For decades, our profession has enjoyed relatively undisturbed success, save for regulators and standard-setters. But those days are over. Private equity firms and cutting-edge accounting techs have entered the picture, and they’re here to stay. The potential is enormous and so is the need to understand the unique languages they speak.
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Along with capital, PE brings to the table terms like EBITDA, a primary metric for valuation, “the second bite at the apple,” and “the flip.” I’ll leave it to the M&A consultants to articulate their transaction vocabulary. My aim here is to decode the mystery of the growth side, which also includes accounting-tech-firm lexicon.
I gained exposure to this world of early-stage tech companies working mostly with angels (early investors), venture capitalists and private equities. It stands to reason that PE brings the same growth vocabulary. Below are explanations of some of the terms making their way into our profession. You’ll be in the know when these words pop up, and most likely will be using them in the not-too-distant future.
Accounting technology and PE growth culture
“Go-to-market” is the favored phrase for a critical framework that drives revenue growth and value creation. It focuses on the comprehensive plan that details how a firm will launch a new or enhanced service to a specific industry or buyer group. When I left corporate America 25 years ago, this approach was fairly common. In fact, it inspired my own growth paradigm — a three-legged stool that rests on sales, marketing and product management (innovation). The process involves identifying the problem we are trying to solve (service), finding the ideal market (target), and identifying the best channels (where we and potential buyers find one other in great quantities).
You might also hear the term product-market fit, which is the validation of a solid GTM strategy.
Also central to the new vocabulary is “product management.” This refers to an organizational life cycle function that addresses developing services and markets at all stages of the life cycle. Don’t be misled by the word “product,” though, as the function is equally applicable to service innovation.
In the corporate world, the product manager is typically responsible for analyzing market conditions, then designing and defining the features and functions of the service. Although the concept of product management is less common in public accounting, our firms’ industry and service line leaders fill a similar role.
Accounting tech and PE conversations may also mention the “ideal customer profile,” or ICP, which speaks to ideal buyer attributes. While in accounting we have clients, not customers, the concept is familiar to any CPA firm that has taken a strategic approach to growth. I recommend that firms identify the target industry first, then articulate buyers’ most favorable attributes and set their sights there. Among possible attributes are considerations like large or small … urban or rural … progressive or retro.
Once you understand these qualities, you can focus on the buyer attributes (persona) within the chosen industry market. One note of caution: Avoid choosing attributes until you’ve identified the industry with the best conditions, or you’ll end up chasing anyone with a pulse and a fat wallet! That’s not the most efficient approach to growth.
Have you heard PEs or accounting techs refer to “account-based selling?” We’re definitely late to the party on this one. Accounting’s closest concept is the dreaded “cross-selling.” I’m not keen on this vernacular for two reasons — it’s too tactical and it hasn’t worked in at least 25 years. Instead, I prefer “land and expand,” or simply “expansion.”
An account-based approach goes beyond simply recommending additional services to existing clients. It’s a strategy that puts professional salespeople, known as account executives, in charge of maximizing revenue from existing significant/strategic clients. Their job description, rewards and compensation are based on long-term success in driving revenue. They sit with key strategic decision-makers and navigate client politics and power, to find solutions to relevant business problems. They’re in it for the long game and the highest revenue and financial rewards, not the tactical “let’s sell them something else” mindset.
Why this matters
It’s time to face the fact — organic growth has fed us well in the past, with fish jumping in over the side of the boat. But after a steady period of high growth, the past couple of years have seen a precipitous drop, from a high of 14.4% in 2023 to 7.8% in 2025. That’s a decline of 54% in organic growth across our firms. In that same period, growth including M&A declined from 17.3% to 10.4%.
We need to prepare for the permanent cultural infiltration that’s around every corner. PE and accounting techs bring their own language and culture to our profession and specifically to firms that are ready to walk the walk, introducing a whole new level of sophistication.
Are you ready to learn the language and embrace best practices from the corporate world? If so, you have an opportunity to thrive. Those less interested will have a tough time keeping up.
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