Embracing technology in farming: A digital revolution
In recent years, there’s been a significant shift towards digitalisation in the farming sector.
Our podcast guest, Will Wadsley, said that just a decade ago, the farming industry still relied heavily on manual processes and paper-based record-keeping. Now, it's a stark contrast.
The introduction of digital technology has not only been environmentally friendly but has also modernised the way farms operate.
The impact of technology on farming
Farm machinery has evolved dramatically, with tractors now capable of automated field plotting and data analysis. This technology has made life easier for farmers, making farming more efficient; helping them identify areas that need attention; and enabling them to make better, timely decisions.
Challenges in encouraging online software adoption
Although farmers have embraced technology with farm machinery, encouraging farmers to adopt online accounting software has been a mixed bag. Many farmers were initially resistant to the idea, feeling they were relinquishing their control to technology.
However, over the last five years, online accounting packages have become more popular and many of our clients have been more open to adopting these.
The role of online software
Online accounting software provides real-time access to data, enabling advisors to give their farming clients proactive advice. Being able to access data so readily and easily is crucial in making timely decisions and helping operations run more smoothly. It helps in planning ahead and navigating economic challenges.
Supporting clients in their transition
Our Farms and Rural Business team helps our clients choose the right software for their specific needs and provides in-house training on that software.
Because our team knows you and your business well, we can help you have a smooth transition.
We can also help you extract, analyse and understand your farm data, enabling you to make informed decisions. We can recommend other potential tools to help with this, such as Figured.
Figured: A valuable tool for farmers
Figured is a third-party app that integrates with Xero software, which makes it easier to analyse farm data. It allows farmers to track crop performance, gross percentages and benchmark their performance against peers anonymously. Figured helps farmers make decisions and adapt to changing conditions.
Embracing technology beyond farming
Farming-related businesses, such as farm shops, wedding venues and solar farms, have also adopted technology. In an uncertain economic climate, being able to diversify has become vital for farming businesses.
Digital accounting software can help you understand how different parts of a business are performing.
The farming industry's digital revolution is in full swing, offering numerous benefits to farmers and related businesses. Online accounting software, combined with tools like Figured, plays a pivotal role in enhancing decision-making, optimising operations and planning for the future.
If you're a farmer or involved in a farming-related business and want to explore the benefits of accounting and digital technology, reach out to us. Our team at Larking Gowen can help you find and transition to the right software. Visit our website or get in touch with your usual contact.
Why not listen to digital expert Jessica and me, chatting about all things digital on our dedicated Digital Insights podcast series. You can listen to this podcast here or to listen to the rest of the series, click here.
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