkinson, K., Tomlinson, J. and Gardiner, J., 2018. The perceived fairness of work–life balance
policies: A UK case study of solo‐living managers and professionals without
children. Human Resource Management Journal. 28(2). pp.325-339.
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