choosing an accounting program karisha devlin agricultural business specialist
TRANSCRIPT
Choosing an Accounting Program
Karisha DevlinAgricultural Business Specialist
A Good Accounting System
Works for you Right info at right cost Good internal control Keep it simple Test run a program Help/support
Pencil and Paper Simple and inexpensive “Trust” Missouri farm business record book
Receipts Expenditures Cash flow summary Profit and loss Balance sheet Enterprise forms
Pencil and Paper
Missouri farm tax record Income and expenses Depreciation schedule
Why use a Software Program?
Less time consuming than manual bookkeeping
Generate reports Keep track of inventory Simplify payroll Tax time
What are your needs…
What functions do you need the system to perform?
What are other farming operations using?
What resources are available and what are needed?
Will your accountant be able to read/open files at year end?
Tips When Purchasing Software
Hardware requirements Ability to modify Support services User friendliness Training Annual support Subscription services
Tips When Purchasing Software
Reports & documents Consult your accountant Review or test run the program Exporting data to other programs Payroll Personnel Cost
Disclaimer
The University of Missouri Extension is not recommending or endorsing any of the following products or companies, we are simply interested in helping you with your search for tools to help you run and manage your business better.
Software Packages
Quickbooks Quicken PC Mars
Quickbooks
Built for small business accounting Easy to learn More features and options Single or double entry Extensive reporting capabilities Cost - $100 and up Trial version
Quickbooks Training Website FAQ Standard features
Payroll system Inventory Invoicing Customer statements Accounts receivable Online banking
Quickbooks
No investment tracking features Farm accounting
Quickbooks is nice for farmers with side businesses
Seldom useful for farm inventories
Quicken
Built for personal finance Very easy to learn Flexible Features for tracking investments Training Cost - $40 to $80 Trial version
Quicken
Reports No inventory system No payroll system Limited support for invoicing,
receivables, etc. Simple income and expense records
PC Mars
Single entry accounting program Cash or accrual Reconcile with bank accounts and
loan balances Relatively easy to operate Allows you to divide farm into
separate enterprises Payroll option
PC Mars
Inventory capabilities Built in budget and cash flow feature Several different report options Demo versions available Prices
$225 – Members of IFBA $350 – Non-members of IFBA
Websites
http://agebb.missouri.edu/mgt/mofar/ http://agebb.missouri.edu/mgt/mofar/quicken.htm http://www.iowafarmbusiness.org/PCMARSv2.
0.htm http://agebb.missouri.edu/mgt/mofar/quickbook
s.htm
