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Agricultural Business in Davao City
1. Hire a CPA for Your Agricultural
Business in Davao City
2.
3.
4.
5. Agriculture is a specialist sector with
unique practices and conventions, making
it unlike other commercial enterprises.
But still, what keeps it running is largely
dependent on its business functions.
And so, just like many other business
categories, agricultural Accounting is
necessary.
6.
7. Accounting for agricultural, farming or other
rural-based business is a specialist area that
requires expertise and understanding of the
industry.
In Davao, there are many Certified Public
Accountants and / or accounting firms who
fully understand the flow of this economy.
8.
9. Agriculture tends to be capital intensive, so
the approach to the business structure is
important. Hiring a reputable CPA for your
agricultural business is essential but should
therefore be circumspectly considered.
10.
11. Hence, your CPA must be able to deliver the following tasks with
precise, professionalism and commiseration for your farm/
agriculture business:
• Business Planning Services
-Farming enterprises are often in need in proactive advices in
relation to the business structures and tax planning.
• Keeping of Farm Accounts and Record ( BOOKKEEPING)
-Probably the most important part of running a business is
recordkeeping, but it is often the most ignored part.
• Managing Value Added Tax ( VAT) Return
- For farmers, VAT Return services from a Certified CPA are highly
useful. An application for VAT returns means an application for
the refund of VAT from a farmer who is not registered for VAT.
12. • Planning of Capital Taxes
-As said, agriculture is largely capital-intensive, meaning most ideal business
structures from say 6 years ago may not be considerable enough today.
• Reduce Tax Liabilities
-Reducing tax liabilities is one of the most effective accounting strategies to
increase one’s profit in doing agricultural business.
• Operating Agriculture / Farm Accounting Software
-Accounting software that are specialized for agricultural businesses saves a
lot of time on the part of the accountant.
• Cashflow and Analysis and Management
- Cash flow analysis entails an accountant asking his client the following
questions: How much financial amount will your agricultural/farm business
require this year/month/week? When will money be needed and from where
will it come?