A new financial literacy tool specifically designed for Australian agriculture has the potential to transform how Australian beef producers operate their businesses, Cattle Council Chief Executive Officer, Duncan Bremner, said.
Developed by Longreach-based Agrihive and supported by MLA, Farmecco is designed to assist livestock producers to quickly understand their detailed financial position in real time to help them expand, improve performance and even forward budget for school fees.
“Farmecco has the potential to help beef producers gain a greater understanding of their financial future, empowering them to make more informed decisions on how to improve profitability” Mr Bremner said.
The launch was hosted by Agrihive founder, James Walker, and well known agri-media personality, Peter Lewis, MLA Managing Director Richard Norton and prominent Australian beef identity, Richard Rains.
Mr Rains believes the tool goes a long way to improving communication channels between producers and their banks.
“The better you know and can communicate the financial status of your business, the better you can work with your bank to explore opportunities for growth or new strategic directions” said Mr Rains.
The on-line tool has been in ‘testing’ mode for the past 18 months and has now been trialled by more than seventy five producers from across the nation.
NT and Queensland cattle producer, Dan Lynch, was part of the initial trial and found the interface clear, simple and easy to navigate.
“The information produced by Farmecco can help businesses to build their strategic plans as the information allows you to know your margins, but also provides a benchmark in line with other similar businesses in the region,” Mr Lynch said.