Barnes Roffe, one of the UK’s top 50 accounting firms, will join the Dains Group on 4 June 2025, significantly strengthening the client proposition in financial advisory, corporate tax, audit, and corporate finance. The Barnes Roffe team has over 29 partners and more than 200 employees in the London area.

The acquisition, which is the largest yet by the Group, means Dains will now have established four key regional hubs across the UK and Ireland — in the South-East, Midlands, Scotland and Ireland — and are on target to become a top 20 firm by the end of 2025.

Barnes Roffe has a strong reputation as a highly customer-centric and proactive business with a talented team. It has built a reputation for delivering outstanding value and service to its clients for over 125 years, since its establishment in 1899.

Stephen Corner, Senior Partner at Barnes Roffe, commented, “By partnering with Dains we are joining a firm with the same values and underlying service proposition we have been delivering to our clients for many years and together we will deliver a truly market leading proposition for our clients. Becoming part of a national firm widens our service proposition and increases the range of specialist services we can deliver whilst at the same time greatly enhancing the career opportunities for our talented team. We look forward to significantly growing the Dains business in the South-East.”

“We are thrilled to welcome Barnes Roffe to the Dains Group.” said Richard McNeilly, CEO of the Dains Group. “It’s not often we encounter such a dynamic and client-centric leadership team. Together, we see significant opportunities to grow our presence in the London area and expand across the UK and Ireland. The addition of Barnes Roffe strengthens our national footprint and aligns perfectly with our strategy to deliver exceptional client service and outstanding career opportunities.”

With a team now exceeding 1,000 professionals, we remain committed to enhancing the value we provide to clients and investing in the development of our talented people.

Our ambition is to work in partnership with clients, offering timely, thoughtful advice rooted in a deep understanding of their goals. This approach has underpinned Barnes Roffe’s impressive growth and makes them a natural strategic partner for our group.”

Pete Wilson, Partner at IK Partners added “This strategic acquisition demonstrates our ambition to continue building Dains into the leading UK & Ireland SME advisory business by establishing a strong presence, led by an outstanding team at Barnes Roffe, in London and the South-East.  We look forward to continuing to back further acquisitions as part of this exciting partnership.”

Dains were advised by CMS (Legal), Eight Advisory (Financial and Tax Due Diligence), Forward Corporate Finance (Financial Modelling), Deloitte (Tax Structuring), PDW (Customer Referencing), Cyber Crowd (IT Due Diligence), Mercia (Technical Due Diligence).

Barnes Roffe were advised by KPMG CF (Corporate Finance) and KPMG Legal (Legal).

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A Warm Welcome to Warsaw

The meeting began on Thursday evening with a relaxed networking cruise along the Vistula River, offering attendees panoramic views of the Warsaw skyline in summer light. The friendly atmosphere was immediately evident, with many participants reconnecting after some time apart. The informal setting helped to ease into meaningful conversations and re-establish personal connections – a hallmark of AGN events.

Focused and Forward-Looking: The Technical Program

Friday featured a full day of technical sessions tailored to current challenges and opportunities in cross-border professional practice. Topics included:

• Insuring tax risk
• Exit tax regulations across EU jurisdictions
• The ESG Act: current legal status and implementation
• Setting up a subsidiary in Poland and comparative EU holding structures
• VAT treatment of e-commerce transactions and the legal framework for implementing VIDA

The day opened with a video address from AGN CEO Malcolm Ward, who provided a strategic update on the organisation’s global priorities and member initiatives.

A Cultural and Collaborative Experience

On Friday evening, attendees visited the historic Koneser Vodka Distillery, where they enjoyed a guided tour, tasting experience, and a short film produced by JRD Tax exclusively for the event. The program also included a talk on the Polish economy, a themed quiz, and a formal dinner at one of Warsaw’s top restaurants – an ideal setting for continued discussion and camaraderie.

On Saturday, those remaining took part in a guided tour of Warsaw’s Old Town, with time to explore its heritage sites and charming local streets. The cultural program added a deeper appreciation for the city and gave members more space to connect beyond the meeting room.

Shared Purpose and Lasting Value

The organisers extend their sincere thanks to all who participated, noting the high level of engagement, openness, and expertise shared across the weekend. The event reflected AGN’s ongoing commitment to building strong professional relationships, staying ahead of technical developments, and embracing the distinctiveness of its members.

Participant Reflections

“I would like to thank Tomasz and his colleagues for organising the AGN meeting in Warsaw. It was a very interesting meeting of German-speaking members of our association.”

— Martin Felenda, Partner, Schaffer & Partner, Prague

“Tomasz and his team at JRD did a great job hosting the German-speaking meeting of AGN in Warsaw. Great content, excellent speakers – and best of all, you felt the heart of the great people of Poland. It felt like home to me. Looking forward to our next exchange.”

— André Marius Le Prince, Partner, WLP GmbH, Hamburg

The post Press Release: JRD Hosts the 2025 AGN German-Speaking Meeting in Warsaw, Poland appeared first on AGN International.

Funding Future Investment – Raise new capital funds or is it time to sell up?

Investing in new technologies and funding new skills and fresh talent, all while maintaining independence and your firms unique culture, is no doubt a tall order. The pressure to embrace and resolve these matters is relentless. Competitive pressure, productivity and workload pressure or the pressure of modernizing and transforming your business in the face of near constant developments in technology – all bring the need for capital funds into focus. Some firms rely on a strong balance sheet with reinvested profits. Others draw on modest capital injections from retained earnings, bank lending, or new equity partners, or external backing.

This AGN Global Business Voice publication synthesizes seven strategic capital-raising routes available to AGN member firms. Each has unique advantages, trade-offs. Their strategic fits depending on the firm’s objectives, risk appetite, and ownership philosophy.

Strategic Financing Options Mapped by partner autonomy,
timescale commitment &
funding potential

Left, is an illustrative schematic comparing relative partner autonomy, timescale commitment and funding
potential between options. Individual circumstances and deal structures vary widely, impacting this assessment, and
below we explore the potential pros and cons of all these approaches.

On the move?
Tune into our mini podcast on Spotify at the end of this article for a quick summary of the key insights.

Below is AGNs checklist of matters you should consider at the start of your journey to raise capital resources for your firm: The checklist would make useful section headings for an internal project report.

Funding Future Investment 1: Strategic Alliances and Partnerships

Perhaps not the most obvious starting point, but perhaps it’s possible to avoid the need for raising capital altogether? Strategic alliances involve partnering with another organization to drive mutual growth—without full mergers. Accounting firms may align with other firms, consulting or tech businesses, or join investor-backed networks. These arrangements aim to leverage strengths such as client bases, expertise, or technology access. While alliances typically don’t bring a large one-time capital injection, they often reduce capital needs and generate new revenue.

Application Across Timeframes

Suitability for Medium-Sized Firms

Alliances are ideal for firms seeking capability growth over sheer size. For example, a 15-partner firm strong in compliance might partner with a consulting boutique to add advisory depth. Joining an international network allows service expansion across borders, and tech alliances can support transformation goals at lower costs.

