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Category: Accounting and Bookkeeping

  • https://www.farmprogress.com/management/figure-out-your-cost-production

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    Posted By Matt Smith
    Sep 28 

    https://agfuse.com/article/what-are-the-different-types-of-profitability-ratios-businesses-should-track
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    What are the Different Types of Profitability Ratios Businesses Should Track?

    By Matt Smith

    Published Sep 28 

    When it comes to running a business, the ultimate goal is to see it succeed. Profitability ratios allow you to measure your company’s financial performance within a specific period. These metrics are important because it gives business owners an insight into how their company is generating profits from its operation. If you aren’t tracking your profitability metrics at present, this is probably the best time to start calculating them. This article will discuss the different types of profitability ratios you should be tracking in your business...

    Categories: Accounting and Bookkeeping

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    Posted By Peggy Meyer
    Sep 24 

    How do you keep track of grain going from the field to the bin?
    How do you reconcile grain taken to the elevator from the bin?
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    Posted By Peggy Meyer
    Sep 24 

    Hi everyone!
    I'm excited to share with you that Field Pocket, the software I co-founded, has officially launched!

    Field Pocket is a harvest solutions software that organizes, manages and links all contracts, scale tickets, and settlement sheets. Just take a picture of your document and let Field Pocket to the work for you!

    Save time. Reduce stress and frustration. Find lost loads easily. Quickly see profit by field and send reports to landlords. All your documents in one place for crop insurance needs.

    Go to www.fieldpocket.com to see a demo and sign up!

    Contact me with questions or to connect me with people who should know about this time and money savings software!

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    Posted By Peggy Meyer
    Sep 23 

    I'm interested in figuring out how farmers track their grain from field to bin then how they reconcile that with the elevator's scale tickets.

    I'm a farmer's wife who recently started to take more interest in ensuring we are getting paid for all our bushels and that each landowner gets their share of the crop. Right now, my husband writes down loads on a sheet of paper. He knows what goes in which bin from what field, but as the bookkeeper, I would like to utilize technology to aid in this.

    Can anyone give me suggestions?
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    Posted By Brian German
    Sep 18 

    "One of the most concerning issues for farms and ranches is that the estate tax exemption that currently is held at about $11.7 million per person through 2025. This measure would reduce that in half to about $6 million per person starting at the end of 2021," said Reece Langley of the National Cotton Council.

    https://agnetwest.com/reconciliation-process-moving-forward-tax-policy-questions-remain/

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    Posted By Brian German
    Aug 27 

    USDA's Farm Service Agency has established October 12 as the deadline to apply or make modifications to existing applications for CFAP 2.

    https://agnetwest.com/contract-producers-eligible-assistance-under-cfap-2-update/

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    https://www.farmprogress.com/business/when-should-you-bring-accountant

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    https://ocj.com/2021/07/cash-or-accrual-accounting-how-do-you-choose/

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    https://news.okstate.edu/articles/agriculture/2021/brus-farm-finance-budgeting-resources.html

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    https://www.canr.msu.edu/news/working-toward-a-more-accurate-farm-financial-analysis
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    Posted By Brian German
    Jun 16 

    A federal judge has issued a temporary restraining order against the program to provide payments to socially disadvantaged borrowers.

    https://agnetwest.com/debt-forgiveness-for-disadvantaged-farmers-on-hold-after-judges-ruling/

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    Posted By Rick Foster
    Jun 10 

    https://emergence.fbn.com/agronomy/organic-breakevens

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    Posted By Jay Parsons
    May 4 

    In the latest issue of the RightRisk News, we discuss depreciable versus non-depreciable assets. Where should you invest? The decision is not always easy.

    https://rightrisk.org/news/wp-content/uploads/2021/04/2021_04_RightRiskNews.pdf

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    https://farm.unl.edu/policy-legal-finance/how-does-refinancing-affect-your-balance-sheet/03182021-1505

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    https://farm.unl.edu/cash-flow-versus-profitability/03182021-1434
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    Posted By Rick Foster
    Apr 8 

    https://twitter.com/AgWebEditor/status/1380181289664401412

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    https://www.farmprogress.com/farm-business/dangers-schedule-f
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    Posted By Ag Policy
    Mar 17 

    https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2021/03/17/sba-denies-farm-partnerships-sole

