Hints and Questions to Consider when Choosing a Tax Advisor

Last week, we took a look at factors that go into choosing a tax advisor and what your business should be getting out of this tax advisor. You can read more about this here. Now that you know what you should be looking for and what benefits should come out of having a tax advisor, it is time to take a closer look at the process of actually securing a tax advisor for your business during the hiring process. Beck and Company’s Certified Public Accountants and Business Advisors are experienced and qualified to help your business with their tax preparation and can offer further advice on securing a tax advisor as well. We provide innovative tax compliance and consulting solutions in addition to tax planning and preparation assistance. We have certified public accountants (CPAs) who can help. Learn more about our tax service offerings here.

Whether you choose a Beck and Company CPA or someone else to be your tax advisor, the following hints should be at the forefront of your mind when choosing the right tax preparer or advisor to do your taxes. Finding an advisor who is truly committed to your business success is absolutely paramount. Selecting the right advisor should be a process not unlike selecting a full-time employee who’s the right fit for your business. These hints will help you to secure the right person with the right intentions which will ultimately save you from major headaches down the road. With that in mind, consider the following hints.

Helpful Hints When Choosing a Tax Preparer/ Advisor

  • Use a reputable tax professional who signs the tax return and provides a copy.
  • Consider whether the individual or firm will be around to answer questions about the preparation of the tax return months, or even years, after the return has been filed.
  • Check the person’s credentials. Only attorneys, CPAs, and enrolled agents can represent taxpayers before the IRS in all matters, including audits, collection, and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.
  • Find out if the preparer is affiliated with a professional organization that provides its members with continuing education and resources that also holds them to a code of ethics.
  • Be cautious of tax preparers who claim they can obtain larger refunds than other preparers.

These hints alone are not sufficient. You will want to be sure to interact with and communicate with three or four options in tax advisors before making your final decision. When you interview them, consider the following questions to ask them. Their answers will offer guidance and insight into your ultimate tax advisor final decision. In addition to these guiding questions that are found below, a few key qualities you should discuss during an interview are availability, qualifications and experience, client longevity, and price.

Questions to Ask when Choosing a Tax Advisor

  • What is the candidate’s educational background? Do they have an advanced degree?
  • What qualifications does the candidate have?
  • Do they have expertise in areas relevant to your business?
  • How long has the candidate been doing tax advising?
  • Do they have any licenses? If so, which licenses do they have?
  • Will he or she provide at least three references of current clients?
  • Have they been cited by any professional or regulatory body for disciplinary reasons?
  • How and what do they charge? What fees will they charge?
  • Do they provide ongoing reviews and planning strategies for you?
  • Will they represent you if you are audited?
  • Are you comfortable with your prospective accountant/ tax advisor?

The right answer to these questions depends on your individual business’ situation and needs, but what is most important is that you do your homework and make an educated decision when it comes to the important choice in picking a tax advisor. For more information about the process or to find a tax advisor for your business, contact us here at Beck and Company CPAs.

Benefits of and Ways to Choose the Best Tax Advisor

Choosing the right person to be your company’s tax advisor is no easy task. Similar to choosing a good accountant for your overall business needs, you will want a tax advisor who will have the specific characteristics and qualifications you need while also being a good fit in personality and style.

For many small and mid-sized businesses, it is recommended that you do not do your taxes alone but that you consult a certified public accountant (CPA) to be involved in the tax process. This CPA acts as the tax advisor because they can give advice on which tax strategies to take or not to take based on their interpretation of IRS rulings and past experience. There are endless complexities and deductions that can be easily missed without the expertise of a CPA, and they can be vital to long-term strategic planning as well. This means that the CPA is not just communicating at tax time but throughout the year so that there are no surprises at tax time. This includes advising on investment monitoring and keeping current on upcoming tax legislation. Another perk in hiring a CPA as your company’s tax advisor means they will represent you in an audit before the IRS, if needed, so you don’t have to go it alone.

It is important to remember that you are not only paying for tax preparation but also for the advice relationship when using a CPA as a tax advisor. Beck and Company’s Certified Public Accountants and Business Advisors offer tax planning and preparation services if you are in need of a tax advisor or want more information about finding the best one. Learn more about our Tax Consulting Services by visiting here.

