By Brian E. Ravencraft, CPA, CGMA, Partner at Holbrook & Manter, CPAs
Farmers are no strangers to challenging times. From volatile markets and weather extremes to rising costs of inputs, it takes a lot of grit and determination to run a successful farming business. Part of being successful is managing your cash flow. Below are tips from our team members at Holbrook and Manter who were asked to address this very issue and share one or two things that business owners do that has a negative impact on their cash flow.
Some of our team members give very simple answers while others go into great detail. As you read through you will see themes of the things we see often. Read through the answers here and begin correcting the behavior that kills cash flow. Here are their responses:
They blend company funds with personal — deposit company funds into their personal checking account or pay personal expenses with a company credit card — fully meaning to separate it all out properly, eventually.… Continue readingRead More »