1MG FlippingBooks
Financial literacy an underappreciated skill for Australian farmers
Staff Writers
In order to succeed in the modern agricultural environment, a farmer needs to be skilled in many areas – science, technology, business and environmental stewardship, to name just a few. Financial management is a particularly important skill, and it’s an area in which farmers possibly don’t get enough credit for the complex work they do.
We spoke to David Weickhardt, General Manager of Products at MYOB, about the unique financial needs of Australian farmers and how they are punching above their weight. MYOB has been providing support to farmers and their accountants across the country for 26 years, and the company knows more than most about the competency levels of farmers when it comes to financial management.
“In general, many Australian small businesses aren’t that financially literate because it’s not their passion and they haven’t had training in it,” says David. “The majority of farmers in this country are small business owners and, considering they are managing businesses far more complex than the average small business, they’re generally doing a pretty good job of it.
“The perception of the farmer being behind the average when it comes to financial literacy is inaccurate – I think they’re better than your typical small business in that regard.”
When it comes to financial management, farmers have a few very specific needs. Cashflow is an issue for all businesses, but it is critical for farmers given it is highly seasonal and variable. Farmers are also very asset rich, which means they are reliant on bank loans or lines of credit to stay solvent – necessitating accurate and detailed financial reporting to the bank. And on top of this, farmers are notoriously time poor.
For companies like MYOB, it means they need to tailor their products to these specific needs and nurture an environment in which financial management is as pain-free and easy as possible for farmers.
“Although farmers have specific needs, we know what those needs are,” says David. “We can build the ability to meet those needs into the software and hide it from the farmer, so they can focus on getting things done and running their business.
“The provision of live data is one thing that can really take a weight off farmers’ shoulders. The quicker they can get their financial data and share it with their accountant, the better – being able to access their farm data remotely and in real time takes away a lot of the heavy lifting for the farmer.”
And, as David has experienced, the embrace of technology by the Australian farming community has extended to the financial management software offerings of companies like MYOB – despite what many outside the industry may think.
“I think there’s a misconception that farmers don’t use a lot of technology, but Australia is one of the most advanced countries in the world when it comes to farming technology and productivity,” says David. “Increasingly we find that farmers are very tech-savvy, progressive and keen to use our latest developments and tools. Agriculture is a great and excitingsegment to serve.”NEWS
Prodoz, a Proudly Australian and family-owned agribusiness, based in Melbourne, is strengthening its positions as national/international leader in advanced crop – science solutions through a growing portfolio of global innovation partners and a distribution footprint supported by all major distributors - includes Nutrien Ag, Elders, Lindsay Rural and Independent Rural stores.
Australia’s climate is tougher than ever. Heat spikes, dry periods, salinity, waterlogging and sudden frost events are becoming an everyday part of farmers lives.
Trace minerals are required for optimal growth, reproduction, and immunity. Optimising trace mineral status relying solely on oral supplements across a herd may fail because of variation in individual intake and reduced absorption due to antagonism of other ration components and minerals. The use of injectable trace mineral supplements has been associated with positive reproductive outcomes including improved conception rate, increased odds of pregnancy and greater final in calf rate. A study conducted on 2,168 dairy cows, administered injectable trace minerals, four weeks prior to calving and again four weeks prior to the start of mating showed treated animals had a 3.3 per cent greater final in-calf rate, and a reduced time from start of mating to conception, compared to control animals 1 . The Importance of B12 Dr Carl Eden, Technical Services Veterinarian with Boehringer Ingelheim says “Vitamin B12 is sometimes referred to as a ‘super vitamin’ because it is only required in very small amounts but vital to many essential metabolic pathways. However, demand for B12 can vary considerably during the year and we see serum levels of B12 fall at critical times, such as the first few months after calving.” Vitamin B12 contains cobalt, so deficiency in cobalt can lead to deficiency in vitamin B12 because ruminants get most of their B12 as a byproduct of ruminal fermentation where the bacteria in their rumen assemble B12 from cobalt for use by the cow. Sub-optimal trace mineral and vitamin B12 status at calving, mating, and drying off has been shown to negatively impact growth, reproduction, and immunity. Using a trace mineral injectable containing vitamin B12 can improve trace mineral and vitamin B12 status at these critical times. Marks-Min with Vitamin B12 – The Evidence In the largest trace element study to date, Marks-Min Injectable Trace Mineral with Vitamin B12 demonstrated remarkable results when compared to a reference trace mineral injection. “Given the differences between Marks-Min and other products on the market, we wanted to generate a compelling data set to demonstrate how effective it was compared to the pioneer product. We entrusted this work to a third-party research company” says Dr Eden. “We chose farms that were at the top of their game from a reproductive perspective. We made sure that the farms had no evidence of trace element or vitamin B12 deficiencies or excess.” Across all outcomes of interest, Marks-Min demonstrated clear non-inferiority when compared to the reference product. Outcomes measured included submission, pregnancy and conception rates, and six week in-calf rate. Marks-Min demonstrated it is highly suited as an alternative treatment to the reference product. Reference: 1. Hawkins, D., and B. V. S. Franklin. New Zealand Dairy Veterinarians Newsletter 24 (2007): 12-16 Company website: livestockfirst.com.au Company email address: CustomerCare.Australia@boehringer-ingelheim.com Company video: https://vimeo.com/1138807630?fl=pl&fe=cm
Find out why the first summer drench can be so important in protecting your flock’s health, plus what to look for in your summer drench of choice.
A NSW-based innovator has developed a patent-pending, front-mounted firefighting and utility system for tractors, giving farmers instant, in-cab-controlled fire suppression, water and fuel on hand, and safer solo operations.
Barko Security is bringing drone technology to agriculture while building on a decade of security and a lifetime of agricultural know-how.
