Recordingkeeping and Taxes

The foundation of sound financial management is good recordkeeping. Although perhaps one of the less "exciting" parts of running your farm business, it is essential because it provides you information about your financial position and performance that helps you make good business and management decisions that will help your farm thrive.

Accurate, and up-to-date financial records are at the heart of good financial management. This starts with having your income and expense receipts gathered and organized through an accounting system. Some farmers use handwritten account books, others choose to use commercially available computer-based accounting system such as QuickBooks or CenterPoint, or to use spreadsheet software like Excel. Still others choose to deliver receipts to a hired accountant who organizes and records them.

PRO-DAIRY's Dairy Advancement Program provides grants to dairy farms for implementation of recordkeeping systems, including financial recordkeeping, for their businesses. 

Last updated March 3, 2025