KEITH farmers will have the opportunity to expand their financial knowledge at an upcoming workshop.
The free Financial Skills Workshop is run by Rabo Client Council and is designed to help provide the financial skills critical to managing an agricultural enterprise.
The workshop will provide farmers the opportunity to both upskill and network and will provide practical and hands-on advice for understanding financial statements and banking requirements.
It will explore topics such as taxation versus management accounting, essential business management ratios and understanding key components of a business’s financial profile.
The initiative has been spearheaded and funded by food and agribusiness banking specialist Rabobank’s Rabo Client Council, a group of the bank’s farming clients who volunteer their time implementing programs that contribute to the sustainability of rural and regional communities.
South Australia & North West Victoria Rabo Client Council chair and Millicent-based mixed farmer Nikki Kirkland stressed the importance of financial literacy in the farming industry.
“Financial literacy is essential for both existing farmers and the new generation joining the sector,” she said.
Ms Kirkland said the workshops aim to bridge the divide between agricultural expertise and financial understanding.
“While many of our up-and-coming primary producers may have strong education backgrounds or extensive on-farm experience, understanding the complexities of financial reporting and banking requirements can still be unfamiliar,” she said.
“That’s precisely why these workshops are immensely valuable,” she said.
Ms Kirkland said the workshop content would consider cash flow implications of a variety of farming operations and there will also be a focus on preparing annual cash flow budgets.
“The workshop is designed to allow couples and family members to attend together,” she said.
“They offer an excellent chance for farmers to step away from their business, absorb the same information, and develop a shared understanding of financial reporting.
“By learning together, they can enhance their financial knowledge as a team.”
Ms Kirkland said Rabobank’s Rabo Client Council network was focussed on developing meaningful grassroots initiatives to support key themes focusing on agri education, rural wellbeing, sustainability, adaption and creating rural/urban connections.
“By equipping farmers with the knowledge to effectively utilise financial reporting, the Financial Skills Workshops play a role in enhancing the resilience and prosperity of local farming enterprises,” she said.
“As a result, our rural and regional communities also reap the benefits of a financially robust and healthy agricultural sector.”
Rabobank regional manager for South Australia and north west Victoria, Roger Matthews said farmers who had attended previous Financial Skills Workshops have given feedback that the information provided is “valuable – practical knowledge that they can readily apply to their farming enterprises.”
“If you’re interested in attending these workshops, keen to meet other leading farmers in the agri sector and increase your financial literacy and skills, confirm your place before the courses are fully allocated,” he said.
The workshop is open to all farmers irrespective of who they bank with and will be held on Wednesday July 3 from 8.30am-3.30pm.
To register to participate, please visit the Rabobank Australia website.
