This year, National Agriculture Day is March 22. KerberRose Trusted Advisors are dedicated to the agriculture community, and this dedication provides us with an understanding of the unique challenges and opportunities the agriculture industry faces. As such, we want to take this opportunity to recognize the importance of the farming community and discuss how industry-specific accounting can benefit agriculture.
What is National Agriculture Day? National Agriculture Day is hosted by the Agriculture Council of America, an organization dedicated to raising public awareness of agriculture’s crucial role in society. The goal of National Agriculture Day is to recognize and celebrate the contributions of agriculture in our everyday lives. Specifically, an emphasis is placed on understanding agriculture’s role in maintaining a healthy economy and its role in providing safe and affordable products.
Accounting Challenges in Agriculture
Beyond being a labor-intensive job tied to the land, farming is a business, which acts as a pillar of our economy. Today’s agriculture is increasingly business-oriented and reliant on technology. Keeping accurate business records and effective financial management is essential for any farm’s success, yet it is becoming increasingly complicated.
Agriculture is a unique industry, and accounting standards for it are equally singular. Location specific economic, environmental, and regulatory changes provide ongoing challenges for agriculture businesses. Additionally, accounting for crops, livestock, machinery and related technology is far from straight forward. To sustain success, farms need to stay ahead of change by anticipating roadblocks and opportunities before they affect their operational or financial well-being. These issues make it difficult and time consuming to accurately manage and keep track of farm finances and daily operations.
How Accounting Benefits Agriculture
Agriculture accounting encompasses an array of regulatory and recordkeeping quirks, which are often confusing and strenuous to navigate. Due to these difficulties, it’s beneficial to employ the services of an accountant with industry-specific knowledge and experience to act as an advisor. By engaging the services of an accountant with extensive industry knowledge, farmers will ensure business records are accurate and up-to-date, while maintaining compliance with all relevant regulations.
How We Can Help
Your KerberRose Trusted Advisors provide more than accounting services; we also offer advisory and consulting services for agricultural businesses. With our full menu of services, we strive to consistently bring our agriculture clients proactive solutions to help their businesses sustain success. In addition to bookkeeping and compliance services, advantages of working with our Trusted Advisors, include:
- Avoiding over or under tax payments
- Maximizing expenses claimed on taxes
- Minimization of tax burden
- Making production projections and forecasts
- Payroll service options
- Fixed asset consulting
- Cash Flow Management
If your business could use a Trusted Agriculture Accounting Advisor, contact KerberRose today to discuss creating a partnership.