By Alexandra Henley, Partner Success Manager
Let’s face it, farmers have to make numerous decisions every day from an operational to a financial level. On top of running a farm, farmers have to manage a business often vulnerable to unforeseen circumstances. This is where Figured steps in...
Figured empowers farmers to run their farm like a business all while building their resilience to frequent commodity fluctuations.
With Figured and Xero, farmers can track, plan and allocate all of their costs and incomes down to the exact field. This enables farmers to easily identify key performance indicators such as farm income and margins which are necessary to evaluate the performance of farming activities as a whole. Having a strong understanding of the cost of production will significantly help farmers improve their financial assessment of crop and livestock operations which can in turn, lead to increased performance and profitability.
TRACK: Build your crops and livestock tracker budgets
Plan: Bring all your production tracker information together with all expenses and non-production income with the Planning Grid
Allocate: Get the most out of your allocation tool
So where do you start? Entering your bookkeeping into Xero and then Allocating in Figured are the stepping stones for developing impactful cost of production values for livestock and crop enterprises. In Figured, farmers have the ability to easily manage their inventory by allocating actual transactions flowing from Xero to the product trackers. Farmers can even save a ton of time by applying allocation rules to automate their workflow! In the example below, Farmer A is allocating three purchase transactions among various products:
As the farming community continues to become increasingly complex and integrated, the detailed allocation of expenditure and income is a must. To learn more about what Figured can do for you and your business, please visit our help center.