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Copyright © 2010 Center for Farm Financial Management, University of Minnesota Department of Applied Economics 800-234-1111 www.cffm.umn.edu.

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Presentation on theme: "Copyright © 2010 Center for Farm Financial Management, University of Minnesota Department of Applied Economics 800-234-1111 www.cffm.umn.edu."— Presentation transcript:

1 Copyright © 2010 Center for Farm Financial Management, University of Minnesota Department of Applied Economics 800-234-1111 www.cffm.umn.edu

2 Copyright © 2010 Center for Farm Financial Management, University of Minnesota A comprehensive whole farm financial planning and analysis system

3 Copyright © 2010 Center for Farm Financial Management, University of Minnesota National Farm Financial Management and Benchmarking Program National Farm Financial Management and Benchmarking Program

4 Copyright © 2010 Center for Farm Financial Management, University of Minnesota www.finbin.umn.edu Data providers: MNSCU Farm Business Management U of MN Farm Management Associations

5 Copyright © 2010 Center for Farm Financial Management, University of Minnesota Dairy, 2011 FINBIN Database, MN Production SystemConventionalOrganic Milk per cow22,41912,133 Avg. milk price per cwt.19.8327.32 Gross margin4,1743,105 Total costs3,6352,684 Net return per cow539421 Cost of production18.3026.21

6 Copyright © 2010 Center for Farm Financial Management, University of Minnesota FINPACK: Benchmarking at Analysis Time

7 Copyright © 2010 Center for Farm Financial Management, University of Minnesota RankEm: Benchmarking for the Local Program

8 Copyright © 2010 Center for Farm Financial Management, University of Minnesota FINBIN: Benchmarking On Demand

9 Copyright © 2010 Center for Farm Financial Management, University of Minnesota myFINBIN: Benchmarking Against My Peers

10 Copyright © 2010 Center for Farm Financial Management, University of Minnesota

11

12 Dairy Farm Financial Benchmarks

13 Copyright © 2010 Center for Farm Financial Management, University of Minnesota Dairy by Enterprise Size FINBIN MN 2012 (Excluding Organic & Rotational Grazing) No. of Cows1-5051-100101-200201-500>500 Milk per cow16,60819,82920,82923,44425,921 Avg. milk price per cwt.19.4119.1719.4819.4619.49 Gross margin3,0173,7003,9424,4074,777 Feed cost2,0062,2082,1552,3912,471 Veterinary969394100113 BST310234457 Hired labor 59139278423571 Depreciation, bldg lease & interest183234278312276 Total expenses3,1083,5163,6284,1614,374 Net return to operator lbr & mgt-91184314246403 Cost of production22.3419.7319.09 18.44

14 Copyright © 2010 Center for Farm Financial Management, University of Minnesota This all takes a lot of time…

15 Copyright © 2010 Center for Farm Financial Management, University of Minnesota FINPACK Accounting Interfaces MicroTel (Michigan) PC Mars (Iowa Farm Business) EasyFarm (North Dakota) UltraFarm QuickBooks Quicken

16 Copyright © 2010 Center for Farm Financial Management, University of Minnesota QuickBooks Interface Export cash transactions to FINPACK Map charts of accounts Transfer quantities from –Invoices –Memo fields Save for next year

17 Copyright © 2010 Center for Farm Financial Management, University of Minnesota

18 Classes and Tags

19 Copyright © 2010 Center for Farm Financial Management, University of Minnesota Match Chart of Accounts

20 Copyright © 2010 Center for Farm Financial Management, University of Minnesota Memo Field Quantities

21 Copyright © 2010 Center for Farm Financial Management, University of Minnesota Interface Pricing Quickbooks Interface:$95 Quicken Interface:$45

22 Copyright © 2010 Center for Farm Financial Management, University of Minnesota QuickBooks Online Training http://www.cffm.umn.edu/

23 Copyright © 2010 Center for Farm Financial Management, University of Minnesota Acknowledgments Wynn Richardson, Software Development Rann Loppnow, Software Development Curtis Mahnken, Online Training Jeff Reisdorfer, Online Training

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