Agriculture and Rural Businesses in Australia

This report discusses the significance of agriculture and rural businesses in Australia, highlighting their economic impact, challenges faced, and potential strategies for improvement. It emphasizes the need for technological innovation, effective management, and government support to enhance the industry's resilience and growth. The report also reviews key issues such as finance, regulatory challenges, and the importance of accounting practices in ensuring the sustainability of these businesses.

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AGRICULTURE AND RURAL BUSINESSES IN AUSTRALIA
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AGRICULTURE AND RURAL BUSINESSES IN AUSTRALIA
1. 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

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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

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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 structure 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).

Agriculture and Rural Business in Australia 5
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 income. Clearly, the best
arrangement is arranged and get those terms in a state of harmony problem in the Australia’s
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

Agriculture and Rural Business in Australia 6
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 challenging 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

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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).
5. 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

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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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Reference List
Keating, B.A., and Carberry, P.S., 2010: Emerging opportunities and challenges for Australian
broadacre agriculture. Crop and Pasture Science, 61(4), pp.269-278
Liepins, R., 2010: Making men: The construction and representation of agriculture‐based
masculinities in Australia and New Zealand. Rural Sociology, 65(4), pp.605-620
Bjørkhaug, H. and Richards, C.A., 2008: Multifunctional agriculture in policy and practice? A
comparative analysis of Norway and Australia. Journal of rural studies, 24(1), pp.98-111.
Pritchard, B. and McManus, P. eds., 2010: Land of discontent: The dynamics of change in rural
and regional Australia. UNSW Press
Also, G.A., Carter, S. and Ljunggren, E. eds., 2011. The handbook of research on
entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Pretty, J., Brett, C., Gee, D., Hine, R., Mason, C., Morison, J., Rayment, M., Van Der Bijl, G.
and Dobbs, T., 2011: Policy challenges and priorities for internalizing the externalities of modern
agriculture. Journal of environmental planning and management, 44(2), pp.263-283
Ronan, G. and Cleary, G., 2010: Best practice benchmarking in Australian agriculture: issues
and challenges. Agribusiness Perspectives–Paper, 39
Kingwell, R., 2016: Climate change in Australia: agricultural impacts and adaptation. Australian
Agribusiness Review, 14(1)
Allison, H. and Hobbs, R., 2014: Resilience, adaptive capacity, and the “Lock-in Trap” of the
Western Australian agricultural region. Ecology and Society, 9(1)

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Henzell, T., 2007: Australian agriculture: its history and challenges. CSIRO publishing
Woods, M., 2007: Engaging the global countryside: globalization, hybridity and the
reconstitution of rural place. Progress in Human Geography, 31(4), pp.485-507
Nandan, R., 2010: Management accounting needs of SMEs and the role of professional
accountants: A renewed research agenda. Journal of applied management accounting
research, 8(1), p.65.