Specialist Accountants?

[Mister B]

Here's a thought...I always assumed that accountants worked with pretty much anybody that required their services. That being said though, are there industry specific acountants out there? just as you have lawyers who specialise in certain areas of law, are there accountants who specialise in specific types of industry, such as entertainment, construction or maybe retail even?

Mister B

[MyAccountantOnline]

Here's a thought...I always assumed that accountants worked with pretty much anybody that required their services. That being said though, are there industry specific acountants out there? just as you have lawyers who specialise in certain areas of law, are there accountants who specialise in specific types of industry, such as entertainment, construction or maybe retail even?

Mister B

Most accountants are General Practice - so deal with a wide range of businesses.

However you do indeed get specialist departments within larger practices and small specialist practices which deal with certain industries or client types. Typically in areas which have specific tax rules or are particularly complex to deal with, such as agriculture and the medical profession.

[Zeno]

Accountancy specialisms tend to develop when as a junior you are handed a file and told something like "See how you get on with this farmers accounts". Then a few weeks later a partner swans in and says something along the lines of "Anyone able to deal with a farming partnership?". This then progesses to "I have a query on this farm I am doing". "Ask Joe, he knows all about farms". Pretty soon your are the firms resident farm specialist, doing all the farming accounts and deemed to be an expert on farms despite not knowing a cow from a sheep.

For some people, these things stick with them their entire careers.

[KidsBeeHappy]

Also it comes through recommendations. People tend to go to new accountants via recommendations, and frequently the person refering you will be someone that you have business dealings with, so frequetnly in the same industry sector.

Binder Hamlyn, before engulfed by AA, was the recognised Charity Sector specialist within the top/large accountancy firms.

[Radrich]

Yes! There are specialist accountants for certain types of industry.

They tend to specialise in a specific industry or market and advertise in the trade journals specific to those industries. I have seen and worked for specialists in the licensed trade but have also seen firms acting for Estate Agencies, acting for land agents etc, their value add being more on the management reporting side.

It is based on the "Zulu principle" that a management guru once coined it as. You get to know everything about that industry, join their trade associations, participate in their network clubs etc etc. Specialism allows you to gear up your systems to making the paperwork flow as efficiently as possible and in the same format specific to that industry so that your data inputting is quick and efficient. In some cases it is simply scanned over to another continent for inputting (which is a labour cost saving on what could be called the non profitable side of the business) and then emailed back (as a backup for restoring) for the management accounting and tax accounting to be done.

Of course you could end up being handcuffed to that industry with no good experience in other industries (all eggs in one basket)

The outsourcing bit opens up a whole new debate but thats been discussed on this forum before.

Yes, plenty of industry specialists around!!!