Agribusiness

Tax & Accounting Services That Help Your Farm or Agribusiness Grow

You are an expert in running your farm or agribusiness; however, sometimes, you may need support in managing the business and finance aspects. Legacy Tax & Accounting can provide you with the support your agribusiness needs to prepare for a successful financial future for generations to come.

Estate, Retirement & Succession Planning

Often agricultural companies are based on legacies. That is why we can help you prepare for the future with estate and retirement planning and succession planning. Your plan will be customized to you and your agriculture business and what you will need financially in the future.

  • Calculating income & lifestyle expectations 
  • Reviewing current retirement funds 
  • Identifying beneficiaries 
  • Determining critical positions and developing action plans to assume those roles

Financial Statements

We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your farm's profitability and efficiency. Our accountants can assist your agribusiness in the preparation of your financial statements at two reporting levels: review or compilation. We can also create forecasts and projections for your farm or agribusiness.

Tax Services

Farms and agriculture businesses have specific, and often complicated taxes. Legacy Tax & Accounting can assist in making your tax more manageable. You can have peace of mind that your taxes are properly handled while you get work done in the field.

  • Personal & corporate tax preparation.
  • Tax planning.
  • Commodity tax advice.

Personal Financial Planning

While we have experience working with agribusinesses, we can also help farmers like yourself with your personal financial planning. Your customized personal financial plan will document your short- and long-term financial goals and how to achieve them. In addition, your financial plan will reflect your financial needs and your plans for saving and investing. 

By working with a knowledgeable financial advisor, you can avoid mistakes and make your financial future as profitable as possible.

Accounting system review and bookkeeping

Farmers need complete and accurate farm financial records. Accounting systems help your farm or agribusiness easily and successfully manage your finances. Selecting the best tool will assist in making management decisions for the future. We have extensive knowledge of the latest accounting system, so our experts can help you find the best accounting software for your agribusiness. 

Whether you need to start from scratch in implementing an accounting system or if your existing software needs an update, we can provide valuable recommendations on a solution that will work best for your agribusiness. 

We work with accounting programs, including:

  • Wave Accounting
  • Freshbooks
  • Quickbooks Online or Desktop
  • Sage Desktop
  • Excel
  • AgExpert

We have extensive knowledge of the latest accounting systems, so our experts can help you find the best accounting software for your agribusiness.

Risk mitigation strategies 

It is important to plan for risk in all aspects of your farm. With Legacy’s risk mitigation strategy services, we will help you look at factors such as worst-case scenarios for production loss and more. Our financial experts can help you create strategies to help you pivot in the event of an operational risk so you can remain financially viable; this includes business planning, operational efficiency, cash flow analysis, etc.

Contact Legacy Tax & Accounting today to assist with your financial management and planning so you can start growing a more successful future on your farm.

Contact Legacy