If there is one day each year I dread, it is the day my kids 4-H Record books are due! Every 4-H parent, child, or leader knows exactly what I am talking about. My 10-year-old and I had been sitting at the table for 6 hours trying to determine what he had done in his Market Beef project for the entire last year. My neighbor stopped by and said, “Yep it’s just like doing taxes, you wait until the last few days before its due and then sit there for a week straight working on it.” Yikes, that statement really made me think. Look at all the stress created, not just for me, but for my kids. If we only had done a little each week, we could be out enjoying the beautiful summer weather!
Sound familiar to anyone? Why do we ignore our bookkeeping until the end of the year and then torture ourselves to either get our taxes done or provide the information to our loan officer? If managing our financial status is key to continuing our legacy and enjoying the agricultural lifestyle, why does it end up last priority? Shouldn’t we know our financial status more than once a year?
There are lots of legitimate reasons for procrastination to creep in when it comes to bookkeeping. Your reason could be lack of time, accounting is intimidating to you, you fear facing financial realities, or you just can’t resist the beautiful weather outside. Many times, not knowing where to start or what steps to take can be the biggest hurdle.
Down below you’ll see a link to download a weekly and monthly checklist designed specifically for agricultural businesses. Give it a try! Purposefully spending 30 minutes a week on bookkeeping will allow you to determine the success of your business monthly and eliminate a pile of stress at the end of the year. Imagine how empowered you will feel when you call your accountant with all your financial information ready long before Tax Day. Make your bookkeeping and financial maintenance a priority!
-Cheyenne Garrison, Bookkeeper
Stay tuned for future posts in the Financial Bookkeeping Maintenance series!
Part 2: How to Reconcile Bank and Loan Accounts
Part 3: Agricultural Payroll
Part 4: Income Statements & Balance Sheets
Download the Agribusiness Daily, Weekly & Monthly Bookkeeping Maintenance Schedule here.
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