By Brenda Duckworth What financial information is most valuable for your farming operation? That question should be answered with another question: What decisions are you trying to make? Too often, farm managers gather tons of data, yet neglect to convert that data to useful information. This is not an oversight
By Jim Casler Benchmark – Yardstick – Standard – Target – Scale – Rank. Whichever word you want to use, there is value in knowing how you stack up and rate in comparison to yourself and industry peers. Benchmarks are typically used to help you understand and improve your operational
By Joe Kessie The Farm Financial Standards Council recommended using accrual earnings in 1991. Think about all the technology that has been adapted by farmers since that time. Even Round-Up-Ready soybeans were not introduced until 1996. That is why I am still amazed that after over 23 years of having
By Todd A. Doehring The Farm Financial Standards Council (FFSC) recommends 21 financial measures as part of its Financial Guidelines for Agriculture. A previous post looked at the Current Ratio (a measure of financial liquidity), and in this post we’re going to look at another measure of liquidity, “Working capital
Welcome to 2017 The celebrating is over and it’s back to the routine for most of us. But what a way to greet the new year….with lots of NEW MEMBERS!! We hit the 152 mark last week while at the Farm Futures Boot Camp Program……it has made it a challenge to keep
By Brenda Duckworth So, you want to buy that spanking new tractor? You know, the one with icy-cold air conditioning, a comfy seat, and that fancy GPS! And of course, you really do need it because your old pile of junk is always in need of repair. Certainly, you would
By Stephen Severe A lot of people are talking about Enterprise Accounting and the importance of knowing our costs of production. Why? Let me share an experience or two: I was one of those kids who put myself through college by, of all things, milking cows. I know that is
By Stephen Severe Some of you who have a lot of gray in your hair will identify with this saying, the rest of you will wonder if the baby can actually go down the drain. Enterprise accounting is an ideal way to understand the strength and weaknesses of your operation.
By Jonathan D Shepherd Basic business structures include sole proprietorships, partnerships, corporations (both C corporations and S corporations) and limited liability companies (LLC). LLCs are business structures recognized by state statutes that can be treated as a sole proprietorship, corporation, or partnership. There are many factors that should influence a
By Jonathan D Shepherd A significant trait found in top performing farm managers is having a focused approach towards efficiency and a sharp pencil. Two things top managers focus on are working capital and cash-flow. The current agricultural production climate warrants all producers to take an even closer look at
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