4 min read January 2024 — In an interview with Invest:, Yelena Epova, Atlanta office leader and international practice leader at Aprio, discussed the firm’s rapid growth, expansion into new markets, and initiatives in diversity and consulting. Additionally, she addressed the challenges in the current economic landscape and shared insights into the firm’s future strategies.
What have been the key milestones and achievements for the firm over the past year?
This past year, our firm has continued to be the No. 1 fastest-growing business advisory and accounting firm in the United States. This growth is exciting but also brings challenges, especially in integrating new offices. We’ve expanded significantly, adding offices in most major cities, and are planning to add more. Our expansion isn’t just geographical; we’re also broadening our skill sets. For example, after merging with a firm in DC, we acquired a significant government contracting practice. This expertise is now being leveraged in other locations, including Atlanta, which is a key area for us given the presence of organizations like the CDC.
In Atlanta specifically, we’ve seen substantial growth. We’re constantly adding new clients and staff, including several new partners. We had a merger in Conyers, which surprisingly brought us an office in Boston. Among the new additions in Atlanta, we’ve appointed a leader for our global mobility practice and added a Korean partner and team, expanding our international reach. We also introduced a director for customs and tariffs, a new business line.
Another major initiative has been our focus on Black-owned businesses and historically Black colleges. We launched the Black Business Forum this year, which has been very successful, with an impressive return on investment.
Finally, we’ve started focusing on the LGBTQ segment, a brand new endeavor that we’re planning to grow significantly in 2024.
What efforts is the firm making to attract and retain top talent, especially in a competitive market?
Attracting top talent is a significant challenge, particularly because fewer students are choosing accounting. We’re actively working with CPA organizations and other major firms to encourage more people to enter the field. Our recruitment efforts are extensive, with a large team visiting numerous colleges, especially in the Southeast, that have prominent accounting programs. This year, we hosted 150 interns, offering a comprehensive program that includes various activities like race games.
Regarding retention, we offer numerous benefits, including mentorship, training, and even life coaching. The working environment has also adapted to modern needs, offering flexibility for those who prefer remote or hybrid arrangements.
Our firm has been recognized repeatedly as an employer of choice, with high ratings on platforms like Glassdoor and several awards for being a great employer in various regions. The growth of our firm provides employees with vast opportunities to utilize and develop their skills. The potential for career advancement here is substantial, making it an attractive place for ambitious individuals.
With the establishment of the Black Business Segment and the LGBTQ Business Segment in the firm, what impact do these initiatives have on diversity and inclusion within the firm and the broader Atlanta business community?
The Black Business Segment has been a significant step for us, particularly in Atlanta, where there’s a large number of successful Black-owned businesses. This initiative isn’t just for business development; it’s also been instrumental in recruiting and retaining Black talent. It resonates with our employees, as seen in events like the one we held yesterday, where our Black employees served as brand ambassadors, actively participating and expressing their satisfaction with our efforts. This initiative contributes significantly to diversity and inclusion in our workforce, and it’s not just for appearances – we’re genuinely committed to it.
Regarding the LGBTQ segment, the decision to focus on this area was informed by the realization that a significant portion of Gen Z identifies as LGBTQ. We aim to not only attract new business but also to create an inclusive and safe environment for our employees. Although this initiative is still in its early stages, the enthusiasm and energy from those involved are palpable. We’re planning more for this segment in 2024.
With an increasing demand for consulting services, how are you evolving your offerings to meet the needs of your clients
Our goal is to ensure that at least 40% of our work involves consulting. We currently offer over 60 different consulting services, often responding proactively to market demands. We constantly add new offerings and bring in high-level experts to lead these practice lines. Our services range from cybersecurity and M&A consulting to financial consulting and more. For instance, the new tax laws in 2022 required us to adapt quickly, providing compliance and planning services for our clients.
Technology plays a vital role in our consulting services. We’re increasingly using AI to enhance our efficiency and have implemented various software solutions to improve our productivity. For example, we’re introducing a new time entry system that automates time tracking. This technological adoption is crucial, not just for client services but also for internal efficiency, especially given the current labor shortage.
Additionally, to address the recruitment challenges mentioned earlier, we’ve established offices outside the United States, in the Philippines and Colombia. These offices are not just about expanding our global footprint; they’re also about tapping into the enthusiasm and talent available in these regions. The team in the Philippines, for instance, is incredibly excited to be part of a progressive American company, and we see a lot of potential there.
What are the key concerns you see among your clients in the current economic landscape?
Our clients, like us, are facing labor shortages, particularly in the manufacturing and distribution sectors. We’ve responded by adding a consultancy practice tailored to these sectors, offering advice on streamlining processes to reduce dependency on labor. Talent acquisition remains a challenge across various industries.
The rising mortgage rates and the state of commercial real estate present further challenges, especially given our significant real estate practice. Additionally, recent tax laws, particularly those affecting R&D, are causing concerns. Companies are hesitant to invest in R&D if they can’t deduct expenses for tax purposes.
However, these challenges also bring opportunities. For example, the global shift in hiring patterns, accelerated by remote working trends during COVID-19, allows companies to hire globally. This is advantageous for us, given our focus on global business. Our international business has grown significantly, with services now offered in 60 languages and a team comprising over 350 foreign-born professionals. This global expansion presents a substantial opportunity for our firm, as clients increasingly need to operate on an international scale.
What is your outlook for the firm and the accounting and consulting industry in the next few years?
We expect continued growth, both in the U.S. and internationally. Growth is essential to better serve our clients. This means expanding geographically and enhancing our skill sets and service offerings. We foresee opening more offices, potentially including new ones outside the U.S.
We plan to increasingly focus on consulting services, staying ahead of market trends and client needs. The exact split between our traditional accounting services and consulting work will be determined over time, but we’re committed to being at the forefront of new consulting offerings. Embracing more technology and AI will be key to increasing our efficiency.
I anticipate our workforce will become even more diverse, reflecting our global focus and initiatives. This diversity isn’t just a checkbox for us; it’s a reflection of the markets we serve and the kind of inclusive organization we strive to be. By next year, we expect a significant portion of our workforce to be foreign-born, with increased representation from diverse communities such as the Black and Latino communities. Our diversity goals align with market needs and our vision for the firm.
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