The American Psychological Association did an online poll back in 2011 in which only 57% of the polled workers felt satisfied that their company was allowing for a balanced work/life ratio. Outsourcing accounting work allows you to fix this balance, and this can have significant benefits for your business’ bottom line.
A balanced work/life ratio matters
The work/life ratio is a considerable factor in the level of happiness and loyalty of your employees and is not to be taken lightly if you want to keep your staff attrition low. Happiness relates directly to productivity – Google “happy employees” with “productivity” and you’ll find a plethora of studies citing how happiness leads to:
- boosted creativity
- less time lost to sickness caused by stress
- increased proficiency in making deals, thereby more services sold or more clients gained
Happiness is of course a product of attaining a healthy ratio between the time spent at work versus the time you get to spend on your life outside of the office. Outsourcing accounting work is a profitable way to gain that healthy balance while not only not losing work hours, but in fact gaining time and savings in overhead.
How outsourcing accounting work will let you better your life/work balance
As the partner of a practice you want to make your employees’ lives happier and receive the added benefits this brings though at the same time you could be trying to build up a small or medium-sized business. It may feel like trying to keep employees happy is the last thing on your mind with everything else you need to do.
If you give your in-house people time off you might fall behind. But hiring additional in-house people when you may not have enough work to cover a full time employee could end up dipping into profit.
Outsourcing for accounting firms to the rescue. Outsourcing accounting work to a virtual accountant can have you saving up to 42% in overhead costs almost immediately.
You won’t have to hire in-house team members to do your bookkeeping or basic accounting work. That’s more money saved and more free time at your disposal. It’s also a load of work taken off the plates of your in-house people, allowing them to spend far more time on their special areas of interest (leading to happiness and feelings of being useful) and not having to do basic compliance number-crunching, substantially easing their workloads.
Both you, the boss and your employees are going to have more time for each other. Outsourcing accounting work to India will free up time, some of which time can be scheduled for regular staff meetings. Here your employees can bring forth new ideas, and if you implement them they’re going to feel like they’ve contributed something important to the growth of your company which gives them a sense of pride. This leads to increased employee loyalty.
Even though reduced stress leads to improved health, if you or an employee does happen to fall sick you don’t have to panic, the workload is going to be handled since you’re outsourcing your accounting work.
When it comes down to it, you set the example for your employees. If you’re constantly working yourself to sickness, or if you’re always miserable because you don’t get to see your family or set time aside for socialising, then your employees are going to think that they have to follow suit.
So what’s the perfect ratio for work hours versus private life hours? That depends on you, and it will be different for each employee. Whatever the ratio, the first step is giving yourself the ability to choose the balance. With the benefits of outsourcing accounting services it gives you the chance to set the ratio to your preference.