Every industry has its own financial environment. Regulations, compliance standards, and types of reports can change across business types. Having a one-size-fits-all approach to accounting can leave your business at a disadvantage, which is why we’re here.
The SkyFin team specializes in industry-specific accounting, offering custom accounting services that cater to your business needs, no matter your field.
Whether you’re in construction or a healthcare provider, if you’re considering remote accounting services and you’re wondering what kind of accounting firm is right for you, read on to understand why industry-specific accounting services matter.
What Is Industry-Specific Accounting?
Industry-specific accounting is designed to meet the unique demands, regulations, and practices of specific industries. Instead of general bookkeeping, this approach focuses on thoroughly understanding your business sector to provide efficient financial services the first time around.
For example, while a retail business may require detailed inventory tracking and high-volume sales, a restaurant may not. While a healthcare provider may need to work with insurance policies during billing, construction businesses may use project-based accounting.
Industry-specific accounting also ensures that your financial reporting is compliant with all tax laws and regulations.
Example: Accounting for Retail vs. Accounting for Construction
Retail businesses often deal with high transaction volumes, requiring software capable of real-time inventory updates and sales reporting. Conversely, construction businesses manage complex contracts, progress billing, and project costing. While retail accounting might focus on revenue analysis, construction accounting emphasizes cash flow tied to long-term projects.
Our custom accounting services are designed to handle these differences. A combination of advanced software and a knowledgeable team results in accurate, compliant virtual bookkeeping for businesses looking for a more affordable option for their accounting department.
Why Does Industry-Specific Accounting Matter?
Every industry has different challenges and compliance requirements. A healthcare provider might prioritize accurate billing and expense tracking to meet strict regulatory standards, while a tech startup may need to focus on funding and equity tracking.
With remote accounting for niche industries, you can access professionals who understand your sector without incurring the costs of having an in-house team. This isn’t just less expensive, but you’ll also receive high-quality financial management from experts familiar with your industry, among others, just in case there is an opportunity to pivot or expand your operations.
Regardless of your field, Skylight Financial Solutions is happy to handle the financial side of your business so you can focus on what you do best. Reach out today to learn more about our industry-specific accounting services! You can book a free consultation to discuss your needs, wants, and goals.
