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Among the various complicated cost and investment items, calculating the final cost of the product is an undertaking, and the financial management of agricultural activities complicated. Moreover, it all often falls on the shoulders of the farmer, who is also an entrepreneur.
We at xFarm believe that efficiency and sustainability are also important at the financial level. That is why we developed the Finance module.
The Finance module allows you to view the major cost items for each crop, understand which areas of the farm yield the most profit, map revenues, costs and income for each plot so that you have a more detailed view of what is happening on the farm, making your job easier.
Getting started using the Finance module is simple: it will be sufficient to enter costs (hourly labor costs, invoices for product purchases and other expenses) in as much detail as possible, record revenues from the sale of production, contributions or other sources of income, and report activities carried out in the field. To get an estimate as close to reality as possible of the costs incurred, it is important to enter this data in as much detail as possible.
The first function of the Finance module is called Overview. This function provides graphs and tables that allow you to quickly view trends in costs, revenues, and profits, even broken down by crop. This way you can get a snapshot of your farm's financial situation and, at a glance, see which crops are making you the most money.
Under Costs and under Revenues you can digitally record invoices issued for the purchase of products and services and report revenues collected. In this way you will always have the company's financial situation under control and can use a neat, digital accounting notebook that you can refer to at any time instead of always having to waste time doing calculations or searching for paper invoices. In addition, once you record the unit cost of a product, you will be automatically calculated the expense for a specific activity in which that product was used, making it much easier for you to report.
Under Operating Costs you can find important information about your company's cost structure. Costs are divided by type(Machinery, Personnel, Operations), so you can assess which stages of production are most impactful. The information you can look up is very detailed. For example, you can figure out how much each piece of machinery costs per hectare worked or per hour worked, the hourly cost of personnel, and the cost of different operations performed in the field.
The Visual feature provides a visual summary that allows you to quickly recognize which plots provide the most revenue, cost or income. So you can see where your business is earning the most.
The Crop Margins feature allows you to quickly view costs, revenues and profit margins for each crop, for each field. Useful information to better plan crop rotations or to choose, among different varieties, to grow the most profitable one.
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