Services
Everything an owner-managed business needs, in one place.
Jacobs & Newmark handles the books, the payroll, the statements, the returns, and the planning that connects them — for small, medium, and large independent businesses across the Chicago area.
Accounting & business services
General Bookkeeping
Jacobs & Newmark maintains the books for closely-held businesses across the Chicago area, either as the outsourced bookkeeping function or alongside an in-house bookkeeper. Work covers transaction coding, bank and credit card reconciliation, accounts payable and receivable, general ledger maintenance, and month-end close. Clients receive financial statements on a set schedule rather than only at year end, which is what makes the tax planning and lender conversations later in the year possible.
Read more →Financial Accounting & Statement Preparation
Preparation of balance sheets, income statements, and cash flow statements for owner-managed businesses in Wheaton, Buffalo Grove, and across DuPage, Lake, and Cook Counties. Jacobs & Newmark prepares statements that a bank, a bonding agent, or a buyer will accept, and then walks the owner through what the statements actually say about the business.
Read more →Reviews & Compilations
Review and compilation engagements performed under AICPA standards for businesses that need third-party financial statements for a lender, a bonding company, a franchisor, a partner, or a buyer. Jacobs & Newmark's partners came out of the audit departments of mid-size and national firms, and the firm performs reviews and compilations for construction contractors, manufacturers, distributors, professional practices, and closely-held companies throughout Illinois.
Read more →QuickBooks Setup, Training & Cleanup
Jacobs & Newmark includes an Intuit-certified QuickBooks ProAdvisor and works with clients running QuickBooks Desktop and QuickBooks Online. Engagements range from setting up a chart of accounts for a new business, to training an office manager who inherited the file, to cleaning up several years of miscoded entries so the books can support a tax return or a loan application.
Read more →Payroll & Sales Tax Compliance
Payroll processing and payroll tax filing for Illinois employers, together with Illinois sales and use tax compliance for businesses that sell taxable goods or services. Jacobs & Newmark handles the recurring filings, the quarterly and annual returns, and the notices that arrive when something does not match, including multi-jurisdiction situations for businesses operating in more than one Illinois taxing body.
Read more →Cash Flow Management
Cash flow forecasting and working capital analysis for businesses whose profit and loss statement looks nothing like their bank balance. Jacobs & Newmark builds the projection, identifies where cash is actually tied up (receivables, inventory, work in progress, owner draws, debt service), and reviews it with the owner on a recurring basis rather than once at year end.
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Advisory
Bank Financing & Lender Reporting
Support for businesses applying for or maintaining bank credit: the financial statement package a lender expects, the projections that accompany a loan request, covenant calculations, and the reporting a lender requires while the facility is outstanding. Jacobs & Newmark's team includes CPAs who have sat on the company side of lender negotiations as controller and CFO.
Read more →Strategic Business Planning
Planning work for owner-managed businesses that connects short-term operating decisions to a longer-term goal: an expansion, a second location, an equipment purchase, a partner buy-in, or an eventual sale. Jacobs & Newmark works from the client's own numbers rather than a template, which is the practical difference between a plan and a document.
Read more →Business Succession Planning
Succession and exit planning for closely-held Illinois businesses: transferring a company to the next generation, to a partner, to management, or to an outside buyer. Jacobs & Newmark has worked with owner-managed businesses since 1988 and has taken clients through generational transitions, practice valuations, and sales, including the accounting and tax structuring that determines what the owner actually keeps.
Read more →New Business Formation
Entity selection and setup for new Illinois businesses (S corporation, C corporation, partnership, or LLC) together with federal and state registration, the initial accounting system, payroll setup, and the first year's filing calendar. Jacobs & Newmark advises on the entity choice before it is made, when it is still inexpensive to change.
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Tax
Business & Individual Tax Preparation
Federal and Illinois tax return preparation for corporations, S corporations, partnerships, LLCs, trusts, and the individuals who own them. Jacobs & Newmark prepares the business and personal returns together, because for most owner-managed companies the two are the same decision. Multi-state filings are handled for clients operating outside Illinois.
Read more →Tax Planning
Year-round tax planning rather than a return prepared after the year is already closed. Jacobs & Newmark reviews entity structure, owner compensation, equipment and vehicle timing, retirement plan contributions, and the transactions a client is considering, while there is still time for the decision to change the outcome. The firm's position is that planning is the work and the return is the record of it.
Read more →Tax Problem Resolution & IRS Representation
Representation for businesses and individuals facing IRS or Illinois Department of Revenue notices, examinations, unfiled returns, payroll tax liabilities, or collection activity. Jacobs & Newmark's CPAs deal with the taxing authority directly on the client's behalf, and have taken clients through IRS audits, union audits, and bank examinations.
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Not sure which of these you need?
Most clients arrive describing a problem rather than a service — the books are behind, the bank wants statements, a notice arrived, a partner is leaving. Describe the situation and we will tell you what it actually takes.
Request a consultation
Tell us about the business.
A first conversation is about what you run, how the books are handled now, and what prompted you to look. If we are the right firm we will say so, and if we are not we will say that too.
- DuPage County
- Wheaton, IL
106 E Liberty Dr., Suite 201 - Lake County
- Buffalo Grove, IL
100 Lexington Dr., Suite 210 - Hours
- Monday – Friday, 9:00am – 5:00pm