Conclusion

Strategic alliances offer a balanced path to growth. While not suited for firms needing fast capital, they enable mid-sized practices to stay competitive, broaden their offer, and access tech—all without giving up control. For firms that want to remain themselves but do more, alliances are a powerful tool. They amplify capabilities, reduce cost burdens, and allow firms to punch above their weight—especially when well-managed and mutually beneficial.

Funding Future Investment 2: Private Equity Investment

PE firms see medium-sized accountancy practices as attractive due to recurring revenues, strong client relationships, and potential for digital and service transformation. These firms provide a foundation for platform-building, where PE can drive rapid growth through add-on acquisitions and operational efficiency.

Why Private Equity Is Interested in Accounting Firms:

PE firms look for:

• Strong EBITDA performance
• Growth potential
• Recurring revenue
• Niche expertise
• Leadership & succession
• Digital readiness
• Cultural fit

Firms demonstrating digital maturity, operational efficiency, and strategic clarity are especially appealing Introduction. Firms with specialist services (e.g., tax, corporate finance, ESG, or tech consulting) often command higher valuations, especially when they’ve embraced digital tools and can scale.

What members can do next?

AGN firms can:

• Learn from peers – AGN members include a raft of firms that have taken PE investment.
• Use diagnostics to assess readiness – The AGN Advisory Migration Diagnostic, the AGN Digital Maturity Diagnostic and the AGN Practice Performance Diagnostic.
• Explore advisory migration through discussions with AGN member firms that are advanced in their journey.
• Build regional platforms with scale – AGN includes members that have catapulted their growth and scale country based acquisitions.

Funding Future Investment 3: Bank & Debt Financing

Banks, credit organisations and other financial institutions allow firms to raise capital via debt—commonly through term loans, lines of credit, or specialized instruments. Accounting firms with stable revenue streams can often secure sizable loans, though usually with personal guarantees equity or seconded on Trading history or forecast future performance. While debt doesn’t dilute ownership, it does require repayment with interest.

Application by Time Horizon

Conclusion

Bank financing is a practical, non-dilutive funding route for medium-sized firms. It supports independence and growth if firms are financially disciplined and confident in their repayment capacity.

Funding Future Investment 4: Employee Stock Ownership Plans (ESOPs)

An Employee Stock Ownership Plan (ESOP) allows a firm to transfer ownership to employees through a trust, often using a loan (leveraged ESOP) to buy partner shares. Over time, profits repay the loan and shares are allocated to employees— usually based on salary or tenure. It’s a form of internal succession and financing, with the added benefit of boosting engagement and retention. Though rare in accounting, ESOPs are gaining traction after BDO USA’s notable adoption in 2023.

Suitability for Medium-Sized Firms

ESOPs work well for firms with steady profits, low debt, and a deep team—especially those facing leadership succession. If a firm has retiring partners and engaged staff, an ESOP can align interests, provide exit capital, and retain independence.

Applicability Over Time

Funding Future Investment 5: Internal Partner Funding

Internal funding involves using the firm’s own partners—current or incoming—to raise capital. This can be through capital contributions, retained earnings, or new partner buy-ins. It’s a traditional method that keeps ownership within the firm, often facilitating generational succession.

Suitability for Medium-Sized Firms

Internal funding is ideal for stable, independently minded firms with upcoming leaders. It suits planned, moderate capital needs—like phased tech upgrades or service expansion—and firms aiming for long-term sustainability.

For instance, a 15-partner firm with retiring seniors and rising managers might use this model to transfer ownership and raise funds simultaneously. It works well when firms reinvest profits year over year, supporting continuous but controlled evolution.

Use Across Timeframes

Conclusion

Internal partner funding is the most traditional financing method for professional service firms. It supports control, stability, and long-term continuity, but comes with limits on capital availability and speed.
It’s most effective when aligned with a forward-looking succession plan and used for investments that can be planned and phased over time. For medium-sized accounting firms prioritizing independence, internal funding provides a reliable, sustainable approach—especially when supplemented with other capital sources as needed.

Funding Future Investment 6: Mergers or Acquisitions (Strategic M&A)

Merging with or being acquired by another firm can inject capital, solve succession issues, and provide scale. It trades independence for resources and often forms part of consolidation strategies in the accounting sector.

Funding Future Investment 7: Public Listing or IPO (Initial Public Offering)

An Initial Public Offering (IPO) represents a bold capital-raising move—opening a professional services firm to public investment by listing on a stock exchange. Although rare in the accountancy world, a handful of firms, particularly in legal and advisory services, have paved the way. Going public can unlock substantial capital, raise brand visibility, and enable rapid expansion—but not without significant governance and regulatory burdens.

Suitability for Medium-Sized Firms

The most high profile listing of firm listings took place in the early 90s with the likes of Numerica and Tenon floating on the UK AIM exchange – a not entirely successful venture. However, listing is back in vogue if in a lower key format largely for the legal sector; Knights Group (UK Law Firm): Listed on the London Stock Exchange AIM in 2018. The Australian legal sector saw firms like Shine Lawyers and Slater & Gordon have listed successfully, demonstrating that professional service businesses can work as public companies—if structured properly.

For most AGN members, a full IPO may not be an immediate option, however, the idea of a quasi-public route is evolving. Firms might:

• List only non-audit subsidiaries (e.g. consulting or digital arms).
• Explore private placements or mini-bonds via capital markets.
• Use ESOPs as stepping-stones to broader market participation.

Ownership Impact

• Original partners may retain a stake, but shareholder interests dominate.
• Board and executive governance become critical.
• Voting rights shift towards institutional or public investors.

The autonomy of the founding partners is reduced—but capital availability and future liquidity options are greatly enhanced.

Application Across Timeframes

Other Financing Options are available

Conclusion

The ability to raise and deploy capital strategically is an increasingly important factor for successful modern accounting firms. Whether it’s attracting private equity, borrowing from a bank, unlocking internal funds, forming alliances, building an ESOP, or merging with a peer, each pathway has a place in a firm’s journey.

AGN members are encouraged to reflect on their current and future needs—balancing ambition, independence, and succession planning. In many cases, a hybrid approach offers both agility and stability. Use this guide as a diagnostic and discussion tool with your leadership team as you build your future-ready firm.

Mini podcast

Tune into our mini podcast on Spotify for a quick summary of the key insights.

Copyright © 2025 AGN International Ltd. All rights reserved. No part of this publication may be reproduced, distributed, or transmitted by non-members without prior permission of AGN International Ltd.

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Chaordic perfectly describes the environment finance leaders now operate in, a fusion of chaos and order. In March 2025, R Venkatakrishnan wrote an article titled Accounting in the Era of STEM, published in The Hindu Business Line. The piece explored the changing landscape of the finance profession amidst the rise of Science, Technology, Engineering, and Mathematics disciplines. The response was overwhelming and encouraging. It prompted a deeper reflection—not just on accounting per se, but on the evolving nature of leadership in finance, particularly the CFO’s role.

