The Importance of Ongoing Accountancy Training

As an accountant you will be under no illusions that we are going through a sustained period of change. Many accounting professionals have left the industry because they felt overwhelmed by changes to industry regulations or mandates.

Whether you're a sole practitioner, a partner within a firm, or working within a firm of accountants, your technical skills need to be kept up to date to deliver excellent client service. For many, this is underpinned by professional body continuing professional development (CPD) requirements.

This is why accounting firms invest time and resources into ongoing training. Not only to meet the CPD requirements of professional bodies, but to ensure professional skills are maintained and enhanced to meet the changing demands of the industry.

This article explores the importance of ongoing accountancy training with tips for accounting and finance professionals on how training can be beneficial for your own professional development.

If you would like more information about becoming a 20:20 Innovation member, why not book a free 30-minute demo with our team today.

What is ongoing accountancy training

Ongoing accountancy training is simply continuing education for an accounting professional once you have qualified. This may be in the form of self directed learning or it could be more structured CPD hours to satisfy the requirements of your professional membership.

Put simply, yes. As accountants, we should constantly be changing and modernising our skills. This isn’t just about CPD points as a tick box exercise. The learning activities you undertake have a significant impact on your clients, career ambitions, and competitive advantage.

Are there online learning courses for qualified accountants?

20:20 Innovation members receive an online platform designed specifically for accounting professionals wishing to develop new skills and retain that competitive edge. Online learning courses are a valuable asset for many time poor accountants who struggle to attend in-person trainings but can simply do online training at a time to suit them.

Having access to cutting edge CPD webinars and a range of resources written by technically adept practitioners can help accountants like you cope positively with new developments and industry trends.

Why should accountants engage in continuing professional development?

Continuing professional development (CPD) is a hot topic in accounting at present with changes recently made for ICAEW members. Whether you're an an ICAEW member or you're affiliated to another professional body, each will have set criteria for your personal CPD requirements.

That aside, ongoing training can help improve your existing technical skills and future career aspirations.

What technical skills can be improved by ongoing accountancy training courses?

There are a plethora of ways that accountancy training courses can benefit practicing accountants and finance teams. Here are just a few:

Ensuring correct taxation calcuations and advice

Every year we see at least one Budget and Finance Act that amends tax legislation. Combine this with ongoing case law developments and amended tax authority guidance and requirements, there is a lot to stay on top of.

Keeping on top of tax changes enables you to work efficiently and be confident in the services provided to clients.

Preparing and reporting on financial statements

There have been significant developments in financial reporting over recent times. A training course to refresh your knowledge when it comes to financial reporting, therefore, might be a no-brainer.

There are long-established principles for preparing and reporting on financial statements, but there is an evolving IFRS framework to consider. This is a challenging area that has impacted entities financial reporting.

Staying up-to-date with use of accounting software

For many accountants, your top priority in the next three to five years will be implementing a new technology stack. Cloud technology tends to form part of accountants' core business strategy, so you need to stay relevant.

Training could be in the form of online tech-talks surrounding accounting industry best practice, or more robust personal development such as specific CPD hours spent on accounting technology.

Find out more about spreadsheet software

Your spreadsheet competency and familiarity is likely to be intrinsically linked to your performance. Whether you're presenting clients data in a pivot table analysis or you're working with formulas and functions, spreadsheets are vital to the profession.

Stay ahead of changes to spreadsheet software, such as the new Python in Excel integration, and improve your skill set through training.

Management skills and leadership training for accountants

Continuing education doesn't always have to be around technical knowledge. For your career progression or simply for staying ahead, you can future-proof your accountancy career with training on soft and personal skills.

20:20 Innovation can help with management and leadership skills which are extremely important for accountants in a fast-paced business environment. Consider how training on the following could enhance your overall credibility with clients and colleagues:

• Strong communication and interpersonal skills.
• Leadership abilities.
• Conflict resolution.
• Good negotiating skills.
• Problem-solving skills.
• Improved adaptability.

All of this could have a fantastic impact on your business growth and could be attractive to future employers.

Does online learning improve professional development opportunities?

Making improvements to your knowledge via training and upskilling will be hugely beneficial to your credibility, profitability and efficiency as an accountant.

As well as ensuring you earn CPD points or hours where possible, ongoing accountancy training will ensure that accountancy practices are full of professionals who are ready to better serve the needs of their clients.

Can 20:20 Innovation help accounting professionals?

20:20 Innovation are a premier provider of high quality ongoing training and development for more than 1,200 accounting firms in the UK. Thousands of accountants have access to our range of online CPD webinars and 500+ resources to ensure they are continually ahead of the curve.

If you would like more information about joining 20:20 Innovation why not book a free 30-minute demo with our team today or call us on +44 (0) 121 314 2020.