Reading Time: < 1 minute How can you tell your parents that the accountant they’ve had for years might not currently be the best option for the farm? An email from Worried We’re Missing Something asked our resident awkward conversation pro, Patti Durand from Brightrack Consulting, for advice about what they should say to mom and dad to ensure that […] Read more
VIDEO: Is your parents’ accountant the best fit for the farm?
Why do farmers hate paying taxes?
Reading Time: 3 minutes It didn’t take long in my accounting career to learn that farmers don’t like paying income tax. No one does really, but farmers seem to have a particular disdain for sending money to Ottawa. I think there are a few reasons for this. One is cash basis income tax treatment which means farmers can often […] Read more
Moving your farm’s books to the cloud
Reading Time: 2 minutes As far as topics go, farm bookkeeping and office administration don’t get a lot of attention. Why would they when there’s drought and drones, multi-million-dollar farm acquisitions, trade wars, tariffs and labour disruptions to focus on instead? But it’s a subject that’s creating a bottleneck, preventing some farm operations from reaching their growth potential and […] Read more
Summer Series: Watch your grain inventory adjustment
[Make It Count] With the winter’s drop in grain prices, it’s important to track your inventory adjustment to avoid cash-flow and financing surprises
Reading Time: 3 minutes Canola prices, as just one example, are down approximately 25 per cent from late 2023. Wheat is down 15 per cent, meaning producer paycheques have decreased with the markets this winter. That’s not all there is to watch for, however. Given that many farms have post-harvest year-end dates, a significant amount of inventory on 2023 […] Read more
Summer Series: Build a better crop budget
[Land] Financial management is evolving as fast as agronomy. Your budget can have the best of both
Reading Time: 3 minutes Crop planning involves decisions on return on investment and cost/benefit, and also cash flow and financing considerations. Some producers now utilize both agronomists and financial consultants to help build their crop budget. Optimizing crop budget planning is increasingly important as crop expenses increase and agronomic options continue to expand. Logistics, opportunity costs and strategy Logistics […] Read more
Summer Series: Assessing your farm’s financial horsepower
[Change Management] It’s going to pay to keep your financials in order in 2024, and beyond
Reading Time: 3 minutes Every year, we go through harvest with our grain. Then there comes a harvest season of a different sort — the bookkeeping and the accounting that needs to get caught up to “close the books.” Unfortunately, some accountants can get backed up like grain terminals in winter. Farm files trickle in until eventually the accountant’s […] Read more
Summer Series: Do sweat the details
[Best Advice] Accounting advice to get more competitive
Reading Time: 5 minutes When it comes to farm accounting, it’s increasingly about the details and it’s the farmers who notice them who come out on top. Here are the top four tips to get more competitive.– April Stewart, CG Associate Editor Blair Sanderson sees it time and again. “The difference between a good producer and a great one,” […] Read more
A path to better bookkeeping
Are you using the right accounting software for your operation? And, is the right person doing the job?
Reading Time: 7 minutes A few decades ago, most Country Guide readers put the final lid on their shoebox record-keeping systems and made the move to computerized farm books. Maybe it started with a progression from Mom’s hard-copy ledger to a series of Excel spreadsheets. Or was it a transition from spreadsheet hell to a desktop software that the […] Read more
Selling the corporate farm
Darren and Carmen Sterling made the hard decision. 2019 would be their last crop. Then they would retire. But that’s when the real work began
Reading Time: 10 minutes When we talk about Canada’s aging farm owners, we generally talk about how best to pass the agricultural torch to sons and daughters or, more recently, about creative contortions to move the farm into the future with those who are not family — in short, succession planning. But is it still called succession when there […] Read more
Lease or buy?
Accountant dispels the tax advantage myth of leasing
Reading Time: 5 minutes It’s been offered as accepted fact in more than a few coffee shop conversations that leasing equipment offers significant tax advantages to farmers. Talk to the sales staff at dealerships and you’ll likely hear them make the same claim. Even so, Lance Stockbrugger, a chartered accountant and cash crop producer from Saskatchewan, says the idea […] Read more
A message from April Stewart, Country Guide's Associate Editor