What are the key factors that go into choosing a tax advisor?

You can think of this as the “two Cs”: competence and communication.

  • Competence: Your tax advisor should have tax preparation expertise and be up-to-date on ever-changing tax laws. Be sure that they not only have a solid background with regards to tax expertise but also are competent in realms that match up to your business’ unique industry.
  • Communication: Even a very skilled and competent tax advisor is not worth your time if they do not communicate regularly or honestly. They are expected to keep you informed so there are no surprises but also to communicate well with you in general. If the right person has the wrong personality or skill set, it will still be the wrong choice for your business. Choose someone that will mesh well with your company and staff.

What should your business be getting out of your tax advisor?

In addition to the qualities and skills that a CPA should provide your business, consider the following parameters so you get the most out of your tax advisor both initially and over the long-term future.

·         Write a job description.

Hiring a professional is no different than hiring an employee. Outline specifically what you want them to do.

·         Match personalities.

It’s important that your personality and that of the people you engage with are compatible. It’s not unusual for a professional to have a great relationship with one client and not satisfy another. The problem could be a simple personality clash.

·         Communicate regularly.

If you dump your whole financial future in the hands of a tax advisor without ongoing communications, you’re asking for trouble. Nobody is going to have as much interest in the financial future of your business as you. Make sure you have a strong line of communication open with your advisor.

·         Demand results.

If you don’t like the way they do business or the results they get, fire them and find someone else. Don’t hold on to someone who is not helping to further you company’s success.

Next week, we will take a look at some hints and questions to consider when you are in the process of initially hiring a tax advisor and are hoping to choose the right one. Stay tuned for these important tips. In the meantime, contact us here at Beck and Company CPAs so we can help you with your tax service needs or help you find a great tax advisor for your business.

Tips for Cleaning Up Accounting Records

With all that goes into smoothly running a business, it is likely that some tasks will end up getting less attention than others. Don’t let your accounting records be one of those areas. Instead, make sure that they are a priority and are updated regularly. Whether you manage all finances in house or need outside help from an accountant, having your records in order is still essential. Without proper records or records that are disorganized, it will be difficult for you or your accountant to properly track and record financial information. If you are looking for accountant assistance for your business, Beck and Company’s Certified Public Accountants and Business Advisors are here to help you with these needs. We provide many accounting services.

It may be that you feel financially illiterate and have no idea where to even begin with organizing accounting records. It could also be the case that you have not had the discipline nor the systems in place as a company to keep records cleaned up. Regardless, you likely are aware that having these records organized and efficiently laid out would be immensely helpful in so many ways. With a fast-paced business world and so much at stake, there is no need to spend valuable time sorting through messy records time and time again. Instead, creating a system for a month-end accounting process clean-up will allow you to make informed decisions with ease and quickness while also helping you to focus more time on the future of the business instead of on financials alone.

How can your records be cleaned up so financial reporting is both possible to do and accurate, too? Below are some tips to do just that on a monthly basis. This checklist will help when evaluating the performance of your own accounting support and will make outside help from an accountant easier thanks to records that are ready to use and organized.

  1. Do retained earnings agree with my tax return? If not, do I understand exactly why it’s different? You don’t have a good starting point if this isn’t right.
  2. Cash accounts are reconciled and agree with bank statements. Items that are not reconciled are investigated.
  3. Fixed assets are appropriately capitalized. This means that you look at accounts in your profit and loss for lease payments and other purchases that should be capitalized.
  4. Other assets are appropriately stated. If you have an asset account that hasn’t changed, look into whether or not it’s still realistic.
  5. Credit cards are reconciled.
  6. Unrelated party loans (e.g. lines of credit, bank loans) agree to statements, and interest is booked appropriately.
  7. Related party loans (e.g. inter-company) agree on both sets of accounting records (if you own more than one company and loan money back and forth).
  8. If your balance sheet is accurate (steps 1 – 7), review your profit and loss statement. Are expenses within tolerable thresholds relative to prior years and periods?

