Standard Chart of Accounts
Allocate income and expenditure to dairy farm management categories for clear tax and management reporting.
Bankers have a mutual interest in the business success of dairy farmers. Therefore, the relationship between a dairy farmer and their banker operates best as a partnership. The greater the understanding of each party's perspective, the stronger the business partnership.
Dairy Australia's Meeting the bank fact sheet and the video below have more information on how dairy farmers can approach their next discussion with their banker.
Meet the Bank is available as a short workshop for dairy farmer groups, including discussion groups. It covers what is required to meet the bank with confidence and with the information that will assist achieving the best possible outcomes.
The more information provided by the dairy farmer, the more confidence the banker will have in the business. Annual summaries of financial and physical performance plus monthly cash flow statements underpinned by assets and liabilities, milk production and feed budgets, along with longer-term plans and projections are all important things to take to a bank meeting.
Other key documents include:
Dairy Australia has developed a range of business tools in conjunction with the dairy industry.
Training in farm business management is available in Dairy Australia’s Farm Business Management training modules Farm Business Fundamentals and Dairy Farm Business Analysis.
Further information is available from Dairy Australia's regional teams