Does your operation depend on one individual to handle the farm accounting?
Who in your operation is responsible for your farm accounting? It is one individual or several? Think about each of the various financial tasks and who handles them within your operation:
- Payables—Who is responsible for paying all bills on time and assuring they are posted correctly?
- Payroll—Who is responsible for paying employees, making withholding payments, and filing tax documents?
- Receivables—Who is responsible for assuring all money owed to the operation is paid and posted correctly?
- Reporting for lender—Who is responsible for ensuring the lender has what is needed to secure needed credit?
- Reporting for tax preparer—Who is responsible in ensuring the tax accountant has what is needed to prepare and finalize your tax return?
- Budget setup and budget monitoring—Who is responsible for setting up a budget and monitoring budget-to-actual spending to ensure the operation is meeting its objectives?
We often take many things for granted that individuals within an operation do. What would happen if a particular member of your team quit or became ill? Has your operation documented the process for each of your accounting tasks and completed cross training? If not, it’s important that you take the time to do this. Ask the person responsible for each financial task to document the process as they complete it. Once completed, these documents can be utilized to efficiently cross train others.
AgriSolutions serves several customers who, in the past, were dependent on a single individual for one or more of these responsibilities and did not have the flexibility to quickly enable another person to competently complete all necessary tasks. When they suddenly found themselves without those key individuals, the operations struggled to meet their accounting responsibilities.
AgriSolutions Farm Accounting Services
Two of AgriSolutions’ most popular accounting services are Full Service Accounting and Full Service Hybrid Accounting. With Full Service Accounting, we’ll complete all necessary accounting functions for your operation. With Full Service Hybrid Accounting, we can do some of the accounting for your operation and let you handle the rest. With either service, your farm business is never left without someone to get these tasks done right. We have processes established and staff members with the appropriate cross training to step in to provide the assistance you need when you need it.
Protect your operation by documenting your processes and completing cross training or by enlisting the services of an organization such as AgriSolutions with experienced staff who will do these tasks for you. Then, you can rest assured that business as usual can continue—even when something unexpected occurs. Click below for a free consultation to discuss how we can best serve you.