Tax
Why should your employees learn more about tax?
Tax is a complex topic, even for experienced finance professionals. There is lots of detailed information to learn across a vast array of topics. This ranges from the basic and intermediate, such as sales tax and business tax returns, to advanced topics such as pensions and capital gains tax. Even relatively fundamental topics can be a challenge for many.
With new rules and processes being introduced often, your employees need to ensure they always have the most up-to-date knowledge. Failing to dedicate time to learning and upskilling on a regular basis means you risk using outdated practices, which could potentially lead to issues.
This is especially important for small and medium-sized businesses that may not have a dedicated team of experienced finance professionals. Even those that hire external accounting firms should still look to improve their knowledge in tax as it ensures you’re accountable and in a position to take care of your finances. Learning the fundamentals can go a long way toward building confidence and understanding of a difficult subject.
Should every employee learn about tax?
While tax knowledge is useful to have from a personal point of view, it’s not something every employee needs to be trained in. Only employees who work in finance-related roles should look to develop their skills and knowledge in tax. For example, accountants and payroll professionals, who work with tax regularly, will find it beneficial to receive regular tax training.
As mentioned above, small business owners will also want to ensure they have at least a basic understanding of tax. While it’s understandable you will want to focus on running the business and providing a service to your customers, a basic knowledge of tax will help you to do so, and prevent any unexpected tax-related hiccups.
A tax training course can cover anything from the fundamentals to complex, advanced subjects. Which topic your employees upskill in depends on their role and their current level of experience.
What are the benefits of training your employees in tax?
The most obvious benefit to your employees undertaking tax training is the knowledge and skill they will gain. When the relevant employees have an understanding of tax it gives them the skills and confidence they need when working in such a challenging area. This in turn can help reduce potential problems surrounding tax, and result in a more thorough understanding of your organization’s finances.
Employees with knowledge of tax are also in a better position to identify potential ways in which tax savings can be utilized to save and make more money. It can also help your business make more informed decisions and increase return on investments.
As your business grows, the more your employees know about tax and how it impacts your business, the more easily you’ll be able to promote from within. This will also save your business money and prevent the need for expensive and time-consuming recruitment.
What's the best way to train employees about tax?
As we’ve already highlighted, and you no doubt have experience with already, tax can be a challenging subject to get to grips with, especially when trying to do so in between day-to-day responsibilities.
In-person training courses can be useful, but time-consuming and expensive. Materials such as books, blogs, and videos can also be a great place to start and make for great resources, but information can soon become outdated and it can be harder to retain information when learning this way. Classroom-based learning is recommended, especially for those new to finance, but may not be feasible for full-time or even part-time employees.
If any of your current employees have experience with tax, then work shadowing can be used to learn specific skills and how to deal with certain situations. However, work shadowing isn’t always appropriate for teaching tax as a broader subject, and can be a long and disruptive process.
eLearning is a handy and convenient way to learn. Courses can be taken in the fundamentals or advanced topics, which means employees of all experience levels can upskill and grow their knowledge.
The benefits of learning tax using eLearning
Because eLearning courses have already been produced they can be accessed instantly, which makes them an affordable and easily scalable way for one or more employees to learn.
When your employees take tax courses online, they can learn in and around their usual responsibilities thanks to its flexibility. Online courses can be picked up anytime an employee has time to learn - even just a few minutes. Course materials can be accessed on any device, so learning can be done from anywhere, including the morning commute.
Not only is this microlearning a great way to retain information, but it also avoids putting employees under unnecessary pressure by letting them dictate how and when they learn. This convenience and flexibility make learning accessible and means it doesn’t have to interrupt the day-to-day operations of your business.
Can beginners learn about tax online?
Yes! Because courses cover a wide range of tax-related topics at levels ranging from the fundamentals to advanced, those new to tax should find eLearning courses accessible. Online tax courses for beginners cover the basics of tax, which can be picked up and put down whenever the employee has the opportunity to learn. Even with just half an hour to dedicate towards learning a week, an employee should be able to complete a two-hour course within a month.
What are the best eLearning courses for learning about taxes?
Some of the best online tax courses include:
Upskill and train your staff on tax today
Ready to enroll your employees in an online tax course? Go1 has a wide range of courses that can be accessed right now. For more information on how Go1 can support your business with its learning and development strategy, schedule a demo with a member of our team today.