When changing accounting software, going through entity formation or just upgrading computers, producers often wonder what accounts to set up. As a best practice, set up the most meaningful accounts. Financial Services Leader Carolyn Huff provides guidance on record-keeping standards – especially those important for tax reporting or common for a given industry.
Are you in compliance with the Federal Motor Carrier Safety Regulations? Read a summary from a recent webinar hosted by Farm Credit East that helped navigate these ever-changing laws and certain agricultural exemptions.
Every farmer, fisherman or forest product producer defines success differently. For some, success is measured strictly in dollars and cents: the “bottom line.” Others make non-financial goals a priority. Nonetheless, every successful producer shares a few key management and financial practices. Here are some practices recommended by Dr. David Kohl, an agricultural economist specializing in farm business management.
“Record-keeping can be a huge time commitment. In my experience working with customers, I’ve learned that record-keeping is not always a first priority.” Angela Barsuglia, Farm Credit East Tax Associate, discusses the importance of accurate financial record-keeping in today’s business climate and how we can help.