This article is part of a larger series on Accounting Software.
What We Recommend CenterPoint Accounting for Agriculture For
CenterPoint Accounting for Agriculture is our pick for the best farm accounting software for agricultural producers with in-house professional bookkeepers. The program has robust financial management and accounting tools as well as farm planning and budgeting functionality, making it an ideal solution for multisite and multicrop corporate operations with a high volume of livestock or crops. CenterPoint Accounting for Agriculture has the tools you need to track the annual costs for livestock, labor, herbicides, pesticides, employees, and equipment properly.
CenterPoint Accounting for Agriculture Is Especially Good For
- Farms and ranches with in-house accounting professionals: CenterPoint Accounting for Agriculture is a comprehensive accounting program with many special farm bookkeeping features, so it’s best that you have a professional accountant use it for you. We chose CenterPoint Accounting for Agriculture as our best farm accounting software for ag companies with in-house accountants.
- Farmers who want to expand their operations: The program has powerful budgeting and forecasting tools that allow you to allocate your budgets effectively and project future sales and cash flow of your farm, which can help you plan for expansion.
- Agricultural firms with many employees: The CenterPoint Payroll add-on module supports payroll for an unlimited number of employees and companies and offers complete tax tables for all 50 states.
CenterPoint Accounting for Agriculture Is Not a Good Fit For
- Self-employed or unincorporated farmers with no background in accounting: Independent farmers with no background in agricultural bookkeeping can use an alternative accounting package designed especially for nonaccountants, like EasyFarm.
- Farmers who want to do bookkeeping on the go: The program has no mobile accounting application. If you want to do bookkeeping from anywhere, QuickBooks Online can be a good alternative. QuickBooks Online is our choice for overall best small business accounting software.
- Small farmers who need upfront pricing: If you’re a small farmer looking for straightforward pricing, we recommend FarmBooks as your most affordable option.
CenterPoint Accounting for Agriculture Pros and Cons
|Choice of on-premises or cloud software||Difficult for nonaccountants to use|
|Includes a crop production analysis tool||Pricing information isn’t publicly disclosed|
|Extensive budgeting and forecasting capabilities||Advanced A/R module requires an additional fee|
|Includes a ratio analysis module||Support requires customer care membership|
CenterPoint Accounting for Agriculture vs Competitors (FSB Rating)
We compared CenterPoint with other leading farm accounting software using our internal scoring rubric. We ranked each software on a scale of 1 to 10, with 10 being the highest.
CenterPoint Accounting has a comprehensive set of farm-specific accounting features, giving it a perfect score in the farm features category. Its general accounting features are also commendable, with a few weaknesses, such as the inability to create recurring invoices and connect to bank accounts. It doesn’t do well in terms of pricing as the cost details aren’t provided directly on the website, implying that it might be expensive. It’s fairly easy to use, but it trails behind QuickBooks due to its weak customer support.
CenterPoint Accounting for Agriculture Pricing
Prices for CenterPoint Accounting for Agriculture aren’t provided on Red Wing Software’s website. You’ll need to talk to a Red Wing Software representative to request a customized quote for your specific farm accounting needs. You can sign up for a free demo before you buy the product.
CenterPoint Accounting for Agriculture Features
CenterPoint Accounting for Agriculture is a complete ag financial accounting solution for managing the daily operations of your farm. It offers financial management and automation tools that can be used to analyze business performance and plan future strategies or expansion.
The dashboard provides a quick overview of your farm and lets you access important information, such as accounts receivable (A/R), accounts payable (A/P), net income, and current ratio. You can choose which custom reports to show in your dashboard, and you can remove or add columns to make them easy to understand. The dashboard is fully customizable to your specific needs:
You can find all your transactions from the Processes menu on the CenterPoint homepage. Each transaction form has its own fields, but you’ll notice some similar features. For instance, in every transaction, you’ll need to select a company, pick a bank account, and choose a vendor or customer. CenterPoint Accounting for Agriculture uses lookup control for entering transactions. Click on the magnifying glass option, and the following screen will appear:
From the screen above, you can either choose an existing item or click the new button to enter a new company.
