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UNIVERSITY PARK -- "Farm Sense," a four-session webinar series aimed at helping agricultural businesses learn to manage finances, will be offered by Penn State Extension from July 25 through Aug. 15.
Organizers note that agricultural businesses are different from other types of businesses, and producers need to develop and maintain accurate, consistent financial and production records.
In addition to serving anyone interested in developing financial statements, the course is designed to assist U.S. Department of Agriculture Farm Service Agency loan recipients who need to fulfill borrower training requirements. Farm Sense satisfies requirements for the production and financial training modules for borrowers.
This instructor-led webinar series is intended to help participants gain a better understanding of cash management, net worth, profit and loss, budgeting, risk management, and production planning.
Participants will create a cash flow statement, balance sheet and income statement and will use these documents to determine their business's liquidity, solvency and profitability.
The course will cover how to:
-- Build a cash flow statement, balance sheet and income statement.
-- Organize and use financial records to make informed financial and production decisions.
-- Use financial ratios to determine a business's financial strength.
-- Create a partial budget to examine whether an opportunity or change has the potential to be profitable.
-- Develop a risk management plan for a business.
Farm Sense will take place over four three-hour webinars, each covering a specific topic.
Participants can register through July 25 for a fee of $350. More information is available on the Penn State Extension website at https://extension.psu.edu/farm-sense-webinar.