That journey, and the conversations it sparked, culminated in an address to a forum of senior finance professionals on the theme: “Chaordic CFO – Managing DISTRESS in an Uncertain Future.” The title was a deliberate play, on both the emotional and structural stress, experienced in today’s business world, and on the leadership compass needed to manage it.

The word Distress:

Was used as a strategic acronym Disruption, Innovation, Strategy, Transformational Growth, Resilience, Execution, Storytelling, and Stakeholder Management. Each dimension reflects an area where the CFO’s responsibilities have evolved. The objective is not merely to diagnose corporate pain points, but to offer a roadmap moving from distress to ‘eustress’ a productive, purposeful stress that drives excellence.

The term ‘chaordic’:

Perfectly describes the environment finance leaders now operate in, a fusion of chaos and order. Today’s CFO must strike a balance between structure and innovation, compliance and creativity. Systems must be self-organising, adaptive, and resilient. Too much order leads to rigidity and missed opportunities. Too much chaos results in collapse and confusion. The Chaordic CFO thrives in this space, designing systems that are stable yet agile prepared for disruption, but wired for reinvention. Chaordic is not about eliminating uncertainty it is about leveraging it for growth.

Chaordic: Setting the Stage

In a world of exponential change technological acceleration, regulatory flux, ESG expectations, and geopolitical uncertainty—finance professionals are under more pressure than ever. For decades, they have been trained to drive by looking in the rear-view mirror, obsessing over historical data. But in today’s landscape, that’s not just limiting it is dangerous.

Marshall Goldsmith’s famous book, ‘What Got You Here Won’t Get You There’, speaks to a mindset shift. Past strengths become blind spots. Comfort zones calcify. To lead in the modern enterprise, CFOs must let go of outdated patterns and embrace agility. The real question is not whether change is coming it is whether we are ready to stay ahead of it.

Disruption: The New Normal

Disruption is not a trend in this environment. Technology is reshaping every sector, consumer behaviour is shifting faster than ever, and geopolitical shocks are redefining supply chains. What makes this disruption more challenging is its unpredictability and pace. CFOs must now function as foresight enablers detecting early signals, modelling scenarios, and funding agility.

It is deeply ironic that the quote ‘Only the paranoid survive’ came from Andy Grove, the former CEO of Intel a company now facing sustained challenges from Nvidia and Chinese semiconductor firms. Even titans can stumble if they fail to adapt. Disruption now comes not just from competitors but from adjacent industries, startups, and platform models. CFOs must build organisations that don’t just absorb shocks but anticipate and capitalise on them.

Innovation: Commercialising the Future

Innovation has shifted from being a lab function to a boardroom priority. It is also conjunction of two words viz., invention and commercialisation. It’s no longer just about products; it is about new business models, new partnerships, and new ways of delivering value. CFOs must move beyond the ROI lens alone and understand the potential of test-and-learn models, venture capital style investments, and sandbox experimentation.

Take 3M’s example, where 40% of its revenues must come from products introduced in the last five years. Or Ather Energy, incubated by IIT Madras, that scaled into a nationally recognised EV brand where the incubator has raked in a coolk Rs.50 crore from the offer for sale in the public issue. Finance must now fuel innovation not just evaluate it. CFOs must underwrite risk that creates long-term optionality.

Strategy: Agility with Focus

Strategic clarity is no longer about five-year forecasts. It’s about adaptive decision-making and dynamic capital allocation. AV Thomas’s investment of ₹25 crore in Chai Kings shows how legacy firms are diversifying into emerging markets a classic case of corporate venture capital. Similarly, Century Pulp’s divestiture of its paper division to ITC for ₹3500 crore underlines the strategic importance of focusing on core competencies.

Organisations are embracing circularity to reduce waste and manage cost, aligning sustainability with strategy. According to an EY India survey, over 74% of Indian corporates plan to divest non-core assets over the next 24 months. CFOs must be stewards of simplification and strategic boldness.

Transformational Growth: Moving Beyond Linear Ambitions

Linear growth is no longer viable. In a post-pandemic economy shaped by digital transformation, CFOs
must support adjacencies, build ecosystems, and simultaneously drive scale and efficiency. Transformational growth is about doing many things at once; entering new markets, exiting declining
verticals, building platforms, and reinventing delivery.

It also involves challenging assumptions. The boldest CFOs support disruptive bets whether transitioning from B2B to B2C, investing in net zero transitions, or acquiring capabilities, not just revenue. Transformational CFOs help the organisation operate with a venture capitalist mindset.

Resilience: The Boardroom Priority

Resilience is no longer reactive; it must be embedded in business design. From climate events to cyberattacks and supply disruptions, organisations must be equipped to bounce forward, not just back. McKinsey outlines six dimensions of resilience – financial, operational, technological, organisational, reputational, and business model. CFOs now oversee more than capital; they govern continuity.

Boards now ask: Do we have the liquidity buffer for the next disruption? Can our cost structure flex if demand collapses? Resilience also includes reputational equity. CFOs must institutionalise preparedness, monitor lead indicators, and embed risk thinking into every process.

Execution: The Discipline of Doing

Execution is what separates vision from reality. A recent Business Standard report noted Tata Steel’s plan to take out ₹11,000 crore in costs on top of ₹6000 crore already realised in FY25. Such initiatives signal that execution must be relentless. Consumers are price sensitive. Passing cost increases is difficult. The only path forward is variable cost design, continuous upskilling, and capacity flexibility. Execution also means systems that support decision-making at speed.

The CFO must empower frontline managers with real-time data, nurture a culture of ownership, and facilitate productivity through technology. Agility is not about chaos it is about preparation meeting opportunity.

Storytelling: Data with a Heartbeat

Today’s CFO must speak the language of influence, not just accuracy. Whether explaining investment strategy to the board or decoding ESG disclosures to investors, the ability to narrate numbers is a superpower.

Storytelling brings structure to ambiguity and converts insight into alignment. It is not enough to report that margins shrank. One must explain why, what’s next, and how strategy adapts. Storytelling is also critical in earnings calls, sustainability reporting, and employee town halls. A CFO who can tell a story backed by data earns credibility across all stakeholders.

Stakeholder Management: The Trust Imperative

Stakeholder management has become central to the CFO’s role. With rising public scrutiny, social media activism, and ESG mandates, companies must engage diverse interest groups with integrity. Stakeholders now include investors, employees, regulators, communities, NGOs, and platforms. Each has different expectations—and one misstep can go viral.

CFOs must ensure that communication is consistent, transparent, and backed by ethics. From regulatory filings to advertising messages, every output must reinforce corporate trustworthiness. In this era, compliance is the baseline. What sets leaders apart is principled engagement.

