Forvis Mazars: A New Name Emerges in Accounting World

The accounting landscape has witnessed a significant shift with the emergence of Forvis Mazars, a new global network formed through the combination of two established firms: Forvis and Mazars USA. This union signifies a major development in the industry, creating a formidable player with expanded capabilities and a wider reach. For professionals in Nigeria and across the globe, the name Forvis Mazars now represents a force to be reckoned with in audit, tax, and advisory services. The launch of the new network began from 1 June 2024.

The move is more than just a rebranding exercise. It represents a strategic alignment of two firms with complementary strengths, aiming to offer clients a more comprehensive and integrated suite of services. The new network aims to bridge the gap between global expertise and local understanding, a critical factor for businesses operating in diverse markets like Nigeria. For Nigerian companies, the implications are potentially significant, offering access to a wider array of expertise and resources.

This new name signifies a commitment to innovation, client service, and a forward-thinking approach to the evolving demands of the accounting profession. Forvis Mazars enters the market with a clear ambition: to be a trusted advisor and a key partner for businesses seeking to navigate the complexities of the modern business environment. In Nigeria, where businesses are increasingly engaging in cross-border transactions and seeking international best practices, the emergence of Forvis Mazars presents a new avenue for accessing global expertise.

The name change from simply “Mazars” to “Forvis Mazars” is designed to reflect the equal contributions and shared vision of the two merging firms. This rebranding effort is accompanied by a significant investment in technology, talent development, and client service infrastructure. Nigerian businesses can expect to see enhanced service delivery, access to a broader range of specialists, and a deeper understanding of their specific industry needs.

The birth of Forvis Mazars represents a strategic move in the global accounting industry. The former Mazars had a long-standing reputation for its international reach and expertise in areas like auditing and tax compliance. Forvis, on the other hand, was known for its strong regional presence and deep industry knowledge. The merger brings these strengths together to create a firm that can serve clients of all sizes, from small businesses to multinational corporations.

The change in name is not merely cosmetic. It signifies a fundamental shift in the way the firm operates, with a greater emphasis on collaboration, innovation, and client-centricity. For Nigerian businesses, this translates to a more responsive and tailored service experience. Forvis Mazars aims to be more than just an accounting firm; it aspires to be a trusted advisor and a strategic partner.

In the competitive world of accounting, the name “Forvis Mazars” is poised to become synonymous with quality, integrity, and innovation. The firm aims to attract and retain top talent, invest in cutting-edge technology, and provide exceptional service to its clients. This commitment to excellence is particularly relevant in Nigeria, where businesses are seeking reliable and trustworthy partners to help them navigate the challenges of a dynamic and ever-changing market.

Forvis Mazars comes at a time when the accounting profession is undergoing rapid transformation, driven by factors such as technological advancements, regulatory changes, and increasing globalization. This creates a need for accounting firms to adapt and innovate in order to stay relevant and competitive. The creation of Forvis Mazars is a response to these challenges, representing a bold and strategic move to position the firm for long-term success.

Mazars USA & Forvis Combine: A Transformative Merger

The combination of Mazars USA and Forvis is not simply an acquisition; it’s a strategic merger of equals, designed to leverage the complementary strengths of both firms. This union is a transformative event in the accounting world, bringing together Mazars’ international reach with Forvis’ deep industry expertise. The two firms started exploring potential collaboration opportunities some years before the eventual merger.

• Mazars USA: Renowned for its global footprint and expertise in areas such as international tax and audit compliance.
• Forvis: Known for its strong regional presence in the United States and its deep industry knowledge across sectors such as healthcare, financial services, and manufacturing.

The merger brings together approximately 5,400 professionals, creating a substantial force in the accounting and advisory landscape. This increase in size enables Forvis Mazars to offer a broader range of services and resources to its clients, both in the United States and internationally. For Nigerian businesses with operations or aspirations in the US, this expansion of capabilities is particularly relevant.

A key element of the merger is the commitment to maintaining a strong focus on client service. Forvis Mazars aims to provide clients with the best of both worlds: the global reach and expertise of a large international firm, combined with the personalized attention and responsiveness of a smaller, regional firm. This client-centric approach is crucial for building long-term relationships and delivering exceptional value.

