The Top 5 Industries that Require Accountants
Accounting is an incredibly complex, detail-oriented, and maths-heavy task that not a lot of people can do or are willing to do. Each business benefits greatly from having an accountant, as they keep the cash flow in check, ensure that taxes are paid properly, and provide insights on how money should be spent to get the most out of it. But there are some industries which need accountants more than others, be it because transaction volumes are extremely high, or because of the complexity of their finances or a combination of both. Here are the top 5 industries that need accountants without question.
Retail is an obvious one, especially in highly commercial areas like London. Because of the sheer volume of transactions going on every day—whether it’s flowing inwards from sales revenues or outwards through expenses like procuring stocks—accountants are kept extremely busy at all times in retail. And as if that’s not enough, accountants in retail also have to keep track of and compute the payroll.
While you might argue that finances in the government are not as hectic as in retail, they require extremely high attention to detail and the margin for error is low to zero because one small mistake could be scandalous. In addition, the relatively lower volume is compensated for by the extremely high value of transactions. As well, government agencies may have multiple programmes, and accountants have to ensure that the agency doesn’t overspend, or that it receives the appropriate funding for its projects.
Hotels and restaurants, like retail, have hundreds or thousands of customers going in and out of their premises every day and accounting needs to be performed daily to record and monitor expenses. This is especially true for restaurants, as they need to purchase ingredients for their meals every single day, so money has to be strictly monitored along with inventory.
The role of the accountant in educational institutions is to make sure each department is sufficiently funded, and the teachers’ salaries are calculated correctly. Aside from the usual bookkeeping and tax preparation, university accountants also need to look after whether financial aid is sufficient for those in need of it.
Health is a basic right, but like most institutions, hospitals need money to operate, so accountants are needed to make sure that there is enough money coming in to provide health services. The difference is that accountants in this industry work mostly with insurance agencies, which provide the majority of generated revenue.
In these industries, proper accounting is integral to growth and sustainability; without it, consequences that range between annoying and disastrous can occur, especially in government and health institutions. Hiring accountants with precision, patience, and attention to detail is extremely important in these high-pressure industries and spending a great amount of time to find the right accountant is sometimes necessary. Some industries can save time and effort finding accountants to suit their needs by using the services of accountants in central London that provide accounting solutions quickly and efficiently with high levels of expertise.