You know your cows are healthy — but what about the financial side of your operation? Now more than ever, it’s imperative you know where you stand and where you could do better. On this episode, host Kristen Brown is joined by ag economist Stan Bevers.
Bevers covers accounting systems that include a balance sheet, profit and loss statement, cash flow sheet and projected cash flow. Additionally, as producers saw with the Coronavirus Food Assistance Program, it is vital to keep a livestock inventory report and update it annually. Bevers encourages listeners to be diligent in recording information and selecting specific key performance indicators to track trends and progress at the ranch.