AI Opportunity Assessment

AI Opportunity for Mazars in US: Enhancing Accounting Operations in New York

AI agent deployments can drive significant operational lift for accounting firms like Mazars in US. This analysis outlines how AI can streamline workflows, improve accuracy, and enhance client service delivery within the accounting sector, based on industry-wide trends and benchmarks.

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20-30%

Reduction in manual data entry time

Industry Accounting Benchmarks

10-15%

Improvement in audit accuracy rates

Global Audit Technology Reports

40-60%

Automation of routine client inquiries

AI in Professional Services Studies

1-2 wk

Faster month-end close cycles

Accounting Operations Surveys

Why now

Why accounting operators in New York are moving on AI

The accounting industry in New York, New York faces a critical juncture, with AI-driven operational efficiencies rapidly becoming a competitive necessity.

Navigating Labor Costs in New York Accounting Firms

Accounting firms in New York, like Mazars, are contending with persistent labor cost inflation, a trend that significantly impacts profitability. Industry benchmarks indicate that for firms with 400-500 professionals, personnel costs can represent 50-65% of total operating expenses. This pressure intensifies when considering the specialized talent required for complex tax, audit, and advisory services. Without strategic intervention, firms risk seeing their same-store margin compression accelerate, making it harder to invest in growth or client services. Many firms are exploring AI to automate routine tasks, thereby optimizing staff allocation and potentially reducing the need for incremental hiring in administrative and junior associate roles. Reports suggest that AI-powered automation in areas like data entry and document review can reclaim 10-20% of staff time previously spent on these activities, according to recent industry surveys.

The Accelerating Pace of Consolidation in Professional Services

Market consolidation is a significant force across professional services, impacting accounting practices nationwide and within New York. Larger, well-capitalized firms, often backed by private equity, are acquiring smaller and mid-sized players to achieve scale and broader service offerings. This trend, observed in adjacent sectors like wealth management and tax preparation services, creates an imperative for firms to enhance efficiency and client value to remain competitive. Operators in this segment must demonstrate superior operational leverage to be attractive acquisition targets or to effectively compete against larger, consolidated entities. The ability to scale operations without a proportional increase in headcount through AI adoption can be a key differentiator in this environment. IBISWorld reports indicate that M&A activity in the accounting sector has seen a steady increase over the past five years, driven by the pursuit of market share.

Shifting Client Expectations and Competitor AI Adoption in New York

Clients across all industries now expect faster turnaround times, more proactive insights, and a seamless digital experience, pressures acutely felt by accounting firms in competitive markets like New York. Competitors, including global accounting networks and agile digital-native firms, are actively deploying AI agents for tasks ranging from client onboarding and data analysis to predictive financial modeling and compliance checks. For instance, AI tools are reducing audit cycle times by an average of 15-20%, per analyses from accounting technology forums. Firms that delay AI adoption risk falling behind in service delivery speed and the depth of insights they can offer, potentially losing clients to more technologically advanced competitors. The ability to leverage AI for enhanced client communication and personalized advisory services is becoming a crucial factor in client retention and acquisition strategies within the accounting sector.

The Imperative for Operational Agility in the New York Market

Accounting firms in New York are facing an evolving regulatory landscape and increasing demand for sophisticated advisory services, necessitating greater operational agility. AI agents offer a pathway to streamline compliance processes, enhance data security, and improve the accuracy of financial reporting, reducing the risk of errors and penalties. Industry studies suggest that AI-powered compliance monitoring can reduce manual review time by up to 30%. Furthermore, the ability to rapidly scale services up or down in response to client demand or market shifts is critical. Firms that embrace AI-powered workflows can achieve greater flexibility, allowing them to better serve a diverse client base, from startups to large enterprises, and maintain a competitive edge in the dynamic New York business environment. This strategic adoption is key to unlocking significant operational lift and securing future growth.

Mazars in US at a glance

What we know about Mazars in US

What they do

Forvis Mazars LLP operates as the U.S. member of the global Forvis Mazars network, formed in June 2024. This partnership combines the U.S. operations of Mazars Group with Forvis, which emerged from the mergers of BKD and DHG. The firm has its roots in a 1945 accountancy practice founded in France and has expanded to over 100 countries, employing more than 40,000 professionals. Headquartered in Springfield, Missouri, Forvis Mazars has major offices in New York, Charlotte, Chicago, and Dallas. The firm offers a range of services, including audit, assurance, tax, advisory, and consulting. They focus on providing customized solutions for growth-oriented enterprises and individuals, with specialized offerings in areas like cryptocurrency and fintech assurance. The firm emphasizes technical excellence, ethics, and a commitment to delivering an unmatched client experience through tailored solutions.

Where they operate

New York, New York

Size profile

regional multi-site

AI opportunities

6 agent deployments worth exploring for Mazars in US

Automated Client Onboarding and Data Collection

The initial client onboarding process in accounting firms is often manual and time-consuming, involving extensive data requests and verification. Streamlining this phase allows accounting professionals to focus on higher-value advisory services sooner, improving client satisfaction and reducing project ramp-up time.

Up to 30% reduction in onboarding time— Industry reports on professional services automation

An AI agent that guides new clients through data submission requirements, automatically validates submitted documents against predefined criteria, and flags discrepancies or missing information for human review, thereby accelerating the start of client engagements.

Intelligent Document Review and Analysis

Accounting professionals spend significant time reviewing and analyzing vast amounts of financial documents, contracts, and tax forms. Automating the initial review and identification of key data points or potential risks can drastically improve efficiency and accuracy, reducing the likelihood of errors.

20-40% faster document processing— AI in professional services benchmarks

An AI agent capable of ingesting and analyzing diverse financial documents, extracting critical data points, identifying non-compliance issues, and summarizing key findings for review by human accountants, thereby speeding up audit and tax preparation processes.

