Using ratio analysis can make a big difference for your farm. Incorporating a ratio module within your accounting system, can help you pinpoint areas of strength, and weakness, to help you increase profits and reverse negative trends. Here's how.

Track Financial Condition

Ratio analysis allows you to see the data behind the indicators, and trend information can be shown in meaningful ways, such as a graph or chart for any number of years available. This helps you see your financial condition in a way that is meaningful to you, so you can start making improvements where necessary, or have the confidence to continue with your efforts as they are.

Compare Your Farm to Your Competition

Looking at the trends of your competitors can be of great value to your farm. Ratio calculations allow you to view industry standards and illustrate financial trends, so you understand where your farm stands against your competition. The success, progress, or shortfalls of your farm, can be understood and addressed, so proper action can be taken. By knowing where you stand against your competitors, you know where to improve, giving you a competitive advantage.

Compare Various Time Frames

Understanding your current situation is crucial. And yet it may be even more important to compare data from two different time frames. Perhaps the past year wasn′t profitable and you want to turn it around. Or maybe you want to understand why you were struggling so much last month. Use ratio analysis as a high-level tool to see trends over longer periods of time, so you can achieve long-term financial growth.

By using Ratio analysis, you can access information and trends that you may not have noticed, so you can make changes accordingly, which will benefit your farm!

Wow, lots of these new tech startups are creating applications that can really help businesses! Global mobile payments solutions with super low fees, a new tool for people to learn JavaScript, and a way to have 17,000 PhD level scientist contribute to solving a problem. Exciting advancements in technology! Read the full story here.

Red Wing Software offers such time saving features as direct deposit, online tax filing and more. We are excited to now provide our customers the option of offering their employees pay cards, via our partner, smartOne Pay Card.

The smartOne Pay Card is safer than carrying cash, more convenient than having to seek out check cashing facility, and cheaper than paying to have a check cashed. It also gives employees access to a Visa or Mastercard debit Card, which allows them to make in-store, online or over-the phone purchases. In addition to all of this, employees will be able to more effectively track your spending habits with the monthly personal statements of card activity.

In order to use smartOne Pay Cards for your employees along with CenterPoint Payroll, direct deposit is required. To add direct deposit to your system, contact Red Wing Software at 800-732-9464. For more information about adding smartOne Pay Cards, contact our product expert Wade Speelman directly at: 402-602-4052, e-mail: wspeelman@tsys.com, or visit www.smartonesolutions.com.

If you do anything online, you have probably heard of the term 'phishing'. Phishing is a type of scam whereby the scammer sends e-mails, posing as a real organization, in an effort to try and capture your personal information. The e-mails are typically made to look official, and sometimes it's hard to tell whether the e-mail is real or fake. Often, the tone of a phishing e-mail will be urgent, and will request you click on their link right away or your account will be frozen, or some such bad result. Phishing e-mails can be made to look like they come from your bank, internet provider, eBay, etc.

The IRS has a good page about phishing, where they describe what it is, examples of what it might look like, and what to do if you receive such an e-mail. Click here to go to their site and read the fully story.

You know you need it for your business, but what is the best way to sort through all the accounting systems out there? These days there are many different ways to purchase accounting systems. Here are the main ways to find and purchase accounting systems today.

Partner

Many accounting software companies sell their products through partners, who are often referred to as VARs or Value Added Resellers. The main benefit of purchasing your software from a VAR is that they are typically located near you and can provide training and implementation help, and can also help support you as time goes on. Sometimes VARs will be listed on a software company’s Web site, or else you can simply call the company and ask if there is a VAR near you.

Retail Stores

Most basic accounting systems can be purchased at retail stores these days, such as office supply stores. You may get a better price on software when purchasing it from a retail store, but you also may miss out on some of the services you could get by purchasing through a VAR or other reseller. And without talking to a company representative, VAR or reseller, it is hard to know whether the system can handle your specific needs. The more complex accounting systems won’t typically be found at retail stores.

Accountant

Your accountant could be a great resource in helping you select the right accounting system for your business. A great advantage to working with your accountant on this is that he or she knows your business and what kinds of special features and needs you have that accounting software could help with. Accountants usually have the experience and knowledge of available systems, and which one would fit best for you. Some accountants are resellers or partners of software companies, and others simply make recommendations.

Online

The term “accounting software” is searched for in Google about 40,000 times per month! People are going to the Web to do their research to find out which accounting systems are out there. However, searching for the term ‘accounting software’ does not give you a neatly organized, comprehensive list of accounting systems. Instead of doing a Google Search, use www.findaccountingsoftware.com or www.capterra.com. Both of these Web sites help you narrow down your search by plugging in your price range and the features you need. You can even talk to representatives of the Web site via phone and have vendors contact you. These Web sites can save you many hours and give you a comprehensive list of companies, so you can find the one that is right for you.