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South Carolina Farm Management Associations
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"Transforming farms into successful businesses."
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List of Services
Bookkeeping
Provides cash accounting data necessary for income
tax reporting, payroll taxes, and W-2 and 1099 reporting. Monthly reports
are prepared from your canceled checks, deposits, and bank statements.
Payroll tax deposit calculations are available for clients whose bank statements
are mailed directly to us from the financial institution.
The monthly reports provided include:
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Summary of cash revenues and expenses
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Register of Transactions
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General Ledger
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Quantity Register
Financial Reporting
Provides professionally prepared financial statements
for use on the farm, loan compliance, or tax preparation. Financial statements
meet the standards set by the Farm Financial Standards Council, the National
Pork Producer's Council, and the Dairy Herd Improvement Association. When
necessary, custom financial statements may be prepared to meet the requirements
of a lender. Financial reporting is available in conjunction with Bookkeeping
or separately if you prepare your own cash accounting information.
The following reports are typically included for
financial reporting:
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Accrual Adjusted Income Statement (for changes in
inventory, prepaid expenses, accounts payable, and depreciation expenses)
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Market Value Balance Sheet
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Statement of Cash Flows (for revenues and expenses,
loan servicing, investments and capital outlays, and family living)
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Statement of Owner Equity
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Ratio Report
Performance Review
A comprehensive written review of the financial performance
of the business. Specifically:
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an analysis of your financial performance over the
past five years to identify strengths and weaknesses
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an evaluation of the sufficiency of farm cash flow
to meet debt servicing and family living, and investment opportunities
Decision Support
Services that assist the manager in using their accounting
information for management decisions. Services available include:
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Whole farm budget
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Enterprise reports
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Evaluation of alternative businesses
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Financial forecasts and projections for new ventures/changes
in the operating environment
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Developing written plans of action for achieving
business goals
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Objective analysis of loan proposals
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Preparation of loan applications
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Inter-generational transition planning
When you subscribe to any of the first three decision
support services, we provide additional management reports to compare budget
to actual data and financial summaries by enterprise.
Tax Services
SC Farm Management Association specializes in agricultural
tax issues. We work with clients to develop an income tax strategy that
meets their needs and goals. Our tax planning services are designed to
estimate current year tax obligations and evaluate the deferred tax liabilities
in the coming years. We can also provide information on setting up retirement
plans for the business to help reduce taxes and diversify your investments.
W-2, 1099 and related informational returns available
as well.
Other Services
Assistance in choosing & installing computer
software.
Recommendations for computer system setup and
requirements.
Proposals and quotes are available on request.
SCFMA
Links SCFMA
Home Page
Questions or comments to clrobin@clemson.edu
The Department of Agricultural and Applied Economics, Clemson University,
Clemson, SC.
updated 11/00