Advice for a stress-free year end
14th March 2023
As the year end approaches, Anne Cianchi, product manager at Farmplan, the UK’s leading agricultural software specialists, shares some timely advice on how farmers can manage their money in uncertain times.
Harness the right accounting software to get ahead
The year-end process can be a daunting and time-consuming one, but Anne assures farmers that having the right tools and support can help. “With digital software, such as Farmplan Business Cloud, there is no complicated year end process to be run. Furthermore, financial advisors can be given access to run their own reports and make the required year-end adjustments directly in the software, leaving you free to get on with running your business.”
“But it’s not just about the simplicity of the year end process,” Anne continues, “Farmplan Business Cloud also allows you to take stock of all the information available to you. From analysing price trends to comparing enterprise performance, there is a wealth of information easily available to help each farm make well informed decisions going forward”. With the added function of being able to automatically bring transactions in from the bank and post them direct to the ledgers, managing money in one place has never been easier.
Stress-free digital financial management
As of April 2022, all VAT-registered businesses were required to adhere to HMRC’s Making Tax Digital (MTD) regulations.
These regulations mean businesses need to keep digital records of all transactions that make up the figures they report in their VAT return.
For farm businesses who are in their first year of using software to manage their finances, Farmplan provides reassurance that it’s not as stressful or complicated as it may seem.
“For some farms, the MTD requirement might have felt like a big leap,” says Anne. “However by making use of the resources and the support available from Farmplan the transition to MTD software will not only ensure compliance with the new rules but will also bring so many other benefits at every level of your business.”
“We have lots of experience in the farming sector and our systems are tailored to the needs of farming businesses,” Anne continues, “We are always on hand to talk to farmers, through our on-line and telephone support network”.
