How to Upskill as a Tax Manager

Tax managers play a pivotal role in managing an organization’s financial health and ensuring they remain abreast of the latest tax laws and regulations. Given how critical (and complicated) this role is, tax managers must always be at the top of their game.

If you are a tax manager, you may be wondering what you can do to ensure your skills remain sharp and one-step above the competition. The key is to upskill all throughout your career.

What is upskilling?

Upskilling means learning new and enhanced skills that pertain to your current role. Think of it as levelling up or upgrading your current skillset to be even better at your job.

What should you upskill?

Tax managers must possess and maintain a lengthy list of both hard and soft skills, such as analytical skills, attention to detail, and strong interpersonal communication.

But when it comes to really distinguishing yourself as a tax manager, and deciding which skills you should focus on “upskilling”, you should prioritize the following three categories:

1. Legal Knowledge
2. Technological Proficiency
3. Ethical Compliance

Once you have identified which particular skills you want to upskill, your next task is to determine how to upskill so you can build yourself and remain relevant in your role as a tax manager.

There are many ways you can upskill and improve yourself.  Here are four of the best:

1.     Stay Current with Tax Law Changes

There is nothing as constant as change, and nowhere is that perhaps truer than with laws and regulations.  One of the most significant ways to upskill your legal knowledge is to constantly update your understanding of local and national tax laws. You can do this by subscribing to newsletters and publications or taking courses and attending webinars.

2.     Develop an Understanding of International Tax Laws

You may have a firm grasp on American tax law, but if you are working for an international organization, you must be familiar with the tax laws in the countries your company operates. You can significantly upskill your legal knowledge and distinguish yourself among your peers by learning and studying international tax law.  Consider courses and continuing education on international tax matters.

3.     Focus on Ethical Practice and Compliance

Like most professionals, tax managers are expected to follow ethical guidelines and standards. To ensure you are following the appropriate ethical guidelines and standards within your jurisdiction and wherever you operate, you should explore courses and attend ethical trainings that reinforce your ethical obligations as a tax manager.

4.     Master Tax Software and Technology

One thing that will easily set top tax managers apart from their peers is a mastery of the latest software and technology.  A refusal to innovate and adopt the latest technologies is a sure-fire way to become outdated. Make time to review articles and consult with other tax experts to learn about the latest software that can make you better at your job.

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