Ah, tax season... Like it or lump it, it's something every farm leader has to deal with. How is it in your operation? Were your books already in great shape and ready to pass on to your tax preparer, or did it require hours - or even days - of preparation to get your books in order before handing them off?
Several experts foresee a time in the near future when banks will require farmers who have surpassed a specific gross revenue to provide "audit-ready" financials. This means consistently having highly detailed, regularly updated books. Water Street CEO Darren Frye urges a proactive approach: if you don't currently keep your books consistently up-to-date in this fashion, he says the time is now to make that change.
Why? Read all about it in this week's Finance First blog post at FarmFutures.com.