Boulay

What Boulay does

Boulay is a Minnesota-headquartered CPA and advisory firm founded in 1934, operating as a Professional Limited Liability Partnership (Boulay PLLP) with 320 team members including 107 CPAs across offices in Eden Prairie, Minneapolis, and Mankato. The firm delivers a fully integrated professional services platform spanning assurance and audit (including PCAOB-registered public company work), tax advisory, wealth management (through Boulay Financial Advisors, LLC, an SEC Registered Investment Advisor), outsourced accounting (bookkeeping, controller, fractional CFO), ESOP advisory, transaction advisory, and risk advisory services (SOC reporting, ISO 27001 certification via ANAB-accredited Boulay Certifications, LLC, and Microsoft SSPA attestations). Boulay serves clients across 35 states, with vertical specialization in construction, manufacturing, nonprofit, real estate, renewable energy, retail, SaaS, wholesale, and search funds, and reports assisting with 50+ public offerings representing $750M+ in transaction value over the past 20 years.

The firm's revenue model is engagement-based professional services pricing, with multi-year contracts for audit, tax, and advisory work; usage-based annual SaaS pricing for its Crunchafi-powered lease accounting line ($95.92/lease under 20 leases; $79.92/lease at 20+); and recurring AUM-based revenue from wealth management. Boulay monetizes proprietary intellectual property including the RetireNAV(k) Pooled Employer Plan and WealthNAV planning methodology. Distribution is relationship-driven and direct: partner-led business development, industry specialization, content marketing (blog, podcasts, videos), and active participation in ESOP industry associations (NCEO, The ESOP Association, ESCA, MNCEO). Recent strategic moves include the integration of Crimson Peak Partners into transaction advisory, a cybersecurity partnership with UnderDefense, Crunchafi technology integration, and the launch of ANAB-accredited ISO 27001 certification services, signaling continued service line extension and inorganic growth.

Name

Boulay

Legal name

Boulay PLLP

Website

https://boulaygroup.com

Company type

Private

Founded year

1934

Operating status

Operating

Headcount range

251–500 employees

Short description

Boulay is a Minnesota-based CPA and advisory firm offering audit, tax, wealth management, outsourced accounting, ESOP advisory, and transaction advisory services to growing businesses, public companies, and ESOP clients across 35 states.

Ownership category

akta.pro rank

Product category

Accounting and Advisory Services

NAICS

Offices of Certified Public Accountants (541211)

akta.pro primary industry

Financial Reporting & Technical Accounting Advisory (GAAP/IFRS) (BPAHABAF)

akta.pro secondary industry

Financial Planning & Analysis Support (Budgeting, Forecasting, Management Reporting) (BPAAAGAJ)

Keywords

• Accounting and audit services
• Tax advisory services
• Wealth management advisory
• ESOP advisory services
• Outsourced accounting services

Headquarters

HQ city

Eden Prairie

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Assurance and Audit Services: Financial statement audits, reviews, and compilations for public and private companies, including SOC reporting, PCAOB audits, and employee benefit plan audits.
2. Tax Advisory Services: Business tax advisory, individual tax preparation and planning, estate and trust services, and state and local tax (SALT) services.
3. Wealth Management: Investment management, retirement planning, estate and trust planning, business succession, and personal financial planning services offered through Boulay Financial Advisors, LLC.
4. Outsourced Accounting Services: Outsourced bookkeeping, controller services, and CFO-level advisory services for growing businesses across multiple industries.
5. ESOP Advisory Services: ESOP feasibility studies, plan design, administration, and repurchase obligation studies for companies considering or managing employee stock ownership plans.
6. Risk Advisory Services: IT and compliance risk management, including SOC reporting, ISO 27001 certifications, and Microsoft SSPA attestations.
7. Transaction Advisory: M&A advisory, due diligence, business valuation, and transaction structuring services for buyers and sellers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Boulay is a CPA and financial advisory firm providing comprehensive accounting, audit, tax, and consulting services to businesses, individuals, and public organizations. The firm delivers assurance and audit services, tax advisory, wealth management, transaction advisory, ESOP advisory, outsourced accounting, and risk advisory services. It also operates subsidiaries providing SEC-registered investment advisory services and ANAB-accredited ISO 27001 certification.

