Rise Business Solutions are a Western Australian practice who understood early on the opportunities that cloud software could deliver to their practice and their clients. As a tech-savvy firm, it’s no surprise then that they were one of the first practices to use Figured with their farming clients when the software launched in Australia.
Efficiency through integration
Before using Figured, the team at Rise Business Solutions were using MYOB Solution 6, but it was costing more and more each year, without any extra features being added or improved. It was an outdated solution, with no integration with other systems, meaning that the accountants had to rekey the majority of the information between systems.
Accountant, Shannon Patterson, says that one of the biggest benefits of now using Figured is the time saving that an integration with Xero provides. “By not having to rekey everything into Xero, we are able to produce financial statements and tax returns more efficiently, meaning we can instead spend more time with our clients and proactively help them with their business,” he says.
Immediate access for timely decisions
Like anywhere, one of the biggest challenges that farmers in Western Australia face is seasonal volatility. And while they can’t control the whims of mother nature, what they can control is their budgeting and cash flow management. Shannon says that by both the farmer and accountant having access to the same information, they are able to get a better understanding of the current situation and make decisions in real time
“Having up-to-date information is key to making informed decisions. The single ledger with Xero and Figured means the right information is always at hand. By getting the budget out of Excel and into Figured, it is no longer a static document prepared for the bank. Instead, we are able to get value out of it throughout the year through looking at budget vs actual and reforecasting when things change.”
Connectivity through the cloud
Given the sheer size of the state, large distances are simply one of the barriers that many farmers face when it comes to connecting with their advisors on timely decisions. Shannon says that cloud technology is helping to reduce the pain-factor associated with this by allowing farmers to easily connect with their accountant on the financial management of their business without having to regularly travel or take time away from the farm.
At Rise Business Solutions, they are witnessing that particularly as new generations of farmers become more hands-on with management of farming operations, the demand for running a connected farm is increasing, “It is a natural progression to have their accounting information available ‘on-demand’ - just as they have with internet banking and grain trading,” he says.
Shannon says that what the practice loves about Figured is the flexibility and speed of product enhancement, “The product features are constantly being updated and enhanced, ensuring that more and more value continues to be delivered to users - without us having to ‘stop the office’ for time-consuming or costly product installations,” he explains.
While cloud technology hasn’t changed the services that Rise Business Solutions offer, it has changed the way that they are able to deliver them - with fast connectivity to their clients and the use of real time data, Rise Business Solutions are providing their farming customers with easier access to information that can help them really drive the financial success of their business.