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    https://www.canr.msu.edu/news/farm-budgets-planning-now-for-profits
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    https://www.canr.msu.edu/news/farms-with-no-employees-can-still-benefit-from-the-paycheck-protection-program
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    https://www.farmprogress.com/farm-operations/know-your-costs-prepare-unknown

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    https://www.farmprogress.com/farm-business/review-critical-documents

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    https://www.extension.iastate.edu/agdm/articles/plastina/PlaFeb21.html



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    Posted By Rodney Michael
    Feb 16 

    Finding a niche in the farming world and capitalizing on it - "“We found that no one was really going after the next generation of cloud-based technology for farm accounting” - Traction Cloud Software

    https://www.tractionag.com/

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    Posted By Rick Foster
    Feb 6 

    https://onslow.ces.ncsu.edu/2021/01/ag-economics-series

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    Posted By Ag Policy
    Feb 1 

    https://www.dtnpf.com/agriculture/web/ag/columns/ask-the-taxman/article/2021/01/29/involuntary-conversions-work
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    http://agwired.com/2021/01/14/traction-launches-new-accounting-solution-for-farmers/

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    Posted By Jay Parsons
    Jan 14 

    Getting the new year off to a good financial record keeping and planning start may be more challenging than ever. It takes commitment but it may be the most important commitment you make in 2021.

    https://rightrisk.org/news/wp-content/uploads/2021/01/2021_01_RightRiskNews.pdf

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    Posted By Jay Parsons
    Jan 13 

    Upcoming Webinar: 
    Preparing for Loan Renewal
    Thursday, Jan. 14, noon Central
    This is the first in a series of webinars by the Department of Agricultural Economics at the University of Nebraska-Lincoln designed to assist farmers and ranchers to better understand their financial positions. Sessions will be held from noon to 1 p.m. Central on the second Thursday of each month, through May, and offer education on financial statements, ratios, record keeping, understanding cost of production and more.
    This month will focus on balance sheets and cash flows, including details on how to value assets and inventory, refinancing, correcting negative working capital, monthly vs. annual cash flow, operating loans and more.

    Speakers include: Dallas Zimbelman, branch manager, Archer Credit Union; Tara Janda, Financial Services Officier, Farm Credit Services of America; Jessica Groskopf, panhandle regional economist, UNL; Austin Duerfeldt, southeast regional economist, UNL.

    https://farm.unl.edu/webinars

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    Posted By Ag Policy
    Jan 8 

    https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2021/01/08/paycheck-protection-program-loans

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    https://www.dtnpf.com/agriculture/web/ag/columns/ask-the-taxman/article/2020/12/31/stepped-basis-important

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    https://www.farmprogress.com/farm-business/financial-sensitivity-testing

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    Posted By Ag Policy
    Dec 25, 2020 

    https://www.agriculture.com/farm-management/programs-and-policies/farmers-have-short-window-to-sign-up-for-arc-plc-in-2021

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    Posted By Beginning Farmers
    Dec 25, 2020 

    https://blog-abm-news.extension.umn.edu/2020/12/time-is-running-short-to-utilize-tax.html

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    Posted By Rick Foster
    Dec 25, 2020 

    https://twitter.com/AgWebEditor/status/1341722845764870145

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    Posted By Steve Hanks
    Dec 19, 2020 

    https://twitter.com/AgWebEditor/status/1339718290336313344
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    Posted By Steve Hanks
    Dec 19, 2020 

    https://twitter.com/AgWebEditor/status/1339994414400335872

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    Posted By Becky Johnson
    Dec 18, 2020 

    "After analyzing more than 10 million acres and corn-bean rotations for the past decade, Granular’s Data Science team created a proprietary Corn vs Soybeans Calculator to help farmers with their decision to rotate or not."

    https://www.agdaily.com/crops/crop-rotation-roi-farmers-planting/
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    Posted By Dairy Farming
    Dec 17, 2020 

    https://blog-abm-news.extension.umn.edu/2020/12/looking-at-2021-how-does-risk.html
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    Posted By Farm Finance and Management
    Dec 3, 2020 

    https://blog-abm-news.extension.umn.edu/2020/11/ppp-expenses-not-deductible-if-taxpayer.html

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    Posted By Farm Finance and Management
    Dec 1, 2020 

    https://www.dtnpf.com/agriculture/web/ag/columns/ask-the-taxman/article/2020/11/27/real-vs-personal-property

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    Posted By Farm Finance and Management
    Nov 28, 2020 

