By David Kirby, Executive Vice President, Europe & Americas
Our vision is to be agriculture's leading global financial management technology, driving the business of farming. To support that vision, we focus on partnering with organisations who share our view for the future of improving financial agri-management through technology.
Figured are proud to once again be partnering with the Institute of Chartered Accountants in England and Wales (ICAEW) to sponsor the Farming and Rural Business Community.
ICAEW provide expert guidance, development, and support to over 150,000 chartered accountants worldwide, and have an extensive network of professionals in the agri-sector who share their knowledge and expertise amongst their members. ICAEW focuses on the future development and support of chartered accountants around the globe, so we are proud to be driving the awareness of the importance of agritech alongside them.
This is our third year of support for the group and we do so as we believe there has never been a more important time for the profession to be advising and guiding farmers to make informed decisions about the future of their farming businesses. We know that the shift in subsidy position will bring challenges as well as some opportunities, and at the heart of any decisions is a clear understanding of the financial position of the business.
We see the relationship as two way, and have enjoyed getting feedback from the advisory group on our app priorities and approach in the market.
Our focus for the year will be around partners making the change required for the good of the sector. As adoption of the cloud continues to grow, we are seeing an increasing number of advisers start to develop their strategies to shift agri clients more proactively across to cloud accounting apps, and Xero as the leading accounting application plays a key role in this transition. We believe that all future focused accounting practices should now have a cloud transition strategy and app strategy for agri, without which they risk not enjoying the benefits of a lower cost of operating in the medium term.
Firms that have made the shift already are now enjoying the benefits of the shift in terms of the next generation of portfolio data tools being developed by firms such as Figured, which demonstrate how quickly the sector is moving.