Today’s agribusiness industry is nothing like it used to be.
There are so many new and exciting farming technologies driving transformation within the agricultural industry and the long-term growth of the economy – from the latest sustainability trends in agriculture, to the evolution of hemp as a versatile and viable farming product. And more!
With all the new and evolving trends and technologies in agribusiness, many employers feel like they’re getting pulled in too many directions, always chasing the next hot new trend. Many businesses are taking for granted the less exciting, nuts-and-bolts necessities that keep you profitable and thinking ahead financially. Necessities such as hiring accounting services.
After all, without reliable, high-performing accounting talent keeping a much-needed eye on your fiscal future, you’ll run into every imaginable financial roadblock before you can leverage the latest trends.
Why Accounting is so Critical for Agribusinesses
Many agribusinesses face similar accounting challenges as businesses in other industries. But the unique challenges specific to your industry make having key accounting support critical to the survival and growth of your company.
Here are some of the top challenges facing agribusinesses today:
1) Software and Tech Support
Today’s agribusinesses are driven more by technology than elbow grease. Farms and stockyard operations need all the bookkeeping, accounting software, and tech support they can get.
As an agribusiness employer, you know there is far too much going on with day-to-day operations to learn complex accounting and bookkeeping software on your own. Instead, you need to recruit at least one accounting mastermind, if not multiple accountants to take care of the essentials – everything from entering income and expense data to writing tax reports and updating your company software.
2) Estate/Retirement/Transition Planning
Agribusiness professionals in their golden years face a unique set of accounting needs.
After retirement, farmers are more likely to depend on a limited, fixed income from assets, savings, and social security.
There’s also the matter of transitioning the family business to a family member or another new owner upon retirement. This process can be affected by how much an agribusiness owner still relies on their farm as a source of income.
3) Year-End Tax Planning
While some agribusiness owners might dread doing their year-end taxes, within the process lies an opportunity.
With proactive planning around tax season, you can decrease your taxable income and find otherwise unavailable savings through deductions – critical measures for an industry with notoriously high overhead.
Hiring a tax specialist is the most proactive step you can take to get ahead in planning your taxes.
You can hire an accounting professional with a specialty in agribusiness who can put together a detailed plan. They’ll understand and consider factors such as your intended tax liability outcomes for both the current and following years.
Maximize Growth and Profits With Top-Performing Accounting Talent
As an agribusiness owner, you’ve stayed on top of the trends, worked hard, and given yourself a competitive edge. Your efforts have led to financial rewards, but you need to get the most out of every dollar you’ve earned.
By hiring the best accounting experts to your team, you’ll have someone to help with your overall direction while navigating your wealth, estate, and succession planning.
As a result, you’ll maximize your earnings and fully secure a thriving future for yourself and your business.
Contact Ag1Source today for top accounting talent in the agricultural industry.