Faith Matlock Johnson, founder of Gabby Dade & Co., an accounting and tax boutique, delves into the importance of bookkeeping, accounting, and taxes on Monday night’s class for the 6 Week Cohort: Contracts at the Greenwood Chamber of Commerce, Inc. with Dr. Angela K. Chambers.
The cohort kicked off on December 11th with attendees learning a lot about contracts, where to find them, how to secure them, and how to create strategies to grow their businesses with contracts.
Week two was the time to get into it by registering with agencies, organizations, and entities offering procurement opportunities. This cohort is designed for attendees to gain an understanding of contracts and help them learn strategies and avenues in which to locate available opportunities.
Monday night Faith crossed the Texas border to share good information, inspire and encourage attendees to keep better books. She discussed some of the tax advantages of tax planning and creating strategies using some of the tax codes based on your business or your future plans.
When it comes to securing contracts, having a strong accounting strategy is essential. Proper accounting practices not only ensure accurate financial records, but they also play a crucial role in building trust with potential clients and partners. She kept the audience engaged both new business owners and seasoned ones.
One of the main reasons why accounting is key in securing contracts is that it provides transparency and accountability. By maintaining accurate financial records, businesses can demonstrate their financial stability and integrity. This is especially important when dealing with large contracts or government agencies that require thorough financial documentation.
Furthermore, a well-organized accounting system allows businesses to track and analyze their financial performance. This information can be used to identify areas of improvement, make informed business decisions, and showcase financial viability to potential contract partners.
In addition to financial transparency, accounting also helps businesses manage their cash flow effectively. By keeping track of income and expenses, businesses can ensure they have enough funds to fulfill contract obligations and meet payment deadlines. This level of financial stability is highly valued by clients and can give businesses a competitive edge when bidding for contracts.
Another benefit of having a strong accounting strategy is that it enables businesses to comply with legal and regulatory requirements. Many contracts and partnerships require businesses to adhere to specific financial standards and reporting guidelines. By maintaining accurate accounting records, businesses can easily demonstrate their compliance, giving them a higher chance of securing contracts.
In conclusion, accounting plays a vital role in securing contracts. From providing financial transparency and accountability to managing cash flow and ensuring compliance, a strong accounting strategy is key to building trust and credibility with potential clients and partners. By investing in proper accounting practices, businesses can enhance their chances of securing lucrative contracts and driving long-term success.
The 6 Week Cohort: Contracts is the first cohort to be offered at the Greenwood Chamber of Commerce. Dr. Chambers said, “We have so much more coming up for this cohort. The end goal is that every attendee submits proposals for contracts and wins! In this cohort, we are sharing it all. With information provided they will have the knowledge about contracts, the process, they will get registered, submit proposals, and network.”
Cohorts and other trainings for 2024 will be posted after the new year.