Accounting for Agribusiness Peoria IL

We Manage Accounting for Agribusiness in Peoria IL While You Tend to Your Farm

Agriculture is an important industry throughout the Midwest. However, the farming business is unlike your typical “brick and mortar” operation. And keeping this fact in mind, general accounting services won’t do for farmers. Finding the proper accounting for agribusiness in Peoria IL is crucial to your farm’s success, and Martin Hood LLC has the education and experience you’re looking for.

What to Understand with Agribusiness Accounting

Land management, supply costs, equipment maintenance, and more all factor into accounting for your farm. It takes an understanding of your industry to properly balance finances and help grow your business.

• Cash Focused
  • One significant difference between agribusiness accounting and standard accounting comes down to profit-and-loss reporting. Income is only reported when you receive cash. Conversely, when money leaves your account is only when you record expenses. Most other businesses report profit and loss as they are earned, regardless of whether the money is in hand.
• Unpredictable
  • The cash method of accounting isn’t only used for its straightforwardness but for the agriculture market’s unpredictability. The agriculture industry deals with high input costs and wide swings in commodity prices regularly. The direct reporting of the cash method helps farmers avoid financial penalties and the volatility of the market.
• Extensive Assets
  • There are more costs and expenses that go into farming than you might realize. With accounting for agribusiness in Peoria IL, we can help you track every portion of your assets and total spending. As accountants for your industry, we help you balance your profits with expenses that include PH management, irrigation costs, equipment maintenance, pest control and more.

Industry-Focused Accounting

Accounting for the farming industry isn’t the only challenging type of accounting. Financial management for construction companies or nonprofits can become overwhelming as well, without the proper guidance. Thankfully, Martin Hood takes an industry-focused approach to our accounting services. We train our accountants and bookkeepers in a variety of industries, including:

• Real Estate
• Manufacturing, Distribution and Wholesale
• Agribusiness
• Cannabis/Hemp
• Government and Nonprofit
• Construction

Contact Our Office

Allow Martin Hood LLC to handle the accounting for agribusiness in Peoria IL, while you manage the day-to-day work of running your farm. Learn more about the services we offer by calling 309-322-7643 to request an appointment. Also, our Peoria office is located at 4801 N Prospect Rd, Peoria Heights, IL 61616.