We want to play an integral role in the success of our agricultural clients. Using standardized benchmarks to compare financial performance helps them make better strategic decisions. Ultimately, our benchmarking report and standardized financial statements can provide practical insights into farm operations. Accurate and reliable financial benchmarks allow you to compare performance and manage operational excellence and continuous improvement. They are key to identifying priorities for farm business planning.
BDO and AME collaboration
BDO teamed up with Agrifood Management Excellence (AME) to benchmark financial performance based on operational results. The consensus was that Canadian financial statements created by accountants for farms should be standardized. We’d like to extend a special thanks to Farm Management Canada (FMC) for their financial support of the benchmarking project and resulting documents.
The advantage of benchmarking
BDO accountants can analyze five years of individual data so farmers can see performance trends. Our templates and data are private to our clients, so they’re able get more current, in-depth analyses of their personal results and trends compared to the benchmarks.
This report gives a detailed overview of the following:
- Key benchmarks for grain/oilseed and dairy operations
- The standardized financial statement and five standard farm costs
- Ratios and margins used as benchmarks
- Diagnosis of management issues
- How to compare results and apply benchmarks
Benchmarking for Better Decisions will be released annually with the most current results and trends.