Even profitable farms can find themselves experiencing cash flow challenges, particularly given some of the external influences currently in place, such as dry conditions, increased input costs and interest rate rises.
Your cash flow can be your early warning system. With the end of the first quarter of the financial year now passed, now is a good time to reflect on your current plans and budgets or start the budgeting process.
Ever spent 20 minutes searching your inbox for an email you know is in there somewhere?
If your email inbox is anything like the old shoebox where receipts used to get thrown before tax time, you’re not alone. For most of us, technology such as emails has crept into our lives, but very few of us have actually received any training on how to use it.
Managing the farm often leaves no time for paperwork and keeping track of where things are at financially. The good news is that today there are numerous agriculture-based accounting software programs that are relatively easy to use, allowing farmers to have financial information and reports at their fingertips and stored in one place for easy retrieval.
Estate planning and succession planning are closely linked but they are not the same. Farm business owners need both.
Having one without the other can lead to farming families facing uncertainty, conflict, as well as financial and legal challenges. This can become very costly both financially and emotionally. Not to mention the significant strain on family relationships.
