Spain and the Nordic countries are all experiencing strong demand for accounting and advisory services, but under very different pressures.
In Spain, AI, tougher regulation and EU-driven initiatives are pushing firms to upgrade skills and systems, while in the Nordics, consolidation, skills shortages and digitalisation are reshaping the market. Across both regions, firms are trying to turn disruption into long-term opportunity.
At the end of last year, Partners Ginebra Mostajo Estrada from MGI Audicon and Marcos Ivars from MGI Ambit in Spain, and Partner Henrik Thomsen from Redmark in Denmark, joined the IAB discussion, sharing their views on how regulation, digitalisation and market dynamics are shaping accounting services and firm strategy in their regions.
In Spain, demand for audit, tax and advisory work remains solid, but clients now expect deeper expertise in AI, data and EU regulation. This, in turn has exposed a skills gap between technical accounting and digital capability, forcing firms to invest in training and new tools.
EU rules on sustainability, tax transparency and digital compliance are creating both new revenue streams and operational strain.
“Firms must invest in technical capabilities and documentation to comply with evolving European requirements, turning regulatory changes into opportunities - but also adding operational pressure,” comments Ginebra.
At the same time, clients want more deliverables and faster deadlines without proportional fee increases, squeezing margins even as workloads grow.
Ginebra still sees strong growth in sustainability/ESG reporting and assurance, data analytics, audit of automated processes, cybersecurity advisory, and EU compliance and funding-related services.
Preparation and assurance of sustainability reports will remain the main growth driver, with more mandatory verifications and clearer national guidance expected. “AI adoption will accelerate, increasing demand for governance and auditability of models,” says Ginebra. “Regulatory pressure on audit quality and independence is likely to continue, forcing firms to improve controls and invest further in specialised talent and automation.”
Consolidation in Spain’s mid-market is picking up as firms seek scale, sector depth and stronger technology platforms. Marcos predicts significant growth in taxation, financial and accounting outsourcing, followed by M&A and human resources services.
“We expect steady growth in demand in the areas indicated above, as well as the adoption of technological solutions that can offset, or at least alleviate, the pressure on the sector,” he says.
In the Nordics, demand for accounting services is strong across audit, tax and advisory, but the market is being reshaped by mergers and acquisitions. Larger firms and investors are acquiring mid-sized practices, while smaller firms merge or exit, leading to a more concentrated landscape. This is happening alongside a persistent shortage of qualified auditors and intense competition for experienced staff.
Despite these pressures, Henrik, partner at Redmark, sees some easing in fee pressure in Denmark. “I think the pressure is less than we saw years ago,” he says. “Quality and requirements have been implemented, and the clients know that this costs extra.” New rules on digital bookkeeping and growing demand for sustainability reporting are driving further digitalisation and advisory work across the region.
Both Spain and the Nordics face a shared challenge: how to manage tight margins, heavy regulatory demands and talent shortages while still investing in AI, digital systems and higher-value advisory services. Firms that can scale, specialise and embrace technology are best placed to succeed as these markets continue to evolve.
MGI Worldwide continues to rank strongly. In the Nordics MGI ranked an impressive 2nd for fee data in 2025. In Spain the network ranks 17th for fee data. It is encouraging to see MGI maintianing its strong and growing presence across these key European regions.
Click the links for more information about our contributing member firms, MGI Audicon, MGI Ambit, and Redmark.
To read both Country Reports in the december edition of the IAB, members can click HERE (login to the MGI Worldwide member portal will be required).
MGI Worldwide is a leading global accounting network and association with over 8,500 professionals, across audit, accounting, tax, legal and consulting, in some 440 locations in 100 countries around the world.
