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