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Farm Accounting Software - How is it Different from General Accounting Software?

clock December 31, 2010 9:08 AM by author StephanieE

Thousands of Red Wing Software customers understand the benefits of using agriculture-specific software to manage their farm, rather than using a more basic program. Here are some compelling reasons to think seriously about implementing agriculture-specific farm accounting software instead of a more general program. Keep in mind that agriculture-specific accounting software will include the basics you need such as writing checks, entering payables and receivables, and managing your general ledger. Below are the additional tools Red Wing Software’s CenterPoint Accounting for Agriculture offers to help your farm see its true potential!

  1. Multiple Quantity Inventory Tracking:

    While basic programs often don’t allow for any inventory tracking, CenterPoint for Agriculture allows for inventory tracking in multiple quantities, so you can keep better track of your items no matter how you buy or sell them.

  2. Multiple Tax Entities:

    Allows you to track multiple tax entities in one database for keeping financial data separate, yet still perform combined business analysis when necessary.

  3. Book, Market, and Tax Asset Value Tracking:

    Know the true value of your assets for whatever purpose you choose.

  4. Transaction Distribution to Multiple Accounts:

    Easily distribute complex transactions across multiple accounts and production units, for an accurate financial picture.

  5. Information Tracking for Farms, Fields, Landlords, etc.:

    Always have access to information at your fingertips about your farm, land, etc. for yourself and your managers, landlords, bankers, and more.

  6. Ratio Analysis:

    Calculates ratios for your farming operation and shows trends, so you can address issues and become more profitable.

  7. Production Analysis:

    Provides detailed crop and livestock information on a cost per unit basis.

  8. Financial Analysis:

    Owners and managers can get in-depth financial analysis with unlimited ability to structure and segment entire operations, profit centers, accounts, and inventories to track data, combine entities, and receive the most relevant farm reporting available today.

  9. Budget and Forecasting:

    Gain the ability to create “what if” scenarios for your farm, and you’ll be able to project future sales, cash flow, income statements, and assets and liabilities. You’ll then be able to more accurately plan for future business strategies!



Five Reasons to Make the Switch from Paper Checks to Direct Deposit

clock December 27, 2010 2:13 PM by author StephanieE

Are you considering moving from paper checks to direct deposit? Many payroll software applications offer direct deposit. The Direct Deposit Option lets you deposit your payroll to employees' personal bank accounts without printing paychecks. There are distinct benefits for your company, your employees, and the environment by moving to direct deposit. Here are five reasons to make the switch!

  1. Help the environment.

    What is a printed check if not an expendable piece of paper which costs your organization money, yet lasts only until it makes its way to the bank? By implementing direct deposit, money is transferred electronically, eliminating the need for printed checks. This helps the environment by reducing paper checks, envelopes, and printer ink and wear. According to electronicpayments.org, checks add 3.6 million tons of CO2 to the environment as they travel through the payment cycle!

  2. Save time and money.

    Think of the process of printing paychecks. Gather the pay data. Be sure to keep enough checks on-hand. Get the printer ready. Line up the paper. Print and collate the checks. Hand them out or mail them. Keep the ones for the employees not present and remember to hand them out when they are present. Just think of all the steps you can eliminate by sending pay electronically! This saves your company valuable time and money. According to NACHA, small companies can save up to $3.15 per payment per employee by using direct deposit.

  3. No more lost checks.

    Nobody is perfect, and that includes employees. With printed checks, there is always the opportunity for lost checks. An employee puts a check in their pocket and forgets about it. Direct deposit eliminates that possibility, saving employers the cost of reprinting checks, and helping employees keep their pay without incident.

  4. Employees love it!

    Employees get their money faster. With direct deposit, money shows up in employee accounts seamlessly, as opposed to a paper check which takes time to deposit. People are often busy and don’t deposit their checks right away. No more having to come in on days off to pick up a check. With direct deposit, employees don’t have to worry about getting to the bank on time. Their money is already in their account waiting for them!

  5. Improved security.

    Direct Deposit can help protect you from losses incurred by fraud because of counterfeit, forged or altered checks. This subject is important now more than ever, and direct deposit is a simple way to improve security.

Adding direct deposit is a win for your company, your employees, and the environment. Implement direct deposit today and give yourself a pat on the back for a job well done!

Find more information about the benefits and cost savings of direct deposit, visit this page:
http://www.electronicpayments.org/c/bus_directdeposit.cfm?hp=bus.

CenterPoint Payroll Software offers direct deposit. Learn more by clicking here.



Pay Per Click Marketing – How does it work?

clock December 20, 2010 2:28 PM by author StephanieE

When you search for things on the internet, do you ever wonder how those “Sponsored Ads” appear alongside the regular search results? Those ads are in fact paid advertisements. Companies pay for ads that show up based on the words people type in, or based on the content people are looking at. Companies use pay per click advertising as a way to draw people to their Web site. Here is a very general overview of how it works:

  1. You choose the keywords you want people to find your ads with.
  2. You write ads that match up with the keywords.
  3. You pay only when people click on your ads.

Of course, there is quite a lot more to it than this, but this is the general idea. There are many different pay per click marketing programs available. Google’s program is called “Google AdWords”.

