By Figured and Xero
Xero and Figured bring breakthrough farm financial management software solution to agriculture sector
Denver, CO — August 18, 2021 – Figured, the farm financial management software and Xero, the small business accounting platform, today announced they have been selected as joint winners of the “AgTech Finance Solution of the Year” award in the 2021 AgTech Breakthrough Awards. The awards are conducted by AgTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global AgTech market today.
The Xero cloud accounting platform integrates seamlessly with Figured to provide farmers and their advisors the tools to help better track and manage their farm’s finances and plan for the future. Xero works hand-in-hand with Figured, cloud-based farm financial management software that can help farmers respond to changes in global trading conditions, the prices of key agricultural commodities and critical inputs such as feed and fuel. It can also help them model the long-term financial impacts of decisions, such as succession plans, machinery or land purchases, as well as tracking livestock, dairy and crop production.
Xero’s mobile app provides the freedom to work from anywhere and manage finances from the field, tractor or truck. Users can sync their bank feeds to pull through financial data and reconcile transactions on the move, create and send invoices from the field, scan bills and receipts from the phone and keep track of business performance.
With information stored in the cloud, Xero and Figured provide flexibility to access data from anywhere while keeping financial information protected with the security of cloud-based software. Additionally, year-end financial information can stay updated and ready to access when it comes to tax season.
“Xero eliminates the need to spend hours chasing or collecting paperwork and manually inputting it into spreadsheets on a desktop computer. When Xero is synced with third-party agriculture apps like Figured for production and forecasting tracking, farmers can know where their business stands and make informed decisions to help determine their farm’s future,” said Bryan Vaughn, Managing Director of AgTech Breakthrough Awards. “The simplicity of Xero paired with Figured means farmers can efficiently get the insights they need and focus their time and energy on the business of farming. Congratulations to Xero and Figured for being our choice for ‘AgTech Finance Solution of the Year.’”
The mission of the annual AgTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of agricultural and food technology categories, including Internet-of-Things (IoT) and Artificial Intelligence (AI) based agricultural technologies, farm management, indoor farming, food quality, data analytics and many more. This year's program attracted more than 1,500 nominations from over 15 different countries throughout the world.
“Farming businesses have always faced uncertainty. Commodity prices, weather, international trading embargoes; the only certainty is uncertainty,” said David Dodds, CEO, Figured. “Farmers often need to adapt their operation to either manage downturns or take advantage of upturns. Yet most farmers only really understand their financial position once a year, and that really needs to change. Xero and Figured allow farmers and their financial advisors to understand their real-time financial position and optimise the farm performance as they go through a season.”
“Farming business owners wear many different hats, from managing their staff, conducting maintenance on machinery, dealing with suppliers and other business relationships. On top of these responsibilities, business owners also need to look after their finances. We see a tremendous opportunity for farmers to work alongside an accountant or bookkeeper and get help with budgeting or financial planning,” said Tanner Hoffman, General Manager, Industry Verticals, Xero. “We provide our clients with real-time financial insights that can assist with key decisions. Together, Xero and Figured bring an accounting solution to the agriculture sector which can help them stay on top of profitability and effectively plan for the future.”
Figured is a leading farm financial management software helping over 28K farmers across the United States, Canada, New Zealand, Australia, the United Kingdom, and Ireland better manage their profitability. Figured is founded on the idea of the “Farming Team”, in which farmers work collaboratively with their financial advisors and lenders, leveraging cloud technology to share live financial information about the farm, and enabling each expert to provide their input and guidance on major farm decisions. For more information visit Figured.com.
Xero is a cloud-based accounting software platform for small businesses with over 2.7 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device. Xero offers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised by IDC MarketScape as a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment. For more information visit Xero.com.
About AgTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AgTech Breakthrough Awards program is devoted to honoring excellence in agricultural technologies, services, companies and products. The AgTech Breakthrough Awards program provides a forum for public recognition around the achievements of AgTech companies and solutions in categories including farm management, indoor farming, automation, IoT and robotics, food quality, analytics and more. For more information visit AgTechBreakthrough.com.