INDIANOLA, Iowa (DTN) -- Some proactive corn, soybean and livestock operators know they've outgrown their on-farm bookkeepers. Given demands for accrual accounting, monthly budget updates and "what if" scenarios should the farm economy continue to stall, they're hiring professionals.
When three large Midwest farmers couldn't afford to hire a chief financial officer individually, they decided to band together and split the cost. For a total of $150,000, they recruited a certified public accountant who had been a controller at a small manufacturer, hired a secretary, rented office space and offered a 401(k) retirement package.
What they got was someone to input all their cost accounting on each separate operation, track budget versus actual expenses/income, keep tabs on vendors, conduct feasibility studies and benchmark each...