.png)
By Lachie Thomas
Farm debt is growing. So is the complexity of the decisions sitting behind it — succession, capital, risk. At a morning session in Dubbo with Central West NSW accounting firms, one message came through clearly: the adviser's role in all of this has never been more important.
| With thanks to: | |
 |
 |
Figured recently joined a group of Central West NSW accounting firms in Dubbo for a morning focused on farm finances and the relationship between accountants and banks. The conversation confirmed a consistent pattern we see across the industry: the farming businesses in the strongest position to grow, borrow, and plan with confidence are the ones with a trusted advisory team behind them.
It was a practical conversation about what alignment across the farm team looks like — and the tools and people needed to make it happen.
- Dennis Sheridan of NAB shared his perspective on what banks need from their farming clients.
- The team from PrincipleFocus spoke about their journey to become a leading advisory firm.
- AgriWebb spoke to the power of their on-farm app, and its new integration with Figured.
What Banks Need From Farmers
Dennis's message was direct. Farm debt is significant and growing, and with that comes a higher bar for the quality of information banks require to lend with confidence.
So what are banks like NAB looking for? His view on best practice comes down to three things:
- A clear picture of the farm today — Current financial and production data, not just year-end figures.
- Future plans mapped out with confidence — Budgets and cashflow forecasts that give the bank a roadmap that mitigates risk.
- Financial history that demonstrates how the business is managed — Consistency and structure that builds the financial character of the client.
Banks often carry the largest stake in a farm business, and understandably have a vested interest in that farm’s success. Dennis was clear: clients who share timely, accurate information make it easier for the bank to price risk — and lend accordingly.
The challenge is that most farming businesses don't naturally produce this information in the right format, at the right time. That’s where a great advisory team earns its place.
The Accountant as the Strategic Adviser
Farmers manage significant assets and need a strong team around them: accountant, banker, adviser, solicitor, broker. The firms that are thriving are the ones bringing these functions together, connecting the dots between tax compliance, financial oversight, and forward-looking advisory.
On the adviser side, Australian firms pulling ahead are the ones that have already moved beyond the annual compliance cycle to explore advisory at scale, and a more interconnected way of working. Firms like PrincipleFocus are leading the way, positioning themselves as the trusted and independent voice at the table.
Where Figured Fits
It’s these issues — struggling to connect the dots, bringing functions together, building a strong interconnected team — that are exactly what Figured is built to solve. The conversations which took place in Dubbo align exactly to the reason we exist.
The table below captures the gap clearly:
| Current Challenge | With Figured |
| Annual reviews rely on static, inconsistent spreadsheets. | ✓ Live farm financials from Xero/MYOB/QuickBooks - structured, current, consistent |
| Data consolidation is time-consuming and error prone | ✓ Consistent format updated in real time, ready when the bank needs it |
| No clear picture of forward cashflow or repayment ability | ✓ Purpose-built farm budgeting and cashflow forecasting in every file |
| Risk profiling relies on lagging historical data | ✓ Live production data alongside financials - a complete operating picture |
| Adviser and bank work from different numbers | ✓ Aligned collaboration space - accountant, farmer, and bank from the same source of truth |
With one shared home in the cloud, everyone on the farming team — accountant, banker, farmer — is working from the same set of numbers. When someone asks for information, it's already live.
Then, our recent integration with AgriWebb adds another layer: feeding production data like stock movements, weights, and performance metrics directly into the financial picture, synced daily without manual re-entry. This helps farmers more quickly connect their on-farm decisions with real financial outcomes.
The Bigger Picture
A major generational wealth transfer is underway across Australia, with billions in farm assets expected to change hands over the next decade.
The farmers at the centre of it — managing significant debt, planning for succession, making capital decisions — need more than a tax return. They need an adviser who can see the whole picture. That's the thread that ran through the morning in Dubbo: the farming businesses that are borrowing more, growing bigger, and transitioning faster are the ones whose advisers can give banks and their clients a clear, current picture.
Get Involved
If you're an accounting firm working with farming clients and want to explore what this could look like for your business, we'd love to talk.
