Agriculture and Rural Businesses in Australia for Agriculture

Question: Discuss about theAgriculture and Rural Businesses in Australia for Agriculture. Answer: Agriculture and Rural Businesses In Australia Introduction According to industry experts in Australia, the rural businesses and agriculture are the backbone of the Australians economy. However small the businesses are, many people fall into that category and the revenue produced is huge. The trends in this two are changing steadily and scholars say that in the next 10 years to come the rural businesses and agriculture will heavily have change if at all a close look into the two is done (Keating, 2010). There are challenges to every business and with this two it is the same. For example, agriculture will need to evolve from its state and utilize the innovation of technology so as to feed the growing population which is in demand for extra food. The way people look at rural businesses makes the businesses look frail and incapable of rising to greater heights but with better management, the rural businesses would grow rapidly to changing the perceptions of every Australian (Getz, 2010). Project Objective With the right extensive expertise, rural business and agriculture would achieve their operational, strategic and financial goal regardless of the location or the size of the business. Moving forward should be the way for the two industries. The industry is faced with hardships and key issues that affect it. With the right strategies though, the industry would stand on its own two feet heading for prosperity. A closer look at the key issues facing the industry would help the one evaluate the industry first, then, find a solution to deal with the challenges in the industry before finding the right strategy or methodology to deal with the issues (Liepins, 2010). Before addressing the issues affecting the industry it is important to know that the industry is spread all over the country (Australia) so the issues apply for every industry no matter the location. Project Scope Here are the key issues: Assessments Printed material Regulatory and business Finance Technology in accounting Income Literature Review Assessments With organizations frequently shutting down because of CRA or IRS punishments, it is no big surprise businesses people don't trifle with impose time. In the event that agriculture and rural business don't have any earlier assessment control involvement, conforming to all the legitimate necessities can be a test. Fortunately, the web is loaded with tips to enable them to get the assessment undertakings altogether. One discovers its assessment log books and notices particularly valuable as an amateur. Be that as it may, charges are not just about stock and exchanges, straightforward things like where and how you enroll your business can highly affect your yearly duty bill (Anderson, 2003). While the sole proprietorship is among the most widely recognized business elements, enlisting as an organization may be a superior fit for rural businesses and agriculture in Australia, as a few reasoning can spare them from higher expenses over the long haul. These extreme manuals for business stru cture can enable them to make that decision. Printed material As agriculture and rural business development, so does the number of representatives, exchanges and at last printed material in accounting, and so it is in the Agriculture and rural business in Australia. With increased financial transactions then book keeping process becomes tedious and hard to monitor. Monitoring can spare the businesses a ton of hustle as neglecting to pronounce a few exchanges that may bring about a punishment. Accounting for the exchanges is very hard since there is a lot of transactions involved before the book keeping part is reached. In any case, regardless of this being a generally sensible supposition, by and by, it is exceptionally testing to control each and every receipt that experiences the business and this is the place innovation can be of extraordinary offer assistance (Pritchard, 2000). Search for better and quicker approach to work together. One driving bookkeeping firm in Vancouver forcefully utilizes PDF to Excel instrument at whatever point they require speedy access to the information from PDFs, accordingly sparing many hours. In Australia, this protocol can be used in order to change the assessment process and make it simpler. This innovation can change over PDF receipts, adjust explanations, and other budgetary information into Excel, sparing you valuable time while moving PDF information into a bookkeeping. There is no better approach to review the evidence the business today and present efficiencies in the work process (Henzell, 2007). Income Having promptly accessible money is one of the fundamental bookkeeping standards for any business. In Australia, this is an issue. With a restricted income, a business can't pay for every single day by day cost. Huge monitors your receivables (Sher, 1994). Ensuring that checking this report regularly in Slick Pie to get awful folks previously they turn into a noteworthy issue is the remedy in Accounting when it comes to agriculture and rural business in Australia. Snappy tip for this situation is checked your client's' credit record before working with anybody, however, an understanding that not all entrepreneurs have sufficient energy and cash for this additional exertion. The book keeping strategy would help a long way. Another wellspring of awful income is the absence of tune of credit terms. For example, if providers approach the businesses to pay for stock inside 15 days and your clients have a 30-day time span to reimburse their obligations, you can wind up with a negative inco me. Clearly, the best arrangement is arranged and get those terms in a state of harmony problem in the Australias agriculture and rural business is the restrictedness when it comes to accounting procedures (Allison, 2004). Monitoring awful obligations can spare you a considerable measure of stress and cash. Frequently, entrepreneurs are excessively caught up with, making it impossible to monitor the greater part of their customers' installments. By and by, a great bookkeeping programming can enable the businesses in Australia too. Regulatory and business The government plays a huge role either in making a business a success or failure. The regulations made by the government depict what environment conditions the business exists. In Australia, the government has imposed taxes on the industry and thus has made people not want to venture into the agriculture and rural business. Heavy tax impositions mean that potential investors will be put off by the tax (Pretty, 2001). The Australian governments have made the business licenses quite expensive which means that very few people can afford the kind of taxes. In the rural setting, revenue is likely to be lower than in the urban but you find that the license fee is almost the same meaning that the government is not considered of the setting too. The government has also forced the financial institutions to hike their interest rates for business which means accessing them is really hard. If the loan rates were different then it means a different view for agriculture and rural businesses. Technology in accounting Another problem that makes book keeping a problem is the lack of accounting tools. The problem is widespread and it tends to harbor the efficiency of accounting itself as a process. With no accounting tools and software then there is a derailment of agriculture and rural business records. The lack of accounting innovativeness brings about lack of easier and effective ways of book keeping. In the two businesses, there is a huge amount of data and information that is considered when it comes to accounting. The large amounts contribute to the bulky work of book keeping considering the alternating times of the business (Ronan, 2001). To make the book keeping statements accurate and a success then the needed machinery needed in the accounting field should in cooperate technology that helps to make the accounting process a success. In terms of technology in accounting when it comes to agriculture and rural business, the lack of qualified accounting is a personal and close problem challengi ng accounting itself. The technology itself plays a big role in accounting. Australia is facing the challenge in accounting yet it is one of the most developed countries technology wise in the country. Other industries are boasting of the technology upgrade in their respective industries but when it comes to agriculture and rural business, the accounting department is facing a challenge in this particular important sector. If accounting is to cease experiencing a lag then it is important to make drastic changes in order to change the book keeping the process in Australia (Marsh, 1998). Finance Finance is another dangerous bookkeeping zone for rural businesses and agriculture, and it truly shocks no one. There are 3 decisions in this circumstance: handle finance without anyone else, contract a bookkeeper, or utilize a product. In the event that you choose to deal with everything independent from anyone else, there are a few stages you have to take: Characterize your laborer as a representative or a temporary worker. Have them finish lawful printed material for fitting reasoning. Characterize payroll interval. Characterize worker advantages and pay designs. When you have everything set up, make a point to stay up with the latest as the entire obligation lies exclusively on to you (Kingwell, 2006). Conclusion In a nutshell, the challenge for accounting for agriculture and rural business has been an issue for a while. With a good strategy, the industry has a lot of potentials and what needs to be done is a review of the industry in a keen way. Coming up with extra remedies deserves inert methodology to come up with long term solutions for the industry (Woods, 2007). If at all the intervention of the government is to help then the person at the ground level should be in the front seat to accept the positive and optimistic changes for a better future in the industry. 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