From DISTRESS to EUSTRESS

Not all stress is harmful. Eustress, the positive tension that motivates performance, is essential to growth. The Chaordic CFOs doesn’t fear challenge. They harness it. They convert disruption into discipline, ambiguity into architecture, and pressure into possibility.

Moving from DISTRESS to EUSTRESS is about re-framing the CFO’s function: from protector to co-creator, from controller to catalyst. It is about building cultures that don’t avoid risk but learn from it. Eustress is energy with direction. It empowers the organisation to stretch without snapping.

Inventing the Future

As Alan Kay said, ‘The best way to predict the future is to invent it.’ CFOs now have the mandate and tools to shape the future. But as John C. Maxwell reminds us, ‘If you don’t create the future you want, you must endure the future you get.’

The Chaordic CFO is no longer confined to the balance sheet. They are strategic designers, resilience champions, and change agents. Their mandate is to build organisations that are future-ready fiscally sound, digitally intelligent, and ethically grounded.

This is not just about navigating the next disruption it is about leading the transformation. From DISTRESS to EUSTRESS is not just a framework. It is a call to action.

Contributed by:

R V K S and Associates

Head Office:

No.147, Rajparis Trimeni Towers
GN Chetty Road, TNagar
Chennai, 600017

Branches:

• Chennai
• Banglore
• Hyderabad
• Andhra Pradesh
• Maharashtra

Web: www.rvkassociates.com
Email: assurance@rvkassociates.com
Phone: 044-28150540/541/542

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Introduction: The Transformation Mismatch

We are living through an era of profound technological acceleration. From AI-powered audit procedures to cloud-based advisory dashboards, the professional services industry is undergoing sweeping change. Mid-sized accountancy firms, including AGN members, are among those leading the charge—making bold investments in digital infrastructure, training, automation, and analytics to enhance client service and firm profitability. But there’s a problem...

Many clients aren’t keeping pace. In fact, the gap between the digital maturity of professional firms and the readiness of their clients is growing wider, and it’s starting to affect relationships, efficiency, advisory services—and in some cases—billable opportunities. We call this the transformation mismatch: a scenario where the firm is ready to move at digital speed, but the client isn’t equipped (or willing) to follow.

This Global Business Voice paper explores how this misalignment manifests, what it means for the delivery of services and advice, and what practical steps AGN members can take to mitigate the risk and capitalise on the opportunity.

On the move?
Tune into our mini podcast on Spotify at the end of this article for a quick summary of the key insights.

All AGN members are somewhere on the journey to Digital Transformation. The AGN Digital Maturity Diagnostic Tool (accessible to members only) provides AGN members with a diagnostic report and suggestions on key areas of improvement after answering a series of questions. The graphic below presents the four levels.

Practical Actions for AGN Members: What To Do Now

Here are 7 practical and immediately actionable steps AGN members can take to address client
digital immaturity.

1. Diagnose Your Client Base

Not all clients are equal in digital terms. Conduct a light-touch assessment of your top 50 clients and
classify them into tiers:

• Leaders – already using integrated cloud accounting and open to new tech.
• Followers – some adoption but inconsistent practices.
• Laggards – little to no use of digital tools.

Understanding this segmentation helps you prioritise efforts and tailor approaches.

2. Tailor Communications to Digital Maturity

Generic client emails or newsletters may miss the mark. Consider developing communications that speak
directly to the client’s digital level. For example:

• For ‘laggards’ – “Three simple tech steps that will reduce your admin burden.”
• For ‘leaders’ – “Harnessing AI for real-time business decision-making.

Understanding this segmentation helps you prioritise efforts and tailor approaches.

3. Launch Digital Literacy Briefings

Some clients simply don’t understand the ‘why’ of digital transformation. Host informal webinars,
breakfast briefings, or 1:1 sessions to:

• Demystify terms like AI, automation, and APIs.
• Demonstrate tangible value—like faster response times, better cash flow reporting, or automated
  reconciliations.
• Use simple, real-life client success stories.

This is education without the jargon.

4. Co-Create Digital Roadmaps

Engage your clients in developing their own digital journey. Help them define where they are now, where
they want to be in 12–24 months, and what steps they’ll take to get there. Consider offering these as part
of an onboarding pack, client review, or even as a chargeable advisory product.

Include milestones like:

• Migrate to cloud accounting.
• Implement client portal.
• Introduce simple dashboard reporting.

5. Develop Digital-First Advisory Services

Package services that are not only digitally delivered, but enhanced by digital capability. Examples:

• “CFO Dashboard-as-a-Service” – combining real-time reporting and monthly insights.
• “Cashflow Alerts & Predictive Modelling” – AI-generated forecasts and automated flags.
• “Digital Health Check” – one-time scan of client systems and readiness

These services exemplify your digital ability and offer clients tangible benefit. They can demonstrate to
laggards, what laggards are missing out on.

6. Upskill Relationship Managers to Spot & Sell Digital

Your partners and senior managers are often the closest to clients. Invest in training to help them. What
are the conversation starters? Do your partners/managers have a script around this topic? Are they
equipped with recommended solutions for those that show an interest?

Training might focus on:

• Recognising digital blockers (e.g., manual invoice processing).
• Introduce simple tools (e.g., Dext, Xero projects).
• Share short client stories that highlight transformation success.

7. Incentivise Change with Low-Risk Pilots

Offer time-limited discounts, bundled training, or “first 90 days free” options on new digital services.
This reduces the barrier to entry and lets clients experience the value before committing fully.

It’s about creating momentum and lowering risk—for both sides.

The Digital Acceleration Divide: What’s Going On?

AGN member firms are digitalising at an impressive pace. According to internal benchmarks and diagnostics, over 70% of firms have adopted some level of automation, AI experimentation, cloud systems integration, and dashboard reporting in the last 24 months.

They’re doing this not just to improve margins, but to:

• Increase delivery capacity without headcount.
• Elevate client insight and value.
• Create scalable advisory propositions.

However, client firms—particularly SMEs—are a mixed bag, and so these changes don’t alway get imdiate traction with clients.

Why Clients Are Lagging

Despite the steady advance of digital solutions within accountancy firms, many clients remain hesitant,
slow, or outright resistant to change. This hesitancy can be puzzling to firms that see the benefits so
clearly—but it is rooted in real, often deeply embedded challenges. Let’s explore the most common
causes:

The consequences for AGN firms are significant. As clients hesitate or stall, the firm’s ability to fully leverage its own digital infrastructure becomes compromised. And more than that—relationships begin to strain, as client expectations and firm capabilities move out of sync.

The Three Core Challenges of Client Digital Immaturity

Capability vs Comfort: A Growing Mismatch

AGN firms are increasingly fluent in digital working. From automated data extraction in audit engagements to predictive analytics in advisory, these capabilities are now embedded in many firms’ delivery models. However, when clients remain rooted in paper-based systems or low-tech workflows, the resulting disconnect is stark.

