| "What is the value of this kind of information if I can get it delivered to me in a more integrated fashion?" |
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Tags: Dick Wittman, farm financial standards council, TEPAP, QuickBooks for agriculture, farm financial software, farm management accounting, farm enterprise analysis, accrual accounting
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Tags: farm financial standards council, farm financial reporting, Farm Financial Standards, farm financial statements
Learn new farm management and marketing skills and network with other producers from around the country at the 2019 Farm Futures Business Summit
What practices should you change to improve your business? What habits should you break? Here’s an opportunity to learn how to make the necessary changes to stay on top of your business goals. You’ll get ideas that you can’t wait to implement – just one idea you get from this conference can pay you back in business benefits!
Over the course of two intense days (with some entertainment!) we’ll gather together for a series of keynotes, panel discussions and interactive power sessions that will make farm management come to life. Mingle with experts from across the country as they offer advice and answer questions.
We’ll give you solid ideas on everything from high-level grain marketing to the key business practices that will help you make more money in 2019. Plus, you’ll be networking with some of the best farmers on the planet.
The 2019 Farm Futures Business Summit takes place Jan. 24-25, 2019 at the Coralville Marriott Conference Center and Hotel just outside of Iowa City, Iowa. This event promises to help you think outside the box as you manage the ever-increasing complexity of today’s farm operations. FBS Systems is one of the sponsors and will host a display throughout the conference.
For more information or to register click here.
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Tags: cash or accrual, farm financial standards council, integrated farm software, agricultural managerial accounting, farm management accounting
The following is a summary of a presentation entitled "Financial and Management Accounting Software--Developments, Implementation Challenges, and Integration Issues" made in July 2018 to the Farm Financial Standards Council Annual Conference in Champaign, Illinois.
Over the next few blog posts we’ll attempt to answer these questions:
- What do we do that’s unique?
- Who do we work for?
- What are the current technical tools of the trade?
- How we can support and leverage the Standards?
- What are the challenges to adoption?
- What are the opportunities for agricultural producers?
What We Do That’s Unique
FBS's mission statement is Integrated Information Systems (what we do) for Agriculture’s Top Managers (who we work for).
Let’s begin with who we “work for.” FBS users are among the most progressive, demanding and complex farming operations in North America. You'll find examples of them nearly every month in the "FBS Users In the News" stories. These operations are managing diverse enterprises, and all are constantly growing in scale and accounting sophistication. Many are nationally-recognized leaders in their fields and some have be selected for awards such as Farm Journal Top Producer of the Year.
What’s the big deal about integration?
If you’re like many growing, progressive producers your scale and complexity are working against you because this vital information is housed in separate “silos” consisting of unconnected accounting and production software supplemented by countless spreadsheets.
These information silos exist to accomplish specific information goals:
- Cash accounting for taxes.
- Accrual accounting to accurately measure true profitability.
- Production records for insurance compliance and to evaluate best management practices.
- Inventory control to verify what’s available to sell and what’s been used.
- Cost/management accounting to determine your farm’s internal costs and margins.
- Budgeting to financially project your operation into the future.
- Benchmarking to standardize and compare your performance with industry leaders.
- And ownership accounting to automate and consolidate your complex business relationships.
Although each of these information silos share the same source data they appear to be incompatible in their timing and precision. For example:
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Cash and accrual accounting rely on different transactions in the same time period
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Crop and livestock production cycles rarely correspond to calendar years.
- Financial accrual adjustments don't tie out to field and group production/management level detail.
Next time we’ll look at the current “technical tools of the trade” that address these problems. Meanwhile we invite you to watch our introductory "Farm Software Success Through FBS" video.
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Tags: cash or accrual, farm financial standards council, integrated farm software, agricultural managerial accounting, farm management accounting
The November 2013 issues of Farm Futures Magazine is packed with valuable tips for guiding you to the financial future of your farm.
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Tags: managerial accounting, farm financial standards council, farm management accounting, accrual accounting, agricultural managerial accounting, Danny Klinefelter, Dick Wittman, Farm Futures Magazine, Top Producer Magazine, Lance Woodbury, integrated software
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Tags: activity-based costing, farm financial standards council, cost accounting, Cost center allocation, Farm Financial Standards, accrual accounting, farm financial reporting, agricultural managerial accounting, FBS Systems, farm software, ag software, agricultural software, Farm Margin Management, farm profit centers, integrated production and financial software
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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Tags: managerial accounting, activity-based costing, farm financial standards council, farm financial statements, Farm Financial Standards, accrual accounting, farm financial reporting, cash or accrual, agricultural managerial accounting, Purdue Ag Economist, Dick Whittman, Freddie Barnard, Barbara Wheeling, Alan Miller
