At Business Edge Accountants, we understand how tough it is to run a farm. Just like other business owners you have to contend with issues like finance and GST compliance but in most cases you also have to deal with long hours, seasonal demand, the weather and safety issues with machinery and equipment. If you work with livestock like cattle, sheep or chickens you face some unique challenges. Farmers who produce wheat, grain, fruit and vegetables also have to deal with a host of issues including politics, prices, pollution and interest rates. Australia’s decade of drought and subsequent floods just highlight the variables and obstacles farmers face.
Given most farming pursuits are multi-generational, we work with our clients with a focus on the future. Business structures are important, while planning and cash flow forecasts are essential. Apart from assisting our farming clients with the usual compliance and bookkeeping work we also provide financial modelling services to assess ‘what if’ scenarios. We can help you produce cash flows, finance submissions and also help you with financing land and machinery purchases.
We are very strong on the concept of ‘beginning with the end in mind’ and for that reason we make sure our farming clients have the right business structure in place. The wrong choice is almost impossible to unravel without significant financial, tax, legal and capital gains tax implications. When assessing structures we also take into account issues including asset protection, your family situation, profit forecasts and future plans to admit new partners.
As accountants we can project your best and worst case profit scenarios based on the price of your produce and by adjusting the key variables including price and various inputs like feed and seed, we can evaluate the impact on profit and cash flow. We can also assist you with farm viability assessments, farm risk management and strategic business plans.
We speak your language, let us do what we do best and you can do what you do best.