Version 1.0
Prepared by: @Lorraine Sebata
Approved by: @Feli Capron @Samia Thompson
Reviewed date: 2024-07-24
Next review date: 2025-07-24
This Standard Operating Procedure (SOP) is designed to provide a structured and comprehensive approach for training new accounting staff. Its purpose is to ensure they understand and adhere to the company’s accounting procedures, policies, and best practices from the outset. This systematic training ensures consistency, accuracy, and efficiency in all accounting functions, enabling new hires to quickly become productive and compliant members of the team.
This SOP applies to all new accounting staff, including entry-level positions such as accounts receivable and accounts payable clerks, as well as more experienced roles like financial analysts and accountants. The scope covers the entire accounting function, from recording financial transactions to preparing financial reports and adhering to regulatory requirements. By the end of the training, participants will have a thorough understanding of the company's accounting ecosystem and be equipped to contribute effectively to the team.
Compliance with Accounting Policies: The company's accounting policies and procedures must be strictly followed to ensure the accuracy and integrity of financial records.
Non-Compliance Consequences: Non-compliance with these policies may result in disciplinary action, as the company takes financial reporting and compliance very seriously.
Staff Responsibility: All accounting staff are responsible for familiarizing themselves with the relevant policies and procedures, and for adhering to them in their daily work.
Accounting Manager/Supervisor: Coordinates the initial onboarding process, oversees the training process, provides necessary resources, assesses performance, and ensures the new staff member's integration into the team.
Experienced Accounting Staff (Trainers/Mentors): Develops training materials, conducts training sessions, provides hands-on guidance, acts as a mentor, and offers ongoing support to new staff.
New Accounting Staff: Actively participates in all training sessions, completes assigned tasks, seeks clarification, and strives to understand and apply company policies and procedures.
5.1. Pre-Training Preparation
5.1.1. The Accounting Manager coordinates with HR for the initial onboarding process, including system access and workspace setup.
5.1.2. Develop and prepare comprehensive training materials, including:
Detailed accounting manuals and guidelines. (Refer to SOPs)
Software tutorials for all accounting systems (e.g., Xero).
Copies of relevant company accounting policies and procedures.
Case studies and practical exercises.
5.1.3. Develop a structured training schedule outlining specific sessions, topics to be covered, and their duration.
5.1.4. Identify experienced accounting staff members who will act as dedicated trainers and mentors for the new hire.
5.2.1. Provide an overview of the company’s mission, values, and organizational structure, emphasizing the importance of the accounting function.
5.2.2. Introduce the new staff member to the entire accounting team and other relevant departments.
5.2.3. Explain the Accounting Department’s overall role within the company and outline the detailed training process the new hire will undergo.
5.3.1. Accounting Software Training: Provide hands-on, in-depth training on all accounting software used by the company (e.g., Xero, Loan Platform), covering data entry, report generation, and specific functionalities relevant to their role.
5.3.2. Compliance and Regulations: Train the new staff on compliance with relevant financial laws, regulations, and internal control procedures pertinent to the microfinance industry.
5.3.3. Daily Accounting Tasks: Provide comprehensive instruction on daily accounting tasks, including:
General ledger maintenance.
Bank reconciliations (refer to SOP).
Undeposited account reconciliations (refer to SOP).
Processing accounts payable (refer to SOP) and accounts receivable transactions (refer to SOP).
Purchase order processing (refer to SOP).
Vendor reconciliation (refer to SOP).
5.3.4. Month-End Closing Processes: Provide training on month-end closing procedures, including:
Accruals and prepayments.
Balance sheet reconciliations.
Preparation of internal financial reports.
5.3.5. Year-End Procedures: Provide an overview of year-end accounting procedures, including:
Preparation for external audits.
Finalization of financial statements.
Tax filing requirements (refer to the VAT SOP).
5.4.1. Conduct practical exercises and simulations using real-world scenarios to reinforce learning and allow the new staff member to apply theoretical knowledge.
5.4.2. Pair the new staff member with an experienced mentor for ongoing guidance, answering questions, and providing immediate feedback.
5.4.3. Allow new staff to shadow experienced colleagues to observe daily tasks, workflows, and problem-solving approaches in a live environment.
5.4.4. Gradually increase the responsibilities of the new staff member as they become more comfortable and proficient in their role, ensuring they are not overwhelmed.
5.5.1. Conduct a formal performance review under probationary period at the end of the initial training period after 90 days to evaluate progress, identify areas for improvement, and discuss future development goals.
Request a Probationary Period Form for completion from the HR department.
5.5.2. Maintain detailed records of completed training modules, assessment results, and feedback for each new staff member for future reference and compliance.
5.5.3. Regularly update all training materials to reflect changes in company policies, accounting procedures, software functionalities, and regulatory requirements.
5.5.4. Periodically review and update this 'Accounting Staff Training and Onboarding SOP' itself to ensure it remains relevant, effective, and aligned with the company's evolving needs.
New Hire Training Checklist
Training Schedule
Training Materials (Manuals, Guides, Tutorials)
Performance Review Forms
Training Completion Certificates/Records
Mentor Feedback Forms
All Accounting Managers/Supervisors and designated Trainers/Mentors will receive training on effective training methodologies and the proper implementation of this SOP. New accounting staff will receive comprehensive training as outlined in this document.
This SOP will be reviewed annually by the Human Resources and Accounting Departments to ensure its continued effectiveness, relevance, and alignment with organizational goals and industry best practices. Feedback from new hires and trainers will be actively sought to inform revisions.