Spotlight On: Paul Fried, CEO, Smolin
August 2025 — In an interview with Invest:, Paul Fried, CEO of public accounting firm Smolin Lupin & Co., LLC, discussed the evolving challenges and opportunities in New Jersey’s accounting industry, including labor shortages and technological advancements, emphasizing strategic adaptations to maintain growth and service excellence amid industry shifts. “We remain confident in our ability to navigate these industry challenges while continuing to deliver high-quality services,” Fried said.
What changes over the past year have most impacted Smolin, and in what ways?
Smolin has continued to bring on new equity partners, a practice we have maintained consistently over the last several years and throughout our firm’s history. This development is particularly exciting as it reflects our sustained growth and success in New Jersey. Additionally, we have promoted numerous staff members across various levels, from staff to supervisor, supervisor to manager, and manager to director. These promotions not only enhance our current operations but also support our future growth as we prepare these individuals for partnership roles.
Another significant milestone was our headquarters office relocation. After many years in Fairfield, New Jersey, we moved into a new, modern office in Parsippany earlier this year. The new space has been well-received, and we are proud of this upgrade. In addition, one of our longtime partners, John Szczomak, was named president of the New Jersey State Society of CPAs, which is a tremendous achievement. We’ve recently been honored with several notable recognitions that reflect our values and impact. We received a Community Partner Award from Collier Youth Services, celebrating our commitment to giving back. For the third consecutive year, NJBIZ has named us one of the Best Places to Work in New Jersey, an acknowledgment of our strong workplace culture. Also, at the 2025 Silver Gull Awards, hosted by the Monmouth Ocean Development Council, we were proud to receive the Economic Development Award.
Internally, we implemented a program to identify rising stars within the firm, establishing a clear path to partnership. Additionally, we revamped our website, launching a more user-friendly and modern platform for clients and prospects. While such updates may seem minor, they reflect our commitment to innovation and client service.
How would you describe the state of the accounting and advisory industry in New Jersey, and how is Smolin positioned within it?
The accounting industry in New Jersey remains strong, though it faces several challenges, many of which are national in scope. The most pressing issue is the tightening labor pool for professional staff. Over the years, enrollment in accounting programs at colleges has declined, creating significant hiring difficulties. Compounding this, many professionals now seek hybrid or fully remote work arrangements, a trend observed in both our New Jersey and Florida markets. This shift has forced businesses, including our clients, to invest heavily in IT infrastructure to accommodate remote work. At Smolin, we have made substantial investments in our IT systems to ensure seamless remote operations.
The labor shortage has also led to wage pressures, increasing operational costs across the industry. As a service-based business, our people are our most valuable asset, and rising costs inevitably impact client fees. To mitigate these challenges, we have explored strategies such as outsourcing and technology integration to improve efficiency and control expenses.
Despite these hurdles, Smolin is well-positioned in the market. Our growth, which is both organic and through acquisitions, has been robust and strategically managed. We remain confident in our ability to navigate these industry challenges while continuing to deliver high-quality services.
What types of businesses or sectors are driving the most demand for accounting, audit, and consulting services in the region?
Smolin has always prioritized diversification to avoid over-reliance on any single sector. We serve clients across multiple industries, including, but not limited to, real estate and development, manufacturing, healthcare, distribution, and logistics. Recently, demand has grown significantly on the advisory side. Clients increasingly seek our guidance in navigating post-pandemic challenges, technological advancements, and workforce dynamics, particularly the shift toward remote work.
Many businesses now look to us to function as an extension of their internal accounting departments, handling record-keeping and additional functions due to their staffing shortages. Compliance work, including but not limited to tax and audit services, also remains in high demand, often driven by banking requirements. Lenders frequently mandate up-to-date financial reporting as a condition for financing, and Smolin’s reputation for quality ensures we are a preferred provider. We undergo rigorous peer reviews and PCAOB inspections, consistently earning clean opinions, which reinforces client and prospect confidence in our services. Our ability to deliver high-caliber compliance work, combined with our advisory expertise, positions us as a trusted partner for businesses across these dynamic sectors.
How is Smolin planning to adapt to the evolving landscape of tax services, especially considering the One Big Beautiful Bill that has been signed into law?
Our tax department was emailing our entire office on a regular basis with updates, even while the bill was still being negotiated. This ensured our team was prepared for the changes. When the bill was finalized, all necessary information was disseminated to our team. Immediately, we assigned high-level teammates in our tax department to review and analyze the finalized bill. We knew exactly what we were going to be working with, and we had a head start as we had already conducted several internal training programs. Now, we are bringing that show on the road, with some members of our tax department visiting clients and other entities that have requested our assistance in bringing their teams up to speed on the new bill. Internally, we have developed systems to integrate the new tax law into our year-end planning. While we engage in tax planning for our clients constantly, we ramp up efforts significantly in Q3 and Q4 to ensure all new changes in the tax law are implemented.
What role does technology and automation play in Smolin’s delivery of services, especially in tax and advisory?
Technology plays a pivotal role in our firm, and represents a significant component of our annual budget. We have a dedicated IT department, which is constantly implementing new technology and processes to keep us current. From a technology stack perspective, we constantly review our systems to ensure seamless integration. We believe technology will help us stay ahead of industry changes. I do not believe AI will replace our people, however, we must integrate it into our processes. Our team is continuously learning how to interpret and apply this technology effectively.
AI is a powerful tool—one we must learn to use. While conversations about the ethics of AI in these services and the level of human supervision required is ongoing, we are already beginning to see how it can enhance service delivery in meaningful ways.
Our team understands that when we receive output from AI-driven technology, we must still apply a human touch. AI is not always 100% accurate, as it is artificial intelligence, still learning. We must rely on our skills, intellect, and objectivity. However, in today’s world, we cannot ignore it. We must integrate it into our systems, understand its capabilities, and track its rapid evolution. At Smolin, we are implementing AI, working with it, and ensuring we fully grasp its implications.
What is the outlook for Smolin and the accounting space as a whole in the next two to three years?
We will remain focused amid rapid changes. Our strategy includes onboarding high-level talent, providing proactive and excellent service, and continuously training our staff. A key motto here is “train our successors,” meaning we must grow our partner bench to create opportunities for everyone, from entry-level staff to directors. We are committed to a family-first culture where everyone is respected and appreciated, and our team is our most valuable asset.
At the same time, we plan to grow our client base organically by targeting clients who value our service and expertise. To complement this, we will pursue strategic acquisitions of smaller firms to expand our talent pool. Enhancing and refining our technology remains a priority, as does growing our overseas team. Looking ahead, we also aim to expand our service lines to offer more comprehensive professional service solutions to our clients.
As for the accounting and audit services industry in New Jersey, I see continued growth. Professionals in this industry are smart, and we face challenges daily. New Jersey, despite facing significant financial challenges, has always been a great place to do business. Business owners and entrepreneurs here are sophisticated and recognize the need for professional accounting and advisory support.
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