End of year is fast approaching, and it is never too soon to think about those end of year accounting tasks. A few key items your agribusiness is considering during this busy season may include processing W-2s and 1099s, ending the fiscal year, payroll year, and prepay season. Tori Capps, Customer Advocate at SSI provides several suggestions, saying “end of year is often busy, and the process has lots of moving parts that can be time consuming. Some things we suggest working on ahead of time can speed up that process of actually ending the year.” In addition to getting an early start each year, it is a good idea to evaluate your processes and learn best practices to incorporate into your routine all year long.
Transfer Field Data More Frequently
“Transferring to field history is a process that can eat up a lot of time if you have tons of invoices, blend tickets, or delivery tickets to transfer,” says Capps. At some agribusinesses it is common to archive historical field data at the end of the year. It’s a way to get that field history readily available when editing a field. Moving this to an end-of-month process can save you time and declutter your system by decreasing the number of tickets. “If you are a company that does a large number of tickets, I’d suggest making it part of your end of month process,” recommends Capps.
Prior to ending the year, freight should be reconciled. Run reports and print and save at the end of each month, if possible. Frequent reporting and clarification of discrepancies will help keep you on track and eliminate problems at the end of the year.
Research Inventory Discrepancies
An additional accounting function that benefits from routine monitoring is inventory control. “Running the company owned inventory statement before starting end of year gives you the time needed to research any costing or inventory issues that might show up,” suggests Capps.
Preschedule Routine Reports
Running routine reports on a pre-set schedule can save you time. Free up hours in your day and avoid tying up your computer during valuable hours. Schedule reports to run after hours and automatically arrive by email to yourself or mailboxes of key managers. Capps says, “some reports contain significantly more data and at a busy time like end of month or end of year, let the reports generate overnight and be ready for you the next day.”
In Agvance, built in reporting capabilities and customer support resources make preparing for the end of year easier. Utilize the multiple reporting capabilities throughout the year and eliminate end of year surprises. Set routine reports to arrive in your inbox using AgvAgent in Agvance and Analytics in SKY. Agvance customers have access to directions, videos, and checklists on Agvance Community, such as the End of Year Educational Pathway.
If you would like to learn more about how Agvance can make ending the year easier for your company, please complete the form below.