Farm enterprise analysis, or the practice of analyzing your cost centers, profit centers, and assets in your various farming operations to identify opportunities for optimization, is a critical part of maximizing your farm’s profitability.
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Topics: managerial accounting, farm financial statements, accrual accounting, farm financial reporting, agricultural managerial accounting, Farm Financial Standards, farm financial standards council
We often discuss the different types of accounting used by agricultural accountants. A good portion of farm accounting, especially early on, was limited by technology and the need to simply keep track of finances. Farm accounting was used to keep track of the money coming in and out of the farm. Enter managerial accounting which can be used to make decisions about the future. Both types of accounting are important for farmers to understand, and utilize, in order to make sound financial decisions for their farms.
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Topics: managerial accounting, farm financial statements, farm financial reporting, agricultural managerial accounting, farm mamanagement accounting
When it comes to farm oversight, understanding where you are, in terms of financial information and accounting is vital. Growth Path Accounting starts with asking where you are now and what your information goals are. Growth Path Accounting can be narrowed down to three objectives:
- Leveraging the technology available to you through software and applications
- Learning advanced accounting skills at your own pace
- Preparing you and your operation for future expansion to integrated farm records
To get there, you first need to understand Growth Path accounting and all of its separate parts. That informs not just your understanding of where you are and which accounting method you’re currently using, but also where you’d like to be and the advantages of the other accounting methods available to you.
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Topics: managerial accounting, farm management accounting, accrual accounting, farm financial reporting, farm inventories, agricultural software, farm accounting, agricultural inventories, cash or accrual, farm accountant
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.
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Topics: managerial accounting, farm management accounting, agricultural managerial accounting, activity-based costing, work in process
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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Topics: managerial accounting, farm management accounting, accrual accounting, agricultural managerial accounting, Top Producer Magazine, Dick Wittman, farm financial standards council, Danny Klinefelter, Farm Futures Magazine, Lance Woodbury, integrated software
Two recent articles in the farm press validate how far farm management technology has come, yet how far it has yet to progress to make a serious business impact.
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Topics: managerial accounting, farm management accounting, cost accounting, farm financial statements, accrual accounting, farm financial reporting, agricultural managerial accounting, farm inventories, farm records, farm software, ag software, agricultural decision support, business processes, agricultural software, farm accounting, enterprise analysis, precision farming
“Choose your rut carefully. You’ll be in it for the next two hundred miles.”
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Topics: managerial accounting, cost accounting, farm financial statements, accrual accounting, agricultural managerial accounting, farm records, farm software, best practices, farm budgeting, agricultural inventories, activity-based costing, Dick Wittman
You can count on the "Extra" edition of Farm Futures magazine to concentrate on relevant management topics. The 2012 edition, Power Up Profits, contains two articles that dovetail nicely with the objectives of FBS Software.
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Topics: managerial accounting, farm management accounting, cost accounting, agricultural managerial accounting, activity-based costing, Mike Boehlje, Purdue Ag Economist
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