Accounting and finance employers and employees in Canada must change along with the changes in the industry and client demands. This helps employers and employees remain competitive.

Part of keeping up with these changes involves employee upskilling strategies. Upskilling lets employees develop relevant skills to meet evolving client needs.

The more value companies provide, the greater their client satisfaction and business success. Also, the more skilled the employees, the more competitive they are in the job market.

Developing employees’ hard skills increases engagement, performance, and productivity. It also improves employee retention, revenue, and the bottom line.

Learn how to create an upskilling strategy that develops Canadian accounting and finance employees’ hard skills.

Determine the Essential Hard Skills

Having a rounded skill set is important for accounting and finance employees’ success. Examples include the following:

• Data analysis: Take apart the numbers to gain insight from the data points. Use the information to create actionable data segments. Understand historical information while monitoring predictive data.
• Technical proficiency: Work in Excel, QuickBooks, Tableau, Hyperion, Oracle, or Alteryx. Use artificial intelligence (AI) to benefit your job.
• Statistical analysis: Find mathematical relationships between data points. Share your insight from the numbers.
• Writing: Professionally present the information so others understand it. Turn the information into required action. Demonstrate the business value of your work.
• Project management: Effectively manage multiple personalities, business needs, projects, timelines, and reporting and filing deadlines.
• Business management: Understand general business principles and practices. Work with other business leaders to make critical decisions.
• Regulatory management: Stay current on the laws, rules, and regulations that impact the company. Ensure compliance at all times.

Develop the Targeted Hard Skills

Employers and employees can work together to customize an upskilling strategy focused on hard skills. The following ideas can help:

• Review the Generally Accepted Accounting Principles (GAAP). Follow the standards when reporting financial information.
• Remain current on the technology used in accounting and finance. Focus on accounting software, artificial intelligence (AI), automation, and digital communication platforms.
• Regularly analyze data. Include balance sheets, cash flow statements, income statements, and financial analysis reports. Use this information to perform horizontal, vertical, ratio, and trend analyses.
• Take a class on the targeted hard skill. Gain relevant information and practice the skill. Then, find opportunities to use the skill at work.
• Earn a targeted accounting certification. Becoming a Certified Management Accountant (CMA), Certified Internal Auditor (CIA), Chartered Financial Consultant (ChFC), or Certified Financial Planner (CFP) may benefit your career.

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