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This study aims to explore how small and medium-sized accounting practices (SMPs) make sense of and position themselves against the changing demand for services. It is argued that changing demand for services from pure compliance to advisory acts as a trigger for sensemaking among SMP owners.

A qualitative multiple case study research approach is adopted, including semistructured interviews with key informants from seven Norwegian SMPs as well as document analysis.

The findings suggest that there is heterogeneity in the small practitioner segment of the accounting profession in making sense of changing demand for the nature of services. Three different situations emerged due to sensemaking, thus, the three distinct positions. Metaphors, namely, chameleons, turtles and bulls, are used to represent the positioning of SMPs. The sensemaking of actors as an adaptation led them to act as chameleons while distancing and resistance resulted in their positioning as turtles, and bulls, respectively.

Despite the richness of data indicating a clear variation in interpretation among actors, the study is case based, with a limited number of SMPs, and caution should be exercised when generalising its conclusions.

The centrality of people as a driving force for positioning among SMPs and diversity among SMPs in value creation provide insights for both SMPs and their customers.

This study highlights the meaning and patterns of value creation and the positioning of accounting firms according to their sensemaking within an under-studied segment of the accounting profession.