PubMed · 7188290
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J Block. 1982. Audit odds.. https://pubmed.ncbi.nlm.nih.gov/7188290/
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Financial management has emerged as a critical component in the long-term viability of today's ranches and farms. Proper and timely financial reporting and analysis of financial statements are valuable tools that agricultural producers can use to monitor, coordinate, and plan their operational production and marketing schemes and strategies. A side note to preparation of financial statements. With the concerns over lender liability issues associated with statements either assisted with or prepared by a lending officer, agricultural producers will be responsible for preparing their own statements. The lending institutions may prepare their own statements in their assessment of the financial condition of a business and or individual, but, ultimately, the responsibility of financial statements is the borrower's. Some of the material presented in this article provides important input for use in such analytical programs as the National Cattlemen's Association, Integrated Resource Committees, and Standard Performance Analysis (SPA). SPA techniques and associated software have been or currently are under development for cow-calf, stocker, seedstock, and sheep enterprises. Critical to the analysis is having complete and correct financial statements. These analytical programs build on the financial statements. These analytical programs build on the financial statements as recommended by the FFSTF. Proper financial reporting is critical not only to a SPA assessment but also to the overall financial management of today's farms and ranches. Recognizing the importance of financial management in production agriculture is not enough, taking a proactive stance in one's financial plan is paramount to success. Failure to do so will only enhance the exit rates of producers from production agriculture.
The Standardized Performance Analysis (SPA) process can be an important business analysis activity. This article outlines the important considerations in terms of the process, necessary data, and interpretations and limitations of SPA measures of performance. A case ranch example is used to illustrate the SPA process.
The Standardized Performance Analysis (SPA) for seedstock beef cattle (SPA-SB) is a recommended set of production and financial performance analysis guidelines developed specifically for the seedstock cow-calf, replacement heifer, and the sale bull enterprises. These guidelines were developed by members of the National Cattlemen's Association (NCA) and the National Integrated Resource Management Coordinating Committee to provide beef cattle producers with a comprehensive, standardized means of measuring, analyzing, and reporting the performance and profitability of an operation. This article describes and illustrates through an example the performance measures chosen. NCA certifies software and education materials conforming to the Seedstock SPA Guidelines.