Product overview

Boulay is a CPA firm offering a comprehensive suite of professional accounting, auditing, tax, and wealth management services rather than a traditional software product company. The firm's core offerings include Assurance and Auditing Services, Risk Advisory Services, Tax Advisory, Wealth Management, and Transaction Advisory. The primary named product is RetireNAV(k), a Pooled Employer Plan (PEP) that enables multiple employers to participate in a consolidated 401(k) plan with reduced fiduciary burden. Supporting services include SOC Reporting, ISO 27001 Certification Services, Microsoft SSPA Attestations, Lease Accounting Services, Business Succession Planning, ESOP Advisory Services, and Outsourced Accounting/Bookkeeping/Controller services. The firm operates as a unified service practice where these offerings are integrated across accounting, tax, and advisory disciplines to serve clients across multiple industries.

Differentiator

Problem solved

Functional benefit

Brands

• Boulay Financial Advisors, LLC: SEC Registered Investment Advisor providing investment advisory services and wealth management.
• Boulay Certifications, LLC
• RetireNAV(k)
• WealthNAV
• Boulay Transaction Group

Products and services

• Assurance and Auditing Services

Quantifiable outcome

• 320 team members serving clients across 35 states
• +4 more outcomes

Named customers9 records

Segments9 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• UnderDefensecoreStrategic or Co-development PartnerBoulay and UnderDefense announced a strategic partnership to elevate cybersecurity and compliance solutions. UnderDefense provides cybersecurity expertise that complements Boulay's risk advisory and compliance services.
• Crunchafi (LeaseCrunch)coreTechnology or IntegrationBoulay utilizes Crunchafi cloud-based lease accounting software for ASC 842 compliance services. Crunchafi provides the software platform while Boulay provides professional implementation and consulting services.
• Valmark Securities / Valmark AdviserscoreOthersInvestment Advisory Services offered through Boulay Financial Advisors, LLC. Securities offered through Valmark Securities, Inc., Member FINRA, SIPC. Certain third-party money management offered through Valmark Advisers, Inc.
• PrimeGlobalminorOthersIndependent member of PrimeGlobal, a global association of independent accounting firms providing access to international resources and networking.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Wipfli LLP: Large regional CPA and advisory firm headquartered in the Upper Midwest with comparable assurance, tax, outsourced accounting, and industry-specialized practices serving middle-market clients across similar verticals.
• FORVIS (formerly BKD + Dixon Hughes Goodman): Recently formed top-10 U.S. accounting firm from the BKD–Dixon Hughes Goodman merger; offers audit, tax, advisory, and wealth services to middle-market clients across similar industries and geographies.
• Plante Moran: One of the largest U.S. certified public accounting and business advisory firms, headquartered in the Midwest, offering audit, tax, consulting, wealth management, and outsourced accounting services to middle-market clients.
• Eide Bailly LLP: Regional CPA firm with offices across the Midwest and Mountain West offering assurance, tax, advisory, and outsourced services closely overlapping Boulay's service portfolio and client profile.
• CliftonLarsonAllen (CLA): Top-10 U.S. accounting firm providing audit, tax, consulting, and wealth management with a comparable mid-market and SMB focus, including outsourced accounting and industry specialization.
• Moss Adams LLP: Large West Coast–anchored CPA and business advisory firm serving middle-market clients in industries such as construction, manufacturing, nonprofit, and renewable energy — closely mirroring Boulay's industry specialization.
• Baker Tilly US: Leading advisory, tax, and assurance firm serving the middle market with comparable service lines including transaction advisory, risk, and outsourced accounting practices.

Broad incumbents

• BDO USA: Top-tier global accounting and advisory firm with strong middle-market presence across audit, tax, transaction advisory, and risk services — overlapping with most of Boulay's service portfolio.
• RSM US LLP: Largest middle-market-focused global audit, tax, and consulting network; competes with Boulay for middle-market SEC audit, transaction advisory, and outsourced accounting engagements.
• Grant Thornton Advisors LLC: Major U.S. audit, tax, and advisory firm with significant middle-market and SEC-registered public-company practice that competes for the same clients and talent as Boulay.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/boulaygroup
• YouTubeyoutube.com/channel/UCj_b3hczoJX5sdGlNO0vlYA/videos
• Facebookfacebook.com/boulaycpas
• LinkedInlinkedin.com/company/boulay
• Instagraminstagram.com/boulaygroup

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boulay