Cane growers: get help keeping your books up to date

There are many complicated financial topics that concern all farmers, from pay as you earn (PAYE), value added tax (VAT), provisional taxes, income tax, management accounts and financial statements.

For emerging farmers in particular, managing their books and taxes can be the straw that breaks the camel’s back.

In 1982, the SA Canegrowers’ Association established the CaneFarms department, which specialises in providing bookkeeping services to the sugar cane farming sector.

It has a diverse client base, consisting of a range of commercial growers, new freehold (emerging) growers and small-scale growers. CaneFarms has regional economic advisors in each cane-growing region who provide economic advice to emerging farmers.

CaneFarms offers services including preparing books to balance sheets, submission of statutory information (VAT payable/refundable, PAYE, UIF, income taxes, EMP 501s) to the SA Revenue Service (SARS), claiming diesel rebates, preparation of monthly reports to suit specific requirements, analysis of budget versus actual year-to-date expenses, and preparation of cane business reports.

Training includes the different types of business entities, provisional tax, corporate tax, PAYE, and VAT. It also includes understanding and interpreting management accounts, responsibilities of growers versus those of the accountant/bookkeeper to ensure the partnership with CaneFarms works, record keeping, and the importance of budgets and cash flows.

CaneFarms offers a one-stop service, where it will liase with participating accounting firms to draw up financial statements. CaneFarms works with the grower to interpret these statements, and improve their financial literacy.

Contact CaneFarms client liaison officer Patrick Mdlalose on 031 508 7200.