
Running a farm is no small feat. Your days are packed with tasks that demand your attention. But one area that can’t afford to be overlooked is your farm’s finances. That’s why we’re hosting an upcoming Advanced Farm Financial Management Webinar on January 21st from 6:00-7:00 PM—a dedicated session to help you take your farm to the next level.
Keeping your finances in order is not just a best practice; it’s a necessity for every farmer aiming to grow their business. Our friends at the American Farm Bureau Federation found that over 140,000 U.S. farms were shut down between 2017 and 2022, and another 5,000 stopped operations from 2022 to 2023.
Whether you’re preparing for tax season, applying for grants, or simply trying to understand if your farm is truly profitable, financial clarity is key. In this webinar, we’ll help you take your farm’s financial management to the next level with strategies for tracking cash flow, assessing profitability, and closing your books monthly to stay organized and ahead.
Why Keeping Your Finances in Order is Crucial
For many farmers, managing finances is intimidating. You didn’t get into farming to crunch numbers—you’re here to grow food, raise animals, and cultivate the land. But if your finances aren’t in order, it’s like building a house on a shaky foundation. Financial disorganization can lead to costly mistakes, missed opportunities, and unnecessary stress, which you can’t afford with tax season around the corner. According to the USDA, only 39% of small farms and 46% of medium-sized experienced positive income in 2023. How’s your farm looking?
Keeping track of income and expenses is one of the most important aspects of running a successful farm. It’s not just about knowing how much money is coming in or going out. It’s about understanding where your resources are being spent and finding areas where you can save or reinvest. For instance, categorizing expenses properly—like knowing which purchases fall under farm equipment versus operational supplies—can make a big difference when it’s time to file taxes or apply for loans. Our marketing team wants us to put a disclaimer in here to say we are NOT CPAs, we’re just really good at the numbers.
Our webinar series will cover the basics of organizing transactions, keeping personal and business expenses separate, and building financial statements like Profit & Loss reports, Balance Sheets, and Cash Flow Statements. These are the tools that let you see the bigger picture and help you make smarter decisions for your farm.
Relieve Tax Season Stress Before It Starts
Tax season has a way of sneaking up on all of us, and for farmers and ranchers, it comes with its own unique challenges. With filing the Schedule F (Form 1040), deductions to claim, and depreciation to calculate, it’s no wonder taxes can feel overwhelming. But the good news is that with a little preparation, tax season doesn’t have to be a source of anxiety.
Form 4562 (Depreciation and Amortization) helps you deduct the depreciation of your farm assets, like equipment, over time. We’ll guide you through filling it out to ensure you get the most savings and stay on track with your taxes.
One of the key takeaways from our webinar series will be how we help our farmers and ranchers get ahead of tax season. This includes understanding forms like Schedule F (Profit or Loss from Farming), which is also part of Form 1040, organizing your receipts and invoices, and tracking depreciation on your equipment.
We’ll touch on the importance of working with professionals who understand farm-specific tax rules. While we’re NOT CPAs and can’t file your taxes for you, our team at Good Agriculture specializes in helping farmers manage their books, making it easy to file with a CPA or a tax filing software like TurboTax. Yes, we prepare the paperwork for our Essentials and Premium Financial Services customers, and they take it to file with a CPA. We make it that easy because we understand how daunting it can be. Whether it’s ensuring your records are accurate or providing insights into cash flow, we’re here to lighten the load.
Take the First Step Toward Financial Clarity
The Advanced Financial Management Webinar is more than just an informational session; it’s a chance to take control of your farm’s financial future. We’ll break down complex topics into easy-to-understand steps, leaving you equipped to tackle your finances with confidence.
Whether you’re just starting out or looking to improve your current systems, this webinar will provide the foundation you need to succeed.
Don’t let financial stress hold you back from building the farm of your dreams. Join us for this valuable session and see how Good Agriculture can support you every step of the way.
Don’t know where to start? Sign up to get tips on getting your farm finances in order before the end of the year.
How We Help Agribusinesses
Managing a farm’s finances might seem like an uphill battle, but you don’t have to do it alone. At Good Agriculture, we’re dedicated to helping farmers like you focus on what you do best—farming—while we handle the back-office work. Our services are designed to do the bookkeeping and financial management for your farm so you can spend less time stressing over spreadsheets and more time growing your operation.
Here’s how we help our farmers, ranchers and agribusinesses:
- Basic Bookkeeping: We’ll keep your books organized, categorize your expenses, and ensure your records are accurate and up to date.
- Financial Insights (Essentials and Premium): Our team can help you analyze your data to uncover trends, identify cost-saving opportunities, and plan for the future.
- Tax Preparation Assistance (Essentials and Premium): While we’re not accountants, we’ll ensure you have everything in place for a smooth tax filing process. From organizing your documents to tracking deductions, we’re here to help you stay ahead.
I Want a Free Financial Services Consultation
If you know your farm needs help, but you’re not sure where to start, fill out the form below. We’ll give you a 15-minute call and figure out how we can help you.