Category: Accounting

SBDC Internship with Accounting/MIS Student Henry Basala

Accounting with Data Analytics and Management Information Systems Student, Henry Basala.

As a fourth-year College of Business student with a passion for helping others, I was
thrilled to begin my internship with the Michigan Small Business Development Center (MI
SBDC) last October. This role has allowed me to use the knowledge I have gained at Michigan
Tech to assist small businesses in their growth and development. It is my pleasure to share with
you some of the experiences that have shaped my internship journey so far.


In my role as a business consulting intern, my primary responsibility is to provide
comprehensive support to small businesses throughout the Upper Peninsula. From helping
them with their daily accounting and record-keeping tasks to conducting market analysis and
creating detailed reports, I get to provide a wide variety of assistance to these businesses.
Throughout my work, I am committed to ensuring that these enterprises have access to the
resources they need to thrive in this growing economy.


One of the most rewarding aspects of my internship is assisting entrepreneurs in writing
business plans. Collaborating with small business owners, I have helped transform their visions
into well-structured, actionable plans. These business plans serve as roadmaps, guiding them
toward sustainable growth and facilitating better decision-making. As well in many cases,
allowing the business access to capital to further business operations.

Additionally, I actively contribute to small businesses by providing assistance in
accounting and record keeping. Leveraging tools like Quickbooks and Wave Accounting, I not
only streamline financial processes but also devise effective management and collection
protocols. This facet of my role enables me to directly apply the knowledge I’ve acquired
through my major in a practical and impactful manner throughout my internship.

Furthermore, developing effective marketing strategies is a crucial aspect of my role. By
leveraging data-driven insights and understanding their target audience, we craft customized
plans that not only elevate their brand presence but also lead to higher customer engagement
and increased sales. The primary assistance I serve during this process is providing industry
and target market reports delivering comprehensive information of the industry.

During my internship, I have had the privilege of working with over 50 small businesses,
each with its unique set of challenges and aspirations. Being a part of their journey, witnessing
their growth, and contributing to their success has been incredibly rewarding. Recently, I was
presented with the opportunity to speak at the Keweenaw Chamber of Commerce. Addressing
the local business community, I assisted another consultant in emphasizing the vital role that the
MI SBDC plays in supporting small businesses. This experience was both humbling and
empowering, as it showcased the impact our consulting services have on local businesses. As
well, I was also able to see Governor Whitmer address the recent improvements made to

Michigan’s infrastructure at the UP State Fair. This provided me with the opportunity to see state
representatives discuss projects that will affect the clients I work with directly.
In conclusion, my work at the MI SBDC has been an eye-opening and transformative
experience. I must credit the MI SBDC team for being instrumental in my development as a
young professional in the business. My mentors have provided invaluable insights, sharing their
knowledge and expertise. Their guidance has been pivotal in shaping my consulting approach,
enabling me to deliver impactful results to the businesses I work with. Witnessing their success
has reinforced my commitment to supporting small businesses, knowing that they are the
backbone of vibrant and thriving communities.

The life of a business consulting intern

Second-Gen Involvement = Sweet Success(ion) for Family Business

strawberries
Following a bountiful strawberry season, Heidi’s will bring sweet cherries and blueberries to market. (Image courtesy Heidi’s Farmstand and Bakery)

Second-generation family businesses play a crucial role in family-owned enterprises’ stability and growth. As highlighted in the Harvard Business Review, the second generation can make or break a family business’s future. While they inherit a legacy, they also face extraordinary challenges, such as managing relationships, implementing changes, and establishing their own identity. Research from the Smith Family Business Initiative at Cornell emphasizes that only about 30 percent of family businesses survive into the second generation. This brings to focus the importance of effective succession planning. Second-generation family business leaders can create a lasting and prosperous tradition by leveraging their inherited wisdom and adapting to market changes. 