A standard A/R system is included in your standard subscription, and it’s designed for farmers with basic invoicing and receivable needs. You can use it to enter receipt transactions, enter an unpaid sales invoice, email customer invoices, add and email customer billing statements, and email or print invoices. Customer invoices can be quickly recorded on a single-tab consolidated entry form, as shown below:
If you need complex invoicing functions, such as the ability to create detailed billing statements, calculate sales tax and commissions, and create in-depth reports, CenterPoint offers an advanced A/R module add-on. The advanced A/R module allows you to use the other add-ons, such as the inventory module, sales order module, and purchase order (PO) module.
CenterPoint Accounting’s PO module allows you to create POs for your vendors and track seller information, items being purchased, and delivery dates. If you already have the inventory module, you can add both inventory and non-inventory items to the same PO. The vendor’s balance won’t adjust until you receive the item.
To create a new PO, click on the Purchases menu under Processes, choose Purchase Orders, and then tap the New button. You’ll be asked to provide details, such as the vendor, your company address, and your shipping method:
Sales Order Module
This module enables you to convert quotes into customer orders as well as print quotes, orders, and packing slips. It helps you track quotes and orders placed by your customers. Once the goods or services have been delivered to the customer, the fill and invoice process deducts the items from inventory automatically, and an invoice is prepared to bill the customer. You can customize quotes and orders using the forms designer within the software.
To record a sales order, click on the Purchases menu under Processes, choose Sales Orders, and click New. From the Sales Orders screen, you need to provide information, including the customer and the destination of the item:
Quotes don’t affect your inventory or customer balances. Use the Quotes form when you’re providing pricing details to your customer. The Order form should be used when the customer agrees to purchase your products or services.
The standard CenterPoint Accounting inventory system allows you to track the cost and value of your inventory and maintain up to two quantities in different units of measurement for each commodity. If you need advanced inventory for an unlimited number of prices for each item, you need to purchase the inventory module. This module allows you to track inventory in multiple locations while making sure that your inventory reports and general ledger reports match.
When you have the inventory module, you can adjust inventory costs without adjusting quantities. For last in, first out (LIFO) and first in, first out (FIFO) valuations, including Serial and Lotted Inventory, you can choose the cost layers that you want to adjust. For Average Cost valuations, you can adjust the cost even without entering any quantities.
To make an adjustment to an inventory cost, click on Processes, choose Inventory, and then select Adjust Inventory Cost. The Adjust Inventory Cost form will require you to fill in some information, such as the company that the adjustment is for, the inventory account, and the adjustment date:
Transactions recorded in CenterPoint Accounting can be reconciled to your bank statement. From the reconciliation screen, simply click on the checkmark next to the transaction that has cleared the bank. Make sure that the cleared checks in CenterPoint match the total checks cleared on your bank statement:
Check Writing & Printing
CenterPoint Accounting allows you to write and print a check. The program enables you to print your checks at the time you record your transaction. If necessary, you can also print multiple checks as well as email and resend multiple checks. When printing checks, you’ll be assigned a default check number sequence. Simply choose the first check number and CenterPoint will continue with the next number accordingly.
The A/P module allows you to manage your expenses and purchases efficiently. You can enter a payment without an invoice―record handwritten checks or quick checks―set up recurring transactions, use credit cards for payments, record community wages, and void a check or payment transaction. You can also enter an unpaid vendor invoice, set up payment reminders, and print checks when you’re ready to pay. Entering a vendor invoice to CenterPoint Accounting is similar to entering a cash payment, but an A/P account is credited instead of cash:
Budgeting and Forecasting
CenterPoint Accounting for Agriculture has powerful budgeting and forecasting tools that allow you to create “what if” scenarios out of detailed financial information. This means that you can project future sales, income statements, cash flow, and assets and liabilities. You can also compare “what if” budgets and actual and projected figures in the future. This feature is extremely helpful if you’re planning to expand your farm business.
If you have routine recurring transactions, like utility bills, rent payments, and a monthly software subscription, you can benefit from CenterPoint’s recurring features. When you set up recurring transactions, you don’t have to reenter the same details every time you make a transaction. There are two ways to set up recurring transactions in CenterPoint Accounting for Agriculture. You can either process an individual recurring transaction or process bulk transactions at once.
From a normal transaction, click on the Recurring Transaction button on the transaction form, mark a checkbox next to the transaction, and then click Select:
Scan and Attach Documents
You can scan and attach receipts or other documents to your transaction, if necessary. You can download your files from your computer or attach the documents with one-click scanning. Files can be attached to POs, sales orders, payments, vendor invoices, customer invoices, and journal entries.
