Ontario Farm Management Analysis
Background
The Purpose of Ontario Farm Management Analysis Project (OFMAP) is to provide management information to farmers. With financial and production reports you are better able to identify profitability, strengths and weaknesses and efficiency of your farm business. OFMAP gives you the opportunity to compare your farms financial results with budgeted plans for the year and previous years. With continuous participation you are able to compare year over year trends relative to other Ontario farms.
The OFMAP program files are computer spreadsheet based workbooks with versions tailored to each major farm commodity group. Each workbook contains comparative information based upon averages of farms received by the project. Comparative data is updated when available. Each program will produce accrual statements. The program has built in calculations to show financial strength, efficiency, and profitability. Enterprise reports show costs and returns per unit of production.
How to Participate
Entering Your Farm Data
Download the version of OFMAP software applicable to your type of farm business (Note: Program available for sheep producers)
1. You will require Micosoft Excel 97. Certain options such as printing via the print menu may not function in other spreadsheet programs. Contact OMAFRA if you have questions about other versions of the programs above or other spreadsheet programs.
2. If you are unable to use the computerized versions of OFMAP contact OMAFRA to obtain a copy of Publication 116, The Farm and Enterprise Analysis Input Workbook. This workbook can be completed and sent to OMAFRA processing. Comparative financial reports will be returned to the producer free of charge.
3. The files are downloaded in self-extracting archive format. Once you have downloaded the file, open or “run” the file to extract the Excel file. The files will unarchive to the subdirectory C:\OFMAP01. A basic knowledge of Excel is necessary.
4. The OFMAP programs include a single page for entering farm financial and production information. Other pages in the workbook contain useful farm management tools; a cashflow statement to project next years loan requirements, a loan calculator, silo charts and a page of definitions and background information on the ratios and formulas used.
Program Benefits
Farm Report: Using the menus in Excel, you can produce a comparative accrual based report for your business. Benchmark averages are built into each spreadsheet. From the report, you can determine the performance of your farm relative to other Ontario farms.
Progress Report: This is comparative report spanning 5 year period. The report uses 8 different graphs to show trends in farm income, investment and production relative to Ontario benchmark information. Send or email your completed worksheet file to the OFMAP office to enable your data to added to the Ontario Benchmark Averages. In return, OMAFRA will provide you with a 5 year Progress report for your farm. Individual farm data is needed to create and maintain benchmark averages. OMAFRA appreciates your participation.
