Farm Financial Time Warp
Attendees at the 2011 Ag Bankers Conference experienced a warping of the time-space continuum as 93 percent reported that their farm customers were managing their farms like it was 1981, not 2011. Unbelievably, only seven out of 100 lenders had clients using accrual accounting.
We've been discussing "Old World" vs. "New World" financial reporting in his blog, but using tax records to management your business is a return to the Dark Ages.
It gets worse. Read Marcia Zarley Taylor's latest blog on the DTN website to discover some sobering statistics.