As an accounting professional, you’re responsible for keeping your company financially strong. Therefore, it’s up to you to stay current on changes and advancements in the accounting industry. Fortunately, there are many ways for you to engage in ongoing learning opportunities essential to your accounting career.
Embrace New Accounting Techniques
Embracing new accounting techniques helps you stay current with changing guidelines and business laws. For example, blockchain technology is one trend impacting the way companies conduct business and accountants perform their work. Blockchain technology is an open, distributed ledger that records and verifies transactions with no trusted central authority. Existing as a file that maintains a growing list of ordered records, or blocks, each block has a timestamp and uses a digital fingerprint to link to a previous block. Because data in blockchains may not be modified or retroactively altered, blockchains may be used as traceable audit trails for authenticating transactions, tracking asset ownership, automated audit processes and other accounting purposes.
Stay Current on Laws and Regulations
Staying current on laws and regulations impacts the accuracy of your accounting results. Failure to stay current with the tax code, reporting regulations, employment standards, privacy law and accounting laws can result in making improper decisions on purchasing, bids and expansion; missing out on substantial tax breaks; or paying steep penalties for non-compliance.
Use Updated Software
Using updated software impacts your effectiveness in accurately reporting financial data for your company. Up-to-date software improves your company’s efficiency and risk management by reporting errors as they occur and identifying data anomalies that need more investigation. In addition, updated software can use data mining to help your company provide more timely performance measurement, target clients based on specific criteria and put the results in a mail merge for promotional letters or emails. Furthermore, communication systems in updated tax software let you securely exchange data with accountants, lawyers and other necessary parties and store conversations with military-grade encryption.
Seek Professional Development Opportunities
Seeking professional development opportunities keeps you relevant in the accounting industry. For example, you can subscribe to accounting publications or follow accounting blogs to stay current on industry news and trends. You can also participate in webinars, conferences or accounting associations to network and learn new developments in your field.
Are you looking for a new accounting job opportunity in Western Canada?
These are a few reasons ongoing learning and experience is essential to your accounting career. For assistance with securing your next accounting role in Western Canada, contact the recruiters at Mercer Bradley!