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Travel With Pam & Holiday Vacations
Date: 5/26/12-7/1/12
June Dairy Breakfast Schedule
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Green Co. Dairy Breakfast
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Rock Co Breakfast on the Farm
Farm Events: |
Farm News: Using Financial Statements For DecisionscommentsPosted: 08.16.2011
More and more tools are becoming available in support of the farm manager. The Using Financial Statements workshop offered by UW-Extension and Center for Dairy Profitability on August 23rd aims to introduce these tools, and help define a process to financial analysis.
Farmers, given the financial stress of the last two years, are asking how to improve cash flow and reduce equity risk. Often the response is, “perform a financial analysis” and the question that typically follows is, “where do I start with all of these numbers?”
“This gives many managers a justification not to give their financial records anything more than a passing glance and that is unfortunate,” said Gregg Hadley, UWRF Ag economist. “A good financial performance analysis should do more than inform about how a farm performed in the past. More important, it should provide the manager and adviser with insight regarding how to prioritize activities that will enable the farm to improve its (future) financial performance.”
This workshop will focus on using financial statements to improve business decision making. While analysis and ratios is not the fun part of farming, doing so can lead to insights that will help farmers steer their business over the years and help ensure profitability. Instead of asking your lender if you’ll be farming for another year, you’ll know where you stand and which decisions will keep you farming for years to come.
At the first meeting participants will be given information to construct their own reports, calculate ratios and analyze them. County Agents and the UW Center for Dairy Profitability will have an ongoing support system while participants are working on their own. Participants will create a balance sheet and income statement and generate the following ratios: net worth, % owner equity, net farm income, return on equity and financial efficiency.
Follow up meetings will be available via the internet from the home computer or at the Extension office. These additional sessions, will be offered weekly from August 30th - September 13th for one hour each. There will be an opportunity for a second in-person session September 20th as a follow up to the first session.
The first session will be on August 23, 2011 from 12:00 to 3:30 in the Trempealeau room in the Trempealeau County government building, Main Street Whitehall. There will be a $10 charge for materials and lunch. For more information call 715-538-2311 ext. 208 or Jackson County at 715-284-4257.
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