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Topics: cost accounting, accrual accounting, farm financial reporting, agricultural managerial accounting, farm software, ag software, agricultural software, Cost center allocation, Farm Financial Standards, activity-based costing, farm financial standards council, FBS Systems, Farm Margin Management, farm profit centers, integrated production and financial software
The PC industry has been in a funk this fall, not just from competition with tablets but also from waiting for the arrival of Windows 8. Now that Win8's the default operating system at "big box" stores and Windows 7 is getting harder to find on shelves which is your best option--especially if your goal is business applications rather than social networking?
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Topics: farm financial reporting, farm records, farm software, ag software, business processes, agricultural software, farm accounting, FBS Systems, Windows 8, tablet computers
In 2008 the Farm Financial Standards Council (FFSC) published Management Accounting Guidelines for Agricultural Producers. These recommendations prompt these questions regarding traditional farm enterprise analysis:
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Topics: managerial accounting, farm financial statements, accrual accounting, farm financial reporting, agricultural managerial accounting, Farm Financial Standards, cash or accrual, activity-based costing, farm financial standards council, Purdue Ag Economist, Dick Whittman, Freddie Barnard, Barbara Wheeling, Alan Miller
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Topics: farm financial reporting, best practices, Farm Financial Standards, quickbooks, FBS Systems
Over the past two articles we've contrasted the ways farmers produce financial statements and the conflicting goals of maintaining simultaneous farm financial records by cash and accrual.
The conflict is created by these realities:
• Because the IRS allows it, most farmers file cash-basis tax returns.
• As a result, the cash-basis 1040 Schedule F intentionally distorts true farm earnings.
• Few farmers have the training or incentive to prepare accrual financial statements.
Therefore an "adjusted accrual" system (Coordinated Financial Statements) was developed by Tom Frey and Danny Klinefelter at the University of Illinois in the late 70s. Further refined and re-dubbed "Agricultural Financial Reporting and Analysis" (AFRA), this methodology is the heart of the process adopted by the Farm Financial Standards Council.
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Topics: farm financial statements, farm financial reporting, cash or accrual, Danny Klinefelter
We ran across this AgTalk post by Mark Wilsdorf, who markets an add-on to Quickbooks for farmers. If anyone has figured out how to make this ubiquitous small business accounting program function as an effective farm financial management tool it would be Mark.
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Topics: farm financial statements, accrual accounting, farm financial reporting, quickbooks, cash or accrual
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