Accounting firms are facing significant pressure to invest in technology, including AI, and to operate more efficiently as the industry consolidates. Increasingly, the race for scale is being funded by private equity.

To wit, this week, two more Top 30 US accounting firms announced they’d received private equity investment, which means that a third of the 30 largest CPA firms in the US now have at least some backing from PE companies, which have been consolidating accounting practices and supercharging their growth.

Carr, Riggs & Ingram (CRI) and PKF O’Connor Davies—the 25th and 27th largest CPA firms by net revenue, according to Inside Public Accounting—each announced on Monday that they’d received investments from private equity firms.

One to grow on. PKF will use the cash infusion to “accelerate growth and enhance [its] competitive position in the accounting, tax and advisory verticals,” Vitali Bourchtein, principal at Investcorp, said in a press release. PKF said its newly “strengthened balance sheet provides flexibility for increased M&A activity as well as investing in cutting-edge technology and new service lines.”

For more on PE’s move into accounting firms, click here.—GD

Your accounting firm may get a bit more expensive next year.

According to a survey by software provider Ignition, 57% of accounting firms plan to raise their prices across the board in 2025. The vast majority—88%—expect an increase of 3%–10%.

The survey polled 345 US Ignition customers in August. Three quarters of the firms (75%) surveyed had annual revenues below $1.4 million.

Currently, the majority of firms (around 58%) charge between $1,000 and $2,000 for a business tax return, while around 61% charge between $250 and $749 a month for bookkeeping and accounting.

More than half of the surveyed firms (56%) provide CFO and controller services. There’s a wide variance in what those firms charge, but 27% charge more than $2,500 a month. About three-quarters of firms (76%) said they’ll increase prices for CFO and controller services next year, with 77% stating they’ll raise fees between 5% and 10%.

Click here to keep reading about accounting service price hikes.—CV

High-income shoppers drove another strong quarter for Walmart. “Households earning more than $100,000 made up 75% of our share gains,” president and CEO Doug McMillon said during an earnings call.

Walmart reported 5.5% revenue growth and 5.3% US same-store sales growth year over year. It raised its guidance for the third time this year, increasing its net sales outlook to 4.8%–5.1% growth and its EPS projections to $2.42–$2.47.

Customers are responding positively to Walmart’s efforts to become an “omni” retailer offering in-store purchases, curbside pickup, or delivery, CFO John David Rainey said during the earnings call. While US in-store sales grew in Q3, curbside and delivery sales outpaced them, McMillon said. Rainey did note in a CNBC interview that the retailer may have to raise some prices if President-elect Trump’s proposed tariffs are implemented.

Higher-income consumers seem to appreciate being able to buy from Walmart without, well, actually setting foot in a Walmart store.

To keep reading, click here.—CV