No two farms are the same, but when it comes to accounting for agriculture, many of the questions we hear and the conversations we have with our farming families are.
When we spend time with farming families, we hear about the opportunities they’re considering, the challenges they’re facing and the decisions they’re making about the future.
These conversations may look different from farm to farm, but they all come back to making informed decisions about the future.
Here our Accounts Manager, David Whiteside, answers three of the questions that are coming up most often.
David Whiteside - Accounts Manager
“We're thinking about succession, but don't know where to start.”
Succession can be one of the most important, and difficult, conversations a farming family has.
It isn't simply about deciding who takes over the farm. It’s about protecting a lifetime of hard work, keeping the business viable and finding a way forward that feels fair to everyone.
There can be a lot to consider, from ownership and inheritance tax to the different needs of family members, however, starting early gives families more time to understand their options and plan for the future.
“Would glamping pods actually make financial sense?”
Diversification continues to be a big topic for farming businesses.
From holiday cottages and glamping pods to farm shops, cafés, renewable energy and contracting work, there are plenty of opportunities to explore.
However, it is important for farmers to understand the numbers before investing. Initial costs, potential income, tax implications and impacts on the existing business all need to be considered.
The questions should be is this idea possible, and does it make sense for that particular farm.
“Why does cashflow feel tighter this year?”
A lot of factors including rising costs, seasonal income, machinery investment and ongoing uncertainty can all put pressure on cashflow.
Having a clear picture of the months ahead can help farmers plan for major purchases, review expenditure and make decisions with greater confidence.
Sometimes, an honest conversation about the numbers is the first step.
Planning for the future of your farm
A conversation about succession can lead to wider questions about the future. A diversification idea might prompt a closer look at cashflow and investment. And looking at the numbers might reveal opportunities that hadn't previously been considered.
Often, by joining these together you gain a clearer picture of the future on the farm.
Farming never stands still. Markets change, costs move, opportunities come and go, and family circumstances evolve. Having the right conversations early can help families understand their options and make decisions with confidence.
These are the kinds of conversations Liz Cliffe, Paul Yates and David Whiteside are having with farming families every day.
Our team brings experience of working with farming businesses through change, investment and uncertainty. While offering different experiences and perspectives, all with a focus on understanding the farm as a whole.