IAB: How has your organisation changed and grown in 2024? Where has this growth come from?

Globally, our total member firm revenue grew by 27%. A significant contributor was the recruitment of a large international tax mobility firm. In Latin America we grew by 44% driven by recruiting a large national full-service firm in Brazil. Growth has also been driven by M&A; for example, our largest member firm in France grew by $120m through acquisition. Advisory services increased by 5% - reflecting a focus on technology and wealth management. In North America, there was a notable increase in Audit & Assurance by 14% reflecting more opportunities to compete directly with large networks.

What tech investment has been made across your organisation to pass on value to your clients and member firms?

We continue to enhance our member platform, which is built on Microsoft dynamics, enabling us to integrate to a range of apps. Members are now able to endorse each other through ‘thumbs up’ functionality (which enables members to obtain references before they work with each other). All engagement is awarded points, supporting gamification as members compete to win engagement prizes. We have also invested in new partnerships – for example with Beeye who provide an advanced, data driven, work force management tool (an area which is often neglected by professional firms).

What are your predictions for the global market for 2025 and the accounting profession?

The global market will continue to be uncertain – particularly as we enter the Trump 2.0 era. It is likely that there will be tariff wars; however, the extent is not yet known. Wars and conflicts are likely to continue with an adverse impact on investment. China will continue to focus on expanding markets across the global south. Business will need the accounting profession to help navigate in such a changing market. For the profession, we will continue to see more consolidation of firms, driven by external capital and a desire to serve global business and seek efficiencies. However, there will also be more regulatory action examining firms’ legal structures and business models. Expect governments in the East and West to take a tough stance towards audit firms.

Although, Private Equity ownership and consolidation of firms will continue, we will also see a wider range of business model choices for firms. This will include an increasing number of firms becoming employee owned. Firms will aim to present different value propositions to clients based on their business model choices. We will see the next stage of Private Equity as more firms are sold on – which could lead to more consolidation and the creation of new networks. AI will lead to a transformation in services offered by firms and the capability profile of professional staff.

Hang on to your hats – 2025 is going to quite a ride for the profession.