By Ryan Duey

Kansas State University agricultural economists have launched an updated online course to help farmers and ranchers develop and use financial statements more effectively in making management decisions.

K-State farm analyst LaVell Winsor said that the agricultural economy is swinging back to a lower margin environment, which makes it important for farmers to understand their finances to determine if they need to make changes in their operations.

Windsor acknowledged that many farms have a younger generation that has returned to the farm. One good way to take this course is for the older and younger generation to take it together to prepare the younger generation to take over record keeping in the future.

Winsor added the course, Finances and the Farm, allows agricultural producers to complete each lesson on their own schedule.