Figured and Xero team up to improve the business of farming
Hamilton, 11 June 2014 – 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 Dr Cross.
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 (site PF20-S5). 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.
About Figured
Figured on Farm is the complete cloud-based livestock reporting and budgeting tool that works hand-in-hand with Xero to
help farmers improve farm performance and profits. Figured, a Xero Farming Solution Partner 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. Figured and Xero bring real time stock reconciliation, cash flow, forecast profit
and loss, balance sheet movements, formal accounts and tax statements together on the same platform. There are more than
50 Figured and Xero early adopter farming accounting partners nationwide. For more information visit www.figured.com
ENDS