Farm Budget Planning Goes Hi-Tech With ANZ
Tuesday 16 April 2002
Financial planning just got that much easier for farmers thanks to the ANZ. The Bank has developed a suite of free on-line farm planning and budgeting tools - the first of their kind in Australasia.
Available from ANZ's website, www.anz.co.nz, the Farm Budget Planners are designed to help farmers plan for changes such as movements in output or input costs, variations in production or yield, or increasing borrowing.
Developer Gavin Crawley-Smith says the new web-based tools are quick, easy to use and provide valuable insights into farm operations.
"Farmers would prefer to be out on the tractor rather than spending time on book-keeping and finances," says Mr Crawley-Smith. "The planners look at 'what if' scenarios, such as expanding your business or taking on new employees, and can help with risk management by analysing data based on seasonal factors and market conditions.
ANZ District Manager Peter Nation says the Farm Budget Planners will be of great assistance to his customers.
"We know farmers are big users of the Internet. The planners are a response to their need for tools that allow them to easily marry production factors with financial outcomes, and are quick and easy to use," says Mr Nation.
"For example the recent rise of wholesale interest rates and analysts' forecasts that they will continue to lift throughout the year will clearly impact farmers in various ways from debt servicing to cashflow. The new tools enable farmers to work out what effect any movement in interest rates could have on their operation now and in the future, so they can make more informed decisions."
The new tools consist of six Budget Planners, developed specifically for the major farm types. The planners can be used to:
* Provide simple annualised
* Plan the next season or run various scenarios
* Provide estimates of repayments on a new loan
* Analyse a current operation
* Identify market trends
* Generate ratios and benchmarks to help identify potential issues
* Provide supporting information for financial reports
* Analyse, plan and manage risk more effectively
All users need to do is input information about past, current or proposed operations into the various fields and click a button to reveal the impact of their changes.