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East Central Ia | A few years ago Farm Credit partnered with Xero/Figured to try and offer customers a farm management and financial package called Magnify.
It sounded good and we switched. It was a big struggle to get any usable reports for us and our accountant. We tried it for a couple years and eventually gave up on it about the time Farm Credit dropped the program.
I really liked the transaction importing process, that was pretty smooth and fast. Bank accounts, credit cards etc… And I liked how it essentially treated every bill as an accounts payable transaction and then when the hand written check hit our account you just clicked a button saying those transactions matched and it made the entries.
But we had too many issues and glitches where reports didn’t show all the correct data etc that I lost faith in it and went back to PC Mars… my accountant was VERY happy with that decision.
It seemed very much designed to work for a large company and not so friendly to the farm. If they have made significant improvements it could be a viable option, but I wouldn’t hold my hopes up.
I like to use my accounts payable even now. I get a bill from the Coop the end of April and it’s due by the end of May for instance. I take that bill and break it down and categorize it how I want and bill it to AP. Then when I print my check I make that payment to AP. I find that’s easier then holding the bill on my desk until I sit down to make payments. | |
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Xero / figured farm accounting
