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By Brian Ravencraft
As we near the end of what is known as “busy season” in the accounting world, chances are you have been in touch with your accountant quite a bit lately. Tax filing season requires a good deal of communication between the professional preparing the returns and the taxpayer filing them. However, you really should be in constant contact with your accountant. View them as a year-round partner that can help you assess any financial situations that pertains to your farm or agribusiness.
Let’s go over an example of something your accountant can help you with year-round —something that is the life blood to any business owner. I am talking about cash flow. Your accountant is your partner and can help you monitor the money going in and out of your business. With the help of one of the many sophisticated accounting software offerings available to business owners, you can watch the cash flow in and out of your operation in real-time. Your accountant can aide you in deciding when you make certain purchases or pay-off debts based on your cash flow.
With the help of a budget, your accountant can even provide you with projections of what your cash flow will look like in the months ahead. Payables and receivables can also be monitored by your accountant to help eliminate the mystery that cash flow can sometimes create. The unknown can be a huge source of anxiety, especially when it comes to money. Allow your accountant to help you get a better feeling for your cash flow situation.
Accountants are so much more than tax filers. We want to help your business succeed and we can be of help year-round in a whole host of ways. As always, reach out to me with any questions. I am here to assist you.
Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.agribusinessaccounting.com or www.HolbrookManter.com.
Money flow is what I’m referring about. Your accountant is an invaluable ally in keeping track of cash flow for your company. You can track the comings and goings of money in and out of your firm in real time with the aid of any number of high-quality accounting software packages.