As the owner of a small independent farm, it’s crucial to have the right tools to monitor annual costs, income, and other financial information properly. Accounting software can help you operate much more effectively and create a thriving farming business. 

This guide will help you find the best accounting software for farmers by looking at the key benefits every self-employed farmer needs, including:

  • Ease of use
  • Business account included
  • Simple sign-up process
  • Help with taxes
  • Easy accountant access
  • Invoicing on the go
  • Business performance insights

What do farmers need from accounting software?

When browsing your options concerning accounting software for farmers, it’s good to look for solutions that have the following features:

Ease of use

As a self-employed farmer, you probably won’t have an extensive financial background, meaning complex systems can get confusing and overwhelming. Instead, the ideal accounting software for farmers is one that’s easy to understand and use. 

A system like Countingup that’s designed with the single-person business in mind could be the perfect option for you. That’s because you get all the features you need from your software (we’ll get into those later) combined with a user-friendly design. Countingup can have you up and running in minutes to manage your finances with confidence –– even with no experience. 

Business account included

Like any other business, self-employed farmers need a way to pay for equipment, seed and livestock, pesticides, herbicides, etc., and accept payments for your products and services. 

A business current account is like your personal bank account, except it’s only for your farm-related transactions. To keep your finances organised and easy to manage, you’ll benefit from a two-in-one solution like Countingup. 

The Countingup app is a combined business current account and accounting software. This means you get an account number, sort code, and contactless MasterCard that enable you to make and accept payments with ease. 

Simple sign-up process

Managing a small farm alone means you’ll have a lot on your plate to make sure everything runs smoothly. The last thing you need is an accounting system that takes ages to set up. That’s why the ideal accounting software for farmers is quick and simple to get started with. 

For example, Countingup has made the application process super-fast and easy. Applying for an account with Countingup only requires you to download the app onto your smartphone and fill in some basic details. All you need to provide is your name, address, the name of your farm, a photo of your ID and a selfie to prove you are who you say you are. 

This means you can sign up for an account wherever you are as long as you have these items on you. Such a speedy sign-up process gives you more time to focus on what you do best, which is managing your small farm. 

Help with taxes

Self-employed farmers are responsible for managing their own taxes, which can be confusing and time-consuming. For that reason, accounting software like Countingup is a perfect solution since it enables you to view tax estimates all year round. 

The app calculates how much you’ll likely owe in taxes based on your cash flow, profit and expenses, so you know how much you need to set aside. This way, you won’t have any surprises when the time comes to submit your Self Assessment tax return.

Countingup is also MTD-compatible, which is handy since Making Tax Digital will eventually be a mandatory practice for income tax, VAT, and corporate tax for all businesses. If you’re subject to Value-Added Tax (VAT), Countingup’s digital tax filing service automatically calculates the VAT associated with your business transactions

The Countingup app has automatic expense categorisation and a receipt capture tool that make it easy for you to keep an accurate, digital record of your business expenses. Knowing exactly how much you spent on different expenses also helps you claim tax deductions correctly to save as much money as possible.

Easy accountant access

Since you already have enough on your plate with the daily running of your small farm, you might choose to hire an accountant to help with your bookkeeping and taxes. If you hire an accountant, you’ll both benefit from a system that streamlines bookkeeping and accounting tax. The best accounting software for farmers will also be easy for your accountant to access.

That’s what’s great with Countingup: you can easily share bookkeeping data with your accountant. Simply email them an invite to give them access to your account. No need to give them any information via post, email, or over the phone.

Having the information they need when they need it means your accountant can file your tax return directly without delays, duplications, or errors.

Invoicing on the go

As a farmer, sending invoices to customers is likely part of your daily management tasks. When you need to invoice a customer for purchasing your produce, the best accounting software for farmers allows you to do so from anywhere. 

With the Countingup app, you can create an unlimited number of customised invoices for free and send them to your customers on the go. You can also attach your farm’s logo to invoice templates and add the due date by which the customer has to pay you. 

Once someone pays their invoice, you’ll receive a notification to help you track and monitor your sales with ease. Countingup also automatically matches payments to their relevant invoices to keep your records organised and up to date. 

Business performance insights

Creating a successful farming business requires you to keep a close eye on your cash flow and monitor how money leaves and enters your farm. Countingup generates accurate, up-to-date cash flow reports that you can use to budget, plan ahead with cash flow forecasts, and create a thriving business. 

In addition, Countingup generates a running profit and loss report, which helps you create your farm’s profit and loss statement (also known as an income statement).

Profit and loss statements show how much your farm brings in, where you can save on expenses, and how to make improvements to operate more efficiently. You also need a profit and loss statement to secure financial backing if you need it. As such, Countingup’s accounting software could speed up the process since you already have the necessary information available at your fingertips.

Confidently manage your finances

Countingup’s accounting software is the perfect solution to help self-employed farmers keep on top of their financial management and stand out in their field. Designed to help you focus more of your time on doing what you love, this unique two-in-one app makes running your small farm much easier. 

Keep your finances running like clockwork. Download the Countingup app today to start your 3-month free trial.