Keeping Farm Accounts
From Farmipedia.ie
- The most relevant reason for keeping farm accounts is to get an accurate representation of the performance of the farm business.
- It is also necessary to keep accounts in order to calculate how much tax must be paid each year, as the tax returns are done by self assessment.
- The profit generated by a particular enterprise each year should be compared with previous performance over the past five years.
- If any expansion is planned then it is necessary to see if its financially viable by using current income and expenditure to plan ahead. Detailed farm accounts are necessary to apply for any a bank loan or available grants.
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