Benefits of Working with an Accountant for Your Farming Business

Benefits of Working with an Accountant for Your Farming Business

Working with an Accountant for Your Agribusiness

Whether you operate a large-scale, full-time farming business with a thousand head of cattle or run a small, part-time farm that grows garlic, farming is a different type of business.

In addition to being able to claim all the typical business expenses, Canadian farmers can also claim tax deductions that other businesses cannot.

That makes farm accounting more difficult and complex than accounting for other businesses, especially when it comes to issues such as costs, revenue, assets, and liabilities.

Cash Accounting

Canadian farmers can also use the cash method of accounting. The advantage is it allows you to determine your potential tax situation before year end. In cash accounting, you record a sale or expense only when the cash is received or paid.

Help Grow Your Farm Business

It’s important for those who operate in the agriculture sector to hire a tax consultant who specializes in accounting services for farming businesses.

A farming tax expert can help with more than just tax preparation—they should be a trusted business partner with decades of experience and a unique perspective on your industry that can help your business grow.

On top of that, farmers are busy running their farm and making it profitable. Tax consultants who understand the unique accounting nature of the farming business can take on the heavy lifting and let you grow your business.

Manage Records and Data

You might be able to take time out of your busy day and manage the accounts of a small or even medium-sized farm on your own, but it will take a lot of time and effort.

Canada’s tax law is complex and ever-changing. For example, the Canadian government provides subsidies to farmers, but which farmers qualify for those subsidies can change on an annual basis.

An accountant for farm business who understands Canada’s agricultural tax system can help manage records and data and provide you with a farming strategy that suits your needs.

Help with Tax Consulting and Planning

In addition to helping you with your tax preparations, a full-service tax consultant should have extensive, first-hand knowledge of Canada’s agricultural businesses.

This way, they can bring a high level of expertise to the table and provide tailored tax consulting and planning services, which can help you reduce your tax bill and stay competitive and profitable.

Connect with your Local Farm Tax Consultant to learn more

FBC, Helping Canadian Farmers Grow Their Business

A good farming tax consultant has a unique perspective on Canada’s agricultural industry. This allows them to prepare your taxes, manage records and data, reduce your tax burden, and help you run your farm the way you want to.

The tax experts at FBC have worked exclusively with Canadian farmers and small business owners since 1952, helping them minimize their taxes and maximize their assets.

FBC is also unique in that it is the only firm in Canada to offer integrated tax services on a year-round Membership basis. For a fixed fee, Members get access to our tax planning, tax preparation, consultation, bookkeeping, and financial planning services.

FBC also provides all new Members with a review of tax returns from the previous 3 years.

For more information on FBC and the services we offer, call us today at 1-800-265-1002 or submit an online form and an FBC tax specialist will contact you at your earliest convenience.

"Try to save something while your salary is small; it’s impossible to save after you begin to earn more." — Jack Benny