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Developing QuickBooks Financial Education Programs to Improve Agricultural Record Keeping

DeDe Jones

Summary

Sound financial record-keeping is an important part of any farming or ranching operation, especially with recent increases in operating costs and interest rates. However, inadequate record keeping is a common problem encountered by lenders, who are often faced with requests for loan extensions due to an underestimation of costs or an overestimation of profits. To equip agricultural operations with improved bookkeeping skills, Texas A&M AgriLife Extension risk management specialists developed short courses that teach basic record-keeping practices using QuickBooks® financial accounting software. QuickBooks® is a popular, relatively affordable bookkeeping program often used by agricultural producers. The goal of these workshops is to teach program understanding by putting attendees in front of a computer and working through case studies with hands-on examples. This approach enables participants to improve their financial analysis capabilities and make better decisions.

Since 2005, AgriLife Extension has conducted 56 in-person classes for approximately 698 farmers, ranchers, and other small business owners in the Texas South Plains and High Plains regions. Evaluation results show improved program understanding with a 63 percent increase in knowledge gained. When COVID-19 prevented live workshops in 2020/2021, Extension specialists developed two three-hour QuickBooks® Online Courses. To date, 187 people have registered for the classes and evaluations indicate over 72 percent of attendees feel they benefited economically from the training. QuickBooks® is a strong financial accounting program that can be adapted for agricultural use. Farmers and ranchers have gained increased program knowledge and better record keeping skills by attending Texas A&M AgriLife Extension short courses.

Details

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