Olsen Thielen and Co., Ltd.

What Olsen Thielen and Co., Ltd. does

Olsen Thielen & Co., Ltd. is a privately held, full-service certified public accounting and consulting firm founded in 1921 and headquartered in Roseville, Minnesota, with a secondary office in Eden Prairie. The firm operates as a professional services platform with 21 principals and over 117 staff, providing audit and assurance, tax planning and preparation, client advisory services (including cloud accounting on Sage Intacct and QuickBooks Online, fractional CFO/controller work, and proprietary myPay Solutions payroll), business valuation and transaction advisory, fraud and forensic services, regulatory consulting for telecommunications and utilities, employee benefit plan audits and consulting, estate/trust/gift tax, and wealth management delivered through an Avantax Planning Partners alliance. Its revenue model is professional services fees across these service lines, supplemented by an affiliate referral stream for wealth management; pricing is engagement-based and not publicly disclosed.

The firm is organized around vertical specialization with primary depth in telecommunications (ILECs, CLECs, cooperatives, and municipals — 250+ clients served since 1921), manufacturing and distribution, not-for-profit entities (300+ clients), and healthcare (medical, dental, optometry), with secondary depth in construction, real estate investors, law firms, financial services, and other professional services firms. Technology is delivered through third-party platforms rather than proprietary AI: Sage Intacct and QuickBooks Online for cloud accounting, Box for the client portal, SafeSend Returns for e-delivery, Suralink for file submission, QuickFee and Heartland for payments, and a proprietary myPay Solutions payroll product. The firm maintains active participation in AICPA Peer Review (30+ years), AICPA Employee Benefit Plan Audit Quality Center membership, and PCAOB inspection readiness, supporting higher-tier assurance engagements.

Go-to-market is sales-led and relationship-driven, with no reseller or marketplace channels; client acquisition occurs through industry reputation, principal-led engagement, community and chamber involvement, content marketing (Advisor Blog, Tax Planning Guides, Q&A Over Coffee podcast), and targeted industry event sponsorship (Diamond Sponsor at 2027 MTA, Platinum Sponsor of Enterprise Minnesota State of Manufacturing Survey). The firm operates exclusively in the Upper Midwest United States and is privately held with no disclosed external investment, operating as a Minnesota corporation under the leadership of President Patrick Powers and Chairman Robert Koch.

Name

Olsen Thielen and Co., Ltd.

Legal name

Olsen Thielen & Co., Ltd.

Website

https://otcpas.com

Company type

Private

Founded year

1921

Operating status

Operating

Headcount range

101–250 employees

Short description

Olsen Thielen & Co., Ltd. is a 1921-founded, Top 25 Minnesota CPA firm with 21 principals and 117+ staff, delivering audit, tax, cloud accounting, valuation, ERISA, and regulatory consulting to SMB and mid-market clients across telecommunications, manufacturing, not-for-profit, healthcare, and professional services verticals.

Ownership category

akta.pro rank

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Audit & Assurance Services: Financial statement audits, reviews, and compilations; employee benefit plan audits; peer reviews; SOC 1 and SOC 2 examinations for service organizations.
2. Tax Planning & Preparation: Business and individual tax planning, compliance, and preparation services for federal, state, and local requirements.
3. Client Advisory Services (CAS): Cloud accounting services, controller/CFO advisory services, and payroll services through myPay Solutions.
4. Business Valuation & Transaction Advisory: Valuation of businesses and intangible assets, transaction advisory services, quality of earnings analysis, and litigation support.
5. Wealth Management Referral: Partnership with Avantax Planning Partners for lifetime planning, risk management, investment advisory, and retirement planning services; Olsen Thielen provides referrals and integrated accounting services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Olsen Thielen & Co., Ltd. is a full-service certified public accounting and advisory firm that delivers audit and assurance, tax planning and preparation, business valuation, transaction advisory, cloud accounting, controller/CFO advisory, payroll, employee benefit plan audits, estate/wealth planning, fraud and forensic, and regulatory consulting services to businesses, not-for-profits, and individuals. Engagements are scoped per client and delivered by industry-specialized teams across two Minnesota offices (Roseville headquarters and Eden Prairie). The firm leverages certified cloud platforms (Sage Intacct, QuickBooks Online), a secure client portal (Box), and electronic tax delivery (SafeSend Returns) to support service delivery.

