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

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news