Using digital farm finance to future-proof your farm

Agribusinses Insights

The gross value of agricultural production is expected to reach a record of over $66 billion in 2020–21 according to the Department of Agriculture, Water and the Environment.

In their latest Agricultural overview: June quarter 2021, they summarise that global demand for Australia's agricultural commodities continues to be strong and the market outlook is mostly positive.

However, challenges in labour supply and climate change and variability still present very real risks to the industry.

Managing risks and uncertainties is something we deal with at RSM every day with farming clients across the country.

“Farmers are collecting so much of their own data on farm in today’s modern farming world. Being able to use that data to make good decisions that ultimately benefit your business is critical to the success of our farming clients. Our job is to help with that decision-making process and identify threats and opportunities as they arise."

Jo Gilbert, Director, RSM in Albany

RSM is a trusted partner of Figured. 

Figured is an innovative cloud farm financial management application that assists farmers in getting more granular detail around the productivity of their agribusiness, whatever their focus is.RSM is a trusted partner of Figured.

As a cloud-based add-on to Xero, Figured provides a single source of truth for farmers and their advisers.

The app enables the farming community to swiftly collect important data and model forecasts and scenarios to provide farmers with the right information that they need to make important business decisions.

“Our clients who are embracing this new technology are now enjoying valuable benefits. Budgeting, forecasting and scenario planning can now be updated in a matter of minutes which allows us to consider potential implications on cash flow, profit, taxation, equity and opportunities for growth.”

Ross Paterson, National Leader, Agribusiness, RSM Australia

Are you using the right tools for the right job?

The farming industry is ever-changing. With a growing global population, farmers and their resources are feeling the pressure.Figured and Xero together enable the whole farming team to get around the same data in real time to drive better on-farm decisions and give farmers more certainty.

Advancements in technology have improved the way farmers operate but have also added layers of complexity.

Today, farmers have to be skilled at everything – both on the farm and in the office.

Getting the right technology behind the farming team is essential to the success of the farm operation.

“We created Figured to give farmers and their advisers clarity over the financials. And, we are laser-focused on continuously improving the experience to make it as simple and easy to use as possible. Figured and Xero together enable the whole farming team to get around the same data in real-time to drive better on-farm decisions and give farmers more certainty."

Dave Dodds, CEO of Figured

How can RSM help take your farm to the cloud?

If you caught the RSM team at the recent Dowerin and Newdegate Field Days, we showcased the benefits of Xero and Figured and the future of farm finance first-hand.

If you missed us or would like to learn more about the software, our upcoming live-demo workshops or want to speak to an adviser, please contact your local RSM office today.