What are the responsibilities and job description for the Farm Business Associate position at Illinois FBFM?
Job Summary:
The FBFM vision is to be recognized as the leading resource for financial and business consulting services to farmers and agricultural industries. The Farm Business Associate position is designed for the colleague desiring ultimately to move into the full-time Farm Business Consultant (Field Staff) role. The activities surrounding this position would include every aspect of the FBFM environment but be primarily focused on the main structure and functions of the organization. The goal of the Farm Business Associate is to lay the FBFM foundation in preparation for advancement within the Company to work directly with clients full time and to build on an established book of business. This process would require a minimum of one year. It would be aimed at someone looking at future advancement and desiring a career in Agriculture. Previous work experience is preferred not required.
Duties:
- Interacts with FBFM clients, becoming another “Face of FBFM”
- Works directly with the Support Staff II to develop a thorough understanding of and have responsibilities for the following:
- PC Mars Program: Entering, balancing, reconciling, and editing
- Check Accounting with PC Mars
- Preparation of 2290 and 5500EZ documents
- Preparation of responses to IRS and IDOR notices
- W-2/1099 Software: Preparation of documents and delivery to the clients
- Introduction to Lacerte
- Understands the FBFM Model. Makes periodic farm visits with Farm Business Consultant.
- Comprehends the mechanics of the Manual Record Book and an introduction to the T-Book.
- Maintains PTIN and attends Tax School.
- Attends all training required by Illinois FBFM.
- Attends spring and fall conferences and may attend the NAFBAS conference.
- Works with Support Staff to understand resources required prior to processing. Compiles check in packets and composes client letters
- Works directly with office Farm Business Consultant to develop an understanding of following:
- Tax planning – The Lacerte tax planner
- Checking in Business record books
- Processing Business record books
- Reviewing capital purchases, amounts paid plus loan amounts, enter into the FBFM asset manager
- Reviewing capital sales, enter into the FBFM asset manager
- Updating Fair Market Value report in FBFM asset manager. Review reports for accuracy
- Transferring PC Mars files to E – Book
- Understanding the “Why” of balancing an E – Book
- Transferring the E – Book to the FBFM program
- Completing the Enterprise allocation in the FBFM program
- Printing preliminary set of FBFM reports
- Printing current year E – Book
- Printing current year depreciation schedule and FMV schedule
- Rolling current year E – Book to New Year
- Inputs the following tax information in the Lacerte Program
- Estimates
- Wages
- Interest
- Dividends
- Miscellaneous Income
- Dispositions
- Schedule E Activities
- Schedule F
- Pass Through K-1
- Form 4562
- IRA/Retirement Contributions
- Health Insurance Adjustments
- Schedule A
- Fuel Used Off Highway
- Maintains file server.
- Assists Farm Business Consultant as required.
Important Qualities:
- Analytical skills to grasp distinctive points of business strength and improvement
- Strong attention to detail.
- Outstanding organizational skills and ability to prioritize workload.
- Excellent interpersonal, communication, problem solving and analytical skills.
- A self-starter who can manage time wisely and work under limited supervision.
- The desire to work with farm families on business and tax matters.
- Ability to handle a heavy workload from November through April.
- Communication skills to explain their recommendations in confident conversation that others can easily understand.
- Computer skills to be adept at using software tools to analyze financial & production data and prepare tax returns.
- Ability to work effectively in a professional workplace
- Detail oriented to properly complete production, financial and tax documents
- Math skills to properly complete production, financial and tax documents
Required Qualifications and Educational Requirements:
- Bachelor’s degree in Ag Business, Ag Education, Accounting, Business, Finance or a related field.
- Agriculture/Farming background or a working knowledge of farm operations, the ag industry, and accounting/finance principles.
- Willingness to work longer hours in fall and winter with more flexibility in other seasons
- The ability to travel throughout the region to conduct farm visits
- A valid driver’s license and reliable transportation
Preferred Skills:
- Master’s degree in Ag Business, Ag Education, Accounting, Business, Finance, or a related field.
- Enrolled Agent (EA) with the IRS
- CPA
- Successful experience with current software applications
- Successful experience with tax return preparation
- Successful experience working with farm business operations
- Willingness to live in the service area.
