Financial talk

Jack and Julia Cant, who operate a dairy farm, also operate a part-time catering business from their home. They purchase the groceries for their business at a wholesale outlet and stock the foods in their family refrigerator and freezer. All six members of the Cant family eat the groceries, and the family uses the catering van to run other errands. When cash is received from catering jobs, it is placed in the family bank account, along with funds from the sale of dairy products. At the end of the month, the Cants have been having a few problems reconcilling their bank account. Now they discover that their last three years of tax returns are being audited by the government. They have come to you for assistance. Outline several steps you think this family could take to assist them in their financial management.