It can be so easy to do in any type of business, but especially one that is family-run like a farm…. Mixing personal funds with business funds. Money moves from one account to another often start out small and happen on rare occasion, but they can quickly pick up in size and frequency. Trust us … Continued
Whether you are new to farming, or a seasoned pro, one thing is for sure- partnering with an experienced accountant is a must. When it comes to questions you can ask your accountant, the list is endless. In this blog, we tackle five important ones. Are you well-versed in my industry? This simple but vital … Continued
The Internal Revenue Service (IRS) has issued an important reminder to taxpayers with income from a farming of fishing business. Those receiving this type of income should file and pay their entire tax amount due by Tuesday, March 1, 2022. This applies to taxpayers who did not make estimated tax payments. More information can be … Continued
Just how meticulous are you about keeping detailed records for the finances for your farm? Most folks do a decent job, but when you kick it up a notch you can really see the benefits that excellent record keeping can provide. We encourage business owners to track every dollar coming in and out of the … Continued
Many farmers and agribusiness professionals are not aware of the various financial assistance opportunities that are available to them. In this blog, we will talk about the loan options offered by the USDA. Funds are available to those just starting out in agribusiness and to experienced professionals. The following programs are available: Loans to purchase … Continued
If you’re in the business of agriculture, you know the value of a hard-earned dollar. Just like any business, farming requires tact and grit to sustain your operation for years to come. You’re already familiar with the physical work that goes into managing a farm, but what about bookkeeping? What accounting software is best for … Continued
When it comes to keeping track of the revenue coming into your agribusiness, and the expenses you take on during day-to-day operations, you essentially have two different types of accounting methods to choose from. You have likely heard of them…. cash accounting and accrual accounting. It is important to understand the difference between the two … Continued
What are KPIs and how can they help you run a successful agribusiness? KPI stands for Key Performance Indicator. These are measures that are both financial and non-financial in nature that help you measure the overall health of your operation. Of course, the types of KPIs you put in place will vary from industry to … Continued
Cash flow is important to any farming operation. But you can’t just monitor your pennies and dimes. You must plan out your cash flow and prepare for changes in your plan along the way. Farmers should be working with their accountant to set a budget and execute cash flow forecasting. This exercise allows you to … Continued
The day has come… the day you are finally ready to truly tackle succession planning. This exercise can be scary, emotional, and draining. But it can also be rewarding and give you a sense of clarity about your future and the future of your business. So, how do you really get the ball rolling here? … Continued