Most producers don't have an accurate handle on their true cost of production...and that can be deadly for your business. Overestimate your costs and you'll miss out on profitable marketing opportunities. Underestimate your costs and you'll be soon be out of business.
Dick Wittman is former manager and board chair of a 20,000-acre Idaho family farm partnership involving crops, cattle and timber and provides consulting services in family farm business and financial management in the US and abroad.
In 1996 he became a director and in 2006 served as president of the Farm Financial Standards Council, a group of farm management and financial experts who have been working for over 30 years to professionalize farm accounting and financial analysis processes. The council released national guidelines in 2006 to help producers implement Managerial Accounting systems; Wittman is a nationally recognized educator on this topic.
The video, recorded at the 2020 FBS/MASA Ag Software Success Summit addresses these topics:
- - Major benefits from management accounting
- - How do we implement managerial reporting?
- - The six core concepts of management accounting
- - How has machinery cost inflation affected my cost of production?
- - What is transfer pricing?
- - The integration challenge
- - The ten pitfalls of benchmarking
- -Why is cost management the "land of opportunity?"
- - What carrot motivates implementation of management accounting?
- - What critical information do you gain from activity-based costing?
- - How does management accounting change marketing behaviors?
- - What are the building blocks of management accounting implementation?
- Click here to view the video.