Tool will offer producers new insights into profitability
OMAHA, NEBRASKA (March 14, 2017) – Farm Credit Services of America (FCSAmerica), operating in alliance with Frontier Farm Credit, today announced it is partnering to develop and launch the first cloud-based managerial accounting system created specifically for American agriculture.
"Today’s challenging agricultural economy requires even more attention to costs, marketing decisions, and margins – and more focus on profit,” said Doug Stark, CEO and president of FCSAmerica. “We’re developing a new tool that will give farmers and ranchers – and their advisors – deeper insights into the profitability of their operations.”
The new system will feature technology from Xero and Figured, New Zealand-based accounting and agricultural software firms. The partnership marries the experience of Xero and Figured with FCSAmerica’s expertise in American agriculture. With a loan portfolio of more than $25 billion, FCSAmerica provides credit and insurance services to more than 51,000 ag producers in the Midwest.
“Our tool is being developed for American agriculture, with standardized reporting that will give producers stronger, more relevant comparisons and better insights to improve management and profitability,” Stark said.
FCSAmerica is developing and testing the tool in 2017 ahead of a full launch expected in early 2018. FCSAmerica will be sole distributor of the managerial accounting system.
About Farm Credit Services of America
Farm Credit Services of America is a customer-owned financial cooperative proud to finance the growth of rural America, including the special needs of young and beginning producers. With $25.4 billion in assets and $4.5 billion in members’ equity, FCSAmerica is one of the region’s leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming. Learn more at fcsamerica.com.
Xero is beautiful, easy-to-use online accounting software for small businesses and their advisors. The company has over 862,000 subscribers in more than 180 countries. Xero seamlessly integrates with over 500 apps, and was ranked No. 1 by Forbes as the World's Most Innovative Growth Company two years running and Asia Pacific winner of Linkedin’s ‘Bring your Employer Brand to Life’ Award.
Figured develops online software that provides farmers with a better way to financially manage their farming operation. Its production planning and farm budgeting tools work seamlessly with online accounting software from Xero. Figured is committed to improving the business of farming in partnership with Xero, leading banks and progressive accounting parties.