Ryan Morris, Partner, Sheppard Morris CPA

Miami’s rapid economic and demographic growth is reshaping the accounting landscape, and CPA firms are evolving their model to stay ahead. Invest: caught up with Sheppard Morris CPA Partner Ryan Morris to discuss how AI is transforming workflow, how client expectations are shifting, and why South Florida’s migration trends and business climate continue to fuel strong demand for advisory services. “The demand is here — our challenge is supply,” said Morris.

What have been the biggest changes for Sheppard Morris in the Miami area over the past year?

Integrating AI has been the biggest shift for us. It has completely changed our workflow. The pace of the AI revolution is moving faster than the internet boom or even the Industrial Revolution. Work that used to take 10 to 15 associates can now often be done better and faster with a subscription-based tool. You can even see the impact on employment rates among 22- to 24-year-olds. Before AI took off in 2022, unemployment for that group hovered around 4%; now it’s closer to 10%. That tells us that the demand for traditional white-collar entry-level roles is already changing.

How do you see AI reshaping the broader accounting profession, especially given ongoing talent shortages?

I still want to prepare tax returns, but the pace of AI makes me wonder whether, years from now, I’ll look back and remember doing it manually. Tax returns are the bulk of our business, and most government forms can already be entered into tax software through non-AI technology. With generative AI, the shift will accelerate. It may help solve the manpower shortage, but high-quality advisors will still be needed, especially for high-net-worth families and complex businesses. Accountants aren’t going anywhere, but the type of work people are hired for is changing. Future roles will focus on guiding the ship rather than doing manual data entry.

How do you ensure your staff is prepared to work effectively with AI tools?

The tax software we use, a Wolters Kluwer product, already had strong APIs and OCR capabilities before this AI boom. Our team was using automated document upload and scan functions early on, which reduced manual input and helped everyone get comfortable with tech-enabled workflows. Beyond that, we spend a lot of time with NVIDIA’s online tools. They offer great insight into how GPUs, generative AI, and custom environments work.

As a smaller firm, we can be more hands-on with customization. I’m a bit of a tech geek, so I look at how to integrate AI directly into our portal so uploaded client documents can flow into our system without human input, with staff acting as reviewers instead of data processors. We’re applying the same logic to email. The goal is to automate the routine work and let people spend their time on higher-value tasks. We learn as we go, and we lean into technology.

How would you describe the state of the accounting and advisory sector in Miami today? What opportunities do you see?

The market is fantastic. Consolidation is happening everywhere. I get emails all the time from firms asking if we’re interested in selling or merging. But with fewer people entering accounting, being a young practitioner who’s committed to growing organically is a great position. Clients usually switch firms for one of three reasons: their accountant retires, their accountant gets acquired and they don’t like the integration, or they simply aren’t getting the service they expect.

We benefit from all three scenarios. We’re staying who we are. We serve high-net-worth families, individuals, and businesses, and clients like the boutique, white-glove feel. With offices in Las Olas and Brickell, we’re in the major markets, and people moving from New York and California want that level of service. There’s more demand than supply down here.

What shifts are you seeing in what clients want from you today?

Multifamily offices are the way of the future. Clients want practical advice and strong collaboration. They want us to work seamlessly with their other advisors — estate attorneys, financial advisors, bankers. They want reliability. Can they count on me to pick up the phone for 10 minutes when something urgent comes up? That matters. We’re in a time-based business, and that makes responsiveness hard, but it’s essential.

They also want fees that make sense and align with the value they receive. While hourly billing is still standard in the industry, we try to take a different approach through holistic fixed fees for most of our family office services. It needs to work for both sides — the client should feel they’re getting value, and we should be compensated fairly for the work.

How have economic headwinds or new legislation affected your high-net-worth clients’ priorities?

The new tax bill has created a lot of opportunities. Changes to qualified small business stock, bonus depreciation, and higher lifetime exemptions all present planning advantages. It comes down to understanding a client’s risk appetite — whether they want exposure to real estate, acquisitions, or other investments — and tailoring a tax strategy around those goals. Every family faces different challenges, and our job is to stay adaptive and aware of how new legislation affects them.

What factors are driving growth for Sheppard Morris, specifically in Miami?

We’re winning because of the net migration to South Florida. As the region improves private schools, transportation, and its tech workforce, we attract higher-net-worth founders, investors, and companies. We’re already seeing it with major firms building along the bay. But the feedback we hear consistently is that talent, transit, and education need to keep pace. Families want access to schools. Employers want access to skilled workers, especially in tech. The demand is here — our challenge is supply. We need more high-quality advisors to meet the level of service clients expect.

What is your outlook for your firm and for the broader accounting industry over the next two to three years?

I’m optimistic. South Florida has everything people look for in terms of live, work, and play. The key will be how business leaders and government leaders work together to build an ecosystem where everyone can thrive. People need to afford where they live and build a life here. Businesses need predictable regulation. Investors need reliable returns. If we get that right, the whole market benefits.

Another major opportunity is integrating AI into our local systems, including permitting and development. If we could replace a three-month committee review with a 15-minute AI analysis, projects would move faster, housing would increase, and infrastructure would improve. Strong collaboration between business and government, combined with AI adoption, could create an exceptional local economy. I’m confident the region is moving in that direction.