When it comes to farming, much of what you do is about timing. Often, it doesn’t feel like there’s much time to make decisions, the seasons seem to come quickly, and the work of one leads right into another. But, taking the time to consider how you manage your farm accounting and understanding what those decisions mean is worth the investment.
Topics: farm financial statements, accrual accounting, farm financial reporting, farm inventories, agricultural software, enterprise analysis, agricultural inventories, cash or accrual, cost analysis, farm accountant
Farming is about growth. It’s the primary focus from crop and livestock to the back office. Crops don’t grow from seed without external factors, nor does livestock. So how can we hope for our overall farm or ranch operation to grow without considering all the growth factors that allow the business side to thrive or wither?
And, when we see a challenge or opportunity to address a production shortfall, we look at all the options on the table. The growth path decision tree applied to farm accounting allows us to do the same. We look at the accounting decisions that impact our decision making process and assess how we can use accounting methods to improve our operations and profitability.
Topics: accrual accounting, farm accounting, enterprise analysis, growth path accounting, cash or accrual, cost analysis, integrated production and financial software
A previous installmentof Growth Path Accounting covered the Step Two question, "What are your information goals?" Before we go into an in-depth comparison of the methods, we're pausing to answer potential objections to this "GPS" accounting implementation strategy.
Topics: farm management accounting, farm financial statements, accrual accounting, farm financial reporting, enterprise analysis, agricultural inventories, cash or accrual, cost analysis
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