Now is a great time to do a little spring cleaning of your financial records. You are likely either going through the data for your 2016 tax return, or have recently completed it, so all of the information should be fresh in your mind. What a perfect time to review those things that took a little longer to figure out and fine-tune your system to make it easier for next year. For example:
- Maybe it’s a change to your chart of accounts where you
have similar accounts and you now realize they could be combined into one
account.
o Did you
know there is a function in most accounting software that will combine one or
more accounts and all of the history?
- Maybe it’s providing more detail to your accountant,
loan officer or other third party by breaking out certain accounts such
as:
o Raised
vs. purchased livestock
o Family
living and personal allocations
o Allocate
principal and interest
- Maybe it’s a matter of the way you enter your data.
o Enter
quantities such as lbs., number of head
o Detail in
capital assets changes
o Coop patronage
retained
In
any event, we at Yankee Farm Credit are here to help with the knowledge and experience to
make those records squeaky clean!
We'd love to help with your Spring Cleaning, click here so we can get started.
We'd love to help with your Spring Cleaning, click here so we can get started.
