Accounting associations are increasingly focusing on the mental health of business owners in the tools and services they supply members, in a bid to combat rising stress and anxiety levels in the SME community.
Chartered Accountants Australia and New Zealand (CA ANZ) acknowledged the role accountants play in the mental health of their clients, often small businesses, in light of World Mental Health Day.
“When times are difficult, it can be immensely stressful for our clients,” said CA ANZ president, Jane Stanton.
The association has given a nod to further focus on related tools and services for members, to combat issues related to mental health which crop up in professional practice.
This follows a push from the Institute of Public Accountants to acknowledge the stresses small businesses face, and the role of accountants in reducing anxiety triggers.
In November last year, the IPA released research indicating 85 per cent of small businesses found engaging an accountant significantly reduced their stress levels.
“Flipping that around, we were also surprised that over a quarter of small businesses told us that if they knew then what they know now, they wouldn’t have gone into small business. That is quite alarming. That figure is quite an indictment on the economic and policy settings,” said Mr Conway.