As the world around us changes to move with ever changing state of business as we know it, there comes from this more diversity and versatility in our choice as consumers, in regards to the number of businesses out there. Similarly, accountants need to be able to keep up with this ever changing dynamic and adapt to survive. Niche accountants are emerging to serve specific industries, adopting a “master of one trade” approach.
Let’s hypothesise, that you, the reader is a revolutionary in the construction industry. You have taken this market by storm and are all anyone who knows anything can talk about. But then you get a call from one of your partners, alerting you to new governmental changes regarding the Construction Industry Scheme (CIS) changes. Now whilst you are a construction genius, accounting isn’t necessarily your Forte. In the midst of a money negotiation you decide to call your University friends, all successful accountants in differing positions and gain some insight. They all point you in the direction of an industry specialist for the construction industry. One of their main consultants explains that: “In an industry which is as competitive and fast changing as construction, having an accountant who specialises in this area [construction] will help you to plan ahead and cope with these types of challenges. “The other side is about understanding and improving the performance of construction firms. “You might think that your profit margin is adequate but as a specialist in the industry, we can quickly spot if there are areas you could be improving such as pricing, supply or labor costs, to increase your profitability.”
Intrigued and inspired by what you have heard, you decide to dig deeper and understand the construction accountant market and shop around to find the best accountant for your business. After some in depth research you find F9 Consulting. “F9 is a contemporary firm of ACCA Regulated Accountants providing compliance and advisory services to individuals and corporate. We have detailed specialist knowledge across most sectors including; Construction.” You immediately arrange a call with their helpful staff and want to understand how they can benefit your business. Their friendly and expertise advise is helpful and you leave the consultation with much more knowledge about accounting practices in the construction industry. After hiring F9 Consulting and making record profits that quarter you are invited to speak at a conference for finance in construction. You have the following things to say;
Some accountancy firms are lagging in the way they practice accounting, wasting time and money on outdated paper-based systems. The adoption of cloud-based practices should be instilled into all firms irrespective of industry so that accountants can utilise their automated software and deliver effectively excellent services. It should be the bare minimum that your accountant understands the industry, so that they can advise on potential opportunities for profit maximisation and compliance issues. You need to be a master in your field and let the accountant do what you are paying them for. And that is how you pick an accountant to maximise your business.