For modern farmers, agriculture technology has become an integral part of business. However, when most people think of “ag tech,” farm accounting solutions might be one of the last things that they think of.
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Topics: farm management accounting, agricultural managerial accounting, cash or accrual, farm financial standards council, integrated farm software
The following is a summary of a presentation entitled "Financial and Management Accounting Software--Developments, Implementation Challenges, and Integration Issues" made in July 2018 to the Farm Financial Standards Council Annual Conference in Champaign, Illinois.
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Topics: farm mamanagement accounting, farm financial standards council, integrated farm software, integrated production and financial software, Enterprise Resource Planning Software, ERP
Learn new farm management and marketing skills and network with other producers from around the country at the 2019 Farm Futures Business Summit
What practices should you change to improve your business? What habits should you break? Here’s an opportunity to learn how to make the necessary changes to stay on top of your business goals. You’ll get ideas that you can’t wait to implement – just one idea you get from this conference can pay you back in business benefits!
Over the course of two intense days (with some entertainment!) we’ll gather together for a series of keynotes, panel discussions and interactive power sessions that will make farm management come to life. Mingle with experts from across the country as they offer advice and answer questions.
We’ll give you solid ideas on everything from high-level grain marketing to the key business practices that will help you make more money in 2019. Plus, you’ll be networking with some of the best farmers on the planet.
The 2019 Farm Futures Business Summit takes place Jan. 24-25, 2019 at the Coralville Marriott Conference Center and Hotel just outside of Iowa City, Iowa. This event promises to help you think outside the box as you manage the ever-increasing complexity of today’s farm operations. FBS Systems is one of the sponsors and will host a display throughout the conference.
For more information or to register click here.
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Topics: farm management accounting, agricultural managerial accounting, cash or accrual, farm financial standards council, integrated farm software
Twenty Twenty-Five is the target date that
Farm Journal Top Producer predicts for “
Fully Integrated Farm Records” in its Mid-November 2013 issue.
However, we believe most of the “goodies” envisioned in the article can be under your tree by 12/25 rather than 2025.
Here’s the real state-of-the-art for integrated farm records:
However, we believe most of the “goodies” envisioned in the article can be under your tree by 12/25 rather than 2025.
Here’s the real state-of-the-art for integrated farm records:
- Connecting production data directly with accounting software. FBS already includes “tight and right” integration between production activities/inventories and accounting based on common definitions that simplify input and produce comprehensive reports.
- Dozens of data silos. Last month we touched on the 50 or so sources of data we can import from, including precision farming technology, feed mills, packers and Conservis apps. Perhaps these diverse products will be more standardized in the years ahead through initiatives from organizations like AgGateway and informal market forces.
- Converting production to accrual. E.CLIPSE managerial accounting automatically converts activities to costs that flow from raw materials through work in process through finished goods on the balance sheet to cost of goods sold on the income statements.
- More accurate equipment and labor records. E.CLIPSE also performs activity-based-costing to monitor the resources consumed through each phase of production and match those costs with hours, acres, miles, bushels, pounds and head.
- Electronic invoices. Even though there’s little standardization yet in agribusiness FBS can already import invoices and sales receipts from a wide range of formats and transfer the management detail (quantities, groups, fields, products) as well as the dollars into the farm’s central accounting and management information system.
- Smart data/measuring what you manage. Rather than viewing accounting as a “rear-view” of a business used to determine historical “cost of production” for raised products (which are often affected by external factors like weather and disease), activity-based costing evaluates the efficiencies and margins of each responsibility center.
- Virtual CFO. Just as progressive, growing operations rely on internal specialization and outside consultants for production analysis they are also tapping into virtual CFOs and controllers who can remotely oversee the financial details of the business.
- Google Glass. OK. Unlike the other technologies, most of us will have to wait a few more months before we find this “toy” in our stockings.
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Topics: accrual accounting, agricultural managerial accounting, agricultural software, Top Producer Magazine, activity-based costing, Farm CFO, integrated farm software
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