Many clients in the rural sector will have heard about Figured farm management software. We’re using it here at Diprose Miller with a number of clients, so we thought we’d fill you in on what it’s all about and why clients are excited about using it.
We're happy to talk to farmers about the benefits of using Figured in their business and how they can ensure a smooth implementation - get in touch if you'd like to know more.
1. What is Figured?
Figured is a cloud-based software specifically designed to assist farmers with managing the financial aspects of their farming operations. Figured can be used for all types of farming, but must be linked to an existing Xero subscription. As with Xero, Figured is available on a monthly subscription basis.
2. Why is it a popular choice with clients?
Being a cloud-based product, the Figured software is not loaded on any particular workstation, but is available on any machine with an internet connection and web browser. No updates or backups are required. Multiple users can be given access to the software and be viewing and/or working on the data at the same time. It’s a great way for all parties involved in the farm management process to stay up to date with actual and forecast performance – the farmer, accountant, banker, farm advisor and solicitor can all have access if required.
3. What exactly would I use it for?
For most farmers, the primary reason for using Figured is the ability to create annual budgets and cash flow forecasts, then compare actual results to the forecast(s). Actual results are automatically imported from data held in the farmer’s Xero file. For dairy farmers, dairy company milk payment updates are automatically incorporated into the Figured forecasts. Figured will also track movements in livestock numbers throughout the season. It’s a fantastic planning tool that eliminates the need for messy and potentially inaccurate spreadsheets that need actual results manually added.
Farmers may be interested to know that BNZ has purchased a significant shareholding in Figured and has plans for its rural advisors to be using the Figured forecasting product for all client appraisals and reviews in the near future.
4. How do I get started using Figured?
Farmers can sign up directly with Figured, but we recommend working with an accountant to make sure the associated Xero file is properly set up and linked to the Figured file. Farmers who bank with BNZ or ASB will be pleased to hear these banks have free Figured subscriptions available for their clients, but be aware these offers do not include the necessary Xero subscription.
5. What useful features are in development?
1. A ‘scenario planning’ feature will allow farmers to assess the profitability and cash flow impact of changes to their farming strategies.
2. A ‘benchmarking’ feature will allow farmers to compare their results with similar operations, either against pre-set or customised groups of users.
3. Automatic data feeds will soon be available to automatically import livestock sale and purchase transactions.
Find out more about Figured on their website or contact the team at Diprose Miller to find out how we can help you solve your rural financial needs.
