As many managers and owners in the dairy industry are aware, understanding all aspects of your farm's finances is essential to running a successful farm business.
Now dairy farmers can access a new program, delivered by the Dairy Businesses Support Services project, funded by NSW Department of Primary Industries' (DPI) Dairy Business Advisory Unit and delivered by Dairy NSW, and will connect farmers with one of 16 trained consultants across the state.
NSW DPI dairy development officer Sheena Carter said the program will provide one-on-one assistance to dairy farmers to improve their knowledge and technical skills in business analysis, planning and financial management.
"A financial consultant will support the dairy farmer by answering questions, deliver clear explanations and simplify bookkeeping," Ms Carter said.
"Generally, dairy farmers are busy managing the day-to-day running of the farm and the financial management aspect can end up at the bottom of the 'to do' list.
"Through this service we aim to support farmers and assist in improving their understanding of business and financial management to achieve successful enterprises now and into the future."
DairyBase is a key online tool developed by Dairy Australia, that provides an annual summary of the physical and financial performance of a dairy farm.
Consultants are available to assist farmers in getting their data into DairyBase.
"The consultants will support dairy farmers to understand, utilise and interpret the reports generated and understand what it means in terms of their business performance," Ms Carter said.
Farmers will be supported to implement Dairy Standard Chart of Accounts, whole farm financial data analysis or to create business plans, budgets and more.
Dairy NSW regional extension officer, Carly Potts said feedback had shown the support model used in the project was welcomed by dairy farmers.
"To support our dairy farmers, we have engaged 16 consultants across the state to provide expert advice and training on budgets, bookkeeping, business plans, financial tools and technology," she said.
The Dairy Business Support Services project is delivered across the state in partnership with Dairy NSW, Subtropical Dairy and Murray Dairy.