Finance-Accounting
With interest rates much higher than a year ago and inflation impacting almost every good and service, producers must crunch numbers frequently to understand their cost of production and be strategic with future debt.
“When I arrived at the dairy that day and assessed the situation, three main objectives were clear: Increase cash flow, reduce expenses, rebuild relationships.”
According to Shuring, what may be considered equal doesn’t always make sense when the succession plan involves family members who actively work on the farm, and others who do not.
As the year comes to a close, Paul Neiffer shares five ways to minimize the impact of income taxes.
Success in dairying is contingent on making sound financial decisions, knowing which numbers to consider and being able to correctly calculate them. PDPW’s Financial Literacy for Dairy teaches these principles and more.
Though inflation is currently high, Indiana ag lender Joe Kessie doesn’t expect a repeat of what he experienced in his early career for three main reasons.
Labor costs are becoming a larger piece of the operating cost pie.
It’s easy for kids to think that money grows on trees. However, kids who grow up on a farm have a front-row view of understanding the true financial cost it takes to run a family business.
While the fall of Silicon Valley Bank and Signature Bank is unique, the situation does provide lessons for farmer’s financial management and risk management.
If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn’t automatic.
Suppliers and retailers continue to cut glyphosate prices in the U.S. as the industry grapples with too much supplies. With no resolve in sight, one inputs analyst thinks glyphosate prices could remain low through 2023.
When selecting a new accounting system there are several questions farmers must first ask themselves.
USDA’s first official net farm income forecast shows an expected 16% drop in 2023 net farm income, largely due to a decline in commodity prices and government payments with higher expenses and costs at the farm level.
As a 21st century farm manager, you’ve invested in high-tech tractors, more efficient irrigation systems and automated milking parlors. But what about your farm office?
As the clock ticks down towards the end of the year, farmers are spending less time in the barn and more time completing the dreaded “P” word…paperwork.
Your farm will regenerate and reinvent itself to thrive in a changing world. Building commitment and alignment between the family and the business is key to a lasting legacy.
The interest bumps for the year probably aren’t over, as the Fed has released median projections of a target rate of 4.4% by the end of 2022, and 4.6% in 2023.
With costs going up for labor, feed and everything in between, knowing your numbers is key to helping your dairy plan for the future.
Ag technology startups get a boost from one another and Dairy Farmers of America.
New York ranks fourth in the nation for milk production. If the recent state board recommendations are approved by the state labor commissioner, New York will also rank in phasing in a 40-hour overtime threshold.
The recent, meteoric rise in dairy markets have dairy producers feeling cautiously optimistic, but high feed costs are tempering that optimism for those who purchase much of their feed.
The most profitable parts of the U.S. in 2022 will be the Northwest and Northeast, but smaller farms in those regions won’t participate in this success. Here’s why.
The debate to lower New York’s agriculture overtime limit to 40 hours has been postponed. New York dairy farmers anxiously await the proposed ultimatum, knowing if passed many farmworkers would find work elsewhere.
While it’s easy to get defensive about the amount of money your employees should be receiving, there are often various benefits provided that contribute to an employee’s “hidden paycheck.”
With the hustle and bustle of the holiday season hastily approaching, now is the time to look over business details to help make your transition into the new year much smoother.
Regardless of what type of business you’re running, it’s important to know and manage your financial risk to know exactly where you stand on that net income or net loss spectrum.
Many dairy producers are on solid financial ground, Financial experts offer tips to hold that ground, such as taking advantage of current interest rates and positioning your farm as a preferred employer.
Producers in many federal orders are continuing to open milk checks to find Producer Price Differentials (PPDs) of negative $1 to $2, where they would have typically expected positive values.
While understanding your cost of production is an important metric, it’s also a valuable tool to help you make decisions on a day-to-day basis in order to make your farm more profitable.