Completed Report

Cost and Profit Center Analysis Using QuickBooks Classes for Management Accounting, Analysis, and Benchmarking for South Central Utah Beginning and Progressing Farmers and Ranchers

Award Amount: $43,248
Regional Center: Western Extension Risk Management Education Center
Grant Program: 2015 Education Projects

Project Director: Jay Olsen
Email: jay.olsen@snow.edu
Organization: Snow College



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Project Overview

This project will improve management knowledge and risk management skills of participating producers by focusing on Management Accounting. Through workshops and monthly one-on-one instruction, participants will 1) identify cost and profit centers of their businesses, 2) use QuickBooks classes to assign financial transactions to their identified cost and profit centers, 3) identify useful benchmarks within their cost and profit centers for comparison to industry enterprise benchmarks, and 4) develop management strategies to reduce financial risks through cost center management and enterprise diversification. At the end of the project, 30 producers will have increased ability to assign expenses and income to the appropriate cost and profit centers. Producers will perform benchmark analysis of their cost and profit centers, develop a management strategy to improve their benchmarks, and gain skills to monitor implementation and success of the plan. One-on-one instruction will facilitate approximately 380 instructional activities during the project’s duration.
This project improved management knowledge and risk management
skills of participating producers by focusing on Management Accounting.
Through two workshops and numerous (a few hundred) monthly one-on-one instructions, participants 1) identified the cost and profit centers of their businesses, 2) used QuickBooks classes to assign financial transactions to their identified cost and profit centers, and 3) identified useful benchmarks within their cost and profit centers for comparison to industry enterprise benchmarks. In addition, 24 participants developed management strategies and reduced financial risks through cost center management and enterprise diversification. At the end of the project, 24 producers increased their ability to assign expenses and income to the appropriate cost and profit centers and performed benchmark analysis of their centers, developed a management strategy to improve their benchmarks, and gained skills to monitor implementation of their plan. One-on-one instruction occurred in 157 farm visits throughout the project’s duration.

Number of Participants: 220

Results

Project Steps

PROMOTIONAL MATERIALS

There are no promotional materials available for this project.

EDUCATIONAL MATERIALS

There are no educational materials available for this project.

REPORTS & EVALUATIONS

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DELIVERY AREA

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