A question I get a lot at networking events when I tell people that I provide accounting services to construction and specialty trade businesses is “But why do you ONLY work with construction? Don’t you want to take on more people for more money?” In response to this, I always want to ask, “if you needed brain surgery, would you go to just any surgeon? Or would you seek out a neurosurgeon?” I hope that your response would be that you would seek out a neurosurgeon: someone whose main practice has been to root around brains. Although I might not be performing life-altering surgeries, I do still think it’s important to note that hiring an industry-specific accountant not only ensures accurate financial reporting but also helps uncover valuable industry benchmarks to guide strategic decisions.

Here’s why you’re going to want to find an industry-specific accountant 

There is specific language and procedures in every industry. It can be really helpful for a business owner like yourself to be able to communicate with your accountant using industry-specific terminology and reports, without the need to explain. For example, many construction businesses find it helpful to create a WIP report, A.K.A a “work in progress” report. In a guide for construction accounting, Deltek shared that “WIP reports allow you to manage work proactively to enable smarter decisions mid-project and to deploy resources more knowledgeably by using actual job data”. 

Who better to keep track of all your job costs, resources, and AP/AR than your trusty industry-specific accountant who understands the language, the phases of a job, and the intricacies behind billing in the industry? Similarly, there are industry-specific regulations that your accountant will need to know and have experience in working with. As a business owner, there is nothing worse than finding out too late that you owe a large amount of money because you weren’t compliant with an industry-specific regulation or you missed a tax date. Your industry-specific accountant can help you stay compliant and avoid these types of mistakes. 

Much like specific terms and procedures, each industry is going to have common practices. We see common purchases that can be quickly identified and categorized across the board in construction and specialty trades. Additionally, we see common issues across the board as well. Cash flow, for example, can change drastically for construction companies on a DAILY basis. You can’t say the same thing about many other industries. 

With an accountant that specializes in your field, there is an opportunity to create workflows that address these commonalities and if they’re really good (like us), they’ll utilize efficiency tools like AI, batch transactions, bank feed rules, processes, etc. It’s not only about being faster, but also reducing errors and making sure that you’re being provided with up-to-date information on your business's finances. 

We helped one of our clients recover $100,000 in overdue invoices in just 40 days. In trusting their industry-specific accountant to create a workflow that helped to organize their current open projects, closed projects, and overdue invoices and bills, the client was able to shift their focus back to growing their business while we resolved outstanding payments.

Workflows save time for everyone, and time is money. 

Above all else, specializing in one industry has given me a bird’s-eye view of key benchmarks, which I use to help my clients understand how they compare to the broader market and identify strategic growth opportunities. It’s not about revealing industry secrets, it’s about empowering businesses with context, clarity, and confidence to make informed decisions for their growth. It’s also an opportunity to show our clients where they currently stand, and what they can do to stand out. 

You can take out the guess work in wondering if your next big business move will help to get you more clients, more projects, more money. Instead, you can rely on your industry-specific accountant to provide you with trends and risks they’ve seen first-hand, and allow you to make an educated decision. You won’t get this kind of strategic guidance from an accountant who’s spread across industries, or one who just crunches numbers. 

If it was life-altering surgery that you needed,  a surgery that decided if you lived or not, you would find a specialist to give you the best chance at living. Your business provides you and your employees with a living. If you are truly looking to grow your business using data-backed insight in order to give it the best chance at survival, then make the smart move of partnering with an industry-specific accountant who understands your field in and out. 

Working with an accountant who has experience in your industry will:

1. Allow for clear comprehension of industry-specific terms and procedures.

2. Be much more efficient for you and your business, saving you time and money.

3. Provide you with a trusted advisor that can help to forecast and determine steps for growth and risks to avoid.

If you are ready to chat with an experienced accountant in the construction industry, book a complimentary call with us. We look forward to discussing your needs and seeing if we are a good fit.