The Importance of Upskilling in Accounting

There is unprecedented change in accounting profession history. Accounting professionals do not simply compute numbers and comply with regulations in the era of cloud computing, automation, sustainability reporting, and data analytics.  In this environment, accountants are expected to be tech-savvy, strategic thinkers, and globally minded.

Upskilling your talents is not just important; it is essential in this rapidly-changing landscape.

Becoming a lifelong learner is important whether you are a student, early career professional, or an experienced accountant.  Continuous learning is important for remaining relevant, advancing in your position, and for achieving career success over time. 

What Does Upskilling Mean in Accounting?

Upskilling means the pursuit of developing new skills or obtaining more depth of knowledge in existing skills to keep pace with changes and trends in the industry, regulations, and technologies. For accountants, it can mean obtaining technical training (e.g. new software, or new compliance requirements), developing soft skills (leadership, or even communication skills), or expanding your scope of knowledge or skills into areas of practice related to accounting such as business strategy or ESG (Environmental, Social and Governance) reporting.

The positive takeaway?  You do not have to return to university or take a year off of work to do it. Many professionals utilize online learning platforms like learnsignal to take short, prescribed courses that work around their busy career schedules. 

Key Areas for Upskilling in Accounting

The practice of accounting is changing rapidly, so it is important to give priority to those skill sets that are not only valuable now, but that will also set you up for future success. Below are five skills accountants and finance professionals should focus their upskilling on:

• Technology and Digital Tools – Understanding things like Excel (at the advanced level), Power BI, Xero and QuickBooks is essential, but now a basic understanding of automation and Artificial Intelligence is becoming invaluable.
• Financial Analysis – Don’t just report, learn to analyze data, forecast outcomes and support those objectives through financial insights.
• Compliance and Regulation – Be current with tax legislation, IFRS, AML laws and regulations, and the presentation of ESG reporting. Compliance minimizes risk while maximizing trust.
• Communication and Interpersonal skills – Learn how to articulate complex data in a clear and concise manner, confidently articulate and share your ideas, and collaboratively work with teams and stakeholders.
• Ethics and Judgement – In the professions most closely associated with financial integrity and trust, ethics and judgement are paramount.

Importance of Upskilling in Accounting

1. Remain relevant in a fast changing industry

The accounting profession is being fundamentally transformed by technology. What used to take hours – such as bank reconciliations and invoice matching – can now be automated in seconds! Today, we can streamline the input of accounting functions using artificial intelligence, machine learning and robotics process automation.

Generally speaking, technology isn’t replacing accountants. Quite the opposite! Businesses need accountants now more than ever, to take over the repetitive tasks so they can properly interpret the data, provide insights regarding the data, help contribute to decisions around strategy, and make ourselves valuable. 

How to stay relevant:  

• Study cloud based accounting software, such as Xero, QuickBooks, and Sage. 
• Familiarize yourself with data analytics and visualization tools, such as Power BI and advanced Excel. 
• Understand how AI is and will be changing auditing, taxing and finance functions.

Continuous learning is required to stay on top of these changes, and those willing to pay the cost to embrace change, will create a much higher degree of employability. 

2. Increase your career and salary potential

One of the significant advantages offered by upskilling is the effect it can have on your career path. Employers and recruiters are actively looking for people who show initiative, adaptability, and a willingness to grow. Upholding evaluation will not only reveal that you are not doing your job and investing in your future.

Recruitment agencies such as Hays and Robert Half say jobs that require accountants to use skills acquired such as financial analysis, strategic planning and technology are being remunerated at a higher level than their counterparts. Companies have started prioritising candidates who possess these skills, in particular, when hiring for senior roles.

Examples of upskilling areas that provide significant value:

• Financial modelling and forecasting
• Strategic business planning
• Regulatory and compliance training (E.g. AML, IFRS)
• Soft Skills like negotiation, leadership and report writing

If you want to land roles in a few years such as Financial Controller, Business Analyst or CFO, then ensuring you build these competencies now is absolutely critical.

