13 issues worrying firm leaders

Published April 11, 2026 8:03 PM

1 Min Read

The accounting profession is changing faster than ever, and firm leaders are scrambling to keep up.

When asked to identify the biggest issues they see facing the profession, senior executives from Accounting Today's 2026 Top 100 Firms named a wide range of issues. From private equity and remaining competitive, to technology adoption and staffing struggles, firm leaders have a lot on their plates.

No one particular issue stood out as the most pressing, but rather all of these issues are interconnected. For instance, private equity is prompting more mergers and acquisitions, thus increasing competition for both clients and talent. Embedding technologies like artificial intelligence and automation into processes goes hand-in-hand with managing increased complexity and risk. And the pipeline problem touches issues like talent development and succession.

In order to remain competitive, firms must evolve quickly and carefully to meet the challenges of a rapidly changing economy and profession.

Regulation and tax laws

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Firms are facing increased scrutiny from regulators and increased legislative complexity, especially with changes to the Tax Code, "which create greater unpredictability for firms and increase demand for higher‐level advisory support to help clients navigate uncertain rules and filing‐season risks," said Gerald Gagne, president and CEO of Boston-based Wolf & Company.

"Regulators such as the PCAOB and AICPA are emphasizing not only audit results but also the underlying culture, leadership tone, and quality‐management systems, making weak internal controls or inconsistent oversight a major liability risk for firms," Gagne said.

Maintaining organic growth

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Accounting firms are facing increased competition from private equity-backed firms and national players, making organic growth a "deliberate strategic priority rather than something that happens naturally," said Michelle Thompson, CEO of Cherry Bekaert Advisory in North Carolina. "Growth now requires focused investment in specialized service lines, targeted market expansion, digital lead generation, and deeper client relationships."

Mergers and acquisitions

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Private equity's entrance into the profession has triggered a wave of dealmaking activity, creating a plethora of opportunities for firms looking to buy or sell.

David Wurtzbacher, founder and CEO of Ascend, said, "To grow, you either need to find new clients and hire new talent to serve them, or you need to add clients and talent via acquisition. There are inherent advantages to scale. Most 'independent' firms don't realize that their opportunity for scaling is vanishing right before their eyes."

Ascend, based in Virginia, has been steadily acquiring firms since it was launched in 2023 by private equity firm Alpine Investors. It now ranks No. 24 on Accounting Today's list of the Top 100 Firms.

Staying independent

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As leaders debate and speculate the long-term impact of private equity on the profession, some firms are committed to remaining "fiercely independent" — and even see a competitive advantage in doing so.

"Staying independent allows us to remain focused on client service, culture and long-term growth rather than short-term financial pressures, which we believe is a meaningful competitive advantage," said Jeff Call, CEO and managing partner of Atlanta-based Bennett Thrasher.

Scaling

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As a firm grows geographically and expands its services, its complexity only grows.

"The issue is not flexibility or remote work itself, but ensuring clear ownership of client relationships, strong accountability, and meaningful engagement as scale increases," said Ryan Cook, managing shareholder of Nebraska-based Lutz.

"Growth increases complexity, and without the right structure, it strains people," added Lisa Hillmer-Poole, senior vice president of brand strategy and integration of Crete Professionals Alliance in Florida.

Client complexity

As clients' businesses become more complex and integrated, firms must adapt in step to meet those needs.

"Clients no longer experience tax, legal, operational, and financial challenges in isolation," said Richard Kopelman, CFO of Atlanta-based Aprio. "Firms must move beyond siloed services to deliver coordinated, multidisciplinary guidance that reflects how businesses actually operate."

Differentiation

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Clients have more choices than ever, meaning firms must clearly define their brands and what sets them apart.

"PE-backed consolidation and increased competition require us to sharpen our positioning and identify specific niches where we excel," said Nick Lew Ton, partner and chief growth officer of New York City-based Sensiba. "We need a clear, differentiated value proposition rather than trying to serve all markets."

Tech adoption

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The speed of tech adoption is a top concern for firm leaders, both in terms of competitive advantage and change management.

"Long-standing systems, processes, and business models that once drove success can become barriers to change if not actively challenged," said Chris Carlberg, chief strategy officer of San Ramon, California-based Armanino. "Firms that fail to adapt risk being overtaken by more agile, AI-native competitors with fundamentally different operating models."

But adoption goes beyond having the right systems in place and picking the best software — it's a human issue, too.

"Firms must invest in upskilling, thoughtful change-management, and new role design while also developing leaders who can guide teams through ambiguity and transformation," said Paul Bailey, chief growth officer of CLA.

Risk management

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As firms expand, adopt new technologies and become more complex, managing risk is imperative.

"Sustainable growth requires disciplined execution, standardized processes and the right technology foundation," said Chad Anschuetz, CEO of Michigan-based Doeren Mayhew Advisors. "By formalizing policies and procedures across the organization, we create consistency without sacrificing quality. Investing in scalable infrastructure allows us to grow with intention, maintain service excellence, and support our people as the firm expands across offices and markets."

Pricing

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It's common for accountants to undervalue their own work. This issue, combined with the profession's conservative tendencies regarding change, makes pricing is another critical issue, especially as the profession shifts its focus from compliance to advisory and thus transitions from hourly to fixed-price billing.

"One of the most significant challenges is pricing pressure driven by low-quality, low-cost providers that commoditize services without fully understanding the rigor, judgment, and accountability required in our profession," said Avani Desai, CEO of Schellman in Tampa, Florida.

Recruiting and retention

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The accounting profession has been grappling with an ongoing talent shortage for a decade or more. Not enough college students are studying accounting, fewer go on to become CPAs, and even fewer are sticking around long enough to become partners. Unsurprisingly, it remains a top concern for leaders.

"With a declining number of accounting graduates and increased competition for experienced professionals, firms must focus on building a sustainable pipeline of future leaders," said Louis Grassi, CEO of Grassi in New York City. "Prioritizing employee engagement, work-life balance, and clear career development paths will be critical for attracting and retaining top talent."

Talent development

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Firms are competing for talent not only with other accounting firms, but with other financial service industries like business and technology.

Tim Brackney, CEO of Dallas-based Springline Advisory, summarized the issue: "Technical debt makes firms less attractive to tech-savvy talent, talent shortages prevent firms from modernizing systems, and both make succession planning harder because there's little bench strength to promote from within."

"It is imperative that professional service firms develop people earlier and more intently during their careers to solve complex problems for our clients," said Thomas Angelo, CEO of Hill, Barth & King CPAs & Consultants in Ohio.

Keeping it real

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The profession is transforming into a people-centric business as firms lean into advisory services. Simultaneously, while AI and automation are embedded into more processes, firm leaders aim to preserve the human touch.

"As AI and automation accelerate, firms must balance technological enablement with the human side of the business — both internally and in client relationships," said Russell Shinskey, managing partner of New York City-based Anchin.

Travis Horton, partner of Tennessee-based HHM CPAs, added, "There is a thin line between leveraging technology and losing the human touch."

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