Understanding the complexities of milk costing and pricing, the Federal Milk Marketing Orders, and even fraud in the industry means chief financial officers, financial managers and accountants must stay on top of all federal regulations, as well as dairy accounting practices.
To help members stay current, IDFA and Herbein + Company, Inc. are presenting the Dairy Accounting and Finance Workshop, Nov. 16-17, in Rosemont, Ill. The intensive two-day course will allow attendees to earn 16 Accounting and Auditing Continuing Professional Education (CPE) credits by learning strategies and skills to enhance their understanding of corporate financial functions specific to the dairy industry.
“Accounting and financial planning for a dairy company requires specialized knowledge of unique topics in our industry,” said Neil Moran, IDFA senior vice president of finance, administration and trade show. “If you are in a position to handle any aspect of accounting or pricing for a dairy company, this workshop will cover the information you need to benefit your company’s bottom line.”
The workshop will cover:
- Dairy product pricing
- Processing cost benchmarks for fluid milk and other dairy products
- How pricing differs for extended-shelf-life and organic fluid milk products
- How to calculate payments to dairy farmers for milk purchases
- Milk costs in federal orders vs. non-regulated areas
- Basics of milk price risk management
- Buying and selling tanker loads of cream
- Forward contracting and hedging to lock in milk costs for future sales
- Financial reporting and budgeting for dairy
- Cost segregation to reduce taxes
- Effective cost reduction techniques
- Controlling milk loss and managing shrinkage
- Financial aspects of working with dairy cooperatives
- Tax credits for dairy processing plants
Registration for the workshop is available here. For more information, contact Maria Velasco, IDFA meetings coordinator and registrar, at mvelasco@idfa.org.