Relationship ROI: How CPAs Are Thriving

By Larry Feld, Contributing Writer On Nov 17, 2025

CPA firms are experiencing an unprecedented period of consolidation. However, this Pac-Man-like merger frenzy is not a sign of financial weakness. On the contrary, Accounting Today magazine reports 37% of its top 100 firms are experiencing impressive double-digit year-over-year growth. The recent influx of hedge fund investment has provided the capital for deep-dive investments in talent, software, and strategic resources to support niche development in new ways. 

In particular, the impressive organic growth can be credited to the meteoric rise in revenue from client advisory services (CAS) in support of deepening niche development. According to the 2024 CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey report, CAS-related revenue is anticipated to double over the next three years. The report, surveying 206 US firms, projected a median growth rate of 99% over the next three years. That is in addition to the 61% increase in median annual CAS revenue reported from 2022 to 2024. 

“I see client advisory services as a way to create additional touch points and increase the level of client service in a more significant way,” notes AJ Johnson, president of the New Jersey State Society of CPAs. 

“Firms feel they will be able to grow by leveraging the tools and resources around them. For example, I spoke recently to a firm with a strong bookkeeping practice. It is looking to expand by providing additional services such as fractional CFO services,” she says.

Interestingly, the portfolio of services that a firm classifies as advisory services means different things to different firms. At Smolin Lupin, Chris Barchetto, CPA, member of the firm and a leader of their Client Advisory Services practice, explains how CAS adds value to his firm’s clients. 

“For some clients, their weakness is in bookkeeping and accounting. For others, we take it up one more notch. Sometimes the bookkeeper’s pretty solid, and maybe they want controllership or CFO advice,” he explains. “Maybe they keep a really good set of books, but when it comes to making a decision, they need advice. Do I purchase this vehicle or lease it? What are the tax implications if I do this or that?”

“Advisory can be as simple as filling a gap or as sophisticated as helping the client make business decisions. They have questions: What’s our overhead? What’s our breakeven? What are the key performance indicators against our competitors?” 

Smolin’s strong niche practices are also providing the firm’s clientele with unique access to both deep expertise and comparative data, which can be leveraged to uncover growth opportunities and efficiencies. “The Smolin advantage is depth. When you’re doing bookkeeping or controllership services for, let’s say, a contractor, our collective niche insights make a difference. We can benchmark their KPIs against 70 other contractors in our universe. CAS represents a way to fulfill a client’s strategic mission,” he says.

For larger firms, such as EisnerAmper, client advisory services play a strategic role in assisting both private and public companies; in particular, helping the board of directors gain perspective and oversight in an increasingly complex compliance environment. 

“Board composition is changing,” notes Jerry Ravi, partner and risk and compliance market growth leader at EisnerAmper. “Demographics are also changing. The responsibility that boards and audit committees have today requires oversight regarding governance, risk, and compliance. It has all heightened over the years since Sarbanes-Oxley.”

Ravi explains that advancements in IT and cloud computing are also opening the door to more client advisory services. As a result, clients are striving for both regulatory compliance and more forward-thinking financial strategies. In response, professionals like Ravi are playing a more active consultative role. “We are spending more time with clients, which is really important. It’s a big driver for strengthening client relationships throughout.”

Nina Chmura, CPA, leader of the Outsourced Accounting Systems and Services practice (OASyS) at Withum Smith+Brown, PC, has also witnessed tremendous change in her 21 years at the firm.

“The client accounting services landscape has evolved over the last 15 years. The catalyst for advisory services’ growth was when financial data moved to the cloud,” she explains.

“Remote services leverage the right people doing the right things for a much more efficient cost structure than when we had to spend a day at a client site doing a little bit of everything. When I think about our value proposition, it really is in supporting clients in a more leveraged, scalable fashion.”

Chmura describes Withum’s CAS offerings as “everything from accounts payable, accounts receivable services through staff accounting and controller services to fractional CFO services and any mix in between.”

Chmura has witnessed accounting services mature into a more strategic role. “What started as getting that historic write-up stuff done has turned into real-time accounting and real support for our clients. What began as a bookkeeping service we provided to avoid having a mess at the end of the year has evolved. Today, we’re delivering insights and analysis that are extremely beneficial.”

While Withum’s steady growth can be at least in part due to its expanding OASyS effort, Chmura says the firm is measured by the way it supports its clients in delivering the best available solution. “We don’t have to be a jack of all trades,” Chmura explains. “What we do in the outsourced accounting world is be the center of the wheel. When we see an issue and a need for a client, we’re going to be that go-between to bring that team in,” she says.

“I’ve been doing this for 28 years,” adds EisnerAmper’s Jerry Ravi. “We’ve helped many organizations, private and public, strengthen governance, risk management, and really enhance and protect company value,” he says. 

While working predominantly with public companies, the firm remains committed to its many privately-held clients as well, connecting the firm’s technical expertise with their clients’ strategic priorities.

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