November 20, 2019 | Read Time: 4 Minutes
If you follow us on social media, you might have seen a post recently on accounting for nonprofits. For those of you that didn’t read it, here is what you need to know: accounting for nonprofits is highly specialized. Your accountant should know the ins and outs of how your nonprofit differs from that of a “regular” business when it comes to bookkeeping and taxes.
However, this blog is not about nonprofits, it’s about farming. When it comes to accounting, farming is EXACTLY like nonprofits — highly specialized! As Liam Neeson would say in the movie Taken, “I have a very particular set of skills, skills acquired over a very long career…” The accountant you choose to handle your farm’s accounting should be the Neeson of farm accounting.
Did you know that Wisconsin is home to over 64,000 farms? Those farms cover over 14 million acres of land and provide over 435,000 jobs in the state! And we aren’t just about cheese — well we are a lot about cheese — but Wisconsin farmers also produce beef, grain, nursery products, hemp, soybeans, and more. Ok, you get it, farming is a HUGE part of Wisconsin. Shouldn’t the accounting firm you choose house professionals who specialize in something that is such an integral part of our state and culture?
Take a look at five things Huberty professionals think you should consider when it comes to accounting and your farm:
Huberty farm accounting professionals appreciate the challenges in the industry today. We want to do everything possible to keep farm businesses viable. But if your farm becomes financially unsustainable, be sure your accountant knows the ins and outs of Chapter 12 when it comes to bankruptcy and farming. Changes in debt limits for farm bankruptcy have occurred as recently as August of this year!
Farming is unique – name another business that relies so heavily on mother nature. The industry’s accounting is equally as unique, and a good accountant can leave you stress-free when it comes to bookkeeping and taxes. With less time spent managing your finances, you have more time to do what you do best: farm. Contact your closest Huberty office, located in Fond du Lac, Ripon, Sheboygan, Plymouth, Markesan, and Minocqua, to consult with one of our farming experts.
Want to learn more about how Huberty can help you with your business? Check out our other blogs:
Six Hurdles of Business Transitions | Accountability – Not a Scary Word! | Five Top Focus Areas for Business Success | The Recipe to Success | Putting Plans Into Action | Building a Strategy for Success