Improved Financial Management
Outsource to gain the advantage of expert financial management skills and knowledge.
Reduce Operational Costs
Lower your operational expenses and boost efficiency with the assistance of our accounting specialists.
Scalability and Flexibility
Grow your business with outsourced accounting services, allowing you to scale accounting resources as necessary
Accounting Outsourcing Services for Farms and Agricultural Businesses - AccounTax Bookkeepers
The agricultural sector is one of the world’s key industries, encompassing a wide range of activities such as crop cultivation, aquaculture, livestock farming, and forestry. This industry includes diverse operations like farms, dairies, hatcheries, and ranches, all requiring meticulous care, nurturing, planting, and harvesting.
Agricultural activities are typically managed by farmers and their families, who often lack specialized accounting knowledge. Consequently, there is no universal standard for maintaining farm and agricultural accounts. Nonetheless, it is crucial to keep accurate records and detailed accounts to analyze operations and enhance agricultural practices through research and development.
At AccounTax Bookkeepers, we are dedicated to providing comprehensive guidance to farmers, ensuring they manage their inputs effectively and understand how to address the factors impacting land, labor, and capital.
We assist in categorizing accounts to determine the cost of each crop, compare the productivity and profitability of various crops, and evaluate the efficiency of related activities. Our services help address the challenges of allocating costs among different crops and associated operations, such as livestock and poultry farming.
The primary goal of outsourcing farm and agricultural accounting is to convert a fixed cost into a variable one. However, achieving this depends on several factors, including:
- Willingness to take risks and invest
- Offering a wider range of products
- Enhanced access to technology
- Lower costs while leveraging vendor innovation
- Better management of complexities
Our Manufacturing Accounting Services
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Agricultural Bookkeeping
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Accounts Payable
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Accounts Receivable
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Management Reporting
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Payroll Processing
- Set up chart of accounts.
- Record purchase transactions including purchase orders, invoices, and inventory receipts (including batch with expiry/serial numbers).
- Account for other purchase-related expenses to calculate landing costs.
- Document finished goods item-wise bill of materials (BOM).
- Record material issuance for production.
- Post necessary entries for material transfers between locations.
- Record stock adjustment entries, if required.
- Allocate labor, electricity, and other direct expenses to production.
- Record estimates, quotes, sales invoices, and delivery notes.
- Verify and record bills from vendors.
- Process vendor payments.
- Manage employee payroll and update payroll files.
- Record depreciation and other adjusting entries.
- Segregate and allocate expenses by project.
- Perform month-end or year-end closing entries.
- Post supplier invoices and process payments.
- Allocate labor costs for regular farming and greenhouse/land preparation construction.
- Allocate electricity based on meter readings to different farms/greenhouses and other direct expenses to specific projects.
- Approve and process payments.
- Review and reconcile vendor balances.
- Reconcile revenue and expenses farm-wise.
- Process 1099s.
- Submit accounts payable aging reports.
- Identify different greenhouse and farm accounts and create them in the accounting software.
- Record cash/bank receipts on a monthly basis according to farm or greenhouse.
- Review and reconcile production per greenhouse.
- Submit accounts receivable aging report.
- Prepare profit and loss statement.
- Generate cash flow statement.
- Compile balance sheet reporting.
- Provide trial balance
- Produce fixed assets process reports.
- Analyze stock consumption and movement.
- Generate location-wise inventory report.
- Track outstanding purchase orders pending for receipt of goods.
- Monitor outstanding sales orders pending for dispatch of goods.
- Conduct variance analysis.
- Perform farm-wise costing.
- Conduct farm-wise input-output analysis ratio.
- Establish payroll system.
- Calculate paydays and process payroll.
- Handle payroll tax calculations and form submissions.
- Prepare and file 941, 1099, 940, and quarterly state tax returns.
Who We Serve
Crop Production
Agricultural Machinery
Aquaculture
Livestock Production
Agricultural Chemicals
