Chapter 1: What is the main topic discussed in this episode?
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So I go to their website, give them my contact info, get an email. They want to, you know, set up a time to chat and I take it and it's a real human. And then I was hooked. I thought, okay, you have a real human fielding these emails, taking these calls. You have a US based team.
And I think the real thing that captured me with Ambrook is the fact that they see a pain point and they're going to fix it.
Ladies and gentlemen, farmers, ranchers, and distinguished guests, thank you for listening to the Farm for Profit podcast, where we discuss the latest ideas, methods, trends, and techniques available to help your farm achieve higher levels of farm profitability. Remember, if you aren't farming for profit, you won't be farming for long.
It's Tanner here with Farm for Profit, and I'm excited to bring back a guest that you just heard from, Hannah Mann. Welcome to the podcast again.
Hey, Tanner. Thanks for having me.
We so much appreciated your contributions on our tax planning episode in early December with you and Mackenzie. That was fantastic. Shed a lot of light on things and had really great reception.
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Chapter 2: Why do most farms struggle with knowing true profitability?
Bring him the plan and say, this is what we want to do. This is how we want to fund it. This is how much money we think we can make. These are our break-evens based on what we have land leases for, owned land or whatever. Last time we saw this cyclical in the cow market where corn is down, cows are up. there was people running stockers and pairs on irrigated grass, right?
When corn prices are down, that's what we saw last time. And so I think a proactive approach just really gets your head around, okay, what could we do? Because to your point, if you aren't farming for profit, you won't be farming for long.
It is quite fascinating because we've met a lot of our listeners and get a ton of interaction through our channels to find out that our producers are really good. They're the top of the crop right now, the way it sits. But all of them find numbers to be their least favorite piece of the operation. They know they need to know them.
But how does Ambrook make it easy for them to actually understand what they're looking at?
Yeah. So Ambrook has a couple of features right now. And I want to start by saying that they don't need to be good at accounting or understand how financial statements work to get started. You know, Ambrook has a great education library. I've popped into it a couple of times just to see what they're producing. And they do a great way of explaining balance sheets.
They have a great way of explaining like current ratio, right? Your current assets over your current liabilities to get that current ratio. And they have suggestions like they say, hey, from University of Minnesota's farm playbook, this should be a two. If this isn't a two, you might have liquidity problems, which means. Yeah. Yeah.
And so I really think they have a very holistic approach of this wasn't built for accountants. They acknowledge that not everybody's an accountant and they're like, we're going to help you. You know, you're not in this alone. And I've had clients, you know, and they do right.
Ambrook does when they say they're going to call and ask how things are going, they actually call the producer and they're like, Hey, How's it working with Ambrook? Is there anything we can do, you know, to help you to make this easier? You know, they just unlocked their inventory. And so they're keeping track of inventory now, which is huge, right?
You could have, you know, in your enterprise, you have your hay crop and at your end, you know,
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Chapter 3: What is the difference between reactive bookkeeping and proactive financial planning?
you have this inventory sitting here, you have all your costs into it, but then you're actually planning to feed that the next year. They have it now where through the year, you could move those bales from inventory and show them as fed to those cows. So you get a really good idea of what's working.
I love being able to plan ahead. Our operation, same way. We have a pretty good idea how many bales we got made. And you just hate getting to the end of February and being like, shoot, I have to go buy more because I didn't figure this out correctly. And it's typically the most expensive time to go buy. So being able to plan ahead. Yeah.
And you also said the word enterprise, which is extremely important because so many of our listeners right now are farm businesses. They got trucking operations, got podcasts to run. They've got a rental property. And Corey, I love my spreadsheets. And Corey gives me crap because one of the spreadsheets I've got built, he thinks is backwards or upside down.
This program makes it so it's not backwards or upside down.
Right, right. So it has enterprise accounting. And that's also like one component of what we're doing this time of year is setting allocations. We're saying, okay, some of them have already bought their seed for the next year. At least they have an idea of what they're planning to plant. and what inputs that's going to take.
And so we're setting now and saying, okay, when we have fuel, for example, what percentage of this are we going to allocate? And Ambrook goes above and beyond in the fact that you can set automations where you can tell it, hey, you see this from the co-op, wherever they buy their fuel, allocate this to this enterprise, this to this enterprise. And it's like doing it
for you on the back end right because it's connected to the bank account so it sees those transactions
Yeah, that's the whole point of this, right? We can't have a new tool that makes more work. The new tool has to allow us to buy some of our time back, buy back our peace of mind and be something that can work for us going forward. It's exciting. It's also scary.
But I know from the relationship we've had with Ambrook that just like you said, you can get a real person on the phone to make that experience a little smoother.
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Chapter 4: Why is January the best time to reset farm records?
January 28th through February 1st at the Iowa Events Center. Join thousands of harvest pros for a massive trade show, expert speakers, hands-on clinics, networking, live auctions, entertainment, meals, and more.
That's a lot. Registration is open right now at uschi.com. And don't miss, the Farm for Profit crew will be there recording live every single day of the event with exclusive interview opportunities for you at the bottom by the escalators. So we're looking forward to it. We'll see you there. Hey, it's Tanner with Farm for Profit.
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