Financial management – What you need to know

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Farm businesses must stay profitable, with income exceeding outgoings. To ensure this happens, effective financial management is crucial.

Lantra has developed a new suite of financial management training courses to help farm businesses understand financial recording and accounting.

Lantra Awards Financial Management - Book-keeping, VAT and Making Tax Digital - this course aims to show farm businesses how to maintain and keep their financial records and VAT in a way that is acceptable to HMRC. Completion of this one day course will ensure you are prepared when it’s time to complete the necessary forms. You’ll also have time to look at filing, Making Tax Digital (MTD) and what your accountant will need at year-end. The course will help you to know how to keep yourself up to date on legislation, and to understand the differences between tax accounting and management accounts.

Lantra Awards Financial Management – Understanding Your Accounts and Financial Statements - this course aims to provide farm businesses with an understanding of their annual records, as supplied by their accountant, and the financial statements they contain. Completion of this one day training course will help you understand how to monitor your business performance, look at income and expenditure, produce end of year accounts and work more effectively with your accountant.

These courses focus on farming businesses and other small rural business, they allow the learner to draw on their own experience, relevant to their business.

To find a Lantra Awards approved provider offering this training, visit www.lantra.co.uk or contact the Northern Ireland office on ni@lantra.co.uk or 07867 908 171.