The tax package signed into law in Illinois this summer goes much further than the tax rate increase. While that increase is substantial, with rates raising from 3.75% to 4.95% for individuals and from 5.25% to 7% for corporations, other changes are significant.
There are three primary uses of financial information:
There are multiple things to consider when determining whether your farm needs an enterprise resource planning (ERP) solution. At the core is the question, “How is your farm meeting its obligations today?” This includes obligations to customers, employees, owners, outside entities such as banks, governmental agencies, and auditors, and other stakeholders.
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:
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...
Refinancing 101 – Understanding Agricultural Finance
Working capital (WC) is the biggest issue in farms failing. In challenging times, more than 90% of farms fail as a result of a lack working capital; meaning those farms are not able to stay in business long enough to realize a profit. Simply put, working capital equals current assets minus current liability. We want more current assets than...
Benchmarking has had its turn as the darling of the business press and the hot topic solution to all the woes a business faces. Thank goodness the days of it being oversold have passed.
Benchmarking provides a set of insights and perspectives to management teams that take the time to provide accurate information of sufficient detail. They also allow you to get through learning curves of the...