Tax Consultation

FBC provides tax consultation to our farm and small business clients year-round.

Some tips for Canadian farmers making the transition from cash accounting to accrual accounting to record income and expenses.

It'll be an eye-opener. Once an accrual accounting system is up and running, you'll be amazed by what it can tell you about your farm business.

Many farmers continue to report farm income on the cash method. If your farm is small and its activities don't change much from year to year, cash accounting can be quite adequate.

On the other hand, if your operation is growing and you're adding or changing your product mix and production processes, accrual accounting will be quite beneficial - if not essential - in managing your business effectively.

Many farmers use the cash method of accounting; however, there are benefits to using the accrual method of accounting.
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