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 around the globe are regularly required to make important decisions that will affect the business’s bottom line. One of the recurring decisions is “Where am I best to use my harvested crops?” The opportunity cost of putting production towards one use over another needs to be constantly assessed, and planned usage may need to change over the course of a season.
Across the nation, farmers and elevators work in trusted relationships centered around a fluctuating marketplace. This is why as a farmer, it’s important to know the current market price of your product in order to make knowledgeable decisions that drive the productivity of your farm. Figured integrates with DTN (Data Transmission Network) to help farmers stay informed and relevant. With direct access to current commodity insights, farmers can set their crop’s market price to the state and elevator of their choice!
At Figured, we’ve been working alongside arable farmers and their advisers for some time now, and in that time we’ve seen the same challenging processes year after year. Recognising this, we set about building a new cropping experience that would allow the whole farming team to collaborate and contribute to both Figured and Xero, and tie all the information together in one easy to understand tool.
Model out the long term financial impact of major decisions or changes in your business with Figured Scenarios.
Figured empowers farmers to run their farm like a business all while building their resilience to frequent commodity fluctuations.
When you use Figured for your planning, you’ll have your client’s live accounting data hooked directly into the same place that their Annual Plan lives. This creates a single source of truth for all management reports and plans, so that any time you look at a report in Figured you’ll know that this is the current plan that they’re working to.
Let’s be honest. To most farmers interpreting a balance sheet is a dark art, especially when it comes to relating balance sheet sheet decisions to the real world that they operate in on a day to day basis. If I invest in this today what effect will it have on my equity over time? I have this capital cost coming at me, how will I fund it and what impact will it have on the value of my business? Up until now these questions have been difficult to model and answer with any confidence.
As farming becomes an increasingly precision-oriented business, and the profitability of farms gets put under the microscope, not having access to accurate financial data isn't just a disadvantage for farm businesses, it’s a recipe for disaster.