Annual Update Essential To Farm Management

The backbone of farm management is built on sound financial recording. Annual reporting is essential to monitoring your farm business and there’s no better time to do so than right now. Taking a detailed inventory of your farm’s assets and liabilities make up a complete balance sheet.

Whether you close out the year on Dec. 31, 2012, or Jan. 1, 2013, the end-of-the-year balance sheet becomes the start-of-the-year balance sheet and provides vital information about the financial picture of your farm year in and year out, especially when done consistently.

For more on farm inventories, click here.