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The Farm CPA

RSS By: Paul Neiffer, Top Producer

Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.

Are YOu Ready For The Super Bowl of Farming?

Feb 07, 2011

 

After watching the Super Bowl last night (and I must admit I was rooting for the Packers), I reflected on how our farmers may want to check their operations and management to see if they would be ready to play in the Super Bowl of Farming.
As a manager of your farm operation are you:
 
  • Using accrual accounting to determine your true net farm income for each year
  • Taking advantage of precision farming to minimize your input costs and maximize your revenues
  • Using a marketing plan each year for each crop
  • Maximizing your equipment utilization to reduce your overall equipment cost per acre
  • Providing appropriate incentives for your employees
  • Taking advantage of a Web Site to provide information to your landlords, employees and other interested parties
  • Being proactive with you banker by providing information before they ask and keeping them updated
  • Obtaining education each year on how to improve each of the above items.
 
How is your scorecard on each of these.  Could you play in the Super Bowl of Farming?
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