Level Up Your Team: 3 Upskilling Tips for Accounting Firms

As technology advances, industries like finance are facing new challenges in managing their workforce. New tools have led to skill gaps that are hard to fill in today’s job market.

Rather than competing for top talent, focus on closing these gaps with your current team.

How? Through professional development and upskilling efforts.

The Value of Upskilling

Upskilling is common in any field. It refers to the process of learning and improving skills related to one’s career or profession. Beyond being a common term in the world of work, it has become a vital factor in maintaining industry relevance. It also helps businesses stay competitive, including finance companies.

Why should you invest in upskilling programs? From a business point of view, this type of investment can lead to significant returns of investments. Companies that develop the skills of their employees are more likely to experience improved productivity and motivation. They often witness higher employee retention rates as well.

Upskilled employees are better equipped to handle complex financial challenges. They have the capacity to provide high-quality customer service. They can also contribute to the overall growth of your organization.

As traditional roles evolve and new positions emerge, upskilling can bridge the skills gap within your teams. It can ensure that your business can keep up with future industry needs. Moreover, this proactive approach to skill development provides your organization with a steady supply of qualified professionals at all times.

3 Upskilling Tips for Accounting Firms

Upskilling requires different programs and strategies to be successful. To help your accounting firm keep up with the changes in today’s world of work, Masis Staffing has compiled 3 upskilling tips you can implement in your business.

1. Implement Continuous Education Programs

Your workforce will only be capable of providing high-quality client services when they know the latest regulations and best practices. That’s why it’s vital to have ongoing education programs to help them keep up with changes in the finance sector.

Continuous education allows people to enhance their skills. This can lead to improved levels of confidence and job satisfaction since they don’t feel stagnant in their current roles. It can also result in improved long-term performance and increased morale.

There are several types of continuous education programs that accounting firms can implement. Consider the following options:

1. In-house training sessions are an effective way to address firm-specific needs and processes. These sessions can be tailored to the firm’s unique requirements and can cover topics ranging from new software implementations to updates in tax laws. They also provide an opportunity for team building and knowledge sharing among colleagues.
2. Webinars and online courses offer flexibility and convenience. They allow employees to learn at their own pace from any location. These digital learning options can cover an array of topics. They can be easily integrated into busy work schedules and are particularly useful for staying current in rapidly changing areas of accounting. Some examples of these areas are technology integration and data analytics
3. Industry conferences and seminars open opportunities for networking and learning from industry leaders. These events are an avenue to showcase the latest trends and best practices in accounting. Attending such events not only educates your employees but also helps your firm stay connected with the broader accounting community and potential clients.

Read more: Build a Rock-Star Accounting Team: Tips for a Winning Training Program

2. Leverage Technology for Skill Enhancement

The role of technology in accounting has evolved dramatically. It has transformed traditional practices and opened up new possibilities for efficiency and accuracy. To keep up with the changes, today’s professionals need to be proficient in a wide range of digital tools to perform their jobs effectively.

Upskill your current workforce with new technologies and software. Some examples of tools your people will need to learn are as follows:

1. Accounting software proficiency, particularly in widely used platforms like QuickBooks and Xero, is necessary for professionals. These tools help streamline bookkeeping and automate repetitive tasks. They also provide real-time financial reporting, which can give professionals extra time to focus on more complex financial matters. Moreover, this can boost the overall productivity and accuracy of services across your firm.
2. Data analytics tools such as Tableau and Power BI have become increasingly important in the accounting field. They enable accountants to analyze large datasets and identify existing trends. They can also be used in making effective visuals to present financial information. If your accountants are proficient in using these tools, they can have the capacity to offer more in-depth insights to their clients and make data-driven recommendations.
3. Automation and artificial intelligence are rapidly changing the landscape of accounting processes. From automated data entry to AI-powered audit tools, these innovations are taking over routine tasks and allowing accountants to focus on higher-value activities. Upskilling in this area involves understanding how to work alongside these tools and programs. It also involves interpreting their outputs and leveraging them for improved decision-making.

Implementing a technology adoption strategy requires a systematic approach.

• Always begin by assessing the firm’s current technological capabilities.
• Identify skills gaps as well as tools needed to fill them.
• Focus on providing comprehensive training programs that can teach them the new software.
• It’s also crucial to provide ongoing support to any professionals who require them.

3. Encourage Professional Certifications

The accounting industry requires professionals to be credible experts. To keep up with industry changes while upskilling employees, encourage your people to pursue professional certifications such as Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Certified Internal Auditor (CIA).

These certifications offer numerous benefits for both employees and the firm.

• For employees, certifications can lead to increased job opportunities and higher salaries. It also contributes to career development and progression. When a professional is certified, they are equipped with a structured way to gain in-depth knowledge in specific areas of accounting.
• Meanwhile, for your company, having certified accounting teams enhances the quality of your services. It also helps in establishing your reputation across the market. Instead of sticking with the traditional services, encouraging employees to get certified can lead to valuable expansion of your offerings.

To push your employees in the right direction, you should consider the following steps:

1. Create a clear incentive structure: Take the time to develop a comprehensive rewards program. Ensure that these programs tie certifications directly to compensation and career advancement. This could be in the form of a rewarded salary increase, bonus, or promotion when an employee successfully completes relevant certifications.For example, you might offer a 5% salary increase for obtaining a CPA certification or guarantee a promotion to a senior position once an employee achieves their CMA. By rewarding significant certifications with proper compensation, you’re providing a strong motivation for your employees to invest in certification programs.
2. Establish a supportive learning environment: Foster a culture that values continuous learning and professional development. This can involve setting up study groups or providing dedicated study spaces in the office. You might also consider implementing a mentorship program where certified employees can guide and support those working towards their certifications. These approaches not only encourage employees to pursue certifications, but also strengthen team bonds and knowledge sharing within the firm.
3. Provide financial assistance: If your firm is financially capable, offer to cover the costs associated with certification. This may include covering the cost of exam fees, study materials, and preparatory courses. You could structure this as a reimbursement program, where employees are refunded upon successful completion of the certification. Alternatively, you may consider paying upfront costs with an agreement that employees will remain with the firm for a certain period after certification. By providing financial support, you are helping your people remove barriers related to certifications.

Find what you need with Masis Staffing.

Whether you’re looking for qualified accounting professionals or experienced experts to handle upskilling for accountants, Masis is the right partner for you. With high-quality experts, we are confident in our ability to create effective matches no matter your needs. We have a wide talent pool and the expertise to provide you with the right people despite the current challenges in the job market.

Interested in learning more? Contact us today!