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Will is a leading Welsh farmer who runs Natural Wagyu alongside his dairy operation in Pembrokeshire. We recently sat down for a chat with him about how the current social-economic climate due to the pandemic is affecting his operations and the agricultural industry.

Update: The Figured & Agworld integration is now live. You can read all about it on our blog article or our integration page. 

As farming becomes an increasingly precision-oriented business, and the profitability of farms gets put under the microscope, not having access to accurate financial data isn't just a disadvantage for farm businesses, it’s a recipe for disaster.

We’re constantly working on our product to give you the simplest and fastest experience at tax compliance, so that you can focus on the more important stuff such as advisory. 

The government recently announced that it is making up to $500,000 available to kiwi farmers affected by drought, in a fund intended to be spent on accessing financial advice to manage the farm business throughout the coming year.

Farmers have always been in ‘the business of managing risk’, but never more so than it seems like in 2020. The only constant right now is change and, between interrupted supply chains, fluctuating commodity prices and many other factors, nobody knows how the 2020 cropping season will shape-up. In order to understand the underlying factors that contribute to the risk and profitability equations however, best-of-class reporting and an integrated chain of data are increasingly becoming a necessity.

With the evolving financial and social situation due to the pandemic, farmers will be under increased pressure to re-evaluate their immediate financial future while maintaining their current level of productivity, helping to ensure that our largest industry remains the backbone of the economy.

Building your farm’s annual plan in Figured is a simple process. You can use your actual bank balance and past transactions sitting in your Xero account as a starting point for how you want the next year to go. With the Rolling Plan, any forecasts you've put in will carry over to the next year if you need.

With the COVID-19 crisis affecting many farm businesses, we chatted to David Seath from Brown Glassford last week about the impact this may have on the New Zealand agriculture sector, and how accountants can work with their clients to prepare for the challenges ahead.

As the COVID-19 pandemic spreads throughout the world, we are yet to fully understand what effect that this will have on the agriculture industry. However, one thing we do believe is that there’s no better time to start budgeting than now.