Business management platform MYOB today announced it has joined forces with leading farm financial management software company, Figured, to deliver a comprehensive accounting software integration for the Australian agricultural sector.
Together, MYOB and Figured will provide a broad range of agricultural compliance and advisory solutions to the accountants and advisors of the farming community. The combined firepower will allow customers and advisors to gather real-time data and insights, to enhance decision-making for their operations and to be able to plan with confidence.
Integrated functionality will allow accounting firms using MYOB to support dairy, livestock and crop producers to seamlessly access Figured’s production tracking, budget and forecasting tools. At the same time, they can provide value-added advisory services through the application of insights that offer business efficiency opportunities, profitability enhancement measures and proactive problem solving.
“Agriculture plays a crucial role in the lives of all Australians, as well as the economy, representing 12% of goods and services exported in 2020-2021,” said Kim Clarke, General Manager Enterprise at MYOB.
“We know agriculture businesses were heavily impacted by COVID-19, and that inflationary and supply chain constraints will continue to drive concern across the industry. This is where agri businesses have come to rely on their advisors to help them steer the ship, make informed decisions and pivot at pace when needed.
“Enabling MYOB and Figured’s deeply integrated solution, along with the added value businesses receive from their trusted advisors, will help the farming community take a longer-term view of their entire business, support strategic decision-making and drive further success.”
Dave Dodds, CEO for Figured, said, “We know that farmers are more successful when working with a strong professional advisory team, backed by accurate and real time data. This integration will ensure more farmers and their advisors are getting the benefit of Figured, underpinned by real time data from MYOB.
“It allows the entire farming team, from farmers and their advisors, accountants and bookkeepers, and rural bankers, to access the agricultural compliance and advisory tools they need to support better business decision making.
“We’ve seen cloud adoption rapidly extend from the urban to rural sector and we see our partnership with MYOB can be a significant part of this change. We are excited to see what this partnership can do for Australian rural businesses.”
The announcement today will lead to the integration of Figured into the MYOB platform in Australia in early 2023, when it will provide advisors with an integrated agriculture software solution that spans compliance, advisory and business intelligence.
For more information on the MYOB and Figured partnership, go to myob.com/au.
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.
Figured is a leading farm financial management software helping over 30,000 farms across the United States, Canada, New Zealand, Australia, the United Kingdom, and Ireland better manage their profitability as they can easily track their progress with real-time financial and farm management data. Figured is founded on the idea of the “Farming Team”, in which farmers work collaboratively with their financial advisors and lenders, leveraging cloud technology to better enable each expert to provide their input and guidance on major farm decisions based on accurate live financial information.