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Accounting for Primary Producers
We understand how tough it is to run a farm. Just like other business owners you have to contend with issues like finance and GST compliance but in most cases you also have to deal with long hours, seasonal demand, the climate and safety issues with machinery and equipment. If you work with livestock like cattle, sheep, chickens or even seafood you face some unique challenges. Farmers who produce wheat, grain, fruit and vegetables also have to deal with a host of issues including politics, prices, pollution and interest rates. Australia’s decade of drought and subsequent floods just highlight the variables and obstacles farmers face.
Given most farming pursuits are multi-generational we work with our clients with an eye on the future. Business structures are crucial while planning and cash flow forecasts are essential. Apart from assisting our farming clients with the usual compliance and bookkeeping work we also provide financial modelling services to assess ‘what if’ scenarios. We ca help you produce cash flows, finance submissions and also help you with financing land and machinery purchases.
We are very strong on the concept of ‘beginning with the end in mind’ and for that reason we make sure our farming clients have the right business structure in place. The wrong choice is almost impossible to unravel without significant financial, tax, legal and capital gains tax implications. When assessing structures we also take into account issues including asset protection, your family situation, profit forecasts and future plans to admit new partners.
As accountants we can project your best and worst case profit scenarios based on the price of your produce and by adjusting the key variables including price and various inputs like feed and seed, we can evaluate the impact on profit and cash flow. We can also assist you with farm viability assessments, farm risk management and strategic business plans.
No job is too big or too small for our team and our major services to famers include:
- Farm Business Planning
- Cash Flow And Profit Budgeting
- Succession/Estate Planning
- Finance Applications - We can work with you to assess your finance requirements to provide you with maximum protection and flexibility
- Finance for Vehicles and Farm Equipment - Hire Purchase, Lease, Bill of Sale or Chattel Mortgage
- Start-Up Advice
- Advice regarding the Purchase or Sale of your Farm including Capital Gains Tax Issues
- Tax Registrations including ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing & Payroll
- Preparation and Analysis of Financial Statements
- Preparation of Finance Applications
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Marketing Assistance where required including assistance with your Website (where applicable)
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Advice regarding Claiming Motor Vehicle Expenses
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances (Income Protection, Life Insurance etc.)
- Business Succession Planning
We believe our offering is unique and our pro-active team is incredibly passionate about helping farmers succeed. Contact us today and let’s get to work ON your farm it's more profitable, valuable and saleable. If you're an ambitious farmer looking to accelerate your success we invite you to book a free, one hour introductory consultation to discuss your farm needs. You'll get practical business, tax, marketing and financial advice designed to help you build your farm and grow your wealth. To book a time, call us today on (02) 6021 0335 or complete your details in the box at the top of this page.
Freedom Accounting Group - Unlock Your Farm Potential