Maintaining detailed inventories for pesticides, herbicides, fungicides and other chemicals used on the farm can help improve yields, increase efficiency and satisfy important environmental recordkeeping requirements.

Chemical Inventory and Recordkeeping for Agricultural Producers

Smart fertilizer inventory management and recordkeeping can help maximize yields, protect ecosystems and ensure compliance with important environmental regulations.

A Producer’s Guide to Fertilizer Inventory and Recordkeeping

When it comes to structuring their business, many agricultural producers prefer to start simple, beginning as sole proprietors or entering partnerships. Here’s what that means for your operation. 

Sole Proprietorships and Partnerships: A Guide for Agricultural Producers

Keeping accurate seed inventory records can help your operation save money, improve yields and meet organic recordkeeping requirements.

Taking Care of Your Seeds: How to Manage a Seed Inventory

Sometimes you don’t have to make assumptions about your inventory costs. That’s where the specific identification method comes in. 

Specific Identification Method: Definitions, Examples and Best Practices

When prices fluctuate, the weighted average cost method can smooth out volatility and simplify recordkeeping.

Weighted Average Cost (WAC): Definitions, Examples and Best Practices

LIFO assumes that newer, more recently-produced or purchased inventory is sold or used first. Here’s what that means for your profitability and your tax bill. 

Last-In, First-Out (LIFO): Definitions, Examples and Best Practices

If you deal with perishable goods, you might already use FIFO in your day-to-day work. Here’s what it means for your inventory accounting, your profitability and your tax bill.

First-In, First-Out (FIFO): Definition, Examples and Best Practices

Farmers have numerous methods available to them, each of which can impact profitability, balance sheet values and taxes. Here’s how they work.

Which Farm Inventory Valuation Method Should I Use?

Accounting for your farm inventories properly can help you secure funding, streamline your expenses and more accurately measure profitability.

Farm Inventory Accounting 101

A trial balance makes it easy to scan your books for potential mistakes. Here’s how to prepare one properly.

Trial Balance: Best Practices, Definitions and Examples

Regularly reconciling your books with your bank statements can help you catch bookkeeping errors, prevent fraud and ensure your records match reality.

What Is a Bank Reconciliation, and How Does It Work?

Keeping petty cash topped up ensures you can cover spur-of-the-moment expenses while tracking day-to-day spending.

How to Use a Petty Cash Record Book

Mixing business and personal transactions can create financial blind spots, run up your tax bill and make it difficult to plan for the future. Here’s how to separate them properly.

Separating Business and Personal Finances: A Checklist

Customers paying late? Want to get paid faster? It might be time to take a closer look at your accounts receivable. 

Accounts Receivable (AR): Definitions, Best Practices and Examples

Some expenses have to be depreciated on your taxes, which can get complicated. Here’s how to get started.

A Simple Guide to Depreciation and MACRS

Lower your tax burden, simplify your tax accounting, and invest in new capital with these powerful deductions.

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