Farming Accountants in Saskatoon

At Murray, Sen & Associates, we understand the financial landscape of the agriculture industry in Saskatoon and across Saskatchewan. This is precisely why we have a comprehensive suite of accounting services designed to support your farming enterprise. Our main farm accounting services include:

1. Core Accounting and Bookkeeping for Farms

Running a farm involves a constant flow of transactions (from purchasing inputs to paying workers and selling outputs). The importance of maintaining accurate and timely record-keeping can’t be overlooked.

We offer robust core accounting and bookkeeping services tailored to the farming sector. Our bookkeeping services ensure you maintain a clear and accurate account of your farm’s finances. 

We’ll track all transactions (revenues to expenses, inventory, capital assets, payroll, invoices/receipts, loans, depreciation, etc.), ensuring you maintain comprehensive records. We assist in setting up/maintaining organised records via the latest bookkeeping applications/accounting software.

We also prepare financial statements like profit and loss statements, balance sheets, cash flow/income statements, and more for our clients. Talk to us.

2. Tax Planning and Compliance Services for Farms

Canadian farm taxation matters are complex, with specific rules and opportunities that are different for many industries. At Murray, Sen & Associates, we understand the core tax rules and keep up with the ever-changing regulations, making us the best partners for navigating these complexities. Let’s help you meet all farm taxation regulations. We can also help you lower your tax burden.

We help with farm tax filings, form T2042 filing, cash vs accrual accounting (that impacts how expenses and income are treated when calculating tax), optional inventory adjustment (that leverages on farm tax provisions), and more, including carrying back losses and utilising livestock tax deferral.

We also assist with GST (goods and services tax) & HST (harmonized sales tax) registration, collection, and other compliance requirements. Need more tax services beyond compliance? Don’t worry. We offer proactive tax planning services as well to ensure your farm’s growth isn’t impacted negatively by taxes in the long run. Book a farm tax planning consultation NOW!

3. Forensic Audit Services for Farms

Do you suspect financial discrepancies and/or anomalies in your farming operation? We can offer these specialised services to uncover any financial irregularities in your operation, done knowingly or unknowingly by staff or other third parties. Our forensic audit services also help in resolving disputes and restoring/maintaining financial integrity.

We also offer related services like valuation of farm assets, reconstructing financial records, and collecting expert witness testimonies (if there is a case). This service will also uncover internal control weaknesses in your farming operation. Find out more!

4. Farming Business Advisory/Consultancy Services

We also help farming businesses with strategic insights and tools they need to stay competitive, evolve, and maximize profits in the midst of ever-changing environmental conditions and market trends.

Our advisory/consulting services encompass financial performance analysis, cost of production analysis, profitability assessment for specific farm enterprises, benchmarking with industry performance, budgeting, forecasting, succession planning, capital investment decisions, risk management, and more.

Need any other accounting services for your farm? Don’t hesitate to talk to us!