PaySauce, cloud software provider, and Xero have launched a joint rural initiative for agriculture employers known as Xero For Farming.
Xero and PaySauce have already completed a series of pilot workshops in rural regions, as a companion to Xero Roadshow 2019.
Following the success of these pilots, the two SaaS platforms have established a strategic alliance to improve financial confidence and understanding within farming businesses.
The Xero for Farming concept emerged in response to mounting regulatory pressure on rural employers to meet higher standards of compliance amidst tougher financial realities.
The joint offering seeks to improve knowledge and resilience through transparent data delivery and proactive education, helping farmers become bank ready with a sharper understanding of their financial outlook, the companies said in a statement.
PaySauce CEO Asantha Wijeyeratne says, “Xero for Farming is designed to meet the needs of rural New Zealanders. We're so excited about what we can achieve with Xero. We've been hearing that rural employers feel overwhelmed and under-supported in 2019, and we really believe in the potential of cloud technology to improve on that.
“We're well-placed to take some of the pressure off, easing the compliance burden with the mobility and flexibility of a SaaS solution.
Xero head of agribusiness and practice strategy Cameron Anderson says, “The alliance will connect rural bankers, bookkeepers and business owners to achieve clarity and confidence around on-farm numbers.
“The goal is not just to deliver an industry-leader app stack, but to effect broader change for the farming sector. Agri employers take on so many roles and navigate so many contrasting challenges.
“We're keen to see a shift away from the concept of the lone farmer with their assorted tools and consultants, and towards a cohesive farming team working towards the same business goals," he says.
According to Jordan Hartley-Smith, agri and business advisory services manager at Baker Tilly Staples Rodway Taranaki, an integrated Xero and PaySauce solution has proven to be a powerful tool for rural clients.
“We see a lot of headwinds facing NZ farmers now regular reporting, having a budget set and either meeting budget or having a coherent understanding of variances is more important than ever.
“Credit are wanting to see that level of business acumen shown in hard facts and figures. Providing that information to banks on a regular basis [through the app stack] gives them accurate visibility of your business and builds trust in you and your operation,” says Hartley-Smith.