A new software to help producers stay on the cutting edge of today’s economy has been launched. Magnify, a program developed for crop and livestock producers, helps streamline production data and financials. The software uses the accounting and production features of a farm together by tracking producers’ costs and margins to help find and grow farm profit.
The agriculture-specific platform performs automated, efficient record keeping. The software performs standard accounting functions like printing checks, reconciling bank statements and preparing financial statements to create greater accuracy. Magnify keeps cash-based accounting records to make tax preparation easier by translating data into management reports and analysis to give the producers a true cost of production.
The real time reporting feature generates reports and charts instantly that to show cost of production and cash flow. Instant income statements and balance sheets are also part of this feature to show your operational performance at any time.
To help with planning for the future of the farm, Magnify provides anticipated “what-if” scenarios along with production tracking of the operation. The software views cash flow and profitability at a detailed level by tracking inventories and operating expenses. Magnify also forecasts future sales with real-time pricing of crop and livestock from DTN.
The software is useful for any size operation and customizable to each user. To be eligible for the software you must be a livestock or crop producer and be a Farm Credit Service member. To get started with the software producers are encouraged to call their local farm Credit Services of America’s office or visit their website at www.fcsamerica.com.