Scenario: For example, a mid-sized accounting firm rolled out an AI-assisted tax reconciliation platform designed to reduce turnaround time by 60%. However, nearly a third of clients declined to use it, citing uncertainty about “AI accuracy” and a preference for their long-time spreadsheet system. The firm is left straddling two workflows—one advanced, one antiquated—undermining efficiency and morale. Firms must then manage the cognitive dissonance of operating at two speeds: high-performance digital with some clients, and analogue friction with others. The costs—both operational and emotional—are real.

2. Digital ROI Stalls Without Client Buy-In

Most AGN members have made significant investments in digitisation—through client portals, automated workflows, intelligent document management systems, and AI-assisted compliance. These investments are intended to increase profitability, scalability, and consistency. But crucially, they rely on client participation to deliver value.

Scenario: If only half your clients upload documents through the portal, the manual chasing begins again. If clients ignore task alerts or continue to send documents via email or post, the system breaks down. Exceptions multiply. Instead of automation freeing time, your staff spend it correcting or working around the exceptions.

This stalls ROI and creates a hidden cost burden—you pay twice: once for the digital infrastructure, and again for the manual work required when clients don’t engage with it.

Worse still, this client behaviour often goes unbilled, because firms feel awkward charging clients for inefficiencies
they themselves created.

3. Advisory Services Need Clean, Timely Data to Work

The growing advisory proposition of AGN members depends on data—good data, recent data, reliable data. Whether it’s offering scenario modelling, ESG reporting, cash flow forecasting, or strategic dashboards, the fuel for these services is accurate and timely input from the client. Without it, even the most sophisticated advisory offer falters.

Scenario: A firm develops a real-time KPI dashboard for a key client. It’s ready to go live. But the client only updates their ledgers once a quarter and refuses to automate bank feeds. The dashboard becomes a digital ornament—impressive, but ultimately unused.

The trust built through advisory work is undermined when insights are incomplete or out of date. And from the firm’s side, the advisory effort becomes unscalable when every project requires a manual workaround just to get basic client data.

Final Word on the Lag

Digital transformation is not just a technical project—it’s a behavioural and cultural shift. AGN firms may have the systems and the know-how, but unless clients can be brought into the ecosystem, that transformation will be incomplete. Addressing the lag is not about forcing clients forward—it’s about understanding the reasons behind their resistance, and finding empathetic, ways to help them take the next step. That’s the opportunity for AGN members: to become not just accounting firms with great tec—but true transformation partners for the clients they serve.

The Advisory Opportunity: Turn the Gap into Growth

While the mismatch presents challenges, it also unlocks one of the biggest growth opportunities for mid-sized firms: become your client’s digital transformation guide. This is advisory with a capital A—and it’s exactly the journey AGN’s Advisory Migration Methodology (AMM) supports. The four regions of the AGN Advisory Migration Methodology (Data & Skills Inputs, Service Framework, Stakeholder Environment, and Outputs & Reporting) can be directly applied to assisting a mutual shift towards digital transformation and post digital advisory. The fact is your firm already understands the levers of the methodology – the opportunity here is to apply them to yours and the client’s business.

Top Tips:

Use what the software can provide to improve Outputs & Reporting. Help a client design board-level easy to access and interpret dashboards.
Offer training sessions to teach Foundational Skills data analysis skills to your client’s finance team.
This not only supports your client—it differentiates your firm in an increasingly commoditised market.
Think carefully about the Stakeholder & Business Environment. Understand how to manage change resistance in the client team.

Conclusion: Mind the Gap—Then Close It

Digital transformation has shifted from optional to existential. Your firm may already be adopting
the tools, platforms, and thinking required to thrive in the new era—but your clients may not
be ready. This readiness gap is now a defining feature of modern professional service delivery.
Firms that fail to bring their clients along risk frustration, underutilised investments, and missed
revenue.

But those who embrace the opportunity to educate, support and lead clients into the digital
age will:

• Unlock deeper relationships.
• Build scalable advisory offerings.
• Future-proof their own value proposition.

Mini podcast

Tune into our mini podcast on Spotify for a quick summary of the key insights.

Copyright © 2025 AGN International Ltd. All rights reserved. No part of this publication may be reproduced, distributed, or transmitted by non-members without prior permission of AGN International Ltd.

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Businesses operating within a global economy full of unpredictability need to develop capabilities that help them not just endure economic recessions but also emerge from them with enhanced strength and a competitive edge.

Economic uncertainty stemming from market changes, geopolitical issues or unexpected global phenomena such as pandemics forces businesses to reassess their operational approaches and growth strategies. Organisations must prioritise resilience-building because it has become essential for their survival.

1. Strengthen Financial Planning and Risk Management

Financial resilience starts with rigorous planning. Businesses need to perform stress tests on financial forecasts while keeping ample cash reserves and establishing various financial scenarios for revenue streams and capital requirements. Companies with thorough knowledge of their cash flow patterns that establish backup plans achieve superior decision-making capabilities during unstable times.

Budget flexibility is essential. Instead of fixed yearly plans, organisations should utilise rolling forecasts, which are modified based on current conditions. Evaluate non-essential spending while directing investments towards activities that sustain primary income sources and encourage long-term business expansion.

Consulting business advisory professionals offers valuable supplementary perspectives. Through expert advice, businesses can establish risk-adjusted financial plans while examining debt responsibilities and pinpointing potential financial weaknesses before reaching crisis levels.

2. Diversify Revenue Streams

Businesses that depend entirely on one product or customer group increase their risk in economic recessions. Spreading risk across multiple ventures enables businesses to capture new growth opportunities through diversification.

Businesses need to evaluate their current product or service selections to identify opportunities for adding complementary offerings. A business that delivers services in person could expand its market reach by adopting digital delivery methods.

Businesses can lower their reliance on a single economic region or sector through the feasible exploration of new customer segments and international markets. Stabilising revenue through small diversification efforts does not require major alterations.

3. Increase Operational Flexibility

Businesses need to maintain operational flexibility to scale their operations either up or down swiftly when facing economic uncertainty. The strategy affects all operational areas, including staffing solutions and supply chain management, and extends to production capabilities and distribution methods.

Businesses can benefit from adopting flexible employment models, which include casual contracts and outsourcing of non-essential tasks. Developing strong supplier partnerships helps businesses achieve more responsive inventory control and better cost management.

Companies must prioritise digital transformation investments to progress effectively. Through the implementation of cloud systems and remote work solutions alongside automated procedures, organisations can achieve faster responses and lower fixed expenses but still keep continuous operations.

Periodic evaluations of operational workflows reveal inefficiencies and redundant processes that transform into liabilities during economic downturns. Streamlining business operations boosts day-to-day performance and helps protect the company during economic downturns.

4. Maintain Strong Communication and Leadership

Organisations gain internal and external stakeholder confidence when leadership demonstrates transparency and decisiveness. In periods of uncertainty, leaders need to establish consistent communication with their employees as well as customers, suppliers and investors.

