“Heart of the Farm Bookkeepers’ Boot Camp” Trisha Wagner Jackson County UW-Extension Agent National Extension Risk Management Conference April 2011

Heart of the Farm Women in Agriculture Mission Improving farm business decision-making through farm management and production education for women. Goal Address the needs of farm women by providing education on pertinent topics, connecting them with agricultural resources, and creating support networks.

Objectives… Help farmers understand what records to keep, how long to keep them, and how to organize them for taxes and the lender. Discuss the types of information and bookkeeping necessary for insurance and other government programs. Make farmers aware of the reasons for keeping records for themselves and how the analysis of good records and resulting management decisions can improve the bottom line. Provide information covering what a record system is, basic needs for record keeping systems, different formats and where to get more information. Both computer and ledger options discussed.

Why was the program developed… Increased need for sound farm business and financial management is at this time. Greater volatility in agriculture markets and higher input costs, lead to tighter profit margins. Need for sound business management, with all the tools, information and resources available. Many lending institutions and Farm Service Agencies requiring more financial records in order to extend lines of credit.

Program development and delivery Collaboration with Badgerland Financial and Farm Service Agency. Heart of the Farm format used as a guide. Designed specifically for a women audience. Included a segment from a local business women on gorilla marketing.

Program Topics: The How and Why of Managing Farm Records Record keeping basics:  Format (how to set up chart of accounts)  Filing systems (ways: by month, vendor, sch. F, )  Retention (what to keep and how long)  Banking statements  Accounting information  Income and Expense receipts  Payroll and tax returns  Capital purchases

Program Topics: Insurance and FSA Bookkeeping Requirements What types of records are acceptable:  Crop Insurance  Production Records  Measurement service by FSA  Contemporaneous diaries  Land lease information

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Program Topics: What financial records can do for your bottom line Why keep farm records for yourself? What you’ll need to do to benefit from record keeping. Useful tools.  AgFa benchmarking too: AgFa benchmarking too:  Wisconsin Dairy Benchmarking tool

Program Topics Record keeping options Introduction to various record keeping programs:  AAIMs  Redwing  QuickBooks  Others including ledger options Pros/Cons More information

Participant evaluation… Evaluation of topics Usefulness of topic: 1 = not very useful 5= Very useful How and Why of Managing Farm Records 220 Insurance and FSA Bookkeeping Requirements What record keeping can do for your bottom line Record Keeping Options 2516

Evaluation Summaries 1 = very little 5 = quite a lot Knowledge before… Knowledge after… How and Why of Managing Farm Records Isurance and FSA Bookkeeping Requirements What reord keeping can do for your bottom line Record Keeping Options

Evaluation Summaries

Follow-up meeting requests Informal survey conducted in county Ag newsletter. Participants request follow-up workshop for specific computer programs.  QuickBooks, AAIMS, other The follow up workshop scheduled for last week in April. Hands-on, computer based, with farm examples, small class size.

Where do we go from here or what is the future of this program? Follow-up workshop. Follow–up survey for participants  What are your goals?  What steps have you taken to meet them?  What resources do you need to meet them?

Thank You! Trisha Wagner- Jackson County UW-Extension Agriculture Agent Joy Kirkpatrick UW Center for Dairy Profitability Heart of the Farm coordinator