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What is available to keep computerized farm records?
Farmers, who need accurate, complete financial statements and analysis should consider using some form of computer record system such as:
- Simple cash system: Quicken
- General cash/Accrual accounting system: QuickBooks, Dac Easy, Peachtree
- Farm Cash/accrual accounting system: PCMars, Transactions plus (TA+) by FBS systems, Red Wing
- Add-ons for analysis: Spreadsheet, FINPACK, AFRA by FBS.
Which system is best for your farm business?
No one can predict which program is best. The following may help in the decision:
A. Examine farm-specific programs if you:
- Need complete, well-documented financial statements,
- Have, or are planning on the amount of debt,
- Have many employees,
- Have someone who has some knowledge of accounting
- Foresee a need for more extensive records in the future
B. Examine cash-based or generic programs, eg Quicken, if you:
- Keep records primarily for tax purposes
- Prefer to use a spreadsheet, FINPACK, AFRA or an accountant to generate and analyze financial statements
- Have few employees
- Can get needed production elsewhere
- Have little knowledge of computer
Benefits of Computer-Aided Records
- There is the easy entry of data
- It allows cheques to be written with the computer as data are entered.
- It allows the separation of data into an enterprise group
- It is less capital-intensive.
- Reconciliation of computer account with bank statement is easy
- It can be used to monitor farm financial progress.
- It can be operated anytime irrespective of location.
Disadvantages of computer-aided records
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