Practical examples using Xero and Figured:
• PRODUCTION COSTS. A core function of Figured is crop trackers to measure margin by enabling input costs to be allocated against a budget by crop or by field. This can provide insights into the cost of production and derive a crop breakeven price. There is a warehouse function to account for inputs purchased not applied. • ANNUAL BUDGETING . An annual budget can be set and locked. Integration with Xero then pulls through actual data and a budget can then be set as a rolling forecast for the financial year showing the actual plus budget for an outturn. This helps give visibility on funding and assists pre-year end planning to consider, for example, investments to secure capital allowances, or other strategies to mitigate tax such as pension contributions. • CHANGING CIRCUMSTANCES. There is also a useful scenario planning tool which can take the financial data and enable parameters to be changed in order to assess affordability of debt or sensitivity to subsidy reform for example. Farming has had many effective data capture processes over the centuries, enabling the decisions of past generations of agricultural pioneers to provide opportunities for their descendants. As we face the challenges of farming in our current era, it is up to us to harness the best of today’s innovative solutions to maximise the benefits for our own communities whilst ensuring our land and what it produces remains an asset that is sustainable and enduring for the next generation.
Xero is becoming one of the most popular cloud based business finance solutions – globally. It is perfect for agri businesses as it can seamlessly integrate with agri specific apps which provide farmers with better oversights for livestock quantity and value. It also allows you to create and send personalised online quotes from wherever you are and collaborate on business information in real time with your accountant or bookkeeper. Sync Xero with third-party agriculture apps for crop and livestock tracking and more.
Figured is a complete online livestock crop and production tracking, farm budgeting and forecasting tool that gives you accurate data in one place, in real time.
For more information about cloud accounting for agricultural businesses contact Nick Banks on hello@scruttonbland.co.uk or call 0330 058 6559 .
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