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HARTFORDBUSINESS.COM | FEBRUARY 6, 2022 23 FOCUS: ACCOUNTING of the historic entry-level roles that first- and second-year employees would have performed. But in a sector that's driving value through relationship and advisory support, Turgeon said, routine tasks like data crunching are most efficiently — and cost effectively — performed through AI technology. But technology upgrades are an additional expense that can be burdensome for smaller firms forced by labor market demands to pay a premium for talent. Glastonbury-based regional accounting firm MahoneySabol LLP, has scaled back some expenses by reducing its office footprint by 40% in light of its remote workforce, and is creating more shared office space, according to firm co-founder Michael Sabol. Sabol said the inflationary pres- sures combined with the shortage of available staff is making accounting firms more selective in taking on new clients — and forcing firms to pass along higher fees. "The cost of (accounting) services across the board is going to keep going up," he said. "And you'll see smaller firms [merging] together and larger firms buying smaller ones." The labor crunch and need for capital to invest in talent and tech- nology has opened up accounting to a growing interest from private equity firms, with one of the first such deals closing in 2021. That's when TowerBrook Capital Partners purchased an ownership interest in New York CPA firm EisnerAmper LLP. It's a new wrinkle in an industry that Andrews said has changed a lot during his nearly 40-year career. "I think we'll see more change in the industry in the next three to five years than we've seen in the last 40," Andrews said. "The key for the profession and for firms is adapt- ability to change." GO TO >> WWW.HARTFORDBUSINESS.COM/ HBJ-EVENTS/WOMEN-IN-BUSINESS-AWARDS TOP 25 NOMINATE TODAY! DEADLINE 2/13/23 DO YOU KNOW AN INFLUENTIAL & INSPIRATIONAL WOMAN, MAKING REVOLUTIONARY MOVES? Source: U.S. Bureau of Labor Statistics