Ivy Stoller in front of Husky statue
Ivy Stoller ’23 celebrates earning her Michigan Tech degree. (Image courtesy Ivy Stoller)

As a native Michigander, Ivy Stoller was born in downstate Lowell and made the trip up north to Houghton to pursue her education. Ivy graduated from Michigan Tech with a Bachelor of Science in Accounting, concentrating in data analytics, in the spring of 2023. During her time at MTU, Ivy was active in various clubs and student organizations. She participated in Kappa Sigma Iota (KSI Accounting Club) and was a member of the Volunteer Income Tax Assistance (VITA) program helping with tax returns for fellow MTU students and local community members. Additionally, Ivy was a member of Beta Gamma Sigma, an honor society for business students. Beyond academic achievements, Ivy cherished her time at Michigan Tech as a period of personal growth and building lifelong friendships. 

Ivy’s family owns a business called Heidi’s Farmstand & Bakery located on 30 acres in southern Lowell. The family farm was founded in 1949 with many functions: raising cattle, running a dairy operation, and growing corn, soybeans, and wheat. Its business operations were started in 2006 by Ivy’s parents in collaboration with her mom’s brother. Later in 2007, the business was sold to Ivy’s twin uncles. Now, since Ivy has graduated, the family plans on changing it to a joint venture between the uncles, Ivy, and at least one of her siblings. 

Outstanding Students in Business 2023

Best in Business, L to R: Kieran Rowan, Lexi Dembroski, Kevin Hoefer

The Sam Tidwell Outstanding Students in Business awards are presented annually to College of Business undergraduates who embody a dedication to academic, leadership, and extracurricular involvement within the Michigan Tech community. Congratulations to our 2023 recipients:

Free Volunteer Income Tax Assistance by Appointment

Close-up shot of the Academic Office Building
Appointments for free income tax assistance are available every Monday, Tuesday, and Wednesday through April 12.

The Michigan Tech College of Business (COB) is pleased to again offer Volunteer Income Tax Assistance, a service offered at the University for more than 20 years. Accounting majors will provide free income tax preparation assistance for students and members of the community who could not otherwise afford the services of a CPA tax professional.

Assistance is provided by appointment via Google Calendar only. To schedule a 30-minute session, visit one of the following calendars: VITA, VITA-1, or VITA-2. You may need to check all three calendars for an available spot on a desired date/time. Walk-in and virtual appointments are not available.

Appointments, held in the Academic Office Building, Room G015, are available beginning Monday, March 13 through Wednesday, April 12 during the following times:

  • Mondays 11 a.m.-1 p.m. and 3:30-5:30 p.m.
  • Tuesdays 11 a.m.-1 p.m.
  • Wednesdays 2 p.m.-4 p.m.

What to Bring

Bring your W-2s, form 1099s, 1098Ts, and any other tax statements to your session. If possible, bring a copy of last year’s tax return.

International students 

Prior to your appointment, complete the Federal Form 1040 using the Glacier Tax Prep software provided by the University, and then bring the completed federal forms to your appointment for assistance with state tax return preparation.  

Questions?

For more information, contact:
Joel Tuoriniemi, accounting professor
jctuorin@mtu.edu | 906-487-1877

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accountingbusiness analyticsconstruction managementeconomicsengineering managementfinancemanagementmanagement information systems, and marketing, as well as a general business option. Graduate degrees include the TechMBA®, a Master of Engineering Management, a Master of Science in Accounting, and a Master of Science in Applied Natural Resource Economics.

Dai and Min Named Ten Haken Faculty Fellows

Jun Dai (left) and Junhong Min (right)

Following a recommendation approved by the Provost and President, the College of Business (COB) is pleased to announce that Jun Dai has been appointed as the Ten Haken Faculty Fellow in Accounting and Finance, and the Ten Haken Faculty Fellow in Business is Junhong Min. 

“The College of Business is blessed with excellent faculty,” says Dean Johnson, dean of the College. “As such, a goal of the Ten Haken Faculty Fellows is to rotate these Fellows such that more faculty can be recognized and provided with a boost to their careers.

The COB has a goal of 50 percent of our faculty in funded faculty positions by 2035.

