Pressures on Financial Services throughout the COVID-19 Pandemic

These are strange times that’s for sure, and Accountants and Bookkeepers have really felt the pressure of the added stress that they have faced since the beginning of lockdown. Businesses have faced financial strain from the impact of the Coronavirus and as a matter of urgency they were turning to their Accountants and Bookkeepers for help and advice. 

Although great for business, it hasn’t been good for the mental health of those working in the financial sector. It’s not surprising that 47% of accountants rated their mental health as bad or worse according to AccountingWEB’s survey. Working increasingly longer hours than usual, early starts, late nights and working over the weekends many reported feeling burnt out.

As the pandemic progressed and the government introduced incentives and schemes to support businesses and workers, the burden of an increased workload skyrocketed. Businesses required support with their Coronavirus Business Interruption loans and the Job Retention Scheme for Furloughed staff and the financial services were overwhelmed with requests for assistance to guide businesses through these unprecedented times. 

On top of all of this, larger accounting firms also had the problem of staff having to work from home, closing offices and having to work remotely which of course didn’t help the situation of an ever increasing workload. With firms having to adapt to the change as well as meeting the needs of all of their clients, the pressure was on!

Not only was the strain being felt for Accountants and Bookkeepers but HMRC struggled to deal with the volume of enquiries coming through to them, which then in turn made it more difficult for accountants to process applications. According to HMRC, complaints rose by 19% due to staff shortages and technical issues with the portals due to the amount of traffic coming through at any one time.

As we progress through this pandemic, it is becoming more and more apparent that the workload that accountants and bookkeepers have been accustomed to over the past few months is becoming a more permanent fixture for the foreseeable future. Accountants are having to look at methods to ease the pressure with automated software being at the top of their priority list.

If you’re looking to utilise Automated software to streamline your business then get in touch and we can help.

We would love to hear your story of how the COVID-19 pandemic has affected you and your business, and any advice you would give to people who are struggling during these times. Either comment on this blog or send an email to rebecca@sageaccountssolutions.co.uk

Share and Enjoy !

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.