When is the last time you selected “Agriculture, Ranching, or Farming” in the list of Industries when setting up a new QuickBooks Company? “Well, that’s too long?”
Despite what you hear about "the American Farmer is a dying breed" or "America is no longer agricultural economy", nothing could be further from the truth.
According to the USDA, there are nearly 2 million farming and ranching operations in the United States. Of those, more than 1.8 million are 'small' or 'mid-sized' family farms. At an average of $500,000 in Gross Cash Farm Income, that's roughly $920 trillion (with a 'T') of combined GCFI.
That's one million, eight-hundred thousand potential clients. And, while they all know a lot about farming and ranching, they almost all have some issues with finances, otherwise their average GCFI would be well over a half-million per year. Just think about the 'advisory service' opportunities when your target base is 1.8 million potential clients."
And, since 'debt' is an important resource for farmers and ranches in need of capital for their operations, those same 1.8 million potential clients need the skills and trusted advisory services related to debt-management and cash-flow management, further emphasizing the tremendous opportunities for accountants, bookkeepers and consultants who choose to develop an agricultural niche practice.
But, as if the number of clients and size of their combined incomes is not enough of an attraction, when combined with those client's debt reliance, let me just tempt you with three little words, 'Conservation Reserve Program'. The reliance of farmers and ranchers on USDA administered governmental payments should tell you that these potential clients of yours need your help in determining what programs are best, and how much they should partake in the form of commodity-lined payments. Keen 'Advisory Services' in working with farmers and ranchers regarding these government subsidy programs is the third charm that should tell you, "A new niche awaits you."
Unless you've been involved in Agricultural finance in the past, you might be saying, "All sounds like a tremendous opportunity to specialize and develop a meaningful niche where I can have real impact advising my clients, but I don't know anything about farming and ranching, how can I do that?"
The answer comes in a single word... "Figured."
Figured is an agricultural software platform providing ‘smart farm financial management’.
Most farmers and ranchers rely on spreadsheet after spreadsheet, or notebook ledgers, to keep track of the critical aspects of farm and ranch operations. They then spend hours interpreting that data to their accountant in order to produce a simple set of books that can support their annual tax returns. You see, the tools most accountants and bookkeepers use are focused on 'compliance work' and their practices are too. They wouldn't know how to measure 'yield per acre', or true 'costs of production' by crop, nor would they understand the importance of tracking the value of a Calf when it becomes a Steer, or a Heffer. Yet the ability to project future income based on what's really going on at the farm or ranch is essential to the long-range outcome of the operation, and no tax return, profit & loss or balance sheet is going to provide that kind of guidance.
But that's where Figured comes in. Figured can assist agricultural operations in the areas of planning, budgeting, forecasting and reporting on their farming (crop growing) operations, their dairy (milk production) operations, their ranching (cattle, hogs, sheep, etc.) operations, or other agricultural businesses involving a combination of operations like farming and dairy, dairy and ranching, or ranching and farming.
During today's QBTalks-Apps Extra session, you will not only hear about the benefits of Figured over other financial software but learn how Figured can turn your compliance firm into an agricultural niche advisory firm supporting those 1.8 million1 farmers and ranches in the United States who need a 'trusted advisor' like you to provide them with valuable insights you can share with those agricultural businesses.
You will also hear about Insightful Accountant's new three-part webinar series being offered in conjunction with Figured on building a ‘Agricultural Niche’ Advisory and Accounting practice, and my related series of feature articles on the opportunities for an agricultural niche practice supporting more than $900 trillion1 in annual farm income produced by small to medium family farmers and ranchers right here in the "Proud to be an American, U.S.A."
And just think about how you will feel next 4th-of-July, when those hamburgers you are eating come from a ranch you are advising, or that corn-on-the -cob is the product of a farm you are advising, or that glass of milk you are drinking comes from a dairy you are advising.
Start that journey toward feeling that way by tuning in Today, Wednesday, July 8 at 2:00 PM (Eastern) for our very special 90-minute (1.5 CPE qualified) QBTalks-Apps + Extra event.
Just head over to our Registration Page to sign-up for the webinar in you are not already registered for QBTalks or QBTalks-Apps.
