A farm budget template is an income and expense sheet template created for the purpose of managing the accounts of farming operations. It will help you in increasing profits from your farming business, by helping you in organizing your finances in an orderly way and controlling expenses. It will also help you to understand the strengths and weaknesses of your business and take profitable decisions.
5 Steps to Create a Farm Budget
Step 1: Mention Your Budget Period
It is essential to make plans for a specific period of time, usually a year. This makes it easier to manage the budget by allowing better comparison of costs. You can decide to mark your financial year from June to May or January to December, whichever you feel is more convenient. It is important to maintain a consistent pattern though.
Step 2: Identify Your Sources of Income
List all your sources of income under this head. The income can be from the farm itself or outside sources and can include gifts from family members and friends or donation from outside sources. We just need to get to the actual income figures so that it becomes easy to set logical goals and plan accordingly.
Step 3: List Your Expenditures
The next to do is list the expenditures for the budget year. You can use subheadings for related expenses so that they are easily identified. Farm-related income may include expenses for seeds, water, pesticides, transport vehicles, farm labor, etc. Other expenses like taxes, electricity, fuel, etc. will also need to be grouped under related heads.
Step 4: Calculate Net Income
Once you have all your income and expenditures defined, you can easily arrive at the net income by subtracting the expenditure from the income. If you are getting negative figures or a very negligible amount as your net profit, its time to rethink your finances and take measures to reduce costs and expenditure.
Step 5: Use an Additional Column to Show Projections
If you keep a projected income and expenditure column in your budget statement, it will be easier to check with your estimates and see how accurate your predictions are. This can be done as an option if you need to create a whole farm budget for a larger farm where separate enterprise budgets are created.
10+ Farm Budget Templates
1. Basic Whole Farm Budget
This is a sample financial budget template which can be used to create the yearly budget for a farm business. Since it is a whole farm budget, it gives you budget ideas for profitable crops as well as livestock rearing to boost the total farm yield. The budget is created in WORD and is therefore very easy to edit and customize.
2. Standard Farm Financial Statement Template
Here is a farm budget report template which is well formatted using editable tables with a detailed description of the assets and liabilities of the farm. Being a whole farm budget, the budget statement is divided into four different parts depending on the nature of the items – fixed or current, for better organization of details.
3. Sample Farm Budget Template
This financial plan template consists of a farm budget plan and a income and expenditure sheet which can be very useful for anyone who is interested in maintaining an organized budget. This will help to keep a check on the regular expenses and maximize profits in the long run.
4. Professional Interactive Whole Farm Budget
Make your farm budgeting simple and effortless by using this professionally formatted farm budget and financial plan template. The budget is divided into different parts including a crop budget, grower’s expenditure sheet, and a balance sheet. Each table is highlighted and customized in an orderly manner which makes it a perfect choice for a farm business.
5. Editable Farm Income and Expense Worksheet
Creating a farm budget can be made much easier by using this income and expenditure worksheet. The farm marketing plan template is designed according to the customary format and lists all the possible expenditure and revenue items. It is a blank template, so you can easily edit, add and delete any of the items which you may not feel necessary.
6. Farming Enterprise Budgets Layout
This business plan template gives you a detailed farm budget which is designed to provide a framework to help you maintain a record of separate farm related enterprises. It includes budgeting for various crops, irrigation, and finance all in one sheet. This will help you arrive at the actual figures necessary to evaluate your business profitability and plan for the future.
7. Crop Production Costs Budget
Here is an elegant and professionally formatted farm budget and business budget template which can be useful for anyone engaged in the agricultural business. The template is very detailed and extensive so it is beneficial for a full-fledged farming business where there is a need for in-depth planning and careful implementation.
8. Printable Field Crop Budget Template
This is a simple but detailed farm budget template which gives you a crop comparison budget for different crops so that they can be grown according to their level of profitability and irrigation costs. This is a useful lease template for those farmers who are wholly engaged in crop farming and need to analyze their cropping pattern.
9. Sample Farm Cash Flow Projection
You can use this financial projection template if you are involved in basic farming and are looking for a simple worksheet to keep a record of your income and expenditure for the year. The template has a simple tabular layout basic expenditure and income headings. You can easily modify this template and use it to create your own farm budget.
10. Dairy Farm Income and Cash Flow Calculations
If you are a farmer engaged in the dairy farm business, you will surely find this template useful. It gives you all the relevant costs and revenue heads that need to be included in the budget and cash flow template. It also gives you a projected budget so you can tally your own expenditure and revenue costs with the projected estimates to make a comparison and arrive at appropriate conclusions.
11. Farm Cash Flow Statement Example
This is a blank free budget template which can be used for showing the cash flow from farm-related activities like cropping and livestock rearing. You will first need to add your capital income and income from other sources, after which the operational costs are deleted from the total income. This template can be used as a basic tool for creating a farm budget.