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Recent developments in technology have exponentially increased the outputs of practically every type of business, and the agriculture industry is no exception.
With innovative new farming techniques, farmers can utilize land more effectively and increase the yield of their harvest, which in turn increases their profit.
But with increased revenue, farmers need to be able to document and manage their finances appropriately.
So, how exactly do today’s farmers manage their finances?
The answer lies in incorporating the use of farm accounting software in finance management.
Farm accounting software enables farm owners to maintain accurate accounting records to keep track of their farm’s performance.
Farm accounting software has made it easier to manage a farm as a business, regardless of the size of the farm. Through the software, farmers can easily determine their costs, expenditures, and revenue and focus on increasing farm productivity and profitability based on these financial insights.
What is accounting software for farmers?
Farm accounting software is technology that enables farmers to perform effective bookkeeping of all their records.
Agriculture accounting software is designed specifically for farms so it offers more features than a regular accounting app, making it better equipped to manage a farm’s finances.
Farm accounting apps include tools to manage inventory, record and analyze depreciation of assets, streamline orders, and calculate total profit, loss, and revenue earned.
The type of farm accounting software you choose to use depends on a range of factors, such as the size of your farm as well as the type of farm you run and its location.
Despite the many options available in the market, there are some key features that you should look out for when considering what farm accounting software, you want to buy.
Management of crop and livestock inventory
Farm accounting software should be equipped to record the numbers of animals and crops on the farm and keep track of any changes in this figure. This is because this information directly affects the farm’s running costs and earned sales.
Management of farming equipment
Farm accounting software should have features that can tabulate the amount of money spent on farming equipment, fertilizers, insecticides, and pesticides.
Records and analysis of crop growth
The software should have the ability to generate growing reports for crops and infer the yield produced from the number of crops planted so that prices can be set appropriately. Along with this, growing reports can help discern the farming practices that were the most productive.
Breeding and growing schedules for crops and animals
Since both crop and livestock farming is heavily time-dependent, farm accounting software should be equipped with a calendar to keep track of events like crop plantation, fertilization, insecticide treatment, harvesting and animal gestation, weaning, and death.
What is the best accounting software for farmers in 2023?
To maximize the benefits of farm accounting software, you need to find apps that cater to needs specific to your farms.
Here we have compiled a list of some of the best farm accounting software in 2023 along with its pros, cons, and pricing details so that your journey to finding an app that is personalized to your needs is made easier
1. AgriERP
AgriERP is one of the best farm accounting software on the market that caters to all types of farms. It enhances farm operations by offering multiple features that allow farmers to track the growth of their crops, plan for each harvest, and manage their finances.
AgriERP has one of the most versatile research and development programs in the Agri-tech industry. This is because the app runs on Microsoft Dynamics 365 and can be personalized according to the specific needs of each farm. This makes AgriERP very flexible as it can be used on any scale and serves startups, small farms, and large farms.
Pros:
- It is available on mobile devices which makes it accessible
- It allows farmers remote management
- It is easy to use and has excellent customer service
- It allows financial planning and provides in-depth analysis that helps boost productivity and profitability
- It works for all farm sizes
- It provides online and in-person training
Cons:
- The only language it functions in is English so global use may be restricted
Pricing
QuickBooks Online offers multiple pricing schemes. The basic plan is 25USD per month for a single user. Three users can use the app for 50USD per month, a plus pricing scheme offers 80USD per month for five users and an advanced plan offers 180USD per month for 25 users.
Adding a payroll feature on any plan costs 45USD per month and 4USD per additional user.
QuickBooks Online offers 50% off on the first three months of using it, or a thirty-day free trial without the need of a credit card.
2. QuickBooks Online
QuickBooks Online is one of the best cloud-based farm accounting software available in the market. It is considered a great option to navigate farm finances because of its overall accounting features, which can be customized to meet individual farm needs.
Although QuickBooks Online is not made specifically to cater to only farm accounting, because of the broad spectrum of its features and its high customizability, the software is a perfect option to manage farm bookkeeping.
QuickBooks Online is a great solution for farmers who want to navigate their farm operations remotely. The software is accessible through mobile devices and is extremely flexible and easy to use.
Pros:
- Data can easily be transferred to QuickBooks Pro Advisors
- The app is offered through mobile devices
- The software enables farmers to make bank transactions through its platform
- Its features allow farmers to track income and expenditure in detail
Cons:
- Each farm needs to subscribe separately to QuickBooks Online to be able to use it
- There is an additional cost to access and use the payroll feature on the software
- The software may be considered too costly for small farm owners
Pricing
QuickBooks Online offers multiple pricing schemes. The basic plan is 25USD per month for a single user. Three users can use the app for 50USD per month, a plus pricing scheme offers 80USD per month for five users and an advanced plan offers 180USD per month for 25 users.
Adding a payroll feature on any plan costs 45USD per month and 4USD per additional user.
QuickBooks Online offers 50% off on the first three months of using it, or a thirty-day free trial without the need of a credit card.
3. FarmBooks
FarmBooks is one of the most affordable farm accounting software on the market that caters specifically to farmers.