If you do all of this, you know you have good data, and you can make decisions based on accurate information or have an accountant help you with this. It also ensures that, when asked, you can produce financials at a moment’s notice to interested parties. Beck and Company CPAs can help you in this process of preparing accounting records for accurate financial reporting so you are ready when the need arises for these records. Please contact us to learn more about how we can help you and your business to succeed in all areas including in the financial realm.

Nonprofit Fundraising in our Connected and Modern World

In order to prepare for a nonprofit financial audit or to expand fund development, you will need to be sure that past, current, and future funds raised from fundraising efforts are properly tracked and recorded. Even if you are simply doing an internal audit to prepare for a campaign, it is necessary to take a closer look at funds raised in the past and to be sure that the proper infrastructure is in place to handle a campaign. Beck and Company’s Certified Public Accountants and Business Advisors can give you insight into auditing processes and other nonprofit services. To learn more about audits and for assistance in this nonprofit financial audit process, take a look at our auditing services.

We all know that nonprofit fundraising is extremely valuable and important. Without it, it is likely there will be insufficient funds to meet the needs and service the mission of the organization because nonprofits can no longer rely on ever-decreasing government funds nor on select special events or grants. How, then, can we successfully do it? Fundraising is becoming more focused on individual giving. Being successful with fundraising efforts online is no easy task, but using the technology tools of today to reach individuals can be an important source of funds in a world where nearly everything is transitioning to the web. Here are five important tips for helping you achieve success in raising funds online:

1.       Use multiple social online tools that others are using, too

Yes, there are indeed dozens of social tools available these days. While you would not want to use everything that is available, you should pick and choose as many as you think will work best for your audiences that you are also capable of managing. For example, different people prefer using Facebook pages over Twitter while others would rather follow Twitter feeds. You’ll want your efforts to be widespread so no one is left in the dark and so no possible opportunity is missed. Therefore, invest in the channels and tools that can really help you reach all of your supporters and donors. Remember, use what those people are using. There is no need to jump on the bandwagon of a new social technology tool until your donors are using it, too.

2.       Networking with bloggers that share your organization’s passion is essential

Take time to build a relationship with the MANY bloggers that are out there. You are likely to find numerous blogs and bloggers that will share your nonprofit’s same passion. These connections can translate into easily multiplying efforts by having others with the same passion spread the word through their blogs. They can become your champions and help you raise awareness and donations through their readers and subscribers.

3.       Don’t forget the power of face-to-face

Asking for support in person is still the number one way to achieve a donation for your organization. Use every correspondence and each opportunity when meeting with others in person to direct traffic to your social media channels and sites. This provides a way for new audiences to stay engaged with your cause and what your organization is doing about it.

4.       Be consistent about informing and educating others

Use every opportunity you have whether it be on social media, over email, or in person to educate people on the impact of their donation. This is most powerful and eye-opening if precise and detailed examples are used that clearly depict how their money can make an impact and what it can fund. Use relevant happenings, events, news, and informational studies as an opportunity to educate others about your cause.

5.       Keep it up and don’t lose heart

There is still no guarantee that funds will start pouring in through donations. It can be disheartening to look at your data statistics and wonder why more isn’t coming in. Although all of these online technological advances are powerful, social fundraising still takes time and does not happen immediately. Keep at it, and you’ll see the efforts will pay off over time.

For more information about nonprofit fundraising and the intended outcomes of it through audits, contact us here at Beck and Company CPAs.

Ensuring the Retention of a Quality CPA for your Business

Finding and securing the right accountant to meet your business needs is no easy task. Last week, we took a look at guidelines to assist you when choosing the best Certified Public Accountant (CPA) for your company. Visit here to learn more. Once you’ve secured a good accountant, you won’t want to lose them and will want to be sure you know what will help keep them around for the long haul. It is important to do what is necessary to make this happen.

At the same time, you also want to ensure that your hired CPAs are performing their duties well. In a sense, there is a balance of equipping employees with what they need to be successful but also monitoring to make sure they are fulfilling their end of the obligation to do honest and professional work. This balance can happen by knowing what your employees need and responding to those needs while also knowing what to expect out of your CPAs and holding them accountable to these expectations. Beck and Company’s Certified Public Accountants and Business Advisors have vast experience in accounting practices along with a deep understanding of business processes to assist you in knowing accountant needs and expectations. We also offer quality accounting services to meet your business needs.

