As farming becomes an increasingly precision oriented business, and the profitability of farms gets put under the microscope, not having access to latent financial data is likely to have a compound impact on the overall farm health.
Accurate financial data is about more than just how much cash is in the bank today, and forecasting how much will be there tomorrow. 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 specific crops, 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 store harvested products.
Stacks and Suites
Very few software suites available today have the power or sophistication to process bank data, create detailed, precision oriented planting plans, and produce three way financial reports which can be shared between the many stakeholders. While legacy farm management systems have developed products intended to be all things to all users, Xero, Figured and Agworld focus on perfecting their respective areas of a grower’s, accountant’s and agronomist’s workflows.
Xero has set the standard for day to day financial management - bank feeds, account coding, and invoicing in Xero is peerless. Figured has created financial planning, management and three way financial reporting capability unlike any other. Agworld has been proven as the industry leader in row and permanent crop production planning and in season management supported by business intelligence.
Since 2015, Figured has integrated with Xero to bring actual financial data together with farm production data, giving growers and their advisors a planning tool which is always up to date and provides them with an accurate current and forecast cash position, balance sheet and P+L.
Through Agworld now partnering with Figured, Australian agriculture is entering a new phase of integrated farming systems, which will create a complete financial and production management technology stack for growers. This integration partnership will bring together the power of contextual information by using production planning together with real time financial data to give growers, agronomists and accountants a level of business insight which is unavailable in traditional desktop systems.
Empowering Farming Teams
The power of cloud technology enables the sharing of data between multiple systems, but more importantly it enables the sharing of data between the many stakeholders who all contribute to the performance and financial health of the operation.
Figured has always worked closely with accountants, providing a platform to enable them to build a valuable, scalable agri financial advisory service on. Agworld’s integration with Figured creates the opportunity for accountants to step into a whole new realm of ag advisory, by linking farm management decisions with financial data. Financial advisors can use fresh financial and production data across the whole farming operation and work with their clients to enhance decision making using data that was previously unavailable to the farming team.
The Agworld team are working closely with the team at Figured to build an integration which creates value for every member of the farming team. As we’re working on this integration, we’ll keep you in the loop and we welcome the feedback of our partners and customers. If you have any questions in the meantime, make sure to reach out to your Agworld account representative.