Time to make plans for unfolding year
The end of another tax year is looming with many farm businesses preparing to finalise their accounts for the financial year.
There is not very much individuals can do about external factors, but they can do something about preparing, planning, and budgeting their farm business for the coming year. If your business is effective and efficient as possible then this will reduce possible future hardships.
Planning for the coming year is always difficult, trying to work out and calculate what the price of wheat or milk will be and how much will it will cost for seed or concentrates. If only you had a crystal ball – but an educated guess using your experience and your knowledge of the business will get you closer in making better decisions.
The importance of the farm administrator/secretary can never be underestimated and in many cases, they will be able to help in the planning process. A farm administrator in their process of inputting information for the financial accounts, VAT and payroll, and so on, can also prepare reports and schedules from past activities that will aid the planning process.
If you want to know more information about farm accounts, planning and budgeting, contact your local Institute of Agricultural Secretaries and Administrators (IAgSA) group.
Chris Jones is a land-based sector manager