Tips for Fostering Retention

Some recent surveys within the field have concluded that employers find that employees with the highest potential and those who were the top performers were also the ones with the highest turnover. Employers are losing their best talent, and the employees state that their reasons for leaving are limited opportunities for career advancement and a lack of confidence in company leadership. There is certainly a disconnect between employers and employees that is leading to talent mobility instead of leading to employers seeking to understand and respond to what employees value. If you want to retain your CPA employees, you’ll need to do just that.

As an employer of CPAs, what can you do to improve retention, engagement, and employee career development?

  • Create a consumer-like experience for employees. Many employees feel they are not understood to the same degree they are expected to understand customers. Be sure to get to know what your employees need, and respond to those needs.
  • Equip employees with leadership development and career advancement opportunities. Don’t lose employees to companies that are meeting their needs better. Give them the opportunities they need, and be open to discussing opportunities for leadership and advancement within your own organization.

Ensuring Employees are Following Expected Professional and Ethical Practices

As an employer, you may not be an expert in the field of accounting. At the same time, your accountants are an important part of your business and have the power to make or break it in many ways. Not only are employees held to a certain standard of general conduct that must be followed, but accountants are also held to a certain standard of ethical and professional conduct specifically tailored to the work of accountants. As an employer, it is important for you to know about this code of conduct to be sure it is being followed and that your accountant is following practices that will help and not hinder your business. The American Institute of Certified Public Accountants (AICPA) has outlined these expectations through its Code of Professional Conduct. It includes such things as expected responsibilities to clients and colleagues, other responsibilities and public interest, general accounting principles, and a look at independence, integrity, and objectivity.

For more information about the Code of Professional Conduct and general assistance as an employer with helping accounting employees to be successful and to stick around, please contact us here at Beck and Company CPAs. Our vast experience can be an asset to ensuring success for all—both employees and employers.

 

Finding a Good Fit in an Accountant for your Business

Entrusting your company’s most valuable asset—your finances – to someone else is certainly not something to be taken lightly. High expectations are good! Whether you are a new business just starting out and looking for help with the financial side of things or you’ve finally come to the conclusion that you can’t do it all and need an expert to oversee the finances, you’ll want to make an informed decision about which Certified Public Accountant (CPA) is best suited for your company and what they have to offer. While we cannot choose an accountant for you, Beck and Company’s Certified Public Accountants and Business Advisors can give you additional insight and guidance when it comes to the search for someone who is best for your business. Here are our general recommendations:

  • Characteristics to Look for in a Potential Accountant

What, exactly, characterizes a good accountant? When looking for an accountant to manage the financial side of your organization, you’ll want to consider some important general CPA traits. These include finding someone with a basic understanding of your specific industry and a desire to always learn more about it. They must have a thorough understanding of the company’s big picture and a commitment to the overall business. You’ll need someone who is attentive to details, communicates well, is adept at using a computer, understands proper job costing, and is a person of follow through. To dive into these traits further, visit here.

In addition to these general characteristics, you’ll want to look for someone who has strong leadership or leadership potential. When someone is making decisions that impact the entire organization and relate to financial assets, they’ll need to be someone who considers the interest of all and is a team player. Finally, determine the specialized needs you have within the position and the reasons you will be hiring someone (tax prep, financial system overhaul, expert to answer questions and give guidance, etc.). This will make securing the right person easier and will make the interview process clear for both you as employers and for the potential employees themselves.

  • Securing the Right Person

Once you have a good idea of what you are looking for in the person you want to hire for the position, you will need to go through the process of securing just that. If you are unsure where to begin, start by asking around within your network to find out who others use for their accounting service needs. It is recommended that any accountants you consider have at least 60% of their businesses coming from businesses similar to yours in order to know the laws and systems well. As another starting point, Beck and Company CPAs also offer many client accounting services that you can explore.

