November 29, 2022
Inflation, interest rates, working capital, break evens, deferred taxes – these are topics that sound more suitable for an accountant, right? Fact is farmers also need to be up to speed on all these money issues if they hope to do the best they can to manage their farm’s finances.
“Most farmers do a great job growing things, but it’s financial management that is the key to farm success,” says Paul Neiffer, CPA with CliftonLarsonAllen and one of four instructors scheduled to speak at our upcoming Farm Financial Boot Camp, Jan. 18 at the Hyatt Regency Coralville Hotel and Conference Center, just outside Iowa City, Iowa.
Attendees will also get valuable financial management training from AgAmerica senior director of institution credit Curt Covington, as well as guest appearances by ARM real estate division manager Ashley Arrington and AgMarket.Net market analyst Matt Bennett.
Here’s a quick look at what we’ll be talking about Jan. 18:
Buying strategies in the age of high inflation and interest rates – Despite these conditions farmers still need to make purchases. And they need strategic advice on big ticket items like land and other fixed assets. Should you preserve capital or pay more down to avoid more costly interest rates? This session will offer insights on how to better manage purchases in an inflationary era.
The four key steps to better cost management – How can you do better at assessing and managing your costs? This session will focus on better records, analyzing costs, and tools needed to budget and compare against actual costs.
How to Manage Your Deferred Tax Liability – When farmers make money they often make purchases to defer taxes. This session will provide an overview of deferred tax liability, how it is calculated, and what steps you can proactively take to minimize any future impact.
Better strategies for working with your lender - Go beyond the basics of loans and lines of credit with your banker. Learn how more sophisticated financial tools such as Interest rate swaps and hedging may help you manage risk and seize opportunities.
How to monitor costs of production to inform marketing and manage risks - Although many assume it’s easier to market at higher prices, the past few months have proven that’s not always the case, due to skyrocketing costs. In this session attendees will gain insights on how to market profitably and maximize return on investment for the farm.
It’s always best to meet in person to broaden your farmer network, but if that’s not an option you can also register for our online sessions. In either case go to FarmFuturesSummit.com and click on Ag Finance Boot Camp on the menu to review your options and register. Don’t miss this unique opportunity to boost your money management and earn your financial stripes.
About the Author(s)
Executive Editor, Farm Futures
Mike Wilson is executive editor and content manager at FarmFutures.com. He grew up on a grain and livestock farm in Ogle County, Ill., and earned a bachelor's degree in agricultural journalism from the University of Illinois. He was twice named Writer of the Year by the American Agricultural Editors’ Association and is a past president of the organization. He is also past president of the International Federation of Agricultural Journalists, a global association of communicators specializing in agriculture. He has covered agriculture in 35 countries.
“At FarmFutures.com our goal is to get readers the facts and help them analyze complicated issues that impact their day-to-day decision-making,” he says.
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