Effective communication regarding business targets and financial status, alongside strategic shifts, promotes trust and alignment. When employees comprehend how their work supports their organisation’s sustainability and recovery, they demonstrate higher engagement and productivity levels.

The participation of essential staff members in contingency preparations and scenario analysis is a fundamental requirement. When employees from various departments work together, they discover useful insights and develop joint responsibility for resilience measures.

5. Optimise Tax Strategy and Compliance

Effective tax planning during economic stress delivers significant savings while boosting cash flow for businesses. Companies need to regularly evaluate their tax responsibilities while checking for possible reliefs, deductions and deferral opportunities, particularly when government stimulus periods or downturn-related concessions are available.

Businesses can achieve compliance and maximise benefits by engaging experienced tax accountants in Sydney. Tax professionals provide guidance on business entity restructuring as well as review capital purchases and superannuation contribution planning to reduce tax liabilities.

Keeping abreast of changing tax laws and regulatory requirements helps prevent expensive penalties and lost opportunities, which become crucial when legislative changes occur rapidly.

6. Embrace Market Adaptability

The power to adapt represents one of the most significant characteristics of businesses that endure. Economic signals and consumer behaviour changes, along with technological breakthroughs, can cause markets to change direction swiftly. Businesses should develop the capability to pivot quickly to address market changes directly.

Perform regular market research to stay informed about industry trends together with competitor actions and customer preferences. Apply this data to improve your value proposition or modify your pricing strategies and consider rebranding as needed.

Customers usually reconsider how they spend their money when economic conditions are unstable. Companies that respond to customer needs with flexible payment options and customised products or services maintain stronger customer loyalty.

7. Invest in Customer and Supplier Relationships

Strong and supportive associations with customers and suppliers become essential lifelines during tough times.

With customers, go beyond transactional interactions. Understand their evolving needs and pain points. Use value-added services and flexible payment options, along with loyalty programs, to maintain customer engagement.

Effective supplier relationships require transparent operations along with proactive communication. Building solid partnerships with suppliers results in advantageous contract terms and inventory access benefits, as well as cooperative problem-solving during difficult times.

When economic conditions require compromise, better long-term results emerge from collaborative partnerships instead of adversarial negotiations.

8. Leverage Data and Scenario Planning

To effectively manage economic changes, businesses require a comprehensive understanding of key performance indicators (KPIs) along with access to real-time data. Reliable data systems deliver improved forecasting capabilities alongside performance monitoring and help uncover cost-saving possibilities.

Scenario planning is equally critical. Build best-case, base-case and worst-case scenarios to understand potential market changes that could affect your business. When preparing for economic changes, ensure to analyse variables like currency fluctuations along with supply disruptions and regulatory shifts and changes in consumer behaviour.

Our objective should be centred around preparing for future events instead of attempting to predict them. Leadership teams that utilise data-driven insights make decisions that have stronger outcomes and lower associated risks.

Calibre Business Advisory is here to help businesses build their operations on solid financial planning and operational adaptability, as well as to transform uncertain situations into business opportunities. No single method ensures protection from external disruptions, but Calibre can develop a comprehensive strategy to increase your company’s capacity to survive difficulties and prepare it for successful recovery.

Businesses gain strategic clarity through external perspectives when they engage expert partners like Calibre at critical times. When strong internal leadership joins forces with continuous improvement practices, businesses establish a foundation that supports true resilience.

Contributed by:

Calibre Business Advisory

Level 8
1 York Street
SYDNEY NSW 2000
AUSTRALIA

Web: https://calibreba.com.au/
Email: tim.sury@calibreba.com.au
Phone: +61 2 9261 2177

The post Resilience Strategies for Businesses – Navigate Economic Uncertainty appeared first on AGN International.

In creating the list, Forbes (the national media company and no relation to Suzanne) initially identified thousands of candidates via interviews with industry leaders, outside nominations, editorial research and an independent advisory board of CPAs. Candidates were then assessed under multiple categories, including achievements, influence on the accounting profession, individual honors, thought leadership and more, before the list was narrowed down to the top CPAs in each state across the nation.

“Many great leaders in our industry are doing amazing work, and the pace can be challenging with the amount of change in businesses and communities today,” said Suzanne. ”Being selected for this honor makes me even more certain the leadership decisions I’m making are vital to the success of our organization and profession.”

“Throughout my career, my goal has been to help both my clients and my fellow CPAs thrive as our industry evolves,” said Justyna. “That makes this recognition from Forbes even more meaningful. I’m truly honored.”

Click here to view the entire Best-In-State CPAs list on the Forbes website.

James Moore, founded in 1964, is a business consulting firm with offices in Daytona Beach, DeLand, Gainesville, Ocala and Tallahassee, Florida. The firm specialises in providing tax, auditing, accounting and controllership, data analytics, human resources, technology and wealth management services to clients nationwide.

CONTACT:

Stacy Dreher
Chief Growth Officer
5931 NW 1st Place
Gainesville, FL 32607
(352) 378-1331
Stacy.Dreher@jmco.com

The post James Moore CEO Suzanne Forbes and Partner Justyna Mueller Named Best-In-State CPAs by Forbes appeared first on AGN International.

Recognising accounting as a STEM (Science, Technology, Engineering, and Mathematics) field not only enhances financial literacy among innovators but also instils sense of accountability, essential for sustainable growth.

In a rapidly evolving business landscape, there is a strong case for integration of accounting into STEM disciplines which is also gaining momentum globally. This shift is particularly pertinent for India, where a burgeoning focus on STEM-driven entrepreneurship only further increases the necessity of robust accounting knowledge.

Recognising accounting as a STEM field not only enhances financial literacy among innovators but also instils a critical sense of accountability, essential for sustainable growth.

Need for steam in STEM

Traditionally, accounting has been viewed through a purely financial lens. However, the modern accounting profession increasingly intersects with technology and data analytics, not to speak of risk management, aligning closely with STEM fields. This integration facilitates advanced financial modelling, predictive analytics, and efficient resource management, all of which are vital in today’s data-driven economy. If accounting were part of the STEM portfolio, it would be clear that it is a pathway to putting high-level technical skills to practical use.

Enhancing entrepreneurial success in STEM

India’s entrepreneurial ecosystem is witnessing a surge in STEM-related start-ups, ranging from biotechnology to information technology. While these ventures are often rich in innovation, they may stumble on the financial acumen necessary for long-term success. Integrating accounting education into STEM curricula can bridge this gap, equipping entrepreneurs with the skills to manage finances effectively, assess economic viability, and make informed strategic decisions. This fusion ensures that technological innovations are supported by sound financial planning, increasing the likelihood of sustainable success.

