If only tracking income and expenses were less messy! If only you could have instant access to accurate profit and loss information so you could know whether to jump on that incredible deal for a new piece of equipment – but what if the financial strain is too much?
With financial management software, you can have access to all that information with a couple of taps on your phone. P&L statements, employee wages, budget projections, and planned expenses all right there at your fingertips.
All end to end farm management systems have some elements of financial tracking and reporting, but there is also other software focused solely on the financial side. Both kinds will help you track your inventory, keep up with orders and shipments, record all your sales, income statements, and some provide so much more.
This functionality is especially useful during the dreaded tax season. How nice would it be to have all your necessary tax information automatically generated for you? With specific tax software for farmers, there’ll be no need for frantic search parties through filing cabinets, glove boxes, or those stacks of papers you haven’t had time to sift through yet. Everything you need to get taxes out of the way is in hand, so you can get back to the real work.
There are a variety of options out there with Fitsmallbusiness.com rating QuickBooks Online and FarmBooks as two of the top accounting software for farm accounting.
AI and Predictive Analytics for Precision Agriculture
How convenient would it be to look into the future and see what will happen so you can prevent catastrophes and capitalize on successes? While there are sadly no time machines around to enable these kinds of advantages, artificial intelligence and predictive analytics software are the next best thing for you and your farm operations.
Predictive analytics software takes the history of your farm into account and gives you a bird’s eye view of the data. The software leverages artificial intelligence (AI) for planting choices and use it for crop planning and to better forecast production based on your choices.
In addition to compiling information on the history of your own fields, predictive analytics software looks at the history of others in your region and then looks for trends among the data. With the big picture within your grasp, you can more easily choose how best to proceed given the current circumstances and help mitigate risk. According to Predictive Analytics Today, software such as Agrivi and Trimble are two of several in this fast growing field (pun intended) of predictive analytics for agriculture.
When you can see the impact of past decisions, regional information and your history in context you will be able to spot patterns that you couldn’t see before. With this additional information, you will be better equipped to make decisions based on data with potentially more fruitful results.
Growing Your Agricultural Business
So do you think a little learning curve would be worth it in order to reap the potential benefits of farm management software systems for your operations? There are a variety of options available at different price points. Updating your farm information management systems with new software may be an excellent way to grow and improve your agricultural business.
