Well, Farmers Need To Follow Careful Accounting Procedures

Category: Finance, Financial Planning.

Anyone who s worked in an office at some point or another has had to go to accounting. They do a lot more than that, though.

They re the people who pay and send out the bills that keep the business running. Sometimes referred to as" bean counters" they also keep their eye on profits, costs and losses. No matter what business you re in, even if all you do is balance a checkbook, that s still accounting. Unless you re running your own business and acting as your own accountant, you d have no way of knowing just how profitable- or not- your business is without some form of accounting. It s part of even a kid s life. What are some other businesses where accounting is critical? Saving an allowance, spending it all at once- these are accounting principles.

Well, farmers need to follow careful accounting procedures. If it s a good year, then they can, a profitable one pay off their loan. Many of them run their farms year to year by taking loans to plant the crops. If not, they might have to carry the loan over, and accrue more interest charges. Otherwise, the finances can get away from them, they don t know what they ve spent, or whether they can expect a profit or a loss from their business. Every business and every individual needs to have some kind of accounting system in their lives.

Staying on top of accounting, whether it s for a multi- billion dollar business or for a personal checking account is a necessary activity on a daily basis if you re smart. Both scenarios can be equally devastating. Not doing so can mean anything from a bounced check or posting a loss to a company s shareholders. Accounting is basically information, and this information is published periodically in business as a profit and loss statement, or an income statement.

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