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StopLearn Team Staff answered 3 years ago Here are some benefits of farm accounting:
- Helps you easure efficiency and progress of your farm
- Easier to prepare accounts at year end
- Help plan for Goods and services tax payment
- Avoid over/under tax payments
- Identify strengths and weaknesses in the farm business
- Help manage changes and improvements in the agribusiness
- Make productivity projections
- Help maximize the expenses you claim and minimize tax burden
- Make it easier to pay employees and creditors and see what is owed
- Simplify process if you want to get a loan or sell the business
- Easier to distribute profits to shareholders (dividends)
- Quicker for partnerships to view profits and losses
- Make it easier should the business get audited by Nigerian Revenue Agency FIRS
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