    "This program is for farmers who do not have a good recordkeeping system in place yet, who are not ready to buy accounting software, are not comfortable using computers, or on the other hand love spreadsheets, or for those who want to take the next step beyond keeping receipts in a $*@!x. This program will help farmers get their records straight using something like Michigan State University Extension’s Farm Records Book www.bit.ly/farmrecordsbook, in preparation for tax filing, or for their annual meeting with their tax preparer."
    https://www.canr.msu.edu/news/new-edition-of-prepare-your-farm-for-tax-season-now-webinar-to-be-held-on-dec-1
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    Posted By Ag Marketing
    Nov 25, 2020 

    https://canoladigest.ca/november-2020/who-does-your-marketing
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    Posted By Gary Marsh
    Nov 10, 2020 

    https://www.growingproduce.com/farm-management/enhanced-food-traceability-recordkeeping-rules-proposed/

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    Posted By Jerry Smith
    Nov 5, 2020 

    https://agfax.com/2020/11/02/usa-rice-releases-plc-payment-calculator-for-2019-crop/

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    Posted By Rick Foster
    Oct 31, 2020 

    https://emergence.fbn.com/agronomy/farm-record-keeping-fbn-app

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    Posted By Rick Foster
    Oct 31, 2020 

    https://emergence.fbn.com/profitability/grain-marketing-tool

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    Posted By Tyler Davis
    Updated Oct 29, 2020 

    https://agfuse.com/article/cost-segregation-studies-in-the-agriculture-industry
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    Cost Segregation Studies in the Agriculture Industry

    By Tyler Davis

    Updated Oct 29, 2020 

    Most farmers and ranchers have a decent understanding of tax depreciation. When a business purchases assets, the business entity is allowed to write off the value of the asset purchased over the life of the asset. Land, however, is not depreciable as the value of the dirt & minerals does not decrease over time like the value of structures, barns, fences, etc. When a business purchases a ranch or farm, the value of those existing structures, equipment, and infrastructure can be depreciated for tax purposes. One of the main questions taxpayers ask after a major purchase is “how much can I write off for taxes?” The answer can be very simple – usually, farm buildings are depreciated over 20 years...

    Categories: Accounting and Bookkeeping, Agribusiness

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    Posted By Farm Finance and Management
    Oct 21, 2020 

    https://www.farmprogress.com/equipment/its-never-too-early-do-tax-planning 

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    Posted By Steve Hanks
    Oct 20, 2020 

    https://www.agdaily.com/news/experts-farmers-ranchers-lenders/

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    Posted By Farm Finance and Management
    Oct 16, 2020 

    https://farmdocdaily.illinois.edu/2020/10/when-creating-2021-budgets-keep-in-mind-family-living-costs.html

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    Posted By Jerry Smith
    Oct 14, 2020 

    https://agfax.com/2020/10/12/usda-announces-oct-30-deadline-to-submit-wildfire-hurricane-disaster-assistance-applications/

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    Posted By Steve Hanks
    Oct 13, 2020 

    https://emergence.fbn.com/agronomy/benchmarking-free-member-tool

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    Posted By Farm Finance and Management
    Oct 12, 2020 

    https://www.farmprogress.com/insurance/5-mistakes-avoid-farm-insurance-coverage
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    Posted By Steve Hanks
    Oct 9, 2020 

    https://www.agdaily.com/insights/true-financial-cost-modern-farming/
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    Posted By Jerry Smith
    Oct 7, 2020 

    https://agfax.com/2020/10/02/kansas-farm-analyst-develops-eight-knows-from-years-of-working-with-farm-families

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    Posted By Sam Carter
    Sep 29, 2020 

    https://gapeanuts.com/usda-reminds-farmers-of-september-30-deadline-to-update-safety-net-program-crop-yields/

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    Posted By Ag Marketing
    Sep 24, 2020 

    https://www.agriculture.com/podcast/successful-farming-radio-podcast/tracking-small-farm-marketing-costs
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  • What are the Different Types of Profitability Ratios Businesses Should Track?

    By Matt Smith

    Published Sep 28 

    When it comes to running a business, the ultimate goal is to see it succeed. Profitability ratios allow you to measure your company’s financial performance within a specific period. These metrics are important because it gives business owners an insight into how their company is generating profits from its operation. If you aren’t tracking your profitability metrics at present, this is probably the best time to start calculating them. This article will discuss the different types of profitability ratios you should be tracking in your business...

