FCSAmerica to launch cloud-based agricultural accounting system

Farm Credit Services of America (FCSAmerica) and Frontier Farm Credit are partnering to create the first cloud-based managerial accounting system for American agricultural operators.

"Today’s challenging agricultural economy requires even more attention to costs, marketing decisions, and margins—and more focus on profit,” said FCSAmerica CEO and President Doug Stark. “We’re developing a new tool that will give farmers and ranchers—and their advisors—deeper insights into the profitability of their operations.”

The two organizations will work with New Zealand-based firms Xero and Figured, which are experts in accounting and agriculture software. The tool is slated for development and testing this year, with a full launch scheduled for early 2018.

“Our tool is being developed for American agriculture, with standardized reporting that will give producers stronger, more relevant comparisons and better insights to improve management and profitability,” Stark said.

According to the partnership agreement, FCSAmerica will be the sole distributor of the accounting system.

FCSAmerica is a credit and insurance service provider. The firm serves more than 51,000 agricultural producers throughout the Midwest and has a loan portfolio worth more than $25 billion.