Increasing Farm Profitability

Increasing Farm Profitability

Increasing Farm Profitability

Washington Ag Today is presented by AMMO. I’m Lacy Gray

“Using Good Financial Records To Increase Farm Profitability” is the topic of the second in a series of Farm Management Training workshops being offered by AMMO, the Agricultural Marketing & Management Organization, and will be held January 14th through the 17th. This workshop will be divided into two sections. First, there will be a hands-on session covering the benefits of using QuickBooks accounting and record keeping software led by Brandy Wigen, C.P.A. and ProAdvisor of Brandy’s QuickBooks. Then workshop speaker Wendy Knopp, Vice President of AgVision with NW Farm Credit Services, will guide growers through an interactive program on basic financial skills. Knopp talks about what she will be focusing on.

KNOPP: Most importantly the balance sheet - how the balance sheet is divided up into assets and liabilities, and then some of the ratios that you can get from having a balance sheet.

Knopp explains the interactive part of the workshop.

KNOPP: We’ll have some exercises with a variety of things that they’ll be placing on a balance sheet - so like a little case study. Where does cash go on your balance sheet, where does products on hand go on your balance sheet, where does machinery/equipment go on your balance sheet.

One of the main points Knopp stresses is that farming is a business.

KNOPP: It’s become more and more important for farmers and ranchers to look at it as a business. Part of understanding your business is understanding the financial piece of it.

For workshop locations and information visit AMMO’s website at lcammo.org. AMMO is a program of the Washington Association of Wheat Growers.

 

That’s Washington Ag Today presented by AMMO. I’m Lacy Gray on the Ag Information Network.  

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