Farm Financial Management

November 10, 2022 8:30 pm Published by

Financial Management is the key to managing your farm business. For your farm operation to succeed, you will need to learn good financial management skills. The tools and learning resources presented in this section will help you master one of the most fundamental and critical skillsets that you’ll need to start and operate your own farm or ranch.

Farm Financial Management is presented as a two step process:

  1. The first step involves developing good and useful financial records and transforming them into meaningful financial statements and ratios.
  2. The second step is interpreting what those financial statements and ratios mean and how you can use them to make good farm management decisions.

After you’ve learned about developing and interpreting financial statements, don’t miss the concluding summary lesson – Farm Financial Management – Putting it all together – at the bottom of this page.

These lessons build upon one another. Good record keeping is necessary to produce accurate and meaningful financial statements, which are necessary for accurate interpretation and good financial and business planning. In turn, other essential activities such as creating a business plan and working with a lender to obtain financing will rely on the results of your financial management.

The courses and lessons provided on subsequent pages will help you learn the keys to farm financial management and how to put it to use for your farm or ranch operation. Course content is built upon and incorporates course materials developed by the Center for Farm Financial Management with funding provided by USDA-NIFA.

STEP 1: Developing Financial Statements & Measures

Developing Financial Statements & Measures (DFSaM),
Curtis Mahnken, Rachel Purdy, and Pauline Van Nurden, UMN-CFFM (April, 2021)
Developing Financial Statements & Measures (DFSaM), Curtis Mahnken, Rachel Purdy, and Pauline Van Nurden, UMN-CFFM (April, 2021)

STEP 2: Interpreting Financial Statements & Measures

Interpreting Financial Statements & Measures (IFSaM),
Dale Nordquist, Robert Craven, and Pauline Van Nurden, UMN-CFFM (April, 2021)
Interpreting Financial Statements & Measures (IFSaM), Dale Nordquist, Robert Craven, and Pauline Van Nurden, UMN-CFFM (April, 2021)
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Interpreting Financial Statements & Measures

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Farm Answers - Farm Financial Management Toolbox

Managing your farm can be challenging - its not something that most farmers like to do. The Farm Financial Management toolbox contains tools that will make managing your finances easier and give you a better handle on the bottom line of your business.

Course Content

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Farm Financial Management Summary

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This post was written by Kole Swanser