Farm accounting software can be a great investment for farmers. By 2022, the best farm accounting software will allow farmers to manage their finances more efficiently and make sound decisions about their crops and livestock.
In addition, the best farm accounting software will also help farmers comply with government regulations. So, if you're a farmer looking for ways to improve your business, consider investing in the best farm accounting software available in 2022. You won't regret it!
Are you looking for the best farm accounting software for your needs? Whether you're a small hobby farmer or a larger commercial operation, there's a software package that will fit your needs.
In this article, we'll take a look at some of the top farm accounting software packages on the market right now, and we'll also give you some tips on choosing the right one for your business. So if you're ready to start keeping track of your farm finances, read on!
If you're like most farmers, you are always looking for ways to make your farm more efficient and profitable. One way to do this is to invest in the best farm accounting software available.
Regardless of the size of your farming operation, you need to keep good records of your income and expenses. This is essential for making sound business decisions, filing taxes, and applying for government subsidies. To make the task as easy as possible, you should use farm accounting software. Many different programs are available, but we have compiled a list of the best ones for 2022.
There are a lot of different farm accounting software programs on the market, and it can be tough to decide which one is the best for your needs. In this blog post, we'll look at some of the most popular programs and what makes them stand out from the competition. You should have a good idea of which program is right for you by the end!
So without further ado, let's get started!
What Is Farm Accounting Software?
You need accounting software that has more functionality than what is found in a basic system if you run a farm, ranch, or any other type of agricultural operation. This is because agricultural operations tend to be more complex. Agriculture and farm accounting software is developed to suit to the special requirements of the industry, and as a result, it includes functions such as inventory management, asset depreciation, purchase orders, and budgeting.
What Crucial Elements Should I Search For in Farm Accounting Software?
1. Managing the inventory of crops and animals
The software used in agriculture should be able to keep track of the supplementary data required for farms and ranches, such as the types of seeds that are planted, the fertilisers and chemicals that are used, the weights of livestock parents and newborns, and so on. As a consequence of this, PTI compliance will be supported, and the sales and grower accounting systems will receive input.
2. Warehouse administration
Accounting software for farms should also be able to handle inventory management for things like fertilisers, chemicals, seeds, and heavy machinery, as well as receiving, pallet and case labelling, re-packing, and administration of pick tickets.
3. Ag ratio analysis
Grower reports conduct an analysis of the proportion of crops sown to yield produced. This allows you to adjust prices appropriately, determine the most effective methods, and boost yields for future growing seasons.
4. Calendars for breeding and growth
Agriculture is a highly seasonal sector, and as a result, a great deal of success or failure may be attributed not only to the time of year but also to the age of the animal or crop as well as the goods that were used to nurture its growth. A calendar could be included in a farming software solution in order to keep track of activities like as planting, fertilising, spraying for pests, harvesting, gestation, births, and weaning, among other things.
QuickBooks: The Best Accounting Software Available in Its Category for Farmers and Ranchers
QuickBooks does not include any farm management features; however, it does offer a great deal of customization for agricultural operations. This includes the capability to assign income and expenses to particular cost centres or enterprises, which enables you to keep a closer eye on your yields and profitability.
Accounts payable (A/P) and accounts receivable (A/R) are two of the robust general accounting capabilities that are included in QuickBooks. These features have the potential to be valuable to farmers. Because it also enables you to maintain the financial records of numerous farms, QuickBooks is the multi-company accounting software that we believe to be the finest overall option.
1. Benefits
- Accounting capabilities that lead the industry
- Large grouping of QuickBooks ProAdvisors all across the world
- It can be modified to fit the specifications of your farm.
- The ability to allocate revenues and expenditures to certain cost centres or businesses
2. Drawbacks
- Cannot keep tabs on one's own earnings and expenditures
- There are no functions that are particular to farm inventory management.
- There is no accounting for fixed assets.
- No mobile application
3. Pricing & Plans
- QuickBooks Pro: $349.99 per year for one user (up to three users)
- QuickBooks Premier: $549.99 per year for one user (up to five users)
- QuickBooks Enterprise: $1,275 per year for one user (Up to 40 users)
The starting price only includes a single user's subscription. There is no longer the option to purchase QuickBooks on a one-time basis.
