Accounting Firms Shouldn’t Be Afraid to Niche Down

Accounting firms shouldn't be afraid to niche down. In fact, the niches are truly where the riches are.

This isn't a new idea by any means. But an accountant who knows the details of veterinary medicine and accounting is going to be more valuable to their client than a generalist. If you know the software, point-of-sale systems, vendors, and medicines most common for that practice, you're going to be able to provide a whole lot more advisory and help.

And considering that AI is taking away the generalist data entry, what's going to be left is the high-level, detailed industry work.

What a niche accountant knows

If your accountant works with 100 dentists, they know the details of dentistry. How practices are formed. How partners work together. How they hold their real estate. How they staff their clinics and find their hygienists. Which colleges are the best.

That accountant is way more valuable. They're a trusted business advisor the client talks to all year, and the annual one-hour visit is a thing of the past.

Do you have to niche?

No. But even if you remain a generalist, my opinion is that you should become a generalist for a certain type. Schedule Cs. S corps. Service businesses. Something where you're still able to serve a broad swath of people.

The idea that you can do grocery stores, car dealerships, farmers, and anyone else who walks in your door is kind of insane in this day and age. Handling inventory and e-commerce for an Etsy seller shipping to all 50 states, or for someone who wants to sell globally from their digital store, is a completely different job.

The level of skill required from accountants is growing every week. A niche lets you stay an expert in a zone you can actually master.

Ask us. Have a question, a reply to this post, or want coaching for your firm? Email us at standard_practice_accounting@proton.me.