According to the NFU Mutual Diversification Report 2021, on average farm diversification projects contribute 16% of turnover on the 37% of farms with non-farming income streams.
Whether you have already diversified or have plans to, did you know that there are tools you can utilise in your accounts software to plan for, run and manage the performance of your enterprise once established?
By making best use of these tools, you will:
- Increase your chances of securing finance
- Save administration time associated with the enterprise
- Build valuable and detailed data to be able to make better business decisions
Landmark Systems has 35 years of experience in providing accounts software specifically designed for farming businesses and has hundreds of clients who have diversified and use the KEYPrime range to their advantage.
Planning for your new enterprise…
Do you need to secure finance for the farm diversification project? Use the budgeting and forecasting tools in your accounts software to produce a professional looking budget. It will be faster and more reliable than anything you create from scratch in MS Excel. Remember to account for interest throughout the year.
Making the day-to-day run smoother
There are tools in your accounts software that can help to reduce the amount of time you need to spend both generating invoices and chasing debtors associated with your new farm diversification project – fewer debtors means better cashflow!
Can you set up your products as default ‘items’ with a default nominal code, description and price? It will save you data entry time and allow you to report on sales of products later down the line.
Create recurring sales invoices for regular customers, which you can process periodically with no additional data entry time needed at all!
Find out if there is a complementary app for your accounts package. Tools like the Swiftbill app for KEYPrime allow you to raise invoices and orders on the go, so you don’t need to spend more time in your office than necessary.
Does your accounts software have a direct bank feed or bank statement import to speed up the process of recording when payments have been made?
Dealing with EPOS systems? Rather than manually entering the transaction totals from your EPOS system, can you just import them? This will save you time and minimise risk of mistakes.
Monitoring performance of the enterprise
“If you don’t measure it, you can’t manage it” says long time KEYPrime customer Jackie McCreery who manages dairy processing business Yester Farm Dairies alongside her mixed dairy and arable farm.
Look for the following reports in your software:
- Cashflow and P&L reports vs. budget
- Enterprise comparison reports
- Quantities reports to track sales and performance of individual products
- Forecast reports
Landmark’s KEYPrime range of software does the above and more. If your current system does not cater to your diversified business, contact us. We listen to our thousands of clients and use our experience to create solutions that will benefit both you and the next generation to come.
Reporting on product sales with the KEYPrime Accounts range.
