Tawny Schaffer, Managing Director, Armanino Advisory LLC

In an interview with Invest:, Tawny Schaffer, managing director of Armanino Advisory LLC, shared how the Texas market is booming right now, how Armanino’s entrepreneurial and innovative culture sets it apart from others, and key partnerships they have in place to foster talent, especially in preparing the next generation of financial leaders.

What have been some of the most significant achievements for Armanino in the North Texas region?

It has been a transformative year for us at Armanino. We have seen significant growth, especially over the last five years since I joined. We have almost doubled in size every year. This past year, we opened an office in India and have maintained a strong focus on innovation. These moves align with broader industry trends, like globalization and the integration of tech-driven services across accounting and consulting. Armanino’s ability to evolve while staying true to our core values of entrepreneurship and community impact showcases the direction the industry is heading towards by creating a more diversified and future-forward set of advisory services.

One of our standout achievements this year was the successful restructuring and sale of a health tech firm’s diagnostic assets. Our corporate finance and restructuring team managed the transaction efficiently, creating a favorable outcome for all parties involved. This effort reinforces the trust our clients place in us to lead complex transactions, providing both financial stability and growth opportunities.

In another case, we helped a real estate and construction firm implement Workday, an ERP solution. This project was not just about implementing the technology but also about integrating it with their other critical systems and modifying their operational processes. Many companies invest in technology but do not get the full benefit because they do not modify their processes to use it effectively. At Armanino, we help our clients maximize their technology investments, which sets us apart from other firms.

What gives Armanino its competitive edge from other firms in the region?

Armanino has a distinctive culture. We are an entrepreneurial and innovative firm, partly because we started in Silicon Valley. That tech-driven environment shaped our approach to business. We hire incredibly smart people and empower them to “figure it out” as we go along. As the marketplace evolves, so do we. We aim to meet our clients where they are. That is what makes us unique as we are not just giving a pretty PowerPoint presentation with recommendations; rather, we embed ourselves with our partner clients and help them execute those recommendations. It is this level of partnership and execution that really sets us apart.

Additionally, we do not burden our employees with bureaucratic rules. This allows them to focus on meeting client needs. We also invest in their development through online and on-the-job training. Leadership and communication skills are just as important as technical expertise. Our culture encourages people to experiment and try new things. We allow space for failure because that is where innovation happens. This type of environment fosters growth and creativity, which helps us retain talent.

What makes North Texas an ideal location for Armanino, and what factors have driven your growth here?

It is no secret that the Dallas-Fort Worth metroplex is booming. Texas has a favorable tax environment, which attracts both individuals and companies. The area itself is attractive to people; there is a lot to do, and the weather is generally good. The real estate market here, at least historically, has been favorable, although with more people moving in, we are seeing prices increase. Still, the combination of a favorable tax environment, a great lifestyle, and good universities churning out talented graduates makes it an ideal place for growth. These factors have been key in our success in North Texas.

What are some of the key industries that have contributed to your growth, and where do you see the most opportunity moving forward?

Healthcare is a great industry to be in because it is essential and indispensable as everyone needs healthcare, and that is not going away, especially as the population ages. Similarly, everyone needs a place to live, so real estate and construction are strong industries as well. Armanino has distinct expertise in these sectors, and we focus a lot on industries like technology, healthcare, real estate, and construction. The boom in these areas in the Dallas-Fort Worth Metroplex has been favorable for us. Technology is our number one client industry group; this is no surprise given our Silicon Valley roots. In addition, we embed technology in both how we go to market and how we deliver services.

How are you integrating innovations, such as artificial intelligence-driven solutions, to create efficiencies for your team or to better serve clients?

Every one of our clients is being asked to do more with fewer resources, especially in the current interest rate environment where money is tight. Additionally, there are not enough accounting and finance students entering the workforce, and experienced professionals are aging out. The best way to address this is through automation. However, technology alone is not the answer. It must be implemented by knowledgeable humans. This creates a huge demand for specialized, technology-driven consulting services. Clients are looking for integrated solutions powered by automation and data analytics. At Armanino, we are navigating this shift with tools like Audit Ally, an AI-driven platform for SOC 2 assessments that improves compliance and efficiency. We have also expanded our services to include functional advisory and digital transformation initiatives to help our clients adapt to a fast-changing technological landscape.

Are there any partnerships you have in place to continue promoting the accounting profession for younger generations?

We are embedded in recruiting programs at universities across the country. In Dallas-Fort Worth and Texas, we recruit from all the big universities. We are members of the Texas Society of CPAs, the AICPA, and several industry organizations. Personally, I am involved in the Healthcare Financial Management Association (HFMA), which is for healthcare financial leaders. HFMA holds educational conferences throughout the year to help people meet their continuing professional education requirements. HFMA also mentors younger professionals at the start of their careers, helping them develop leadership skills by involving them in event planning, networking, and finding speakers.

At Armanino, many of us embed ourselves into industry and accounting organizations to help nurture the next generation of professionals. Our goal is to impart the knowledge and expertise we have gained throughout the years while also learning from them. This younger generation has grown up with technology, which is second nature to them. In contrast, those of us who have been in the workforce longer have had to learn and adapt to new technologies.

Armanino is a collaborative organization. While there is always hierarchy in a company, we do not have a bureaucratic structure. We focus on getting the best out of each team member, no matter their experience level. The younger generation brings unique skills to the table, and we value that.

What makes Armanino unique compared to other organizations, especially in terms of diversity?

Armanino has had a significant focus on diversity for a long time, particularly in getting women into leadership positions. This year, for the second consecutive year, 50% of our new partners are women, which is unheard of in many organizations. But our focus on diversity goes beyond gender. We celebrate and promote diversity in all forms, with various cultural programs and initiatives to educate everyone about the benefits of diversity. This focus makes us stand out in the industry.

What is your outlook for Armanino in North Texas over the next two to three years, and what are your top priorities moving forward?

Our outlook is one of continued innovation and expansion. We expect growth in industries like technology and healthcare, where there is a growing need for specialized accounting, finance, and operational consulting services. Despite economic uncertainties, we believe that businesses willing to innovate will thrive. The key is helping these organizations understand what innovation really means.

A lot of attention is on artificial intelligence (AI) right now. AI is important, but it is part of a broader automation continuum. It starts with chatbots and extends to AI using natural language processing. Not every point on the continuum will be right for every organization. Our job is to help companies determine where they fit and what kind of automation will best serve them.

One thing executives are turning to us for is guidance on incorporating AI into their long-term strategies. However, using AI is like working with an inexperienced staff member. You have to train it, guide it, and verify the information it provides. The foundation of any AI deployment is clean data, which is often the hard part that no one wants to talk about. If you do not have clean data, AI will not work properly. We help companies clean up their data to ensure they are ready for AI.