Doug and Georgie Kelly take a front seat in managing their finances with Figured
“A farm is a business and it supports our family, so we need to make sure we are on top of everything. With Figured, we can know the numbers, play around with scenarios, and keep on top of everything.”
- Georgie Kelly, Paistex Pastoral Co.
The Kellys, situated in Gulargambone, New South Wales, recently took over the family farm and started a family of their own. Not an easy feat to accomplish - but with the help of their accountants and advisors at PrincipleFocus, they’ve set off on the right track by taking a front seat in managing their finances by using Figured.
With Figured, they can plan years into the future to view different scenarios, and make the changes they need to today, to create the future they want tomorrow.
Watch their story and find out how Figured is helping farmers and their accountants collaborate and build clarity and confidence in their farm’s finances.
Transcript
Georgie Kelly: What I love about farming is the lifestyle and freedom it provides our family. We're very lucky to have acres and acres for our children to roam.
Doug Kelly: Paistex Pastoral Co. Is a mix of winter cropping and self-replacing Angus cattle. We have five and a half thousand acres across three properties that we manage now. The beauty of Figured is that it helps you look forward. It gives you a picture, and it might be 6-12 months down the road of where you're going. If you don't like that picture, you've got that time to change. It's just better than looking back at last year's numbers when it's a bit late to make a change.
Georgie Kelly: Some of the challenges we're facing are the environment, which every farmer is always facing. If we're not in drought, we're in flood or a super wet year.
Doug Kelly: We can put those rising costs into our plan and we'll see where our cash flow's gonna be. And also having good advisors.
Georgie Kelly: So what changed for us when we first started working with PrincipleFocus and Figured was we were invited to take a front seat in our accounting. We decided that when we took over ownership of the property, we were going to start afresh with a new team. And we really wanted someone that was management-based and gonna help us achieve our goals.
Nicolette Vaughan, PrincipleFocus: So for anyone entering the farming industry, agribusiness sector, taking on a significant debt, that can be quite overwhelming. Where Figured comes into play is to plan for the future and forecast those projections of what lies ahead.
So when we are working with our clients, we can certainly help them and provide them with some guidelines. We think Figured is a great tool for the financial management reporting side of things, because it really allows the opportunity for us to help clients establish a great structure around their financial reporting system that actually gives them meaningful information out the other end from a reporting sense.
Georgie Kelly: A farm is a business, and it supports our family. So we need to make sure that we are on top of everything. But if we know the numbers, we can play around and manipulate scenarios and just be on top of everything.
