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Workshop focuses on financial know-how

A recent workshop at Lakeland focused on ways landholders can make better financial management decisions in their grazing business by learning more about systems available to them. 

Supported by Cape York NRM, delivered by Bush AgriBusiness’s Simone Parker, and sponsored by TNQ Drought Hub, the Property Management Financial System workshop was “designed for both seasoned graziers and newcomers to the industry, who want to optimise financial systems in their grazing business”, Cape York NRM Sustainable Agriculture Facilitator (SAF) Katrina Shaw said. 

The workshop focused on: 

  • The difference between management accounts and compliance accounts
  • Setting up/reviewing software options, income statements, balance sheets, cash flow statements 
  • Understanding the chart of accounts 
  • The importance of herd records and what the information can tell you about herd performance Overall business performance

“When it comes to successful property management all these components play a very important role, and I believe have a positive impact on sustainability,” Katrina said.  

“For example, Simone explained why keeping your herd records up to date, as it enables you to accurately measure genetic improvement and monitor individual cow fertility and production.”

The workshop, held on February 27,  was attended by about 9 small-scale graziers and business owners around the Lakeland area, Rural Financial Counsellor Lynette McGuffie, the Drought Hub’s Jane Oorschot,  and together with Katrina, Cape York NRM’s Sustainable Industries and Water Quality Manager (acting) Kathrina Southwell, Biodiversity Project officer Katelyn Greaves, and Project Officer Maree Coulson. 

Attendees discussed a follow-up workshop to be held later in the year. 

This workshop was supported by Cape York NRM through funding from the Australian Government’s Future Drought Fund under the Drought Resilience Research and Adoption Program.