  • Interview Tips

Next, you will need to schedule interviews and be prepared with questions that pertain directly to the specifics you are looking for. Be sure to include conversation about rates, their preferred accounting software program, and their hours of operation to confirm if the person is a good fit and if there is mutual compatibility. Also, find out if they are part of a corporation or work individually. Working with corporations could mean you’ll be getting answers from whoever answers the phone instead of always having direct access to one person with whom you’ve built a relationship and trust. Your preference will depend on the level of general help versus individualized attention you need.

Choosing the best accountant for your business has the power to transform your accounting processes and give you the guidance you need to remain successful. Beck and Company CPAs can offer more individualized guidance into the important process of deciding on the accountant that is suited to meet your business’ needs. Please contact us for more information.

Methods of Strengthening Safety and Security in your Business

Your business’ safety and security can take on a variety of forms and range everywhere from physical security on the premises of your office to the more subtle need for online safety of important business information. Strengthening security of important documents is essential both in a physical sense with management of paper documents (locked filing cabinets, shredding information when no longer needed, etc.) and data stored electronically and/or in the Cloud. For more information on data security, visit here.

Finding methods of strengthening security for business is not always as easy or obvious as it may sound. Beck and Company’s Certified Public Accountants and Business Advisors know the importance of maintaining and strengthening safety in your company. We offer consulting services to help clients improve processes and get access to critical business information in a secure way including proper documentation processes and selecting systems that will set you up for success. We also offer technology services that can streamline data to make it easier to manage and secure. Learn more about our technology and consulting services here.  In addition to the specialized services we offer, here are some general guidelines for strengthening security within your business.

1.       Start with a Risk Assessment

The safety process starts with identifying where you are most vulnerable. Perhaps you are already aware of where your business has been the victim of crime before, but that might not tell the whole story. Carry out a thorough assessment of the premises for more general safety concerns and an electronic assessment of how data may be vulnerable. This assessment will give you a starting point for what needs to be addressed. Involve a team in this process to be sure nothing is left unnoticed and all avenues of potential risk have been explored.

2.       Educate your Staff

Train your staff to recognize suspicious behavior or activity. This means both in a physical sense (are files readily accessible to all who enter or secured and out of reach?) and electronic sense (are employees being asked for information that should not be shared or noticing people have access to what they should not?). Not only should employees know what to look for, but they should also know how to properly and efficiently report possible threats to information or resources.

 3.       Secure your Equipment

Carry out regular property and equipment audits and allocate responsibility for particular items to individual employees. Tag computers and record details of serial numbers. Consider securing expensive equipment to floors or walls. Secure electronic devices by encrypting them to prevent data access without a password. Inform all employees about expectations for properly locking up equipment and not leaving it out unattended.

 4.       Work to Prevent Electronic and Online Information Theft

This takes on a variety of forms including establishing strong passwords, having strong firewall protection and antivirus software, and performing regular system backups. Be sure employees know the risks of links and attachments so they are only clicking on items related to the job at hand and not getting viruses that compromise computers and information on them. Use access controls on computers to restrict entry, and regularly review who has access privileges.

 5.       Be Vigilant in Monitoring Security Over Time

While an initial assessment and response to areas of risk is so valuable, strengthening security is an ongoing process that will require regular reviews. As technology changes and advances, the criminals are keeping up with it as well. It is your duty to do the same to protect against information crime.

Beck and Company CPAs are here to help you with business practices and technology solutions to strengthen safety and security at your company. Please contact us for assistance.

Effective Financial Reporting and other Keys to Preventing Fraud

It seems to be a common occurrence to hear about fraudulent activities occurring throughout the business world in the news. Unfortunately, even nonprofit organizations fall victim to fraudulent activity and commit fraud in a variety of ways. Within nonprofits, much of this activity stems from dishonest or improper financial reporting. It can take the form of payroll or billing schemes, undocumented funds, fabricated or invented expenses, and more. When it comes down to it, fraud is a violation of trust. It is essential to be vigilant in preventing fraud within your organization to maintain the trust the public has in nonprofits and to keep the trust throughout the organization. Your organization’s financial transparency can help prevent fraud.

