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Continuing Professional Development (CPD)

By QuickBooks Australia

Published on January 12, 2024

Continuing Professional Development (CPD) is an effective way to ensure your skills and knowledge remain current and relevant. For example, CPD can help you learn new techniques, acquire new qualifications and help you stay up to date on current regulations. It is also a requirement of membership for several bodies including CPA Australia, the Institute of Public Accountants and the Tax Practitioners Board.

In this guide, we will explore what CPD entails, the benefits it offers and the responsibilities that you should be aware of. Additionally, we will show you how QuickBooks can help on your CPD journey.

What is CPD?

CPD is a structured approach to lifelong learning and skill enhancement for accounting and bookkeeping professionals. It involves maintaining and updating your expertise and knowledge regularly to stay informed about industry trends and adapting to changes in regulations and best practices. CPD is not a one-time event but represents an ongoing commitment to your personal and professional growth.

Is CPD Required?

If you are an accountant or bookkeeper, CPD may be required depending on the professional body of which you are a member or intend to join. For example, CPA Australia, the Institute of Public Accountants, Chartered Accountants Australia and New Zealand and the Tax Practitioners Board all have CPD requirements for their members.

In general, the following CPD practices are common for accounting professional bodies:

Minimum CPD Hours: You are typically required to complete a minimum number of CPD hours each year. The specific requirements may vary based on the individual's qualifications, role, and membership.
CPD Records: You are required to maintain a record of CPD activities. This could include a CPD diary. The following information should be stored: the date, provider name, name of activity, description of activity, number of hours, and whether the activity was structured or not.

The Advantages of CPD

Investing in CPD can positively impact your career. From improving your expertise to ensuring you stay compliant with your obligations to the professional body of which you are a member, here are the main advantages of continuing your professional development:

1. Improve Your Expertise

CPD enables you to acquire new skills while deepening your existing knowledge of tax laws and regulations. Given ever-evolving regulations and technology advancements, staying informed is important to ensure you continue providing the best advice possible to clients.

2. Advance Your Career

Investing hours into your CPD helps you maintain your reputation as a trusted expert in your field. With this knowledge, you can advance your career, stay compliant with regulatory requirements, find networking opportunities, and improve adaptability to industry changes.

Actively participating in CPD activities demonstrates your dedication to excellence which can help you be more desirable to employers and clients.

3. Stay Compliant

Compliance is another aspect of CPD. Professional bodies require that you complete a minimum number of CPD hours annually to maintain your membership.

4. Networking

CPD also provides excellent networking opportunities. Attending seminars, workshops, or conferences allows you to build relationships with peers and industry experts, which can benefit your career. The bigger your network, the more likely you are to build a large client base.

5. Adaptability

CPD can equip you with the knowledge and skills needed to help you navigate changes such as new tax laws, emerging technologies, and evolving client needs.

The Importance of CPD

Continuing education with CPD is important for you to maintain memberships with professional bodies. It plays a role in maintaining and improving your skills, knowledge and professionalism in the fast-paced world of accounting. Professional bodies like the CPA Australia and the Institute of Public Accountants mandate ongoing education to ensure that you stay updated with industry trends, uphold ethical standards and provide your clients with well-informed advice.

Ongoing education not only enhances your expertise as an accountant but also paves the way for career growth by establishing you as a trustworthy expert. It creates valuable networking opportunities and equips you with the adaptability necessary to navigate regulatory changes and meet evolving client needs effectively.

How QuickBooks Can Help Your CPD

QuickBooks offers training and certification that allows you to earn CPD hours. QuickBooks training includes QuickBooks Core Certification (4 CPD hours) and QuickBooks Payroll Fundamentals training (1.5 CPD hours), teaching you what you need to know to use the QuickBooks product suite efficiently while also earning CPD hours. QuickBooks also hosts events, like get connected by QuickBooks, which can also be eligible for CPD points.

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Continuing Professional Development (CPD)

What is CPD?

Is CPD Required?

The Advantages of CPD

1. Improve Your Expertise

2. Advance Your Career

3. Stay Compliant

4. Networking

5. Adaptability

The Importance of CPD

How QuickBooks Can Help Your CPD

Related Articles

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