Financial Reporting to Lower Farm Borrowing Costs
Building a strong partnership with your lender begins by maintaining accurate financial records. This can have a substantial influence on your borrowing costs.
farm accounting
Cash Flow in a High Interest Rate Environment
Higher interest rates have many implications for a capital-intensive industry like agriculture. Practical management tactics need to change in a high interest rate environment, and strategic concerns must be considered.
QuickBooks Desktop Service Discontinuation Policy
It was brought to our attention that services for older versions of QuickBooks Desktop are scheduled to be discontinued.
Leveraging Farm Data to Make Better Decisions
High Emphasis on Farm data It’s been said knowledge is power and that is especially true for farmers. On any given day, farmers make a number of decisions – some big, some small. Every decision a farmer makes has an impact on the farming operation, which is why making informed decisions is critical. When it comes to making those decisions, farm data is king and good data management is paramount. “Frankly, the last few years we’ve had a more difficult farm economy with six or seven years of low margin operations,” says Paul Gorman, owner of ELCEL Solutions Inc. and a long-time farm business management instructor. With extreme market swings, rising input costs and severe drought impacting much of the country, having sound financial management practices is pivotal, perhaps more today than ever before. “People cannot afford to be sloppy,” Gorman says. That’s where a powerful farm data management software program is helpful. Computerized farm management software has been around for decades. These programs have enabled farmers to make informed decisions, allowing them to be more efficient and make decisions based on accurate information. “[Farm management software] definitely gives you a truer picture,” explains Mitch Konen. “Instead of
Cloud-Based Farm Accounting Enhances Collaboration, Increases Efficiency
The Changing World of Farm Accounting Just as farm equipment has evolved from horse and plow to powerful 4-wheel drive tractors and 48-row planters, farm data collection has experienced its own revolution. What started with pencil and paper before transitioning to desktop software has now advanced to a cloud-based farm accounting application. With the use of cloud-based services in agriculture on the rise in recent years, the introduction of this new accounting solution, Traction, is a welcome addition to farmers who are looking for enhanced accessibility, added security and peace of mind. For most farming operations, one person assumes responsibility for data entry and has access to day-to-day financials and reporting. Beyond that, current farm desktop accounting software programs are archaic and not user friendly and non-farm specific applications make it extremely difficult for farmers to capture field-level accounting analysis. A cloud-based platform, like Traction, enhances collaboration and team engagement for all stakeholders on the operation. While Traction is relatively new to the market, Laura Ehnle, Edelstein, Ill., has already experienced increased collaboration since implementing the application on her family’s farm. A long-time user of a popular farm data management software program, Ehnle admits she and her husband could
6 Year-End Accounting Tips for 2020
With COVID and the election taking the headlines in 2020, we suspect most farmers are wanting to hit the fast-forward button to 2021. Before you jump into the time machine, don’t forget to consider these top 6 accounting year-end tips. YEAR-END ACCOUNTING TIPS Reconciliation. Make sure to reconcile all accounts including your checking, saving, credit lines, and credit card accounts by using their statements. Traction makes this easy with an automated process while other systems might be a bit more manual. By not reconciling, you could end up with a payment due that you had not planned for. Backup or Archive Your Data. If you are using a desktop solution, it is important to make a backup before year-end. Because you are dealing with USBs and external hard drives, it is good to make multiple backups in case you experience hardware failure. When you move your operation to Traction, you will no longer worry about this step because your data is backed up automatically via the cloud. Enter Details for All Transactions. Make sure to enter all transaction details prior to year-end. One of the nice features of most accounting systems is being able to add a transaction without details,
The Future of Farming: Navigating Challenges with Independent Next-Gen Management Tools
Independence in agriculture is more than just a buzzword; it’s the linchpin for sustainable farming in the modern era. As the world grapples with changing landscapes and demands, the autonomy and empowerment of farmers become vital. This article explores the significance of agricultural independence, highlighting its importance, the challenges faced, and the solutions that can foster a new paradigm for farming. From education and technology to collaboration, we delve into the ways we can build a future where farmers not only survive but thrive, ensuring a nourishing and sustainable environment for generations to come.
Read: The Future of Farming: Navigating Challenges with Independent Next-Gen Management Tools
