University of Maryland Extension

PRO-FARM Financial Management and Computer Recordkeeping Program

PRO-FARM Financial Management and Computer Recordkeeping program helps farm managers improve their record keeping and financial management skills so they can enhance the profitability, liquidity, and solvency of their farm businesses. A secondary objective of the program is that farm managers will improve their computer skills and incorporate computer technology into the management of their farm operations.These objectives are accomplished by conducting two types of workshops. The first type of workshop is 2-4 hours in length andinvolves stepping the participants through the financial recordkeeping and analysis process through the use of fact sheets. They learn to develop monthly record keeping systems, balance sheets, income statements, and cash flow budgets. The second type of workshop is 6-9 hours in length spread over 2-3 days. Farm managers learn the "Six Easy Steps to Farm Financial Management," which include: balance sheet, projected cash flow, weekly record keeping, projected vs. actual cash flow comparison, inventory adjusted income statement, and enterprise analysis." Farm managers are taught how to do these steps on a computer using the "Quicken" and"Quickbooks" recordkeeping programs and the Excel spreadsheet.

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