Best Farm Accounting Practices using FarmERP

By Bhanudas S. | 03 October 2018



Introduction


In today’s competitive environment, where agribusiness enterprises face many challenges, they need to adapt to ever changing business environments, they need to work on keeping margins under control and simultaneously improve on performance. This demands high order of financial management and adoption of Best Accounting Practices.



Our Approach


FarmERP is a smart agriculture ERP platform and it consists of full feature powerful yet user friendly Accounts module. This module is capable of handling financial transactions, accounts keeping and Financial reporting.


A feature to design organization’s financial reports as per statutory requirement, make it extremely powerful module. Other functions it covers are Chart of Accounts, Accounts ledger mapping, Cash and Bank Vouchers, Cost & profit centre, Creditor and Debtor aging, Depreciation calculations, Fixed asset management and Bank reconciliation. Site wise and Crop wise Profit & Loss statement helps users to take specific decisions.


FarmERP can also be integrated with legacy financial system for seamless single login experience. SAP, Oracle, Microsoft Dynamics, Netsis, Unity are some of the legacy systems our team has fully integrated with FarmERP. User saves on multiple data entry and data integrity errors are minimized. For various business units, consolidated reports can be generated.


Most attractive feature is allocation of common costs like, marketing, construction etc. over various plots or cost centres. This help management arrive at exact cost of production or cost of procurement of agri produce. On the other side where trees are considered as biological assets, and tree valuation can be done based on production data captured.


Farmer wise ledger, farmer payments can be managed for outgrower or contract farming operations.



Benefits