ELO CPAs & Advisors

What ELO CPAs & Advisors does

ELO CPAs & Advisors (legal entity ELO Prof LLC) is a privately held, full-service accounting and business advisory firm founded in Mitchell, South Dakota in the early 1980s and now operating across nine eastern South Dakota communities (Mitchell, Sioux Falls, Huron, Yankton, Chamberlain, Miller, Alcester, Vermillion, and one additional office) with a team of more than 80 professionals. The firm delivers five core service lines — Business Consulting, Client Accounting Services (outsourced accounting/controller work), Taxation (business, individual, and farm), Audit & Assurance (including governmental, non-profit, and employee benefit plan audits), and Wealth Management — supported by nine industry-specific practice groups covering Agribusiness, Construction, Manufacturing, State & Local Government, Non-Profit Organizations, Retail, Hospitality, Financial & Insurance Services, and Medical & Health Services. Technology is treated as an enabler rather than a differentiator: the firm is a QuickBooks ProAdvisor with cloud-accounting certifications, secures client communication through Liscio and AIwyn client portals, and adopted Ask Blue J generative AI in October 2024 to accelerate tax research.\n\nThe firm is led by Managing Partner Jay Tolsma, CPA, with a partner cohort including practice leaders for Tax (Matt Mueller), Assurance (Lucas Hauert), Advisory Services (Jamie Eldeen), Agribusiness (Jonathan Guenthner), and Wealth Management (Houstyn Heinz). In January 2025 ELO promoted three additional partners — Aaron Moller, Alyssa Larson, and Houstyn Heinz — extending the ownership bench and signaling continuity.\n\nELO generates revenue through professional services fees billed on a project or recurring retainer basis, with no publicly disclosed pricing or utilization metrics. Customer acquisition is partner-led and referral-driven, anchored in long-tenured regional relationships; named client logos span banking (BankWest Inc.), legal (MorganTheeler LLP, State Bar of South Dakota), construction (Custom Touch Homes), hospitality (KAJ Hospitality), and agribusiness (Wieting Farms Inc.). The firm has been recognized on Accounting Today's 2025 Top 400 Firms list and, in January 2025, co-sponsored a succession-planning webinar with the Prairie Family Business Association, reinforcing its family-business and agricultural advisory positioning within eastern South Dakota.

Name

ELO CPAs & Advisors

Legal name

ELO Prof LLC

Website

https://elocpa.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

11–50 employees

Short description

ELO CPAs & Advisors is a privately held, eastern South Dakota-based accounting and business advisory firm with 80+ professionals across nine offices, serving SMBs, individuals, governmental entities, and agribusiness clients through tax, audit, client accounting, wealth management, and industry-specialized consulting.

Ownership category

akta.pro rank

Product category

Accounting & Business Advisory Services

NAICS

Offices of Certified Public Accountants (541211), Portfolio Management and Investment Advice (523940), Management Consulting Services (54161)

SIC

Services-Engineering, Accounting, Research, Management (8700), Services-Management Consulting Services (8742), Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industries

General Ledger & Close (Journal Entries, Month-End Close, Reconciliations) (BPAAAGAC), Tax Operations Support (Indirect Tax, Withholding, Compliance Admin) (BPAAAGAI)

Keywords

• Accounting services
• Tax preparation
• Audit assurance
• Business consulting
• Wealth management

Headquarters

HQ city

Sioux Falls

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Professional Services Fees: ELO CPAs & Advisors generates revenue through billable professional services including business consulting, client accounting / outsourced accounting services, business and individual taxation, audit and assurance, and wealth management / financial planning. Revenue is primarily project-based or recurring retainer arrangements for ongoing client engagements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

ELO CPAs & Advisors is a South Dakota-based CPA and business advisory firm that provides a full spectrum of professional services including business consulting, outsourced client accounting/controller services, business and individual taxation, audit and assurance, and wealth management/financial planning. The firm delivers these services to businesses, individuals, organizations, and government entities through nine South Dakota office locations and a team of 80+ professionals, with specialized industry practices in agribusiness, construction, manufacturing, healthcare, government, and non-profit sectors.

