Farm Accountants

Successful farm accountants make better client recommendations. They connect with accounting industry leaders, via virtual 21st Century mastermind groups to stay current & sharp. Click Here to Learn How! now.

Successful farm accountants wholeheartedly embrace farm accounting software because it makes them and their clients more effective.

When someone, the farmer, the accountant, or their bookkeepers input the correct information correctly into the farm accounting software - something a cave man can be trained to do, the output is accurate and provides the farm accountant with the information they need to do their most important job.

Filing taxes, creating P&L statements, doing the work up for audited balance sheets and all the compliance work farm accountants do - well those are tasks.

Their job is to provide their clients with insights, strategies, and support from their perspective as both an accountant and as a confidant.

A typical farm accountant keeps track of the money, files the various reports with the various agencies and entities the farmer is involved with. A typical farm accountant spends a large percentage of their time in compliance - defense and putting out fires.

Successful farm accountants, the type of advisor every successful farmer should be looking for uses compliance as it was intended, to report on what has happened - and they use farm accounting software to reduce the amount of time it takes, while remaining as accurate as it is possible to be.

Successful farm accountants focus their efforts on the offence - doing the planning, directly or indirectly, in advance that will make the next round of reporting more favorable than the last and the next even more so and so on and so on.

A successful farm accountant is above all an advocate and advisor to their clients. They know, for example that when two or more brothers/cousins etc. work together - that there will be issues.

Invariably those issues involve money. And since one brother can’t pick up and leave - taking his land with him, and move to the other end of the county and start over, the successful accountant will help them discuss creative ways to handle the money issues so the whole farm doesn’t sink because of a conflict about dollars.

The accountant is ever vigilant, on the look out for any hanky panky with the farm’s property and resources too.

Whether estate taxes, federal and/or state inheritance taxes etc. are part of the equation or not - cash is still going to be required when one of the principles of the farm dies. There must be enough money, without bankrupting the farm, to buy out the heirs of a deceased partner so the farm can go on and so their family gets a fair return for their life’s work.

Successful farm accountants will recognize when it is necessary to reorganize the farm in order to shift some of the farm’s growing value to the next generation before the farm gets too big for one or the other partner to buy.

And the successful farm accountant has contacts they trust - so the farmer can trust them too, who have extensive experience in matters of estate planning, succession strategies, management transfer etc. And it is their job to insist that the farmer talks to these specialists!

Every farmer, even if he or she does plans to live forever, must have an exit strategy.

Successful farm accountants are key advisors who help the farmer understand how much money they will need to live on, how many dollars from the gross revenues of the farm that will take, and where will the money come from. They can help the farmer select assets that can be liquidated today - with some of the proceeds set aside for retirement and the rest used to replace the land (for example) that was sold.

Successful farm accountants know the importance of making decisions regarding money, sooner rather than later - so less interest is paid and the farmer has longer to benefit from compound interest!

These are but of few examples of ways successful farm accountants spend their time for the benefit of their clients. Whenever they can harness the power of farm accounting software to crunch the numbers, giving them accurate information sooner, rather than later - they will jump at it.

If your farm accountant says that they “don’t believe in farm accounting software” or something silly like that - you need to find a new one. This person is not ever going to be a successful farm accountant for you. For them, maybe, since they are padding their bill - but for you, I don’t think so.

Technorati Tags: Accounting Software, Farm Accountants, Farm Accounting Software

The new administration has made it pretty clear that taxes on the wealthy are going up. One particular area of focus, we believe, will be increasing the capital gains tax.

This article explores the impact on business sellers of this impending increase.

Thinking of selling your business? If you have planned it correctly, most of your transaction proceeds should be long term capital gains.

Given the current political climate and the upcoming change in the White House, capital gains taxes will come under attack.

If you are a business owner and are thinking of selling your business within the next 5 years, you may want to move up your exit timeframe says Dave Kauppi, President of MidMarket Capital, a Merger and Acquisition Advisor.

Read the whole story here!

Technorati Tags: capital gains

Made BEFORE the current crisis, more scary now. Scott Bittle and Jean Johnson discuss their book, “Where Does the Money Go?” and the mounting debt and deficit of America. They offer an estimate of the time until the failure of Medicare and Social Security, and general suggestions to address this problem.

