Farm IT - Thinking Forward with Figured
“Figured farmers are empowering themselves to take control of their finances and futures.” – Brett Bennett, FarmIT
“We were working with clients in a very ‘patchy’ way,” explains Brett. “Various systems were being used for different outputs. Collecting relevant information from multiple sources was time consuming and inefficient – we found we were constantly more concerned about the data integrity than what the data was actually telling us.”
Connecting the dots
The combination of Xero and Figured provides a comprehensive system that pulls all farm financial management requirements into one easy to use platform.
Brett believes that having access to real time information in such a readily available and digestible format has been the key to farmers embracing the new technology, as well as the automation of tasks. “The seamless data integration using rural feeds and automatic updates to dairy pay-out forecasts is just brilliant.”
“We insist on our clients using this tool because it is a planning and forecasting system that quickly sorts the data into actual meaningful information, allowing them to make informed decisions,” says Brett.
“Figured offers simplicity of reforecasting budgets and an interim balance sheet in Xero. At the click of a button you can look into future periods and understand what the forecasted cashflow/profit looks like. It’s empowering for our farmers.”
Brett says that this kind of capability is particularly valuable in the volatile years. “The need to understand cash flow, your profit levels, accurate stock tallies and the business’s KPIs is crucial to ensure our farmers understand where they are in relation to their plans and where they are in relation to relevant benchmarks.”
Why would Brett recommend farmers use Figured to manage their finances?
“Figured farmers are empowering themselves to take control of their finances and futures. Discussions are about going forward – the plan, the next steps – we’re no longer always working in the past.
“As accountants, Figured allows us to be so much more connected with our clients. The ability to work within a system that not only the accountant and farmer use, but banks, consultants and other users is invaluable.”