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Hire a CPA for Your Agricultural Business in Davao City

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.

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.

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.

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.

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 ones 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?