The “how-tos” of creating a farm balance sheet will be the topic of a free webinar presented Oct. 5 by Penn State Dairy Alliance.

“Taking Charge of Your Farm Finances: Balance Sheets are the First Step,” will show producers, farm financial managers and bookkeepers how to create a balance sheet for their operation using the free software package, FINPACK Lite. Dale Nordquist, associate director, Center for Financial Management, University of Minnesota, will conduct the webinar for the Dairy Alliance.

Are you ready to take charge of your own operation’s finances? Planning a balance sheet is the first step to managing cash flow and controlling your farm’s future, notes Nordquist. “Coupled with your accounting software, your balance sheet provides a critical tool to monitor and control the financial future of your business. Lenders take note when farm borrowers walk into the bank with a completed balance sheet in hand,” he explains.

This webinar will introduce participants to a free software package, “FINPACK Lite,” that will allow them to enter and maintain their own balance sheet. “We will talk about how to analyze a balance sheet, what lenders look for, and what you should look for. Then we will show you how easy it is to develop your own balance sheet in FINPACK. Finally, we will show you how you can download FINPACK Lite and put it into action,” Nordquist says.

The Oct. 5 webinar will be held from 11:30 a.m. to 1:30 p.m., Eastern time. Participants may access the session from their office computer if they have a high-speed Internet connection and speakers to see and hear the presentation. Or, they may view the webinar with a group at a local site. Host locations will be announced based on registration for the webinar.

Registration is free, but advance registration is required. To register, contact the Dairy Alliance at askdairyalliance@psu.edu or (888) 373-7232.

—From Penn State Dairy Alliance news release