Nicola Ellam, Managing Principal – New York & New Jersey, (CLA) CliftonLarsonAllen LLP

In an interview with Invest:, Nicola Ellam, managing principal for New York and New Jersey at CLA (CliftonLarsonAllen LLP), discussed how the firm is navigating technological change and economic uncertainty to support its clients. “We are a tech-enabled accounting firm. We will continue to grow our services and maintain our competitiveness on the compliance side, but also accelerate our advisory services and how we support our clients in that way,” Ellam said.

Reflecting on the past year, what have been the most significant changes that have shaped how CLA (CliftonLarsonAllen LLP) operates in New Jersey?

Some of the most significant changes, if we look at external factors, include the recent tax bill. We are in the public accounting profession so the OBBBA, which is what we call the One Big Beautiful Bill Act, has had a significant impact on many of our clients. We are working with them to navigate those changes and plan effectively. 

Additional factors impacting our firm and our clients are the rapid advancements in technology and artificial intelligence (AI). How are we adopting that? CLA has invested $500 million over 10 years into our technology and AI adoption. New Jersey plays a key role in our adoption and has been ground zero for some of our pilot programs, which is exciting. That is because we serve a diverse range of industries, offer a multitude of services, and have many team members. It is a great way to gather feedback on how something will impact our client base. When we are thinking about technology, we are focused on how we leverage AI and other digital solutions to continue to provide a high-touch service to our clients. We are also supporting our clients in their technology journey and considering the overall impact on their business and organization.

The firm is expanding into sectors like healthcare, real estate, and government. What new opportunities or challenges have you observed in these industries?

This year has seen multiple opportunities and challenges across each of the industries we serve. As noted, technology has been a significant one; tariffs and the uncertainty surrounding them have caused disruption to some of our clients’ operations. New Jersey is a huge transatlantic and international base of import. The questions we see from our manufacturing, logistics, or other impacted clients have increased this year. With the potential reshoring of a lot of businesses, there are big opportunities there.

We have also seen regulation changes that have both opportunities and challenges for our clients. Sustainability is an area which continues to lead to innovation. New Jersey is a trailblazer in that area. We have been seeing a lot of emerging technologies in that space, and for us, it is about how we support that growth. Businesses here want to get to net zero more so than other parts of the country. 

With persistent economic uncertainty, what are the most pressing challenges your clients face today, and how is CLA helping them adapt?

One of the biggest challenges we see is with cash flow and how to forecast during uncertain economic times. If you are setting a budget and suddenly your costs go up 15%-20%, you need to adapt. This is compounded when your data is not timely and accurate. We are helping our clients through their digital journey to be able to get that real-time data and make timely decisions regarding their operations and financing. Businesses are exploring different methods of funding, with some looking toward new lines of credit, re-leveraging or seeking additional sources. There is also a lot of consideration around absorbing additional costs or passing them on to the customer. Businesses need to consider the impact on the end consumer and whether this causes them to remain competitive in this market. 

How is CLA strengthening its digital advisory and cyber services for clients in the region?

CLA is making bold moves to strengthen its digital advisory and cybersecurity offerings, positioning itself as a strategic partner for clients navigating today’s complex technology landscape. We launched our digital practice approximately two or three years ago, and in that time, we have significantly increased our workforce and offerings in this area. Our $500 million commitment to technology and AI initiatives underscores our focus on automation, data analytics, and cybersecurity. A key milestone for us was the acquisition of Engine B in 2024, a UK-based AI company, to integrate advanced data solutions and generative AI into CLA’s advisory services.

CLA is evolving its traditional IT and cyber audits into strategic cybersecurity planning. This includes: M365 security assessments, cybersecurity readiness assessments and tailored roadmaps, AI and automation integration, data analytics for risk management and expanded penetration testing and social engineering reviews. These enhancements aim to protect client assets while supporting digital transformation initiatives. 

What are the top priorities for CLA in New Jersey for the next three to five years, and how do they align with the firm’s broader strategy?

We have several initiatives locally – accelerating our advisory and tech-enabled services for the local market whilst continuing to grow our core services (audit, tax, outsourcing); deepening our industry specialization; talent development and pipeline expansion; and strengthening our community engagement. This aligns well with our broader strategy. As a succession-based firm, we aim to be the top provider of professional services for privately held businesses in New Jersey.