188 Farm Accounting ~ Knowing the Numbers that Matter with Taylor Bridges
November 30, 2022 by Corinna
So many farms fail to be profitable simply because they don’t have a good handle on their finances.
To be a profitable business, you need to know how to build a budget, keep track of your numbers, and be able to pivot your business to meet your revenue goals. But what numbers matter? Oftentimes, a new farmer has no idea how to make sense of a financial report. What percentages are industry standards? How do I know if I’m way off? What benchmarks should we be aiming for when it comes to expenses?
Today’s podcast guest is Taylor Bridges from Bridging the Gap Financial Services. She helps farmers with the overwhelming task of book-keeping. I ask her the powerful money questions we’re all wanting to know — like how to read financial reports, what data to be measuring, and how to make the numbers show a profit. She answers questions like, “What percent of your farm budget should be going towards rent/mortgage?” What common mistakes are farmers making when setting up their books and financials? How can we get rid of the financial anxiety of “not knowing our numbers” that leads to bad business decision?
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Who is Taylor Bridges?
Taylor Bridges is the owner of Bridging the Gap Financial Services LLC. Taylor handled books in-house at a job after high school and it was then she knew that she was totally hooked. When Taylor and her high school sweetheart got married and later decided to have children Taylor knew it was important that she be home and flexible while raising a family. She then pursued both bachelor’s and master’s degrees in accounting. Using her education and experience, she finally opened her own firm and enjoys every minute of it. With an eye for detail and the flexibility to meet client demands on the fly, Taylor has produced an agile and unique firm with truly incredible clients.
Learn more about Taylor’s services (or grab her budgeting tool) on her website here!
Some of the resources mentioned in this episode:
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