AgriVision Episode 14 – Options for more forage
Host Katie Wantoch and Kevin Jarek, Extension Crops, Soils, and Horticulture Agent in Outagamie County, discuss options to help boost a farmer’s forage inventory for this year.
Financial
The University of Wisconsin-Madison Division of Extension Financial Management & Strategic Planning programs, information and resources intend to improve the farm financial and decision-making skills of Wisconsin agribusiness, farmers and farm managers, agricultural lenders and educators.
For help with financial and/or production records, you can contact your local Extension office or work with your lender.
Financial resources
Interpreting Financial Statements and Measures (IFSaM)
Interpretation of common financial statements. Learn how to use your financial statements in day-to-day management of your farm management.
Farm Financial Score Card
A guide to farm financial ratios from business financial statements including Balance Sheet, Income Statement and Cash-flow Statement.
Farm Business Financial Management Model
To understand the farm business’ records, one needs to understand the purpose records serve to and for the farm manager. The Farm Business Financial Model offers a linear and circular process for informed decision-making. Records feed into reports, and reports help farmers integrate financial sense into farm production decisions.
Latest Financial News
Articles
AgriVision Episode 13 – Many farmers struggling to stay current on bills
Host Katie Wantoch and Stephanie Plaster, Agriculture Educator in Ozaukee and Washington counties, discuss a farmer and his son who are finally making money on their dairy farm and share steps to assist them in catching up on outstanding bills.
AgriVision Podcast Episode 10 – Breeding half of dairy herd to beef bulls makes ‘cents’
Host Katie Wantoch and Lyssa Seefeldt, Dairy and Livestock Agent in Eau Claire County, discuss a farmer and his son who are breeding the bottom half of their dairy herd to AI beef bulls and things to consider on this new enterprise.
AgriVision Podcast Episode 9 – It’s time to talk to your ag lender
Host Katie Wantoch and Jenny Vanderlin, Associate Director of the UW Center for Dairy Profitability, discuss whether a farmer should refinance his loans and tips for communicating with his ag lender.
Developing a Farm Financial Model
The farm financial model offers a linear and circular process for informed decision-making. Records feed into reports, and reports help farmers integrate financial sense into farm production decisions.
Collecting and Organizing Records
Farming is a complex business which demands accurate records and careful financial management.
Accounting System
An accounting system is a set of actions and methods designed to collect, store, and process financial transactions into management reports for decision-making.
Preparing a Balance Sheet
The balance sheet is a report of the farm business’ financial position at a moment in time. It lists assets, liabilities, and net worth (owner’s equity), and represents a snapshot of the farm business as of a certain date.
Preparing an Income Statement
The income statement is a report of the farm business’ financial performance during a given time frame. It measures profit or loss in a given time period.
Understanding the Statement of Cash Flows
The statement of cash flows tracks the sources and uses of cash in the farm business in the past year. It also adds insight to the understanding of financial position and performance of the farm business.
Understanding the Statement of Owner Equity
The statement of owner equity reconciles the change in equity from the beginning balance sheet to the ending balance sheet for the farm business. Also known as the statement of net worth, shows the source of change.
AgriVision Podcast Episode 8 – Expanding milking herd
Host Katie Wantoch and Heather Schlesser, agriculture educator from Marathon County, discuss whether a dairy farmer and his son should purchase bred heifers or cows to expand their dairy herd.
