Farm Accounting – Liberal (KS)

Liberal Farm CPA Services

Managing through periods of significant change can be challenging. Even the most seasoned crop and livestock farmers are often faced with operational and financial surprises that may require plans to change. Whether it is unexpected issues with the water supply or the adverse effects of high-interest rates on capital acquisition, Kansas farmers have seen it all. However, the situation becomes more complex when Liberal farmers are faced with unexpected changes. This is especially true when it comes to changes with trusted business advisors, including your farm accountant.

Evaluate Your Current Provider

If you feel like your current provider is undergoing unexpected changes, consider the benefits of working with a mid-sized agriculture CPA firm. Adams Brown can provide farmers and ranchers with:

  • A team of advisors, including a principal, dedicated to working with you
  • Advisors who serve as an extension of your team that you can count on in good times and bad
  • Direct and ongoing communication with everyone on your service team
  • Access to specialized agribusiness knowledge at cost-effective pricing
  • CPAs who were raised on family farms and still find time to lend a hand

Agriculture Experience – Liberal (KS)

Adams Brown, Strategic Allies and CPAs, is a certified public accounting firm that specializes in serving the accounting, tax, audit, consulting and wealth management needs of farms, ranches, and their owners. We work with agriculture businesses in Liberal and across Kansas providing farm management, tax compliance, and financial planning services while offering real-world insights from first-hand experience.

Liberal Agriculture Accounting Services

  • Agreed Upon Procedures
  • AgriBuilder (proprietary integrated accounting and farm management solution)
  • Budgeting & Forecasting
  • Business Tax Planning & Compliance
  • Business Transformation
  • Cash Flow Management
  • Financial Statement Audits
  • Outsourced Accounting
  • Succession Planning
  • Tax Planning & Compliance for Farm Owners
  • Wealth Planning

Farm Financial Management FAQs

What is Farm Financial Management?

Farm financial management is a comprehensive process that involves planning, tracking and analyzing financial resources to ensure profitability, sustainability and stability of operations. Effective management includes a robust accounting program focused on budgeting, cost control, cash flow management, projections, and informed investment decisions. Armed with accurate financial information, farmers can make important decisions about:

  • investing in crops and livestock,
  • managing debt,
  • maximizing profits and
  • the pros and cons of loans and government programs.
What is the Best Farm Accounting Software?

AgriBuilder creates the most value for agricultural businesses by integrating:

A robust farm accounting program helps farmers manage finances, expenses and income while seamlessly integrating with your farm management system. In addition to these necessities, your farm accounting software must help you streamline the process for annual tax filings. Check out these common signs that your accounting system is broken.

What are the Key Financial Statements to Maintain?

An effective farm accounting process delivers updated financial reports that empower decision making. There are three standard financial statements including the balance sheet, income statement and statement of cash flow. The balance sheet conveys details about the farm’s assets, liabilities and overall net worth. The income statement reports revenues and expenses over a specific period of time, and the cash flow statement highlights the movement of cash.

What Financial Reports Should Farmers Regularly Review?

Adams Brown regularly reviews financial reports with agriculture clients to monitor operations, assess profitability, identify trends for planning and make informed decisions. Together, we also review:

  • accounts payable and receivable,
  • budget versus actual,
  • break-even analysis,
  • cost of production,
  • crop gross margin,
  • depreciation schedules,
  • inventory breakdowns by field and/or crop
  • market value balance sheet and
  • tax projections.

A holistic approach to reviewing your financial and farm management data ensures your ability to make sound business decisions for your farm while planning for future initiatives, investments and goals.

Additional farm financial management insights:

What is my Farm Worth?

Understanding your farm’s value is important for various reasons, ranging from financial planning to strategic decision-making. Whether you are buying, selling, planning your estate or evaluating operational success, knowing what your farm is worth can provide critical insights to help you achieve your goals. A thorough farm valuation will help you conclude the true value of your farm.

Map of Liberal (KS)

About Liberal (KS)

The primary crops grown in the Liberal area include wheat, corn, sorghum, soybeans and milo (grain sorghum). Wheat is a particularly important crop in Kansas and many farmers in the region focus on its cultivation. Other crops like corn, sorghum, soybeans and milo are also commonly grown in the area.

Livestock production is another significant aspect of agriculture in Liberal. Cattle ranching, in particular, is prevalent, and the region is home to numerous beef cattle operations. Additionally, dairy farming and poultry production are present, contributing to the overall agricultural sector. The agricultural industry in Liberal supports various related businesses and services. These include farm equipment dealerships, agricultural supply stores, processing facilities and transportation infrastructure.