Financial records - Articles - Page 3

Using the QuickBooks inventory system

QuickBooks’ inventory management features are problematic for ranching due to confusing features and inaccurate automatic entries. While suitable for some cattle operations, ranchers often opt for Excel to track livestock, using QuickBooks primarily for financial reporting.

September 5, 2023

DeDe Jones

While it is necessary for operators to monitor the number of cows, calves, stockers, fed cattle, etc. on hand, finding a good inventory software program can be challenging.

Tools and processes for discovering your farm’s financial story

Consistent farm records, financial ratios, farm trend analysis and peer comparison are some of the tools that can help producers evaluate their financial situation.

July 21, 2023

Kevin Bernhardt

How often have you heard about the importance of having financial statements? Perhaps you have heeded that advice and have used a variety of spreadsheet tools, software and outsourcing alternatives for creating accurate balance sheets and accrual income statements. Now what?

Asset-based valuation vs. business valuation: What’s the difference?

Reviewing tangible and intangible assets are two factors when determining an operation’s value.

June 30, 2023

Jay Retzer

Lenders tend to put a lot of weight on the strength of the balance sheet and primarily appraise tangible assets to make our balance sheet flow. This helps to set sale prices and make lending work.

Goal-driven management takes dairies to the next level

Using measurable benchmarks; maintaining a goal-driven management culture; and identifying a set of key advisers and employees to regularly review cow health, production and forage metrics are three steps dairies can take to improve financial performance.

June 16, 2023

Scott Earnest

To capture the full potential of genetics, facilities, feed and precision technology, dairies need to establish and maintain a strong culture of goal-driven management and human accountability.

Which version of QuickBooks works best for cattle operations?

QuickBooks has added an online platform in addition to its traditional desktop version. Producers considering the online version will want to look at pricing comparisons, internet connection, usability and more.

May 8, 2023

DeDe Jones

Learn the advantages and disadvantages of the QuickBooks platforms to help you decide which version best fits your business.

Farming and ranching – hay in the stack versus hay on paper

April 10, 2023

R. Jed Myers

My fear is that if we as ag producers don’t understand (or worse yet don’t pay attention to) these financial tools of cash position, budgets or profit and loss statements, and balance sheets, we may have marginal business managers of ag production in the decade of 2020 and beyond struggle unnecessarily.

4 tips for ranch families on managing a household budget

March 2, 2023

Kalyn Waters

For ranching families, it is common for their household expenditures to be included in their operating budget and loan. With that, household budgets need to be managed differently for ranch families than for families who don’t utilize operating loans.

Farming and ranching – what’s the score?

February 3, 2023

R. Jed Myers

"I love preparing financial statements for my banker," said no farmer or rancher ever. It's more like, "Pass the Novocain, please." Here's an article to help you with that.

Farming out the financials

When a farm or ranch grows, it can be difficult to keep up with the financial management areas of the business. In such cases, it may be wise to outsource at least some of the financial and accounting tasks.

January 24, 2023

Erica Louder

While agriculture extension has and continues to provide solid financial resources to teach farmers "in-house" accounting and finances, with growth, a farm or ranch must determine if and when to seek outside help.