farmingmatters Summer Edition
FARM BUDGETING & FORECASTING
FREE SEMINAR
FIGURED: HOW IT WORKS
Control the Controllable BUDGETING HAS NEVER BEEN EASIER. With cloud accounting technology there is no excuse. Control what you can control and have up to date financial information to help with decision making. The word budgeting can have negative connotations for many farmers. Budgeting can mean cutting back, ‘tightening the belt’ or something that the bank said I had to do. “Tell me when it’s going to rain and I’ll prepare a budget” is another common response. In the past preparing a budget and monitoring the budget seemed a difficult task. By the time all the information was gathered and analysed it was old news. Financial management wasn’t as critical. Costs were lower, margins were higher. There was more ‘fat’ in the system.
The game has changed. In an attempt to become more productive and achieve economies of scale farmers have taken on more debt. Loans for working capital, land and machinery. Debt is cheap with banks falling over themselves handing out cash to farmers and machinery manufacturers desperately trying to gain market share offering amazing deals. A perfect storm if the farm finances are not managed. Financial management is now easy with new cloud technology connecting your farm bookkeeping system linking and sharing data with your cashflow management system. Updating in real time means there is no lag or wasted time gathering the information and analysing actual result to budget. It is often said that luck is where preparation meets opportunity. A big part of preparation is understanding your financial information and controlling what you can control.
ARE YOU A FARMER: •
Wanting to expand?
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Wanting to consolidate?
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Wanting to increase off farm assets?
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Wanting to sleep easier at night with a clear understanding of financial information?
Free Seminar FARM BUDGETING & FORECASTING (FIGURED) Plus...How to read your Financial Statements. WHEN: Wed 3rd & 10th Feb at 12PM WHERE: Mulcahy & Co 300B Gillies St Nth, Ballarat, VIC, 3355 *Light lunch provided. Presented by Rachael Trickey & Chris Mulcahy.
REGISTER TODAY! Go to... www.mulcahy.com.au/seminar or phone 03 5330 7200 or email sarahs@mulcahy.com.au
IMPORTANT DISCLAIMER: This document does not constitute advice. Clients should not act solely on the basis of the material contained in this document. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly and we therefore recommend that our formal advice be sought before acting in any of these areas. This document is issued as a helpful guide to clients and for their private information.
ACCOUNTING | FINANCIAL PLANNING | LENDING | LEGAL | INFORMATION TECHNOLOGY MULCAHY.COM.AU
MULCAHY & CO | P 03 5330 7200 | INFO@MULCAHY.COM.AU | 300B GILLIES ST NTH, BALLARAT
Real-time financial information CONFIDENT FARMING DECISIONS A farm financial management solution that helps you farm on the front foot. Figured is a great way to get all the financial, crop and livestock information you and your farming team need to make immediate and futurefocused farming decisions. •
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Crop and livestock tracking, farm budgeting and forecasting tools that work with Xero.
Figured plus Xero ensures the farming team knows exactly where the farming operation stands – and where it’s heading. Figured works hand in hand with Xero Figured delivers the farm management information and Xero provides the accounting platform. Information flows seamlessly between the two, creating one financial platform with everything at your fingertips.
Confidently plan and re forecast with real time information when conditions change.
Are You Financially Secure?
At Mulcahy & Co we are in a unique position to provide the expert advice and solutions of accounting, financial planning, lending, legal and information technology all under the one roof. This makes a normally complicated process seamless to help you on your way to becoming financially secure.
WHAT DOES BEING FINANCIALLY SECURE MEAN? It means assessing your personal and business goals and developing a plan to achieve them.
Make decisions based on a true picture of farm performance.
1. Goals & objectives
How it Works
2. Estate plan 3. Risk plan 4. Asset protection plan 5. Taxation plan 6. Debt plan 7. Retirement plan 8. Business plan 9. Superannuation plan 10. Investment plan
Accounting platform Rural suppliers feeds Tax and EOFY reporting
Crop and livestock tracking Production reporting Production feeds Budgeting & forecasting
ACCOUNTING | FINANCIAL PLANNING | LENDING | LEGAL | INFORMATION TECHNOLOGY MULCAHY.COM.AU
FOLLOW OUR 10 STEPS TO SUCCESS TO ACHIEVE FINANCIAL SECURITY... Visit www.mulcahy.com.au for more information
mulcahy.com.au