Across the U.S., farmers are feeling the pinch of a shrinking workforce. Between competition from other industries, an aging workforce population, and other factors, farmers are feeling the strain of hiring and retaining help. As producers look for new ways to keep up with their growing operational needs, many find value in outsourcing at least some of their financial needs. From bookkeeping, payroll and financial and operational reporting to operational strategy and consulting – outsourced accounting can take a wide range of tasks and responsibilities off their plate.
“It’s difficult for farms to find help for the field, but also for the office,” says Kent Simpson, Pinion accounting services lead. “Instead of trying to hire full-time employees, many agribusinesses outsource their accounting needs to save valuable time and money.”
How outsourced accounting can alleviate farm labor challenges
Many farms operate without a dedicated bookkeeper or accountant, meaning these time-consuming tasks fall to the producer or family members to manage. In most cases, the lack of back-office support comes down to two challenges:
- It’s hard finding qualified people – especially in rural areas and
- It’s not cost effective to have professionals in house.
Professional outsourcing can alleviate these challenges and allow agribusiness owners and managers to put more of their focus where their passion lies.
Why do businesses outsource accounting?
Simpson recommends farmers consider outsourcing financial tasks for the following benefits:
- Streamline financial and operational practices.
- Gain expertise they couldn’t afford in a permanent capacity.
- Free up internal resources to focus on core strengths and revenue drivers.
- Tap into expertise in financial and tax reporting requirements.
- Gain new ideas to help achieve business goals.
- Add additional oversight and support to their accounting team.
What accounting tasks are commonly outsourced?
The scope of services can be as narrow as periodic bookkeeping services, or as comprehensive as a full back-office solution or outsourced CFO function. Agribusinesses can seamlessly engage with advisors to manage:
- Vendor payment and processing
- Time entry and payroll processing
- A/R invoicing and cash receipts reconciliations
- Financial and operational reporting
- Strategic tax planning
- Inventory management
- Budgets and financial projections
- Operational strategy and consulting
Pinion advisors can provide the outsourced accounting expertise, experience and efficiency that you can rely on to make good financial and operational decisions. Connect with a Pinion accounting specialist for more information.
