Early adopters of Xero have been reaping the rewards of this online accounting platform for a number of years now. Since integrating with Figured in 2015, farmers using this excellent agri-sector financial planning and management tool have experienced the benefits of both platforms from accounting basics through to comprehensive financial reporting.
Xero/Figured has now recently added crop management and planning functionality to the mix, making this the leading system for farmers and farming advisors to use as a single point of entry. This latest integration now in development with Figured will be a real game changer for the industry, allowing farmers to effectively manage and grow their businesses with tools traditionally only available to regular goods and services companies.
Xero & Figured – a match made in farming heaven
Accurate financial data is about being able to see at any time the financial impact of every decision which is made on the farm as it happens. Being able to forecast the profitability of the farming enterprise and measure the variance to that forecast as the season progresses, modelling the long term impact on profitability of major equipment purchases, or having confidence in decisions to sell or hold livestock
Xero sets the standard for day-to-day financial management - bank feeds, account coding, and invoicing in Xero is peerless. While Figured is a leader in financial planning, management and three- way financial reporting capability unlike any other.
The new development to the Figured/Xero platform will result in a complete financial and production management technology system for farming teams. This integration partnership will bring the power of precision agri-planning together with real time financial data to give Farmers, Agronomists and Accountants a level of business insight which is unavailable in traditional desktop systems.
Accurate Data Sharing Online
The power of cloud/online technology enables the sharing of data between multiple systems, but more importantly it enables the sharing of data between the many stakeholders who contribute to the management of an operation. At the day-to-day level as a farmer, this means you can check on financial data while out on the field, your accountant can provide support at any time (by just logging into our platform) and any other shareholders as well as the bank team can also be referring to and using the same information – any time, anywhere and on any device.
Figured has always worked closely with agri-accountants, including ourselves providing a platform to enable us to build a valuable, scalable financial advisory service. The new upgrade will provide the opportunity to step into a whole new realm of agri-advisory, by linking farm management decisions with financial data.
Financial advisors will be able to look across the whole farming operation and work with clients to make better decisions supported by accurate financial data previously unavailable to the farming team.
Figured is inviting people interested in their latest development to provide some feedback and on-the-ground experience during the testing phases of the roll-out.
Sign up here to join a product beta group and receive updates on the integration work or contact us if you would like to know more.