The leadership teams of Mazars USA and Forvis have worked closely together to ensure a smooth integration process. This includes aligning cultures, processes, and technologies to create a unified and cohesive organization. The success of the merger hinges on the ability to seamlessly integrate the two firms and leverage their combined strengths.

One of the primary motivations behind the merger was the desire to provide clients with access to a wider range of services and expertise. By combining their resources, Mazars USA and Forvis can now offer a more comprehensive suite of audit, tax, and advisory services. This is particularly important for businesses operating in complex and highly regulated industries.

The merger also provides significant opportunities for professional development and growth for the employees of both firms. By combining their talent pools, Forvis Mazars can offer its employees a broader range of career paths and opportunities for advancement. This is crucial for attracting and retaining top talent in a competitive market.

The transformative nature of this merger extends beyond the two firms involved. It is also expected to have a ripple effect on the broader accounting industry, potentially leading to further consolidation and strategic alliances. The industry is constantly evolving, and firms must adapt in order to remain competitive.

Forvis Mazars aims to be a leader in the accounting profession, not just in terms of size and revenue, but also in terms of innovation, client service, and employee satisfaction. The merger represents a bold step towards achieving this goal. The firm is well-positioned to navigate the challenges of a dynamic and ever-changing market and to provide its clients with the expertise and support they need to succeed.

Global Reach, Local Expertise: Forvis Mazars’ Unique Model

Forvis Mazars aims to differentiate itself in the competitive accounting landscape by offering a unique blend of global reach and local expertise. This model is particularly appealing to businesses operating in international markets like Nigeria, where understanding both global trends and local nuances is crucial for success. The firm boasts a significant global presence, with offices and affiliates in numerous countries across the globe.

The “global reach” aspect refers to the firm’s ability to provide clients with access to expertise and resources in virtually any market around the world. This is particularly valuable for businesses that are expanding internationally or that have complex cross-border operations. For Nigerian companies seeking to invest or trade abroad, Forvis Mazars can provide invaluable guidance and support.

The “local expertise” aspect refers to the firm’s deep understanding of the specific business environment, regulations, and cultural nuances of each market in which it operates. This local knowledge is essential for providing clients with tailored solutions that are relevant and effective. In Nigeria, this means having professionals who understand the local tax laws, regulatory requirements, and business practices.

The firm’s global network allows it to seamlessly coordinate services across different countries and regions. This is particularly important for multinational corporations that require consistent and coordinated support across their global operations. Forvis Mazars can act as a single point of contact for clients, streamlining communication and ensuring a consistent level of service.

This unique model is built on a foundation of collaboration and knowledge sharing. The firm encourages its professionals to work together across different locations and service lines, sharing their expertise and insights to benefit clients. This collaborative approach fosters innovation and allows the firm to provide clients with the best possible solutions.

Forvis Mazars invests heavily in training and development to ensure that its professionals have the skills and knowledge they need to serve clients effectively in a globalized world. This includes providing opportunities for international assignments, language training, and cross-cultural communication skills development. This investment in human capital is essential for delivering high-quality service to clients around the world.

For Nigerian businesses, the combination of global reach and local expertise offered by Forvis Mazars is particularly valuable. The firm can provide assistance with a wide range of issues, including:

• International tax planning and compliance
• Cross-border mergers and acquisitions
• Transfer pricing
• Global regulatory compliance
• Market entry strategies

By combining global reach with local expertise, Forvis Mazars is well-positioned to serve as a trusted advisor to businesses operating in the complex and dynamic global marketplace. The firm’s commitment to collaboration, knowledge sharing, and investment in human capital ensures that it can provide clients with the expertise and support they need to succeed.

This model is not without its challenges. Maintaining consistency in service quality and cultural alignment across a global network can be difficult. However, Forvis Mazars is committed to addressing these challenges through strong leadership, clear communication, and a culture of continuous improvement.

