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: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news