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Farm Accounting – 10 tips for success

Ascend Solutions Farm Accounting

Farming businesses have unique accounting needs. The specific challenges you face in running a successful and thriving farm, require tailored business advice that goes beyond simply tax and accounting needs.

Not many other businesses rely on living produce and have so many factors that can dramatically affect profit and loss. Farmers are managing assets, liabilities, payroll, compliance, exchange rate flucuations, costs, revenue, not to mention day-to-day operations.

The following article covers some of the key areas to consider in your farm accounting:

  1. Your land is an asset
  2. Staying up to date with Government subsidy schemes
  3. Adjusting your farm accounting calendar to suit the government’s
  4. Recording changes in land use
  5. Knowing your stock
  6. Understanding depreciation
  7. Accounting for loss
  8. Keeping track of your profitability
  9. Using the internet and the cloud
  10. Working with your accountant.

Careful management of farm finances can make or break your business. We’ll keep your farm accounts in top shape and provide the support you need in your farm operation.

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