New Year Is Prime Time to Review Farm Financial Statements

Financial statement tools can help farmers easily track their numbers

January 2, 2020, 9:00 am | Ann Johanns, William Edwards

AMES, Iowa – As farmers enter 2020, now is an ideal time to revisit financial statements.
In the December edition of Ag Decision Maker, updated files are available to help farmers with their net worth statement, farm income statement and financial performance measures.
William Edwards, professor emeritus in economics at Iowa State University, said most farmers use calendar-year accounting, so the end of the year is prime time for wrapping up farm financial numbers.
He said meetings with lenders usually happen in January and February, and that completing financial statements now will give farmers a head start on the process.
“One of the things that ag lenders always ask for is updated financial statements. The earlier we sit down and pull that information together the more accurate it’s going to be,” Edwards said.
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