Dean Johnson, dean, Michigan Tech College of Business

Ten Haken Faculty Fellow in Accounting and Finance

Jun Dai’s most recent accomplishments include lecturing on “Teaching Blockchain to Accounting Students” at the American Institute of Certified Public Accountants (AICPA) Faculty Hour webinar in August, with more than 650 faculty colleagues from around the world in attendance.

Of the appointment, she says: “This offers tremendous support to my career from many perspectives—working with students on course tutors, establishing new student research projects, and traveling to conferences to share outcomes with academia and industry.”

Using the Ten Haken resource to support the local community through a new project that aims to identify social pathology through big data is also a goal for Dai.

Dai, who achieved her Ph.D. at Rutgers University and began at Tech as visiting faculty in 2018, is an assistant professor of accounting. Her research interests lie in applying new technologies such as blockchain, industry 4.0, and data analytics in the auditing profession. Her teaching foci include accounting systems, accounting analytical methods, and business database management. She also serves as the associate editor of the Journal of Emerging Technologies in Accounting and an editorial board member of the Journal of Information Systems.

In July, Dai chaired the 31st Annual Research Workshop on Strategic and Emerging Technologies in Accounting, Auditing, and Tax, held in San Diego.

She received the 2021 American Accounting Association Notable Contributions to Accounting Literature Award for a research article titled “Toward Blockchain-Based Accounting and Assurance.” In it, she explores how blockchain technology could reengineer the existing accounting and auditing procedures to make them more transparent, intelligent, and automated.

Ten Haken Faculty Fellow in Business

Junhong “Jun” Min, led students in a hands-on market research project that, through the study of digital metrics, directly benefited COB’s brand positioning and fall website refresh. As advisor of the American Marketing Association student organization, Min, an associate professor of marketing, mentors students through sales and digital marketing competitions in regional conferences, and hosts networking events with industry experts from leading companies. 

“The Ten Haken Fellowship provides new experiential learning opportunities for students, including alumni networking, community service, local marketing internships, and student-led research projects,” Min says.

The fellowship helps bridge the gap between academia and practitioners in the industry.

Jun Min, associate professor of marketing, Michigan Tech College of Business

Min was a finalist for the 2022 Distinguished Teaching Award, a reflection of his expertise and passion for leading hands-on marketing courses—including Principles of Marketing, Marketing Data Analytics, Sales and Sales Technology, and B2B Marketing in a Digital Age. He studies the relationship governance problems that threaten a firm’s long-term success and growth. He has presented potential solutions in a variety of journal publications, including the European Journal of Marketing, Journal of Business Research, and Journal of Business Ethics, as well as national and international conferences such as the American Marketing Association, the Society for Marketing Advances, and the Decision Sciences Institute.

His analysis, conducted with Matt Monte of Houghton-based Monte Consulting, earned the award for best paper at the Society for Marketing Advances conference in Orlando, Florida. Using more than 12,000 ratings and reviews collected from IMDb.com, the pair identified factors causing inconsistencies between online ratings and reviews. Their work aims to contribute to the understanding of sponsorship marketing performance during the COVID-19 pandemic.

Lasting Ten Haken Impact

The Ten Haken Faculty Fellows were established in 2017 through the support of Joyce and Richard Ten Haken, COB accounting alumni. Prior to the appointment of Dai and Min, Jeff Wall, associate professor of management information systems, and Sheila Milligan, associate teaching professor of accounting, fulfilled the roles from 2019 to 2022. “Sincere appreciation is extended to both Sheila and Jeff for their depth of service to the fellowships,” says Johnson. “We look forward to the new endeavors Dr. Dai and Dr. Min establish during their term as Ten Haken Fellows.”

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accounting, business analytics, construction management, economics, engineering management, finance, management, management information systems, and marketing, as well as a general business option. Graduate degrees include the TechMBA®, a Master of Engineering Management, a Master of Science in Accounting, and a Master of Science in Applied Natural Resource Economics.