How is the EFS report created?
The EFS report is created by mapping the different KPI reporting groups for your farming business and pulling them together. You can select whether the view is Draft, Plan or Actuals (or a combination).
The KPI reporting groups can be found in Settings > Farm Codes under each code setting. You can change this KPI reporting group if needed.
The information included in your EFS report is in Accrual view which is all items which have been invoiced or have an event date within the selected financial year. To learn more about accrual reporting click here.
Within the EFS report you can also make adjustments to make your reporting more meaningful to you.
Livestock value adjustments
Stock adjustments are an important part of this report especially if your closing stock numbers have increased or decreased compared to opening numbers, as the value of adjusted stock can make a big difference to your revenue.
Your livestock adjustments are automatically calculated when opening and closing values have been recorded through Settings - Livestock in your farm business.
You can also override the automated calculations within the report, i.e. you might want to run a different scenario without having to change anything in your Settings.
Peak milking animals
The EFS report automatically uses your opening milking cows from the beginning of the financial year to calculate kgMS/cow and $/cow.
Use the Milking/Breeding animals field to display your peak milking cows in the report.
The breeding percentage is calculated using the animals you opened with at the start of the financial year that produce offspring such as MA ewes, 2ths, and ewe hoggets.
If you want to override the system-generated percentages, for example, you might buy or sell in-lambs ewes part way through the year. Use the Milking/Breeding animals field to enter your own tallies for an accurate lambing percentage.
Effective Hectare Adjustments:
Click here to learn more about your options for amending your Effective Hectares in Farm Focus.
Repairs & Maintenance
These other adjustments can be used if you wish to alter other expenses in your system. For example, you might run an Owner-operator system and pay drawings rather than wages. You can add a Management wages adjustment to standardise what you would have paid someone else to do that same work.
R&M and Fertiliser adjustments can be used when you have completed a major development or capital fertiliser application which aren't usually included in a 'normal' year.
Depreciation can be included, especially in years when you might have had a major machinery purchase - consult with your accountant if needed.
Economic Farm Surplus:
The Economic Farm Surplus is effectively your EBITR (Earnings before Interest, Tax and Rent). This report is on a GST exclusive basis. The EFS figure will quickly allow you to see where your business is making money, where the key efficiencies and where your opportunities are. This information can be used to compare against industry benchmarks for similar operations.
The Operating expenses are below the EFS line. These are the costs of owning or leasing the business. These can be very varied between business owners depending how much debt your are servicing, or how much land you lease.
The Non-Operating expenses are any expenses that are not part of the core operation. This includes Personal Drawings, personal portion of electricity and vehicle expenses, and loan repayments.
You have the ability to 'Hide' the Operating expenses and Non-Operating expenses sections on your report by using the View (eye) Icon at the top of the screen. You may want to hide these sections if you are sharing your EFS report with a wider group or with staff on the farm where you want to keep your more sensitive information private.
Management Tags & Cost Tags
If you use Management Tags or Cost Tags with your reporting, you can filter for this view in the EFS report to view each of the different areas of your business seperately. This will help to compare the efficiencies between your separate operations.