Episode Summary
In this episode, I dive into understanding your financial position during the post-harvest and fourth-quarter period. I discuss the importance of maintaining an accurate balance sheet and why knowing your financial position is crucial for managing a sustainable business. Tune in to understand how monitoring your balance sheet can boost your business's resilience, help you prepare for the new year, and put you in control.
In this week's episode I dive into updating your finances at year end:
- Tracking a Constantly Changing Balance Sheet: Key considerations for tracking accounts payable, receivable, and rolling over your balance sheet as the season wraps up.
- Managing Crop and Livestock Inventories: Inventory management strategies to maintain accurate data on harvested crops, feed, or livestock purchases and sales.
- Efficiently Recording Assets and Liabilities: Why it's critical to monitor accounts payable from harvest repairs or future investments in seed, fertilizer, and equipment.
- Empowering Financial Independence: Why being proactive about your financials gives you leverage with bankers and improves financial decision-making.
- Developing a System and Process: The importance of finding a system that works for you to stay organized and avoid procrastination.
Resources & Links:
- To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!
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