Exploring the advisory opportunity at Xerocon | Figured

Exploring the advisory opportunity at Xerocon

21 Aug
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Xerocon 2019 Blog


As new technology streamlines compliance and automates manual accounting work, pressure amounts on accountants to figure out new ways to add value to their clients. With software like Xero and Figured, accountants have the perfect platform to start exploring the value of advisory services.

Xerocon is the perfect opportunity for you to engage with us, to find out how the Xero, Figured proposition can open the door to advisory services for your agri clients. You could take a bigger part in your client’s business.

How? Because our platform gives you back your valuable time. With data flowing between Xero and Figured, it streamlines your compliance work and tax planning, provides you with a single, ongoing financial plan to work with and draw reports from, and you can whip up a 5 year plan for your client’s business using our scenarios tool. We’re also releasing a new cropping experience where you have a new tracker and planning functionality for your arable clients.

Check out how our features can help you perform advisory services.

Benchmarking & Scenarios

Our benchmarking tool gives farmers and their advisors data that is refined beyond industry-wide benchmarks, so they can actually compare their performance against farms in their own area. It helps farming teams understand how their farm is performing in relation to those nearby, how well it’s being managed, and how sustainably it is run.

You can configure whatever metrics you’d like to compare, and decide whether it’s private for you or open to anyone at Figured to see. This gives you the ability to start conversations about how your client’s farm is performing and make decisions that’ll help them run a more profitable business.

Our scenarios planning tool allows you to plan a multi-year, 3-way view (P&L, cashflow and balance sheet) of the farming operation. You can create ‘what if’ scenarios to assess different opportunities quickly and see how a farming business might look a few years ahead, based on a major financial proposition or variances in commodity prices, without having to complete a full cash flow budget. This gives you financial clarity around decision making, facilitating better conversations with clients.

Cropping

This year at our stand, we’ll be showing you a brand new version of Figured’s cropping functionality.

Our new experience will enable your clients to easily plan and manage their crop season production and sales activities. This will be a whole new experience from an advisor perspective as you’ll understand their financial position more clearly

We’re delighted to share this new experience with you, so we’d love to have you come by and check it out, and let us know what you think.

Snapshots & the Rolling Plan

This recently released feature allows you to build and maintain a single, ongoing financial plan, while keeping a record of all the changes you’ve made as you’ve moved through the year.

With the Rolling Plan functionality, you can get started on financial planning by adding to your existing plan, meaning you don’t need to spend your valuable time on building the initial budget or opening position. Instead of isolated budget years, you build on existing actuals from Xero, adding as much or as little detail as you like, and planning across any period of time. Once you’re happy with the plan you can take a Snapshot of your work to turn it into your Annual Plan.

You can also reforecast regularly and easily while keeping a record of changes to keep your team in the loop, as Snapshots provide a record of your financial plan at a point in time that can be used for comparative reporting. If conditions change throughout the year and you need to reforecast, simply rework the plan and save it as a new Snapshot.

You can also get more powerful reports out of Figured faster and simpler, allowing for comparative reporting and more valuable conversations between the entire farming team. We wanted to create a tool to facilitate these interactions so that the entire farming team can be involved in financial planning of the farm.

Streamlined compliance

Move your practice beyond processing numbers at year-end and spend less time gathering information from your clients to complete compliance tasks. Figured provides a connected approach with your clients, and real-time reporting with high quality data flowing in from Xero and bank feeds, so that all your client’s information is in one place.

This ultimately improves efficiency and productivity, so that you can spend more time providing advisory services and developing stronger relationships with your clients.

We believe we have the best agri-advisory platform to help you play a bigger part in your clients business.

Come along to our stand at Xerocon to get a demo of these new features, a sneak preview at what’s to come, and a chance to give us feedback.

Check out what’s in store at Xerocon this year.