4. Features
- Industry-specific reports: Monitor your profitability by product, client, or project, depending on the perspective from which you wish to view your business's overall performance. You can do analysis on a variety of aspects of your company using the reports that QuickBooks allows you to generate.
- Cash and accrual reports: You have the option of printing reports based on either the cash basis or the accrual basis of accounting. Cash basis reports provide farm managers with the ability to identify cash flows and evaluate the best ways to either maintain cash flow or resolve cash flow difficulties.
- Class and location tracking: Similar to its cousin that is hosted in the cloud, QuickBooks includes class and location tracking to assist farm managers in classifying operations and setting locations for the purpose of performance evaluation.
- Establishing cost centres is an excellent tool that will assist you in keeping tabs on your earnings and outgoings with regard to particular aspects of your farm, such as fields and herds.
QuickBooks is a reasonably priced accounting application that offers a broad feature set and can be adapted to meet the needs of any business, including agricultural enterprises. Upgrade to QuickBooks Premier if you need advanced work costing or forecasting capabilities; the QuickBooks Pro edition is usually sufficient for farmers. However, those who need forecasting capabilities should consider upgrading to QuickBooks Premier.
QuickBooks is an excellent option for farmers who either do not have internet access or who have internet access that is slow because it is a software package that is installed locally. In addition, it is simple to share your books with an outside accountant or a certified public accountant (CPA) at the time of tax preparation by making an accountant's copy that gives them permission to make alterations to your books. This is done at the same time as filing your taxes.
5. QuickBooks Pro Plus: Best overall farm accounting software
QuickBooks Pro Plus, which is included in the QuickBooks suite, made it onto our list of the top software solutions for farm accounting. This accounting software is user-friendly and is supported by the majority of accounting firms and a large number of independent bookkeepers.
Despite the fact that QuickBooks Pro Plus is not designed expressly as farm accounting software, the chart of accounts and the native financial statements may both be easily customised to meet the requirements of your farm's accounting system.
QuickBooks Pro is capable of managing all of the accounting tasks required by your farm, including the following:
- For instance, you should make sure that your check register is always up to date and that it is reconciled with your bank statement.
- Keep tabs on vendor bills, perform a speedy analysis of outstanding amounts, and log payments all in one convenient location.
- Keeping track of your assets will ensure that you are always aware of the monetary value of your farm.
- Produce in a timely manner the reports that your accountant requires in order to prepare your tax return.
A yearly subscription to QuickBooks Pro Plus may be purchased for a total of 349.99 dollars. At this price, you get desktop-based software (you don't need an internet connection unless you want to use the bank feed feature), and you get one user login.
If you require payroll capabilities, you will be asked to make an additional investment, which will start at either $50 per month or $500 per year when invoiced annually, in addition to an additional $2 per employee each month (internet is required for these services).
QuickBooks Online: The Finest Accounting Software Hosted in the Cloud for Farmers
The online version of QuickBooks includes almost all of the same capabilities as the desktop version, but it costs more. Farmers, in exchange for the additional expense, are granted remote access to all of the pertinent data without having to sit at a desk.
Because files can be shared through the cloud, it is also much simpler for you to transmit the information that you need to your accountant. The fact that QuickBooks Online is adaptable enough to meet the needs of virtually any company makes it our top choice when it comes to accounting software designed specifically for small enterprises.
1. Benefits
- Simple communication of data with your accountant
- Establish cost centres in order to monitor your profitability.
- Powerful mobile app
- The best general accounting features available on the market for accounting software for small businesses
2. Drawbacks
- Cost isn't great for budget-minded small farmers
- There are no farm management features present.
- Each farm requires a separate subscription
- It is not possible to utilise it to keep track of one's personal income and expenditures.
3. Pricing & Plans
- Simple Start: $25 per month for a single user
- Essentials: $50 per month for three users
- Plus: $80 per month for five users
- Advanced: $180 per month for 25 users
You can add payroll processing to any plan for an additional monthly cost of $45 + $4 for each new employee. QuickBooks Online is available in a variety of plans, each with its own set of features and prices. You can choose between a 50% discount for the first three months of service or a free trial of 30 days with no obligation to provide a credit card.
