Home 5 Ag Stories Management tool offers more insight into farm financials

Management tool offers more insight into farm financials

Photo courtesy of Farm Credit Services of America

A nationwide agricultural network is providing producers more insight into their operations through a new farm management tool.

AUDIO: Kim Foell, Farm Credit Services of America

Farm Credit Services of America earlier this year released its new farm management tool, Magnify to crop and livestock producers. Kim Foell, Magnify territory manager, says the new software offers producers insight into their operations, further assisting them in decision making.

“Magnify automates the financial record keeping for our producers, saving them time and allowing them to stay current on tax preparation throughout the year. Although we know financial record keeping for tax preparation is necessity, it’s a poor way to know if you were profitable or not that year. Magnify reorganizes financial record keeping data into accrual based management reports for greater insights into their operations,” Foell said. 

Magnify helps producers make various decisions, whether it be in negotiating cash rent or determining if they can afford the neighbors lot up for sale. Foell discusses the different ways producers are using Magnify in their operations.

“The tool can be used to calculate budgeted break even and cost of production, which can assist them in marketing decisions throughout the year,” Foell said. “They can also adjust production scenarios. For example, if summer is wet or dry, (they can see) the impact on their operation. We also see producers using Magnify to help track family living cost into their operation.”

Foell encourages farmers interested in taking their farm management to the next level to contact their local Farm Credit Services of America office.