News
April 4, 2017BST & Co. CPAs, LLP acquires CFO for Hire, LLC
BST & Co. CPAs, LLP, one of the Capital Region’s leading financial and management consulting firms, today announced the acquisition of the finance, management and accounting services company CFO for Hire, LLC. The Albany-based firm will operate under the BST banner effective immediately.
The acquisition 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, who 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 not-for-profit organizations. All of us at BST are thrilled to offer this new line of service.”
“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 while simultaneously expanding their service offerings to a new client base.”
Under the BST banner, CFO for Hire will continue to offer a variety of basic bookkeeping and long-term accounting services individually designed to meet each client’s needs. Companies served include closely-held businesses in a variety of industries; as well as a large base of not-for-profit organizations.
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.
Prior to founding CFO for Hire, Lozano served as a finance executive in a variety of industries, including for internationally-recognized companies such as Federal Express and Mellon Bank, as well as Capital Bank & Trust Company and a start-up technology company. He has served as an adjunct professor in corporate finance and investments at Manhattan College and Marist College. Lozano holds a bachelor’s degree in business-economics from the State University of New York at Oneonta; and a master’s of business administration in finance from Adelphi University.
With roots tracing back to 1944, BST & Co. CPAs, LLP is recognized as one of the largest accounting and consulting firms in upstate New York. The firm 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.
BST & Co. CPAs, LLP has 105 employees with office locations in Albany and Mineola, NY. The firm also maintains a New York City office. The firm is a long-standing member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States.