Accounting in an environment of dynamic pricing

In an era where dynamic pricing has become the norm across industries from e-commerce and ride-hailing services to airline ticketing and renewable energy, accounting plays a crucial role in strategic decision-making for STEM entrepreneurs. The ability to analyse cost structures, determine break-even points, and assess marginal costs is essential for businesses operating in volatile pricing environments. Knowledge of accounting empowers entrepreneurs to optimise pricing strategies based on real-time financial data, ensuring profitability while remaining competitive. By integrating cost accounting principles with data analytics, start-ups can make informed decisions on pricing elasticity, discounting strategies, and revenue optimisation. This financial acumen not only helps businesses stay agile but also fosters long-term sustainability in a rapidly evolving marketplace.

Promoting accountability and governance

Incorporating accounting into STEM education fosters a culture of accountability. Entrepreneurs trained in accounting principles are better prepared to implement transparent financial practices, adhere to regulatory requirements, and build trust with investors and stakeholders. This accountability is crucial in mitigating risks and maintaining the integrity of business operations.

Entrepreneurs today operate in an environment where external financing, whether through debt or equity, is not just an option but a necessity for scaling their businesses. However, with increasing reliance on external funding comes heightened scrutiny from investors, lenders, and regulatory authorities. Equity investors demand transparency in financial reporting to assess the viability of their investments, while lenders require assurance that financial obligations can be met. As financial transactions grow in complexity, so do accounting standards and compliance requirements, making it imperative for entrepreneurs to have a strong grasp of financial discipline. Adhering to recognised accounting principles and regulatory norms is no longer a procedural formality but a fundamental expectation that determines access to capital, investor confidence, and long-term credibility.

Despite the enormous potential of many start-ups, failure to meet these expectations has led to serious consequences. In recent years, several high-profile startups in India have suffered significant setbacks due to governance failures and financial mismanagement. Byju’s, once a dominant player in the edtech sector, found itself entangled in financial controversies, including delayed reporting, misaligned growth projections, and concerns over fund utilisation, all of which contributed to a drastic erosion of investor trust.

BharatPe, a promising fintech company, saw leadership disputes expose deeper governance flaws, raising red flags about internal controls and accountability. Zilingo, a fashion e-commerce startup, collapsed under allegations of financial misrepresentation, leading to the ousting of its CEO and eventual business failure. GoMechanic, an automotive service start-up, admitted to inflating revenue figures, triggering a crisis that resulted in mass layoffs and investor exits. Similarly, Mojocare, a health and wellness start-up, came under scrutiny for financial irregularities that further underscored the need for rigorous compliance frameworks.

These references serve as a stark reminder that financial missteps, whether intentional or due to negligence, can derail even the most promising ventures. Investors, regulators, and other stakeholders now expect start-ups to maintain not only innovative business models but also sound financial discipline. The ability to navigate complex accounting standards and compliance requirements is no longer optional but a prerequisite for survival in an increasingly scrutinised start-up ecosystem. As the funding environment becomes more selective, entrepreneurs who prioritise financial transparency and governance will stand a far better chance of securing capital, sustaining investor confidence, and ultimately building businesses that last.

The growing importance of ESG considerations

Environmental, Social, and Governance (ESG) factors are becoming central to business evaluations, not to speak of taxation issues, worldwide. In India, regulatory bodies like the Securities and Exchange Board of India (SEBI) have proposed expanding the sustainable finance framework, emphasising the need for comprehensive ESG reporting. Accountants play a pivotal role in this context by identifying relevant metrics, developing measurement methodologies, and ensuring the accuracy of ESG disclosures. Their expertise ensures that companies not only comply with regulations but also contribute positively to societal goals.

As India continues to advance in STEM fields, recognising accounting as an integral component of this framework is imperative. This recognition will equip entrepreneurs and professionals with the financial expertise necessary to navigate complex business landscapes, uphold accountability, and meet evolving ESG standards. By embracing accounting within the STEM paradigm, India can foster a more holistic approach to education and business, driving innovation that is both economically viable and socially responsible.

Contributed by:

R V K S and Associates

Head Office Location
No.147, Rajparis Trimeni Towers
GN Chetty Road,TNagar, Chennai- 600017.

Branches: Chennai, Banglore, Hyderabad, Andhra Pradesh, Maharashtra

Web: www.rvkassociates.com
Email: assurance@rvkassociates.com
Phone: 044-28150540/541/542

The post Why Should Accounting Be Considered a STEM Discipline? appeared first on AGN International.

The leading information resource for public accountants nationwide, Accounting Today cited James Moore as one of 45 firms across the nation that bear watching (coming in at number 14 on the Firms to Watch list). This selection is based on revenues and growth, with Accounting Today noting that some companies previously named to the list are now among the top 100 accounting firms in the country.

The organization also cited James Moore as one of the top accounting firms in the Gulf Coast region, an area that includes the states of Florida, Alabama, Louisiana and Mississippi. The firm recorded 6.89% growth in 2024 to place it at number 8 in the region.

“In the three years in which we’ve been named a Firm to Watch, we’ve moved up in standing ever year,” said firm CEO Suzanne Forbes. “This steady growth and progression up the ranks has been possible through our commitment to thoughtful strategies, embracing new technologies and processes, providing the highest level of service for our clients, and focusing on a culture that embraces the unique skills of our team.”

James Moore, founded in 1964, is a business consulting firm with offices in Daytona Beach, DeLand, Gainesville, Ocala and Tallahassee, Florida. The firm specialises in providing tax, auditing, accounting and controllership, data analytics, human resources, technology and wealth management services to clients nationwide.

CONTACT:

Stacy Dreher
Chief Growth Officer
5931 NW 1st Place
Gainesville, FL 32607
(352) 378-1331
Stacy.Dreher@jmco.com

The post James Moore Named One of Accounting Today’s 2025 Firms to Watch and Regional Leaders! appeared first on AGN International.

Private equity (PE) is fundamentally reshaping the accounting industry, offering growth, expansion, and competitive positioning, while introducing complex strategic considerations for firms navigating this transformation.

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Tune into our mini podcast on Spotify at the end of this article for a quick summaryof the key insights.

So, are we seeing a New Era?

The traditional partnership model has long been the backbone of professional services. Definitions are unclear, but there are likely between 20 and 50 active PE-funded consolidators in each of the US and UK markets. Globally, the PE phenomenon is moving into other jurisdictions like Canada, Australia, and some other European and emerging markets.

This AGN Global Business Voice brings the thinking up-to-date and invites AGN members to think widely about their future options, identifying some “must-do now” actions.

Key Considerations for AGN Members

Traditionally, accounting firms have been structured as partnerships, offering long-term career paths culminating in equity ownership for high-performing professionals. The introduction of PE into the sector has begun to change this model.

• The pool of future firm owners may narrow, as equity is increasingly concentrated among institutional investors rather than senior professionals who have worked their way up through the firm.
  
  
• This could lead to talent retention challenges, as ambitious professionals may not have the equity participation opportunities they had expected.
  
  
• Some firms are exploring hybrid models that preserve elements of partnership structures alongside PE investment to maintain leadership incentives. Given the relaxed regulatory environment, there is scope here for imaginative solutions – Employee Stock Ownership Plans (ESOPs), Bank Funding etc, (See Appendix A).
  
