When it comes to making financial decisions for your farm, it's important to have a reliable set of financial records you can consult. Does your farm have someone dedicated solely to keeping the books? We have found that bookkeeping is best handled by someone with a passion for numbers. If you're fortunate enough to have someone like this on your farm, you are ahead of many operations in which books are relegated to some family member almost as an afterthought.
It's important to have someone keeping books consistently throughout the year, even in the busy times--someone who is highly organized and is passionate about getting all the details right--even if that person is an outside partner. This frees the mind of the farm leader from concern over the accuracy and timeliness of the books and makes financial decisions much easier to consider.
Darren Frye discusses this topic more in this week's Finance First blog post over at Farm Futures.