Outsourced training can jumpstart your team’s knowledge
Training from industry experts can reduce the learning curve for your accounting and finance team
Staying up to date on not only accounting standards, but on industry best practices helps to build a strong accounting team. A strong team is a foundation for an organization to make long-term goals and a road-map to get to those goals. If your organization does not have in-house trainers, seeking outsourced training can keep your accounting team current, add to their career skills, and add value to your co-op or utility.
Here we discuss some of the pros for outsourcing accounting training for your team:
1. Expertise and Specialization: External trainers bring specialized knowledge and expertise in accounting, offering insights beyond internal resources.
2. Fresh Perspective: External trainers provide a fresh perspective on accounting practices and standards. Trainers can relate accounting standards to practical applications in a co-op or utility.
3. Industry Insights: Select accounting trainers that have served co-ops and utilities and who know best practices in the business. Sticking strictly to the “rules” of accounting standards may not fit the co-op or utility model. Best practices will provide alternative treatments that make sense for rate-recovery or long-term project planning.
4. Customization: Industry trainers can tailor accounting classes to your specific needs, addressing areas of weakness or focusing on niche topics relevant to the organization.
Outsourced training to keep your team current on industry best practices
Utility Accounting and Rates Specialists provides on-line/on-demand courses on operations and construction project accounting, rates, and management for new and experienced co-op and utility professionals and Board members. Click on the button to see a highlighted listing and description of our course offerings.
5. Time Efficiency: Hiring external trainers saves time for internal staff who would otherwise be responsible for developing and delivering accounting training programs.
6. Cost-Effectiveness: While there is an upfront cost to hiring external trainers, it can be more cost-effective in the long run compared to dedicating internal resources to training development.
7. Scalability: External trainers can accommodate fluctuations in training needs, scaling up or down as required without impacting internal resources.
8. Networking Opportunities: Accounting classes facilitated by external trainers often provide networking opportunities with other participants from different departments, fostering knowledge exchange and collaboration.
9. Accountability: External trainers bring an element of accountability to the training process, ensuring that learning objectives are met and progress is tracked effectively.
10. Professional Development: Access to external trainers enhances the professional development of internal staff, allowing them to expand their skill sets and stay updated on the latest accounting practices and regulations.
Outsource training will keep your team vibrant
Training can be a catalyst for enthusing your team and building pride in how they practice their craft. The accounting standards used by your co-op or utility direct impact financial reporting, rates, and long-term planning. Making an investment in training will pay dividends in building your team’s experience and value.
About Russ Hissom - Article Author
Russ Hissom, CPA is a principal of Utility Accounting & Rates Specialists a firm that provides power and utilities rate, expert witness, and consulting services, and online/on-demand courses on accounting, rates, FERC/RUS construction accounting, financial analysis, and business process improvement services. Russ was a partner in a national accounting and consulting firm for 20 years. He works with electric investor-owned and public power utilities, electric cooperatives, broadband providers, and gas, water, and wastewater utilities. His goal is to share industry best practices to help your business perform effectively and efficiently and meet the challenges of the changing power and utilities industry.
Find out more about Utility Accounting & Rates Specialists here, or you can reach Russ at russ.hissom@utilityeducation.com.
The material in this article is for informational purposes only and should not be taken as legal or accounting advice provided by Utility Accounting & Rates Specialists. You should seek formal advice on this topic from your accounting or legal advisor.