Year-end accounting doesn’t have to be a scramble. With clear records, early communication, accurate inventories and the right technology, dairy producers can turn year-end into a powerful management tool rather than a stressful deadline.

The tax accountant, lender and on-farm management team each compile financial statements with very different goals, and each interpretation serves its unique purpose. Understanding the goals of each stakeholder is critical as you work to make strong business decisions.

If we consider your farm a hockey team, you are Conner McDavid. You are responsible for doing the heavy work of production. Relying on your advisers as a team will make your position as the CEO more successful. Scoring goals is great, but our ultimate aim is to win the Stanley Cup of long-term financial success.

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.