It is a perfect all-in-one accounting solution for farmers who are looking for a less costly option. It incorporated all the features required to manage the accounts of any type of farm, from a start-up to a large-scale farm, at an affordable price.
FarmBooks stores all financial information such as total revenue and expenditure in a centralized location known as the Accounts Register. The register color codes data so that it is easy to distinguish between income and expenses. The software also has built-in features to store invoices and financial statements and email them directly from the app to other users.
The software also has detailed inventory management, with key dates and weight records for livestock farms and crop yield for crop farms. FarmBooks automates the updating of invoices and makes sure that all assets and liabilities are recorded and tracked.
FarmBooks also enables users to access an unlimited number of bank accounts, which makes the software perfect for large-scale farms.
Pros:
- The software is affordable and offers a 30-days free trial
- It allows users to pay for personal and farm expenses from the same account
- It includes free payroll
- It is easy to use and has great customer service
Cons:
- It is not a cloud-based platform and cannot be used on mobile devices
- Each farm needs to have an additional fee paid
- It is difficult to integrate data with other devices
Pricing
The price for a single farm account is 395USD, with an extra 85USD for the yearly maintenance fee. FarmBooks offers a 30-days free trial.
4. EasyFarm
EasyFarm is one of the best farm accounting software for self-employed farmers who do not have extensive accounting knowledge.
The software is a perfect solution for small-scale farm owners because it comes with a complete set of features required to manage a farm’s finances while being easy to use.
EasyFarm comes with standardized farm accounting charts to ensure that farmers have basic knowledge before they begin the management of their accounts. The software allows you to set up as many accounts as you wish so that different transactions can be made by one individual. EasyFarm’s asset account ledger also resembles a checkbook, which makes it easy to understand and use.
The software comes with extra features that include order processing, weather reporting, and product traceability. Along with this, the software offers reports on the yield of crops, the weight of yield, total cost, and shipment number of crops. For livestock, it offers reports on milk production and gestation.
Pros:
- Easy to navigate
- Is suited to both crop and livestock farming
- The data is stored based on “one entry”, which means that information only needs to be entered once
- Account charts can be customized according to each farm’s needs
- Training modules are included in the software
- EasyFarm can manage both personal and farm accounts
Cons:
- It does not function well on mobile devices
- It may be considered a bit expensive compared to other software
- The interface is not up-to-date
- It does not have a cloud-based platform
- Additional fees need to be paid to track invoices
- It does not automatically link finances to banks
Pricing
EasyFarm offers multiple pricing schemes. These include:
-EasyFarm 8.3 Lite, which costs 509USD
-EasyFarm 8.3 Plus, which costs 595USD
-EasyFarm Pro Livestock, which costs 800USD
-EasyFarm ProCrops, which costs 800USD EasyFarm Premier, which costs 1100USD
Additional modules and features can be added to each version of EasyFarm for an extra cost.
5. The Farmer’s Office
The Farmer’s Office is one of the best farm accounting software available in the market for managing detailed financial records of crop and livestock farms.
The Farmer’s Office has been designed by Datatech, and it is suitable for both, small-scale and large-scale farms. It is extremely flexible and can keep up with the management of your farm’s accounts, even if there is an exponential increase in farm profits.
The software is Windows-based and operates well on desktop devices, which makes it user-friendly. The system of data tabulation is double-entry and information is stored in a general ledger.
The Farmer’s Office allows all reports to be transferred to Excel and payroll functionality is included in the software’s general package. The app also offers additional features such as reports that include insecticide and pesticide costs, and a general inventory for chemicals used in farm operations.
Pros:
- The Farmer’s Office is free farm accounting software
- It is user friendly and can be accessed from any location
- It automates the bank transfer information
- It allows users to set up multiple farm accounts
Cons:
- The app is not cloud-based and is not available on mobile devices
- Accounting charts lack customizability options
Pricing
The Farmer’s Office is free farm accounting software.
6. Wave
Wave is one of the best free farm accounting software available online.
Wave is a perfect accounting solution for small-scale farm owners who are operating on a limited budget. Wave is a cloud-based platform that operates on a double-entry data system. Since the software is cloud-based, it does not need to be installed or downloaded and can be accessed online through mobile devices.
The software has features that help ensure that data entry is accurate, such as invoice and receipt inspection. Wave also integrates with PayPal and Wave Payments to make online transactions easier. The app is also equipped with reminders that alert farmers of any upcoming payments.
Wave accommodates farmers by enabling unlimited bank transactions and allows farmers to possess and use multiple credit cards for a single account. Along with this, the software has a portal that allows farmers to make online transactions through the app.
Pros:
- Wave is free farm accounting software
- The software automates import bank transactions
- It can be accessed from any location
- It allows for unlimited transactions and credit card use
Cons:
- The app does not offer any support in paying off taxes
- Wave is mostly suited to small-scale farms
- A maximum of one user is allowed to operate an account
Pricing
Wave is an example of free farm accounting software.
7. Agribusiness
Agribusiness is a farm accounting software that specially caters to crops farming.
Agribusiness’s accounting system includes features that scan input data to detect any discrepancies, reports on financial loss, tracking of produce, and pointers on helping farmers minimize the amount they need to pay in taxes. The software also allows farmers to use multiple banks for financial transactions.
