Regardless of the time of year, it is important for farm operators to spend some time in their office completing their least favorite activity – paperwork. Most farmers enjoy getting their hands dirty, from digging in the soil, repairing machinery, or working with livestock. They will reluctantly compile the necessary information for income tax preparation, credit borrowing, and crop reporting.
With economists at the U.S. Department of Agriculture predicting farm debt will reach a record high this year, Wisconsin agricultural leaders are warning farmers against the dangers of unregulated lenders.
Farming ranks as one of the most dangerous industries in the U.S. Stress, long hours and fatigue contribute to injury risk. When we confront several stressors at once, we may become distracted, and this distraction can cause errors that lead to serious or fatal incidents, such as tractor rollovers or entanglement in a fast-moving machine. Thus, proper safety precautions are essential for preventing such incidents.
Consider your own self-assessment, and that of your farming business by conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). You may want to consider areas of farm business management, production topics, communication skills, financial management, own farming experience, etc.) What is a SWOT Analysis? Strengths – internal competencies and capabilities that enable a farm to […]
The ﬁrst ﬁnancial management report often created for the farm business is the Balance Sheet. It provides insight of farm solvency and liquidity. What is meant by Solvency and Liquidity? The balance sheet is a report of the farm business’ financial position (strength) at a point in time. Position can be analyzed and interpreted using […]
Accrual adjustments are made in the Income Statement. How are these adjustments made? What do the Income Statement calculations tell us? Accrual adjustments are made on the income statement to better reflect earned profitability performance of the farm business. This factsheet provides more detail about the non-cash accrual adjustments, introduced in Part I of this […]
The first primary financial management report often created for the farm business is the Balance Sheet. It provides insight of farm liquidity and solvency. What is the Concept and Structure of the Balance Sheet? The balance sheet is a report of the farm business’ financial position (strength) at a point in time. It is referred […]
The Income Statement is a report of the farm business’ ﬁnancial performance during a given time frame. What is the Concept and Structure of the Income Statement? Farm performance is measured using the Income Statement. The Income Statement answers the question, did the farm generate an adequate return on the investment of your money, labor […]