In today’s ever changing and more demanding farming environment, it is becoming more and more important to implement a team approach when looking to achieve business success. This is likely to involve collaborating with your accountant, bank, farm consultant and other key stakeholders on a more regular basis. Cloud software advances over recent years have made this a lot more achievable.
Collaboration is one of BDO Taranaki’s core values; our aim is to empower our clients to keep all key stakeholders informed at all times, and to give them the ability to make informed decisions whenever they may be required.
BENEFITS OF MOVING TO THE CLOUD
- All stakeholders can have access to the live file and be collaboratively working on/viewing/amending or commenting on it at the same time, which allows deeper more meaningful business insights. When it comes to preparing and revising budgets or sharing reports, live data is easily accessible. Clients and advisers can have more direct input and take ownership which means turning budget predictions into actual reality is more likely.
- Time saving. With the evolution of Artificial Intelligence (AI), these systems are now able to fetch your supplier invoices and pre-populate the information required for GST processing and bill payment. Not only are you doing away with paper, you are also avoiding the manual input of data and any double handling. Bulk bank payments are enabled using this information that you just need to approve. Some of the new software can also speak directly with other systems such as Fonterra, Farm Source, Farmlands, the IRD and banks. Up to date livestock and milk tracking is enabled, meaning farmers and advisers are using the same data which makes sense, taking out the guesswork and saving time.
- Use of online payroll systems means timely submission of PAYE is enabled using up to date information which can then be easily shared with government agencies, if required, to enable faster processing for services such as ACC. Collaboration using the same data is likely to reduce third party input errors.
This space is evolving rapidly but BDO Taranaki has you covered. Our team of tech experts is constantly researching and testing the different options to help make running your business easier. If you want to discuss which options are best for your business, contact us today
BDO Taranaki specialises in rural business advisory services and has a team of rural experts. Learn more about BDO Taranaki’s Agribusiness services and read other articles relating to the financial issues that affect New Zealand farmers.