Is a high demand for services still creating a lot of pressure?

Yes, demand for advisor and accounting services remains high and, above all, increasingly complex. The combination of:

• Recurring labour and tax changes
• New reporting obligation
• And a still demanding economic context

Means that companies depend more than ever on their advisers.

The challenge for us is to redesign how we work: automate repetitive, low-value tasks, data entry, standard reconciliations, routine filings… so that our teams can spend more time where we truly add value for clients - understanding their business, anticipating risks, and helping them make better decisions.

So rather than simply hiring more people to cope with demand, we are focusing on process improvement, digitalisation and AI-based tools. Our goal is to turn high demand into an opportunity: less manual processing, more advisory time with clients, and a more interesting role for our professionals.

Are clients depending on auditors to implement AI? Is this creating problems, ie, a skills shortage?

In our client base, we work with both SMEs and multinational groups, and we see two different patterns.

• Multinationals usually have their own data or AI teams, but they still look to us to make sure that whatever they design sis workable and compliant in the local labour, tax and regulatory environment,. Our role is about translating regulation into practical rules, challenging certain use cases, for example in HR or payroll.
• SMEs on the other hand ask us how to stay compliant while using new tools.

Across both segments, there is a clear skills gap at the intersection of technical expertise and AI: people who understand labour, tax and accounting in depth and can always work comfortably with data, automation and AI. That combination is still scarce, so we are investing heavily in training our existing teams rather than trying to “outsource” this capability.

Are EU initiatives still creating new areas of revenue and/or pressure?

Yes, we feel both the opportunity and the pressure. As a firm focused on labour, tax and accounting, EU-driven initiatives translate into additional compliance work, for example the EU pay transparency framework, the implementation of whistleblowing channels, etc.

For us this has opened up more project based revenue: policies, internal procedures, but it also requires continuous upskilling.

Have there been any significant regulatory developments in Spain over the last 12 months?

I would highlight three main areas:

1. E-invoicing and real-time control of invoicing systems
2. Verifactu and anti-fraud invoicing rules
3. Pay transparency and gender pay gap obligations

How would you describe the health of the accounting industry in Spain in terms of customer demand, fee pressure, and staff recruitment and retention?

• Customer demand is strong and stable, with a clear need for continuous support rather than one-off engagement
• Fee pressure on standardized services : bookkeeping, payroll, tax returns...price pressure is very real. We have responded by investing in efficiency and reserving senior time for higher-value work: labour matters, restructuring, strategic tax advice….

Overall, the sector is healthy in terms of demand, but the business model is under pressure and needs to evolve.

Are there any services areas where demand has grown over the last 12 months.

Yes, in our firm we have seen particularly strong growth in:

• Complex labour advisory: reorganizations, negotiation with employee representatives, flexible working arrangements, equality plans and compliance with working time and registration obligations.
• Compliance and internal governance: implementation of internal policies, whistleblower channels and broader ESG-related expectations.
• Digitalisation support: helping clients adapt to new invoicing and reporting requirements

Has there been any significant consolidation or merger activity in the accounting profession?

Yes, we are seeing consolidation at almost every level of the market, there is growing interest from investment funds and other financial investors in the professional services sector. This is bringing new capital and a more “corporate” approach to growth, governance and technology, which in turn encourages further consolidation as platforms look to add new locations, specialisms and client portfolios.

The result is a market that is still very fragmented, but where clients increasingly expect their advisers to offer more depth, more technology and more integrated services, and consolidation is one of the ways the profession is trying to meet those expectations.

What are your expectations for the next 12 months - are there any potentially significant developments in the pipeline?

Looking ahead 12 months, our expectations are:

Practical implementation of new regulatory frameworks

• The rollout of e-envoicing and Verifactu will move from theory to practice, forcing companies to adapt their invoicing systems, internal controls and reporting

• The pay transparency and gender pay gap agenda will continue to gain relevance, with more companies needing structured analyses, equality plans and clear communication strategies around pay

Acceleration of automation and AI in every day work

• On the firm side, we expect much faster adoptions of tools that automate repetitive, low-value tasks: data entry, reconciliations, standard reports…. So that professionals can spend more time on client-facing, judgment based work.

Talent skills and consolidation

• There will be increasing demand for profiles that combine solid technical knowledge with data, technology and change-management skills. Training and upskillng existing teams will be critical.