Ag Advantage

Browse these helpful agricultural financial management resources.

Farm Taxes - Distinct Assets: Buying & Selling Farmland, Part 1

Farm taxes

Posted by Tera Schultz on Aug 22, 2017 12:52:09 PM

When you buy farmland, it is often the case that you are buying tillable acres and only tillable acres. Sometimes the farmland comes with buildings or other assets. Many times our clients tell us, “I bought 50 acres for $450,000” and wonder why we ask so many questions about it.

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The Importance of Cross Training in Agricultural Accounting

Farm Accounting

Posted by Carolyn Roberts on Aug 3, 2017 8:00:00 AM

Does your operation depend on one individual to handle the farm accounting? 

Who in your operation is responsible for your farm accounting? It is one individual or several? Think about each of the various financial tasks and who handles them within your operation:

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How Does Ag Accounting Differ From Business Accounting?

Farm Accounting

Posted by Amanda Fields on Jul 10, 2017 10:21:00 AM

There are a few substantial differences between agricultural accounting and business accounting, specifically when it comes to reporting on the income statement and the balance sheet. For the income statement, most ag accounting is on a cash basis, making it simpler and more straightforward. Business accounting follows accrual methods, which allow entries of revenue and expense in the absence...

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Will Your Farm Secure Financing If 2017 Is a Tough Year?

Farm Accounting, Farm Finance

Posted by Brian Bennett on Jun 22, 2017 10:50:00 AM

Assumptions

How can we talk about whether your farm will be able to secure financing? In order to address this question, keeping in mind that it’s June 2017 at the time of this article’s publication, we’re making the following assumptions:

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What Should My Farm Software Be Doing for Me?

Farm Accounting, Farm Finance

Posted by Val Maeker on May 30, 2017 8:40:00 AM

Farm software should give you the information you need to make major financial decisions.

Examples of major financial decisions for your family farm would include things like a large expansion of the operation, taking on a new partner, producing a new product or commodity, or adopting new technology. Does your current farm software identify strengths or weaknesses in your operation, allowing...

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Farm Accounting Application: Financial vs. Managerial

Farm Accounting

Posted by Chris Whited on May 10, 2017 11:05:00 AM

Building a financially healthy ag business is possible. You just need to find what works for you.

If data isn't driving your behavior, then why are you doing it?

We all have big ambitions when taking over the family farm. We want to jump in and use our skills to build upon what the previous generations have handed down, leaving our own mark for future generations. What do you want to achieve?

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Financial vs. Managerial Farm Accounting Interpretation, Part 2

Farm Accounting

Posted by Chris Whited on Apr 17, 2017 12:05:00 PM

Take control of the outcome, or be overrun by unstable markets.

Your farm’s financial story shows you its potential.

In Financial or Managerial Accounting, we explored the essential information farmers need to make good economic decisions. Today, we are going to look at how the interpretation of managerial accounting reports can be essential to your planning, direction, and choices about where...

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Financial vs. Managerial Farm Accounting Interpretation, Part 1

Farm Accounting

Posted by Chris Whited on Mar 30, 2017 4:00:00 PM

How to Manage the Flow of Cash in Your Operation

We explored in Financial vs. Managerial Accounting the essential information farmers need to make good economic decisions. Today, we are going to look at how the interpretation of financial accounting reports can be essential to your farm’s financial health.

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Farm taxes and children: Here's what you need to know for every age

Farm taxes

Posted by Tera Schultz on Mar 6, 2017 10:25:30 AM

Of all the things raised on a farm, the most rewarding and the most challenging are always our children. At tax time, our kids bring us some extra joy. There are a variety of credits available to parents of children, and farm taxes can sometimes make the credits and deductions more or less valuable, depending on the situation.

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Financial or Managerial Accounting: What’s Right for Your Farm?

Farm Accounting

Posted by Chris Whited on Feb 7, 2017 9:51:59 AM

Considering the purpose of your accounting records

Accounting provides essential information farmers need to make good economic decisions. There are two types of accounting reports that are essential to your operation’s “financial health” - management and financial.

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