When changing accounting software, going through entity formation or just upgrading computers, producers often wonder what accounts to set up. As a best practice, set up the most meaningful accounts. Financial Services Leader Carolyn Huff provides guidance on record-keeping standards – especially those important for tax reporting or common for a given industry.
Every farmer, fisherman or forest product producer defines success differently. For some, success is measured strictly in dollars and cents: the “bottom line.” Others make non-financial goals a priority. Nonetheless, every successful producer shares a few key management and financial practices. Here are some practices recommended by Dr. David Kohl, an agricultural economist specializing in farm business management.
Farm transition planning is a topic that every ag business owner/operator will have to face. How many principal operators are addressing this transition in a timely, proactive manner? Unfortunately, too many put it off till “someday”. Jon Jaffe, Farm Credit East Business Consultant, discusses five hurdles of planning a transition for an ag business.
No one likes the uncertainty of milk price, and sometimes we think we’d rather not know. But realistically, understanding future projections is key to help plan for the future of your farm business. That’s why Farm Credit East’s dairy consultants believe so strongly in our Dairy Profit Analyzer (DPA) program.