Let’s be honest. To most farmers interpreting a balance sheet is a dark art, especially when it comes to relating balance sheet sheet decisions to the real world that they operate in on a day to day basis. If I invest in this today what effect will it have on my equity over time? I have this capital cost coming at me, how will I fund it and what impact will it have on the value of my business? Up until now these questions have been difficult to model and answer with any confidence.
Farming is a major industry in the United States that contributes over $136B to the GDP, making it vital that farmers are empowered to run financially sustainable businesses. The right set of tools and advisory team can help ensure farmers understand their breakevens to make marketing decisions with confidence and take care of their budgeting, forecasting and production and livestock tracking in order to achieve their financial targets and ultimately, their goals.
Rather than join the chorus of looking back at 2020 I have tried to tackle a few ways that you can move forward with Figured & Xero during the Silly Season. With Figured near-24 hour support, always feels safe in the fact that you can't get too silly and stuck in the tool!