Finding an Accountant Right for Farmers
The agriculture business is 24-7. Animals and crops don’t take a break, which in turn means farmer’s can’t take a break in caring for them. It is important to have an accountant or advisor who is an expert in your industry and understands your challenges.
In this article, Detweiler Hershey (DH) Partner, Jim Rittenhouse, offers three things farmer’s should consider when looking for an accountant or advisor.
Industry knowledge:
Having an advisor who is experienced in your field can be a valuable asset. “Not all accountants understand farmers,” Jim said. “I live it.”
When an accountant knows what documents to look for, what questions to ask and understands the farming lingo, you feel confident that you are in capable hands.
“Being a farmer myself helps me to speak their language,” Jim shared. “When clients come in to discuss farm equipment and manufacturers, I know what they are talking about.”
Finding an advisor who is educated in your industry is necessary to receive sound financial advice specific to your goals.
Services designed for your field:
Detweiler Hershey offers services tailored to the needs of specific industries. For farmers, Jim shared three services DH offers to help those in the agricultural business.
Tax compliance: assurance that you are following tax laws and regulations because we are involved in the tax planning, preparation and filing process.
Generational planning/ ownership transfer: helping to transition the farm to a younger generation in a family.
Family counseling: relates to the process of transferring the farm ownership from a parent to child, and how that will impact other members of the family.
Invested partner:
The agriculture business has changed over the past several years between the cost of real estate, equipment costs, navigating livestock/produce markets and countless Pennsylvania real estate ordinances.
Having someone to bounce ideas off of and navigate these changes with is another way an advisor can be beneficial to farmers.
“Farmers often work by themselves and they don’t have coworkers to run ideas by or ask questions, [such as] am I doing what I should be or why do I keep losing money,” Jim shared.
When looking for an advisor or accountant, search for someone who is experienced in your industry, can offer services geared towards your business and is passionate about helping you succeed.
“[I have been] part of a farm family all my life and care about the industry,” Jim shared. “These are my people.”
If you are interested in learning more about how Detweiler Hershey can help your business, visit our Services page.
Filed in: Client News