Anastasia Kalaitzaki: Accounting firms are no longer just 'crunching numbers'

Eurofast CFO Anastasia Kalaitzaki examines the changing face of the accounting profession and the importance of consistent development and maintaining a healthy work-life balance to deal with all the latest tech trends that are forcing the professional services sector to evolve.

Given the rapidly evolving global business landscape, what role do you expect accounting firms to play in the future and how do you envision their function and influence?

Accounting firms are quickly moving beyond traditional roles; we’re no longer just “crunching numbers” – we’re driving value and transformation. In a data-rich environment, accounting firms are evolving into strategic advisors, especially as data analytics and artificial intelligence make numbers “smarter.” At Eurofast, we foresee our role as a navigator for clients amid the complexity of regulatory changes, digitalisation and ESG standards. More than ever, we need to be agile, tech-savvy and human-centric to offer the insights and support that truly resonate with clients’ strategic goals. After all, behind every figure and every decision is a person or a team – and that’s where our human touch makes the difference.

What are the most significant challenges you currently face as CFO of a prominent professional services firm?

Leading in today’s environment feels like steering a ship through rapidly changing seas. One significant challenge is balancing the pace of technological adoption with ensuring that our team is fully equipped to wield these new tools effectively. At Eurofast, we prioritise training and continuous development so that our team can stay ahead of the curve but the speed of change means that we have to be proactive. Additionally, as a firm that values diversity, we work hard to ensure that all team members, regardless of gender or background, have equal opportunities to thrive in leadership roles. And of course, maintaining a work-life balance is a big focus for us – nobody likes burnout (or grumpy accountants!).

With revenue streams from professional services evolving significantly, how do you see the future of traditional services like audit/assurance, tax, and advisory/consultancy? Which service lines do you anticipate seeing the most growth over the next five years and are there emerging areas or new opportunities that you are exploring?

While traditional services remain core, they’re being reshaped by digital tools, automation and a greater emphasis on strategic insight. Tax, for instance, is no longer just about compliance but is also relevant to proactive planning and international structuring in a way that aligns with evolving global standards. In the next five years, we anticipate notable growth in advisory services related to ESG, cyber compliance and digital transformation. Many clients, particularly in tech and finance, are seeking guidance on sustainable practices and we’re exploring tailored ESG advisory services to help businesses integrate sustainability into their operations. In a way, we’re becoming strategic partners on our clients’ growth journeys, which is exactly where we want to be.

What major trends, both global and local, do you see reshaping the professional services industry and how is the accountancy profession adapting to these changes?

Globally, digitalisation and sustainability are the twin forces reshaping the professional services industry. Locally, Cyprus is also aligning with these shifts as clients increasingly value ESG initiatives and are open to digital solutions that simplify processes. Firms like Eurofast are adapting by investing heavily in technology and data analytics, which allow us to deliver more precise and proactive advice. We’re also seeing a rise in demand for services that support remote and flexible working environments. This flexibility is a growing expectation, not just for clients but for our workforce as well – which ties in with our commitment to work-life balance. We embrace this by ensuring that our teams have the tech and support they need to stay connected wherever they are.

How do you envision the future of Cyprus as an international business hub and what steps are essential to enhance the country’s global appeal and competitiveness?

Cyprus has tremendous potential as a business hub, given its strategic location, skilled workforce and favourable tax environment. To capitalise on this, further investment in digital infrastructure and alignment with global standards in areas like data security and ESG will be key. Additionally, promoting more industry-specific incentives, particularly in tech and green sectors, could attract new investors. At Eurofast, we advocate for a business environment that not only attracts global companies but also fosters local talent development – this is the foundation of a sustainable, competitive market. Cyprus is well-positioned to serve as a bridge for companies looking to expand into Europe and the Middle East, but that bridge needs to be solid, modern and attractive to withstand future demands.

As the industry evolves, what new skills or competencies do you consider critical for your workforce to maintain a competitive edge in the professional services sector?

In the future, our teams will need a combination of technical expertise and adaptability. Digital literacy is now essential, especially as data analytics and AI play an increasingly important role in our work. At Eurofast, we are heavily focused on training initiatives that foster digital skills and analytical thinking across all departments. But beyond tech skills, it’s the human skills – empathy, collaboration, effective communication, etc. – that set us apart. We are committed to cultivating leaders who bring these qualities to the table, especially as we continue to promote women in leadership roles. After all, technology may provide the tools, but it’s people who bring real value to clients.

(Original photo by Michalis Kyprianou)

This interview first appeared in the November edition of GOLD magazine. Click here to view it.