GFM Network News

It’s clear that a modest financial base can produce substantial returns late in life with well-managed tax exposure and a view to transfer of assets to the next generation.

Farm Financial Planner: A Manitoba couple generates more income and pays less tax

How the couple secured retirement and transferred their remaining land to their son

In central Manitoba, a couple we’ll call Harry, 80, and Mary, 76, had a mixed grain and beef cattle farm for four decades. They sold the home quarter to their youngest son, taking back a long-term mortgage with favourable terms. They kept 320 acres, which they have rented out to a neighbour. Their plan was […] Read more

Can your cash flow handle new farm machinery payments?

Can your cash flow handle new farm machinery payments?

Hidden profit robbers, Part 2: Real numbers on new and used machinery

In this series of articles, I am identifying some profit robbers I have noticed in my 16 years of farm business consulting in Alberta. In Part 1 of this series, I identified depreciation on farm machinery as a significant profit robber. Since depreciation doesn’t affect your bank balance, it is easily overlooked. High loan payments […] Read more

Top view of professional investment advisor woman consulting about financial plan with business management.

Five questions to ask your accountant

It’s tax time again and there are a number of new or imminent personal and corporate income tax changes which could have implications for farm families on their 2016 tax return, or need to be discussed with the accountant to plan for this year. When the federal government announced tax changes in its 2016 budget last March it […] Read more

Get the most from your accounting

Tax Planning: Accrual financial statements provide the best for management decisions

Accrual is the way to go with farm financial statements, according to a farm accounting specialist. “Cash accounting only measures cash, and that has nothing to do with profitability,” says Beverly Johnson, a partner at KPMG Enterprise in Saskatoon. Accrual accounting is the measure of profitability, she says. Johnson has been a farm accountant for […] Read more

Using AgExpert’s enterprise feature

Setting up and managing "enterprises" for better information management on your farm

AgExpert Analyst allows you to break your farm into separate “enterprises,” so you can manage and analyze specific profit sectors within your operation. For example, if you have a livestock and grain operation, you can set up a grain enterprise and a cattle enterprise. If you produce strictly crops, then you may want to create […] Read more

Build a farm budget with AgExpert

Make the most of your farm financial software by using it to develop your annual budget

The beginning of the new year is a good time to plan your farm budget. You can use the Budget Management Tool included with AgExpert Analyst to estimate your farm’s projected income, expenses and net profit for the year. When you’re projecting your farm’s income, take into consideration expected production such as crop yields, livestock […] Read more

Editing transactions with AgExpert: Pt. 2

Even the best bookkeepers don't always get it right the first time. Here's how to fix it

Getting help with the AgExpert bookkeeping has never been easier. FCC Management Software has provided many new avenues to give you support you need. The AgExpert online community is a way for you to communicate with fellow AgExpert users in discussion boards, chat live with FCC support staff and look up answers to almost any question. […] Read more