“Return on investment is a popular phrase and it can be insightful,” says Brent Gloy, economist at Agriculture Economic Insights. “But it also has its limitations.”

As planting season winds down, it’s time to review, update and forecast your farm budget. With profit potential on the line, this business review is even more important.

Each farm has a unique set of goals and resources that inform management decisions. Before selecting a new accounting system, take time to write down your goals and identify the time, money and skill you can devote to it.