Accounting Outsourcing Services for Farms and Agricultural Businesses - BI-Outsource
Agriculture remains one of the world's most important industries, accounting for nearly 4% of global GDP and supporting billions of people. Whether it's crop agriculture, animal husbandry, aquaculture, or forestry, each enterprise has distinct financial issues that necessitate precise, organized, and consistent accounting procedures.
Despite its economic significance, most agricultural accounting is still done by farm owners or family members with little financial management experience. There is frequently no clear system in place, resulting in inconsistent and reactive record-keeping. However, in today's world, accurate accounting isn't simply beneficial; it's necessary. It facilitates decision-making, increases productivity, and promotes long-term growth.
Our services include assisting farmers in determining the cost of each crop, assessing crop profitability, and allocating expenses for related activities such as livestock and poultry. Our solutions, which range from feedstock expense management to equipment depreciation tracking, are designed to provide clear insights into where your resources are going and how to improve returns.
Our Agricultural Accounting Services
- Creating an accurate chart of accounts tailored to the agricultural industry
- Calculating inputs and outputs per adjusted hectare. Grazing Livestock Unit (GLU).
- Monitoring key production metrics such as stocking rates, yield per acre, and pricing per unit.
- Identifying and documenting biological assets in accordance with accounting standards
- Calculating greenhouse-based input-output ratios and building costs.
- Recording material utilization in farming activities and biological assets.
- Posting entries for internal material transfers between farms and locations.
- Recording stock adjustments as needed.
- Accounting and revealing agricultural subsidies correctly.
- Differentiating between raw agricultural produce and post-harvest processed items
- Reviewed and entered vendor bills.
- Processing payments to vendors.
- Timely posting and processing of supplier invoices and payments
- Allocating labor costs among farming, greenhouse construction, and land preparation.
- Meter readings are used to divide electricity and direct expenses among farms or greenhouses.
- Manage payment approvals and releases.
- Review and reconcile vendor balances
- Farm-specific income and expenditure reconciliation
- Prepare and process 1099s for relevant vendors.
- Submitting accurate accounts. Payable Aging Reports
- Monthly cash or bank receipts are recorded and tagged by farm or greenhouse.
- Reviewed and reconciled greenhouse-specific production data
- Preparing accounts Receivable, Creating reports for past-due payments and tracking cash inflow
- Create farm and greenhouse accounts in your accounting program.
- Profit and Loss Statements by Period and Farm
- Cash Flow Statements to monitor seasonal liquidity.
- Balance sheets with monthly updates and previous-year comparisons
- Trial balances and General ledgers
- Fixed asset reports include depreciation schedules.
- Inventory movement and consumption reports.
- Location-specific inventory breakdown
- Report on outstanding purchase orders and pending sales dispatches.
- Payroll setup customized for seasonal and permanent staff
- Weekly or monthly payday processing
- Calculations and reporting of federal payroll taxes
- Filing of Forms 941, 1099, 940, and state quarterly tax returns