    Categories: Accounting and Bookkeeping

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    Cost Segregation Studies in the Agriculture Industry

    By Tyler Davis

    Updated Oct 29, 2020 

    Most farmers and ranchers have a decent understanding of tax depreciation. When a business purchases assets, the business entity is allowed to write off the value of the asset purchased over the life of the asset. Land, however, is not depreciable as the value of the dirt & minerals does not decrease over time like the value of structures, barns, fences, etc. When a business purchases a ranch or farm, the value of those existing structures, equipment, and infrastructure can be depreciated for tax purposes. One of the main questions taxpayers ask after a major purchase is “how much can I write off for taxes?” The answer can be very simple – usually, farm buildings are depreciated over 20 years...

    Categories: Accounting and Bookkeeping, Agribusiness

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  • https://www.farmprogress.com/management/figure-out-your-cost-production

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    Posted By Matt Smith
    Sep 28 

    https://agfuse.com/article/what-are-the-different-types-of-profitability-ratios-businesses-should-track
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    Posted By Peggy Meyer
    Sep 24 

    How do you keep track of grain going from the field to the bin?
    How do you reconcile grain taken to the elevator from the bin?
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    Posted By Peggy Meyer
    Sep 24 

    Hi everyone!
    I'm excited to share with you that Field Pocket, the software I co-founded, has officially launched!

    Field Pocket is a harvest solutions software that organizes, manages and links all contracts, scale tickets, and settlement sheets. Just take a picture of your document and let Field Pocket to the work for you!

    Save time. Reduce stress and frustration. Find lost loads easily. Quickly see profit by field and send reports to landlords. All your documents in one place for crop insurance needs.

    Go to www.fieldpocket.com to see a demo and sign up!

    Contact me with questions or to connect me with people who should know about this time and money savings software!

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    Posted By Peggy Meyer
    Sep 23 

    I'm interested in figuring out how farmers track their grain from field to bin then how they reconcile that with the elevator's scale tickets.

    I'm a farmer's wife who recently started to take more interest in ensuring we are getting paid for all our bushels and that each landowner gets their share of the crop. Right now, my husband writes down loads on a sheet of paper. He knows what goes in which bin from what field, but as the bookkeeper, I would like to utilize technology to aid in this.

    Can anyone give me suggestions?
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    Posted By Brian German
    Sep 18 

    "One of the most concerning issues for farms and ranches is that the estate tax exemption that currently is held at about $11.7 million per person through 2025. This measure would reduce that in half to about $6 million per person starting at the end of 2021," said Reece Langley of the National Cotton Council.

    https://agnetwest.com/reconciliation-process-moving-forward-tax-policy-questions-remain/

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    Posted By Brian German
    Aug 27 

    USDA's Farm Service Agency has established October 12 as the deadline to apply or make modifications to existing applications for CFAP 2.

    https://agnetwest.com/contract-producers-eligible-assistance-under-cfap-2-update/

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    https://www.farmprogress.com/business/when-should-you-bring-accountant

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    https://ocj.com/2021/07/cash-or-accrual-accounting-how-do-you-choose/

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    https://news.okstate.edu/articles/agriculture/2021/brus-farm-finance-budgeting-resources.html

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    https://www.canr.msu.edu/news/working-toward-a-more-accurate-farm-financial-analysis
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    Posted By Brian German
    Jun 16 

    A federal judge has issued a temporary restraining order against the program to provide payments to socially disadvantaged borrowers.

    https://agnetwest.com/debt-forgiveness-for-disadvantaged-farmers-on-hold-after-judges-ruling/

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    Posted By Rick Foster
    Jun 10 

    https://emergence.fbn.com/agronomy/organic-breakevens

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    Posted By Jay Parsons
    May 4 

    In the latest issue of the RightRisk News, we discuss depreciable versus non-depreciable assets. Where should you invest? The decision is not always easy.

    https://rightrisk.org/news/wp-content/uploads/2021/04/2021_04_RightRiskNews.pdf

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    https://farm.unl.edu/policy-legal-finance/how-does-refinancing-affect-your-balance-sheet/03182021-1505

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    https://farm.unl.edu/cash-flow-versus-profitability/03182021-1434
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    Posted By Rick Foster
    Apr 8 

    https://twitter.com/AgWebEditor/status/1380181289664401412

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    https://www.farmprogress.com/farm-business/dangers-schedule-f
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    Posted By Ag Policy
    Mar 17 

    https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2021/03/17/sba-denies-farm-partnerships-sole

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