While the basics of accounting are the same across industries – a balance sheet is a balance sheet, at its most fundamental – different industries will have different needs when it comes to the full portfolio of accounting services. For this reason, many companies choose to seek out customizable accounting services.
Customizable accounting services refer to accounting services that can be tailored to meet the specific needs and requirements of a business or individual. These services are designed to provide flexibility and adaptability to accommodate the unique financial circumstances and goals of clients.
It’s not unreasonable for your small business to expect your accounting services provider to be well-versed in your specialized field. This may involve understanding the legislative intricacies and common operational issues particular to your industry. An experienced accountant can keep a steady eye on the day-to-day operations of the business from a financial standpoint as well as focus on the future of the business and the unique developments that will affect it.
How Do Accounting Needs Vary?
If you run a manufacturing business, it’s probable that you deal with complex inventories and supply chains, a high volume of forms, and machinery depreciation. For this reason, you will need an accountant who understands these needs and can effectively help you find ways to operate more efficiently.
In a similar way, healthcare has very specific accounting needs. Healthcare accounting may feature tasks that don’t ordinarily apply to general or business accounting, such as the intricacies associated with patient payments via private insurance or government-backed programs. These practices must be managed alongside more traditional and routine accounting tasks such as revenue tracking and cash flow.
If your business is very data-heavy, you may be using a number of cloud-based solutions for business operations, data storage and even customer support. These cloud-based solutions are accounted for differently than premise-based business software since they tend to qualify as an operating expense instead of a capital expenditure. You’ll want an accountant who understands the financial implications of these cloud-based solutions.
Finally, it’s important to note that different industries may have different tax and incentive opportunities open to them, and you’ll want to hire an accountant who can ensure that you get the maximum number of tax breaks, particularly if you work in subsidy-heavy industries such as energy or agriculture. Before you engage with a financial advisory company, ensure that the organization or individual is knowledgeable enough about your vertical to ensure that you’re able to take advantage of all financial opportunities available. To discover whether customizable financial and accounting services can help you save money and take advantage of financial opportunities, consult with a professional. DOAAR is a small business bookkeeping, tax and consulting services firm, with an additional focus on its clients’ personal finances. Specializing in bookkeeping, controller and CFO services, DOAAR’s offering spans daily accounting, month-end closing, complex financial modeling and oversight. From execution to analysis and strategy, DOAAR provides clients with a powerful and fully integrated back-office accounting solution. We have locations throughout California and the rest of the U.S. For more information, visit our website or call 888-405-0880.