Texas agricultural producers face numerous forms of risk. Many struggle to maintain economic viability while encountering undesirable weather conditions, escalating input costs and volatile commodity prices. This uncertainty greatly increases the importance of accurate financial reporting. However, inadequate record keeping is a common problem encountered by agricultural lenders, who are often faced with requests for loan extensions due to an underestimation of costs or an overestimation of profits. To assist producers with better record keeping practices, Texas A&M AgriLife Extension economists developed QuickBooks Financial Accounting short courses for farmers and ranchers. Workshops provide basic program understanding through case studies and hands-on examples. Since 2005, 46 in person classes have been conducted with 626 participants. Evaluation results show improved program understanding with a 54% increase in knowledge gained.
When COVID-19 prevented live workshops in 2020, economists developed a three-hour QuickBooks Online Course. It launched on November 2, 2020 and to date 49 people have registered for the class. Evaluations indicate over 70% of attendees felt they benefitted economically by going through the training. QuickBooks is a strong financial accounting program that can be adapted for agricultural use. Texas producers gain increased program knowledge and improved record keeping abilities through Texas A&M AgriLife Extension short courses. These workshops enable farmers and ranchers to enhance their financial analysis capabilities, resulting in more effective production, finance, and marketing decisions.
|2021 Extension Risk Management Education National Conference