Flexible working arrangements for accounting practices
In the not too distant past a flexible working arrangement policy tended to be a standard, yet inconspicuous document, within an accounting firm’s policy and procedures library, which employees knew existed, yet many may not have called upon.
Fast forward to current times, and the recent global pandemic has shifted our thinking, lifestyles and circumstances and has opened up opportunities for flexible and hybrid working arrangements that many of us would never have dreamed of several years ago, so much so that traditional flexible working policies for accounting practices are unlikely to remain fit for purpose.
In this article, we take a look at what flexible working arrangements mean for the future of accounting practices in Australia and New Zealand.
Increased demand for flexible working arrangements in accounting practices
For many, flexibility in their working arrangements, both in terms of hours worked and location worked from and the associated feelings of autonomy, are now so highly prized that candidates are turning down or leaving jobs that do not offer the desired amount. A yearning for more flexibility has undoubtedly been one of the driving forces behind the Great Resignation, a term coined by Anthony Klotz, a university professor of management in May 2021 to describe the record number of people leaving their jobs since the start of the COVID-19 pandemic.
Revealingly, a 2021 study of over 5,000 knowledge workers worldwide found that 59% of respondents reported that flexibility was more important to them than salary or other benefits. In a candidate-driven market, employers have had to adapt to flexible working requests in order to attract and retain high-quality talent.
What do we mean by flexible working arrangements?
Some examples of flexible working arrangements in accounting practices include:
- Working from home / remote working
- Hybrid – some days at home, some days in the office
- Job sharing
- Part-time
- Compressed hours – full-time hours on fewer days
- Casual
- Seasonal
- Flexitime – core hours with the capacity to flex up or down as needed
- Freelance/gig economy
The benefits of flexible working for accounting practices
The beauty of the modern, flexible workforce is there are major benefits and advantages for both the accounting practices and their employees.
Smart accounting practices understand that they can actively work with accounting practice software to give their teams the flexibility they want. Flexible work enabled through best-in-class workflow management software can help manage jobs and streamline processes.
Advantages of flexible working for the employee
- Flexible working hours – employees can choose days, rosters and shifts to suit their own personal situation.
- Accounting firm employees can actively work towards a genuine work/life balance.
- Flexible work location – accounting firm employees can work from home, the practice's office or even away from home.
- Mental health and wellness – working the hours and in the location best for the employee fosters positive mental health and autonomy.
Advantages of flexible working for the practice
- Retention – engaged accounting practice employees working flexibly means more retention.
- Positive work culture – happy, engaged people working flexibly will fuel a positive culture which will add to your accounting practice's bottom line.
- Productivity – less time commuting or stressing about the work/life juggle, along with wanting to continue enjoying the benefits of a flexible working arrangement, can both see an uptick in productivity for the firm.
- Future-proofing the practice – with more accounting practice staff wanting flexible work arrangements, you have a better chance of attracting top talent.
How to support flexible working arrangements in your accounting practice?
Home office set-up and safety
How will you ensure your flexibly working employees have adequate arrangements at home to perform their accounting tasks while ensuring employee safety and health?
One such avenue is to firmly lay out the required home set-up. Set expectations (based on expertise) around desks, chairs, and spaces.
Require your team to send in a photo of their home set-up to ensure it conforms to adequate expectations. It’s unacceptable if your employees are working from the floor or stooped over a coffee table.
Accounting practice data access, software, and equipment
In addition to the physical home set-up expectations, you’ll need to continually monitor how well you have catered to the needs of their roles in terms of tools, data access, and equipment.
- Does every member of your team have an adequate laptop or device?
- Do you consistently monitor and ensure virus protection and password management?
- Do your staff have cloud access to all the software they’ll need?
- How will you manage device loss?
- Do you need VPNs or other privacy ensuring tools to deal with unprotected Wi-Fi access?
- Does everyone have access to secure remote data and file storage?
Read our guide on cybersecurity for accounting firms.
New communication frameworks
This is one area where flexible working arrangements must be curtailed. Employers need to firmly layout all aspects of how and where your team will communicate.
With the increasing absence of ad-hoc ‘shoulder tapping’ conversations in the office, communication is one area where increased structure is required.
Set rigorous meeting schedules. Dictate platforms and solutions you’ll use. Make sure you check in regularly. If you allow communication to splinter and fade (or become optional), your output, team cohesion and ability to monitor accounting firm productivity will suffer.
Technology supporting culture
A healthy workplace culture, built on trust and accountability, is at the centre of any successful accounting practice.
Wellbeing, engagement and performance are all clear indicators of how good (or bad) a culture is – and technology plays a critical role in improving all three.
Accounting practice management software solutions that make it easier for accounting professionals to do their job well, both independently and collaboratively, allow organisations to reap the benefits of the flexible workplace, without compromising communication and team dynamics.
Technology must support all accounting practice staff with flexible working arrangements, too, so those who are required to be on-site enjoy the same positive experience as those who can work remotely and that all staff have the same opportunities to progress their careers.
Ensuring team culture does not fade
Aside from the more pragmatic aspects of flexible working, your business culture and social cohesion could likely suffer from the tyranny of distance. As an integral aspect of any firm or practice, preserving your team culture should be a primary concern.
While casual lunches, after-work drinks, social banter and ad-hoc bonding will be reduced with this model, there are ways to compensate. One surefire way for an employer to keep the team culture humming is to have teams work together in the office on the same day.
Perhaps you can entice your workers with a free round of drinks before knock-off? Maybe you schedule semi-regular offsite activities or strategy sessions? Do you have a chat channel dedicated to humour, banter, and story sharing? Can you tempt people to come into the office for extra days with a free lunch?
While flexible workplace arrangements are likely already in place within your firm, poor performance (whether from a team or management) should not be allowed to propagate. Continual monitoring, rejigging, and reimagining will be integral to a well-managed accounting practice with flexible work arrangements. While it may have been initially ad-hoc and rushed due to the necessity of pandemic restrictions, a more structured and professional approach should now be in place.
Challenges to making flexibility work for your practice
The benefits of a flexible workforce for both accounting practice employers and employees are evident. But how to manage everything for everyone, and all at the same time?
How do you manage time and billing, client management and communication, and track your staff, jobs or even your practice data?
As an employer, it’s up to you to put into place an optimal accounting practice management software solution to help your practice staff. It must be fair for everyone because while we’re surrounded by technology, not all people are tech-savvy.
The key is to keep communication channels open and implement an accounting practice software solution that works for the practice and your employees.
You could use a range of applications and software for accountants, but are they user-friendly and, most importantly, will they all integrate and play nicely with one another?
How accounting practice management software can support flexible working arrangements
As we transitioned away from a full-time office environment into working from home during the pandemic, there began to be a larger uptake of cloud-based practice management software.
Although these fast and powerful accounting practice software solutions were available before the pandemic, it started to become evident that accounting practice management software was critical for busy, time-poor accountants.
As our industry has become more comfortable with accounting practice management software due to flexible working arrangements, we've begun to understand the benefits of transitioning to accounting practice solutions, to simplify and automate practice processes in a way that makes flexible working a breeze.
