There are many professional development opportunities you can offer your team without breaking the bank.

Look into e-learning. From online certification programs to software classes to webinars on highly specialized topics, the Internet offers myriad affordable training options tailored to those in the accounting and finance fields.

Launch a mentoring program. Mentoring is a winning prospect for the mentor, mentee and organization. Mentees benefit from the general support and wisdom they receive, while getting hands-on help honing skills that will enable them to contribute at a higher level. Meanwhile, mentors gain leadership skills and the reward of knowing they're facilitating a protégé's professional growth.

Encourage team members to join professional associations. These organizations offer opportunities for members to update their knowledge and expand their skill sets through workshops, seminars, self-study programs and online courses. Moreover, affiliation often includes free subscriptions to trade publications and other valuable educational materials.

Spread the knowledge. Perhaps you were able to pay for multiple employees to attend large annual conferences in previous years. While that may no longer be feasible, consider sending at least one employee. Ask him or her to take detailed notes and then share what was learned during a meeting.