Farmers need to maintain accurate accounting records for the financial success of the farm. QuickBooks is an effective and efficient farm accounting software that can ease the management of the accounting burden. It can be used to manage unpaid invoices, perform general bookkeeping functions, and can track cash sales.
Here we will see how to use QuickBooks for farmers, and how QuickBooks is beneficial for farmers in managing their finances and growing their business. We have also listed down the features, pros, cons, and prices of QuickBooks Online and Desktop for farms. In the meanwhile, you can contact our QuickBooks experts through the toll-free number +1-844-405-0904 for further assistance.
Which QuickBooks is Best for farmers
QuickBooks can easily handle the farm specified accounting tasks such as tracking profit and loss by specific farm unit, creating payroll reports for farm employees, and managing inventory items such as grain and feed. It is a great option to use as a farm accounting software due to its ease of use, integration option, and available support.
Now let’s know, which QuickBooks products are the best option for all farmers;
QuickBooks Desktop Pro and QuickBooks Online are the two products that are best for farm accounting. Here we have listed down its features, prices, pros, and cons for evaluation.
QuickBooks Pro for Farmers
QuickBooks Pro is one of the most affordable, easy-to-use, and robust accounting solutions, which has been changed to QuickBooks Pro Plus. It is supported by many accountants and outsourced bookkeepers. You can customize your chart of accounts and native financial statements according to your financial needs.
- Features of Desktop Pro for Agricultre:
Here are some of the features in QuickBooks Desktop Pro, that will help you to manage the accounts of farming easily.
- It keeps your check register updated and reconciled to your bank account.
- Manages your asset so that you know the financial value of your farm.
- And tracks vendor bills and quickly analyzes due balances and records payments in one place.
- It quickly produces the report, which is required by your accountant to file a tax return.
- Pros:
- Affordable
- Roust network of Advisors and Expert Guidance
- Customized chart of accountants
- Highly customizable
- Cons
- Additional charges for payroll feature
- No mobile app
- Complex interface
- Pricing
QuickBooks Pro Plus comes with an annual subscription starting at $349.99 for a single user.
QuickBooks Online for Farmers
QuickBooks Online is the cloud-based farm accounting software providing anytime, anywhere access to your bookkeeping records. It also allows your outsourced bookkeeper or accountant to assist you without having to host the software on a remote server.
- Available Features in QuickBooks Online for Agriculture:
- It protects your data by storing it safely at multiple locations.
- You can easily customize the chart of accounts and native reports.
- It includes receipt capture features making retention of records easier.
- Pros:
- Powerful mobile app
- Connect to bank and credit card accounts
- Best general accounting features in the small business accounting market
- Use class and location tracking to create cost centers for detailed income and expense tracking
- Cons:
- Payroll requires an additional fee
- Each farm requires a separate subscription
- No farm management features
- Cost is not ideal for budget-minded small farmers
- Pricing
QuickBooks Online pricing starts at $25 per month for the Essentials plan or $40 per month for the Plus plan. Large farming enterprises might benefit from QuickBooks Online Advanced ($90 per month).
How to Use QuickBooks for Farming
Follow the below procedure to set up QuickBooks for agriculture;
- First of all, you have to set up a new QuickBooks company.
- Open Easy Step Interview window.
- Go to the Company Information and enter “Our Farm” in the Company name.
- Select your industry and type of business that is Agriculture, Ranching, or Farming.
- Select Sole Proprietorship for the business structure.
- Then, select the first month of your Fiscal Year.
- Now Set up your QuickBooks Administrator password and click on the ‘Next‘.
- Choose the location to save your company file, then click on Save.
- After saving, you can customize your QuickBooks by clicking on Next.
- Select Products only from the selling option.
- Say Yes to sales tax, sales receipt, invoices, managing bills, and No to estimates, billing statements, progress invoicing.
Specialized Accounting Services for Farmers
Specialized niches services can be provided by QuickBooks to farmers if you are an accountant. This can be achieved by following the below-mentioned steps.
- Understanding Unique Rules for Farmers and Ranchers: You need to understand the guidelines and rules that only apply to farmers and ranchers. The tax liabilities can be reduced by providing more support and help to the client.
- Market Your Services to Farmers and Ranchers: Go through all the rules mentioned start marketing your services to a niche group of clients. Then, advertise your online services in farming and ranching groups. You can also offer a free consultation to clients. On the based of your knowledge, let them know where you could have saved money for them by looking at their prior year’s returns.
- Get to Know Their Industry: You should be clear about the equipment or processes that are important for your client’s business. You show know what affects their cash flow, payroll, fund management, disposition, and equipment acquisition. This will help you give your clients useful financial advice. By understanding the industry you can help your clients to identify other resources.
It was all about the QuickBooks for agriculture financial records or management. Hopefully, now you can use QuickBooks as your best farm accounting solution. Still, if you have any kind of doubts regarding the topic then feel free to contact the QuickBooks experts through the toll-free number +1-844-405-0904 to get assisted.