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The Farming Ecosystem

This month we talk Agri Tech and what we use here at MCI & Associates to help manage our farming businesses, ensuring we get the most out of our clients’ data and putting that knowledge to good practice.

Building a Farm Ecosystem ensures that you have real time data to make real time decisions. You do this through Cloud record keeping, automation which reduces manual records and duplications as farm accounting is no longer just income and expenses. Lastly, your Farm Ecosystem removes the risk of losing data in the wash (true story!)

Ross and the Agri team at MCI use a range of Apps for their Agribusiness Ecosystem.  Take a read of these future-proofing software applications that will help you improve your livelihood and management of your animals.

Xero

New Zealand’s original Start Up. Xero is a Cloud based accounting software that helps you in your business.

  • Bank reconciliation - Keep your financials up to date. Categorise and reconcile bank account transactions each day using suggested matches.
  • GST returns - Prepare accurate returns automatically, and securely file GST online from Xero to Inland Revenue
  • Send invoices - Work smarter with intuitive invoicing software. Send invoices from your phone or desktop as soon as the job is done.
  • Reporting – Track your finances with accurate accounting reports. And collaborate with your advisor online in real time.
  • Pay Bills - Track and pay bills on time. And get a clear overview of accounts payable and cash flow.
  • Files – Use Xero as your online filing system. Manage and share documents, contracts, bills and receipts safely from anywhere.
  • Bank Connections - Connect your bank to Xero and set up bank feeds. Transactions flow securely straight into Xero each business day.
  • Manage contacts - Use Xero for contact management. See details of a customer’s or supplier’s sales, invoices and payments in one place.
  • Payroll - Pay staff and report payroll details to IR with online payroll software. Automate tax, pay and KiwiSaver calculations.
  • Capture data - Get copies of original documents and key data into Xero automatically without manual data entry using Hubdoc.

 

Figured

Figured is the smarter and easier way to manage your farm finances. This farm software talks to Xero so is a full suite of accounting software to manage your farm effectively.

Figured is a complete farm production tracking and  budgeting tool which can also be used for long term scenario planning trusted by over 18,000 Kiwi farmers and their advisors.

This software was born out of a desire to farm smarter. As a farmer, you understand that getting the right results requires having the right tools which is what drove farmers Carl McDonald and David Marshall to develop this online solution in 2013. Now, over 28,000 farmers and their advisors worldwide are enjoying the clarity and simplicity Figured brings.

 

Farm Focus

Farm Focus has been supporting farmers for over 40 years. It is an easy-to-use, time saving, financial management software that provides a big picture view of farm performance and profitability for you and your team.

Like Xero & Figured, it is Cloud Based, so you can access anywhere at any time. Your data is stored securely, with no need for backups and it works together online with your business partners. You have unlimited support as Farm Focus understands that office hours aren’t a thing. It’s automated data capture saves time and ensures that your decisions are based on up-to-date, quality information. It has direct feeds from your bank, rural suppliers integrates with several payroll providers such as PaySauce & Crystal Payroll.

 

Avoid unwanted surprises with FARMAX.

Ross and the Agri team strongly recommend that you use software and technology to help you make those big decisions on farm and FARMAX rounds us off in our Ecosystem.

FARMAX is a decision support tool for pastoral farmers. It will help you grow revenue; it is that simple. One farm at a time, this software helps farmers better plan, monitor, review and analyse their farm operations so they do not leave any cash in the paddock.

With the introduction of accounting for Greenhouse Gas (GHG) emissions by 2025 for the agriculture and horticulture industry FARMAX has developed a tool for users to calculate their GHG number to enable compliance with upcoming milestones.  We recommend you use this or one of the alternative calculation tools relevant to your industry in order to understand and calculate your number.  Click here to find out more.

 

Your future success

Our Agri team find it so beneficial working in collaboration with your whole Advisory team – your banker, your accountant (if not us), your legal team etc. It helps them give you the right advice for your farm. Data sharing between your teams is vital to ensure efficiency and making informed decisions for your business.

 

You might think, do we need all three of these applications, or can we get by with one? Reach out to our Agri team today and we can talk you through what your Farm Ecosystem could look like.