In the past 20 years, farming has become an incredibly complex and technology oriented business. Producers are using high-tech drones to analyze their crops and implementing new practices such as strip-tilling or variable rate seeding. However, for some producers, when it comes to managing the financial side of the farm operation, the pocket notepad and shoe-box of receipts still seems to be alive and well.
With the ever-increasing costs of production and highly volatile futures markets, good financial management is an invaluable tool that should be used throughout the entire year and not just at tax time. By organizing and leveraging the information that you already have (i.e. your books), we can turn it into useful information that decisions can be based upon throughout the year and save you time when completing other financial reporting requirements.
Would you hire a crop insurance agent that specializes in insuring crops that you don’t raise?
If not, then why would you hire a CPA that doesn’t primarily focus on agriculture?
Allow us to focus on the bookkeeping while you handle the chores. We will record all financial transactions and reconcile your bank accounts, loans and credit cards on a monthly basis.
Estimating your breakeven cost per acre/bushel are days of the past. Through the use of farm specific accounting software and with the right information being provided, we can give you a report of the cost of each crop throughout the growing season to help you make your application and marketing decisions.
Your financial professionals should work for you, not just with you. We will work with your bankers, insurance agents, and financial advisors to make sure they have the information they need.
Rent, buy, sell or lease? We can help make the decision that will give you the best return on your investment.
In any business, cash is king. Knowing your cash flow will prevent you from making unexpected sales when the market isn’t where you want it to be and allow for smoother operations.
Agriculture and farming businesses are subject to specific tax laws and requirements. Utilize a tax professional that knows your business and that can help you get all of your tax credits in order.