3. Fulfil your CPD requirements (and make them count)

If you hold a professional qualification ACCA, CIMA, or AAT you will be required to undertake Continuing Professional Development (CPD) each year in order to maintain your membership. However, this is not just a tick box, it is an opportunity to further your career and keep ahead of the game.

However, accountants do choose CPD courses that are safe, or familiar. Instead you should treat your CPD as an opportunity to expand your horizons and explore areas that will help you genuinely progress in your professional capacity.

Some smart CPD ideas:

• A course in sustainability reporting that can be useful for future ESG roles.
• An Excel for finance course to increase modelling and reporting speed.
• A presentation skills workshop to help deliver better insights to stakeholders.

Platforms (like learnsignal) could easily help you complete CPD online, to track your hours and choose the right modules for your goals. 

4. Remain Compliant with Global Standards and Local Regulations

Accountancy is not a local profession anymore. Even the smallest firms could likely have international clients, cross-border sales or multinational compliance. This means that you, as an accountancy practitioner, need to keep up to date with an evolving set of global regulations. 

From IFRS and IAS updates, Making Tax Digital (MTD) in the UK, to anti-money laundering (AML) laws and international tax frameworks the area of compliance is a moving target. Being non-compliant or failing to keep up to date doesn’t just put your career at risk, it can also result in costly errors for your employer or clients. 

Examples of compliance related up-skilling subject areas include: 

• IFRS and IAS updates 
• Digital tax systems and online filing
• AML and KYC regulations
• Basics of global VAT and transfer pricing 

Consistent ongoing training will help you remain compliant and reassure clients and employers on your expertise.

5. Adjust to New Working Arrangements

The workplace is pretty different than it was just a few years ago, especially due to the effect of COVID-19. The COVID-19 pandemic has played a crucial role in remote work, hybrid teams, and all-digital first communication.

Accountants are now expected to collaborate with others across different departments, lead virtual meetings, and manage workflows with new digital platforms. Making sure you have upskilled can help with communication, collaboration, teamwork, and digital literacy.

What modern accountants need:

• Knowledge of Zoom, Slack, Google Workspace and Trello
• Good email writing and report writing skills
• Leadership and collaboration skills in virtual environments

Employers want team members to be adaptable and confident in both technical and various working environments.

6. Create Long-Term Job Security

Job security is a big issue for accountants today. Corporate automation is threatening many roles, and with uncertainty in the economy affecting hiring, upskilling provides you with control of your career.

Usually, well-rounded and versatile people are likely to be the last hired and the last workers redundantly. Even if you are to be made redundant, up-to-date skills can help you transition into other jobs or make it easier to move forward as a freelancer.

In fact, many accountants, who upskill, diversify their careers into consultation, fintech, business analysis, or entrepreneurship. 

7.  Keep Your Work Interesting and Fulfilling

All things being equal, let’s not forget the personal benefits of upskilling. Learning new skills provokes your brain, boosts your confidence, and makes your working day interesting. Instead of doing the same thing, day-in-day-out, upskilling can help you navigate interesting challenges, exciting projects, and even coach others.

Upskilling gives you even more clarity about your career, and whether it is understanding how to build financial models, or looking into sustainability finance, developing your skills makes you feel more connected to the bigger picture.

How learnsignal can help

Upskilling whether as an individual or a finance team manager can be much easier with the right tools available.Look after your Accounting and Finance teams compendiums for management for skills with learnsignal. When it comes to training, learnsignal can help upskill and training or upskilling for accounting and finance make it to be more productive and successful.

All forms of professional qualifications like ACCA, CIMA and AAT you learn in your own time, perspectives for video tutorials and on demand CPD, exam techniques and advice for exams with compliance training all found on one platform.

With flexible access, expert-led content, and real-world application, it’s a wise investment in your personal development or the success of your team.

Conclusion

The accounting profession is no longer just a reporting profession. It’s a profession of value-addition, decision-making, and technology. Upskilling is critical to upholding your relevance, aiming to future-proof your career, and keeping pace with the challenges of your role.

Whether you’re starting out or aiming for that leadership role, you can make upskilling part of your professional journey and with learning platforms such as learnsignal to pave the way.

Ready to upskill your team or have questions? Get in touch with us!