Workshop
(Continued from Page 44)
said Hilty. “It’s a trick question. Enron did it and
they’re behind bars.”
Hilty explained the work to create accounting
and benchmark standardization to provide stand
ards in charting accounting. For instance, in their
benchmark recommendations, bST should be a sep
arate account, but in the livestock expense category.
Vet costs should be separate from livestock. These
should be separate, such as hoof trimming.
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It is important to separate categories, such as
livestock sales, purchased culls, owner draws, and
other items.
This separation allows the dairy accounts mana
ger to track certain activities on the farm, and “pro
vides a really good structure to your data and allows
you to compare operation to operation a lot more
smoothly,” said Hilty.
In the end, managers have to understand that not
all “inflow is income,” he said. “You have to sepa
rate the cash flow from the profitability.”
Peachey noted this type of system can allow the
accounts manager to “step back and look at the big
picture,” he noted, of the farm’s financial progress.
Hilty said that the definition of accounting is a
function, a “measurement and communication
function,” he said. “But you also have to be able to
communicate this to people.”
ENGINEERING