Services Expanded: Audit, Tax, & Advisory Offerings Grow

The merger that created Forvis Mazars has significantly expanded the range of services offered to clients. While both Mazars USA and Forvis had established practices in audit, tax, and advisory, the combination has created a deeper and more comprehensive suite of offerings. This expansion is particularly beneficial for businesses seeking a one-stop shop for their accounting and consulting needs.

In the area of audit, Forvis Mazars offers a full range of services, including:

• Financial statement audits
• Internal control audits
• Compliance audits
• Special audits

The firm’s audit professionals have deep industry knowledge and experience, allowing them to provide clients with insightful and value-added audit services.

In the area of tax, Forvis Mazars offers a wide range of services, including:

• Tax planning and compliance
• International tax
• State and local tax
• Transfer pricing
• Tax controversy

The firm’s tax professionals can help clients navigate the complexities of the tax landscape and minimize their tax liabilities.

In the area of advisory, Forvis Mazars offers a diverse range of services, including:

• Risk management
• Financial consulting
• Management consulting
• Technology consulting
• Transaction advisory

The firm’s advisory professionals can help clients improve their performance, manage their risks, and achieve their strategic goals.

The expanded range of services offered by Forvis Mazars is particularly beneficial for businesses operating in complex and highly regulated industries. The firm has deep industry expertise in sectors such as:

• Healthcare
• Financial services
• Manufacturing
• Technology
• Real estate

This industry expertise allows Forvis Mazars to provide clients with tailored solutions that are relevant to their specific needs.

For Nigerian businesses, the expanded range of services offered by Forvis Mazars is particularly valuable. The firm can provide assistance with a wide range of issues, including:

• International tax planning and compliance
• Cross-border mergers and acquisitions
• Transfer pricing
• Global regulatory compliance
• Market entry strategies

The merger has also allowed Forvis Mazars to invest in new technologies and capabilities, such as data analytics and artificial intelligence. These technologies enable the firm to provide clients with more insightful and data-driven advice.

By expanding its range of services, Forvis Mazars is well-positioned to serve as a trusted advisor to businesses of all sizes and in all industries. The firm’s commitment to innovation, client service, and investment in human capital ensures that it can provide clients with the expertise and support they need to succeed.

The firm is also committed to providing its clients with a seamless and integrated service experience. This means that clients can work with a single team of professionals who can provide them with all of the services they need.

Client Benefits: Deeper Resources, Broader Industry Focus

The creation of Forvis Mazars brings numerous benefits to its clients, primarily stemming from the increased depth of resources and a broader industry focus. These benefits are especially relevant for businesses operating in Nigeria, seeking to compete effectively in both local and international markets. Clients of both legacy firms will experience immediate advantages from the merger.

One of the most significant benefits is access to deeper resources. Forvis Mazars has a larger pool of talent, expertise, and technology than either Mazars USA or Forvis had individually. This allows the firm to provide clients with more specialized and comprehensive services. For Nigerian businesses, this means access to a wider range of experts who can help them address complex challenges.

The broader industry focus is another key benefit. Forvis Mazars has deep industry knowledge across a wider range of sectors, including:

• Healthcare
• Financial services
• Manufacturing
• Technology
• Real estate
• Energy

This allows the firm to provide clients with tailored solutions that are relevant to their specific industry. For Nigerian businesses operating in these sectors, Forvis Mazars can offer valuable insights and advice.

Clients also benefit from the firm’s expanded global reach. Forvis Mazars has offices and affiliates in numerous countries around the world, allowing it to provide clients with access to expertise and resources in virtually any market. This is particularly valuable for Nigerian businesses that are expanding internationally or that have complex cross-border operations.

The merger also allows Forvis Mazars to invest in new technologies and capabilities, such as data analytics and artificial intelligence. These technologies enable the firm to provide clients with more insightful and data-driven advice. For Nigerian businesses, this means access to cutting-edge tools and techniques that can help them improve their performance.

Clients can expect to see a more seamless and integrated service experience. Forvis Mazars is committed to providing clients with a single point of contact who can coordinate all of their service needs. This streamlines communication and ensures a consistent level of service.

