Accounting Aid Academy

Accounting Aid Academy is a volunteer income tax assistance (VITA) program that’s been successfully offering tax and financial services to taxpayers and small businesses in Detroit and southeast Michigan for the past 45 years. In that time, our services have returned over $400 million in tax refunds to individuals and small businesses in Wayne, Oakland, Macomb,and Livingston counties. Accounting Aid Academy was named a “Best-Managed Nonprofit” by Crain’s Detroit.

To support a small business owner in building and sustaining an accounting system, Accounting Aid Academy provided 16 hours of free individual one-on-one consultations. Before consultations, the business' sales revenues for 2017 was around $87,000. After individual meetings, revenue at their café increased by 45% to $126,150. Our client was also able to hire two part-time employees for the café, and can now understand reconciliation of bank and credit cards, as well as proper re-coding of transactions into an accounting system.

Utilizing personal and business financial statements, Accounting Aid Academy was able to support a part-time small business owner (The business owner worked part-time on her business, while also working a full-time job) become a full-time business owner by the end of March, 2019. She was able to do so by utilizing proper budgetary controls set by her business analyst and begun building her small businesses sales and clients. The small business owner was able to grow her aesthetician business by 400% in one year! At the end of tax season 2018 her revenue was only $4,000. By the end of March, 2019, her revenue was recorded at $16,018 and she was able to afford booth space at a local salon. By not over-spending and setting achievable financial goals, the small business owner was able to begin the process of closing her own commercial salon space for calendar year 2021.