INDUSTRIES
FINANCIAL SERVICES
Financial Services is a very broad topic in business covering everything from banking services to stock brokerages. Our clients deal primarily with insurance and investments. For that, it’s all about sales and pushing the right products (a broker). It’s an industry with very little sales since were selling another company’s products. The only source of revenue is essentially commission. So again revenue recognition is key. As is managing costs such as pay schedules, bonuses, and other complicated transactions that you would only see annually in any other industry, but in financial services, they’re a regular weekly occurrence.
INFORMATION TECHNOLOGY
Accounting for the IT industry has always been unique in that there are few physical assets and but still very high valuation. Revenue recognition is an important consideration in any service industry. But with modern trends in IT (like subscription pricing and cloud computing) revenue recognition and delivery of service is even more important.
CONSTRUCTION
The construction industry is unique to many other industries in it’s handling of contracts, and revenue recognition. It’s not uncommon to track many large dollar contracts simultaneously with widely varying schedules and completion dates. You will frequently see additional processes such as “draws” and “progress billing” that you won’t find in any other industries.
There are also many HR accounting issues such as contract workers, insurance expense, WSIB, government remittances, unions etc.
GOVERNMENT
The goals of federal, state or municipal government agencies when applying the principals of accounting are different from the private sector’s main business objective of earning profit. Budgets are among the most important considerations in government accounting since government agencies and other recipients of government money are fiscally accountable to tax payers and must demonstrate compliance with the intended uses of budgeted resources.
LEGAL SERVICES
Revenue recognition in the legal industry is driven by CRM (customer relationship management) and the notion of billable hours. So in accounting for the legal industry it’s important use or develop the proper accounting processes to handle things like timekeeping and billing.
REAL ESTATE
MEDICAL
Accounting plays an important role within the medical field and is crucial to its success. The accounting department allows organizations to operate at its fullest potential, as it is the stability of the business. It would be impossible for any type of organization to operate in a cost-effective manner without an accounting department behind them.
LEISURE
