7 Farm Office Hacks to Finish 2024 with Success
It’s the first of December and everyone is looking forward to the holidays and beginning to think about how to start 2025. If you are a planner like me you already have some lists made to work toward an easy transition into the new year. Or maybe you are planning to take time off from the farm and enjoy hunting season. Here in Arkansas the duck season goes out December 3rd through 9th and its a perfect time to do a few things in the office to wrap up the year. So here is a list of 7 tasks (plus 3 bonus items for the overachievers!) to take care of so you will go into 2025 ahead of schedule.
Check in with your accountant - Make sure you have ended the season in the way you want to go forward. Begin collecting any information your accountant may need to prepare W2 and 1099 forms for your operation. This way the first week of January you are ready to go on those items. If you prepare them yourself, make sure you have all the needed forms on hand or at least on order.
Prepare a year end inventory of grain from the previous season. If the grain is already priced make sure you are receiving any January pay basis if available. Go ahead and tally up your incoming funds so when the checks arrive you are able to easily check to make sure they are correct. If it is not already priced, make sure you have the deadlines for storage charges or other notable information entered into your calendar as a reminder.
Unpriced grain - set a target price. If you have a price in mind you need to receive for grain in storage set those up to automate when the market moves to that level. This way you can enjoy a duck hunt while your grain is taken care of in the market.
Inventory in on farm storage - Be sure to check on the condition of the grain in your on farm storage at least every few weeks. Blowing rain storms or freezing temperatures that may cause condensation may begin to harm grain quality.
Prepare an inventory of purchased inputs for the 2025 crop. We need to be sure to account for items on hand that have already been purchased for the next crop on our balance sheets. Be sure to include the investment in growing crops such as winter wheat.
Check in with your H2A workers and agent. Now is a great time to check in with the workers you hope to bring in the 2025 season and also with your agent. Making sure you have completed all paperwork ahead of the time to submit will help your process go smoother. Check on your housing requirements and make sure you do not need to do any work on the accommodations you provide. **Note - We have been alerted that screen doors and windows will be required even though here in Arkansas most houses have air conditioning. Plus the mosquitoes would be ridiculous! (insert eye roll)
Review any climate smart or other programs in which you may participate. Do they need any information from you to process your payment? These programs have shown to add cash resources to farming operations and in years like 2024 we need every penny.
BONUS - Prepare a crop rotation plan if you have not done so already
BONUS - Plug your crop plan into the University of Arkansas (or the University of your choice) enterprise budgets to see if your agronomic rotation will work financially. You can find the budgets here: https://www.uaex.uada.edu/farm-ranch/economics-marketing/farm-planning/budgets/crop-budgets.aspx If you know your own operation’s costs you may be able to adjust the UA budgets to be more accurate for you. If not, start working on that this season!
BONUS - Begin preparing a year end accrual balance sheet for your operation. This is truly the only way to compare how you are doing year to year. Many lenders will work on it for you - but doing it yourself is the very best way to find the tough spots or areas in which you are doing well. Also many times there are transactions that could get doubled up if someone else is not familiar with how your operation is connected, thus over or understating items.
Farm office work is not something most farmers like to do but is becoming more and more essential to farming operations. I hope these hacks will get you moving toward the 2025 season. If you are interested in a spreadsheet for your grain year end inventory comment below or send an email to fieldgoodlife@gmail.com.