. Agri-news. Agriculture. Agri -News December 21,1998 Financial management counselling for farmers Farming is a risky business. When income drops, expenses climb, or both happen at the same time, financial problems can put a strain on the farm. A third party opinion is often useful to guide a producer during this difficult time. The Financial Management Counselling Service, offered by Agriculture and Agri-Food Canada, can help farmers work through financial difficulties. "The Financial Management Counselling Service is available to Canadian farmers experiencing farm financial problems,&qu
. Agri-news. Agriculture. Agri -News December 21,1998 Financial management counselling for farmers Farming is a risky business. When income drops, expenses climb, or both happen at the same time, financial problems can put a strain on the farm. A third party opinion is often useful to guide a producer during this difficult time. The Financial Management Counselling Service, offered by Agriculture and Agri-Food Canada, can help farmers work through financial difficulties. "The Financial Management Counselling Service is available to Canadian farmers experiencing farm financial problems," says Dean Dyck, farm management specialist with Alberta Agriculture, Food and Rural Development. "For a nominal fee, this service provides qualified counsellors to work with farmers to help prevent more serious financial problems. The service helps farmers assess their current financial position and develop a plan for future ; To be eligible for this service, a producer should be or will be experiencing one or more of the following: • incurring losses; • facing decreasing margins; • having difficulty paying bills as they come due; • not revolving the operating loan - unable to reduce the loan balance regularly, or the loan will not be extended: and. • timing and amount of income and payments don't match, putting a strain on cash flow. "When a producer signs up for the program, a qualified consultant is assigned to assess the current financial position of the farm and develop a plan for future success," says Dyck. "These consultants are understand farming and farm businesses. In fact, many are farmers ; Producer must have their basic farm bookkeeping in order or readily accessible. Using these records, the consultant will prepare an up-to-date set of financial statements, including an income and expense statement for the past two \ears. a current balance sheet, and a one- to two-year income and expense projection bas
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