Specialization: You and Your Industry

Source: Accounting Today

In this article, Jennifer Wilson and Krista Remer asked a Gen X partner and a Baby Boomer partner from the same firm a question about specialization and how much it matters to the industry and to their own firm.

Gen X partner, Jason Gibbons, said it was evident to him as he climbed through the ranks of his firm, that knowledge specialization was critical to success. According to Jason, the pace of overall change is too fast for any individual to stay abreast of every knowledge area. As a partner, Jason will only consider a new partner whose specialization brings strength and depth to the combined skills of the other partners.

Jason explained that specialization also reaches into the industry, in that clients are looking for firms that understand their particular business. Consequently, firms that can specialize in a certain line of business can become invaluable to those they serve, and increase their own profits.

Baby Boomer, Michael Manera, traced the need for specialization back to the widespread introduction of computers into the business world, which increased the speed of business. According to Michael, a faster pace of business along with an increasingly complex tax code, led to specialization and the ongoing need for it.

Michael believes that specialization within the industry is key to the future of accounting firms. Over his years as an accountant, he has seen the clients' needs become greater as their legal guidelines and reporting structures become more complex. As a result, clients are looking for accounting firms that are well-versed in the nuances of their business and can give them the careful guidance and practical assistance they need.

For the complete article, read “The importance of famous persons.”

From Accounting Today, November 15, 2010, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.