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A CPA Can Help Your Agricultural Business—Here’s How
by Carrie Spencer of The Spencer Adventures
Thinking of hiring a CPA but not sure if it’s worth the investment? Unless you already have an extensive financial background, odds are a CPA can do a lot for your business. In fact, even some of the most well-informed financial experts still hire advisors for the sake of having an outside perspective.
In industries like agriculture and horticulture, where margins can be thin and stakes high, having a CPA or financial advisor can make a huge difference. The Hawaii Farms Union United takes a look at how you can make the best use of your resources and help your business thrive.
Is your farm on the right track?
- An advisor can help you with a cash flow assessment to make sure your business is financially healthy.
- They can point you toward accounting software that flexes with you so you can transition toward a healthier financial model.
- An advisor can recommend a good solution for an invoice maker to help keep track of money coming in and out of your business, and to stay on top of any overdue payments.
- Specialty online services can give you the tools you need to plan and facilitate long-term financial security, such as using a template for a monthly planner that will help you prepare important annual reports for investors and other interested parties to understand how your business is doing.
Balancing conflicting needs in employee compensation:
- Farms everywhere are up against a serious labor shortage.
- Increasing compensation may bring in more employees, but it can come at the cost of financial stability.
- An advisor can help you weigh the pros and cons of different compensation levels to help you find the right balance for your needs.
Look for an advisor who understands agriculture.
- The right advisor will always be the one that best understands your needs in the agricultural or horticultural industry.
- Ask to see potential advisors’ portfolios to see that they have worked with businesses like yours in the past.
- With an industry expert on your side, you can better anticipate trends and changes and keep your farm ahead of the curve.
Because there are so many uncertainties in agriculture and horticulture, it’s absolutely necessary to be able to have strong financial planning. The right prep work and strategies can keep your farm secure through all the ups and downs so you can thrive long term.