Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Farm accountancy puzzle solved

Farm accountancy puzzle solved

A missing piece of the farm accountancy puzzle has fallen into place with the launch of Figured - an online farm financial package launched at Xerocon today.

As a former partner in a rural accounting firm, and a farmer, David Marshall felt for a long time there had to be a more efficient way of managing farm finances.

Working with farm investment company MyFarm, which is responsible for managing more than 50 farms, Marshall says he became increasingly frustrated at not having the right financial information at his fingertips.

“We were trying to communicate how well the farms were running or if there were issues looming but we seemed to be reporting different results, using different systems and getting different answers.”

Enter Carl McDonald, also an accountant, farmer and part of the MyFarm team.
Not only did he share their frustrations, he also understood what was technically possible through the ‘cloud’.

They pair, backed by MyFarm and two silent investors, partnered up with Wellington based software development company Hashbang and set about developing New Zealand’s first complete farm livestock reporting, cash planning and rolling forecasting tool, in real time.

After successful trials with MyFarm dairy and sheep and beef farms, the value for any farming operation, big or small, became apparent. It was time to talk to Xero. Marshall says Figured needed what Xero had as its platform and likewise, Xero were encouraging farming add-on partners.

“We were providing the final piece of the puzzle.”

Figured Project Director Duncan Anderson says it will give accountants the opportunity to play a significant role in the financial management of the farming business because both parties will know everything about the financial position of the business – in real time and at any time.

Anderson says there is already overseas interest in the product and there are no barriers to international use.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Half Empty: Dairy Prices Drop To Lowest Since August 2009

Dairy product prices fell to the lowest level in more than five years in the latest GlobalDairyTrade auction, led by declines in butter milk powder and whole milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news