Farm Accounting – Wisconsin (WI)

Managing through periods of significant change can be challenging. Even the most seasoned crop and livestock farmers are often faced with operational and financial surprises that may require plans to change. Whether it is unexpected issues with the water supply or the adverse effects of high-interest rates on capital acquisition, Wisconsin farmers have seen it all. However, the situation becomes more complex when Wisconsin farmers are faced with unexpected changes. This is especially true when it comes to changes with trusted business advisors, including your farm accountant.

Evaluate Your Current Provider

If you feel like your current provider is too large or too small, consider the benefits of working with a mid-sized agriculture CPA firm. Adams Brown can provide farmers and ranchers with:

  • A team of advisors, including a principal, dedicated to working with you
  • Advisors who serve as an extension of your team that you can count on in good times and bad
  • Direct and ongoing communication with everyone on your service team
  • Access to specialized agribusiness knowledge at cost-effective pricing
  • CPAs who were raised on family farms and still find time to lend a hand

Agriculture Experience – Wisconsin (WI)

Adams Brown, Strategic Allies and CPAs, is a certified public accounting firm that specializes in serving the accounting, tax, audit, consulting and wealth management needs of farms, ranches, and their owners. We work with agriculture businesses in Wisconsin providing farm management, tax compliance and financial planning services while offering real-world insights from first-hand experience.

Farm Financial Management FAQs

What is Farm Financial Management?

Farm financial management is a comprehensive process that involves planning, tracking and analyzing financial resources to ensure profitability, sustainability and stability of operations. Effective management includes a robust accounting program focused on budgeting, cost control, cash flow management, projections, and informed investment decisions. Armed with accurate financial information, farmers can make important decisions about:

  • investing in crops and livestock,
  • managing debt,
  • maximizing profits and
  • the pros and cons of loans and government programs
What is the Best Farm Accounting Software?

AgriBuilder creates the most value for agricultural businesses by integrating:

A robust farm accounting program helps farmers manage finances, expenses and income while seamlessly integrating with your farm management system. In addition to these necessities, your farm accounting software must help you streamline the process for annual tax filings. Check out these common signs that your accounting system is broken.

What are the Key Financial Statements to Maintain?

An effective farm accounting process delivers updated financial reports that empower decision making. There are three standard financial statements including the balance sheet, income statement and statement of cash flow. The balance sheet conveys details about the farm’s assets, liabilities and overall net worth. The income statement reports revenues and expenses over a specific period of time, and the cash flow statement highlights the movement of cash.

What Financial Reports Should Farmers Regularly Review?

Adams Brown regularly reviews financial reports with agriculture clients to monitor operations, assess profitability, identify trends for planning and make informed decisions. Together, we also review:

  • accounts payable and receivable,
  • budget versus actual,
  • break-even analysis,
  • cost of production,
  • crop gross margin,
  • depreciation schedules,
  • inventory breakdowns by field and/or crop
  • market value balance sheet and
  • tax projections.

A holistic approach to reviewing your financial and farm management data ensures your ability to make sound business decisions for your farm while planning for future initiatives, investments and goals.

Additional farm financial management insights:

How can Farmers Improve Cash Flow?

While each farming operation faces unique and different challenges and opportunities, there are some general guidelines which can help improve cash flow. These include:

  • timing large purchases with revenue cycles,
  • ensuring a diverse source of income (for example, agritourism, integration of wind farms, leasing hunting ground),
  • negotiation of payment amounts and terms with vendors/suppliers,
  • leveraging lines of credit and
  • maintaining an emergency fund.
What is my Farm Worth?

Understanding your farm’s value is important for various reasons, ranging from financial planning to strategic decision-making. Whether you are buying, selling, planning your estate or evaluating operational success, knowing what your farm is worth can provide critical insights to help you achieve your goals. A thorough farm valuation will help you conclude the true value of your farm.

Map of Wisconsin (WI)

Wisconsin Agriculture Accounting Services

  • Agreed Upon Procedures
  • AgriBuilder (proprietary integrated accounting and farm management solution)
  • Budgeting & Forecasting
  • Business Tax Planning & Compliance
  • Business Transformation
  • Cash Flow Management
  • Financial Statement Audits
  • Outsourced Accounting
  • Succession Planning
  • Tax Planning & Compliance for Farm Owners
  • Wealth Planning

About Wisconsin Farming

At the heart of Wisconsin’s farming community is its thriving dairy industry. Dairy farming has long been a cornerstone of the state’s agricultural sector, with Wisconsin consistently ranking among the top milk-producing states in the country. Dairy farmers take pride in their high-quality milk and cheese production, contributing to the state’s reputation for excellence in dairy products.

Beyond dairy, Wisconsin farmers cultivate a wide range of crops. Corn, soybeans, oats and wheat are major staples, while specialty crops such as cranberries, potatoes and ginseng thrive in the state’s unique growing conditions. Farmers employ modern agricultural practices, including precision farming and advanced irrigation techniques, to maximize yields and efficiency.

Wisconsin’s farming community values sustainability and stewardship of the land. Many farmers practice conservation techniques like no-till farming, cover cropping and nutrient management to minimize environmental impact and preserve soil health. They also collaborate with agricultural organizations and extension services to stay updated on best practices and the latest research.

The Wisconsin farming community extends beyond individual farms. Cooperative associations and farmer-led organizations provide a platform for collaboration, knowledge sharing and marketing opportunities. The Wisconsin Farm Bureau, Wisconsin Farmers Union and other groups offer support, advocacy and resources to farmers across the state.