4. Features
- Tracking of classes and locations In farm accounting, classes are a tool that farm managers use to categorise groupings of assets or expenses according to the type of crop or livestock being raised. Tracking one's location can also be utilised to monitor the progress of specific fields.
- Access to QuickBooks ProAdvisors Having access to a huge network of QuickBooks Online ProAdvisors makes it very simple to set up your books. You can simplify the process of filing your taxes by giving your accountant access to your financial records.
- Cost Centers QuickBooks Online enables you to assign income and expenses to cost centres or enterprises, which can assist you in determining the level of productivity achieved by your agricultural organisation.
QuickBooks Online has exceptional general accounting tools that can be adapted easily for agricultural operations.
Despite the fact that it does not come pre-configured for farms, it is simple to set up classes and locations to keep tabs on your income and expenses according to the various cost centres and enterprises you operate. You can be even more granular by employing project tracking to monitor specific breeding stock or fields, as examples of smaller areas of an enterprise that can be monitored in this way.
QuickBooks Pro Plus is an accounting solution that is locally hosted, which means that it is on your desktop and can be accessible even when you do not have an internet connection. On the other hand, QuickBooks Online is a product that is housed in the cloud.
QuickBooks Online enables access to your bookkeeping information anytime, anyplace, and it also allows your accountant or outsourced bookkeeper to assist you without needing to host the programme on a distant server – an option that generally costs $60 per user per month or more.
In the same way that QuickBooks Desktop is not farm-specific, neither is QuickBooks Online. However, both the chart of accounts and the native reports may be easily customised to provide you with the data you require to make informed business decisions regarding your farm and to provide the information that your accountant requires when it is time to file taxes. Additionally, as an added perk, QuickBooks Online is equipped with a receipt capturing capability, which makes the process of record keeping much simpler than ever before.
The Simple Start plan of QuickBooks Online costs $25 per month, while the Essentials plan costs $50 per month and the Plus plan costs $80 per month. The Essentials package may be ideal for small farms (required for more complex farming operations).
It is possible that QuickBooks Online Advanced ($180 per month) will be beneficial to large farming operations. Additional payroll functionality for each of the four available options starts at $45 per month + $4 for each employee.
FarmBooks: Cheapest Farm-Specific Software
FarmBooks is a programme for desktop computers that is used for accounting on farms. FarmBooks' pricing structure is one of its greatest advantages; it is the most cost-effective farm-oriented software option on our list.
FarmBooks has all of the features that we look for in farm accounting software, despite the fact that it has a relatively modest price tag. FarmBooks, for instance, keeps a record of the real-time inventory of crops and livestock, in addition to the income and expenditures of the farm and the individual.
1. Benefits
- Software for farm accounting that is the least expensive on our list
- Can keep tabs on personal as well as farm earnings and expenditures
- Personalised chart of accounts as well as report formats
- Including current inventories of both crops and cattle in real time
- Includes free payroll processing that you may handle on your own (DIY).
2. Drawbacks
- An extra charge is necessary for each farm.
- No ability to link financial accounts
- No mobile application
- It is challenging to collaborate on bookkeeping with an accountant or tax expert.
3. Pricing & Plans
A one-time payment of $395 is required for a single farm, in addition to an annual maintenance payment of $85 in order to receive programme upgrades and bug patches.
Before making a purchase, you have the option of signing up for a free trial.
4. Features
- FarmBooks offers a specialised chart of accounts, which makes it simple for farmers to keep their books even if they do not have an experience in accounting. This makes it possible for FarmBooks to serve farmers who do not have an accounting background.
- Reports on the farm's finances: The financial reports generated by FarmBooks can offer valuable information on the farm's performance and liquidity. They include things like financial analysis, fundamental financial statements, the Schedule F, cash flow statements, and other such things.
- Inventory management: One of the most significant features of FarmBooks' inventory management is its real-time inventory for crops, as well as its important dates and weight measures for livestock. It is also possible to keep track of the births, weanings, and deaths of animals.