Here are three tips for preventing fraud in your organization:

1. Use internal controls and financial audits to detect fraud. It is easy for nonprofits to rely on external audits to provide recommendations and evaluate internal controls while also identifying fraud risk. Beck & Company’s Certified Public Accountants and Business Advisors offer auditing services that can provide you with an extensive examination of financial statements to give you a closer look at possible areas of fraud. These nonprofit financial audits are truly essential to maintaining the organization’s health, but they are not the sole means through which fraudulent activity can be discovered. There is no substitute for strong internal controls to both reduce the opportunity for fraud and to detect fraud more quickly if it occurs.

2. Educate your staff about fraud through training. Staff members should be trained and educated on what actions constitute fraud, how fraud can harm the organization and its mission, and how to report questionable activity. This training has minimal cost and is highly effective.

For starters, educate employees on the three common forms of fraud:

  • Asset misappropriation an employee steals or misuses the organization’s resources. Examples include, but are not limited to, theft of cash or checks, false billing, vendor fraud, and inflated expense reports.
  • Corruption schemes– an employee, for their personal benefit, misuses their influence in a business transaction in a way that violates their duty to the employer such as through bribery and conflict of interest transactions.
  • Financial statement fraudan employee intentionally causes a misstatement or omission of material information in the organization’s financial reports. Recording fictitious revenue, understating expenses, and reporting artificially inflated asset values are all part of this. Effective financial reporting is essential to your organization’s reputation. Visit here to find out more about how to ensure proper reporting and internal controls are in place at your nonprofit.  

3. Remember that the board plays a role as well. Don’t overlook the board. The board of directors is still responsible to help monitor and supervise finances and operation even if they are not present on a daily basis. They have an important say in financial control procedures and policies. They also have a responsibility to act if fraud is detected by investigating, creating action steps, and reporting the incident. Board members are responsible for acting with due care and putting the best interests of the organization first. In some cases, board members have been held liable when it was determined they were negligent in fulfilling their fiduciary duties of care, loyalty, and obedience.

Understanding More about the Threat of Fraud:

Both damaged trust and damaged finances can result from fraud and therefore cause a substantial issue for nonprofits. What is even more striking is that, generally speaking, most organizations that fall victim to fraud do not recover any of their losses. Where does this fraud come from in the first place? Employees of varying ages that receive varying salaries are all susceptible. However, fraud committed by managers or executives takes twice as long to detect as compared to non-management employees. It is important to be on the lookout for fraud at all levels and assume no one is exempt.

Beck and Company CPAs are passionate about helping nonprofits get their financial reporting in order so they reduce the risk of fraud. Please contact us by calling 703-834-0776 x8001 to learn more about all of the nonprofit services we offer.

Personal Principles that Relieve Accountant Stress

For accountant stress management to be effective over the long haul, the key is to not only learn and use certain stress management tips that we discussed last week but to also learn to live your life and see your world in a way that makes distress less likely. Stress management is a process that includes more than just healthy living tips but honing and applying personal principles to your overall life as well. If you find the main sources of your stress come from current accounting practices that could use an overhaul or adjustment, Beck and Company Certified Public Accountants and Business Advisors are here to help. Please contact us for a consultation about your accounting needs.

Here are some principles that, when practiced consistently, can help you manage your stress and keep your distress at a minimum:

 

  • Take responsibility for yourself, your life, your behavior, and your stress.

Consciously or sub-consciously, if you don’t take responsibility, you effectively delegate it to someone or something else. This means you are handing over control of your life and your stress level to someone or something else.

  • Identify your principles, values, and goals. Live by them, too.

Decide what’s important to you and what you want out of life, and make your behavior consistent with this. For example, if a strong family life is most important to you yet you repeatedly take on tasks that make it impossible for you to be with your family, you will feel distress. The more your behavior matches your values and principles, the less distress you will experience.

Make sure your principles, values, and goals apply to you and your behavior. If your values are centered on everyone else in your life acting fairly and appropriately, you set yourself up for frustration. People will not always act in accordance with your goals. Make sure your principles, values, and goals are flexible enough to allow you to still be human. If it is important to you to be perfect and never make mistakes, you will live your life in a constant state of distress.

  • Learn to practice a measure of acceptance in your life.

Things will not always go the way you want them to. Focus more of your attention where you have influence and less of your attention where you have little or no control.

  • Don’t take yourself too seriously all the time.

