Types of CPAs Based on Industry
A CPA, or Certified Public Accountant, is an accounting professional who has obtained specific education and certifications to provide exceptional services to organizations. They can perform services from preparing financial statements to conducting audits to providing advice for overall financial health.
All CPAs have to acquire the same education and licensure; however, many specialize in different industries and have additional expertise in whichever they choose to pursue. This blog will explore the different roles CPAs play depending on the industry they choose to work in.
- Retail
Accounting practices in the retail industry can help a business stay profitable and ensure smooth operations. CPAs who specialize in this industry focus highly on inventory management, COGS tracking, and tax compliance. CPAs can help implement practices to avoid inventory shortages or surpluses.
- Healthcare
The healthcare industry is characterized by numerous complexities and regulations that must be complied with. These CPAs can work with a wide range of medical professionals, including doctors, dentists, and physical therapists.
Rexburg accountants and CPAs who work in the health industry focus heavily on billing, reconciliation, insurance, and compliance. Many healthcare professionals need to focus on their craft and practice, so a healthcare CPA can be extremely beneficial to ensure the financial aspect is doing well.
- Agriculture
An industry that can sometimes get overlooked in the accounting aspect is agriculture and farming. Farmers and ranchers are busy owning and operating a farm and often don’t specialize in accounting. A CPA who works in the ag industry can help farmers with budgeting and reporting, livestock management, crop cycles, estate planning, and so much more.
- Transportation
Many accounting complexities can challenge the transportation industry, such as fuel costs, depreciation, and regulations. CPAs focus on these areas and ensure that everything is done accurately to avoid penalties or other complications. They can also provide expert advice on how to achieve financial growth and maximize profit.
- Technology
Technology is one of the fastest-growing industries in the world. Some software systems align with technology companies that require specific knowledge from CPAs. They can perform duties such as stock valuations, capital fundraising, and more.
- Nonprofit Organizations
Non-profit organizations function a little bit differently from other businesses and corporations. They have a unique set of financial rules and regulations compared to these other organizations. CPAs in this industry focus on donor and grant reporting, funding, and taxes (non-profit organizations use Form 990 to file taxes).
- Legal Services
There is a large need for CPAs in the legal service industry. This includes law firms, sole attorneys, or consulting agencies. CPAs focus on managing funds in client trust accounts, providing strategic financial advice, and ensuring your business stays compliant with legal regulations.
read more : Is a Finance Degree Worth It in 2025?
Conclusion
There are many opportunities to find in a plethora of industries when looking to pursue a career as a CPA. The baseline knowledge and expertise can help serve all types of industries. Hopefully, this blog gave you a greater understanding of the specific types of accounting practices a CPA can take on in a specific field.