Figured today officially announces its partnership with Farm Credit Services America (FCSAmerica), a leading provider of credit and insurance services to farmers and agribusinesses, based in Omaha, Nebraska.
This partnership will see FCSAmerica develop a cloud-based managerial accounting system, combining the technology expertise of Figured and Xero with FCSAmerica’s indepth understanding of American agriculture. With a loan portfolio of more than $25 billion, FCSAmerica provides credit and insurance services to more than 51,000 ag producers in the Midwest. They are part of a larger Farm Credit System which represents a third of all farm lending in the US.
For Figured, this partnership is a huge milestone in the emerging company’s progression, and is a significant export opportunity for a New Zealand business of this size. FCSAmerica researched globally for a year to find a partner in this space and found Figured to fit their needs better than any other solution.
“Farmers globally are faced with volatility, whether it be commodity prices or the weather, therefore understanding profitability is more important than ever. The US market is no different, so we are proud to partner with Farm Credit Services America who are passionate about supporting and growing farmers businesses in the US”, says Sophie Stanley, VP Figured USA.
“It is further evidence of New Zealand’s status as a world leader in agriculture, and recognises Figured’s position as a world-class farm financial management software solution in the global marketplace.”
This partnership will not only provide a financial management solution for American agribusinesses but will also allow Figured to further develop and enhance the product to better support local New Zealand and Australian markets.
Figured partnered with Xero three years ago to provide the first cloud farm accounting solution. “We are looking forward to supporting the continued success of Figured, and working alongside them as they continue to build out a world-class solution that will further help the success of agribusinesses in New Zealand and Australia,” says Craig Hudson, Xero New Zealand Country Manager.
FCSAmerica is developing and testing the tool in 2017 ahead of a full launch expected in 2018. FCSAmerica will be sole distributor of the managerial accounting system in the United States.