Farm Accounting ~ Knowing the Numbers that Matter with Taylor Bridges

So many farms fail to be profitable simply because they don't have a good handle on their finances.

To be a profitable business, you need to know how to build a budget, keep track of your numbers, and be able to pivot your business to meet your revenue goals. But what numbers matter? Oftentimes, a new farmer has no idea how to make sense of a financial report. What benchmarks should we be aiming for when it comes to expenses? What percentages are industry standards? How do I know if I'm way off "the norm"?

Today's podcast guest is Taylor Bridges from Bridging the Gap Financial Services. She helps farmers with the overwhelming task of book-keeping. I ask her the powerful money questions we're all wanting to know -- like how to read financial reports, what data to be measuring, and how to make the numbers show a profit. She answers questions like, "What percent of your farm budget should be going towards rent/mortgage?" What common mistakes are farmers making when setting up their books and financials? How can we get rid of the financial anxiety of "not knowing our numbers" that leads to bad business decision?

This podcast was sponsored by Local Line, the leading e-commerce platform for the local food system. Try Local Line for your farm today! Local Line is offering a free premium feature for free for one year on top of your paid subscription. Claim your discount by signing up for a Local Line account today and using the coupon code: DIGITALFARMER2022. Head to this special affiliate link to get started: www.mydigitalfarmer.com/localline