BST & Co. CPAs LLP, one of the Capital Region’s leading financial and management consulting firms, has acquired the finance, management and accounting services company CFO for Hire LLC.
The Albany-based firm is operating under the BST banner. The acquisition was announced in March. Company officials said it will enhance and complement BST’s current service offerings of tax planning, financial consulting, and business valuation, by providing companies with an outsourced alternative for day-to-day accounting services.
All 19 staff members employed by CFO for Hire have made the transition to BST.
The new division of BST will be led by Jim Lozano founded CFO for Hire in 2000 and has grown the company from two clients at its inception to 84 clients in 2016. Under BST, CFO for Hire will continue to serve clients throughout the Capital Region, Central New York and Mohawk Valley, while expanding its offerings to businesses in the Hudson Valley.
“We are pleased to welcome Jim and his skilled team to BST as we further our services to meet a new type of client need. This addition is an opportunity for us to take advantage of the growth opportunities available to us in upstate New York while bringing BST’s signature brand of service to new businesses,” said Ron Guzior, managing partner of BST & Co. “Jim has built an outstanding operation that meets a demand unique to many closely- or family-held businesses and nonprofit organizations.”
“When I began CFO for Hire nearly two decades ago, it was in response to seeing the clear need for a permanent financial solution for companies that simply do not require full-time, in-house accounting personnel. We offer businesses the opportunity to have a team of expert finance and accounting staff at their disposal, without the overhead costs,” said Lozano. “I have long respected the team at BST, and am excited to join them.”
The division’s team members, who have experience ranging from accountant to CFO level, visit the designated client’s office on a routine basis to conduct hands-on services, including accounts payable/receivable; collections; financial statement preparation and analysis; budget preparation; month-end closing and account reconciliation; financing and capitalization assistance; as well as investor and board of directors relations.
CFO for Hire also provides oversight of internal financial staff; and can assume the role of interim chief financial officer by offering oversight of a company’s accounting and finance departments.
With roots tracing back to 1944, BST & Co. CPAs, LLP offers traditional accounting, auditing and tax services; as well as specialty services related to business valuation, forensic accounting, litigation support, employee benefit plan auditing and consulting, governmental auditing and consulting, merger and acquisition assistance, wealth management and personal financial planning, and estate and gift tax consulting, amongst other services.