What’s keeping accountants awake at night?

By Shane Lukas, AVN Managing Director

At AVN we talk to accountants every day. We listen to the challenges you’re facing and the issues that cause you stress, worry and yes, sleepless nights. Whether it’s lack of time, pricing, confidence, overall strategy or something else, we’ve got a good idea of what’s causing the most pain.

Here, I take a look at what’s keeping accountants awake at night and listing the top 10 challenges.

(By the way, if you know the challenges of running an accountancy practice all too well and just want to find a solution, book a discovery call with us. This is a chance to share your biggest issues with a non-judgemental outsider, who’ll give you some pointers and suggest next steps to move forward. Book your call here.)

1. Time management and work-life balance

The constant juggling act between client demands, deadlines, and personal life leaves accountants feeling overwhelmed and exhausted. And the emotional strain of always being “on” can lead to burnout, affecting relationships and overall happiness. We often hear that you’re missing important family events or neglecting your health, and feel trapped in a cycle of never-ending work.

2. Pricing and profitability

Undervaluing your services is a common issue. The fear of losing clients often prevents you from charging what you’re worth, which of course, impacts your profits. This then limits your ability to invest in your practice or enjoy the fruits of your hard work, such as taking time for holidays or buying your dream home. More than this though, it leaves you feeling undervalued and unappreciated.

3. Client acquisition and growth

The pressure to grow your practice while maintaining high service levels can be immense. We hear all the time that accountants feel stuck, unsure how to attract your ideal clients without compromising your values. This uncertainty can lead to a sense that you’re stagnating and your practice is just treading water. Without a clear strategy for growth, you can’t scale up or achieve the goals you set for your practice.

4. Operational inefficiency

Outdated admin systems. Software that doesn’t talk to each other. Many accountants feel they’re sinking in an operational swamp. Without streamlined processes and internal systems you don’t have the time (or energy) to focus on high-value work or implementing long-term strategies.

5. Managing a team and delegating

Finding, training, and retaining the right team is a significant challenge. Underperforming team members and dealing with team issues can take up valuable time. Combined with an inability to delegate effectively, this often means that the practice owner is bogged down in day-to-day problems and work that should really be done by someone else.

6. Confidence and mindset

Even the most experienced accountants can suffer from imposter syndrome and self-doubt. And this lack of confidence holds you back from pursuing your ideal clients or offering premium services. It can also affect your personal life, relationships and overall happiness.

7. Strategic direction

Many accountants feel adrift, without a clear vision of where you want your practice to go. This results in missed opportunities and prevents you from making bold moves that could transform your practice and your life, keeping you stuck in a comfort zone that’s anything but comfortable.

8. Lack of fulfilment

Compliance work may be the bread and butter of your practice, but does it really fulfil you? You feel more like a glorified bookkeeper rather than a trusted advisor. The emotional impact of not fully utilising your skills and knowledge can be demoralising and also means you don’t charge higher fees or approach more exciting, growth-oriented clients.

9. Client management

Many accountants we speak to lack the confidence (see 6 above) to set boundaries with their clients. So they answer every phone call and respond instantly to every email, worried they’ll lose clients if they aren’t constantly available. Added to this are those difficult clients who make you feel angry and frustrated.

10. Personal development and skills

The rapid pace of change in the profession is leading to many accountants feeling left behind. The pressure to stay updated while trying to manage daily workloads can be overwhelming, causing yet more stress and worry.

What’s really keeping accountants awake at night? It’s the way these challenges feed into each other. So the wrong pricing strategy feeds into poor work-life balance and team issues feed into lack of growth. You only need to be experiencing a couple of them to create a perfect storm of stress, lack of fulfilment and stagnation.

But it really doesn’t have to be this way.

If you could do with some help to overcome these challenges, your first step is to book a discovery call with one of the AVN team. This is a chance to share your most pressing issues with a non-judgemental outsider, who’ll give you some pointers and suggest next steps to move forward. Book your call here.