George Bagley and Company LLC

The accounting and tax work of an independent firm of certified public accountants, located in Oakbrook Terrace, Illinois, reaches back to 1924. George Bagley and Company LLC says all of its professionals are CPAs, and that each client has an on-call CPA to contact directly. It serves individuals and businesses of different sizes around Chicago.

Three levels of assurance on financial statements

The firm offers audits, reviews and compilations, and explains how they differ. An audit is the highest level of assurance it provides: a systematic look at the statements, the internal controls and a selection of transactions, ending in a professional opinion on whether the information is fair. A review is more limited. It relies mainly on high-level examination, year-over-year comparison, inquiry and analysis, does not test back-up data, and may be enough for some outside interests. A compilation presents the client's own figures in financial statement form, with no testing and no assurance, and usually serves an internal audience.

Statements it can prepare include a balance sheet, an income statement, a comparison of actual results against budget and a cash flow statement. The firm says its analysis helps clients frame strategic moves such as expansion or acquisition, and practical plans for receivables and payables. It adds that well-prepared statements matter when dealing with banks, vendors and investors.

Bookkeeping, reconciliation and payroll

The firm can work with a client's existing bookkeeper or recommend one. It looks for discrepancies such as double billings and unrecorded payments, and it matches accounting records against monthly bank statements. According to the firm, this reconciliation can reveal lost deposits, unauthorized transactions and inappropriate bank fees, and can prompt an investigation where fraud is suspected. It can also work with the client or a payroll provider on payroll, which carries government reporting and record-keeping duties.

QuickBooks support

A group of services is built around QuickBooks: ongoing support for accounting and payroll tasks, a tune-up before tax time or an important meeting, a review for companies that do their own daily bookkeeping but want an expert to check transactions and reports, setup for new users and improvements for existing ones, and personal training on the client's premises for one person or several.

Tax preparation and planning

The tax practice covers estate and gift returns, C-corporation and S-corporation returns, employee benefit plan returns, tax-exempt organization returns and multi-state and city returns. The firm's site also lists tax controversy, estate and trust planning, advisory services and CFO consulting. It argues that software can find deductions but cannot replace the advice of an experienced tax professional.

Client resources

Visitors can download tax forms and publications and use financial calculators, with news and links to other useful sites. The firm describes its approach as a business partnership with clients, built on open communication and timely advice.