What LWG does

LWG CPAs & Advisors is an Indianapolis-based accounting and advisory firm founded circa 1940, serving three core client segments — utilities, governmental entities, and local businesses — primarily across Indiana and the broader Midwest. The firm delivers a full suite of professional services including financial statement audits and attest engagements, federal and state tax preparation and planning, municipal advisory (debt financing structuring, post-issuance compliance, economic development strategy), and specialized utility rate studies and operational analysis. Its core differentiation lies in deep regulatory fluency: partners bring prior in-house experience at the Indiana Bond Bank, Indiana State Board of Accounts, Indiana Utility Regulatory Commission, Indiana Office of Utility Consumer Counselor, Marion County Capital Improvement Board, and the Missouri Public Service Commission, which translates into credibility in rate proceedings, public finance advisory, and governmental compliance work. The firm supplements traditional accounting services with proprietary tools — a Synchronized Water Tracker for immediate IURC-approved billing rate updates and a Seven-Year Rate Projection Model for electric cooperative rate setting — alongside engagement-led consulting such as LED lighting conversion analysis, cooperative merger facilitation, and natural gas purchasing system design.

The firm operates on a custom engagement-based pricing model with fees determined by scope and complexity; revenue is not publicly disclosed. It runs a relationship-driven, sales-led go-to-market motion through direct advisory engagement from its downtown Indianapolis headquarters, supported by content marketing (case studies, regulatory articles, sector-specific newsletters) and structured campus recruiting at Ball State, Indiana University Bloomington, and IUPUI. LWG is privately held, partner-managed (Managing Partner Earl L. Ridlen III), and holds AICPA Peer Review compliance along with partner-level credentials spanning CPA, CGMA, JD, and Series 50/54 Registered Municipal Advisor registrations across Indiana and Kentucky. With 11–50 employees and a partner bench weighted toward utilities and governmental services, the firm derives a meaningful portion of its revenue from regulated-industry engagements in Indiana's public and cooperative sectors, with client relationships frequently spanning more than a decade.

Name

LWG

Legal name

LWG CPAs & Advisors

Website

https://lwgcpa.com

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

11–50 employees

Short description

LWG CPAs & Advisors is an Indianapolis-based accounting and advisory firm serving Indiana and Midwest utilities, governmental entities, and local businesses through audit, tax, municipal advisory, and specialized utility rate consulting since circa 1940.

Ownership category

akta.pro rank

Product category

Accounting and Advisory Services

NAICS

Offices of Certified Public Accountants (541211)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

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

Keywords

• Accounting and auditing services
• Municipal financial advisory
• Utility rate consulting
• Tax preparation services
• Government bond advisory

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Professional Services - Audit and Attest: Audit and attest engagements as defined by AICPA standards, including financial statement audits, reviews, and compilations for utility companies, governmental entities, and businesses.
2. Tax Preparation and Planning: Corporate and individual income tax return preparation, tax planning, and tax analysis services.
3. Municipal Advisory and Financial Advisory: Financial advisory services to governmental entities including debt financing structuring, municipal advisory, post-issuance compliance, and economic development strategies.
4. Utility Rate Studies and Consulting: Rate development, rate studies, fiscal analysis, and operational analysis for regulated utilities including electric cooperatives and water utilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

LWG CPAs & Advisors is an Indianapolis-based accounting and advisory firm that provides audit and attest services, tax preparation and planning, municipal financial advisory, utility rate studies, business valuation, and strategic planning for utilities, governments, and local businesses across Indiana and the Midwest. The firm also offers proprietary tools such as a seven-year cooperative rate projection model and a synchronized water tracker for utilities.

Product overview

LWG CPAs & Advisors is an accounting and advisory firm offering a comprehensive suite of professional services organized around three primary segments: Utilities, Governments, and Local Business. The core service portfolio includes Audit Services, Tax Preparation, Municipal Advisory Services, Utility Rate Studies, Economic Development Strategies, Operational Analysis, Strategic Planning, Business Valuation, Compilation and Review Services, and Financial Forecasting. The firm differentiates through proprietary tools including a Synchronized Water Tracker that enables immediate billing updates upon IURC approval, and a Seven-Year Rate Projection Model for electric cooperatives that provides extended financial planning beyond traditional one-year snapshots. Services are delivered by a team of CPAs and advisors with deep expertise in Indiana regulatory requirements, municipal finance, and utility rate development.

