Budget constraints, communication issues, and onerous reports: The UK’s finance leaders are overworked and overstressed

A report by accounting software provider iplicit has unveiled a wellbeing crisis in the finance industry.

A staggering 93 per cent of finance decision-makers are working beyond their contracted hours every month, with over half working at least six hours overtime every month.

Furthermore, 40 per cent reported feeling stressed often or all the time.

The day-to-day pressures of the finance function makes some stress inevitable and even useful, helping people to perform at their best and drive business success.

However, chronic overstress is unsatisfying at best and detrimental to health at worst.

The report found that the main causes of overstress are the lack of staff resources and budget constraints, which make it difficult to meet the needs of the company. The amount of time taken to file and complete end-of-year reports was also cited as a strong factor.

Other issues reported include poor communication within organisations, difficulties in making informed decisions, and data security concerns – all leading to higher stress, longer working hours, and inefficiency.

Olivia McMillan, Chief Operations Officer at iplicit, stated in an article for AccountingWEB: “While it’s concerning to see high levels of stress impacting UK finance leaders, finance transformation offers hope for the future.

“Our research shows that month end accounts are taking as long as four weeks for some SMEs, and this is largely down to clunky, outdated tech.

“By adopting more efficient solutions that automate and streamline key processes, from accounts payable (AP) to month-end reporting, finance leaders can win back the valuable time they lose every month to manual processes and troublesome spreadsheets.”

If you are struggling to meet the needs of your business and are finding yourself working overtime and growing increasingly stressed, instructing the services of an expert accountant can help ease the burden and enable your business to thrive.

At Butterworth Barlow, we are committed to helping you handle your finances and save you time, money, and effort – enabling you to log off from work at the designated time and take a well-earned break.

We provide a full range of accounting and advisory services designed to support businesses and individuals, including management accounts, VAT assistance, and payroll. Always looking to provide maximum efficiency, we can provide expert support with choosing and implementing cloud accounting solutions that are tailored to your specific needs.

Our goal is simple: to make your life easier, your business stronger, and your finances more efficient.

Take control of your wellbeing today. Contact us to find out how we can help.