June 21, 2018 0

Should Accountants Specialise? / Should you hire a specialist Accountant?

Should Accountants Specialise? / Should you hire a specialist Accountant?

 “We offer our services to all industries and have years of experience in working with clients of from all industries” – this statement can get you deals often however makes you just ‘one of the many accountants and accountancy firms’. Any client looking for a Accountants specialize may lose interest. If you mention specific industries that you focus on, can get you quality clients and increase your credibility in your space. It is always better to be an expert of a few than knowing everything.

The label of specialisation comes with the intrinsic feeling of credibility itself. If the reputed clients are happy by your modus operandi and services than at any social gathering they would recommend your name. People may start counting on you as you would be more seen as a provider of value-added advisory services and not the number cruncher.

Accountants Specialize – a value-add

In the last 2-3 decades managing businesses has become more complex with the change in customer expectations, regulatory boards and competitions everywhere. A specialised accountant for your business can take some worry away from your shoulders as the business owner. Other than being able to managing your books and regulatory boards and audits, a specialised accountant can be a value-add to your business. With his industry expertise and experience in working with similar businesses, the accountant will have suggestions from multiple perspectives – business, finances, leadership styles, operations and management reporting.

A specialised accountant will help you in cutting down the errors and plan for risks ahead. Their experience working with management teams for businesses like yours will help in getting suggestions that come with experience.

The way you need a specialised doctor to go to depending on the health problem, or the way you take your bike to a specialised bike service center and your car to a specialised car center, the same way you need to have accounts with specialisation in your industry.

Also Read – Top 10 Questions to Ask your Accountant

Let’s look at a specific industry in the appended example to understand this better –

If you choose an accountant for your construction business, a specialised accountant would know that from the right resource allocation to change orders – each will affect the books. A construction industry specialised accountant knows the insurance risks any construction company can get into and would also not what to avoid or what to do to be away from any such risks. He can also provide value-add in the below mentioned ways –

  • For a LEED certification he can suggest materials to be used in constructions and the approved methods to be followed.
  • Your specialised accountant can suggest the best company structure for your business – C, S or LLC so that you benefit in a long run.
  • Specialised accountants can also help companies plan for a more strategic marketing as well as well as help in identifying good prospective clients.

Tips for Inexperienced Accountants

Accountants who have chosen a specific industry but are yet to get ample experience it in can always gain knowledge from multiple available sources. Through a sample industry scorecard the accountant can present a good impression to his prospects. This summary can be prepared up quickly and acts as an excellent marketing material even if it is on short notice.

The access to industry data can also provide the analysis for the financial performance of an industry. A study of last few years of data can provide detailed insight on what is working and what is not for that industry.

Top 5 Specialisations within the Accounting field:

Many aren’t aware that within accounting also there exist a plethora of specialisations that one can do. The basics of accounting still remain the same as analyzing, preparing and verifying financial documents in order to provide subtle information to its clients. The specialisation that one can opt for are:

  • Public Accountants
    These accountants perform a wide range of auditing, accounting along with consulting activities which can be sectors of governments, corporations, non-profit organizations or even for individuals.
  • Consultants
    These mainly offers advice in areas like employee health care benefits or compensation, selections of control to safeguard assets, the design of accounting etc.
  • Forensic Accountants
    They mainly investigate and deal with bankruptcies or other complex financial transactions.
  • Management Accountants
    In addition to basic functions like performance evaluation, budgeting, asset management and cost management they also record and analyze corporate’s financial information.
  • Public Sector Accountants
    These are mainly government auditors and accountants whose main function is to examine the records of government agencies. In addition to this, they also audit private business firms and individuals whose activities are in one way or another subject to government taxation or regularities.

Also Read: Tax Advice for Small Business and Startup

An accountant assists a company in a long-term growth and hence a specialist accountant is a must for the company to benefit more.

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