It's sometimes a challenge to stay on top of all the responsibilities of a farm leader and to keep the operation running each day. In addition to the actual farming, there's the people side of the business--working with employees, vendors, suppliers--which can be enough on its own at times. Add to that the business and financial management for the operation, and sometimes one thing or the other ends up getting neglected. Often it's the finances that fall behind.
Not having updated financial records on-hand means any decisions you're making for the farm are not as well-informed as they could be. Our farmer clients find that it makes a big difference when you have up-to-date finances to refer to when considering decisions on behalf of the farm. In his latest Finance First post, Water Street CEO Darren Frye explains why just updating your financial records once a year at tax time is not sufficient for running the best business possible.
Read more about it at FarmFutures.com.