While QuickBooks Online can be customized to almost any type of business, it lacks industry-specific tools that are needed for efficient farm management. That’s why QuickBooks has introduced a new integration with Figured, a farm management application. This integration is designed to help farmers, accountants, and agricultural advisors streamline their operations, manage finances, and ultimately make informed decisions to drive profitability.
In this article, let’s discuss the QuickBooks Online + Figured integration and how it can help agribusinesses streamline their farming operations.
The New QuickBooks Online + Figured Integration provides farmers with enhanced management tools to boost financial tracking, reporting, and analysis for agricultural businesses. However, note that you should have an active QuickBooks Online subscription to be able to set up the integration.
Efficiency through Farm Reporter
1. Out-of-the-box enterprise reporting: Farm Reporter offers a suite of pre-built, industry-specific reports that allows you to gain insights into your farm’s financial health without the need for manual report generation. This feature saves valuable time and resources, allowing farmers and advisors to focus on strategic decision-making.
2. Automatically allocate transactions: With this feature, you can effortlessly categorize income and expenses, reducing the manual effort required for data entry. This not only streamlines accounting processes but also minimizes the risk of errors.
3. Manage inventory across seasons: For agriculture, where inventory management is crucial, this feature allows users to efficiently track and manage inventory across different seasons. It ensures that resources are optimally allocated throughout the year.
4. Report on true cost breakeven: Farm Reporter enables you to calculate the true cost breakeven at both the field and enterprise levels. This data provides invaluable insights into your profitability, helping you make data-driven decisions.
Figured and QuickBooks Online integration (Source: QuickBooks)
High-Value Advisory Services with Farm Manager
- Scalable and integrated enterprise reporting: Farm Manager extends the capabilities of Farm Reporter by offering integrated enterprise reporting that scales with your farm’s growth. This feature is particularly beneficial for farms with diverse operations.
- Full 3-way financial and management reporting: You can generate comprehensive financial and management reports that provide a 360-degree view of your farm’s performance. These reports are invaluable for assessing financial health and identifying areas for improvement.
- Easily build refreshable report packs: Farm Manager allows users to create custom report packs that automatically update with the latest data. This feature streamlines the reporting process and ensures that stakeholders have access to real-time information.
- A comprehensive suite of financial planning tools: With Farm Manager, users gain access to powerful financial planning tools that enable them to model various scenarios and make informed decisions about investments, expenses, and revenue projections.
Drive Growth with Figured Insights
- Easily identify advisory opportunities: Figured Insights analyzes farm data to identify potential advisory opportunities. It highlights areas where improvements can be made and revenue can be increased, allowing advisors to deliver high-value services to their clients.
- Segment and benchmark client performance: Advisors can segment their client base and benchmark each client’s performance against industry standards. This helps identify top-performing farms and areas where clients can improve.
- Automatically deliver benchmark reports: Figured Insights can automatically generate benchmark reports, saving advisors time and ensuring that clients receive regular updates on their performance compared to industry benchmarks.
- Run ‘what-if modeling’ across enterprises: Users can use Figured Insights to perform ‘what-if modeling’ to assess the impact of different scenarios on farm profitability. This feature aids in strategic decision-making and risk assessment.
If you already have a QuickBooks Online account, you can set up the Figured integration directly from the Apps dashboard.
Setting up the Figured and QuickBooks Online integration
QuickBooks Online’s smart farm management with Figured is a game-changer for the agriculture industry. It not only streamlines accounting and financial reporting but also equips farmers and advisors with the tools they need to make informed decisions and drive profitability.