By Steve Olson, Partner Success Manager, North America
As an accountant, your clients look to you for advice, insights, and support for their business. Using Figured allows you to help your clients really begin to understand the business side of their farming operation.
Farmers are busy and spread thin. They spend much of their time out in the fields: planting, growing, harvesting, etc.
For farmers to really understand their business and make informed business decisions, they need a good understanding of their financials. Finding the time to dig into this information is a challenge. With the help of their Adviser (you) and Figured they can begin to easily digest this information.
With the release of Figured’s Statement of Financial Position you can now easily help your client see their farms true Market Value Financial Position. This could be helpful when working with a bank on financing, determining if this is the right time to purchase a tractor, or to get a clear picture of your current financial position before building out an annual plan. Historically a farmer would look to a balance sheet to try to piece some numbers together - the problem is that a balance sheet is often difficult to interpret and doesn’t always account for an assets fair market value.
With the Statement of Financial Position, we can revalue assets in a matter of seconds. Simply find the asset and enter the current market value under “Revaluations”.
Then take a look at the summary and see how the revaluation affects your numbers.
Figured’s Statement of Financial Position pulls in account information from Xero, with the ability to revalue the accounts at any time. We also get market value information coming in from Livestock and Crop trackers setup inside Figured. This allows us to get an up to date and accurate financial position whenever we choose. This is another addition to Figured to help farmers make informed financial decisions. Bringing this information to your clients will, in many cases, give your farmer an accurate depiction of their Financial position for the very first time. If you’ve been putting this together for your clients it will save you a lot of time and work!
If you’d like to get more information on how Figured and The Statement of Financial can help your firm and your clients, get in touch.