What Makes Specialist Accountants Different?

When you think of accountants, you might picture someone pouring over spreadsheets and balancing books.

05:23 28 January 2025

When you think of accountants, you might picture someone pouring over spreadsheets and balancing books. But specialist accountants in different sectors need tailored skills to tackle industry-specific challenges. Whether it’s in charity, manufacturing, or property and construction, these professionals have unique roles.

Accountants in charity

Working in the charity sector isn’t only about numbers, but purpose. Accountants in this field ensure that every penny is accounted for and directed toward making a difference. This involves managing donations, grants, and tax exemptions, all while navigating strict regulations. Charity accountants must be adept at:

• Handling restricted and unrestricted funds.
• Preparing reports for trustees and donors.
• Ensuring compliance with charity-specific regulations like the Charities Act in the UK.

The 2023 Charity Commission annual report noted the need for specialised accountants and said, “filling some specialist vacancies is still a challenge in the difficult recruitment market”. Specialist accountants, including those working in charity, manufacturing, property and construction, and retail, can be found at gsmaccountants.co.uk.

According to Statista, “Approximately 67 percent of people in England said that they gave to charity in 2023/24”. With such statistics, ensuring these funds are used effectively and transparently is crucial. Specialist accountants help charities make the most of every donation.

Numbers in manufacturing

Manufacturing accountancy involves tracking production costs, managing inventory, and ensuring efficient supply chains. It’s a job of precision. 

Key skills for manufacturing accounts include:

• Calculating costs of goods sold (COGS) accurately.
• Analysing production efficiency to reduce waste.
• Implementing systems for tracking raw materials and finished goods.

The unpredictability of material costs means a manufacturing accountant might find themselves explaining to a manager why the cost of steel suddenly skyrocketed.

Property sector accountants

In property and real estate, accountants juggle multiple roles, managing finances for large-scale developments, ensuring compliance with tax laws, and often advising on investment opportunities.

Property sector accountants must:

• Have expertise in property tax laws and regulations.
• Manage rental income and expenses.
• Forecast budgets for construction projects.

The complexities of construction

Construction accounting isn’t just about adding up invoices. Projects span months and even years, so accountants need a deep understanding of contract law, cost control, and project timelines.

These accountants should excel at:

• Progress billing and tracking revenue by project milestones.
• Understanding construction-specific tax rules, including VAT.
• Managing payroll for subcontractors and ensuring compliance with industry rules.

In an article about construction accountants, Checkatrade notes the difference between a construction accountant and a construction bookkeeper: “Accounting is a level up from bookkeeping and a construction accountant will interpret, analyse, and report on the financial data for your business – and potentially offer advice and guidance on the wider aspects of your business.”

Finances in healthcare 

Healthcare is a vital industry, and its financial complexities demand specialist accountants. These professionals manage budgets for hospitals, clinics, and research facilities while navigating strict regulations and helping to ensure cost-effective operations.

Healthcare accountants need to:

• Perform cost analyses to optimize resource allocation.
• Manage billing systems and insurance reimbursements.
• Monitor compliance with healthcare-specific laws, such as NHS financial standards in the UK.

Do specialist skills matter?

In each of these sectors, generic accounting knowledge simply wouldn’t be enough. Specialist accountants bring industry-specific insights for more informed decisions, compliance expertise to avoid costly errors, and the ability to communicate complex financial data in easy-to-understand language.

Finding the right accountant

Specialised accountants have a deeper understanding of their specific industry, as well as comprehensive accountancy skills. Each sector calls for different skills. Financial rules are ever-changing, and specialist accountants can keep industries on course.

When looking for an accountant, an organization should find someone with sector-specific expertise, then check their qualifications, ask about their experience, and ask for references.