Product overview

Olsen Thielen & Co., Ltd. is a full-service certified public accounting and consulting firm offering a comprehensive portfolio of professional services rather than a unified software product. The firm operates as a platform of interconnected service lines including Cloud Accounting Services (using Sage Intacct and QuickBooks Online), Controller & CFO Advisory Services, myPay Solutions payroll processing, Financial Statement Services (audit/review/compilation), Tax Planning & Preparation, Employee Benefit Plan Audits and Consulting, Business Valuation & Transaction Advisory, Fraud & Forensic Services, Estate/Trust/Gift Tax Services, Wealth Management & Financial Planning, Peer Review Services, Regulatory Consulting, Strategic Business Planning, and State & Local Tax Services. These services are delivered by a team of CPAs and specialists across two Minnesota offices (Roseville and Eden Prairie) to clients in telecommunications, manufacturing, not-for-profit, construction, healthcare, dental, optometry, law firms, financial services, and professional services industries.

Differentiator

Problem solved

Functional benefit

Products and services

• Financial Statement Services (Audit, Review, Compilation) Audit, review, and compilation services providing varying levels of assurance on financial statements — from highest assurance (audit) to limited assurance (review) to no assurance (compilation) — helping clients understand their financial position and meet lender documentation requirements.
• Business Tax Planning & Preparation Business tax compliance and strategic planning services including federal, state, and local tax return preparation, R&D tax credits, succession planning, and IRS audit support.
• Individual Tax Planning & Preparation Individual income tax compliance and planning services including federal, state, and local return preparation and year-end tax planning.
• Employee Benefit Plan Audits ERISA-compliant audits for 401(k), 403(b), pension, retirement, ESOP, and health and welfare benefit plans, including consulting on plan administration and design, Form 5500 preparation, and DOL compliance.
• Peer Review Services Peer review services for CPA firms conducted in accordance with AICPA Peer Review Board standards, covering single audits, government auditing, employee benefit plans, not-for-profit organizations, and SOC examinations.
• Cloud Accounting Services Managed cloud-based accounting services using Sage Intacct and QuickBooks Online platforms, providing real-time financial reporting, automated bookkeeping, and scalable back-office accounting solutions for businesses.
• Controller & CFO Advisory Services Fractional CFO and controller services providing financial analysis, budgeting, forecasting, strategic planning, and financial statement preparation from a CPA perspective, leveraging an entire team of seasoned professionals.
• myPay Solutions (Payroll Services) Comprehensive payroll processing service including direct deposit, federal and state tax filings, secure online portals, automatic new hire reporting, and dedicated payroll specialist support.
• Business Valuation & Transaction Advisory Comprehensive business valuation services for sales, mergers, acquisitions, estate planning, shareholder disputes, and succession planning, including quality of earnings analysis and deal model support for M&A transactions.
• Fraud & Forensic Services Fraud prevention, detection, and investigation services including fraud risk assessments, internal control reviews, economic damages calculations, fraud awareness training, and litigation support for business disputes and marital dissolution.
• Estate, Trust & Gift Tax Services Estate, trust, and gift tax compliance and planning services including preparation of federal estate tax returns (Form 706), gift tax returns (Form 709), fiduciary income tax returns (Form 1041), and strategic planning for wealth transfer.
• Wealth Management & Financial Planning Financial planning partnership with Avantax Planning Partners providing lifetime planning, risk management, investment advisory, retirement planning, and tax-loss harvesting strategies integrated with accounting services.
• Regulatory Consulting Regulatory compliance consulting for telecommunications and energy utilities, including broadband stimulus grant applications and reporting, rate studies, tariff filings, and federal and state regulatory compliance.
• Strategic Business Planning Strategic planning facilitation helping businesses create vision, mission statements, core values, and SMART goals through SWOT analysis, with ongoing support for implementation and course correction.
• Employee Benefit Plan Consulting Retirement plan consulting including third-party administration for 401(k), safe harbor, money purchase, and cross-tested plans, plan design, Form 5500 preparation, and ERISA compliance support.
• State & Local Tax Services State and local tax (SALT) compliance and planning services covering property taxes, sales and use taxes, corporate income taxes, and multi-state nexus analysis.

