Keeping your farm finances at your fingertips
Managing the farm often leaves no time for paperwork and keeping track of where things are at financially. The good news is that today there are numerous agriculture-based accounting software programs that are relatively easy to use, allowing farmers to have financial information and reports at their fingertips and stored in one place for easy retrieval.
Why use accounting software?
- Save time: Create invoices, record all transactions to selected categories and enterprises, reconcile bank accounts, payroll, calculate GST, prepare and submit BAS returns direct to the ATO.
- Tracking cash flow: To monitor your income and expenses, profit margins and prepare cash flow budgets.
- Tracking production: Tools to record and track the returns per enterprise to assist in future decision making.
- Record keeping: All records are automatically saved and may be shared to accountant online.
What features to look for
It is important to look for accounting software that has features you require for your business.
- Cost: Choose a software package that will not break the budget. Keeping in mind that using the program, preparing & lodging your own BAS returns, should save you in quarterly accounting fees.
- User Friendly: The software selected should have easy to use data entry and record saving, with training and support available. Tools selected should be appropriate for your farm business enterprises.
- Back up: To prevent data loss, choose a program with system data backup in case something happens to your computer or hard drive.
- ATO compliant: To manage all ATO requirements for calculating GST and BAS returns. Check to see if it is compatible with your accountants’ systems.
- Reports: Create a variety of financial reports that can help you visualise your records, performance, profits, cash flow budgets etc.
It is easy to search online for programs that may be suitable. Do the research, ask questions and be sure they have training and support available. Happy bookkeeping!
