An agriculture accounting software will give farmers a better view of their farm financials.
Farm Credit Services of America offers growers Magnify. Jeff Janssen serves as southwest Iowa territory manager for Farm Credit Services. Janssen says Magnify is a full farm financial management system.
?It does your financial accounting needs which would be reconciling your bank and line of credit transactions and puts together a good profit loss for your year and tax purpose,? Janssen said. ?On top of that, it?s a management accounting solution. You can take that financial information, put a budget together for the year, determine what a good breakeven would be for 2018 and build that out.?
Farmers can build their management accounting solution from a field-level analysis, as well as an enterprise-level analysis. Magnify allows farmers to add as many details as they see fit. Janssen says Farm Credit Services? software system also gives farmers greater visibility into their operation.
?If you say your break even for next year is $3.25 and you?re able to market some grain now at $3.50 for December delivery, you?re going to see how that?s going to impact your bottom line and your remaining inventory for 2018, so you?ll know exactly how these are going to impact your sales. You?re not guessing and you have more visibility into how your year end?s going to be,? Janssen said.
Janssen says Magnify offers farmers insight, helping them make decisions year-round.
?As your actuals are coming in, you?re able to take a look at your operation and say, ?Hey, we were hoping that our breakeven for 2018 would be this. How are we trending to that break even?? So (you can) stay on top of your operation and be able to look forward and see how you?re going to end the year,? Janssen said.
Janssen concludes by adding Farm Credit Services will assist farmers choosing to use Magnify from the beginning.
?If you decide to use this, we?ll help you get started. We?ll build out your account and then as you?re going forward, you?ll be able to call our support team instead of a 1-800 number. You actually have people within our offices that can help you with this,? Janssen said.
