What’s included in the cost of eLearning?
why does elearning cost so much?

What’s included in the cost of eLearning?

Classroom training was out of the question for most of 2020 – and 2021 isn’t looking to be much better. With classroom training out of the equation, a lot of firms are looking to virtual learning solutions to get their CPAs the training they need. One of the most popular options to quickly provide virtual training is through a live webinar. We’ve written several posts on how to provide a successful webinar. You can check out some of those blog posts here, here, and here. In fact, I’ve even written a blog post about the different virtual learning options that are available here. Needless to say, this is not a new topic.

So, what are we here to talk about today? The cost. Virtual training options come in a variety of shapes and sizes…and prices! If you’re looking for an easy way to find a virtual training solution that will fit your budget, you’ve come to the right place.

piggy bank with coins stacked next to it

Option #1: Custom eLearning

Cost: $$$ ($30,000 and up for one 1-hour eLearning all-in for storyboard and programming)

Time: 4-8 weeks

An interactive, technically-accurate, CPE compliant, and dare-we-say, fun eLearning module built to your precise specifications. It’s an amazing solution for quite a few reasons. It has your branding, it contains content that is relevant to you (specific examples and case studies to mimic your transactions), and it belongs to you forever. You can provide this training to 5 learners or 5,000…anywhere in the world. And they can take the training when and where they want to. The downside? It takes time to build…a lot of time! From the CPAs who write the storyboard (the roadmap that provides the instructions for the course), to the voice talent recording the audio, to the programmers to build the module, program the videos, and test the course, it takes approximately 200 (or more hours) to build one 1-hour eLearning course.

What exactly makes custom eLearning so expensive?! It’s a valid question. Mike Walworth and I break down what goes into making a custom-tailored eLearning module, and explain what goes into determining cost. Is eLearning cheaper or more expensive than live training? Will it save you money in the long run? Why doesn't an hour long eLearning cost the same as a PowerPoint deck? What makes our eLearning modules stand apart from the crowd? Take a look at this video and find out!

Option #2: License eLearning from our U.S. GAAP Library

Cost: $ (License an individual course or our entire U.S. GAAP library for a fraction of the list price on the Revolution)

Time: Instant access

Perhaps you’ve looked at other eLearning vendors before, so you know that their training is often nothing more than a regurgitation of the Codification. It’s ineffective and unengaging.

At GAAP Dynamics, we know there has to be a better method than PDFs, recorded PowerPoint slides, or talking heads. We have poured countless hours into creating eLearning that helps your individuals learn AND keeps them engaged! As CPAs, we are learners too, so we don’t create online training (or any training for that matter) that we would not want to take ourselves. It’s our brand promise.

Our U.S. GAAP eLearning library currently contains over 50 eLearning modules covering a wide range of U.S. GAAP and industry-specific accounting...and it’s still growing! Check out our catalog for a list of current courses. Don’t see what you’re looking for? If you choose to partner with GAAP Dynamics, you’ll be able to put in your vote for the next course(s) to be released on our library!

making a webinar

Option #3: Converting existing content into virtual learning solutions

Cost: $$ ($15,000 - $30,000 depending on level of customization/interaction)

Time: 2-4 weeks

Perhaps you’ve already decided to run live webinars to deliver training to your teams, but now you’re running into the age-old problem that all live trainings face, virtual or not: What do you do about the people who were not able to attend? Or how do you make sure that you aren’t constantly having to re-administer the webinar as new-hires join the team? With most webinar platforms, you’ll have a recording of the live event and while that’s great, as you may know, the playback of the webinar is NOT CPE-eligible. This was the problem that one of our Big Four accounting firm clients recently faced, and we were able to help them by converting the materials from the live webinar into a CPE-compliant self-study.

If you want to read up on some of the pros, cons, and other considerations when converting a live webinar into a CPE-compliant self-study, you can read more in this blog.

Option #4: Live Webinars

Cost: $ ($4,000 + depending on volume discounts applied, tailoring, or custom development involved)

Time: 1-2 weeks (for development)

We’ve been facilitating live webinars for our accounting firm and corporate clients for a number of years, even offering a free periodic webinar series to our existing clients this year to help them out during these tough times. Are we any good? Well, based on participant evaluation comments, it appears that we’re managing to bottle the magic of the classroom in a virtual environment!

Whether you’d like us to teach a course from our Dynamic Library, a continuously updated library of content that can be ready to facilitate at a moment’s notice, a U.S GAAP Update, an auditing Update, or a custom-developed course, GAAP Dynamics is here to help!

Want to learn more about any of our virtual learning options? Let’s talk!

About GAAP Dynamics  

We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!

Disclaimer  

This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.

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