In 2019, after nearly 40 years in banking, Richard Henderson set up his own rural advisory business in Invercargill, Financial Management and Planning Ltd (FM&P). He could see farmers weren’t getting the support they needed to plan ahead, so he set out to give it to them. To do that, he needed the right tool, so he tested the options himself. This is what he found at the time.
“I am a financial planner by nature and experience and when I started looking around for an online management tool suited to farming, I was surprised to find there was only one in the marketplace.”
Why planning comes first
For Richard, the case for good software starts with planning.
“If there’s no plan there’s no control, no certainty over what happens next which can lead to poor decision making and added stress.”
He wanted a tool built for farm businesses, not adapted to them.
“Farm Focus is it and has been developed and designed here by farmers for farmers.”
How does Farm Focus compare with Figured and MYOB?
When Richard compared tools in 2019, he tried others before settling on Farm Focus. For an adviser, the test that mattered most was how easily a mistake could be put right.
“Figured uses a process where incorrect info can’t be changed – it’s there at the top of the page for years! I called head office to find out how to correct numbers, as in - had I missed something? - and was advised in my case I may need to re-install the programme! This is the only way to make a data correction.”
“MYOB is the same. It is crazy both systems are so restricted and there is no appetite by either to look at or change these issues. Imagine the time and effort that must go into fixing what could be a minor mistake when trying to reconcile at months end!”
In Farm Focus, he found it simple to tweak the detail, so he and his clients are always working with the latest information.
What should advisers look for in month-end reconciliation?
Automation is the next test, because it decides how much tidy-up lands on the adviser’s desk.
“Reconciliation is automated - invoices can be pre-coded using your own codes, saved and automatically matched against your bank statement over the month. I know clients who used to drop off a huge amount of financials to be inputted at month end but happily that’s a thing of the past.”
“If you do receive an invoice by snail mail this can be scanned using the Focus scanner and saved– at the end of the month push the button and move on!”
And for the farmer, it means less time indoors.
“It’s safe to say no farmer wants to spend more time in the office and this is where Focus is a game changer. You can log in anytime from anywhere so there’s no need to stop work to go home and check detail - best of all those tedious month end tasks of finding, then matching up invoices and receipts and inputting are gone, a thing of the past!”
How do advisers and bank managers get access?
Tracking information is a big part of Richard’s work. Farm Focus helps him show clients where they’re at, and what tweak to the plan would help them change up a gear.
“Clients can tick a box to give myself or their bank manager, any advisor online access to their business account which saves a heck of a lot of travel in country districts. I can drop in and out and check account details with no waiting around for either party.”
He can also work on the same screen as his clients, so they’re talking about the same numbers, and farmers can see how to do things for themselves.
What does it save the client?
“Saving money is a big driver and Focus helps there too. Some used to get their accountant to code their invoices or complete GST returns which cost them. Coding in Focus is simple so there’s no need to pay someone to do it for you. You can also choose your own codes which make sense and, if you do make a mistake, it is easily fixed. GST returns are the same – the process is streamlined and pretty easy to follow.”
The verdict
For Richard, going out on his own changed life for the better. Moving his clients onto Farm Focus has done the same for them.
