Farming Accountant Services in Toronto
Farmers need to do more than just wake up early and work on cultivating crops and farm produce. They also need to manage the farm’s resources, keep track of finances, and make sure taxes and hired hands get paid for their work. All these take time, however, and that time could be spent doing what matters most—farming.
We at Hart Accounting Services know how to work with the farming and agricultural industry and understand their nuances. We aim to help build relationships with our clients and support them as they grow in their trade with our help.
Why invest in farming accountant services in Toronto?
Hiring a Toronto-based farming accountant will help you in many ways. We understand that some farmers are on a tight budget, but getting professional farming account services will be worth the cost.
Farmers face a lot of challenges affecting their profits year by year. These include varying weather conditions affecting the growth of produce, equipment breaking down with use, and so on. Our farming accountants help you monitor your actual profits and losses by including these factors. And using this information, we can help you determine the amount of taxes you might need to pay by the end of the year.
We keep track of government subsidies for you
Farmers provide Toronto and other cities in Ontario with an adequate food supply. Because of this, governments provide farmers with subsidies to help them continue producing crops even in lean seasons. The schedules for these schemes vary, however, which means you need to keep track of them.
Our farming accountants help you monitor schedules and subsidies your government releases for farmers. We will help you take advantage of them, allowing you to save money while continually producing crops and other products.
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We Offer Practical Solution to All Your Accounting Problems.
We help maintain your farmland’s value as an asset
Farmlands, if improperly managed, can become less arable and depreciate in value. You’d have to spend a lot of resources to nurture them and keep them fertile enough for farming. Failing to keep track of your expenses might lead to having good, arable farmlands devoid of seed and other crops to sow. With a knowledgeable farming accountant helping you, this doesn’t have to happen.
Hart Accounting helps you monitor the costs of nurturing your land. We help you keep track of your expenses so that you’d have enough to nurture your farmland and also cultivate farm produce. This way, your land doesn’t depreciate in value, and you also earn much from farming.
We help you save on taxes
While the idea of hiring an accountant for your farm might sound like you’re spending money, the opposite is actually true—farming accountants can help you take advantage of tax deductions so you can keep more income for yourself.
There are many tax deductions available for you. These include, but are not limited to, the following:
- Seeds and plants
- Pesticides, including herbicides, fungicides, and insecticides, used for your farming business
- Feed, supplements, straw, bedding, fertilizers, and lime
- Small tools
- Property taxes
- Livestock medicine, veterinary fees, and breeding fees
- Machinery expenses, including licenses and insurance
- Motor vehicle expenses
- Rent
- Employees’ salaries, wages, and benefits (subcontractor work is not included)
- Professional fees
These are not the only things you can get deductions for. There are more, and we can help you take advantage of them.
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Choosing or switching accountants is a big step for any business, so let’s talk about what’s right for your situation.
We provide consultations and guidance for the long-term
Our experience working with the farming industry allows us to help you achieve your short-term and long-term goals. We go beyond basic accounting services—we also provide professional consultation and guidance on what you can do with your farming business while considering your financial situation. Hart Accounting can help you create a budget plan that fits your financial capacity and work on strategies to maximize your resources and grow your farm.
We do the heavy lifting so you can spend time on what matters most
Hiring farming accountants allow you to do what you do best. Instead of having to spend a lot of time keeping track of your business’s finances or looking at government subsidy schedules and so on, you can put more time and energy into taking care of your crops and livestock. The farming accountant you hire will do all that time-consuming finance and taxation work for you.
Call Us Today, Risk Free
Choosing or switching accountants is a big step for any business, so let’s talk about what’s right for your situation.
Frequently Asked Questions
Here are a few questions clients often ask when looking into accounting services for farming and agriculture businesses.
What farm accounting method is best for my farming business in Toronto?
There are two farm accounting methods farmers can choose from: cash-basis and accrual accounting method. Most farmers use the cash-basis accounting method for a number of reasons—primarily because it is the easiest to implement. Here’s a quick look at each:
Cash-basis method
Under the cash-basis method, you record cash, property, and services in your gross income for the year you receive them. You also deduct expenses in the tax year you paid for them.
Accrual accounting method
Under the accrual method, you report your income in the fiscal period you earn it—regardless of when you actually receive it. When calculating your income, you must include your inventory, namely your crops, fertilizer, livestock, feed, supplies, and so on. You need to make a list of these and count it at the end of your fiscal period, whenever that may be. You will also need to value your inventory individually (by item) at cost or by group at fair market value. Livestock needs to be valued according to the unit price base.
Under the accrual method, you also deduct expenses in the fiscal period they incurred, whether you pay them or not within the same period. For example, if your fiscal year starts July 1 and ends on June 30 the following year, and you prepay the rent on your farmland for a full year on Dec. 31. Half of this will be deductible in your succeeding fiscal year.
Do I really need to hire farm accountants in Toronto?
No, you don’t. But if you need help understanding how taxes work, you should hire a farming accountant. Or, if you need help managing your business finances and would want to take advantage of the many tax deductions, government subsidies, and other potential savings available for your farming business, you should hire a farm accountant as well.
Our accountants at Hart Accounting Services take pride in doing their best to help you grow your farming business. We will help you manage your taxes, plan your budget, look for ways to increase your savings using tax deductions, and help you balance your spending versus your earnings. You can do this yourself, but hiring experts like us will make things easier for you.
How much do farm accountants cost in Toronto?
Farm accountants charge differently depending on the amount of work that needs to be done. And while the national average is $25 per hour, Hart Accounting Services understands that every farming business is unique and has specific needs.
Instead of providing you with standardized rates, we offer personalized services, which means our rates are also tailored to your requests. We encourage you to contact our experts so we can discuss what best suits your business. Our team of experienced accountants will do our best to understand your needs and come up with a quote that aligns with your budget.
