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Farm Business Fundamentals

‘Farm Business Fundamentals’ aims to provide participants with the skills and knowledge to implement farm financial practices and processes in a farm business. By adopting concepts such as Dairy Australia’s Standard Chart of Accounts and recording key physical and financial information participants will be able to prepare and organise information about their farm business, including an annual cash budget and a balance sheet.

Duration: 3 days

Learning outcomes

Participants will:

·    be able to set up and use good record keeping systems for farm financial and physical information

·    understand the difference between information used to manage a farm business and information used to manage tax

·    know how to use the Standard Chart of Accounts to record farm business income and expenditure

·    understand business obligations – tax, banks, people and the law

·    identify, collect and organise information to be included in an annual farm budget

·    review budgeted income and expenditure and compare to actuals

·    prepare and interpret a balance sheet

 

The module is expected to map to accredited unit of competency AHCBUS404 ‘Operate within a budget framework’ and will introduce participants to Dairy Australia’s Farm Business Management tools and resources:

 

·    The Standard Chart of Accounts

·    The Dairy Cash Management Planner

·    Dairy Farm Business Analysis fact sheets