BELAY expands financial offerings with CFO Advisory Services buy

GEORGIA, UNITED STATES — Virtual staffing solutions provider BELAY has acquired CFO Advisory Services to enhance its fractional CFO and financial operations offerings. 

The terms of the acquisition were not disclosed, but it aims to broaden BELAY’s offerings in the realm of accounting and finance, enhancing their ability to serve businesses across various sectors, including construction, healthcare, manufacturing, and nonprofits.

Growing demand for outsourced financial expertise

Tricia Sciortino, CEO of BELAY, highlighted the growing demand for outsourced financial services, stating, “There is a growing need for outsourced financial services – specifically highly specialized and trusted accounting support – but hiring for those roles is often challenging.”

This expansion addresses the challenges companies face when hiring skilled finance professionals.

BELAY, founded in 2010, has been recognized as one of Inc. 5000’s Fastest-Growing Companies for nine consecutive years. The company provides virtual staffing solutions, including virtual assistants, accounting services, and social media managers, to businesses, nonprofits, and churches across the United States.

Cultural alignment and strategic vision

Wayne Millsap, CEO of CFO Advisory Services, commented on the acquisition, emphasizing the cultural fit between the two companies. 

“We felt like BELAY was a good fit culturally, and our particular suite of services is something that wasn’t part of their current offering,” said Millsap. 

“But sometimes, it’s not just about the numbers; it’s about the connection. And when we met Tricia and Lisa, they talked a lot about their team, people, and culture. We felt good about working with them. They focused on what was important.”

CFO Advisory Services, based in Richardson, Texas, specializes in helping early and mid-stage businesses with back-office accounting, financial reporting, and strategic planning. The company focuses on sectors such as construction, healthcare, manufacturing, and professional services.

The merger brings together BELAY’s virtual staffing expertise with CFO Advisory’s 26 years of experience in finance transformations. This combination aims to provide a comprehensive range of services to support business scalability and growth.

Sciortino emphasized the potential impact of this acquisition, stating, “We’ll be able to provide a broader range of services… that empower BELAY to compete and expand into other markets”.