At least once a day, do something just because you enjoy it no matter how small or ridiculous it may be. Find some humor in your day, and in the process, get a change in perspective.

  • Conduct an inventory of yourself and identify your own personal internal stressors.

Identification is half the battle to resolution. Are you a people pleaser? Do you have a hard time saying “no” to people or opportunities? Are you a perfectionist? Does every mistake take another notch out of your self-worth? If you need help dealing with these issues, get it.

Identify your own personal cues that signal when you are distressed. Do you tense up? Do you get headaches? Do you become irritable, angry, or defensive? Do you feel confused? Do you have a more difficult time than usual making decisions? Create strategies to lessen or eliminate these tendencies all together.

  • Think outside of yourself, and give back to others.

One of the quickest and easiest ways to put stress in perspective is to walk a mile in someone else’s shoes and realize that your life might not be so bad after all. By serving and giving away time and resources to others, you get fulfillment in the process of fulfilling the needs of others. Decide how you want to give back, and go do it!

Although you won’t always do all of these things right, stay focused on the daily process of stress management and living by your personal principles. Over time, you will begin to notice that the times of distress become fewer and further between. Even though the accountant responsibilities and pressures of your accounting job still exist, you will be able to cope better with them. If it is your accounting practices that are causing you the most stress, contact us here at Beck and Company CPAs so we can assist you with these.

Accountant Stress Management Tips

Addressing accountant stress requires a holistic approach to deal with the overarching impacts it has on many facets of life. Last week, we took a look at factors that cause stress in the workplace. Once those are identified, it is important to deal with each stressor individually. Unfortunately, those can be mitigated to some degree but will likely not be solved completely nor will they stay isolated to the workplace alone. Therefore, stress management must also address physical, psychological, social, and environmental factors both now and for the longer term. Beck and Company Certified Public Accountants and Business Advisors personally understand accountant stress and can help you alleviate them through assistance in improving accounting practices. Let us help you address your specific accounting needs.

Here are a variety of tips for holistically managing accountant stress both at the workplace and outside the workplace:

 

  1. Have a personal and professional social support network

Developing a good social support network and spending time with friends and family away from work is helpful for managing stress. Work teams need to spend time doing other things like team building every so often to develop some social bonds and not just associate each other with work and its stressors.

 

  1. Maintain a healthy diet

This is so much more than simply watching your portions and intake. It also means intentionally not indulging in unhealthy foods thinking they will relieve stress and reducing the intake of things link caffeine, alcohol, and unnecessary over-the-counter medications.

 

  1. Exercise regularly

Exercise is a great stress management technique that also has endless health benefits. Non-competitive forms involving mindfulness are especially beneficial. Exercises that are done outside and in nature, such as golf and hiking, are great, too.

 

  1. Sleep well and get sufficient sleep

It may be common sense, but getting enough sleep benefits stress levels. You can’t cheat your own biological system and get away with it long term. Although it seems like having more time in your day may be beneficial, less is not more when it comes to sleep.

 

  1. Practice deep breathing and use relaxation techniques in moments when stress hits hard

Tense your stomach muscles, shoulders, fists, eyes, jaw, and all the other muscles of your body while holding your breath. Release and relax. Put your hand on your stomach just below your belly button and breathe slowly and deeply so your hand moves out as you breathe in. Breathe in through the nose and out through the mouth. Repeat.

 

  1. Laugh and play more

Laughter is something we can all afford to engage in more regularly. The most stressful professions often use humor as a healthy coping mechanism. Additionally, a little playfulness even in the workplace will actually boost productivity and help staff stay happy and healthy. By lightening up you will not only live longer but, contrary to fears, get more done.

 

  1. Reframe your thinking and attitude

Often just changing the way you think about something will make it less stressful because stress really results from perceived difficulty. You can always change your own viewpoint to a more effective one and find ways to stay positive.

Now that we have addressed many tips to help any accountant holistically deal with accountant stress, we will take a look next week at the personal side of managing stress. We will address personal principles that, when practiced on a daily basis, can help you personally manage your stress and keep your distress at a minimum. If you need more assistance with increasing your accounting practice efficiency or other factors that may be influencing your stress, contact Beck and Company CPAs.