Andry Panteli on the accounting sector's challenge to blend advanced tech with client care

Andry Panteli, CEO of P.G. Economides & Co Ltd, reflects on the fast-shifting business landscape and the necessity of staying one step ahead to maintain a competitive edge in the accounting world.

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 evolving along with the business landscape and must be seen as business partners in guiding clients through a fast-changing world. Our role is about more than numbers; it’s about understanding clients’ goals and offering clear, practical advice. As we and our clients integrate more technology, we must support them to adapt to new challenges and grow their businesses. Furthermore, through advanced tech, data analysis and reporting capabilities, accountants will provide insightful data or analyse the data, assisting businesses in their decision-making. In a nutshell, accounting firms are evolving into consulting firms rather than being limited to our accounting and tax services, by using our collective knowledge and experience in supporting our clients on their business journey.

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

Our main challenge is blending advanced tech with client care. Clients need quick answers and data-driven insights but they also want a trusted team that they can rely on. Equally, ensuring that our team stays well-trained and confident with new tools is essential. As firms, as an industry and a country, we must invest more in training and create an environment where our people feel empowered, skilled and connected to clients’ needs. Another challenge facing our profession is the fact that, over the last few years, it has become particularly tough to attract good talent. Our firm faces this challenge by offering competitive packages, maintaining a great working environment by building team spirit, inclusion and career opportunities and by promoting life-work balance. Enhanced regulation and monitoring, although much needed and welcome, drive running costs up and, in some cases, create friction with clients and even loss of business. Of course, the overly strict banking environment does not help either.

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?

Traditional services like financial audits and tax will remain crucial but we see real growth in areas like tech auditing and consulting, digital risk management and compliance advisory. Furthermore, we anticipate reporting being further enhanced with sustainability reporting requirements (ESG) which are implemented globally.

All of these meet new client needs and bring opportunities to support fast-growing industries. Our goal is to stay ahead with the skills and tools that help clients take informed, strategic decisions.

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?

The industry is shifting to automation and digital solutions to meet higher client expectations and comply with tougher regulations. Locally, transparency is a key trend, while globally, fast data-driven decisions are essential. Firms are adopting these tools, freeing up more time to offer clients hands-on support and valuable advice. Also, as already mentioned, sustainability rules and reporting requirements are a major factor in reshaping the industry. The profession plays a pivotal role in shaping these requirements and, as a firm, we stay ahead of the curve by applying advanced training and adopting processes in order to be able to cope with these changes.

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 long been a preferred jurisdiction for international business, thanks to its favourable tax policies, skilled workforce, strategic location and other key advantages. To further strengthen its position, maintaining high regulatory standards and investing in digital infrastructure will be crucial. Additionally, fostering a closer partnership between the public and private sectors will ensure that Cyprus remains an attractive destination for global businesses seeking both stability and innovation.

The evolving global landscape offers new opportunities for Cyprus to solidify its role as a leading international business hub. Ongoing discussions around tax reforms, expected to align with global transparency and regulatory standards, should further enhance the country’s appeal to international investors. Moreover, to meet the growing demands of international businesses and their employees, there must be continued investment in critical infrastructure, including digital connectivity, transport, sustainable energy, healthcare and education. These improvements will ensure that Cyprus remains a competitive and future-ready hub for global commerce.

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?

To succeed, our team must be skilled in digital tools, data analysis and client relationship management. Beyond technical knowledge, we value adaptability and critical thinking. We emphasise continuous training to ensure that our people are ready to meet modern demands and serve clients with insight and confidence. Tech is evolving but it still remains a tool. Our firm bets on people and personal service.

(Original photo by Giorgos Charal)

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