Glossary

A Business Plan
A business plan clarifies your marketing, management, and financial plans to achieve success.

Accounting
Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the FINANCIAL STATEMENTS.

Accounts Payable
Amount owed to a CREDITOR for delivered goods or completed services.

Accounts Receivable
Claim against a DEBTOR for an uncollected amount, generally from a completed transaction of sales or services rendered.

Audits, Reviews and Compilations
Constructive solutions for maximizing your company's profitability and efficiency.  Financial reporting on all three levels of assurance: Audit- an intensive examination with the highest level of assurance, Review - some analytical procedures conducted with limited assurance, and Compilation- based upon client information provided and used primarily for internal use.

Accounting Services
A complete range of accounting services, including receivables, payables, and payroll management. prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) for use by banks, and other third parties. prepare custom financial reports for internal, managerial use.

Bank Reconciliation
Reconcile your business checking account each month your bank accounts, accounting, and taxes up-to-date.

Bookkeeping/Write-Up
General journal and subsidiary ledger maintenance, bank statement reconciliation, and receivables and payables tracking and analysis.  Well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business.

Business Consulting Services-new and established businesses
Help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound in: Fiscal, Management, Marketing, Controls. Act as a sounding board for management, to provide comprehensive, flexible strategies that address the issues affecting your business.

Business Entity Selection
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative.

Business Valuations
The amount attached to the value of your business is important.  AB provides useful and objective analysis to assist you in the valuation of any business in which you have an interest.

Buying & Selling a Business
Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business.  AB has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations.

Cash Flow & Budgeting Analysis
Expert cash flow and budgeting analyses that can help you minimize cost overruns, lost purchase discounts, and uncollectible receivables. Clients state that these value-added services are indispensable.

Computerized Accounting Systems Consulting
Make the transition to computerized accounting simple. 

Contribution and Profitability Analysis
Financial performance data for specific business segments of the organization.  analysis not only serves as a tool to make more informed decisions, but can also identify ways to improve business processes.

Depreciation
An allowance made for a loss in value of property.

D.B.A.- Doing Business As
Alternative name or trade name used by a business.

Employer Identification Number-(E.I.N.)
A nine digit number assigned by the I.R.S.

Estate & Trust Tax Preparation
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets.  For business owners, providing for business continuity and succession of ownership is essential.

Expenses
The organization outlay for the tax period.

Financial Forecast and Projections
Plan scenarios to help management foresee and plan for unexpected business contingencies.

Financial Statements
Professional, financial statements as well as tailor-made financial analyses that can help business owners and managers eliminate inefficiency and realize a businesses full profit potential.

Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability.  From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.

Fixed Assets
Value of land, buildings, equipment, and other tangible items owned by the organization.

General Ledger, The
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Gift and Trust Tax Return Preparation
Preparation of federal and state gift, and trust tax returns.

Home Inventory Recording
Home inventory recording services to homeowners that offer protection and peace of mind.  Without a detailed record, making an insurance claim can be a hassle at best. Whether you own your home or rent an apartment, insurance companies recommend that you keep a current home inventory record complete with photo and video to assist in the event of an insurance claim.

Internal Controls
Ensure proper handling of resources and to protect you from employee theft.

Investment & Securities
Establish Simple IRAs and 401(k)s for owners and employees.

Management Consulting
Including systems implementation and management, cost controls, employee benefit plan restructuring, and much more.

Management Information Systems
Basis for decision making Inventory turnover and control.

Payroll Taxes
Quarterly payroll taxes for both Federal and State.

Pension & Profit Sharing Plans
Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals.

Power of Attorney
Legal authority to assist businesses and individuals in dealings with the Internal Revenue Service and the State of Michigan in the event of an audit.

Professional Payroll Services
Payroll service that includes check printing, direct deposit of paychecks, tax filings, complete compliance, and more. You will receive all the payroll reports you need to run you business most efficiently, and you will also get personalized professional advice on all payroll matters for your firm.

Ratio Analysis
Evaluate current competitors based on research about my competition and market. Liquidity Analysis Ratios, Profitability Analysis,  Activity Analysis, Capital Structure Analysis, Capital Market Analysis, ROA.

Sales Tax
Sales tax filings including state and local.

S.W.O.T Analysis
Evaluate current competitors based on research about competition and market.

Tax Services
Identify key tax planning opportunities that minimize both your current and future tax liabilities by keeping current on new tax laws and legislation.  Tax planning & return preparation - Individuals - Corporations - Partnerships - LLCs/LLPs - Estates, Trusts & Gift, Not-for-profit organizations,  Tax effects of buying/selling a business.

Tax Preparation
Tax returns for corporations, individuals, partnerships, fiduciaries, and non-profit organizations.
Can be filed electronically filing.

Tax Planning
An essential element of the tax preparation process to minimize current and future tax liabilities.