After getting tired of the fast pace of the Silicon Valley business world, you d…
Home/Education/Expert Q&A/After getting tired of the fast pace of the Silicon Valley business world, you d…
After getting tired of the fast pace of the Silicon Valley business world, you decide to pursue a quiet life on the farm down near Salinas. However, your business savvy means you end up growing into a large, publicly traded company and thus have to follow GAAP. Your operations are getting very large and using traditional inventory systems, such as how you accounted for inventory at your prior jobs, is getting extremely complex and unwieldy. What alternatives and options do you, as a farmer and major agricultural entity, have for dealing with this accounting issue?
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Technifi Expert’s Answer:
Alternatives i would go with:
1. Outsource entire Accounting Function of the business to an Accounting firm. This way i would focus only on growing and conducting my business whereas all accounting function would be taken care by the accounting firm.
2. Would hire an Expert accounting professional who have rich experience in Accounting function for similar business. Would set up a accounting team under his supervision and take care of my accounting function. This way the risk business information going to competitor or outside party will be mitigated which would have been there if this function was outsourced.
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