1. The Value of Accounting to Detroit and Local Entrepreneurs

    June 11, 2018

    Detroit Neighborhood Entrepreneur’s Project Research Assistant Aaron Ngo recently published an article on Medium about how much he is learning about the social impact this type of support can provide for Detroit Entrepreneurs.

    From Ngo’s article (linked here):

    The Ross Accounting Outreach initiative is designed to help Detroit small businesses get their financials in order. We meet with small business owners every Friday to discuss their accounting needs. Everything from inventory turnover, developing cost structures of different products, and mapping out growth opportunities is fair game. But why exactly is creating a statement of cash flows or discussing costs of equipment considered social impact?

    Well, by helping Detroit entrepreneurs and small businesses, we’re indirectly helping revitalize Detroit. With more small businesses in the community, more jobs are created and the economy is boosted. Retail businesses like restaurants in particular also make use of abandoned buildings and infrastructure. With an economy that has suffered after the Great Recession, this boost from entrepreneurs of all kinds is helping Detroit get back on track.