Have employees complete I-9 and W-4 forms on their first day of employment.2.
Beginning of business year:a.
Arrange for a line of operating credit for the beef enterprise. A monthly cash flow estimate will be useful indetermining the line of credit. b.
Inventory the resources (land, labor, capital, management)available for the beef enterprise. Prepare a budget todetermine the cost of producing a calf. This will assist inmarketing the calves at a profitable level.c.
Set goals that include financial and production aspects of the beef cow/calf enterprise. Keep financial records on amonthly basis to monitor profitability and cash flow.d.
Determine the annual quantities of feed, medication andother inputs needed. Negotiate an annual price for each of the required inputs and then schedule different deliverydates prior to the time products are needed.3.
Record all cow purchases, sales, deaths and movementsamong pastures.4.
End of year:a.
Prepare an income statement and balance sheet as of thelast day of the business year. Determine if the financial and production goals set forth in the beginning of the year weremet. b.
Purchase insurance to protect assets against wind, fire,theft, flood, lightning, liability, collision, etc.