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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news