Differentiator

Problem solved

Functional benefit

Products and services

• Audit Services Comprehensive audit and compliance services for utilities, municipalities, and businesses, including financial statement audits, reviews, and compilations as defined by AICPA standards, regulatory compliance auditing, and internal control assessment.
• Tax Preparation and Planning Corporate and individual federal and state income tax return preparation, tax planning, and tax analysis services for individuals, corporations, and not-for-profit entities.
• Municipal Advisory Services Financial advisory services for governmental entities including bonds and financing options, post-issuance regulatory compliance, debt management, and economic development strategy.
• Utility Rate Studies Rate development, rate studies, fiscal analysis, and operational analysis for regulated utilities including electric cooperatives (REMCs) and water utilities.
• Economic Development Strategies Advisory services for municipalities and businesses on long-term economic planning, capital and economic development, and development initiatives.
• Operational Analysis Business operational review and analysis services to identify efficiency improvements and cost-saving opportunities for utilities, governments, and businesses.
• Strategic Planning Long-term strategic planning, forecasting, and growth consulting services for businesses, utilities, and municipal clients.
• Business Valuation Comprehensive business valuation services for mergers, acquisitions, and financial reporting purposes for businesses and organizations.
• Compilation and Review Services Financial statement compilation and review services, including interim financial statements for businesses and organizations.
• Forecasts and Projections Financial forecasting and projection services for business planning, growth analysis, and budgeting for local businesses.

Quantifiable outcome

• Saved State of Indiana $21 million in natural gas purchasing through futures market system
• +2 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Purdue University Calumet - Energy Efficiency and Reliability Center (EERC)coreStrategic or Co-development Partner · 1 January 2016LWG partnered with the Energy Efficiency and Reliability Center at Purdue University Calumet Campus to evaluate lighting technology and assist in selecting optimal LED fixtures and installation methods for municipal lighting conversion projects. Dr. Robert Kramer from Purdue University was engaged to assist NIPSCO and the municipal group in seeking optimal fixtures.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Katz, Sapper & Miller (KSM): Indianapolis-based CPA and advisory firm with established utility, government, and local business practices. Directly comparable peer given overlapping Indiana footprint, similar services, and comparable size.
• Blue & Co. Indianapolis-based mid-market CPA and advisory firm serving utilities, governments, and businesses across the Midwest. Most directly comparable in size, geography, and practice mix to LWG.
• PFM (Public Financial Management): Independent financial advisory firm specializing in municipal advisory, debt issuance, and public-sector consulting. Directly comparable to LWG's municipal advisory practice, though PFM operates nationally.
• Hilltop Securities: Financial advisory and investment banking firm with a strong municipal advisory practice serving state and local governments. Comparable to LWG in municipal financial advisory services, especially in Indiana/Midwest.
• Somerset CPAs (formerly Blue & Co. merger): Mid-market CPA firm formed from the merger of Blue & Co. and another Indiana practice, providing audit, tax, and advisory to utilities, governments, and businesses. Directly comparable to LWG in focus and regional scale.

Regional players

• BHM CPA Group: Indiana-based CPA firm providing audit, tax, and consulting to closely held businesses and not-for-profits. Comparable to LWG's local business segment, focused on the same Indiana market.

Broad incumbents

• Plante Moran: Top-20 U.S. accounting and advisory firm with a dedicated utility practice and public-sector advisory. Overlaps with LWG in regulated utility consulting and municipal advisory, but at substantially larger scale.
• Wipfli LLP: Large regional CPA and advisory firm with established government and utilities practices. Comparable to LWG in service offering though significantly larger and with broader geographic reach.
• Forvis (formerly BKD): Large U.S. accounting and advisory firm formed via BKD merger, with strong utility and government practices. Comparable to LWG in utilities and government advisory scope, though much larger and broader geographically.
• Crowe LLP: Major U.S. accounting firm with significant utility and public-sector advisory practices, and an Indianapolis-area presence. Overlaps with LWG in utility audit and advisory services at much greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/LWGcpa

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 LWG