Use your accounting processes to evaluate, forecast and plan
Think about how your farm has grown in size and scope in the past decade. Has your financial reporting followed suit? Would you define your financial management and bookkeeping processes as a competitive advantage or an area to improve?
“Your financial management system should help you make better and data-based decisions,” says John McNutt, management consultant with Latta Harris. “A good system will help you respond quickly to unknown challenges or opportunities, such as renewing leases, pricing grain or pursuing new ventures.”
Profitable farmers create financial habits that separate them from others. These habits, consistently applied through the years, add up, and the results are evident. Here are a few tips to consider:
By SARA SCHAFER
October 31, 2022
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