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Get your farm accounts in hand

It’s never too late for your clients to make positive changes to how they manage their farm business accounts in order to improve processes and reduce costs, while becoming more efficient. Farmers can also improve the type of information they record to make it more relevant and useful for their business, and you, their accountant.

By taking stock and assessing existing processes, farmers can better understand what their information is telling them about how their business is doing therefore providing vital information to support the decision making process.

With Farmplan accounts software users can enter, manipulate, and analyse management information relating to their finances as well as provide you, their accountant, with useful, detailed and timely reports and data for you to support them in completing their tax details. In today’s volatile farming market, income and expenditure is different from week to week and may not be easy to predict so there’s no time for farmers to rest on their laurels.

Improve productivity

One of the key impacts of farm accounts software is the support it offers users in helping them improve productivity and efficiency. By updating the process of managing valuable financial information such as recording income/expenditure by enterprise, managing depreciation and calculating VAT all from a central source such as farm management software, the user can ensure that the time spent at the computer is worthwhile and productive.

Better manage costs and be prepared for volatility

The software allows users to manage variable and fixed costs more closely. Straightforward data input processes and expenditure analysis ensures users understand and can track the cost of stock, labour and machinery as well as monitor income from sales. The software enables users to produce a trial balance, balance sheets profit and loss, and other essential management reports such as detailed cash-flow reports which can be useful in monitoring trends.

Access business information when you need it

In order for your clients to be able to keep a better eye on their business finances it is helpful to have information at their fingertips. With farm accounts software, such as Business Manager from Farmplan, data is organised, easily accessible and can be reported on in a straightforward way. Users can share information easily via safe and secure channels, so they can provide reports for their accountant, business consultants and the bank manager when needed. Having this valuable information to hand can help save time as well as improve business insight.

Summary

Farmplan offers a range of accounts software packages designed to suit the needs of farming businesses large and small. Accountants can also use the software to read, edit or report on client’s data.

Farming and Rural Group, July 2015

 

The views expressed are the author’s and not ICAEW’s.