Bringing the farming team together to make better business decisions and confidently plan for the future
By using Figured, PrincipleFocus can easily collaborate with their farmers, Matthew and Cherie Coddington of Roseville Park Merino Stud, on the same set of financial data to make proactive decisions that drive the growth of their business.
[Nicolette] Figured from a financial management reporting point of view is the most user friendly software platform out there.
[Matthew] I'm Matthew Coddington
[Cherie] I'm Cherie Coddington
[Matthew] and we're co-principals and managers of Roseville Park Merino Stud, which is located 35 kilometres south of Dubbo, in the central west of New South Wales, Australia.
Some big changes we've made since taking over the farm 16 years ago was definitely taking time to actually get out of being in a race drenching sheep or out moving sheep, to actually spending more time working on the business.
[Cherie] And in my role as the financial manager, Figured’s played a really good role in that and making real-time data available to Matthew, to be able to make decisions that he needs to operate the farm.
You can't underestimate really good support and PrincipleFocus as our accountants, they just really help us sort of sift through all the information that we need to.
[Nicolette] I'm Nicolette Vaughan and I head up our consulting team within PrincipleFocus. PrincipleFocus is an accounting and advisory firm, but our overwhelming focus is actually on management reporting and working on them with their future plans and business expansion projects effectively.
When we first started working with Matthew and Cherie, they were very much a well-established business. However, one of their big goals was for business expansion.
So with Matthew and Cherie, we actually recommended that they implement Figured. And the fundamental reason why we recommended that for Matthew and Cherie was because obviously, it's a cloud-based software system. It's real-time data. We're looking at the one set of information that obviously Matthew and Cherie are constantly looking and working in. But also the likes of ourselves as part of their advisory team are looking at the same numbers in real-time.
Figured from a financial management reporting point of view is the most user-friendly software platforms out there. What it also enables us to do is have our finger on the pulse consistently as to where we're at from a financial point of view, but most importantly, absolutely ready for the next opportunity.
[Matthew] To get the most out of the farming team here we need to be adaptable, innovative. We need good communication, good teamwork. Underlying all of that is the apps that we use to communicate.
It enables us to help and plan well in advance so our decisions are made in due time without being reactionary.
[Cherie] I have tried other farm software in the past. They weren't cloud-based and so they weren't really staying up with the times. And when Figured was suggested to me by PrincipleFocus, I jumped at it because I wanted something that would stay up with the times and make my job easier and Figured is definitely set up to be able to do that and do it very easily.
In terms of the farm and where we're heading in the next five years, Figured and Xero play a really important role in hitting our goals because we know where we're at and that way we can make decisions based on that.