We provide a complete farm accounts service to all large, small and part-time farmers in Donegal, in conjunction with Kelly Accountants based in Strabane.
For a young farmer starting out or indeed any farmer, it is important to consider the following points:
- Set up a separate farm account from which you write cheques and lodge money specific to the farm. This avoids confusion with household finances and makes good record keeping so much easier.
- Pay all bills by cheque. This means you have a clear record of all spending and are less likely to fritter away money on silly small items. Remember, no matter how good a cash deal looks, you cannot put it down against tax.
- Keep all receipts and dockets for all sales and purchases, it is a good idea to use a clearly marked bag or a shoebox to keep dockets and receipts all in one place.
- When assembling these dockets and receipts for the accountant, it is also a good idea to order the receipts by date and staple receipts for each individual month in daily order. This speeds up the whole process and the accountant will not be ringing you when you are on the beach in July wondering how much you spent on calf nuts in the middle of February last year!
With the recent interest from farmers in converting to limited companies, we are able to advise on the best way forward for your farm business. With price swings in all the farm commodities meaning uncertain income, it has never been more important to protect number one, yourself and your family.
For more details:
Get in touch with us on 074 9130772 for more information on our farm account services for farmers in Ireland.