Another year has come and gone. The crop is in the bin, the hay is in the barn, and the cows are home. You may be thinking it’s time to relax. However, much of the operation’s most important and impactful work is still ahead before year-end. Just like the equipment gets cleaned up, repaired, and maintained, the same time and care needs to be given to the farm’s year-end financial planning. Your farm’s year-end financial planning may include accounting and tax planning, accrual and balance sheet analysis, financial advisor and lender meetings, business risk identification and planning, and succession and estate planning. 

This piece first appeared in the Modern Producer Magazine - Special Thanks to ELO CPAs & Advisors for the article! 

The business of farming has evolved over the years to grow in complexity which has enlisted the need for enhanced planning, sophistication, and advisory services. As the amount of capital at stake in farming operations has continued to increase, so has the need for a team of advisors. At ELO CPAs and Advisors, we have an entire practice that specializes in Agriculture and seeks to partner with their clients to provide a holistic business approach to fulfill the farm’s financial, succession, accounting, and tax needs. To be successful, the whole picture must be considered, and it takes a team of advisors to accomplish this.