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Specialty Accounting Niches
Brian Jang ON August 13, 2021
Numbers and math are universal, leading many to assume that the same can be said for accounting firms. Surely accounting is accounting, no matter who you hire, they will be performing the same functions, correct?
Although many accounting firms serve a wide range of businesses making it appear that there is a one-size-fits-all solution, the fact of the matter is that every business is unique, so they will have different needs from a business in another industry. Just as a business will seek to hire the best employee for their company, so should they seek a proper match in their accountant.
Specialty Accounting Niches
Working with someone who knows and understands your industry can only benefit you. For example, working in the restaurant industry means you will have certain ways of doing things that differ from other industries. You will have your own terminology, regulations, and methods of solving problems. Likewise, there will be a specialty accounting niche devoted to your industry, with accountants who understand your business and the particular challenges that you encounter in the course of doing business.
Some accounting firms specialize in serving small businesses, providing them with specific services such as tax preparation or payroll. Engaging an accountant that specializes in your industry allows them to focus on your specific needs and wants, providing you with personalized support to help your business succeed. They will also have the knowledge and experience to complement your skills by handling the areas that are not your forte. Hiring an accountant should be considered a long-term investment. They are a member of your team, devoted to helping your business develop and grow.
An accounting firm that specializes in your niche market will prove more efficient, as they will understand the approach needed for your type of business and will already have systems in place to account for them. By contrast, a firm with a more general focus may lose you money during their first year with you, as they adjust to your needs and standards.
Using the Right Tools
While looking for an accounting firm that specializes in your niche market, you will also want to ensure that they are making the best use of modern tools, such as cloud technology. Taking advantage of these tools, such as those for automating routine tasks, allows for work to be completed with greater ease and efficiency.
Invoicing and payments are two examples of tasks that can be automated, with bank accounts and cards being synced to save you time. Cloud-based accounting software such as Quickbooks Online and Xero will categorize your expenses for you and produce reports. Making proper use of cloud technology has provided small businesses the ability to access information and solutions that were once the domain of much larger enterprises.
When you choose to work with an accounting firm that specializes in your industry or your specific accounting needs, you stand to gain many benefits, such as working with those who understand the challenges you face in your business and know how to address them. Your accounting needs will be met in a more efficient manner that allows you to spend less time worrying about your books, and more time working on your business.