Proactive Tax Compliance Monitoring

Staying abreast of constantly changing tax laws and regulations across jurisdictions is a complex challenge for accounting firms. An AI agent can continuously monitor for legislative updates and assess their impact on client portfolios, enabling proactive advice and risk mitigation.

5-10% reduction in compliance-related queries— Accounting technology adoption studies

An AI agent that scans regulatory and legislative updates relevant to accounting and tax law, cross-references these changes with client data, and alerts tax professionals to potential impacts or required actions, ensuring timely and accurate compliance.

AI-Powered Research and Knowledge Management

Accessing and synthesizing relevant accounting standards, case law, and industry best practices is crucial for providing expert advice. An AI agent can rapidly search and curate information from extensive databases, saving valuable research time for staff.

Up to 50% reduction in research time— Professional services AI implementation case studies

An AI agent that acts as an intelligent research assistant, capable of understanding complex queries and retrieving, summarizing, and synthesizing information from internal knowledge bases and external professional resources to support client advisory.

Automated Audit Evidence Gathering

The audit process involves significant effort in gathering and verifying supporting documentation for transactions and balances. Automating routine evidence collection frees up auditors to concentrate on analytical procedures and judgment-based tasks.

15-25% increase in audit efficiency— Institute of Internal Auditors technology reports

An AI agent that interfaces with client systems and internal firm tools to automatically request, collect, and organize audit evidence, flagging any anomalies or missing documentation for auditor attention.

Client Query Triage and Response Augmentation

Accounting firms receive a high volume of client inquiries, many of which are routine or repetitive. Efficiently managing these queries and providing timely, accurate responses is key to client retention and satisfaction.

10-20% decrease in response times for common queries— Customer service automation benchmarks in professional services

An AI agent that monitors client communication channels, categorizes incoming queries, provides initial automated responses for common questions, and routes complex issues to the appropriate human expert, ensuring faster and more organized client support.

Frequently asked

Common questions about AI for accounting

What types of AI agents can benefit accounting firms like Mazars in US?

AI agents can automate repetitive tasks in accounting, such as data entry, invoice processing, and reconciliation. They can also assist with client onboarding by extracting and verifying information, and support audit processes by identifying anomalies and patterns in large datasets. Furthermore, AI agents can enhance tax preparation by gathering relevant data and flagging potential issues, freeing up human accountants for higher-value advisory work. Industry benchmarks show that firms implementing these agents see significant reductions in manual processing times.

How do AI agents ensure data security and compliance in accounting?

Reputable AI solutions for accounting are built with robust security protocols, including data encryption, access controls, and regular security audits, aligning with industry standards like SOC 2. They are designed to handle sensitive client data in compliance with regulations such as GDPR and CCPA. Integration with existing secure systems and adherence to internal data governance policies are crucial. Many AI platforms offer audit trails for all actions performed by agents, enhancing transparency and accountability.

What is a typical timeline for deploying AI agents in an accounting practice?

The timeline for AI agent deployment varies based on complexity and scope. A pilot program for a specific function, like accounts payable automation, might take 2-4 months from initial setup to full integration. Larger-scale deployments across multiple departments could range from 6-12 months. This includes phases for assessment, configuration, testing, integration with existing ERP or accounting software, and user training. Firms often start with a focused use case to demonstrate value quickly.

Can Mazars in US start with a pilot program for AI agents?

Yes, pilot programs are a common and recommended approach for accounting firms to explore AI agent capabilities. A pilot typically focuses on a well-defined, high-impact process, such as client query handling or document review. This allows the firm to assess the technology's effectiveness, measure initial operational lift, and refine the deployment strategy before a broader rollout. Pilot success metrics are usually defined upfront, focusing on efficiency gains and accuracy improvements.

What are the data and integration requirements for AI agents in accounting?

AI agents require access to structured and unstructured data, typically from accounting software, ERP systems, client portals, and document management systems. Integration is usually achieved through APIs or direct database connections. Data quality and standardization are key for optimal performance. Many AI solutions are designed to integrate seamlessly with common accounting platforms, minimizing disruption. Firms should ensure their data is accessible and well-organized for efficient agent training and operation.

How is training handled for AI agents and accounting staff?

AI agents are trained on specific datasets and workflows relevant to their assigned tasks. This training is often an iterative process managed by AI specialists and subject matter experts within the firm. For accounting staff, training focuses on how to interact with the AI agents, interpret their outputs, and leverage the insights gained. Many AI providers offer comprehensive training modules and ongoing support to ensure smooth adoption and effective collaboration between humans and AI.

How do AI agents support multi-location accounting firms?

AI agents can standardize processes and provide consistent service levels across multiple locations. They can centralize data processing, manage workflows remotely, and offer 24/7 support for common inquiries, regardless of geographic location. This scalability is crucial for firms with distributed teams. Benchmarks suggest that multi-location firms can achieve significant operational efficiencies and cost savings by deploying AI agents to streamline inter-office communication and task management.

How can accounting firms measure the ROI of AI agent deployments?

ROI for AI agents in accounting is typically measured by tracking key performance indicators such as reduced processing times for specific tasks (e.g., invoice processing, data entry), decreased error rates, improved staff productivity, and faster client response times. Quantifiable benefits also include cost savings from automation and the ability to handle higher volumes of work without proportional increases in headcount. Industry studies often highlight significant improvements in operational efficiency and profitability for firms that effectively implement AI.

How much could Mazars in US save with AI agents?

Meo estimates Mazars in US could capture $6.3M–$30.1M in annual savings across 4 automation candidates based on its scale, tech stack, and industry cohort. Typical payback is approximately 2 months. Source: Meo Advisors' internal benchmark model.

Industry peers