Mike Simpson of Turners Station reviews class data on what are financial records and why they matter during a recent class at the Henry County Extension Office.
The Henry County Extension Office recently hosted practical financial management courses for farm businesses. The courses began with a dinner, and a free babysitting service was provided by Extension Agent for Agriculture Megan Wetenkamp.
At the first session held on Nov. 13, Mary Courtney, commercial and ag lending for Independence Bank, spoke about what are financial records and why they matter. There were 35 farmers, and seven children present for the event.
“I’ve enjoyed the class thus far,” shared farmer Mike Simpson of Turners Station. “Some of the topics I have learned through my own research but a lot of the items I have no experience with, and I don’t have any family members with experience to fall back on.
“Programs like this are great for young people and families starting out. The financials are the overwhelming part of a farming operation. Growing crops and raising stock are hard work but making sure it all works is the stressful part. Classes like this help people learn the process of how to make it work. Then it’s up to us to put in the work.”
The next financial session in the series will be held Thursday, Dec. 18 at 6 p.m. at the Extension office and cover budgets, break-even and cash flow topics.
Simpson is a first-generation farmer, originally from Park City, Ky. His wife Leigh Anne Parise Simpson graduated from Oldham County High School. Their farm name is called Rugged Timber Ranch.
The Simpsons have mainly pastured poultry, broilers, eggs and turkeys. “We are slowly growing our cattle and hay operation, said Mike Simpson.
New Castle farmer Seth Bryant listens during a class about record keeping and accounting software at the Henry County Extension Office on Nov. 20.
The second session was held Nov. 20. Tarrah Hardin with Lincoln Trail Farm Analysis in Elizabethtown, Ky spoke on record keeping and gave an intro to accounting software.
Hardin covered record keeping basics, personal vice business, business structure, how to keep records, what records do you keep and why to keep records.
Hardin said the Kentucky Farm Business Management Program began in the 1960’s and Lincoln Trail is the largest with about 450 farms.
According to the data provided to the class the main goal of the Kentucky Farm Business Management Program is to “provide a records-based information system to assist Kentucky farmers in best utilizing their resources to accomplish their goals and objectives.”
“It doesn’t have to be complicated,” stated Hardin.
New Castle farmer Seth Bryant is a hay and grain producer and has been attending the series of classes.
“I’m looking forward to learning more about record keeping software,” shared Bryant. “And specifically, what particular software programs are available and best suited for my operation.
“I’m waiting to use what we learn in the series to choose a software program that best fits my operation. Right now, I’ve been all manual records, but this series has highlighted advantages of electronic records.”
The next financial session in the series will be held Thursday, Dec. 18 at 6 p.m. at the Extension office and cover budgets, break-even and cash flow topics.
Mary Courtney, commercial and ag lending for Independence Bank presents a class at the Henry County Extension Office on Nov. 13 about what financial records are and why they matter.
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