Figured and Xero team up to improve the business of farming
Together Figured and Xero are improving the business of farming with their online farm management and rural accounting solution that allows farm financial performance to be monitored and reviewed from any location. Today their ‘Farming in the Cloud’ solution was formally launched at National Fieldays at Mystery Creek.
Figured works hand-in-hand with Xero in real time to bring stock reconciliation, cash flow, forecast profit and loss, balance sheet movements, formal accounts and tax statements together on the same platform. Figured uses the power of the cloud to provide one set of real time financial information to the whole farming team – the farmer, the accountant, the banker and the farm consultant.
Dr Helen Cross, Figured’s Executive Director says, “The world of Figured and Xero is a shift from the traditional silo approach to farm financial management. Now, the whole farming team know everything about the farm’s financial, stock and equity position in real time – at any time.”
Ben Richmond, CA, Xero Rural Strategy Lead says, “Running such large businesses, as many farmers do, is difficult if using limited financial management resource and many farmers have wanted to make improvements in this area. The beauty of the Figured and Xero solution is that it delivers a true single set of real-time data in an online platform that hasn’t been available before to enable greater oversight of cash flow management and easy forecasting.
“It also allows for greater collaboration with key stakeholders, such as accountants and banks, so that they may act as true rural advisors, monitoring farm performance, providing relevant, real-time financial advice,” he says.
Figured’s technology provides a step change in real-time farming financial and accounting information to enable better measurement and monitoring of farm performance.
“With a clear picture of where the farming operation stands – and where it’s heading decisions can now be made with complete confidence to help improve farm performance and profits,” says Helen.
Figured puts everyone on the same page with one plan and one budget to track the farm against. Its power is in its simplicity – to provide the whole farming team with better financial information.
Duncan Anderson, Project Director, Figured says, “Farms are benefiting from the efficiency along with the team approach to farm financial management. Farmers can now be organised simply with everything in one spot. Invoices can be checked online along with stock position. With live and accurate information and simple high quality reporting, opportunities that arise can be funded quickly and risks that emerge can be dealt with immediately.”
Farmer and accountant David Marshall, a founding Figured Shareholder says, “Our goal was to create organisational simplicity. From day one the test was that everyone needed to be able to sit around the kitchen table and simply understand where the farming business was at and where it was heading. We’ve achieved that with simple coherent information that is well presented.”
There are more than 300,000 businesses around the world on Xero. Together, Figured and Xero are opening up a whole new market – farming. Xero and Figured have spent the past month on the road with their nationwide Farming in the Cloud Roadshow talking to over 1000 farmers, accountants, bankers and rural advisers.
Figured and Xero will be showcasing their ‘Farming in the Cloud’ solution at Fieldays. Eight local Waikato accounting partners will also be showing off the solution to their farming clients. There are more than 50 Figured and Xero early adopter farming accounting partners nationwide.