The solution will allow farmers and their accountants to work on the same information and provide one central location for their key accounting and farm management tools.
A recent article written by Mike Peterson, Head of Beef + Lamb New Zealand, who is retiring this year, says that most farmers don’t understand what their balance sheet looks like or how cashflow requirements are going to be funded for any major farm development work.
Profitability is the key to a successful business and the farming industry is no exception. Knowing exactly what your costs are, what returns you are making on stock and other input costs, i.e. fertiliser, subdivision of paddocks and so on, ensure that the farmer is well informed to make the decisions needed.
Obviously online management and reporting tools like Xero are not the silver bullet to solve all problems but working with your advisors on the same financial data certainly helps with providing such meaningful data.
We will keep you up to date with developments.