The merger also allows Forvis Mazars to offer clients more competitive pricing. By combining their resources, the firm can achieve economies of scale and pass those savings on to its clients. This is particularly important for Nigerian businesses, which are often price-sensitive.

Clients can also benefit from the firm’s commitment to innovation and client service. Forvis Mazars is constantly looking for new ways to improve its services and deliver greater value to its clients. This includes investing in training and development for its employees, as well as developing new and innovative solutions.

Forvis Mazars aims to be a trusted advisor to its clients, helping them to achieve their strategic goals. The firm’s commitment to excellence, innovation, and client service ensures that it can provide clients with the expertise and support they need to succeed. Nigerian businesses can leverage these resources to navigate the complexities of the local and international markets.

Leadership Perspective: Strategy & Future Outlook for Firm

The leadership of Forvis Mazars has articulated a clear vision and strategy for the future of the firm. This vision is based on a commitment to innovation, client service, and employee satisfaction. The leadership team comprises individuals from both legacy firms, bringing a wealth of experience and expertise to the table.

The firm’s strategy is focused on several key areas, including:

• Expanding its global reach: Forvis Mazars aims to continue expanding its presence in key markets around the world. This includes opening new offices and forming strategic alliances with other firms.
• Investing in new technologies: Forvis Mazars is committed to investing in new technologies, such as data analytics and artificial intelligence, to enhance its services and deliver greater value to its clients.
• Developing its talent: Forvis Mazars recognizes that its employees are its greatest asset. The firm is committed to providing its employees with opportunities for professional development and growth.
• Delivering exceptional client service: Forvis Mazars is committed to providing its clients with exceptional service and building long-term relationships.
• Promoting diversity and inclusion: Forvis Mazars is committed to creating a diverse and inclusive workplace where everyone feels valued and respected.

The leadership team believes that Forvis Mazars is well-positioned to succeed in the dynamic and ever-changing accounting industry. The firm has a strong foundation, a clear strategy, and a talented team of professionals. The future outlook for the firm is positive.

The leadership team is also focused on ensuring a smooth integration of the two legacy firms. This includes aligning cultures, processes, and technologies to create a unified and cohesive organization. The success of the integration is critical to the firm’s long-term success.

For Nigerian businesses, the leadership’s commitment to global reach, technology investment, and talent development translates to a firm that is well-equipped to understand and address their unique needs. The leadership’s vision of exceptional client service ensures that Nigerian clients will receive the highest level of support and expertise.

The leadership also recognizes the importance of adapting to the changing needs of its clients. The accounting industry is constantly evolving, and Forvis Mazars must be able to adapt in order to remain competitive. This includes developing new services and solutions to meet the emerging needs of its clients.

The leadership is also committed to maintaining the firm’s strong reputation for integrity and ethical conduct. Forvis Mazars is committed to upholding the highest standards of professionalism and ethics in all of its dealings. This is particularly important in Nigeria, where trust and integrity are highly valued.

The leadership team is confident that Forvis Mazars will become a leading player in the global accounting industry. The firm has a strong foundation, a clear strategy, and a talented team of professionals. The future outlook for the firm is bright. For Nigerian businesses, this means having access to a reliable and trustworthy partner who can help them achieve their strategic goals.

Market Impact: How Forvis Mazars Will Reshape Competition

The emergence of Forvis Mazars is poised to have a significant impact on the competitive landscape of the accounting industry. With its increased size, expanded service offerings, and global reach, the firm is well-positioned to challenge established players and reshape the market dynamics. This impact will likely be felt in Nigeria as well, as businesses seek to partner with firms that can offer comprehensive solutions and global expertise.

One of the primary ways Forvis Mazars will reshape competition is by providing clients with more choices. The firm offers a compelling alternative to the Big Four accounting firms, as well as other large national and regional firms. This increased competition is beneficial for clients, as it drives innovation and puts downward pressure on fees.

Forvis Mazars is also expected to compete aggressively for talent. The firm’s strong reputation, global reach, and commitment to employee development make it an attractive employer for accounting and consulting professionals. This increased competition for talent will benefit the industry as a whole, as it forces firms to invest more in their employees.

