Agricultural Landowners Need Good Record Keeping
As any business owner knows, keeping accurate and organized records throughout the year means less headache during tax season. This is no less true for agricultural landowners. Staying up-to-date with one’s business records is an integral part of managing your land, and contributes a great deal to being a profitable.
While some people enjoy this aspect being a landowner, many more do not. With the numerous responsibilities that come with owning farm or ranch land, it’s easy for record keeping to be pushed to the back burner, or neglected altogether.
It is for this reason that so many landowners turn to professional land managers to help them keep accurate records. At UFARM, our land managers follow strict guidelines in ensuring our clients receive accurate and timely records, with written evidence of their best interests at all times.
To start, each year UFARM clients receive a detailed plat map of their farm, including current crop locations and farm features. This sets a basis from which to gauge all aspects of the landowner’s operation. All bills—unless otherwise requested—are sent directly to the UFARM land manager, who then carefully reviews each invoice for accuracy before they are paid. This is an aspect that brings peace of mind to UFARM clients, who often don’t have the time to go over these details.
Similarly, any income received, whether it’s for rent, crop sales, or livestock sales is also sent to the land manager, who then issues a cash receipt documenting the transaction specifics before being deposited to earn interest until otherwise needed.
Quarterly, detailed Transaction Journals are sent to landowners for review. The Transaction Journals itemize income and expense activity on the farm management account in chronological order, as well as show a running cash balance, offering at-a-glance information in an easy to follow format. At year’s end, a General Ledger Detail is presented, consisting of detailed listings of each transaction that occurred during the last fiscal year. Along with the General Ledger Detail is the Income Statement, summarizing the year’s income and expenses.
Lastly, UFARM land managers help landowners keep track of Government Farm Programs. Relying on a solid understanding of government regulations in accordance with various programs, UFARM managers are careful to make sure all the details are covered in order to maximize income, while avoiding fines and assessments.
It is no wonder so many landowners have turned to UFARM to help them in their farm record keeping. The peace of mind in knowing that all the bases are covered in a systematic way is a bonus that cannot be ignored.
If you are feeling the need to get more organized with your farm record keeping, please do not hesitate to give us a call. We are glad to help you form a plan of action to maximize your land’s profitability, and know right where to help you start.
