Why Industry Knowledge is Important

by | Nov 22, 2022 | Accounting, Outsourcing | 0 comments

The interior design industry is dynamic and varies significantly between businesses and individual clients alike, but there’s always one thing in common – there are a lot of moving parts.
Most designers are working on multiple projects at a time, potentially working in multiple rooms for each of those projects, and sourcing materials for various styles and preferences.
In addition to these project-based variables, there isn’t a one-size fits all business model for interior designers because their own design style, location, and clientele can significantly impact what that business looks like.
One of the biggest ways these factors will impact your business is in your financial management.
If you’ve been doing your own bookkeeping and struggling through the process, you may know that you want to hire an interior design bookkeeper, but you don’t know where to start. 

The biggest piece of advice we can give you is to be picky about the bookkeeper you choose to work with! 

A bookkeeper who has knowledge of their industry is great, but it isn’t adequate for the kind of expertise an interior designer needs from their bookkeeper.
It’s important for your bookkeeper to know your industry as well as theirs so that they can navigate whatever unique challenges your particular business may face. 

They need to have a working knowledge of the services you provide, standard financial practices in the industry, and how to set up certain accounts to be optimized to your specific needs. 

For example, your bookkeeper should be in touch with interior design material and subcontractor standard costs so that they can more easily spot any transactions that may seem out of place.

Having a bookkeeper with industry knowledge is important for your sake, but also for theirs. A prepared bookkeeper will be more comfortable and confident if they already understand the industry and don’t have to learn a lot of extra information on the fly.

There’s always room to learn new things, but we hope your bookkeeper will have a strong foundation of interior design knowledge before they begin.

At AccountSolve, bookkeeping for interior designers is no stranger to us. We’re here to do the heavy financial lifting and we bring an understanding of your industry along with us. Schedule a call today so that you can get back to your most important work, and let us take care of the numbers.

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