The firm’s expanded service offerings will also have a significant impact on the market. Forvis Mazars offers a comprehensive suite of audit, tax, and advisory services, making it a one-stop shop for clients. This allows the firm to compete for larger and more complex engagements.

For Nigerian businesses, the emergence of Forvis Mazars means having access to a wider range of service providers. This increased competition can lead to lower fees, better service, and more innovative solutions. Nigerian businesses can also benefit from the firm’s global reach, which can help them expand their operations internationally.

The market impact of Forvis Mazars will also be felt in the area of technology. The firm is committed to investing in new technologies, such as data analytics and artificial intelligence, to enhance its services and deliver greater value to its clients. This investment in technology will force other firms to do the same, leading to innovation and improved service quality across the industry.

Forvis Mazars is also expected to play a role in driving consolidation in the accounting industry. The firm’s merger with Mazars USA is a sign of the times, as firms seek to grow their size and scale in order to compete effectively. This consolidation is likely to continue in the coming years, as firms seek to gain a competitive advantage.

The firm’s commitment to client service will also have a positive impact on the market. Forvis Mazars is committed to providing its clients with exceptional service and building long-term relationships. This focus on client service will force other firms to raise their game in order to compete.

Overall, the emergence of Forvis Mazars is a positive development for the accounting industry. The firm’s increased size, expanded service offerings, global reach, and commitment to innovation and client service will drive competition and benefit clients around the world, including those in Nigeria.

Key Challenges & Opportunities for the Newly Formed Firm

The newly formed Forvis Mazars faces both significant challenges and exciting opportunities as it navigates the competitive accounting landscape. Successfully addressing these challenges and capitalizing on the opportunities will be crucial for the firm’s long-term success and its ability to deliver value to clients in Nigeria and beyond.

Key Challenges:

• Integration of Cultures: Merging two firms with distinct cultures and operating styles is a complex undertaking. Successfully integrating the cultures of Forvis and Mazars USA will require careful planning, clear communication, and a commitment to creating a unified and cohesive organization.
• Maintaining Client Service Levels: During the integration process, it is crucial to maintain high levels of client service. Any disruption to client service could damage the firm’s reputation and lead to client attrition.
• Retaining Talent: Mergers can sometimes lead to employee turnover, as individuals may feel uncertain about their future or may not fit into the new organizational structure. Retaining key talent is essential for the firm’s long-term success.
• Managing Global Complexity: Operating as a global network requires navigating complex regulatory and cultural differences. The firm must have the resources and expertise to manage these complexities effectively.
• Competition from Established Players: Forvis Mazars faces stiff competition from established players in the accounting industry, including the Big Four firms. The firm must differentiate itself and offer a compelling value proposition to attract and retain clients.

Key Opportunities:

• Expanded Market Reach: The merger provides Forvis Mazars with access to a wider range of markets and clients. This expanded market reach creates opportunities for growth and increased revenue.
• Enhanced Service Offerings: The merger has expanded the firm’s service offerings, allowing it to provide clients with a more comprehensive suite of solutions. This is particularly valuable for businesses seeking a one-stop shop for their accounting and consulting needs.
• Investment in Technology: The firm has the opportunity to invest in new technologies, such as data analytics and artificial intelligence, to enhance its services and deliver greater value to its clients. This investment in technology can help the firm differentiate itself from its competitors.
• Attracting Top Talent: The firm’s strong reputation, global reach, and commitment to employee development make it an attractive employer for accounting and consulting professionals. This creates opportunities to attract and retain top talent.
• Serving the Nigerian Market: Forvis Mazars has the opportunity to serve the growing and dynamic Nigerian market. Nigerian businesses are increasingly seeking professional services to help them navigate the complexities of the local and global economy.

For Nigerian businesses, the key is to observe how Forvis Mazars navigates these challenges and seizes these opportunities. A successful integration and strategic focus will translate to a stronger partner capable of providing valuable insights and support for their growth and success. It is important for Nigerian businesses to assess their needs and determine if the expanded capabilities and global reach of Forvis Mazars align with their strategic objectives.