Sunday, November 22, 2009

Record Keeping

Record keeping is a big part of any business and important to family budgets at tax time.

We finally got to sit down and analyze income and expenses. Our goal is to pay our fair share of taxes and not drive too much income into 2010.

We are a little short on 09 and a little heavy in 2010 but I think it is manageable.

I don't enjoy record keeping but I like to make money. Good records is a key to make good decisions finacially and in my fields.

I think the non GMO soybeans was a good idea. The premiums have been nice but we had to earn them with weed control and extra marketing steps. The Japanese market has bid well for them at the river this past two falls.

The premium is not so good so far for next year as many farmers have done the same thing, refusing to pay the huge tech fees for GMO soybeans. The Liberty Link soybean system looks like a good one for better weed control on some of our fields next year.

Crop rotation has been a key to my success. The wheat straw can be composted back into the soil and release more nutrients. My K levels actually was the highest in my tissue test when I refused to apply $1000 per ton potash last year.

I put a little more on this fall with it priced half what it was this past year.

Without good records I can't manage my business. I did the best job I have ever done this year because I knew I had so much at stake.

We have the highest gross income we have ever had in my life but like most farmers, we spent most of it.

This is where the farmer and other businesses are key to a strong economy.

Ed Winkle

1 comment:

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