Cloud-based farm accounting solution launched by ag tech start-up Traction
In order to manage financial information and overall farm profitability, farmers have had to choose between non-farm-specific applications or legacy desktop software. This presented two challenges. Not only was it difficult to integrate accounting to field-level analysis, using older software that wasn’t always supported made it tough to maintain.
The founders of Traction want to give farmers a better option. The platform captures all of a farmer’s financial and field information to provide an accurate view of operational performance using cutting-edge technology that is intuitive and expandable in the future.
The ag tech start-up’s first cloud-based farm accounting application, Basic Accounting, enables farmers to manage their day-to-day cash accounting transactions from any connected device.
Basic Accounting gives farmers the ability to:
- Manage an unlimited number of farm entities.
- Connect bank and credit card accounts to synchronize transactions.
- Maintain a cash-based balance sheet and income statement with drill-down analysis.
- Take pictures with a smartphone of invoices and tag them to transactions.
Standard tasks like adding accounts, transaction editing, and reconciling bank statements can also be completed.
In spring 2021, farmers will be able to create field names and boundaries and see a map of their farm and view profit centers by field and/or crop from your actual expenses and revenue.
“We are excited that a company finally stepped up to solve a problem facing virtually every grain farmer,” says Julie Rose of Glencoe, Minnesota. “Until today, I was the only one on the farm who had access to our day-to-day financials and reporting. Now other family members can easily participate and access our current financial situation from any location throughout the season, allowing us to leverage this information as a team to maximize profitability.”
Traction was founded by Ian Harley, Scott Nusbaum, and Brian Stark. The trio was instrumental in helping build Farm Works Software, a farmer-friendly desktop software for any size operation, in the 1990s. After the company’s launch in early 2020, Traction added Jeff Dearborn and Aaron Hunt to the team. Both are highly respected experts in operational logistics, agronomy, and GIS.
“Our mission is to provide exceptional, cutting-edge technology to help farmers solve problems and deliver accurate insights of their business,” says Ian Harley, CEO of Traction. “We’ve delivered an accounting application unique to the marketplace that will soon integrate your actual financial transactions to the fields and crops for true profit center analysis. This unique solution saves you time and improves the overall decision-making process for the entire team.”
Basic Accounting is available for $950 per year and includes two manager logins. Later in 2021, the company plans to add field operations and agronomy solutions.
A free, 30-day trial is available. Learn more by visiting tractionag.com.