An Integrated Financial Management Package

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Agricultural producers need a complete farm record system for their business to analyze profitability and changes in equity. This record of accounts would go beyond just the information needed to complete income tax forms. An excellent set of records provides not only a historical account of the business, but also provides information that can be used for budgeting and planning. Comparison of actual records to forward budgets allows the producer to make timely adjustments and improve financial planning. Problem areas can be determined, and management refined. Financial accounting statements needed to summarize a farm’s financial position and management ability are:

  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
Authors: 
Michael R. Langemeier
Publisher: 
Kansas State University
Year: 
2010