Figured, a new accounting and farm management software platform, has arrived on the UK market. The real-time accountancy software package is already in use in Australia, New Zealand and the US.
Figured gives farmers an up-to-date view of their farm’s financial situation, with minimal effort. It uses automatic feeds from the bank account to update the current financial position and forecast future positions for the year. Farmers can accurately see the impact of changes to factors such as milk prices, or the effect of cost variances on profitability. Figured works with online accounting platform Xero, and enables a farmer, an accountant or any member of the farming team to see the same up-to-date financial information and the forecast financial position. This could mean peace of mind for the farmer and more efficient dealings with accountants and advisors.
Initially, Figured will focus on the dairy and livestock markets. It has formed a leading arable beta group of accountants and advisers to support the arable sector later in the year.
Speaking at the launch of Figured, independent economic analyst Séan Rickard said British farming needs to be more efficient, and automated systems must be integrated into supply chains to guarantee future success. “This is both in terms of agri-biotechnology, but also precision, or digital farming,” explained Mr. Rickard, going on: “In both cases, farmers will be reliant on data, being able to process data quickly, and acting on this data in real-time.” He believes that this is how Figured will add value to the UK farming sector.
David Kirby, UK and Ireland managing director at Figured, commented: “Farmers must start to plan, especially in the light of Brexit and Making Tax Digital. Farming is changing, and becoming more of a business, with producers, alongside their accountants and advisors needing to rely more on data to be able to make the right decisions. Farmers should be using the latest proven technology to do this.
“With its UK launch, Figured offers UK farmers a unique opportunity to plan better for the future, and to use the leading innovative package to do that,” he adds. “We are continually developing the package to make sure it fits the growing need for tomorrow’s professional farmer. Talk to your accountant about Figured, and see figured.com for more information.”