Figured enters strategic partnership with Commonwealth Bank of Australia (CBA)

CBA’s Tim Harvey & Figured’s James Black

Figured is pleased to announce that it has entered into a strategic partnership with Commonwealth Bank of Australia to deliver a more efficient financial management solution for Australian farmers.

A pilot phase commences from December 2016 to run over the next 12 months, which will initially see 100 Commonwealth Bank agribusiness customers use Figured’s cloud-based accounting software.

Tim Harvey, General Manager, Regional and Agribusiness Banking, Commonwealth Bank, says the partnership will offer benefits for individual operators and the agribusiness community.

“Figured enables real-time financial budgeting, positioning and forecasting, and in turn, the potential for a deeper working relationship between customers, accountants and banks,” Mr Harvey said.

“Collaboration between farmers and their advisors using rich and up to date data, will equip farmers to respond with greater agility when market conditions change.”

“Our partnership with Figured reflects the Bank’s broader focus on working with external technologies that add value to our business customers and help them reach their full potential. It is one example of how we are fostering process-driven innovation among our clients.”

James Black, General Manager, Figured Australia, says the partnership with CBA provides the opportunity to pilot the Figured ‘farming team’ concept in Australia, one that has already been proven in the New Zealand market.

“We are very pleased to be partnering with CBA, the technology bank, to deliver a solution to enable the Australian farmer to make better decisions. Decisions not just based around chasing yield, but more importantly, profitability. By collaborating with their accountant, production advisor and CBA agribanker – the farming team – all within the Figured application, the Australian farmer will be able to take a  more forward looking approach to their business. This can only be a good thing for our rural industry and our rural communities”, says Mr Black.

The pilot has launched in selected regions, with the support of key Figured partner practices, Forsyths (Tamworth), Kilara Partners (NSW), Pinnacle HPC and Tester Porter.

Read the full announcement from Commonwealth Bank.