AgriProfit$ Sign-up

 
  From the November 13, 2017 Issue of Agri-News
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 Producers have until the end of November to sign up for the AgriProfit$ program.

“AgriProfit$ is a free cost-of-production program to help Alberta producers with decision-making,” says Ann Boyda, livestock economist, Alberta Agriculture and Forestry. “The program has two interrelated objectives. First, it aims to help farmers analyze their decision-making activities by producing customized economic reports for them. Second, it produces provincial and regional economic benchmarks from the gathered data that can be used by producers, government and industry in making informed decisions.”

Farmers participating in the survey itself receive customized economic reports - a budget sheet, income statement, and analyses of major enterprises like cow-calf, drylot, and crops.

The income and balance statements show the revenue, costs, and profitability of the whole farm, whereas the economic enterprise reports show the physical and financial performance of each contributing enterprise and is available for crops, forage, pasture, cow-calf, drylot and grasser enterprises. Information for enterprises are reported on a per unit output basis (i.e. per bushel, per tonne, per pound weaned) which allows the producer to do a direct comparison with posted market prices. Physical performance indicators, by way of example for cow-calf enterprises, look to reproductive indicators like length of breeding and calving periods; culling, death loss and conception rates; feeding performance as expressed by days on feed and feed use; and, other physical performance indicators such as calf crop percentage and pounds weaned per cow exposed.

Producers interested in the AgriProfit$ are asked to provide information about their operations, such as the type of enterprises and land base. They will be provided with a guide outlining the type of data needed to conduct the analysis including their assets (building, equipment, land investment), liabilities, expenses, revenue, labour, and crop and feed rations and inventories. A business specialist meets with each participant and helps organize and compile the detailed information. This information is then used to generate the farm and enterprise analysis.

“Good records are the basis of sound business,” says Boyda. “Managers understand the importance of this, especially in times of tight margins. Good records are also valuable for developing good business analysis. Producers do a good job of record keeping for tax purposes, but these records are often insufficient to allow for complete business analysis. This information needs to link to non-cash information such as inventories, physical information on feed consumption, and input use. AgriProfit$ provides the framework to make the connection.”

For more information or to apply for AgriProfit$, contact Ann Boyda at 780-422-4088 for beef cattle business analysis, or Rawlin Thangaraj at 780-422-4056 for crops business analysis. More information is also available on AF’s webpage.

The program will be accepting applicants until the end of November.

Contact:
Ann Boyda
780-422-4088

 
 
 
 
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For more information about the content of this document, contact Ann Boyda.
This document is maintained by Stephanie Irvine.
This information published to the web on October 31, 2017.