Whether you handle a large or small business, creating stellar accounting teams is essential. Proper accounting functions can give you many advantages related to both financial and operational aspects.
As a leader in your organization, how can you build a more effective accounting team? One way is to create a thorough training program for both your new and current hires.
Benefits of a Winning Training Program
The best way to build a high-performing accounting team is to develop a training program specifically for them. You need to make sure that they are equipped with the knowledge and skills needed to succeed in their roles.
Whether it’s onboarding new hires or upskilling your current employees, it’s vital to have a well-structured training program that can produce positive results. It can provide you with benefits such as:
1. Faster Onboarding Process
A well-designed training program can significantly improve the speed of your onboarding process. With a detailed program in place, it can be easier for you to assimilate new professionals into their roles. You won’t have to worry about missing any important aspect of the work.
A streamlined onboarding process allows professionals to contribute to their teams as soon as possible. Being equipped with the tools they need to succeed will help them feel more confident and comfortable in their new environment.
Read more: How to Hire a CPA
2. Enhanced Team Capabilities
Businesses that invest in team training programs experience a 25 percent increase in their overall team performance.¹ In other words, proper training can result in a more skillful workforce.
New employees can build a strong base in the core accounting principles practiced in your business. Meanwhile, your current professionals can stay up to date with the latest practices within the industry. Team training expands each employee’s skill base and boosts the team’s overall competency.
3. Increased Productivity and Efficiency
An article published in Indeed noted that companies that offer employee training are 17 percent more productive than those who don’t.² As employees become more proficient in their jobs, they tend to find it easier to accomplish their tasks. They also have higher accuracy compared to professionals who rarely undergo training or skill development.
As employee efficiency increases, your company will be equipped to handle more work with the same resources. This benefits an organization in countless ways, including client satisfaction and cost reductions.
4. Reduced Turnover
Employees who feel valued and have high job satisfaction are more likely to stay longer with their company. A big part of this, other than wellness and work-life balance, is career development and upskilling opportunities.
A winning training program can place your employees right in that sweet spot and ultimately lead to reduced turnover and higher retention rates.
Read more: Keeping Millennials: 5 Effective Engagement Strategies to Lower Turnover Rates
How to Build a Great Accounting Team Through Training
Despite appreciating what a well-trained team can offer, the question lingers: How can you design an effective training program?
Consider applying the following steps to your own workforce.
1. Conduct assessments
Training employees for skills they’ve already mastered is a waste of time and resources. This is why the first step to creating an effective program is to conduct assessments.
What are your accounting team’s current concerns?
Begin by evaluating your team’s strengths and weaknesses. This should include information about each individual, as well as the merits or drawbacks as a whole team.
Once you’re aware of the skill gaps within your accounting department, compare them with your organizational goals. This will give you valuable insights about the content of your training program.
2. Implement mentorship programs
Aside from the usual onboarding, it’s ideal to pair your less experienced accountants with seasoned mentors. This would ensure facilitated knowledge for all new hires. It can also lead to successful transfer of knowledge between two unique professionals.
Mentorship programs can accelerate learning. They can provide opportunities for new recruits to receive hands-on experience related to your operations. Moreover, these types of programs can aid new hires in feeling included in your business environment and culture.
3. Foster a culture of collaboration and knowledge sharing
The previous step focused on a professional mentorship between a tenured employee and a fresh hire. For this one, you need to focus on improving the culture of collaboration and knowledge sharing between your team members.
How can this be done? Encourage open communication between your people. Create opportunities for them to share their own ideas and expertise with one another.
Take the lead in cementing the culture. Conduct regular team meetings and collaborate with your people for the best business outcomes.
4. Provide personalized learning opportunities
Traditionally speaking, creating a training program usually involves planning the same activities for everyone who will be in attendance. This can be time efficient but is not as effective as offering personalized learning opportunities.
Recognize that each employee is different. Each one has his or her own strengths, weaknesses, and motivations. By providing personalized learning paths, you’re encouraging continuous learning of the skills and knowledge they’ll need to succeed in the accounting industry.
As you craft the team’s training modules, review the assessments you conducted earlier. Consider the challenges each role faces. For example, one accountant may find it harder to keep up with shifting financial laws and regulations than others. Their learning path can focus more on this area.
5. Utilize technology-based training solutions
Tech is everywhere today. Not only do modern accounting teams need upskilling in tech, AI, and machine learning;³ technology-based solutions are effectively used in every type of training.
Explore different e-learning platforms. Find the one with the best features that fits what you need.
Once you’ve decided on a platform, create a repertoire of important files and references your employees can refer back to. It’s also possible to take utilization a step further by using programs that can track progress, analyze data, or identify areas that require additional support.
Read more: Top 6 Tech Tools for Tax & Financial Professionals
6. Establish robust feedbacking systems
Training doesn’t stop after the first two weeks of being hired. New and tenured employees alike should ideally receive performance reviews on a regular basis. With this said, consider establishing a robust feedback system in your business.
Regular channels for ongoing feedback can encourage your accountants to speak up about their experiences. Aside from being a tool for their improvement, a feedback system can also help you pinpoint obstacles to address, such as low morale from heavy workloads.
Read more: 8 Tips to Overcoming Process Bottlenecks for Improved Efficiency
7. Leverage external expertise
Still unsure how to train a staff accountant or build a detailed training program? Then consider leveraging external expertise like Masis Staffing
Bringing in outside experts doesn’t mean you can’t handle your organization on your own. Instead, it provides you with fresh perspectives and ideas that you can use to develop your current programs.
If necessary, you can also ask your chosen partner to take over program planning. This ensures high-quality training programs and allows you more time for you to focus on the business’s crucial tasks.
STRENGTHEN YOUR ACCOUNTING TEAM WITH MASIS
Masis Staffing promises a people-first culture. Beyond meeting metrics and KPIs, we value the relationship between our clients and professionals.
Whether you’re looking for a partner to consult with or a staffing firm to fill your accounting department, we’re at your service. Simply reach out to us today to begin a conversation!
References:
- “The State of L&D in 2022,” Talent LMS, 2022, www.talentlms.com/employee-learning-and-development-stats
- “Why Training Is Important for Employees: Unlocking Growth and Potential.” Acuity International, 26 Jan. 2024, acuityinternational.com/blog/why-training-is-important-for-employees/
- “Workday Global CFO Survey: Finance Chiefs Reveal Top Priorities for Future-proofing Teams,” Workday Inc., 20 Jan 2022, https://www.prnewswire.com/news-releases/workday-global-cfo-survey-finance-chiefs-reveal-top-priorities-for-future-proofing-teams-301464558.html
