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AIA

CPD resources and ideas for start-ups

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21st May 2012
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Mark Lee explores the wide range of options, resources and practical considerations for start-up practices looking to arrange their own technical CPD.

This is the second of three articles exploring CPD-related issues for start-up practices and is a natural follow-up to the first article in this series which explored the questions “what does CPD really mean?”, “what counts as CPD?” and “which approach do you prefer?”

The third and final article in this series will focus on the personal and business development side of CPD.

In terms of technical resources let’s start by expanding on the ICAEW’s summary list of activities that can constitute CPD. The important question in each case is whether your professional knowledge and abilities have been enhanced. If they have not then the activity doesn’t count as CPD.

Technical reading – Includes technical research related to specific client matters and applying this correctly to advice that you provide to your client. Do you have a good basic technical library of technical books (or are you going to rely on online access? Technical reading also includes that related to advice received from technical specialists and contained in counsels’ opinions.

Learning at work – Includes knowledge obtained through discussion with colleagues (if any), HMRC and external technical support specialists, as well the application of knowledge gained through technical reading and from all other activities on this list.

Meetings with experts – Includes those with financial accounting specialists, accounting software experts, tax consultants, company secretarial specialists, solicitors and barristers.

Conferences – Includes those arranged by public bodies, Chambers of Commerce and those intended for a wider range of business people (as distinct from accountants and tax advisers).

Courses and seminars – Includes monthly, annual and other regular updates, those arranged by local groups of accountants and tax advisers and those arranged by mainstream or local training operators. How often do you review the notes you made and those provided by the organisers?

Online learning – Includes regular and ad-hoc webinars, podcasts and online quizzes such as those published by Taxation magazine. Also reading articles and updates on other firms’ websites, on the professional body websites and on HMRC’s website (especially the ‘What’s new’ and ‘Top stories’ sections).

Workshops with your peers – Includes sessions run by other local firms and those organised by district societies and branches of the professional bodies (you can often attend even if you are not a member).

Reading magazines, newspapers and journals – Includes AccountingWEB news, features and Any Answers as well as both hard copy journals and magazines and those available either by subscription or freely online – and obtained by email or through apps on your favoured mobile device.

Regularising your CPD

Remember you can no longer rely on colleagues or “the boss” to encourage you to undertake CPD. You have an obligation to yourself to do the necessary and you may also be obliged to do so if you want to remain a member of your professional body.

When I was in practice I did at least two to three hours a week of technical reading during my daily commute. Few start-ups will work that far from home and you may prefer to chill in the evenings anyway. Some though may find it helpful to start the day with a coffee and a quick catch up with technical reading either online or on the desk.

Another tip is to schedule a weekly CPD update slot in your calendar. Maybe it’s Friday afternoons? Or Tuesday lunchtimes? This only works though if you give the appointment the same respect you would give to a client meeting.

Mixing with others

You may find that you lack the motivation to maintain your commitment to effective CPD.  Client work and other practice-related activities get in the way or seem more “urgent” than your personal commitment to CPD.

You may also want to share the costs – no longer are these covered by your employer. You should however, ensure that your budgets include a suitable amount for CPD. What is appropriate here will depend on your preferred approach to CPD. Many of the options are freely available.

In the first article in this series I referenced the collaboration option. To expand on this, you could also look to join a local branch committee. Then you would have someone else (the convener of such meetings) prompting you to attend meetings and to contribute to discussions!

Don’t make the mistake of thinking you are lacking in experience and knowledge. Much of the value you can bring to branch committees will be related to your practical experiences; and you will also find it reassuring to find that you are in the same boat as many other more experienced practitioners.

Please share with your fellow AccountingWEB users the specific sources of CPD that you find helpful and that you would recommend for anyone starting their own practice.

Thinking of going solo? Our new Start up in practice guide will help aspiring sole practitioners take their first steps towards success. Download your free copy of the guide now.

Mark Lee is consultant practice editor of AccountingWEB and writes the BookMarkLee blog to help accountants build more successful practices more enjoyably. He is also chairman of the Tax Advice Network of independent tax consultants.

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