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Product Update: An easier way for you to add value to your farming clients

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Product Update: An easier way for you to add value to your farming clients
By Admin

We’re delighted to introduce to you our newest feature: Snapshots and the Rolling Plan.

You now have the simplest way to build, manage and update your financial plan, while keeping a record of all the changes you’ve made as you’ve moved through the year.

What does this mean for you?

You can work against a single, ongoing financial plan without losing the functionality of a locked and approved budget.

We know that not everyone works on a 12 month cycle. So we’ve done away with the season overflows and fixed 12 month budgets. With the Rolling Plan, you can get started on financial planning straight away, without the need to spend your valuable time on building the initial budget or opening position at the start of each budget year. You just need to add to your existing plan.

You can now also get reports out of Figured in a faster, simpler and more flexible way. The reports are more powerful, 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 everyone in the farming team gets a chance to be involved with the financial planning of the farm.

Hamish Macdonald from WK Business Advisors says that Snapshots and the Rolling Plan save him time, which allows him to provide more value in the form of advisory to his farming clients. "I can already see improvement in efficiencies and forecasting with the new changes".

How does it work?

Instead of isolated budget years, you can now build on existing actuals from Xero - just like the forecasts work today. Using our planning grid and trackers, you can create your financial plan with as much or as little detail as you like, and plan out across any period of time. Once you’re happy with the plan, simply take a Snapshot of your work to turn this into your Annual Plan.

As things change throughout the year, you may need to reforecast. Simply rework the plan in the planning grid and your trackers, and save it as a new Snapshot. With the ability to create multiple Snapshots, you can reforecast regularly and easily, whilst keeping a record of changes to keep everyone in the farming team in the loop. You can capture changes as and when they happen, making it easy to review the plan and keep a record of the year’s progress.

Snapshots provide a record of your financial plan and are unaffected by changes to the farm, meaning that you have a point in time access to a farm’s data, that can be used for comparative reporting. This way, you only need to maintain a single financial plan, instead of managing your budget and forecasts separately.

We are now open for business

You can try out our new functionality - today. Check out these help centre articles to find out how to migrate across, as well as some quick tips and FAQs.

The Rolling Plan uses our new Planning Grid, so you’ll need to opt in to use the new experience when you switch over. This will be the default experience from 7 August 2019.

We’d also love to hear your feedback so that we can make sure we’re giving you the best possible financial planning solution - our support team is just a message away.