Accounting & Tax Preparation Services - Fraser Valley

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Leskun & Son Accounting Serving These Communities Langley Office 604-532-0061 Mission Office 604-826-1215 Chilliwack Office 604-392-1551
Tax Services

We offer a range of tax services to both business owners and individuals living throughout Langley, Abbotsford, Mission, and Chilliwack. All of our tax services are tailored to suit the needs of each client in order to provide them with the best advice and services possible.

Bookkeeping

Our cost-effective bookkeeping services will allow you to spend more time focusing on your business and less time stressing out over your business' books. Our team can ensure that you have well-kept financial records for helping you reach true business success.

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Business Consulting

All of our business consulting services for small businesses in Langley, Mission, Chilliwack, and Abbotsford are designed to help you achieve both personal and business-related success. We will always go the extra mile to ensure that you are receiving the best advice and services for your unique business.

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Financial Planning Steps for Farms

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Accounting, Business Tips | December 22, 2020

Leskun & Son Accounting has been specializing in accounting for farmers across BC since our inception, and the farming community in the Fraser Valley remains one of our top focuses in the work that we do. A big part of our business consulting services for farmers includes helping them put together the proper financial planning steps to ensure their farms’ profitability. Whether you are preparing to hand down the farm to the next generation or need a comprehensive strategy that allows you to achieve your goals, our experienced team can help.

Find out more about business succession and retirement planning for BC Farms.

Financial Planning Steps for Farms

If you own a farm, it is important to have a proper financial plan to ensure you know where you are going and to ensure that the farm does not go into the red. While it is usually best to get the help of an experienced accountant when putting together a financial plan, it can help to be prepared by knowing some of the steps they will take.

1.     Compile Financial Records

Every good financial plan starts by looking at the numbers for where the farm currently stands. Past yearly budgets, costs, taxes, and other numbers will all factor into the plan for the farm’s future.

2.     Set Financial Goals

Having goals is important. Whether you are saving up for a retirement property, a series of vacations, or anything else, turning these hopes into measurable, timely goals helps to give the financial plan an incentive.

3.     Create Monthly Budgets

Look at monthly expenses and make projections for different months based on the seasons of growth and profits. From these projections, make a budget for labour, maintenance, insurance, and resources.

4.     Plan for Emergencies and Taxes

Planning for taxes is extremely important, as they can play a large role in a farm’s yearly budget. It is also vital to have an emergency fund in case a piece of machinery breaks, a building is damaged, or any other kind of unforeseen disaster strikes.

5.      Factor in Debt

Make sure that you factor in any debts owed for property, equipment, or anything else so that payments can continue as needed.

6.     Consider Market Volatility

Make sure that you consider market stability and volatility in what you are farming. Even if you have a consistently reliable crop, it is important to consider options for diversification of resources, even if the conclusion that you come to is that it is better to stick with your current farm setup.

If you have any questions about financial planning steps for farms, or to find out more about the accounting and business consulting services that we offer, please reach out to the team at Leskun & Son Accounting.


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