Since Agribusiness is customized to cater to crop farm account management, it includes special features like a “Pallet Ticketing System”. This system allows users to control pallet inventory and use barcodes to navigate pallet stock to reduce human error.
Agribusiness offers a built-in payroll, which means that taxes, wages, and bonuses are all accounted for by the software.
Pros:
- Multiple users can access an account and control its feature
- Payroll is in-built
- Pallet inventory is offered
Cons:
- The software is not cloud-based, and it cannot be operated through mobile devices
- Customer support is limited
- Agribusiness may require extensive IT maintenance
Pricing
Pricing details for Agribusiness are not disclosed to the general public. Farmers interested in purchasing the software can request information from Compu-Tech, the company that launched Agribusiness.
8. TransAction Plus
TransAction Plus is a farm accounting software designed by FBS systems, and it caters to large-scale farms.
TransAction Plus is available on a cloud-based platform. It includes a general accounting ledger that operated on the principle of double-entry of data. Along with this, incorrect information entered can be automatically undone. The app also notifies farm owners of any change in the entered data.
The software is suited to both crop and livestock farms and can manage finances for local and international agricultural businesses. Along with this, TransAction Plus generates in-depth financial reports that can predict sales in the future, so that farmers can plan their farm operations accordingly. Financial reports can also be exported directly to Excel.
Along with this, TransAction Plus integrates well with other FBS software, like Payroll and Crop Audit, which makes farm accounting a more efficient, smooth process.
Pros:
- The software has a wide range of features and the ability to generate in-depth financial analyses that help in boosting farm productivity and profitability
- The app can be used on desktop and cloud devices
- It can be used for both large-scale and small-scale farms
Cons:
- An extra fee needs to be paid to access customer support
- It may be considered expensive if extra modules are being added
Pricing
The price for TransAction Plus varies depending on the number and type of modules a farmer has chosen to install. In general, an initial fee for the desktop version of the software is 15,000USD. The cloud version of the app can range from an initial annual fee of 500USD to 5000USD.
9. CenterPoint Accounting Software for Agriculture
CenterPoint Accounting Software for Agriculture is an ideal accounting solution for small to medium-sized farms.
CenterPoint is available as a cloud-based version and a desktop version. The software operates using a general ledger system that can generate in-depth financial analysis which includes ratios and indices calculated based on the data fed into the software.
The software comes with an in-built payroll feature, that calculates the wages for all farm employees. The app also has a “Report Writer” option, that uses the stored financial information to generate in-depth reports that can automatically be emailed to farm managers employees.
Pros:
- It offers some of the best budgeting features
- It can accurately predict future finances based on current data stored in its inventory
- It includes analytical tools for crop harvest and yield, which can help farmers boost productivity and profitably
- it offers free tutorials online that help in navigating your way across the app
Cons:
- It is not available on mobile devices
- Prior accounting experience is needed to effectively use the software
- Pricing details are not made public
Pricing
CenterPoint does not have pricing information available to the public. To get details regarding its cost, users need to contact Red Wing Software, the creators of CenterPoint.
CenterPoint offers a free, personalized tutorial before you decide to purchase it.
10. TraxView
TraxView is a great accounting solution for large-scale or corporate farms.
TraxView operates on a general ledger system and enables farmers to see real-time changes in inventory so that they are constantly kept updated with their finances. The app also has an in-built payroll feature, that organizes employee wages, bonuses, and benefits.
Since TraxView is Windows-based, it can integrate with multiple other apps like Elevate and AgRemote, to make large-scale financial transactions easier. The software also has an online portal, that stores customer information and contracts with business partners.
Pros:
- User friendly
- Easy to install
- Varied set of features that can cater to a large-scale farm
Cons:
- Not available on mobile devices
- It may be considered expensive
Pricing
TraxView does not disclose its pricing details. In general, though, the cost varies, depending on the user and the number of features they have added.
11. Ultra Farm Accounting Software
Ultra-Farm Accounting Software is a Windows-based platform that is a perfect accounting solution for small to medium-sized farms.
The software is suitable for both crop and livestock farms and functions based on a double-entry ledger. Ultra-Farm includes features that tabulate invoices, receipts, and partial payments as well as accounting for taxes, to generate a complete report regarding the farm’s finances.
Since Ultra-Farm is Windows-based, it can easily transport records to Excel. Along with this, the app lets a single user own up to five accounts and make multiple transactions.
Pros:
- Easy to navigate
- The app is flexible and supports both crop and livestock farms
- It does not require an internet connection to work
- One license can operate multiple accounts
Cons:
- The software’s interface is not up to date
- It does not generate in-depth financial reports with future pricing predictions
Pricing
The cost for Ultra-Farm is under 600USD.
Conclusion
Whatever type of farm you own, farm accounting software is an essential tool in processing your finances and making sound business decisions that help you maximize your productivity and profitability.
The type of software you use depends on the type and size of the farm you own, as well as your location, farm size, and available resources. Luckily with the huge variety of farm accounting software available in the market, you are sure to find an app that matches your individual needs.
