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Key concerns of specific industries. All industries require an accurate system to help manage their business. With an accurate accounting system the owner(s) are more able to manage their business. All industries have common accounting and tax challenges. However, each industry has their own unique challenges in gathering their financial information for use in the management of their specific company. The following synopsis of each industry’s unique challenges is just that a short synopsis and not an exhaustive or complete list.
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Advertising, production costs, and property and equipment are usually the most important aspects of this industry.
Personal Financial Statements
Often a business owner is required for banking and bonding purposes to present his/her personal net worth in conjunction with debt incurred. This information can also be used for estate planning needs.
Real Estate and Property Management
The tracking of commissions to be paid and advertising are important in this industry.
Our areas of experience and expertise include a variety of industries. Browse some of our featured services or click below to view all of our specialty areas.
The difficulties in construction accounting arise because of job costing. Construction contracts come in different sizes and length which make it difficult to match costs to their source of income and to the period they occur.
Manufacturing accounting requires accurate tracking of inventories. Inventories can be complex and difficult to manage, but can be managed with an adequately designed system of personnel and computer software. Property and equipment management can also be a challenge.
This industry also relies on accurate management of inventory, cash control, and accurate point-of-sale systems.
The key for this industry is the patient billing and cash control. Management and budgeting for necessary equipment can also be very important.
This category can include professions such as attorneys, accountants, medical doctors, insurance sales, consultants, etc. The common emphasis is always client billing and collection. Fiduciary accounting may also be required.
Restaurant and Food Services
Cash control and point-of-sale are the most important issues in this industry. Payroll processing can also be a challenge.