  
• It will be important to build and maintain an inclusive and entrepreneurial culture, attractive to top professionals.

“The First Flip”: Still an Open Question

PE investment is cyclical, with firms typically undergoing a ‘flip’ to new investors after a few years. While the first wave of PE-backed firms in the accounting sector appears to be achieving initial return targets, it remains to be seen how sustainable these models will be over multiple investment cycles.

• The long-term value of PE-backed accounting firms will depend on their ability to generate sustained growth beyond the initial expansion phase.
  
  
• Investors will need to balance short-term financial targets with long-term client and talent retention strategies to avoid market instability.
  
  
• Close monitoring of the outcomes of early PE-backed firms will provide valuable insights into the sustainability of these investment models.

The Debt Burden Factor

One of the core mechanisms of PE investment is the use of leveraged buyouts (“LBOs”), where external funding is used to finance the acquisition of firms. While this approach can accelerate growth, it also introduces new financial risks:

• Some successful accounting firms that were previously self-sustaining are now carrying significant debt loads as a result of PE transactions.
  
  
• Is there a risk that this added financial burden may pressure firms to prioritise short-term Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) growth over long-term client service and professional development?
  
  
• Firms considering PE investment must carefully evaluate their ability to manage debt obligations while maintaining financial stability.

Evolving Markets, Talent & Technology

By bringing in top specialists and investment muscle, PE-funded businesses are leveraging technology and new expertise to drive efficiency, attract talented professionals, and provide great service and rewarding careers. We should anticipate notable successes as they drive high-quality, repeatable, and scalable approaches, such as technology driven auditing.

The PE phenomenon presents opportunities for conventionally funded firms: PE-backed firms’ technologies and expertise could become commercialised and more accessible, affordable, and common. Additionally, bespoke, high-touch, premium offerings like specialised tax services or sector-specific expertise may prefer other service models. Already, some conventionally funded firms are reporting an influx of recruits from the PE-backed environments — potentially the early stages of professionals opting for alternatives to professional life in the PE-backed models?

Regulatory Implications: Returns vs Quality?

The accounting sector has undergone a dramatic shift in ownership structures over the last 30 years, moving from unlimited liability partnerships of technical experts to corporate ownership of external investors. The latest shift catalysed by private equity has yet to be fully tested by regulatory bodies:

• Historically, partners bore direct responsibility for audit compliance and faced unlimited personal liability for their work. More recently, whilst most jurisdictions have had forms of limited liability for some time, ownership remained primarily with those working in the business.
  
  
• Under PE ownership, the legal and financial risk shifts further away from the individual professionals doing the work. At some point this may likely raise concerns about accountability.
  
  
• Regulatory responses remain uncertain, as audit oversight bodies adapt to a new landscape where ownership and compliance responsibilities are increasingly separated.
  
  
• The potential for future regulatory scrutiny is high, particularly as the sector grapples with maintaining audit integrity under a profit-driven ownership structure

Action for AGN Members

As firms navigate this evolving landscape, the key to success lies in strategic positioning
and informed decision-making. Firms should:

• Assess Long-Term Value Creation: Whether seeking PE investment or one of the alternative models, firms should focus on building a business that attracts investment while safeguarding long-term sustainability. Alongside, an emphasis on building an attractive entrepreneurial culture will be important.
  
  
• Remain Agile in Decision-Making: Whatever funding and ownership model is chosen for the future, PE will impact significantly the competitive landscape. Firms must actively evaluate the role that PE could play in their future, whether through a minority investment, full buyout, or strategic partnership.
  
  
• Understand the PE Investment Cycle: Firms should conduct rigorous due diligence on potential investors and ensure alignment between their long-term strategy and investor expectations.
  
  
• Monitor Regulatory Developments: Understanding how regulatory bodies respond to changes in firm ownership will be critical in ensuring compliance and maintaining public trust.

Essentially firms have an opportunity to pursue active modernisation and investment strategies – this attracts the PE community. And in more than the short term, whether with PE or other means, firms will need to adapt their strategies to remain competitive.

Conclusion: Embracing Change While Maintaining Integrity

Private equity represents neither a demolisher nor a panacea for accounting firms. But it undoubtedly represents a significant structural and competitive shift in the industry. If navigated effectively, it can drive both substantial growth and innovation, and significant opportunities for those choosing PE-backed models, or indeed the various alternative models that exist.

As AGN supports its members through these changes, we focus on equipping firms with insights and frameworks to thrive in this evolving landscape. PE is a transformative strategic tool that requires careful management. The choice for firms is not simply “PE or you lose”; rather, it is about how to adapt, grow, and create sustainable value while navigating the opportunities and challenges of PE investment where it is applied.

For further information on this topic or anything relating to the AGN International Association of Accounting and Advisory Firms or to become an AGN member, please email your closest AGN Regional Director (see below) or go directly to www.agn.org.

Appendix 1: Other Ownership Models Are Available….

Employee Stock Ownership Plans (ESOPs)

• Employees acquire ownership over time, creating a vested interest in firm success.
• Potential tax advantages, including deferred capital gains tax for selling owners.
• Used successfully by accounting firms to maintain independence while offering succession
  solutions.

Hybrid Partnership-PE Model

• Maintains a core group of equity partners while selling a minority stake to PE investors.
• Balances external capital for growth while retaining traditional partnership governance.
• Helps existing teams maintain control and cultural integrity.

Cooperative Ownership Model

• Shared ownership between employees, partners, and even clients or industry stakeholders.
• Encourages long-term decision-making and aligns incentives across all stakeholders.
• Rare but viable in professional services where sustainability and independence are priorities.

Strategic Alliances with Shared Ownership Pools

• Instead of full mergers, firms create equity pools across multiple firms.
• Used to create economies of scale, share tech investments, and enable joint market expansion.
• Could work well within international associations like AGN to build integrated service offerings
  without ceding full PE control.

Minority Investor + Employee Option Pool

• External investors take a minority stake while employees get share options.
• Reduces challenge of cultural shift compared to full PE ownership.
• Provides liquidity while keeping leadership incentives aligned.

Public Listing via Alternative Investment Markets

• Some accountancy firms (e.g., in Australia and the UK) have explored IPOs or public listings on
  secondary markets.
• Offers access to capital while allowing the option of M&A with some element of consideration in
  marketable securities.
• Creates complexities in governance but can be a strong alternative for high-growth firms.

Private Family Office “Evergreen” Investment Model

• Allows firms to remain independent while securing funds for development.
• Long-term capital investment from a family office instead of PE firms.
• More patient capital, focused on steady growth rather than fast exits.
  

On the move?

Tune into our mini podcast on Spotify for a quick summary of the key insights.

Copyright © 2025 AGN International Ltd. All rights reserved. No part of this publication may be reproduced, distributed, or transmitted by non-members without prior permission of AGN International Ltd.

The post Private Equity – A New Era for Accounting Firms appeared first on AGN International.