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Leading platforms integrate to give accountants in Australia and New Zealand deep insights into their agri clients.
Powering agribusiness with MYOB and Figured
09 June 2023
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3 minute read
Leading business management platform MYOB has joined forces with Figured, a farm financial management platform, to help accountants provide best-in-class solutions for agricultural businesses across Australia and New Zealand.
The collaboration enables accounting practices to go beyond reporting and compliance, delivering higher-value advisory services by integrating Figured's deep industry insights with the MYOB platform.
Together, the platforms provide users with the tools to evaluate and monitor their clients' business cash flow, budget, and financial performance in real-time, leading to better advisory conversations.
Meeting challenges head-on
MYOB and Figured counter some of the challenges faced by accountants providing advisory services to the agricultural industry.
“Agriculture plays a crucial role in the lives of all Australians and New Zealanders, as well as their economies, representing 12% of goods and services exported from Australia in 2020-2021,” said Kim Clarke, General Manager Enterprise at MYOB.
“As with many industries, agriculture is facing inflationary and supply chain constraints that are likely to continue to bring challenges across the industry. The latest Australian MYOB Business Monitor found 44% of small and medium-sized enterprise respondents believe there will be a recession in the coming 12 months.
“It’s more important than ever for agribusinesses to lean on their advisors for insights to ensure they can make informed decisions and drive growth through a challenging economic time.
“The deep integration between MYOB and Figured, 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.”
Driving integrated solutions
Integrated functionality allows 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.
"We're delighted to be partnering with MYOB: together we're enabling accountants to step confidently into the agri advisory space,” said Figured CEO Dave Dodds.
“By streamlining compliance and arming accountants with key financial insights, we're enabling them to offer more value to their farming clients. And by giving farmers and their teams all their financial and production data in a single place, we're helping them to make informed decisions today and focus on the efficiency and profitability of their operations."
The MYOB-Figured partnership presents a significant opportunity for accounting practices in Australia to enhance their advisory services to agricultural clients.
With real-time insights and deep industry expertise, the partnership will enable accountants to have more valuable conversations with their clients, ultimately driving greater productivity and profitability for the industry as a whole.
Practices can find out more about the integration with Figured and MYOB here.
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