Uruguay and Argentina: accounting firms adapt to shifting economies
Uruguay and Argentina present two very different economic stories in Latin America: one marked by slow but steady growth, the other by aggressive reform and deep recession. For accounting firms in both markets, the common threads are pressure on fees, rising regulatory complexity, and the need to invest in people and technology to stay competitive.
Earlier in the year, partner Agustín Rachetti from MGI Worldwide member firm Bado, Kuster, Zerbino & Rachetti (BKZR) in Uruguay, and partners Ignacio Rodriguez Spuch and Rafael Faillace, from Casal, Vecchi, Rodriguez Spuch y Asociados SRL and MGI Jebsen & Co. respectively, in Argentina, joined the IAB discussion, sharing their views on demand, fee pressure, talent retention, and the growing impact of technology on the profession.
Uruguay: stability with tight margins
Uruguay’s economy is diversified and relatively predictable, with long-term policy continuity and a pro-investment stance. Recent measures aim to simplify tax procedures, extend electronic invoicing to all VAT taxpayers and update incentives for both local enterprises and large projects. New rules on international information exchange, transfer pricing and virtual assets are adding to compliance needs, creating more work for tax, advisory and structuring services.
Demand, fee pressure, and AI
Against this backdrop, the accounting and advisory market remains healthy but fragmented, with intense competition in a small client base. Outsourcing, BPO, regulatory compliance work and digitalisation projects are all growing, yet fee pressure remains strong.
“We are living a period of uncertainty, due to the incursion of AI in the accounting industry. Despite that, the demand for accounting services has increased. Fee pressure is very tough, but is not new, it has been like this for ever, competitors are very aggressive with the fees, and clients do not always appreciate the value of our services. Recruitment and retention are the most challenging issues in our industry, while we are also very concerned about how AI is going to impact us.”
— Agustín Rachetti | Bado, Kuster, Zerbino & Rachetti
Argentina: reform, austerity and fragile confidence
Argentina, meanwhile, is undergoing a profound adjustment. A shift from interventionism to market openness has brought deregulation, reduced currency controls and an ambitious plan to simplify a highly complex tax system. Inflation has fallen sharply, but at the cost of a deep recession, job losses and political uncertainty ahead of key elections. Foreign investors are slowly returning, large investment projects have been announced, and easing in the foreign exchange market has made trade somewhat easier to manage.
People, technology and changing expectations
The accounting sector is experiencing high demand as clients grapple with complex taxes, new rules and regularisation regimes. Full employment in the profession makes retention critical. Ignacio notes that firms must offer more than salary alone:
“The most valued tools in this regard are flexible work arrangements, continuous training, the use of artificial intelligence tools, and profit-sharing or partnership-based compensation schemes.”
— Ignacio Rodriguez Spuch | Casal, Vecchi, Rodriguez Spuch y Asociados
Client expectations are also evolving, with more focus on specialist knowledge, systems and automation. Rafael sees this as opening doors for the profession:
“The demand for audit and tax advisory work is shifting towards seeking greater knowledge and professionalism in advisors, which opens new and better job opportunities.”
— Rafael Faillace | MGI Jebsen & Co.
Closing outlook
For firms in both Uruguay and Argentina, the coming years will demand agility, investment in technology and a clear focus on talent. Whether navigating slow but steady growth or volatile reform, MGI Worldwide member firms are positioning themselves to deliver higher-value services across the region.
Strong rankings
MGI Worldwide ranks an impressive 11th in the IAB's Argentina 2025 rankings, and 9th in both Mexico and Peru, underscoring its strong and growing presence in these key Latin American markets.
To read the full article in the IAB, members can click HERE (login to the MGI Worldwide member portal will be required).
Click the links for more information about our contributing member firms, Bado, Kuster, Zerbino & Rachetti (BKZR), Casal, Vecchi, Rodriguez Spuch y Asociados SRL and MGI Jebsen & Co.
MGI Worldwide is a leading global accounting network and association with over 8,800 professionals, accountants and tax experts in some 440 locations in almost 100 countries around the world.