| PROJECT SUMMARY |
Good accounting records are at the very foundation of a good risk management program. Most agricultural producers continue to utilize cash record keeping as allowed by the IRS. However, these records never accurately reflect the financial stability of an operation. Risk management decisions must be made based on accurate information. Managerial accounting adjusts cash records through accrual adjustments and fully absorbs all costs including overhead, depreciation and management labor. A rigid framework was been developed to assist in implementing this system. The project utilized three hands-on computer workshops (two introduction courses and one advanced) to instruct Texas and Oklahoma agricultural producers on implementing a managerial system. By completing both the introduction and advanced course, participants learned how to incorporate managerial accounting for their agricultural operation. It was expected that by completing both levels of courses that twelve participants will implement the system on their operation.
A post-workshop evaluation found that 90 percent of the full participants (those attending both an introduction and the advanced workshop) had began implementing managerial accounting and QuickBooks in thier operation. The ten percent that said they hadn´t started planned to begin within the next three months. Other evaluation information included instructors rank (1-5, with 1 being poor)was 4.7, the materials were 4.6 and the facilities were rated 4.8.
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| NUMBER OF PARTICIPANTS: 25 |
| TOPICS COVERED |
| Financial records, analysis, and bench-marking |
| Capital and financial assets |
| Credit |
| Business and strategic planning |
| Interpersonal, family and business relationships |
| Ability to manage changes in policy and regulation |
