Financial cleanup doesn’t sound like any fun, but neither does mucking out the stalls. Yet both are a necessary evil for most ranch or farm operations. Perhaps it would lighten the burden to know: one of these tasks doesn’t require rubber boots or daily attention, and tackling even a portion of it before year-end can positively impact your business’ bottom line.
“Now is the time to track the progress of your business as 2019 winds down,” advises Maxson Irsik, CPA. “Evaluating key areas of your business in the fourth quarter – from sales and inventory to equipment and taxes – is always beneficial for your business.”
“While my ideal checklist starts with at 16 tips, typically doing even one or two of them has potential to pay off in a big way – either detecting issues that prevent future problems, or finding opportunities to save or make money,” adds Irsik.
As K·Coe’s lead consultant for agribusinesses and family-owned ranches, Irsik provides a comprehensive checklist of Financial Cleanup and how to capture a clear picture for the year and the benefits of doing it. Read his recommendations as published in the High Plains Journal’s monthly ‘Managing for Success’ column: 16 Tips for a Fourth-quarter Check-up.