Quick Tip: Complete Year-End Balance Annually
The FBN® Finance team is a group of experienced financial advisors dedicated to ag financing and who are always here to help you maximize your profit potential.
Jim Soppe is a Senior Ag Credit Analyst on the team with over 20 years of experience in ag finance. Jim has been involved in agriculture in some form or another his entire life. He started in ag finance right out of college and then started his own farm about 8 years ago. He currently farms mainly corn and soybeans and has some hay ground which he uses to feed his sheep.
Complete Year-End Balance Annually
Since many of our advisors are producers themselves, we wanted to share with you their secrets and tips. Here is what Jim shared with us about completing your year-end balance annually:
“Completing an accurate balance sheet annually is helpful in gauging how profitable your operation was year-over-year.
We use the same Excel sheet with a new tab for each year for quick comparison year-over-year. The historical information is easily accessible to provide to lenders that way as well.
Doing so has made us more confident and quicker at making decisions on large purchases for our operation (ie - purchasing machinery or land). The first one always takes the longest to complete, but then year-over-year they are quick to update values on because the information is already there for you.”
Use Calendar Reminders
“We have a Google calendar dedicated to the farm operation with all of our cash rents, loan payments, payroll tax dates, and other important dates such as license expiration dates or DOT requirements.
Those that are recurring from year-to-year are set up as such so we are not reinventing the wheel each year. It's a good visual cash flow for the farm.
It feels like I have a personal assistant to keep up with reminders, but it doesn't cost anything.”
Loans from FBN Finance
Applying for a loan can sometimes feel like a daunting process, but the loan advisor team at FBN Finance is here to help.
With an average of 15+ years each in ag finance experience, FBN loan advisors are available to talk you through all facets of the loan process, discuss any questions or concerns you may have and help make sure you find the solution that best fits the unique needs of your ag operation.
Click here to learn more about FBN Finance, complete the brief form below, or call 866-619-3080 to get started.
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