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Choosing an Accounting Program

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”

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Choosing an Accounting Program

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  1. Choosing an Accounting Program Karisha Devlin Agricultural Business Specialist

  2. A Good Accounting System • Works for you • Right info at right cost • Good internal control • Keep it simple • Test run a program • Help/support

  3. Pencil and Paper • Simple and inexpensive • “Trust” • Missouri farm business record book • Receipts • Expenditures • Cash flow summary • Profit and loss • Balance sheet • Enterprise forms

  4. Pencil and Paper • Missouri farm tax record • Income and expenses • Depreciation schedule

  5. Why use a Software Program? • Less time consuming than manual bookkeeping • Generate reports • Keep track of inventory • Simplify payroll • Tax time

  6. 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?

  7. Tips When Purchasing Software • Hardware requirements • Ability to modify • Support services • User friendliness • Training • Annual support • Subscription services

  8. Tips When Purchasing Software • Reports & documents • Consult your accountant • Review or test run the program • Exporting data to other programs • Payroll • Personnel • Cost

  9. 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.

  10. Software Packages • Quickbooks • Quicken • PC Mars

  11. 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

  12. Quickbooks • Training • Website FAQ • Standard features • Payroll system • Inventory • Invoicing • Customer statements • Accounts receivable • Online banking

  13. Quickbooks • No investment tracking features • Farm accounting • Quickbooks is nice for farmers with side businesses • Seldom useful for farm inventories

  14. Quicken • Built for personal finance • Very easy to learn • Flexible • Features for tracking investments • Training • Cost - $40 to $80 • Trial version

  15. Quicken • Reports • No inventory system • No payroll system • Limited support for invoicing, receivables, etc. • Simple income and expense records

  16. 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

  17. 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

  18. 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/quickbooks.htm

  19. Questions Karisha Devlin devlink@missouri.edu 573-633-2640

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