Integrated Farm Financial Statements (IFFS) Software

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Integrated Farm Financial Statements (IFFS)
Software

• Damona Doye
• OSU Extension Economist

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IFFS applications and links

• Planning and analysis tool
• IFMAPS
• Case study development for workshops and courses
• Farm management courses and labs
• Other educators
• Lenders
• Producers
• Enterprise budget software will create IFFS
  budgets
• Quicken data can be imported into IFFS

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IFFS
Additional Information
Crop and Livestock Budgets
Cash flow statement
Debt worksheet
Income statement, financial ratios, stress test
Balance sheet
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IFFS data collection

• Worksheets that are useful to complete for the
  farm before beginning software use
• Trend worksheet
• Cash operating expense allocation worksheet
• Worksheets summarizing production and, if
  possible, monthly expense allocation
• Asset inventory
• Debt worksheet
• Other income worksheets
• Family living expenses worksheet
• Worksheets at http//www.agecon.okstate.edu/iffs/

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Developing a whole farm/ranch plan

• Collect farm financial and production information
• Develop enterprise budgets (CLBUD)
• Complete Additional Information worksheet (AI)
• Record asset and liability information (MULTSTAT)
• Load budgets (enterprise budgets and additional
  information) into MULTSTAT
• Review financial statements and summary

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Measuring financial performance and position

• Liquidity
• Solvency
• Profitability
• Financial efficiency
• Repayment capacity

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Evaluating options for change

• Control costs, withdrawals
• Increase returns
• Insurance protection
• Change enterprise mix
• Change asset ownership
• Supplemental income
• Debt restructuring or rescheduling

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Steps in developing alternative financial plans

• Outline changes to be made
• Modify budgets
• Add, remove budgets
• Revise balance sheet
• Modify debt worksheet
• Save new plan

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Keys to successfully using financial plans and
measures

• Develop plans, measures annually
• Be consistent in how they are developed
• Note reasons for unusual measures
• Use information to deal with potential problems
  before they get out of hand

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Getting Quicken data to IFFS

• Map Quicken categories to names in IFFS reports,
  for example
• FeedPurch in Quicken to Feed Purchased in IFFS
• Fert and Lime in Quicken to Fert, Lime, Chem in
  IFFS
• Chemicals in Quicken to Fert, Lime, Chem in IFFS
• Import Quicken data into IFFS

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Getting Quicken data to IFFS
Program Action Files
Quicken Print to file Category list Monthly cash flow reports, by class (enterprise)
QLink Import Quicken categories
Import Quicken data By class (or whole farm)
Generate IFFS data By class (or whole farm)
IFFS Load QLink- generated files using AI, CLBUD Load QLink- generated files using AI, CLBUD
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References

• Osuextra.com for fact sheets and current reports
• IFFS http//www.agecon.okstate.edu/IFFS/
• IFMAPS http//www.agecon.okstate.edu/IFMAPS/
• Center for Farm Financial Management, U of
  Minnesota http//www.cffm.umn.edu
• Farm Financial Standards Council
  http//www.ffsc.org
• Farm.doc http//www.farmdoc.uiuc.edu/finance/bus
  iness.html
• Iowa State U http//isufarmeconomyteam.org
• Montana State U http//www.montana.edu/extensione
  con/index.html
• National Ag Risk Library, University of
  Minnesota http//www.agrisk.umn.edu/
• Purdue U Ag Econ Department http//www.agecon.pur
  due.edu/extension/
• QuickBooks and SPA Texas AM Extension Economics
  agrisk.tamu.edu
• U of Tennessee http//www.utextension.utk.edu
• Virginia Tech Cooperative Extension (Timely
  Topics newsletter farm business management)
  http//www.ext.vt.edu/cgi-bin/WebObjects/Docs.woa/
  wa/getnews?cattt-news-fmu