By Figured and FarmIQ
Two of New Zealand’s key agri-tech solutions – Figured and FarmIQ – have joined forces to give farmers and their accountants a real-time view of their farming system
The new financial data connection automatically transfers stock transactions into Figured as soon as data has been entered into FarmIQ. This allows the farmer’s accountant to get the stock information straight away, including deaths, births, sales and purchases.
The FarmIQ and Figured integration removes the pain of double-entry, reduces inaccuracies between systems and saves time.
Figured is the country’s leading farm financial management tool for dairy, livestock and crop operations, encompassing production tracking, budgeting and forecasting features.
FarmIQ is a map-based farm management tool that helps farmers keep track of staff management, land and feed data, animal recording and compliance information.
FarmIQ CEO, Will Noble, asserts that having accurate numbers is extremely important, while rekeying data is a pain point, particularly if farmers are running a large operation with multiple stock classes.
“The integration between Figured and FarmIQ is living our mantra of bringing it all together for the benefit of our farmers, giving them more time to farm. They just manage their stock numbers in FarmIQ on a day-by-day basis using our app and that data transfers seamlessly through to Figured, giving farmers a real-time view of the farm system including the financial and biological balance sheets,” he explains.
The data connection between the two tools has been requested by both companies’ customers, and feedback from the testing group has been positive, with users saving at least a day’s worth of time each month.
“Farmers are a time-poor group with pressures coming from so many directions, so if we can help ease that pain even a little bit, we think that is a great success,” says Will.
The data connection is improving the accuracy of stock numbers and events, and users are able to get the right information to their accountant instantaneously.
Automatically moving information between systems also means that there is just one source of truth, giving farmers, owners, farm boards, accountants and banks more confidence in the numbers in Figured.
“Having FarmIQ provide high-quality, livestock movement data to Figured is an important step in bringing together the on-farm information and the financial data for users of both platforms. This integration will help farmers and their advisors quickly gain a broad picture of farm performance for better decision making, with less time spent on data management,” says Dave Dodds, CEO of Figured.