ACCOUNTING IN HUNTSVILLE

By Lora Redding
Davis, Redding and Associates LLC

My name is Lora Redding and I have been working in Huntsville as a CPA since 2001. It has certainly been a challenge while raising three children. I started from the bottom in accounting and worked my way up. Before 2017, I worked for a prominent firm in Huntsville for over 17 years when I had a critical car accident causing me to re-examine my life and priorities. I have since started my own firm, and I really enjoy it.

Most of my clients are referrals, so I know that I am getting someone great to work with on any given project. I love being able to treat my clients like family and I enjoy learning about their lives and finding out what I can do to make things better for them. Even outside of accounting, I will always refer my clients to kind and trusted professionals that will take care of them in fields that I cannot. I am confident in my work, and it is always a good feeling to make life easier on others.

I have done almost everything in accounting from data entry to government contracts. I work on payroll, payroll taxes, individual and corporate tax returns, tax representation/resolution, DCAA compliance/representation, ICE Submissions, government contract compliance, and set up of accounting systems. Over time I have learned how to implement Deltek Costpoint, QuickBooks, and Unanet to name a few. I always appreciate those who have shared their knowledge and experience with me, so I do my best to share my own knowledge with those who need it.

That’s my story in a nutshell, so let’s talk about accounting in Huntsville. We live in a unique and eclectic community populated by brilliant minds that drive innovation in areas ranging from military defense to space exploration. Because of the city’s uniqueness, there are many opportunities for residents, including our large government contract community, where I focus most of my expertise. I’m proud to work here and be a part of this growing city where so many wonderful people reside. 

Government contracting is an ever-changing vast knowledge suite in that no one person knows everything. There are always new situations to learn from, adding newly found knowledge to my base so I can use it to help others in the industry. Government contracting is a whole different world that is not taught in school, nor is it for everybody. To learn takes a lot of time, hands-on experience, and knowledgeable connections within the industry. 
 
Currently in government contracting many small to mid-size contractors are changing accounting software. While everyone needs a compliant system, there is no single product that works for every business. As an example, both Unanet and QuickBooks Online are being aggressively marketed right now. However, QuickBooks Online is far from compliant with government standards and is generally not a good software for client base. Unanet is a good lower-cost alternative to Costpoint, however, you may not need it for your business. QuickBooks Desktop is a great economical choice for most small to mid-size contractors, but even this software has gone up in price over the past year. Implementation of any software product is frankly; “Garbage in – Garbage out”. All these products cost a good deal of money and should be set up properly to be of the most valuable use for your business.

It is imperative that you engage the right professional help and be willing to appreciate their value. Before you make any changes involving structural business or software changes, I strongly recommend that you consult with your CPA or other accounting professional to help determine the best fit to save your business time and money. Government contracting can be complex, so don’t be afraid to reach out for help.