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Bookkeeping for Farming Industry
With over 9+ years of experience, we are a trusted partner for accounting and bookkeeping services in the US. Whether you’re a startup, a small business, or an established enterprise, our services can meet the unique needs of your industry. Our deep understanding of US regulations and best practices can empower your financial journey and drive you toward long-lasting success!
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Business Tax return filing by Certified
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Accounting and Bookkeeping Services for Farming Industry
- Bookkeeping is an essential part of farming, as it allows farmers to keep close track of their finances, make informed decisions, and stay compliant with regulations. Accurate records are kept of financial transactions so that income and expenses can be monitored, potential improvement opportunities recognized and the future effectively planned for. Meru Accounting provides useful services such as weekly cash flow analysis, budgeting and projections based on critical performance indicators to enable farmers to thrive. There are a range of accounts employed in farm bookkeeping like revenue, expense, asset, liability, equity and cash accounts. The core benefits of bookkeeping and accounting for farmers include: financial control; compliance; foresight; business analysis; as well as investor confidence.Â
- It surely helps farmers to identify areas of their business that may need improvement, such as reducing costs or increasing revenue. It also helps farmers to comply with tax requirements and report accurate financial information to regulatory bodies.Â
- Farmers can use various methods to keep track of their finances, such as spreadsheets, accounting software, or hiring a professional bookkeeper. Whatever method is chosen, it is important to ensure that all financial transactions are recorded accurately and timely. Â
- Inshort, bookkeeping is essential for farming businesses as it helps farmers to manage their finances, make informed decisions, and comply with regulatory requirements. Â
How Meru accounting helps in farming business?
As an accounting firm, Meru Accounting provides a range of services to help clients manage their farming businesses effectively. We understand the seasonal nature of the farming industry and how it can impact cash flow, so we help our clients with weekly cash flow analysis to ensure they have a clear picture of their finances. We also prepare budgets and profit projections based on key performance indicators, which allow clients to plan for the future during off-peak seasons. .
Accounting softwares used in the transportation industry?
There are several types of accounts that are commonly used in farm bookkeeping. These accounts include:Â Â
- Revenue accounts: These accounts track all the income generated from the farm, including sales of crops, livestock, and other farm products. This includes both cash sales and credit sales.
- Expense accounts: These accounts track all the expenses associated with running the farm, such as costs of seeds, fertilizers, fuel, labor, equipment, and other supplies. This also includes expenses related to maintaining and repairing assets such as buildings and equipment.
- Asset accounts: These accounts track all the assets owned by the farm, such as land, buildings, equipment, and livestock. Assets can be further categorized as current (short-term) or fixed (long-term) depending on their expected lifespan.
- Liability accounts: These accounts track all the debts and obligations of the farm, such as loans, accounts payable, and taxes owed. This also includes long-term liabilities such as mortgages and other debts with a maturity of over one year.
- Equity accounts:These accounts track the net worth of the farm, which is calculated by subtracting the total liabilities from the total assets. Equity accounts can include owner’s equity, retained earnings, and any additional paid-in capital.
- Cash accounts: These accounts track all the cash inflows and outflows of the farm, including cash sales and expenses paid in cash. This includes petty cash and bank accounts.
What Are The Benefits Of Bookkeeping And Accounting For Farmers And Farming Business?
- Financial Control: Bookkeeping and accounting help farmers to maintain financial control over their business by keeping track of income, expenses, and profits. This allows farmers to identify areas where they can cut costs and increase revenue, and to make informed decisions about their business.
- Compliance: Bookkeeping and accounting help farmers to comply with tax regulations and financial reporting requirements. This reduces the risk of penalties and fines for non-compliance.
- Financial Planning: Accurate financial records allow farmers to plan for the future and make informed decisions about their business. This includes budgeting, forecasting, and identifying potential investment opportunities.
- Business Analysis: Bookkeeping and accounting data can be used to analyze the performance of a farming business. This includes identifying trends, strengths, weaknesses, and opportunities for growth.
- Investor Confidence: Investors and lenders often require accurate financial statements before investing in a farming business. Bookkeeping and accounting provide the necessary financial data to support investment decisions.
- Improved Decision Making: Accurate financial records provide farmers with the information they need to make informed decisions about their business. This includes decisions about pricing, production, and investment opportunities.
- Increased Efficiency: Good bookkeeping and accounting practices increase efficiency by reducing the time and effort required to manage financial records. This allows farmers to focus on other aspects of their business.
Conclusion
Meru Accounting specializes in assisting farming businesses with their financial needs. We offer a variety of services such as the analysis of cash flow, budgeting, and profit projections which help clients manage their finances effectively.
Farming operations benefit from bookkeeping and accounting due to its capabilities for financial management, regulatory compliance, predicting the future, making sound strategic decisions, garnering investor confidence and increasing efficiency. By utilizing these services effectively, a farming business can experience improved financial results, better plan for the future and assure long-term success.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
Help you with switching from your traditional software to Xero and Quickbooks.
- Cost-saving.
- Access to skilled and experienced professionals.
- Better management of books of accounts.
- Decreased chances of errors.
- Improve business efficiency.
-  De-burdens in-office employee’s dependency.
- Â Better turnaround time.
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
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Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:Â
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
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