as featured in the Farm Weekly issue 17 September 2020
The aim of your accounting program is to assist you with your compliance obligations, including taxation, BAS, single touch payroll, super stream, and fuel tax credits. The software should also enable you to use your data to make quick and informed business decisions.
The two programs we are commonly asked about by our farming clients are Agrimaster & Xero.
Agrimaster is hybrid software. You are required to have this installed on your computer, and the data is backed up to the cloud.
Xero is a 100% cloud-based software that you can access on any device that has an internet connection, including a PC, tablet, or even your smartphone.
Below is a list of pros and cons we see for each of these programs based on our experience and client feedback:
- Designed specifically for farmers
- Separate single touch payroll system
- Limited third-party integration
- Inbuilt fuel tax credits calculator
- No inbuilt fuel tax credit calculator
- Inbuilt single touch payroll & superannuation clearing house
- Automation using technology - leading to saving time on data entry
- Requires an internet connection
- Reporting is not ag specific
- Attach invoices to transactions
Agrimaster does have some of the features of Xero on its roadmap.
Agrimaster - $1,100 per year with no payroll and $1,200 with payroll.
Xero - $600 per year with 2 employee payroll, $900 per year with 5 employee payroll. Other pricing is available based on higher employee numbers.
When considering a change, we recommend you speak to your accountant and consultant to discuss which software will best suit your needs. That may be Agrimaster, Xero or another program. If you do decide to make a change, please ensure sure you involve your accountant or consultant in the setup to reduce potential future costs for them to adjust the file.
Disclaimer: This content provides general information only, current at the time of production. Any advice in it has been prepared without taking into account your personal circumstances. You should seek professional advice before acting on any material.