Farming is a volatile business, full of variables. No two days are the same, yet daily events on the farm have an impact on the bottom line, which is why Figured is designed to give you full visibility of a farm’s financial position, and the ability to easily update the financial plan with input from experts and advisors.
The business environment for small businesses around the world has recently also become one full of variables, as the hospitality and tourism sectors feel the effects of Covid-19.
That’s why we fast-tracked the development of Figured Commercial Manager; taking the best features from our world-class agri financial management platform and making it fit for commercial businesses.
The best of Figured planning
Since introducing Commercial Manager a month ago, we’ve taken on board feedback from our partners, and delivered a series of improvements to complement Figured’s core functionality of a powerful planning grid, detailed management reporting and deep integration with Xero:
- Scenarios: We’ve added the Scenarios functionality to Commercial Manager so that advisors can work with their clients to model the long term financial impact of major decisions or changes in their businesses.
- Custom account categories: We realise commercial businesses have a variety of unique account categories, so we’ve created a first for Figured - the ability to customise your account categories.
- Multi-enterprise: We’ve brought our functionality to join multiple businesses for group reporting, across to Commercial Manager. You can report on multiple businesses in Figured, from one Xero account.
Leveraging existing data
For accounting partners with clients that already use Xero, the process of creating a financial plan for a commercial client couldn't be more efficient. Once the client’s Xero account is connected to Figured, you can simply carry actuals into the beginning of a new budget, and use this as the basis for creating a financial plan. The scenario tool is then available to test a number of different events in the business - from seeking operating capital from the bank, through to equipment purchases or major investments in the business.
We’ve made Figured Commercial Manager available to existing Figured partners, and these recent improvements have gone live in the product during the past month. In doing so, we’ve established the complete platform for Xero accounting and advisory professionals to standardise their client budgeting systems across both agri and commercial business.