Product overview

ELO CPAs & Advisors is a regional accounting and business advisory firm offering a comprehensive suite of professional services. The firm operates as a multi-service practice organized around core service lines (Business Consulting, Client Accounting Services, Taxation, Audit & Assurance, and Wealth Management) supported by specialized industry practices (Agribusiness, Construction, Manufacturing, Healthcare, Non-Profit, Government, Retail, Hospitality, and Financial Services). The firm also offers a digital client portal for secure document exchange and communication. Services are delivered through a team of over 80 professionals across nine South Dakota office locations, with a focus on serving businesses, individuals, and organizations throughout the United States.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Consulting Strategic advisory services helping businesses navigate challenges, improve operations, and achieve growth objectives.
• Client Accounting Services Ongoing accounting support including bookkeeping, financial statement preparation, and controller services for businesses and individuals.
• Taxation Tax planning, preparation, and advisory services covering individual taxation, entity taxation, business tax, and farm tax including specialized March 1 deadline guidance for qualified farmers.
• Audit & Assurance Audit, review, and compilation services providing independent verification of financial statements, including governmental audits, non-profit audits, and employee benefit plan audits.
• Wealth Management Financial planning and wealth management services including retirement planning, estate planning, and investment advisory to help clients achieve long-term financial goals.
• Agribusiness Services Specialized accounting, tax, and consulting services for agricultural operations including farm succession planning, accrual accounting transitions, and multi-generational farm transition planning.
• Construction Industry Services Accounting and tax services tailored for construction companies including job costing, contractor-specific tax strategies, and financial reporting.
• Manufacturing Industry Services Financial reporting, cost accounting, and tax planning services for manufacturing businesses.
• State & Local Government Services Audit and compliance services for governmental entities and municipalities.
• Non-Profit Organization Services Audit, tax preparation, and advisory services for non-profit organizations including Form 990 preparation.
• Retail Sector Services Accounting, tax, and consulting services for retail businesses.
• Hospitality Services Financial and tax services for hospitality businesses including restaurants and lodging.
• Financial & Insurance Services Specialized services for financial institutions and insurance companies including banking and credit union audits.
• Medical & Health Services Accounting and tax services for medical practices and healthcare organizations.
• Client Portal (Liscio) Secure online portal for clients to access documents, communicate with advisors, and manage their financial information through the Liscio platform.

Named customers6 records

Segments10 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability3 records

Feature1 record

Partnerships

One partnership is on record.

• Prairie Family Business Association (PFBA)minorStrategic or Co-development Partner · 30 January 2025ELO CPAs & Advisors co-sponsored and contributed speaker content to the Prairie Family Business Association's annual succession planning webinar on January 30, 2025. Partner Jonathan Guenthner (Agribusiness Practice Leader) is featured as a speaker. The partnership positions ELO as a thought leader in family business succession planning.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• RSM US LLP: Top 5 U.S. accounting firm serving middle-market clients across industries. Competes for larger mid-market engagements in ELO's verticals, particularly construction, manufacturing, and financial services.
• Forvis Mazars (formerly BKD): Top 10 U.S. accounting firm serving agribusiness, construction, healthcare, and government clients nationally. Overlaps with ELO across most verticals but at materially greater scale and with international reach.
• BDO USA: Top-tier global accounting firm with significant middle-market presence across agribusiness, construction, healthcare, and non-profits. Encroaches on ELO's larger mid-market opportunities.
• Moss Adams LLP: Top 15 U.S. accounting and business advisory firm with industry-aligned practices in agribusiness, construction, healthcare, and non-profit. Comparable industry focus, larger scale.
• CliftonLarsonAllen (CLA): Top 10 U.S. accounting firm with significant Midwest presence, serving agribusiness, construction, healthcare, and non-profits. Comparable industry verticals and service mix, but substantially larger scale.
• Wipfli LLP: Top 20 U.S. accounting and advisory firm with Upper Midwest roots and broad industry coverage including agribusiness, manufacturing, and government. Larger competitor with overlapping service lines but broader geographic and capability footprint.

Regional players

• Boulay PLLP: Upper Midwest-based CPA and advisory firm serving similar mid-market industries. Comparable in size and service mix; not currently in South Dakota, but a logical adjacent-market peer.

Direct peers

• Eide Bailly LLP: Top 30 U.S. accounting firm headquartered in Fargo, ND with a Sioux Falls office, serving agribusiness, construction, and government clients across the Upper Midwest. Direct competitor for mid-market and agribusiness engagements in ELO's territory.
• KCOE ISOM: Agribusiness-focused CPA and advisory firm serving farms, ranches, and food processors. Comparable to ELO on agribusiness specialization, succession planning, and rural client mix.
• Ketel Thorstenson, LLP: Rapid City, South Dakota-based CPA and advisory firm with comparable regional footprint, multi-office presence, and similar service mix (tax, audit, wealth management). Closest geographic and scale peer to ELO in the SD market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/elocpa
• Facebookfacebook.com/ELO-CPAs-and-Advisors-491228320921279
• LinkedInlinkedin.com/company/elo-prof--llc
• Instagraminstagram.com/elocpa

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 ELO CPAs & Advisors