Cloud software providers PaySauce and Xero have teamed to produce Xero For Farming, a solution for agri employers.
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, PaySauce told shareholders in a stock exchange announcement this morning.
The alliance will connect rural bankers, bookkeepers and business owners to achieve clarity and confidence around on-farm numbers.
The joint offering seeks to improve knowledge and resilience through transparent data delivery and education, helping farmers become “bank ready” with a sharper understanding of their financial outlook.
The companies completed a series of pilot workshops in rural regions, as a companion to Xero Roadshow 2019.
Now, the two SaaS platforms have established a strategic alliance to improve financial confidence and understanding within farming businesses.
"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," said PaySauce CEO Asantha Wijeyeratne.
Cameron Anderson, head of agribusiness and practice strategy at Xero, said the goal is not just to deliver an industry-leading app stack, but to effect broader change.
“Agri employers take on so many roles and navigate so many contrasting challenges," he said.
"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.”
An integrated Xero and PaySauce solution has proven to be a powerful tool for rural clients, said Jordan Hartley-Smith, agri and business advisory services manager at Baker Tilly Staples Rodway Taranaki.
“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."
Providing that information to banks regularly through the app stack gives farmers accurate visibility of their business and builds trust, Hartley-Smith said.