Accounting Tips for Farmers
Farmers are such a key part in our communities and make up an important part of the work industry. Our accounting firms in Mid-Missouri support and are honored to be able to help as many farmers as we do. From bookkeeping assistance to managing farm equipment purchases, our Central Missouri accounting firms enjoy helping farmers with their agribusinesses. In the spirit of helping farmers, Wilson Toellner CPA is here to give a few accounting tips to farmers. If you are a farmer and would like to set up a consultation with an experienced accountant in Mid-Missouri who has helped many farmers before, call Wilson Toellner CPA. We have four locations throughout Mid-Missouri and all our phone numbers and business addresses can be found on our website at www.WTCPA.com.
Get separate bank accounts for your farm.
It is important that you keep your farming money separate from your personal money. This process alone can make your life much easier. For example, emergencies on the farm happen. If your tractor breaks down, your cows still need to be fed and tractor repair or replacement can be VERY expensive. Keeping your money separate can make it easier and less tempting for you to spend your farm money on personal things, that way it is there when you need it most.
Keep depreciation in mind when purchasing farm equipment.
Farm equipment can lose value over time. Sure, you may be able to sell your old tractor you are no longer using to cover some other farm expenses, but it may not be realistic to think you can get what you paid for it. Be aware of that.
Manage the costs of everything you spend money on for your farm.
Tracking your costs electronically works very well for some people, but isn't for everyone. If you chose to do this via paper, just keep it in a place where you can always find it.
Organize your filing process.
Receipts, invoices, documents, etc. - keep these items in a safe place. If your farm is also your home, you may not have an office to keep everything in, so just be sure to designate a safe place for your filing system.
Compare your bank account balances to your bookkeeping often.
Be sure to check out your farm checking and savings accounts and compare them to your bookkeeping every week if possible. This can help you stay on track.
Running an agribusiness and the life of a farmer can mean a ton of hard work! We appreciate all you do as farmers and that profession is something to be admired. If you are a farmer in need of some accounting assistance with your agribusiness, please do not hesitate to give us a call. Again, we have four locations throughout Mid-Missouri, all of which can be found on our website at www.WTCPA.com. Please call the location nearest to you.
Accounting Tips for Farmers
Get separate bank accounts for your farm.
It is important that you keep your farming money separate from your personal money. This process alone can make your life much easier. For example, emergencies on the farm happen. If your tractor breaks down, your cows still need to be fed and tractor repair or replacement can be VERY expensive. Keeping your money separate can make it easier and less tempting for you to spend your farm money on personal things, that way it is there when you need it most.
Keep depreciation in mind when purchasing farm equipment.
Farm equipment can lose value over time. Sure, you may be able to sell your old tractor you are no longer using to cover some other farm expenses, but it may not be realistic to think you can get what you paid for it. Be aware of that.
Manage the costs of everything you spend money on for your farm.
Tracking your costs electronically works very well for some people, but isn't for everyone. If you chose to do this via paper, just keep it in a place where you can always find it.
Organize your filing process.
Receipts, invoices, documents, etc. - keep these items in a safe place. If your farm is also your home, you may not have an office to keep everything in, so just be sure to designate a safe place for your filing system.
Compare your bank account balances to your bookkeeping often.
Be sure to check out your farm checking and savings accounts and compare them to your bookkeeping every week if possible. This can help you stay on track.
FARMERS: Wilson Toellner CPA is Here For You!
Running an agribusiness and the life of a farmer can mean a ton of hard work! We appreciate all you do as farmers and that profession is something to be admired. If you are a farmer in need of some accounting assistance with your agribusiness, please do not hesitate to give us a call. Again, we have four locations throughout Mid-Missouri, all of which can be found on our website at www.WTCPA.com. Please call the location nearest to you.
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For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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