Monitor Farm Scotland has launched a new Management Accounting Guide, aiming to help farmers take more control over making timely financial decisions. The workbook helps turn profit and loss accounts into a decision-making tool, giving greater insight into financial performance and identifying successes and potential problems at an earlier stage.

The user-friendly guide, which is available in print and online, has been written by farm business consultancy Laurence Gould. It is designed to approach the task in a step-by-step process using data which is already available on-farm.

Grace Reid, Programme Manager for Monitor Farm Scotland said: “Our aim throughout our current four-year programme and beyond is to improve the productivity, profitability, and sustainability of Scottish farming businesses. Being able to make the right financial decisions is a crucial part of that, and it’s something that our Monitor Farms, management groups and meeting attendees have discussed at length.

“With our focus on being ‘Farmer Led, Farmer Driven’, this Management Accounting Guide is designed as a useful, practical workbook, helping to convert profit and loss accounts into a decision making tool. It’s not about adding more paperwork and office time to already busy businesses, but about getting much more from the figures and data farmers already have.”

Guide co-author Ian Thompson, Dunfermline-based associate director of Laurence Gould, said: “We were delighted to work with Monitor Farm Scotland to produce the Management Accounting Guide as it’s an opportunity to help a wide range of farmers benchmark their businesses from their own farm accounts. 

“We see daily the benefits that arise from farmers benchmarking and gaining the confidence to make positive changes that make their businesses more resilient and fit for the future.”

Callum Turnbull, Melrose based Laurence Gould consultant and guide co-author added: “By working through their own figures alongside the guide, farmers can quickly identify where their business is performing well, where costs are out of line, and where meaningful improvements can be made.

“Farmers are encouraged to use the guide in short, focused sessions, compare results with previous years and industry benchmarks, and revisit the process regularly. The aim isn’t perfection – it’s to give farmers clearer insight, stronger decision-making, and greater confidence in planning for the future.”

Monitor Farm Scotland will be launching a series of videos and workshops in spring 2026 to enable farmers to work through their accounts and the Management Accounting Guide template, with meeting dates and formats to be confirmed.