BLOGS
Tax season and the secret to a winning mindset
Whenever the going gets tough, and it often does during tax season, you need to adopt a “winning” mindset.
This mindset cuts through the noise as tax returns mount up, so you stay focused and reduce the chance of making errors.
But what, in my industry experience, is the best winning mindset for accountants?
Well, before I get to that, it’s essential to do one thing first: let’s debunk a myth about tax season productivity.
What a winning mindset isn’t
In hard-working professions, you’ll often come across a lot of bravado. That includes accountancy, especially during tax season.
Whole offices can end up burning midnight oil, ordering take away and stumbling out onto the street long after the last regular bus or train service has called it a night. Alternatively, if they work from home, some accountants might lock themselves away until hours after loved ones go to bed.
Let me ask you: does that sound like a winning mindset or a recipe for burnout?
I would say that for most people, based on my years in accounting, the reality is the latter.
If bravado isn’t the winning mindset for accountants, what is?
The winning mindset is all about having a sense of perspective:
- It’s about knowing there is light at the end of the tunnel.
- It’s an awareness that the current distraction isn’t the only thing you must take care of.
- It’s remembering that what we do isn’t rocket science or brain surgery – yes, it’s important, but it’s not life and death.
When you adopt this outlook, you work faster, keep your cool, set real priorities and spot potential slip-ups.
Why is it difficult to get perspective?
Stress (for instance, caused by being tired, panicked or overwhelmed with options) can give you tunnel vision. You become fixated on a specific thing and miss the broader picture.
The dead giveaway is your productivity has slipped. You’re not in “the zone” despite the adrenaline. You’re going slower than usual, getting little done and possibly missing things.
One analogy I like is that we become so fixated on the speedometer that we ignore the road in front of us.
What can you do to escape this tunnel of stress?
It’s important to remember that rest is part of your work.
You wouldn’t ask a top athlete to keep running at the end of a marathon, so why would you ask an accountant to keep going after nine hours of concentration?
No. Accountants, like long-distance runners, need to recuperate.
For accountants, the muscles we repair are our abilities to spot issues and prioritise work effectively. That’s why I tend to leave finished tax returns overnight before hitting “send”.
You never know what will occur to you when you look at something again in the morning with fresh eyes.
So, how can you stop stress from taking over?
As you’ve likely gathered, I see it as essential you have a boundary between you and your work. You need breaks, and you need to stop and switch off at the end of the day.
Chances are that right now, reading this blog, you are probably in a good place to set up a system that will stop stress-induced tunnel vision from taking over.
- Book in things that require dedication: Perhaps yoga after work, the gym at lunch, or language classes in the evening.
- Set aside time with family and loved ones: That includes time to relax in the evening and quality time on the weekends.
- Be the example you want to see: In the office, be upfront about stepping away for a breather and aiming to finish on time. This is especially true if you’re a manager – you can trigger presenteeism among your team (showing up when ill and staying late for no good reason) if you’re not careful.
- Be the accountant you would want to hire: What do I mean by this? Consider: would you like an accountant to rush your tax return or file it with HMRC while they are irritable and have brain fog?
Carve out some time with systems and support
Even if tax season is on the horizon, there is still time to set yourself up for success. That includes ensuring you get that all-important time away from your desk.
All you need is a few extra efficiencies. The following should help.
Improve your system
Use a software platform that doesn’t have you constantly retyping information. Ideally, you need something that automates processes and keeps you organised.
For example, we have IRIS Elements, which is perfect for small to mid-size accounting practices with clients that have day-to-day requirements.
Add to your team
Recruit more staff if you like, but there is an easier alternative given the tax season timeframe and the industry’s competitiveness as it scrambles to hire talent.
That alternative is outsourcing.
It can handle time-sapping tasks like payroll and bookkeeping, as well as other specialist areas like auditing.
Learn more about how IRIS supports you during tax season
We have a range of fantastic resources to help your practice go from strength to strength during tax season – from webinars to guides and beyond.