As autumn arrives, it brings a wide-range set of responsibilities for dairy producers,
particularly as preparations for the fall harvest begin. Whether this involves
chopping silage, completing that final hay cutting, or winterizing
facilities ahead of colder weather, it is essential not to overlook the future
planning and administrative aspects of your operation. Updating your financial
records and this financial housekeeping is critical for year-end tax
planning, and your end-of-year cost of production (COP) analysis. Additionally,
updating your year-end financial records will allow you to better
forecast your milk production, milk income, non-milk income, expenses,
and projecting break-evens for the upcoming year. For a more detailed
discussion on break-even analysis, refer to the May 9th “Protecting Your
Profits” podcast available at www.centerfordairyexcellence.org/pyp.