Blog

Farmers have always been in ‘the business of managing risk’, but never more so than it seems like in 2020. The only constant right now is change and, between interrupted supply chains, fluctuating commodity prices and many other factors, nobody knows how the 2020 cropping season will shape-up. In order to understand the underlying factors that contribute to the risk and profitability equations however, best-of-class reporting and an integrated chain of data are increasingly becoming a necessity.

With the evolving financial and social situation due to the pandemic, farmers will be under increased pressure to re-evaluate their immediate financial future while maintaining their current level of productivity, helping to ensure that our largest industry remains the backbone of the economy.

Building your farm’s annual plan in Figured is a simple process. You can use your actual bank balance and past transactions sitting in your Xero account as a starting point for how you want the next year to go. With the Rolling Plan, any forecasts you've put in will carry over to the next year if you need.

With the COVID-19 crisis affecting many farm businesses, we chatted to David Seath from Brown Glassford last week about the impact this may have on the New Zealand agriculture sector, and how accountants can work with their clients to prepare for the challenges ahead.

As the COVID-19 pandemic spreads throughout the world, we are yet to fully understand what effect that this will have on the agriculture industry. However, one thing we do believe is that there’s no better time to start budgeting than now. 

Figured’s Scenario product lets you plan and analyse different financial outcomes within a farming operation, across multiple years. The entire farming team can view and access these scenarios, to make informed data driven decisions. 

With the COVID-19 crisis affecting closures of many non essential businesses, we chatted to Brett Bennett from FARMit last week about the impact this may have on the NZ Agriculture sector.

In the midst of the COVID-19 crisis, we chatted to John Schol from MMCA last week about what steps their firm is taking to ensure business continuity and wellbeing amongst their teams.

New Zealand has two significant industries which support the majority of our economy - tourism and agriculture. In the space of one week one of those industries, tourism, has closed shop for the foreseeable future. The other, agriculture, will be rattled, but if our farmers run their business in a smart and considered manner, they should be able navigate the times ahead, and lead New Zealand through this unprecedented social and economic event.