3 Tips

that will keep you on track with your business expenses.

And just like that it's yearend. 

You didn’t have time or forgot to track your expenses…

Your receipts are in an old Shoe Box under your bed and your bookkeeper keeps asking you to send them a receipt that you just can't find.

You swore it was going to be different this year… but things just caught you by surprise. AGAIN!

Does this sound familiar? 

Did you promise yourself to change and finally create a system?

If you said “yes”, you’re not the only one!

It is so easy to get caught up in the day to day routine of the farm, the family - not to mention the sick calf, the drought, the flood, or the avian flu! 

Farmers have so many unpredictable events, that it’s no wonder this was at the bottom of the list! But it doesn’t have to stay that way! 

It’s even more important for Farmers to ensure that processes are put in place as much as possible!

There is hope and No, it doesn’t have to cost an arm and a leg to keep you and your business on track with your operating expenses, vendor invoices and income.

First things first:

Tip #1 - Create a place where you can keep all your expenses, receipts and invoices.

In order to keep track of your expenses and receipts to ensure they are organized, you need to have a process in which to do this. Regardless if you have a bookkeeping software such as: Sage, Quickbooks, Wave or a simple spreadsheet.

If you have paper receipts and some electronic receipts, keep copies in the same place. Ensure you appropriately label them with the same “naming convention” and include dates.

I use Google Drive to save all my receipts.

*PRO TIP: I recommend keeping expenses organized to match your chart of accounts.

Tip #2 - Book time in your calendar to review your expenses regularly

No matter how busy you are, you MUST make time to keep up with your bookkeeping, invoices and expenses. The best way to ensure you make time for it, is to schedule time to do it. 

*PRO TIP: Regardless of the day or time you choose, ensure it’s one where you will have the minimum amount of interruptions.

Tip #3 - Review, Review, Review

You could be making millions or barely scraping by, either way, it’s important to understand where you stand. Set up regular reviews of ALL expenses with everyone involved in the business. Here you can find areas that have gone up, and places to cut back or reduce expenses if or where possible.

BONUS TIP:

It’s going to feel like work in the beginning, so try and create a process that fits you and your business but also will keep you on track! It doesn’t have to be overly complicated or fancy to do the trick either.

Each farm's needs are different and there truly are many different options. If you are curious about what I do or how we can work together, check out my website here or book a complimentary consultation HERE

*I am not a bookkeeper or an accountant. This does not replace any advice you have obtained by your bookkeeper or accountant or your local government or Lawyer. Please reach out to the appropriate professional for any business or personal advice.