Lesson Note on the Computer Aided Farm Records and its Benefits For JSS3

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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:

1. Simple cash system: Quicken
2. General cash/Accrual accounting system: QuickBooks, Dac Easy, Peachtree
3. Farm Cash/accrual accounting system: PCMars, Transactions plus (TA+) by FBS systems, Red Wing
4. 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:

1. Need complete, well-documented financial statements,
2. Have, or are planning on the amount of debt,
3. Have many employees,
4. Have someone who has some knowledge of accounting
5. Foresee a need for more extensive records in the future

B. Examine cash-based or generic programs, eg Quicken, if you:

1. Keep records primarily for tax purposes
2. Prefer to use a spreadsheet, FINPACK, AFRA or an accountant to generate and analyze financial statements
3. Have few employees
4. Can get needed production elsewhere
5. Have little knowledge of computer

Benefits of Computer-Aided Records

1. There is the easy entry of data
2. It allows cheques to be written with the computer as data are entered.
3. It allows the separation of data into an enterprise group
4. It is less capital-intensive.
5. Reconciliation of computer account with bank statement is easy
6. It can be used to monitor farm financial progress.
7. It can be operated anytime irrespective of location.

Disadvantages of computer-aided records

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