Quantifiable outcome

• 90% of interns return to Olsen Thielen as full-time staff accountants after graduation
• +3 more outcomes

Named customers11 records

Segments9 records

Ideal customer profiles8 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

36 partnerships are on record, tiered core and minor.

• Avantax Planning PartnerscoreStrategic or Co-development PartnerPartnership for wealth management and financial planning services. Avantax works exclusively with CPA firms and their clients across the nation. The integration allows Olsen Thielen to offer lifetime planning, risk management, investment advisory, and retirement planning while leveraging accounting expertise for tax-minimization strategies.
• NTCA - The Rural Broadband AssociationcoreOthersActive member of NTCA. Every member of the professional team working on telecommunications financial statements and tax returns has telecommunications engagement experience and attends specialized utility training.
• NECA - National Exchange Carrier AssociationcoreOthersActive member of NECA. The Telephone Advisory Group consults specifically on NECA settlements, rates and tariffs reporting, and related regulatory matters.
• Telegee Alliance / TelergeecoreOthersActive member of Telegee Alliance. Industry collaboration for telecommunications companies.
• MTA - Minnesota Telecom AlliancecoreOthersAssociate Member and Diamond Sponsor of MTA. Supports the Alliance as a Diamond Sponsor and exhibitor at Annual Conventions. Multiple telecommunications audit, regulatory, and tax staff attend conventions.
• Idaho Telecom AllianceminorOthersActive member supporting telecommunications industry clients in Idaho region.
• ICA - Iowa Communications AllianceminorOthersActive member supporting telecommunications industry clients in Iowa.
• BANDminorOthersActive member of BAND supporting broadband initiatives.
• NDTA - North Dakota Telecom AssociationminorOthersActive member supporting telecommunications industry clients in North Dakota.
• SDTA - South Dakota Telecom AssociationminorOthersActive member supporting telecommunications industry clients in South Dakota.
• WSTA - Wisconsin Telecom AssociationminorOthersActive member supporting telecommunications industry clients in Wisconsin.
• WTA - Western Telecommunications AssociationminorOthersActive member supporting telecommunications industry clients in western regions.
• Sage IntacctcoreTechnology or IntegrationCertified implementation specialist for Sage Intacct cloud accounting platform. Offers as primary cloud accounting solution for Client Advisory Services.
• QuickBooks OnlinecoreTechnology or IntegrationQuickBooks ProAdvisor partner offering QuickBooks Online as cloud accounting option for clients. Provides ProAdvisor support and implementation assistance.
• BoxcoreTechnology or IntegrationProvides secure client portal powered by Box for file storage and sharing of sensitive information with maximum efficiency and security.
• SafeSend ReturnscoreTechnology or IntegrationElectronic delivery system for tax returns enabling secure delivery, client review, electronic signatures, and return completion.
• Minnesota Chamber of CommercecoreOthersMember of Minnesota Chamber of Commerce supporting business community engagement and advocacy.
• Hudson Area Chamber of CommerceminorOthersMember of Hudson Area Chamber of Commerce supporting local business community.
• Southwest Metro Chamber of CommerceminorOthersMember supporting business community in southwest metro area.
• White Bear Area Chamber of CommerceminorOthersMember supporting local business community in White Bear area.
• Twin Cities North Chamber of CommerceminorOthersMember supporting business community in north Twin Cities area.
• VHEDC - Vermillion/Hastings Economic Development CouncilminorOthersMember supporting economic development in VHEDC region.
• Eden Prairie Chamber of CommerceminorOthersMember supporting business community in Eden Prairie where one of the firm's offices is located.
• Enterprise MinnesotacoreOthersPlatinum sponsor of State of Manufacturing Survey. Collaborates on manufacturing industry events and workshops. Enterprise Minnesota helps clients with operational excellence and growth strategies.
• Manufacturing CPAsminorOthersMember of Manufacturing CPAs network supporting manufacturing industry clients with specialized accounting expertise.
• Manufacturers AllianceminorOthersMember supporting manufacturing industry through networking and resources.
• CMMA - Upper Midwest Manufacturers AssociationminorOthersMember of CMMA supporting manufacturing industry in upper Midwest region.
• Associations NorthminorOthersMember supporting not-for-profit organizations and associations.
• Health Leaders Association of Minnesota (HLAMN)coreOthersMember and active participant in HLAMN conferences supporting healthcare industry clients. Sponsors HLAMN Fall Conference and Winter Conference.
• Minnesota Dental AssociationminorOthersMember supporting dental industry clients in Minnesota.
• Hennepin County Bar AssociationminorOthersMember supporting legal industry clients in Hennepin County.
• Minnesota State Bar AssociationminorOthersMember supporting legal industry clients statewide.
• Ramsey County Bar AssociationminorOthersMember supporting legal industry clients in Ramsey County.
• AICPA - American Institute of Certified Public AccountantscoreOthersMember of AICPA Peer Review Program for over 30 years. Firm conducts peer reviews per AICPA standards. Active member of Employee Benefit Plan Audit Quality Center.
• Abbey StreetminorStrategic or Co-development PartnerDirector of Retirement at Abbey Street appears as guest on Q&A Over Coffee podcast discussing SECURE Act 2.0 provisions.
• Drake BankminorStrategic or Co-development PartnerCommercial banker from Drake Bank appears as guest on podcast episode discussing cash flow management and financial statements.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Boulay PLLP: Minneapolis-based full-service CPA and advisory firm with similar size and vertical specializations (manufacturing, NFP, healthcare). Direct competitor for the same regional Minnesota client base.
• Lurie LLP: Minneapolis-based CPA and business advisory firm serving closely-held businesses, NFP, and professional services. Closely comparable in size, service mix, and Twin Cities market positioning.
• Redpath and Company: St. Paul-based CPA firm with similar service offerings (audit, tax, advisory) and regional Minnesota focus. Direct competitor for NFP and SMB clients.
• Abdo: Minneapolis-based CPA firm offering audit, tax, and advisory services to private businesses, governments, and NFPs. Comparable in size and Minnesota market presence.