Your scanner should have TWAIN capability to use it with CenterPoint.
The production analysis tool provides a way to perform profitability comparisons on the individual areas of your farm operation. For instance, you can use it to track which fields and crops are the most profitable or analyze activity by lease agreements to understand the profitability of rented ground.
For a more visual comparison of your production detail, the system uses geospatial maps that are stored in your production centers. These are maps of your farm that are defined when setting up your production center detail or production center. The maps include legends and color variations to represent production details. This means that when you view your fields by crops, you’ll see different colors representing each crop. This gives you a more accurate picture of your production. You can import maps from a third-party program, such as Shape Files or John Deere, or draw within CenterPoint using your mouse.
The ratios module helps you understand the strengths and weaknesses of your farm. The program includes a wide variety of standard ratios, including current ratio, gross profit ratio, A/R turnover ratio, and debt-to-equity ratio. All ratios are supported by a powerful drill-down capability so that you can see the numbers behind the indicators, giving you a more comprehensive analysis of your farm business.
You can view the graphs in different formats, like tables, charts, and 3D graphics. CenterPoint has a huge variety of industry-standard ratios to calculate the final analysis patterns of your farm business.
To prepare a ratio, click on the Ratios tab under Reporting Tools. Select the company and date range, and pick the frequency you want to show on the X-axis of the ratio or index:
CenterPoint Accounting integrates with CenterPoint Payroll to help you streamline your payroll transactions. The system supports an unlimited number of employees and companies, and it includes e-filing options for payroll taxes. CenterPoint Payroll is an optional module that’s purchased separately.
If you have one or two employees and have no regular deductions like child support or health insurance, you can use the Payments form to pay your employees. With this basic payroll processing, you can process paychecks for your employees, record the amounts needed for your 941 or 943 deposit, and generate W-2s.
CenterPoint Accounting has a Payroll Summary Journal that reports the information generated after checks for employees are printed. This report can be a useful tool to help you complete 941 or 943 forms and pay your taxes:
Management Accounting Module
The management accounting module lets you track income and expenses on an actual cost basis rather than an accrual basis. Farm managers can use this module to analyze their farm business costs from each crop produced, activity, equipment, and other elements related to their farm. It allows you to evaluate expenses and revenues based on certain metrics, including acres, pounds, bushels, animals, or other units.
Larger farmers can set up profit centers and cost centers according to specific elements of their farm, helping them dive into their crop or livestock production segments and compare year to year.
CenterPoint Accounting for Agriculture includes a good selection of reports, including financial statements, balance sheets, income statements, and cash flow statements. You can also generate reports in different categories, such as production reports, audit reports, fixed asset reports, transaction reports, and payroll reports. CenterPoint runs reports on a cash basis, such as cash income statements and cash balance sheets.
Customer Service and Ease of Use
The CenterPoint menu uses a standard Microsoft format, making it easy to navigate even for beginners. It has a user-friendly drop-down menu bar that allows you to access the different menus like File, View, Processes, and Reports. You can customize the interface easily by adding frequently used features to the Quick List.
While CenterPoint has a nice, easy-to-use interface, it contains a lot of sophisticated features that will work best when used by a finance professional. While a business owner could use the program to keep their books, an in-house bookkeeper will likely be better at harnessing the full potential of CenterPoint.
In terms of support, Red Wing Software offers two levels of Customer Care Membership: Silver and Gold. Both packages include unlimited access to a toll-free support center, maintenance releases, tax tables, and discounts on training seminars. Gold members get additional benefits like guaranteed next-available technician and a personalized one-hour online training session. Those interested in CenterPoint Accounting for Agriculture can contact Red Wing Software by phone, by email, or through its online feedback form.
CenterPoint Accounting for Agriculture Alternatives
CenterPoint Accounting for Agriculture is a farm accounting package with a particular emphasis on budgeting and forecasting. In addition to its robust financial analysis tools, it includes other helpful functionality like crop production analysis, inventory control, and sale order and PO management. If you have a professional accountant keeping your books and need a versatile farm accounting platform that your agribusiness won’t outgrow, CenterPoint Accounting is an ideal choice.