FarmBooks is your best option if you require farm accounting software that has all of the features you need but you're working with a limited budget. You can manage both agricultural and non-agricultural transactions with this software, and you can obtain everything you need to do so for less than $400.
It comes with a customised chart of accounts as well as reports that are made specifically for farmers. The fact that users need to pay an additional fee for each farm location suggests that FarmBooks is not necessarily the most suitable option for farmers who operate more than one farm.
The fact that we found it rather challenging to learn how to use the programme is one of the reasons why it received just 2.5 out of 10 points for ease of use. However, it makes use of a one-of-a-kind coding scheme in its chart of accounts to assist in the automatic categorisation of transactions. This is done with the goal of making bookkeeping simpler for individuals who are not bookkeepers.
We believe the system will operate well, and it may offer a great deal of convenience; but, it may take some time to get the codes configured properly. However, if you become familiar with FarmBooks' one-of-a-kind workflow, we believe it to be an excellent and reasonably priced option for farmers and ranchers.
Farm Biz and Ultra Farm Accounting: Best farm-specific Accounting Software
Check out Farm Biz if you want to avoid having to modify an accounting solution in order for it to work for the bookkeeping needs of your farm and instead go with an accounting solution that was developed exclusively for farm enterprises. This programme, which does not require any prior knowledge in bookkeeping, comes with a chart of accounts that has been tailored specifically for your farming company. However, a knowledge of bookkeeping or accounting is not required in order to make use of the software in any way, shape, or form.
It is not necessary to have an internet connection in order to use the Farm Biz farm accounting software because the programme is run locally on your computer. Just double check that you are using an effective backup procedure to safeguard against the inadvertent loss of data. Farm Biz offers a one-time purchase price of $249, making it the most cost-effective solution on our list. There are no additional fees or subscriptions to worry about.
If you need more sophisticated capabilities than those that are included in Farm Biz, then its sibling software, Ultra Farm Accounting, is an excellent alternative for you to consider as the next step up. Reporting that is more individualised is included in Ultra Farm Accounting, such as an analysis of your livestock and your Schedule F for your tax return. In addition, payroll is incorporated into the purchase price of $550.
EasyFarm: Best for Self-Employed Farmers
We strongly suggest using EasyFarm for farmers who are self-employed and want to keep track of both their personal and farming income and spending on a single platform. Because it can record transactions related to farming as well as other types of business, it is a versatile option for farm accounting. EasyFarm is used by a large number of farmers who are self-employed to report their revenue and costs from their farms.
1. Benefits
- The extensive array of farm amenities
- Contributes to the management of crops and livestock
- Data entry is made simpler for users who are not bookkeepers by the use of specialised input windows.
- Capable at managing both personal and agricultural finances
2. Drawbacks
- A little on the pricey side in comparison to other programmes of its kind.
- To be able to issue invoices, an advanced accounts receivable add-on is required.
- Unable to establish a connection with bank accounts
- Accountancy for fixed assets is not included in this
3. Pricing & Plans
- EasyFarm 8.3 Lite: $509
- EasyFarm 8.3 Plus: $595
- EasyFarm Pro Livestock: $800
- EasyFarm Pro Crops: $800
- EasyFarm Premier: $1,100
Plans with a higher monthly fee include a higher level of crop and field record monitoring, in addition to a livestock manager.
Add-on modules:
- Co-op Inventory Management Software: $159
- Accounts Receivable: $169
- Oil Sales & Royalty Payment Distribution: $229
- EasyFarmHand Mobile App: $339
- Crop and Field Manager: $595
4. Features
- Input with a single column The input with a single column is an easy solution for individuals who do not have a strong experience in double-entry bookkeeping. You can record numerous items in a single entry, which will significantly cut down the amount of time needed to enter data.
- Creating cost centres enables you to more easily monitor your income and expenditures based on the fields, herds, and other components of your farm. In addition, the utilisation of these cost centres can assist you in strategically and appropriately allocating resources.
- Exports to FINPACK: EasyFarm is capable of exporting data to FINPACK, a software application that does financial and credit analysis of agricultural producers and farmers.
