How Upskilling Can Attract and Retain Accounting Talent

The accounting industry has evolved in recent years with technological advancements, regulatory changes, educational trends, and the rise of flexible working. These adjustments have all resulted in a need for more employees with different skill sets. However, the 2024 Intuit QuickBooks Accountant Technology Survey reports that at least 50% of accounting firms have struggled to hire good quality accountants of all experience levels. The study showed that most accounting firms prioritised competitive salaries to attract accounting talent and offered comprehensive benefits to retain talent, although regular training and skill development was the most popular tactic for firms to both attract and retain employees.

The benefits of upskilling and training employees

Upskilling and training team members can effectively improve retention across various industries as it demonstrates a commitment to an employee’s growth. The opportunity to develop is also helpful for finding new team members, especially if they’re still progressing within the early stages of their career. The study found 30% of accounting firms were using training and upskilling to attract talent, and 42% were providing custom career paths. Whilst employees could take this skill set elsewhere, investing in individuals can help them feel valued and, therefore, build loyalty. If team members feel appreciated and satisfied with their job, they are more likely to remain at and work their way up a company. In the survey, 32% of accounting firms were hoping to retain employees by providing opportunities to advance professionally. Although training often requires time and money to be effective and worthwhile, lessening the need for external hiring can cut costs and time. Recruiting employees is often an extremely time-consuming process that comes with fees, such as job advertisements and recruitment agency charges. Hiring internally also removes the required time for employees to familiarise themselves with a company’s operations.

Technology Training in Accounting

Training accountants on technology has become more important and common with the evolution of technological advancements, such as automation and artificial intelligence. More firms are using them to streamline certain tasks and provide further insights. Therefore, it’s key that team members understand how to operate such systems. Our research found that, of the firms prioritising training and upskilling to attract and retain talent, 100% said they were offering technology-related training. In fact, a quarter of firms believed the biggest competitive advantage of technology was that it attracted and retained top talent. But what are the core areas of technology accounting firms are prioritising? Cybersecurity awareness and best practices were the most common technological training that these firms offered employees. Cloud-based accounting software, providing efficient real-time reporting, was the next most popular, with 57% of firms training team members on this topic. The research found that 54% of firms offered employees training on using artificial intelligence or machine learning, and 49% made automation tool learning available — all of which allow for a faster turnaround. Another 49% said they were training remote workers on using communication tools, which suggests the flexible work-from-home options are still commonplace in the industry years after lockdown. Data analytics, data visualisation tools, business intelligence tools and blockchain technology were also popular training services — these systems support strategy, transparency and communication. Automating your accounting is one of the most effective ways to enhance your company’s financial processes. Find out more about accounting automation with QuickBooks.

Soft Skills Training in Accounting

While technological training can help employees keep up with new practices, there is still an important need for the human approach with soft skills like communication, time management, and problem-solving being useful training topics. Critical thinking is especially important when operating technology — firms ranked the ability to identify and troubleshoot complex issues as the top soft skill for modern-day accountants. Collaboration skills and the ability to work effectively with others was voted the second most crucial, with only 3% saying it wasn’t important at all. Another 45% of firms said understanding and responding to the emotions of others was a critical soft skill. Half of the UK accounting professionals said it was critical to prioritise and manage multiple tasks and projects within a deadline. However, more said this ability was 'not important at all' than any other skill. While 41% said it was somewhat critical, more firms ranked having a sense of humour as somewhat critical.

How to upskill employees

Before implementing training processes or paying for resources, determine which areas need prioritising. Below are some ways to identify the best focus areas for training:

• Analyse any business goals currently underperforming

• Survey employees to find out their knowledge gaps and interests 

• Research predictions of future industry trends and changes

• Observe how different departments currently operate

• Seek feedback from team members, clients and/or customers

After deciding on the training and upskilling topics, implement a process for tracking employee development, such as:

• Create a skills matrix system

• Have regular one-to-one meetings

• Set KPIs to monitor the impact (e.g., employee retention, internal hiring rate, team performance)

• Conduct employee satisfaction surveys

Now that a process is in place for monitoring the improvements, there are various types of training methods to choose from, including:

• Watching online industry webinars

• Buying tickets to attend talks in person

• Attending a course online or in person

• Implementing an internal mentorship 

• Providing informative books

• Shadowing colleagues to learn about their job

The type of training offered will likely depend on the time and budget. However, not every team member needs to attend the same events or have the same experiences. Instead, ensure those attending report back on their takeaways so that more can benefit from the investment. While there are various options for attracting talent and improving retention, investing in employees and their knowledge can also prepare firms for the future of accounting. The required skills needed for accountants to operate effectively will likely continue to change, but ensuring your team can adapt will prevent your business from falling behind.

Sample and methodology

Intuit QuickBooks commissioned an online survey in March and April 2024 of 1,046 accounting professionals (all adults aged 18+) throughout the UK. The results showed:

• 2 in 5 (41%) respondents own an accounting or bookkeeping business. 

• Nearly 6 in 10 (59%) are employed by an accounting/bookkeeping firm as an accountant/bookkeeper. 

• Almost half (47%) work for firms with more than 100 employees. 

• 1 in 2 (52%) respondents work for firms with 1-99 employees and none work as solopreneurs. 

• 7 in 10 (70%) respondents are male and 3 in 10 (30%) are female. 

• 8 in 10 (82%) respondents are white. 

These percentages have been rounded to the nearest decimal place so values shown in data report charts and graphics may not add up to 100%. Responses were collected using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on census data to ensure accurate targeting and results. Respondents received remuneration.

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