Adam Thomas, Office Managing Partner, Forvis Mazars
In an interview with Invest:, Adam Thomas, office managing partner for Forvis Mazars, highlighted the importance of updating the story regarding what public accountants do and how they bring value to their clients. “It’s important to tell the story of what a public accountant can do, not just in tax, but also in consulting, data analytics, and private equity, for example. There are so many hot industries that there are plenty of opportunities within our firm for people to find the right place to work and build a career,” he said.
What has been the impact of the recent acquisition of MSL and the expansion of the global network?
In regard to the network, from a larger firm perspective, it allows us to service larger companies, or companies that are looking to expand internationally. It gives our people more opportunities to work on those types of engagements. MSL was a great addition for us in Florida, as they were among the best firms in the state prior to the acquisition. We are proud of the legacy they bring. They have close to 20 people in Tampa whom we added to our team. The integration is ongoing as we are working on syncing up the cultures. We are excited for the healthcare and public sector expertise that they bring and we are excited to add those to our arsenal of industry depth.
What separates the Tampa market from other markets in which the firm operates?
Thinking about the team in Tampa, we have an entrepreneurial and growth mindset. We like to be out in the community. When I think about the Tampa Bay community, I see the exact mirror image of that: a community that is focused on growing in the right way, as well as being inclusive to new residents and businesses. I see a lot of collaboration that is not seen in other comparable major cities. The spirit of our team and the spirit of the Tampa Bay region align very well.
What trends are emerging in accounting and advisory services?
The hot topic currently is what the economy is doing. There is so much uncertainty around it. It feels both good and bad at the same time. There are a lot of unknowns with the economy. Forvis Mazars is well equipped to help our clients think through this and to be a leader in the community when it comes to understanding the current economic landscape and how to navigate it. We want to be in a position where we are helping our clients unlock their full potential. We want a seat at the table when they are making decisions. We do this through our audit, tax and consulting practices. We want to be a value-add partner with all our clients in whatever they are doing. The economy at large is the elephant in the room for many of our clients. We can talk our clients through all their different questions because we have deep industry knowledge across sectors.
Our growth in the Tampa Bay region has been all around private equity, from working with the funds to working with the companies once they have made investments in the region. We help our clients think through pre-transaction advisory and post-transaction advisory with things such as audit and tax. This happens across different sectors, such as insurance, construction, commercial products, and healthcare.
A lot of the growth that has come to Tampa Bay in the last several years has been linked to private equity. Although private equity investment slowed down a little in 2024, but it is expected to ramp up in 2025. A lot of the private equity funds had money to spend but between interest rates and valuations they were not able to make the numbers work in their favor. We expect these firms to ramp up and be active again in the upcoming year.
How is Forvis Mazars tailoring its services to meet the needs of clients in the region?
Healthcare and construction have been among the growing sectors in the region given the migration to the state and the age of the population. In both of those industries we want to be the firm that those types of companies gravitate toward. We want to be known as the solution finder for construction and healthcare. When we talk to entities in those industries, we want to be able to speak to all of their issues, including talent, mergers and acquisitions, and regulations.
How is technology and artificial intelligence advancing the accounting and consulting space?
We have been investing in different AI tools, such as using data analytics to evaluate a huge set of journal entries or using machine learning tools to evaluate contracts more efficiently. We are implementing these types of capabilities. As an industry, we may not be the frontrunners but we know we need to continue to find ways to leverage technology. The more we can use analytics, modeling, and AI, the better we will be in a position to help clients. We are also working to expand our platform in regard for digital assets.
What is the state of the talent pool available to the industry?
We certainly need more accountants. Part of this is going to come with more competitive compensation in our industry as a whole. The other part that can improve is updating the narrative of what an accountant is and showing what career opportunities may look like. People think of us as number crunchers but, really, we are more than that. We are problem solvers. Most of the problems we solve have numbers in them, which is part of it, but it is being able to think outside the box and use critical thinking skills and communication skills. In some cases, this may be even more important than being able to add a huge set of numbers together. It’s important to tell the story of what a public accountant can do, not just in tax, but also in consulting, data analytics, and private equity, for example. There are so many hot industries that there are plenty of opportunities within our firm for people to find the right place to work and build a career. As an industry, we have not been able to tell that story very well.
What is your outlook for the industry moving forward?
Workforce development and attracting people who want to choose accounting as a major in college and get a job as a public accountant is going to be key for the industry. Updating the story regarding what working in the industry entails is a key part of that. Secondly, staying current with the sweeping technology tools and changes. As a firm, we are focused on responsibly implementing these types of technological changes. We have an innovation hub within the firm that is trying to understand how to best leverage the different technologies. For us, there is also the ongoing integration of the different groups that have become part of our larger firm in the last couple of years. We do not want to lose sight of what is most important, which is both our people and our clients and helping both of those groups unlock their full potential.
