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Producers need to know their financial position better than anyone. Much like looking for machinery breakdowns when completing morning maintenance, or examining crops for the latest pests, potential problems can be avoided and corrected by understanding our finances.
A financial statement should be prepared and completed annually by December 31st. Preparing a financial statement at the same time each year provides a year-over-year comparison of your operation. Compare previous statements to determine areas of improvement or decline. If you find areas of decline, address the issues immediately.
What does a financial statement tell us about our financial health? Let’s start by reviewing a basic financial statement, understanding a few key financial ratios, and terminology.