See I.O.U.S.A. the movie, visit the YouTube site
http://www.youtube.com/watch?v=K0E-fwdyS-w
See also Health care reform, a look at successful systems of Taiwan and Switzerland, probably acceptable to U.S., and similar to some existing U.S. models.
http://www.youtube.com/watch?v=xxIOScgO-W0
Farm Subsidies: Welfare To The Wealthy, Costs You Billions
http://www.youtube.com/watch?v=Xc8rfQP5MKc
WELFARE for the Wealthy, as U.S. Poverty, Hunger Increase
http://www.youtube.com/watch?v=yGVFOrtQVn4
Fall of Rome vs Failure of American Politics and Economy
http://www.youtube.com/watch?v=lXGGm4GQAq4
PBS Bill Moyers’ personal take on Karl Rove
http://www.youtube.com/watch?v=hvdUZA-yWvE
Iraq Cost Accounting, Bill Moyers
http://www.youtube.com/watch?v=fG9kYsw8Jkc
Earmarks, Washington Contributions, Corruption, Moyers pt1
http://www.youtube.com/watch?v=ahhHlSf-q7w
John McCain on earmarks
http://www.youtube.com/watch?v=vwjOcW9O8nQ
http://www.youtube.com/watch?v=EfCdGHUhpCM
Free Lunch, Corp Welfare, Bill Moyers and David Cay Johnston
http://www.youtube.com/watch?v=LUNHwZVgLB8
John C. Bogel and Moyers, Capitalism and Democracy Pt 1
http://www.youtube.com/watch?v=0jNpQOKLA1U
60 Minutes segment, third world charities providing healthcare for American working poor
http://www.cbsnews.com/sections/i_video/main500251.shtml?id=3898008n

Visit the PBS archives to see the complete show and more of Bill Moyers.
http://www.pbs.org/moyers

Duration : 0:9:50

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Technorati Tags: analysis, bailout, budget, collapse, commentary, Credit, Crisis, Debt, deficit, Medicare, National, news, Security, Social, US

10-18-2008

With Chinese exports expected to slow dramatically as the world economy contracts, the country’s leaders want to boost domestic consumption by spreading China’s newfound wealth beyond the cities - where it has created breathtaking modern architecture and a new class of millionaires - to the still-impoverished countryside, where two-thirds of the population continues to live.

According to the National Bureau of Statistics (NBS), the country’s total population was 1.32 billion at the end of last year. Of the total, the rural population was 727.5 million, accounting for more than 55%. This percentage could be much higher if the nearly 200 million rural migrants working in cities were taken into account. But consumption of farmers was small compared to their large population.

The whole country’s retail sales, a measurement of consumption, totaled 8.92 trillion yuan ( US$1.3 trillion) in 2007, up 16.8 % from the previous year. Retail sales in cities were up 17.2% to 6.04 trillion yuan, accounting for 67.7% of the total, while retail in rural areas was up 15.8% to 2.88 trillion yuan, or 32.3% of the total. Not only was the total sum of consumption much smaller, but growth of consumption in rural areas was also 1.4 percentage points slower than that in cities.

This is mainly because farmers made much less income than urban residents and growth of farmers’ income was also much slower. Figures from the NBS show that an average farmer’s income was 4,140 yuan (US$606) in 2007, up 9.5% from the previous year. By comparison, an average urban resident’s income was 13,786 yuan, up 12.2%. The average income in cities was 3.3 times that of farmers, though a farmer’s income does not include grain and other foodstuffs grown for family consumption.
State media reports and comments by scholars and other analysts have said that, for the first time, farmers will be allowed to freely dispose land-use rights, including selling them or using them as collateral to borrow loans from banks. In other words, a farmer will be able to capitalize on the farmland he has contracted from the state on which he has hitherto been restricted to farm.
It could speed up industrialization and mechanization of agricultural production as small pieces of farmland currently contracted by households could be merged into bigger farms to boost efficiency and productivity.

In this regard, Xu Xianglin, an economics professor with the Central Party School said at a Xinhua online forum that the major goal of the party’s new policy was to achieve “sizeable” production in agriculture and facilitate urbanization. “A farmer who sells his farmland will no longer be a farmer,” he said.

Xinhua stated: “The global credit crisis freezing up the world’s finances may be a blessing in disguise for China as it aims to modify its economic structure after three decades of breakneck growth.”

In the end, Beijing hopes that as demand for Chinese exports falls in the global economic downturn, an economically liberated countryside will be able to boost domestic consumption, making up at least some of the deficit.

But tight restrictions will remain on the sale of farmland as the country strives to maintain a minimum of 120 million hectares of arable land to ure agricultural self-sufficiency. As Xu put it, the policy is more aimed at modernizing agricultural production than privatizing farmland.

Duration : 0:4:25

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Technorati Tags: China

Great video

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Duration : 0:8:54

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