Unveiling the insights: Using industry specific online training will equip your team
Online accounting training - An effective tool for training your team in best practices
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. Online training can be a tool used to train your team in the latest accounting standards and industry best practices. While you may have a Learning Management System (LMS) to train the bulk of your company, including industry specific classes can provide great value to your team and organization.
Here we discuss some of the pros for using online industry specific training as part of learning paths for your electric cooperative or utility accounting staff:
1. Accessibility: Online accounting courses provide flexibility, allowing accounting staff to access training materials at their own pace and convenience, overcoming geographical and scheduling constraints.
2. Cost-Effectiveness: Online courses often offer a more affordable option compared to traditional in-person training, saving on travel, accommodation, and venue expenses.
3. Variety of Topics: Online platforms offer a wide range of accounting courses covering various topics such as financial reporting, taxation, auditing, and software proficiency, catering to different skill levels and interests.
4. Updated Content: Online accounting courses can be frequently updated to reflect changes in accounting standards, regulations, and industry best practices, ensuring relevance and accuracy of information.
Online 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. Interactive Learning: Many online courses incorporate interactive elements such as quizzes, case studies, and discussion forums, enhancing engagement and knowledge retention among participants.
6. Self-Paced Learning: Online courses allow accounting staff to learn at their own pace, accommodating different learning styles and preferences while minimizing disruptions to daily tasks and responsibilities.
7. Industry Experts: Online accounting courses provide access to industry experts. This can jump start your team’s knowledge in areas and allow them to implement practical solutions to complex issues.
8. Certification: Online classes provide continuing education credits for attendees, allowing them to add credits to their licensing requirements.
9. Skill Enhancement: Online courses can help accounting staff develop specialized skills in additional areas such as data analysis, forensic accounting, or financial modeling, expanding their career opportunities and value to the organization.
10. Continuous Learning Culture: Incorporating online accounting courses into a company's training program fosters a culture of continuous learning and skill development, keeping accounting staff motivated and competitive in the field.
Online training will provide value to your team
Online training can be an option for your team, providing opportunities for your team to learn from experts in the electric industry. The accounting standards and best practices 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.