The seasons are shifting and the year is coming to a close.
As a farmer in business, this season can raise a lot of questions: How are things going? Are expenses over or under our budget so far? How is my business performing? Are sales to date better than last year?
Waiting until the end of the season to add everything up and 'see how it went' is risky. Even the best plans can be derailed by weather, pests, and other unforeseen expenses. Making regular and strategic assessments of progress within your business will better enable you to achieve those goals, and to make adjustments to your plan in order to stay on track.
So, how do you build these assessments? Having an organized bookkeeping system in place is the foundation of operating any business. Keeping track of sales, expenses, liabilities, and assets not only allows you to make periodic assessments, but better prepares for you filing taxes, planning for next year, and even applying for loans.
Not having a solid bookkeeping system can lead to constant searching for numbers, uncertainty about money spending, and more. Get started with building your best farm business bookkeeping system with Business Impact NW's free resources:
Business Expert Sessions
We are dedicating two of our Business Expert Sessions to focus on building your best farm business bookkeeping system. These sessions are free to attend and you can sign up by clicking their titles below:
Watch anytime, anywhere. Get your bookkeeping set up correctly for solid roots and a foundation for the growth of your farm business.
LIVE on Thursday, September 9, 11:30 am – 1 pm | Take a deeper dive into walking through some example summary entries – for both farmer's market and online sales. These examples will be in QuickBooks Online, but the method can be translated into other bookkeeping systems or formats as well.
Starting a new business? Want to improve your farm finance literacy? We offer several on-demand resources to get you started. Join online, anytime, anywhere.
An overview of basic financial principles and best practices to gain a better understanding of your business from a financial standpoint. Topics include accounting and bookkeeping practices, financial statements, and budgeting with cash flow projections.
With a focus on crop enterprises, we walk through the basics of collecting data, creating crop enterprise budgets, and how to use the data to make informed strategic decisions on your farm.
Explore funding options available to farmers in different stages of business growth. Learn what it takes to qualify for loans, and gain the confidence to meet with lenders.
One on One Business Coaching
Business Impact NW’s Food Business Resource Center provides free one on one business coaching to food and farm businesses across the region looking to start, grow, or fund their ventures. Meet with a business coach to discuss your business, your goals, and needs, and find help navigating further resources. Sign up for free, confidential coaching.