Choosing an Accounting Program Karisha Devlin Agricultural 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

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Questions Karisha Devlin