The good thing about pay per click marketing is that you get to choose how people find you, and you only pay when somebody clicks on your ad. However, if you do try pay per click marketing, be sure to be specific enough in your efforts that you don’t get meaningless clicks, yet not too specific that you don’t get any clicks at all. The key is to find a good balance between those two.

To learn more about Google AdWords pay per click marketing programs, visit this link:
http://www.google.com/adwords/smallbusinesscenter.



Welcome to the Red Wing Software Blog!

clock October 1, 2010 9:21 AM by author StephanieE

Red Wing Software has been in business since 1979, and some of you were even here for the grand opening! And, now we are blogging. Who would have guessed it? We’ve all come a long way, haven’t we?

This is Red Wing Software’s official company blog, and it is meant to provide you, our readers, with information to help you improve your business, whether you are a customer or a prospect.

For this inaugural blog, we decided that a good subject for all readers would be a useful list of things to consider when choosing accounting software or payroll software. We hope you enjoy it!

Ten Crucial Points to Consider when Choosing Accounting Software or Payroll Software for your Company

  1. Choose a company with experience and a proven track record.

    There has been a lot of change in the accounting software industry over the past ten years. If you or a company you know of has endured your software company’s being purchased, you know that the process can be painful. The software’s support, enhancements, training and other aspects of the company’s service can all be affected in the changeover. You want your business to run smoothly, and that’s why it’s important to choose a company who you feel is stable.

  2. Choose a company with on-staff experts to help you decide whether their software is a fit for you.

    During the software selection process, the most difficult part is trying to maneuver through a software system with which you are unfamiliar, in order to determine whether it’s a fit for you. Check to see whether there is a staff or partner available who will listen and understand your needs, and then clearly show and prove to you whether their software fits for your company. Some companies have experts on staff or partners who can guide you through this process. Some do not charge for this valuable service—take advantage of this service when available. It will take half of the burden off your shoulders, and your time invested will pay off greatly in the long run.

  3. Choose a software package that will grow with your company, considering your goals for the next ten years.

    The average company changes software every ten years. As a company grows, so does its business accounting software needs. Look at your company’s goals for the next ten years. Will you need to open and manage an additional warehouse? Will you need to add another product line and see its profitability separately? Will your sales commission payment scheme need to change as your profit margins change and you add more sales reps? These are important considerations, and having a system to handle them will keep your business running smoothly instead of becoming a stumbling block. Be sure to communicate these anticipated needs clearly in order to ensure your needs will be met as you grow.

  4. Choose a company who provides excellent support.

    Whether you are learning how to use a new function of your software, trying to streamline processes with it, or even trying to troubleshoot, it is crucial that you have a team of experts to help you through it. By accessing the software company’s team of experts, your company can save time and money. Check into the software company’s team of experts—their support department. Does the company outsource their support, or handle it in-house? Be sure they can clearly communicate with you, and also that they are easily accessible to you. Be sure you know what their guaranteed response time is. In times of need, it will become crucial to your company.

  5. Choose a company whose updates are meaningful, and include customer feedback.

    Have a look at the company’s most recent version update. Ask a company representative how those enhancements were chosen for the update. The answer should include customer feedback as a primary component, which in turn creates a software package constantly being shaped and formed by its own users.

  6. Be sure the company’s training options will meet your company’s needs.

    No matter which software package you choose, you and your employees will need training. The more time invested on training at the start, the more successful your company will be at implementing the software and moving forward with it. Does the company offer training that will meet your needs? Perhaps you cannot have all of your employees gone at the same time to attend training, so you need to have web training available. Maybe you don’t have a high-speed connection so you need to have the training done in person. Or maybe your needs are so specific, the training must be customized and done at your facility. Be sure to choose a company who can accommodate your training needs.

  7. Choose a company who will provide you with references for you to contact.

    By speaking with references, you can get a third-party, unbiased opinion regarding the software’s performance and functionality. If the software company can provide references of similar businesses to yours, even better.

  8. Find out whether there is a local partner.

    Do you prefer to have a representative local to you? Ask the company if they have a representative near you, typically called a ‘partner’. If so, get the partner’s information and contact them. Partners can provide a wealth of services, ranging from implementation, data transfer, training, and may also offer other valuable services. If the company does not have a partner near you, check out what services the software company can provide you directly.

  9. Choose a software company who has proven itself helpful in moving its customers forward to newer products.

    Technology is always changing; hardware is constantly being improved. Be sure your software company is also changing with the times. Check out what they have done over the years to be sure they have constantly improved their products. By choosing a company who keeps up with technology, your company can always choose to take advantage of the newest technology available.

  10. Choose a software package that, with its value proposition, can pay itself off within a year.

    Accounting software is an invaluable tool for providing you up-to-date financial information. In addition to providing financials, many software packages also offer tools to help companies streamline their processes and improve efficiency. Choose a software package that provides these tools. When considering all of the tools available, get a general feel for how much time and money your company can save within one year. This amount of money should exceed the cost of the software within one year. Your sales representative should be able to help you determine your potential savings.

Summary

Choosing an accounting software package to fit your company can be a long and complicated process. By following the above key points, you can ensure that whatever software package you choose, the company will be there to stand by your side and grow with you for years to come.



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