New Report Shows Accounting and Advisory Firms Must Step Up To Win Deals

A survey of 400 senior accounting and advisory professionals from the UK and US, undertaken by document automation leader UpSlide, reveals an increasingly competitive landscape with firms looking to capitalise on every opportunity for advantage.

Changing M&A dynamics mean global mega-deal values are still high, but the volume has dropped, pushing the Big Four to pursue smaller, mid-market deals to maintain revenue growth and client engagement. In fact, 80% of boutique to mid-tier firms say they now face the Big Four in the majority of their deals, but only 12% say they uphold a strong win rate (winning 75% of deals).

All firms – regardless of size – must now reassess how to differentiate and compete in an increasingly crowded mid-market space.

What’s preventing firms from competing effectively?

Operational inefficiency, outdated or underutilised software, subpar deliverables, and branding issues were voted as the biggest barriers by accounting and advisory firms. When asked what their top concern was 32% said outdated or limited technology and tools let them down, 20% claimed pitches were not meeting client expectations, and 13% cited poor brand equity as a key disadvantage.

It’s clear that a lack of time and process efficiency or a streamlined, effective tech stack creates problems; however, almost all (99%) of respondents from small to mid-tier accounting and advisory firms recognized that their company struggles with brand-related issues.

More than a third (36%) of respondents from small to mid-tier accounting and advisory firms are concerned about competing against companies with stronger brand recognition, such as the Big Four, whose brand values range from $14bn to $40bn. Yet size is not the only factor affecting brand perception; maintaining a consistent, high-quality customer experience can be a challenge for all firms.

Strong brand identity threatened by acquisitions and mergers 

Inconsistent branding across global/regional subsidiaries or departments was voted the primary obstacle (43%) when it comes to brand reputation. Aligning brand identity in fast-growing or post-merger environments can be challenging, and inconsistency creates confusion and weakens credibility, making firms appear less capable.

A fifth of US respondents and 1 in 10 UK firms said acquiring firms was their main strategy to win more business. Maintaining brand cohesion throughout expansion will therefore remain a critical, yet often neglected, issue. If not managed correctly, it can dilute credibility and competitive edge.

Workflow and process weaknesses hamper growth 

Only 25% of firms are wholly confident that their deliverable creation processes are efficient and do not harm their ability to compete. Smaller firms are expected to produce the same high-quality deliverables as their larger competitors with fewer resources and leaner teams, so efficiency is front of mind.

Under pressure to demonstrate shareholder value through increased deal volume and faster turnarounds, over half (56%) of C-suites appear most concerned about existing document generation workflows. 

Middle management, who oversee the document creation process, are almost as concerned, with 47% agreeing that existing inefficiencies impact their competitive edge.

The AI/automation paradox: recognized value, delayed action

Accounting and advisory firms are at a crossroads. The industry is bought into the potential of AI and automation to meet its current challenges – 85% of firms believe AI/automation is key to remaining competitive – yet almost 45% of respondents admit it’s not currently a priority for their firm.

Previous negative experiences may be the cause of this hesitation, with 34% of respondents stating that historic issues in implementing tools are stopping them from investing in new software. Clearly, those who have failed to maximise the value of existing software are reluctant to embrace innovative technology despite being aware of its advantages. 

In fact, almost all (98%) of firms say they can see the risks in not investing in AI/automation tools. Losing deals emerged as the top issue (40%) for small-mid-tier accounting and advisory firms. Hindering relationships with existing clients and the ability to retain and attract a high-performing workforce were also concerns.

Strategic technology must be integrated efficiently to level the playing field  

Simply buying software doesn’t equal impact. Nearly all (98%) of firms are using a document automation tool, yet only a third are getting maximum usage. A quarter (25%) admit to low or no usage of their automation tool, and the majority of these say the low usage is due to teams not being effectively trained on the tool.

It’s clear that firms must get their tech implementation and strategy right to compete successfully. With the right training, integration, and internal alignment, automation solutions become powerful catalysts for growth rather than an expensive drain on the budget with not enough ROI.  

By strategically investing in these tools to streamline manual, time-consuming tasks such as document creation and financial modelling, firms can increase their capacity for higher-value, strategic work, strengthening their ability to compete. 

Commenting on the report, UpSlide CEO Julien Villemonteix said: 

“Over the past few years, the accounting and advisory sector has undergone significant transformation. From political and economic uncertainty to accelerating technological change, firms are navigating a more complex and competitive landscape than ever before. 

The Big Four, once focused primarily on large, complex transactions, have aggressively expanded into the mid-market to deepen client relationships and capture new growth. At the same time, smaller firms – with their specialist expertise and competitive pricing – are more frequently earning a seat at the table. But this new proximity brings new pressures, as they now find themselves competing directly with global powerhouses that hold clear advantages in scale, brand recognition, and resources.

We’re also seeing a rise in M&A activity within the accounting and advisory space, with firms merging or being acquired to broaden their service offerings or consolidate market share. Private equity investment in mid-tier accounting and advisory firms is accelerating these moves, adding fresh capital but also increasing the need for operational cohesion and a unified brand identity.

In our report, we explore the current state of competition across the sector and the obstacles holding firms back from winning more deals. Challenges like inefficient workflows, inconsistent branding, and underused software are affecting not just productivity but also how firms are perceived in the market and how often they win.

But there’s also a clear path forward; automation and AI, when implemented with purpose and the right partner, can help firms unlock capacity, speed up processes, and deliver consistently high-quality output. The right technology investments can create a more level playing field – and help firms of all sizes compete, grow, and win more consistently.”