As both a farm owner and senior agribusiness manager with Westpac in Ashburton, David Whillans knows the value of strong financial monitoring.
David says the majority of his customers use Cashmanager RURAL for financial monitoring, and most are online.
“The majority of them have given us access to view their Cashmanager and we just find it invaluable from a relationship point of view – everyone knows throughout the season where they are from a cashflow point of view, are they on budget or off budget?”
The reports he utilises most are the variance and cashflow reports. The variance report is useful as the season progresses and things change, to compare to the original budget and see how things are tracking.
Cashmanager’s shared access and real-time view gives complete transparency for all parties. “It creates strong relationships between us and the customers because it’s so clear how the business is tracking,” he says.
“The last few years, with the dairy payout being low, we could establish what was needed early on and get a plan in place, that way the farmer could focus on farming and managing the costs, rather than worrying about whether they would run out of funds.
“Advance rates changed seven times across the season last year, we could help them update the figures in Cashmanager, see what it meant for them and adjust their plans. It’s a fluid, live tool for assisting the funding needs for people’s businesses.”
Now the dairy industry has entered a stronger stage of the cycle David says it’s a matter of looking things like at debt repayment or financing capital items that might have been parked. “We’re starting to put plans in place to identify what will be on hand at the end of the year – so it (Cashmanager) works in up cycles as well as down cycles.”
Cashmanager RURAL helps him get a good, live, accurate picture of what is happening in a customer’s business.
“I can look at someone’s bank balance at the end of the month, see how it compares with the numbers in Cashmanager, and know whether they are on or off budget straight away.
“We use it every day at work and have gone into it ourselves personally as well, as we needed something with a bit more horsepower. It’s a good product and our accountant also recommended it.”