Land, Activities & People: Business Structures and Accounting/Tax Basics for Livestock and Meat Producers

A 2-Part Foundational Series on Business Structure and Accounting for Ranch Businesses

Part 1 provides a framework for understanding the essential components of any farm or ranch business including business models, legal entities and the relationship between people and activities. Part 2 reviews the role of an accounting system, and finding efficient ways to meet all of your needs without creating unnecessary complexity.

Educator: Poppy Davis

Part 1

People, Land, and Activities – Part I: A Framework for Structuring a Farm or Ranch Business
The first of two foundational farm and ranch business skills sessions provides a framework for understanding the essential components of any farm or ranch business and can help beginning farmers and farmers considering retirement and succession to break the task of starting or transitioning a farm or ranch down into manageable parts. We will look at examples of different business models, and the types of agreements between people that create a legal business entity. We will also explore the relationship between the activities of a farm or ranch business and the land or facility where the business operates.

Part 2

People, Land, and Activities – Part II: Understanding Liquidity (or Cash Flow) and How to Set Up Your Accounting Systems
The second foundational business skills session will provide a framework for understanding what you need to get out of your farm or ranch financial systems. We will look at examples of the reports an owner uses to manage a business for short term profitability, for long term wealth creation, and to understand cash flow. We will discuss the different purposes your accounting system must serve and the meaning of the separate disciplines of financial accounting, tax accounting, and managerial accounting with an emphasis on the most efficient ways to meet all of your needs without creating unnecessary complexity. We will also discuss software, the role of a bookkeeper, the role of an accountant, and the role of an income tax preparer.

Member Access

This course is offered for free to SWGLA members.

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