Solving Your CAAS Training Headaches

What if we told you that transforming your Client Accounting and Advisory Services (CAAS) team into a powerhouse of trusted advisors is not an impossible task? What if we also shared with you that creating this “powerhouse” team, one that seamlessly manages the complexities of accounting and advisory clients’ demands, is actually a necessity in today’s competitive landscape?  Would you be surprised?

According to the AICPA Benchmark report, there’s significant growth potential in CAAS. More and more businesses are outsourcing accounting and financial planning and analysis functions, so investing in dedicated CAAS staff is a must. Do we have your attention?

The Evolution of CAAS

Investing in learning and development for CAAS teams is crucial for firm success. CAAS has evolved from basic compliance and operational services to a dynamic field with ever-changing client demands. CAAS professionals now need a diverse skill set, including financial knowledge, industry-specific insights, and advisory expertise. But where should firms start?

Crafting a Competency Framework

A well-defined competency framework is essential for guiding team members’ career progression. Picture this: a college graduate starts as a bookkeeper, following a structured curriculum that includes technical accounting skills, success skills development, and industry-specific knowledge. As they advance to roles like staff accountant and virtual controller, they receive specialized education and certifications aligned with their career goals. Eventually, this framework guides their transition into a CFO advisor role, ensuring they have the expertise to provide strategic financial guidance to clients.

Implementing Competency Frameworks

An informal survey of our clients shows that about half of firms have implemented competency frameworks within their CAAS departments. However, However, not all CAAS services are the same. CPA.com’s Client Advisory Services Maturity Model describes various levels of CAAS services, from basic transactional reporting to advanced advisory services. Even with firms’ various approaches to CAAS, leveraging a competency model will help in building intentional frameworks tailored to different service levels within CAAS.

Building the Framework: Steps and Challenges

Developing a competency framework involves four key steps:

1. Brainstorming and Crowdsourcing Ideas: Gather diverse perspectives on essential skills and attributes from stakeholders. This should include studying existing frameworks, consulting relevant books and webcasts, engaging with industry peers, attending conferences, and gathering insights from clients.
2. Consolidating and Aligning Insights: Break down broad concepts into specific topics, ensuring comprehensive coverage of necessary competencies. This involves distilling broad concepts like “knowing accounting” into specific topics such as accrual vs. cash methods, understanding debits and credits, and grasping key terms and concepts.
3. Filtering and Leveling: Refine the framework with feedback from service line leaders to determine essential competencies and appropriate skill levels for various roles. This feedback will help determine the necessity of certain competencies and the appropriate skill levels required for various roles within the organization.
4. Grouping and Validating: Organize competencies into categories and validate the framework with input from subject matter experts or through pilot testing. At Spiirall, we have distilled our findings into six distinct levels within Client Accounting and Advisory Services (CAAS): Levels 1, 2, and 3, along with Controller 1, Controller 2, and CFO roles. Each level represents a progression in responsibilities and expertise, tailored to meet the diverse needs of our clients and the complexity of the tasks involved.

Even with an intentional model, challenges will present themselves. They will likely include accommodating diverse services and clients, aligning frameworks with firm objectives, and adapting frameworks to the unique demands of CAAS. We sometimes hear of the difficulty in accommodating diverse services with firms’ clients, necessitating the identification of basic competencies and adaptability to unique client needs. Other clients note difficulties in adapting existing frameworks originally designed for traditional accounting practices to the unique demands of CAAS, particularly regarding software compatibility and differences across departments.

Mapping Training Content

To ensure alignment between the competency framework and available training content, it is essential to review available course catalogs and identify gaps where additional content is needed. Developing new courses or sourcing additional content effectively addresses these gaps. At Spiirall, for instance, mapping each available course to the specific competencies outlined in our framework worked to identify gaps where relevant training materials were lacking. Subsequently, we devised a comprehensive plan to develop new courses or source additional content to address these gaps effectively.

Integrating Success Skills Training

Integrating success skills training at every level of the competency framework is crucial. While technical proficiency is essential, skills such as communication, leadership, and problem-solving are equally vital for success. While these may sound like obvious inclusions, many firms still struggle with effectively combining these two skill types.

Creating Tailored Learning Plans

Technical gaps addressed? Check! Success skills training integrated? Double check! With these two items addressed, now it is time to create tailored learning plans for each level of CAAS professionals. These plans create the roadmap to continuous growth and development, ensuring team members are equipped to deliver exceptional client service and drive success in the dynamic landscape of CAAS. These learning plans will outline a structured path for continuous growth and development, encompassing both technical mastery and the refinement of soft skills.

By developing a robust competency framework, addressing learning gaps, and creating tailored learning plans, firms empower their CAAS team members to excel in their roles and meet evolving industry demands. This strategic approach enhances individual growth, drives organizational success, and fosters a culture of continuous improvement and innovation. Together, we can confidently navigate the complexities of client accounting and advisory services.

At Spiirall, we understand the challenges of building a strong learning and development strategy. If you would like to learn more about how Spiirall can help you capitalize on your training and development investment, contact us at info@spiirall.com.