Most Attractive Niches for Smaller Accounting Firms

With the current dynamics of the accounting industry (e.g., AI getting better, staffing is problematic, consolidation with PE buying large regional CPA Firms), the tea leaves are changing quickly and what used to be hot is not.  

That said, here are gaps in the marketplace that have tons of potential.

International Taxation with bilingual trained staff - Although the current administration is provincial, the demand for international tax services is extremely high. Over the past twenty years, our marketplace for commerce has exploded and the need for multi-lingual staff could not be higher.

Healthcare Professionals - Although medical practice niches have disappeared with consolidation, there are niche opportunities with dental, veterinary, and mental health practices.

Construction Subcontractors - Although construction audits are not popular, significant demand to develop a niche with HVAC, plumbers, electricians, roofers/siders and construction trades are popular.

Cannabis and CBD Industry - The cannabis accounting niche is complicated but demand continues to spread. IRC 280E, inventory tracking and cash-heavy businesses need help.  

Nonprofits and Church Accounting - Nonprofit accounting is often mission driven. Grant tracking, 990s, fund accounting and fraud prevention are critical.  Another twist on the same type of accounting is church accounting.

Content Creators, Social Media Influencers and Online Businesses - With the growth of digital marketing and video (TikTok, Instagram, YouTube), this space is larger than you realize.  Accounting for content creators and social media influencers is a great way to attractive niche.  

Fractional CFO and Outsourced Controllership - This niche cuts across all industries and only for experienced operators. Fixed fee (menu pricing) and ability to ward off feature creap engagements are critical.