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Accounting for agriculture in the cloud

Xero

Nov 2, 2021

Agriculture is an ever-changing industry. Demands on Canadian farmers to feed a growing global population continue to rise and the complexity of modern farming means farmers need to be experts in a broad range of areas – both on the farm and in the office. That’s why Xero and Figured have come together to form a complete farm management solution for advisors and their farming clients to run a more informed and efficient business. 

As part of Xero Education Month, join us on November 23, 2021 at 1:30 pm EDT for a deep dive into the Xero + Figured workflow to transform the way you work with your agriculture clients. Register here.

Today’s agriculture sector

The agriculture sector is an important industry to the growth of the Canadian economy. According to Statistics Canada, realized net farm income rose 84.2% in 2020 and farm cash receipts, which include crop and livestock revenues, increased 8.3% to $72.2 billion in 2020 – the largest gain since 2012 (+8.7%).

From changing policies to unpredictable environmental impacts, farmers continue to face many challenges and now more than ever there’s a greater need for farm business advisors. The latest Dollars and Sense study update from Farm Management Canada, revealed that the ability to read and use Financial Statements and having a formal risk management plan has significantly declined over the past five years.

Harvesting value for your practice and clients

With Xero and Figured, you can help your clients better understand and implement best practices to manage their farm. By solving regulatory financial compliance, people compliance, and budgeting and forecasting needs, clients will have an up-to-date view of their whole business and a clear strategy for the future. 

Using Xero and Figured together, you can:

  • Scale advisory and plan conversations with ease
  • Use data to drive proactive conversations with clients
  • Budget and forecast efficiently
  • Standardize reporting to reduce manual data entry and drive internal efficiencies 
  • Collaborate with the whole farming team

Empower your clients to make data-driven decisions to be in the best possible position to access bank capital with the confidence to act quickly.

Learn more about Figured here

For a live demo and access to additional resources , sign up for our ‘Accounting for agriculture in the cloud ’ session as part of Xero Education Month 2021. You can also join one of the other 50+ webinars. With specially curated content for both small businesses, accountants and bookkeepers, there’s something for everybody. Learn more here

Statistics Canada. Table 32-10-0052-01  Net farm income (x 1,000)
Statistics Canada. Table 32-10-0045-01  Farm cash receipts, annual (x 1,000)
Farm Management Canada, Dollars and Sense 2020 report update

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