Agricultural Accounting

Lauterbach, Borschow & Co. - Agricultural Accounting

Agricultural businesses, such as cattle and fish farms, are unique ventures. They require careful planning and consideration to receive tax benefits and achieve efficient financial organization. At Lauterbach, Borschow & Co., we understand the nuances of running an agricultural business and how living, assets have to be accounted for to support successful, ongoing operations.

If you operate a farm or other agricultural venture, we encourage you to contact our El Paso farming accountants to learn more about how we can meet your specific needs.

Creating a Business Plan for your Farm

If you have not yet created a strategy for business operations and back office processes, our specialized accounting team can develop one for you. We can also review any current business plan to determine whether you are considering all important facets of operating your farm. In optimizing and creating your strategic plan, our accountants review the components that affect your venture:

Buildings
Equipment
Land
Machinery
Facilities
Resources for Cultivation

Our accountants can also provide financial forecasting, helping agricultural business owners determine operating costs and available cash flow to meet their goals. We review the expenses required to cultivate and develop assets before selling for profit. Whether you work in forestry, floriculture, raising livestock, or vineyards and orchards, Lauterbach, Borschow & Co. can help you determine everything needed for efficient business operations and how those factor into your financial plan for an improved bottom line.

Calculating Tax for Agricultural Businesses in El Paso

Tax planning and preparation for any business venture can be challenging, but this is especially true for farms, as their assets and products are often biological stock. When reviewing business operations and comparing them to tax obligations, our team determines fair value for assets and selling costs. We can also examine how any expenses incurred in development, such as feed, fencing, vet services, harvesting, and planting, can be calculated to ethically reduce liability.

By understanding income categories and gains that uniquely apply to farm companies, we can create a strategic tax plan that discovers credits and deduction opportunities to help you run your business. Our farm accountants can also provide comprehensive asset depreciation on large equipment purchases to help spread out expenses and tax benefits over the years.

If you run a family farm or other agricultural business, contact the skilled team at Lauterbach, Borschow & Co. today. We are a dedicated team with a variety of experiences working with small business in many industries. We look forward to helping you benefit from an ideal tax and accounting strategy!