Broad incumbents

• Eide Bailly: Top 25 U.S. accounting firm with significant Minnesota presence. Offers audit, tax, advisory, and technology services across multiple verticals; larger and more geographically diverse but competes for the same regional client base.
• Wipfli LLP: Top 20 U.S. accounting firm with Minnesota operations. Offers accounting, audit, tax, and consulting services to mid-market companies; competes directly for telecom, NFP, and manufacturing clients.
• Baker Tilly US: Top 10 U.S. advisory, tax, and assurance firm with significant Twin Cities presence. Competes for the same mid-market and vertical-specialized engagements, with broader geographic reach.
• CliftonLarsonAllen (CLA): Top 10 U.S. accounting firm with strong Midwest presence. Serves closely-held businesses, NFP, healthcare, and professional services with full-service offerings; broader scale but overlapping client verticals.
• RSM US: Top 5 U.S. accounting firm focused on middle-market companies. Has Minneapolis presence and competes for telecom, manufacturing, and NFP engagements; larger scale and broader resources.
• Moss Adams: Top 15 U.S. accounting and business advisory firm with regional presence. Provides audit, tax, consulting, and wealth management to mid-market clients across multiple industries.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/olsenthielencpa
• Facebookfacebook.com/olsenthielencpas
• LinkedInlinkedin.com/company/olsen-thielen
• Instagraminstagram.com/olsenthielencpas

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 Olsen Thielen and Co., Ltd.