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November 19, 2021
Farm Accounting – 10 Tips
Farming is a business with unique accounting needs. The specific challenges you face in running a successful and thriving farm, requires tailored business advice.
Not many other businesses rely on living produce and have so many factors that can dramatically affect profit and loss. Managing these well using all the accounting tools, software and resources at your disposal is vital.
Careful management of farm finances can make or break your business. Xero’s Farm Accounting article covers the following areas:
1) Your land is an asset
2) Staying up to date with Government subsidy schemes
3) Adjust your farm accounting calendar to suit the government’s
4) Record changes in land use
5) Know your stock
6) Understand depreciation
7) Account for loss
8) Keep track of your profitability
9) Use the internet and the cloud
10) Talk to your accountant.
We can help keep your farm accounts in top shape so you can focus on running your business.
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