Managing Dairy Farm Finances
By Larry Tranel, NE/SE Iowa Dairy Field Specialist
Many dairy producers are questioning their long and short term future in the dairy industry due to the low milk prices and high feed and other input prices that are currently upon us. Due to this, significant structural change may result. Decisions need to be made on the financial end but many producers are unsure of how to approach analyzing their finances in order to get a serious look at past performance and future projections.
It’s a given that most producers in the dairy business do not like the financial record-keeping part of the business and quite often are not the ones keeping the books. Quite often, dairy producers are unsure of their cost of production or how their finances relate to others in the dairy industry.
Producers interested in getting a better handle of Managing Dairy Farm Finances can request a copy of the publication by the same name available for $2 from the Dubuque County Extension Office or download a copy at www.extension.iastate.edu/dairyteam/business .
Also available is the Dairy TRANS financial Analysis software for analyzing a dairy business with tax records and beginning and ending net worth statements. The software is available to purchase for $25 for Iowa producers or $100 for non-Iowa residents.
For those wanting to learn more, Dubuque County Extension is hosting a Managing Dairy Farm Finances Seminar on March 16th from 1-2:30 pm at the Dubuque County Extension Office. A free copy of the Dairy TRANS software will be given to those who attend. Please register at 563-583-6496.