Accounting Boot Camp
After being postponed for over a month due to the January Polar Vortex, we finally had the accounting boot camp today in St Louis. About 65 had signed up, but almost 90 people showed up for the boot camp.
I gave a talk on why accrual financial statements for farmers are important and the three main activities of a financial statement:
- Operating – the sales and expenses related to operations. – the income statement
- Investing – the purchase and sale of assets that go on the balance sheet, and
- Financing – the items related to debt and equity on the balance sheet.
After ee that we had a presentation by two CFOs of ranch and farm operations on how they use accrual financial statements and ratios in their operations. We then covered the ratios both from an actual accounting calculation and presentation and the practical use of them in managing your farm.
We we finished off with some bankers perspectives and then a panel discussion on farm accounting software and financial domestic outsourcing options. As we could tell from the more than expected turn out, there is pent-up demand for these services by farmers and we need to work to continue to meet that need.
Paul Neiffer CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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