Getting the most from your accountant | Ep. 34

Talking Dairy

As a dairy farmer, how do you go about choosing an accountant who truly understands your specific needs and challenges? How can you take full advantage of their knowledge and expertise? And what are some common mistakes rural accountants see farmers making, and on the flipside, things farmers are often good at in this area? Answering those questions and more in this episode is Nigel McWilliam, chartered accountant and director at MBS Advisors in Morrinsville, Waikato. Nigel is a dairying specialist accountant and is also a director shareholder of a 1200-cow farm in North Otago.
Notes:
Advice and support for your farm business
Chapters:
0:50 – Who is Nigel?
2:08 – How to choose the right accountant
3:26 – What should a good accountant be able to do for you?
4:08 - Difference between tax and management accounts
5:06 - How to gauge if an accountant truly understands farming
6:06 – ‘Interviewing’ an accountant
8:38 - Getting the most from your accountant on an ongoing basis
9:47 – Building a good working relationship
10:50 - Does hourly rate or a set annual fee matter?
11:38 – Benchmarking info from your accountant
12:40 – How accounts can tell a story
14:32 – What to do if your relationship with your accountant isn’t working
15:42 - Common mistakes farmers make with their finances
16:37 - Things farmers are often good at in this area