Farm accounts with Xero and Figured

msi - figured on farmBy James Nell & Tim Wade, Mackay Bailey, Accountants, Christchurch, New Zealand.

The dairy industry in New Zealand is sometimes referred to as the white gold trade. Like gold, recent dairy pay-out announcements have led to significant volatility and uncertainty regarding budgets and profitability. What does your dairy farm budget look like when the pay-out changes from $8.50 to an expected $5.60 per kg of milk solids? An income drop of 34%.

Figured on Farm’ is a great new cloud based software tool that can be used in conjunction with Xero to help you forecast profitability and your cash position. The tool has the added benefit of tracking livestock numbers. Most importantly the process is automated.

Figured talks to both Xero as your accounting system and your rural supply companies and dairy company. As the season progresses, Figured updates your actual results based on your real production. Likewise, when your dairy company announces pay out changes, Figured automatically updates your forecasts based on your actual production and the updated pay out values.

The beauty of the system is that it provides real time information to the advisor team – the farmer, the accountant, the bank and the farm advisor. This means you are spending your time and money on the future rather than trying to reconcile what has already happened. The advisor team gets immediate feedback on the financial results of recent farming decisions.

Figured and Xero can:

  • Provide transparency to ensure the advisor team is ‘all on the same page’
  • Provide a true picture of profit achieved at any time.
  • Provide real time access to month by month financial results.
  • Assist planning and forecasting of future results including livestock tracking, overall profit and cash available. Forecasts that can be updated whenever something changes.
  • Documents and invoices are stored in the cloud so accountants and farmers no longer waste time chasing information.
  • Useful farm management measures such as dollars per hectare, per Kg Milk Solids and per Stock unit available at the click of a mouse.

Talk to us about how we can work with you utilising the tools of Figured and Xero. Lets’ work together to improve the business of farming, provide you with a complete picture of your farms financial position so you can focus on improving performance and profits.

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