While new innovations have made some aspects of farmers’ operations easier, technology has added a layer of complexity to the job. Today, farmers must have the skills to run their business from both the farm and the office.
But they don’t have to do it alone. It takes a team with the right tools to run a great farm, and successful farmers surround themselves with experts and utilise technology to lighten the workload. Working with advisors and mentors to break down the financials can help turn numbers into action.
Many farmers are not aware of the full support they could be getting from their advisors. Research from Xero and Figured found almost half (49%) of farmers said their accountant isn’t involved with farm budgeting or financial planning.
Accountants can provide value in areas beyond the traditional tax and compliance, from forecasting and budgeting, to ownership structure and succession planning. They can even provide advice on economic farm surplus performance metrics. Combine this with the technology that brings together real-time financial data to give you a better picture of your business, and that’s where the magic really happens.
Empowering farmers in Aotearoa
At Xero, we want to equip farming teams with the technology that allows them to make informed decisions with clarity and confidence. Xero for farming is an integrated solution for the whole team – the farmer, the accountant, the banker and the consultant.
Dairy farmers Donovan and Sophie of Clovalley Farms have found the Xero for farming package has helped them get a better work-life balance, and run their farm more efficiently. With the combined power of Xero, Figured and PaySauce they’re able to keep track of their accounts, their milk production, pay their farmhand easily, and plan for the future.
“What we love about the Xero for farming package is that our actuals from Xero feed straight into Figured so there’s no double handling,” says Donovan. “It’s important that we have a forecast budget so that we’re able to plan and make sure our cash flow is going to get us through the tough months.”
Donovan and Sophie work closely with their accountant, Jordan at Baker Tilly Staples Rodway, who understands their goals and what they need to do to get there.
It’s been fantastic to see other businesses like Sophie and Donovan’s improve their lifestyle and their business by using Xero for farming. If you’d like to hear more about how to get started or if the solution is right for you, our team will be at Fieldays this year. Fieldays is the Southern Hemisphere’s largest agricultural event that runs from 16 to 19 June at Mystery Creek showcasing the latest and greatest in the agricultural and primary sectors.
Visit the Xero stand at PD44 in the main pavilion to have a chat. We’d love to meet you and hear how we can help you succeed.