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 transcript:

Copyright © 2010 Center for Farm Financial Management, University of Minnesota Department of Applied Economics

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

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

Copyright © 2010 Center for Farm Financial Management, University of Minnesota Data providers: MNSCU Farm Business Management U of MN Farm Management Associations

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 Gross margin4,1743,105 Total costs3,6352,684 Net return per cow Cost of production

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

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

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

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

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

Dairy Farm Financial Benchmarks

Copyright © 2010 Center for Farm Financial Management, University of Minnesota Dairy by Enterprise Size FINBIN MN 2012 (Excluding Organic & Rotational Grazing) No. of Cows >500 Milk per cow16,60819,82920,82923,44425,921 Avg. milk price per cwt Gross margin3,0173,7003,9424,4074,777 Feed cost2,0062,2082,1552,3912,471 Veterinary BST Hired labor Depreciation, bldg lease & interest Total expenses3,1083,5163,6284,1614,374 Net return to operator lbr & mgt Cost of production

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

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

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

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

Classes and Tags

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

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

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

Copyright © 2010 Center for Farm Financial Management, University of Minnesota QuickBooks Online Training

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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