For farmland owners and farm managers, financial management and bookkeeping are crucial factors in ensuring sustainability and long-term success. The Hageman Realty Farm Management team can take the burden and stress off your shoulders by handling the financials for you. Here are some factors that our team can manage for your operation:
Record Keeping
Tracking all sources of income (crop sales, government subsidies, land sales, etc.) and expenses (seed purchases, labor costs, repairs and maintenance, insurance, property taxes, etc.) is the first step in financial planning and understanding how your farm operates. Asset management falls under record keeping, as well. We will keep a detailed list of your operations assets and their value and track their predictions to best decide when to sell or trade.
Budgeting
Our farm management team will prepare a detailed budget each year that shows expected revenue, expenses, and projections. We can assist you in deciding the best next steps for your operation, whether you are looking to buy more land, invest in improvements, or begin transitioning to the next generation.
Tax Planning and Compliance
Understanding taxes and what applies to you can be a daunting task. Our team can take your stress away and handle everything for you. Our detailed and accurate record keeping will make tax preparation easier and help you get the most that you can. We will also work with local tax specialists to make sure that we are ahead of deadlines and filing all applicable documents so that your operation stays compliant with your local laws and regulations.
Farm Loans and Financing
Whether you are a landowner or farmer, our team can help you manage your finances. We will oversee loans for the land, equipment, inputs and more, keeping track of the costs, interest rates, and terms. By doing this, you can rest assured that your payments are being made in full and on time. Our team will also plan for future needs, whether that is purchasing more land, buying new equipment, or making improvements to your land.
Financial Analysis and Reporting
We know that handing your operation over to someone else can be hard to do, but with the Hageman Realty Farm Management team, you can rest assured that your operation is receiving the best. While we handle the day-to-day tasks, we know that you will still want to be involved and understand what is happening. Our team will prepare monthly or quarterly profit and loss statements and balance sheets to track the value of your assets and liabilities and review these with you.
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At Hageman Realty, you and your goals are our priority. Our team will create a unique farm management plan for your operation. We understand that without proper financial management and bookkeeping, an operation cannot reach its full potential, which is why we put such emphasis on developing a custom plan for you. If you would like to learn more about our white glove approach, contact our team today.