- EasyFarm has features such as a check writer, time and cost assignment, and tax withholding that make it possible for you to manage the payroll for your farm.
The use of EasyFarm might be beneficial for farmers who combine their personal and business revenue and costs. It's not exactly the cheapest farm accounting software out there, but it gets the job done. Despite this, it provides a wealth of farm-specific capabilities for the price you pay, such as the ability to create cost centres to monitor income and expenditures across a particular aspect of your farm business. This enables you to make decisions that are more informed.
Dext Prepare: Best For Record Retention In Conjunction With Farm Accounting Software
Despite the fact that it is not accounting software per se, Dext Prepare (previously known as Receipt Bank) assists you in managing the record retention obligations that are applicable to your business. You may take pictures of invoices, receipts, and other documents using your mobile device and the Dext Invoice and Expense Reports app, and then save those images to the cloud for later usage and review.
When it comes to filing your taxes, going through an audit, or seeking for finance for your farm, this can reduce the amount of effort and worry associated with maintaining your key financial records and finding them when you need them.
You can save time on data entry by integrating Dext Prepare with a QuickBooks product if you are currently using one of those products. The starting price for Dext Prepare is $25 per month (or $20 per month when billed annually).
The Farmer’s Office: Best for Detailed Cost Accounting for Farmers and Ranchers
Farmers and ranch managers who want to rely on precise cost accounting to determine which of their crops, farms, or livestock is lucrative should consider using Datatech's Farmer's Office software. This programme is suitable for those individuals.
You have the ability to build a cost centre using The Farmer's Office, such as a field, crop, or ranch. to keep track of how much money you make and how much money you spend on a particular aspect of your organisation. If you manage many farms, crops, and livestock, you will find that the precise cost accounting provided by The Farmer's Office is an excellent choice.
1. Benefits
- A comprehensive cost accounting system to monitor profitability
- Including an A/R module for sending invoices and monitoring their status.
- Monitors revenues and expenditures based on cost centres.
- Chemical inventory as well as a reporting system for applications of pesticides
- Including salaries paid to agricultural workers
2. Drawbacks
- Desktop software typically has to be installed.
- There is no pricing up ahead.
- Knowledge of bookkeeping is necessary.
- Transactions from bank accounts cannot be imported.
3. Pricing & Plans
Although prices are not made available to the general public, The Farmer's Office is available in three different editions: small farm, standard farm, and enterprise farm. One computer is the limit for the use of a single licence, which must be purchased separately. A secondary site licence fee, equal to 25 percent of the cost of the product, must be paid in order to instal it on a computer located within the same office as the first one.
Before making a purchase, you have the option of signing up for a free trial.
4. Features
- Cost accounting: In order to accurately monitor their costs, overhead, and other farming-related expenditures, farms require specialised cost accounting capabilities. You are able to construct crop and equipment cost centres in Farmer's Office, which allows you to calculate the materials, labour, and overhead costs associated with farming activities. You are also able to construct reports pertaining to cost accounting, such as crop, expense, and variance analysis reports.
- Creating a crop budget helps keep track of costs and facilitates the loan application process. When analysing variations, budgets can also serve as a performance indicator in their own right.
- Reporting on the usage of pesticides is another useful function of Farmer's Office, which provides this functionality. It makes it easier for you to monitor operations involving pesticides, including the ingredients used during application. Because pesticides contribute to maintaining a high output from agricultural products, this characteristic can also benefit production.
The Farmer's Office is equipped with improved cost-accounting functions, which are of the utmost significance for the planning and decision-making processes on a farm. The crop budgeting, equipment costing, crop-year tracking, and consolidated reporting are some of the elements included in this component.
The Farmer's Office keeps track of your income and expenses based on specific farm components, such as fields and herds, by employing a system called cost centres or enterprises. In addition to that, it has reporting systems for the use of pesticides and chemical inventories, both of which assist farmers in avoiding using an excessive amount of pesticides and chemicals. In addition, farm managers may better manage the salaries and deductions of their farm personnel by using the individualised payroll options that are available to them.