Accounting firms pivoting further into advisory, NAB report reveals

The NAB Professional Services report indicates that while tax, reporting, and operational support remain core offerings for accounting firms, firms are increasingly recognising the future value that comes from strategic guidance, analytics, and forward-looking insights.

This shift presents an opportunity to transform existing capabilities into deeper, outcome-focused client relationships.

Kate Bain, executive of professional services at NAB, noted that while technology was reshaping professional services, firms continued to view AI as a supporting capability rather than a replacement for expertise.

“AI stood out as a key theme, but more as a tool to enhance productivity than a threat to professional judgement,” Bain said.

The research demonstrated that talent remained central to firms’ growth ambitions, operational decisions, and future planning.

“Talent sits at the centre of almost every finding, influencing growth strategies, succession plans, AI adoption, and service delivery,” she said.

Across the accounting landscape, firms are reshaping their role as trusted advisers by building strong foundations in tax and planning services.

According to the report, nearly nine out of 10 firms continue to support clients with tax return preparation, tax planning and business planning, helping organisations make confident decisions.

Meanwhile, around eight in 10 extend this support through budgeting, forecasting, GST/FBT preparation, and business strategy guidance.

During an interview with Accounting Times, Adam Holster, relationship banking leader, emphasised NAB’s role in supporting accountants so they can better support their clients.

“Accountants are the most trusted business advisers to their clients, so our role is to support both the accounting firm and its clients with banking expertise, insights, funding and transactional banking solutions that help them grow,” Holster said.

Further to this, Holster highlighted that strong, local relationships remain central to NAB’s approach, and believed that personal relationships continue to make a difference even as technology continues to advance.

“We have dedicated professional services bankers right around the country in both metro and regional locations because we’re relationship-driven, and face-to-face conversations are everything for us.”

“In a world of growing AI and digitisation, we still believe that having trusted local relationships is something that really matters.”

As businesses face changing markets and new challenges, it was found that accounting firms are becoming more than number keepers; they are strategic partners offering practical expertise and reliable support.

Their broad service approach helps clients plan ahead, grow sustainably and navigate the complexities of business.

"We think accountants are uniquely positioned to help businesses connect financial performance with future strategy,” Holster said.

"We think it’s going beyond strategy planning and strategy development work where the real opportunity for accountants is."

Looking forward, professional practices recognise that future value will stem from evolving beyond traditional compliance toward deeper advisory partnerships.

The report identified business strategy as the pre-eminent growth prospect, with most firms ranking it among their primary focal points, alongside business planning and strategic guidance regarding financial growth opportunities.

Conversely, firms highlighted that services which dominate today’s workload, such as tax return preparation, auditing and bookkeeping, are rarely viewed as engines of future growth.

This disparity suggests that whilst compliance remains essential, it is increasingly commoditised and less likely to differentiate firms in a competitive environment.

Over six in 10 people provide business analytics and over four in 10 offer financial planning; however, few nominate these as core growth drivers.

The report indicated that the next phase of growth may be less about inventing new services and more about integrating what firms already do – that is, turning compliance, data and reporting into forward-looking insight.