Finance training: More than just learning how to count

The finance industry is wrought with laws, technologies and corporate policies. Employees must be trained to ensure success.

Published on 4 January, 2016

The finance industry is wrought with laws, technologies and corporate policies. Employees must be trained to ensure success.

Finance training: More than just learning how to count

If money is the key to power, are finance departments the most important aspect of business? Well, some of the C-suite might not agree with that sentiment, but as a financial professional, you can probably relate. Without you and your co-workers, there would be no earning statements, portfolios, or other financial reports. However, if you believe that your role and other positions in your department are essential, why isn’t financial training and career development available at every corporation? Simply put, it should be.

“42% of CFOs said they plan to invest more in the development of promising workers.”

Robert Half reported that there are many reasons to train finance professionals, noting that career development practices can keep accounting managers engaged and motivated, as well as help finance teams to keep up with today’s trends and technologies. The good news is that many chief financial officers recognised the importance of training, with a Robert Half survey finding that 42 percent of those individuals said they plan to invest more in the development of “promising workers.”

Critical Considerations
After all, the finance industry is wrought with laws, technologies, and corporate policies. Everyone in your finance department needs to learn those regulations, how to use accounting and invoicing platforms, and business rules and goals.

There are so many financial laws out there that you can’t know them all without referencing books and manuals. Whether it’s tax regulations in your industry or antitrust laws, there is always another resource from which to absorb information. Of course, you can’t forget about payroll systems and affiliated state and federal laws, payment processing guidelines and compliance requirements – this one is particularly challenging given the modern landscape of cybercrime.

Fintech’s Booming
You need to train your department on the numerous technologies and software at your disposal. Entrepreneur reported that investors have sunk just under $4 billion into the “fintech” (financial technology) industry, and it’s set to skyrocket as more startups and established tech firms continue to release new and improved accounting, invoicing, and other financial software. While you might have a firm grasp on how SAP FI works today, tomorrow there could be new features and capabilities.

Fintech solutions have a steep learning curveFintech solutions have a steep learning curve.

Corporate Practices Demand Training Policies
Next, you must consider the numerous corporate policies and practices that finance departments force adherence to; remember that this adherence isn’t necessarily a negative thing, as accountability is king in the finance industry. New employees must be comprehensively trained on your company’s processes, shown how to use your platforms, and how to securely share financial records. Contributing to the Wall Street Journal, Robert Profusek, head of mergers and acquisitions at law firm Jones Day, recommended that businesses do not take a cookie-cutter approach to corporate governance, as every department and company has different needs. Training your coworkers on specific corporate policies is incredibly important, since you don’t want their old habits to travel with them to their new jobs.

“Employee training can reduce turnover and improve engagement.”

Spending on employee training and creating corporate learning cultures can reduce turnover, improve engagement and help make everyone more productive; ultimately, professional development strategies positively contribute to the bottom line.

How to Train
The next step is developing these training programmes. As a finance professional, this task might seem daunting, but it really is easy to get started. Let’s take a look at four best practices for corporate career development:

  • Mentoring: Never discount the value of having a mentor. Robert Half explained that creating mentorship programmes is “one of the most effective ways to train and develop accounting managers”. You can start by matching higher-level staff with new employees; the experienced professional can pass on quality advice and valuable tips to rookies.
  • Courses: Once new hires arrive on the job, send them to training courses. Teach them how to use software, corporate policies, and relevant laws in a classroom setting to ensure everyone learns. All it takes is an hour per day for one week, and you’ll have a highly trained finance professional ready to hit the ground running. Of course, current employees should also participate.
  • Training Manuals: Provide textbooks and coursework to guarantee employees always have reference points. Managed print services are perfect in this regard, as you can create some great-looking materials.
  • Online Resources: People lose things. It’s a fact. Upload your coursework and training documents to an online digital content platform, and your staff will always have access to relevant career development materials. If it’s cloud-based, they can swot up anywhere, whether they’re in the office or on the train.

Now get out there and start training your finance colleagues!

Mimeo Marketing Team

Mimeo is a global online print provider with a mission to give customers back their time. By combining front and back-end technology with a lean production model, Mimeo is the only company in the industry to guarantee your late-night print order will be produced, shipped, and delivered by 8 am the next morning. For more information, visit mimeo.com and see how Mimeo’s solutions can help you save time today.

Mimeo Talk of the trade podcast

Recent Updates