As the next generation takes over, the face of farming is changing.
Benefiting from a longer education, being technologically savvy and having open minds to new ideas, the younger generation is spending less time working on the farm and yet increasing farm profitability.
The role information technology has played in this revolution should not be underestimated. Rather than having to ride the length and breadth of the farm to find where there is a water leak, computerised irrigation systems can immediately pinpoint the location. Rather than spending days visiting machinery yards and supply stores, the same outcomes can be achieved from the comfort of the living room – and in much less time. Once you have found what you looking for it’s off for a quick inspection or pick up a phone, and the deal is done.
The younger generation view their time on the farm differently from their parents and grandparents. They are most likely to treat the farm as a business or a career, where they can earn their money in a certain period and then leave the farm to enjoy retirement.
Younger generations are also financially inquisitive. Returns from the crops are analysed on spreadsheets and numbers are crunched with specialised computer software. Therefore, decisions are based more on science rather than a gut feel.
With more time available and increased profitability, the rewards new age farmers seek are more ambitious than those of previous generations. Some seek a city address with access to cafés, shopping and entertainment precincts. For others it maybe a beach address for the surf or sailing.
The family farm is viewed very much as a business, not just a lifestyle.
Jonas and Associates offers a seven pillar system tailored to meet the financial needs fof modern farmers:
- Cloud Accounting
- Financial Accounts tailored specifically for farming operations
- Detailed Management Reports to guide productive decision making
- Financial Reports prepared to support financial decisions
- Effective Tax Strategies
- Wealth Creation and Personal Financial Planning
- Estate Planning
Its a system designed to promote higher profits, so as to give farmers financial certainty and free them from reliance on government handouts.
