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

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>