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Agricultural Accounting Services

We specialize in accounting and business development for agriculture businesses.  Our clients include cash crop farm operations and livestock operations throughout Michigan, northeran Ohio and Indiania, and Wisconsin.    

Specialized accrual basis financial statements offer agricultural producers the best management tools for their operations.  These statements give the "rest of the story" and are considered to be "the best" by banks throughout our client area. Read more here about how we can be a vital part of your agri-business team by selecting an article below. 

Jeff Bushey, CPA, Partner of Nietzke & Faupel, PC provides the leadership for the Nietzke & Faupel, PC agriculture team of accountants.  Jeff is a past president and member of the Farm Financial Standards Council www.FFSC.org a national forum to facilitate and promote uniformity and integrity in financial reporting and analysis.  He has a passion for leading a professional team of accountants who specialize in agriculture services that provide financial reporting and analysis that meets the customers specific needs.  Jeff's agriculture consulting is sought after by many clients throughout the Great Lakes area who appreciate his unique independant perspectives and experience. 

Thinking about passing your agriculture operation on to your children or others?  Check our E-Booklet on Agri-Business Succession. We would be happy to discuss your needs for succession planning with you.  Contact our team for an appointment. 

 

Dairy Advantage Brochure

Learn about our specialized accounting services for dairy operations. 






Accounting Systems for Ag Producers
 

Nietzke & Faupel, P.C. recommends the following for agricultural producers:

Ø     Maintain a complete cash basis, double entry accounting system. This can be a very simple manual system, or a more sophisticated computerized system.  The cash basis system is the easiest way for producers to keep their books, and it also retains the important benefits of income tax planning and preparation.

Ø     Adjust to accrual basis on a regular schedule.  We highly recommend our monthly accrual statements.  Of course we offer these statements quarterly, semi-annually and annually as well.   While you can save a little by choosing quarterly statements, or even less often,  you will not see an accurate picture of your operations when you need it most which is when you need to make critical decisions.  These decisions don’t come conveniently at the end of a year or the end of a quarter.

Ø     Complete a forecasted budget on the accrual basis for the next year.  It is very important to have a financial plan documented before you being planting. This will assist you in management decisions as well as in securing financing.

 

 

“Numerous studies have demonstrated that strictly cash basis analysis can lead to lags of two years or more in recognizing profitability problems. Cash basis accounting can also delay recognition of profits during periods of business growth and recovery.  Such a delay in recognizing profitability problems is due to the length of the business cash conversion cycle, i.e. the time from the start of the production process until cash is finally received form the sale of the output. The lack of reliability of cash basis income statements as a measure of business performance was further documented by a research study at the University of Illinois, which analyzed income information for 151 cash grain farmers over a six year period.  It found an 85% average annual difference in net farm income when measured on an accrual adjusted basis versus a cash basis, and in individual cases, up to a 400% difference.”

Farm Financial Standards Council (FFSC)


 

 

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