Orrico & Donnelly is your trusted partner for all your accounting needs in the Chicago area, including personal and business accounting. Let us handle the numbers while you focus on achieving your dreams.
Individual Accounting
We offer a comprehensive strategy to manage an individual’s financial resources effectively, and bring a wealth of knowledge in tax laws, financial analysis, and strategic planning.
Corporate Accounting
We offer full service Corporate Accounting including managing a company’s financial records, including the preparation, analysis, and reporting of financial transactions and statements.
- Preparation of Financial Statements: Corporate accountants prepare essential financial documents, including balance sheets, income statements, cash flow statements, and statements of shareholders’ equity. These statements provide a comprehensive view of the company’s financial health.
- Compliance: Ensuring that financial statements comply with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), depending on the jurisdiction.
- Annual Reports: Preparing annual reports for shareholders and regulatory bodies, detailing the company’s financial performance and position.
- Audit Support: Assisting internal and external auditors in examining financial records and systems to verify their accuracy and effectiveness.
- Budget Preparation: Creating annual budgets that outline expected revenues, expenses, and capital needs. This helps in strategic planning and resource allocation.
- Financial Forecasting: Projecting future financial performance based on historical data, market trends, and business strategies. This aids in decision-making and long-term planning.
- Tax Preparation: Calculating and preparing tax returns for the company, ensuring all tax obligations are met timely and accurately.
Multi-State Accounting
Corporate multi-state accounting involves managing the financial and tax responsibilities of businesses operating across multiple states. This field is complex due to varying state tax laws, regulations, and reporting requirements. Here are the key components of corporate multi-state accounting:
- State Tax Compliance: Each state has its own income tax laws, rates, and filing requirements. Multi-state businesses must file separate state income tax returns and comply with each state’s rules. Businesses must collect and remit sales tax on transactions in states where they have a sales tax nexus. Use tax compliance is also required for goods purchased out-of-state but used in-state..
- Apportionment and Allocation: Multi-state businesses must allocate income to different states using apportionment formulas based on factors like sales, property, and payroll. Specific rules determine how to allocate non-business income, such as interest or dividends, to the appropriate state.
- Regulatory Compliance: Each state has different deadlines, forms, and filing methods. Ensuring timely and accurate submissions is crucial to avoid penalties.
- Tax Planning and Optimization: We take the time to understand how your business is structured and advise on how to optimize tax outcomes across multiple states.
- Legal and Compliance Issues: Navigating state-specific legal requirements, such as franchise taxes and business registration, is essential for maintaining compliance.
Individual and Corporate Tax Planning and Preparation
Tax planning and preparation are critical services provided to both individuals and businesses to ensure compliance with tax laws, minimize tax liabilities, and optimize financial outcomes.
- Minimized Tax Liabilities: Strategic planning can significantly reduce the amount of taxes owed, freeing up capital for other investments or savings.
- Compliance: Accurate preparation and filing help avoid costly penalties and interest charges.
- Financial Clarity: Regular tax planning and preparation provide a clear understanding of financial standing and help in making informed financial decisions.
- Peace of Mind: Knowing that tax matters are handled professionally reduces stress and allows individuals and businesses to focus on other priorities.
Business Consulting
Leveraging our accounting expertise, we provide strategic, financial, and operational guidance to businesses. We have a comprehensive understanding of financial principles, tax laws, and business operations, offering valuable insights to help businesses achieve their goals.
- Financial Management: We analyze financial statements to assess the company’s financial health, profitability, and cash flow. They identify trends, strengths, and areas for improvement. Then we develop realistic budgets and financial forecasts, providing a roadmap for future growth and helping to manage resources efficiently.
- Tax Planning and Compliance: We develop tax strategies to minimize liabilities, taking advantage of deductions, credits, and incentives while ensuring compliance with federal, state, and local tax laws. In case of a tax audit, we provide representation and support, handling correspondence with tax authorities and presenting necessary documentation.
- Business Strategy and Planning: We assist in creating long-term strategic plans, aligning financial goals with the business’s vision and mission. We also perform valuations for mergers, acquisitions, or sales, ensuring that business owners have a clear understanding of their company’s worth.
- Operational Efficiency: We can evaluate and streamline your business processes to enhance efficiency and productivity, implementing best practices in financial operations. We will also recommend and help integrate financial software and technology solutions to automate processes and improve data accuracy.
- Financial Reporting and Compliance: We ensure that financial statements are accurate, timely, and compliant with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). We also assist with regulatory filings, ensuring all required documents are submitted accurately and on time.
- Succession Planning: We assist our clients in developing succession plans, ensuring smooth transitions and the continuity of business operations.
Client Training
We offer comprehensive training for our clients and office staff in accounting software. Our expertise extends to Quickbooks and numerous custom accounting software applications, ensuring that both staff and clients are proficient in utilizing these tools effectively.
Contact us.
Orrico & Donnelly is your trusted partner for all your accounting needs. Let us handle the numbers while you focus on achieving your dreams.
To reach us via email, please complete the following form. We look forward to helping you!

