Does every accountant really understand agriculture?
29th January 2018
You wouldn’t ask the vet to rewire your house. Equally, it’s a mistake to choose a professional services firm that doesn’t specialise in your particular sector. While it’s true that generalists can provide solid support to many businesses, when it comes to an area like agriculture, it’s just not possible for them to stay up-to-date with the latest developments and legislation – unless they don’t require any sleep!
There are many benefits to working with a farming specialist, but here are three favourites that can really make the difference -
- Industry knowledge Every sector has its own quirks...and agriculture probably has more than most! Being able to grasp, explain and understand these issues and opportunities is vital to being able to provide the best planning advice and communicate ideas.
- Contacts A genuine industry specialist will be well connected. They will have nurtured a range of contacts in your sector to ensure that communication and information is easy and effortless. People such as agricultural bank managers, land agents and solicitors can work alongside your agricultural specialist accountant as a powerful, influential team. They have the specific knowledge needed to provide best value.
- Communication It is important you can pick up the phone to discuss the issues facing your farm with the confidence they understand what you’re talking about. The ability to run ideas past an outside specialist can help model and build your business.
Can your accountant demonstrate their involvement in the farming community? Do they host any agricultural knowledge-sharing events or undertake benchmarking surveys? Chances are if they have invested in this sort of activity, they are a prominent provider within the sector and a ‘safe pair of hands’.