Specialize and Strategize: The Keys to Smarter CPA Firm Growth
Building stronger, more sustainable CPA firms begins with embracing niche service offerings and being strategic with your client relationships.
By Robert Albertini | Digital Exclusive – 2025
As the accounting profession continues to evolve, so too must certified public accountant (CPA) firms looking to stay relevant and competitive. Whether you’re just starting out or aiming to expand, it’s important to know that growth doesn’t happen by chance—it requires deliberate strategy, including
specializing in emerging areas and implementing thoughtful client vetting practices.
Here’s how CPA firms can position themselves for long-term success and resilience in an increasingly complex market.
The Power of Specialization
A CPA firm is by no means a one-size-fits-all practice. Fortunately, in today’s market, there are more niche practice areas than ever before, giving CPAs more flexibility to specialize in their areas of interest and expertise to set themselves apart from the competition. If your firm is interested in branching out, you may want to consider one or more of the following growing specializations:
- Sustainability: A growing practice area for CPAs to specialize in involves integrating environmental, social, and governance (ESG) goals into a client’s business operations and plans. By attesting to their client’s sustainability initiatives, CPAs can help companies become more appealing to ESG-focused customers and investors.
- Forensics and Valuation Services: CPAs specializing in business valuations and forensic accounting use detailed and technical analysis to provide expert testimony, perform internal investigations, conduct valuations, and more. Notably, to become specialists in this field, CPAs will need to obtain a certified in financial forensics credential.
- Personal Financial Planning: Making personal financial decisions has grown complicated in recent years, increasing the need for trusted advisors. While providing financial advisory services offers many growth opportunities for firms, it’s important for CPAs to be aware of the risks that come with this specialized practice area, including conflicts of interests, scope creep, privacy concerns, liability and legal issues, ethics, and more.
- Audit, Attest, and Assurance: These are vital services that CPAs must help companies perform, as they ensure the financial information a company reports to stakeholders is accurate, trustworthy, and compliant with standards.
- Government: CPAs can provide a variety of required and in-demand services for governmental entities, such as financial, compliance, and investigative audits. They may also review expenditures, analyze financial viability, and testify to committees. Accounting professionals interested in auditing for governmental agencies should consider getting a certified governmental audit professional certification to differentiate themselves.
- Not-for-Profit (NFP): NFP work often focuses on compliance, financial reporting, assurance, and governance. CPAs looking to expand into the NFP sector may want to get an NFP certificate from the AICPA.
Strategic Client Selection
Bringing in new clients is exciting, but you can’t have a completely open-door policy at your firm. For instance, when evaluating potential clients or reevaluating existing clients, be mindful of your firm’s capacity. If your current clients are taking up a disproportionate amount of your time, it can lead to overworked staff and little to no time for expansion of your practice. Overall, you want clients who use your expertise and resources wisely, are responsive, and have minimal risk.
Here are some tips to consider when vetting, signing on, or culling clients.
Vetting New Clients
Remember, when you take on new clients, you’re also taking on additional risk. Before moving forward with a new client, consider:
- Reviewing the prospective client’s credit and tax history. This can help you look for any potential red flags and give you a background on their financial condition.
- Getting background information on the potential client. This can be as simple as a Google search.
- Speaking with the prospective client’s previous accountant and other professional service providers to learn about the client’s working style and receptiveness to feedback.
- Discussing goals, deliverables, and timelines with your potential client to ensure that you’re both on the same page.
Signing On New Clients
To start off on the right foot with a new client, level set expectations with the following:
- Engagement Letters: Establish the scope of the work, identify responsibilities, note limitations of the engagement, identify receivables and deliverables, set your hourly rate and fee payment schedule, set termination parameters, and include language that limits your liability in the event of a dispute.
- Timeframes: Educate the client on the importance of providing and returning documents on time and discuss the consequences of delayed work or unpaid fees.
- Communication: Let clients know that all communication regarding services should be confirmed in writing and determine an agreed upon method of written communication (e.g., via email or your firm’s client portal).
Culling Clients
While it’s admirable to work with a client for a long time, there are some clients who may not be worth the risk or time. If you’re spending considerable time on clients like this, it hinders your firm’s ability to grow. Here are some reasons why you may want to consider disengaging with a client:
- You often have issues with receiving their payment.
- They’re consistently late on deadlines or have incomplete responses to requests.
- They’re disrespectful to you and/or members of your team.
- You have concerns about the client’s integrity.
- They often have a poor reaction to suggestions and processes.
- There’s been a change in the client’s circumstances, necessitating additional services beyond your expertise.
Growing a CPA firm requires more than just technical expertise—it demands strategic foresight. Expanding into specialized practice areas can help differentiate your firm in a crowded market, while selective client onboarding ensures that your team’s time and energy are used wisely. By embracing specialization and being strategic with client relationships, today’s CPA firms can build stronger, more sustainable practices that serve their clients and their own professional goals more effectively.
Robert Albertini is a senior risk advisor with Aon who has more than 25 years of experience working extensively in professional liability insurance for professional services firms.
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