FarmRaise Inc. operates at the intersection of farming and financial management by simplifying the administrative component of farming. Today’s farmers are more like small business owners than ever before; the need for organized accounting, regulatory compliance, payroll, and financial planning exists just as it does for other businesses. Unfortunately, because many farmers have been using various tools in disconnected pieces or doing everything manually, they are not able to leverage these tools effectively for the agricultural realities of farming today. As a result, there is a huge demand for new systems that fit into the timing of farm work instead of the traditional office.

FarmRaise addresses this need through its development of software products that enable farmers to work the way they do through the far, that is in the fields, barns and offices of farms where they are located. The FarmRaise platform focuses on mobile use, offline capabilities, and connection to financial institutions because of ongoing issues related to connectivity and time constraints that exist in rural areas.

Solutions Offered by FarmRaise Inc.

FarmRaise Tracks

The FarmRaise Tracks software functions as a comprehensive recordkeeping and accounting solution for the company and its users. It is especially adapted to meet the demands of managing a farm, which often includes working with financial information while doing the physical labour of operating a farm, as compared to a separate office location. The system combines ways of tracking income and expenses with farm-specific category types to help users categorize their transactions in such a way as to meet the reporting requirements of agricultural tax authorities. In addition to providing these features, one of the most significant characteristics of the platform is the emphasis on mobility and offline capabilities. Users can log information into the system using their mobile devices, even from areas where they do not have reliable connectivity (e.g., working in fields, storing items, transporting products).

In addition to traditional accounting functions, FarmRaise Tracks includes tracking of inventory and production as well. This means users will be able to monitor the activities of their crops, livestock and everything associated with them, as well as having access to the same system for maintaining records of these activities. The creation of a single, unified set of data that captures both operational and financial activities allows less need to have separate tools to manage the operations and create a more complete picture of the success of a farm business over time. Through having the ability to create, send and monitor invoices from the same system used to manage operations, users will have all their invoicing done in the same way as their operational data. The use of previously entered line items to create invoices significantly reduces the number of times users enter the line items to bill customers. The ability to track the status of invoicing allows users to see the status of money owed to them by their customers.

Financial Planning

The service provided by FarmRaise for Financial Planning goes beyond just offering software and also provides advisory support. This program is an ongoing engagement of using digital tools together with consulting services with an accountant who has expertise in agriculture. FarmRaise provides a service that allows farmers to better understand how their financial data relates to their operations, taking them from mere tracking of finances to making much more educated estimates for planning. By utilizing regularly scheduled check-ins, FarmRaise has built a structure for evaluation that is consistent with the seasonal cycles that exist in farming. FarmRaise's financial planning service includes an interconnection with the underlying accounting system. Financial data is captured in the platform, allowing for a more efficient use of advisory time and more insights that are accurate by allowing for the discussion of trends in income and expenses without concern about collecting the data.

Agricultural taxation is subject to special forms and deductions that are not available in accounting software systems; the planning service will provide guidance on compliance with tax laws, as well as the best way to maximize one's tax deductions, as well as how to keep organized records that can be used in preparing one’s taxes. This expert input is what sets this component apart from simply being a software solution. It shows that the clarity of one's finances is dependent on both having accurate data and on being able to interpret the data correctly. By incorporating both elements together, FarmRaise’s financial planning service will bridge the gap between day-to-day accounting and longer-term financial management within the agricultural community.

Payroll

Managing agricultural labour can be difficult because of variable schedules, different pay types and government regulations. Most general payroll systems do not cater to the specific requirements of farm employment, particularly when it comes to providing seasonal employment and allowing flexible pay arrangements. Many aspects of payroll can now be automated using FarmRaise Payroll, which reduces the amount of time employees spend manually entering their data. The workflow created by integrating employee information, pay types and pay schedules into one system enables payroll to be processed on an as-needed basis, rather than using a predefined pay schedule. Flexibility in running payroll is especially important to the farming industry due to fluctuating labour requirements because of weather conditions, harvesting and operation requirements.

A payroll system includes processes for managing tax computations and submitting tax returns on behalf of the employer; these functions eliminate or reduce many administrative burdens and assist in maintaining compliance with regulations. This system will also automatically produce all necessary year-end documents for each employee and maintain an organized record of these documents for the business. This payroll software can process all types of compensation, including hourly wage, salary, and other pay structures; therefore, businesses can use this one system to monitor all types of employment arrangements. The onboarding process for employees is part of this system, which makes it easier to add new employees and ensure that proper documentation is being retained.

 Jayce Hafner | Co-founder & CEO 

“FarmRaise is a growing community of 20K+ innovative farmers leveraging their simple, digital tools to match with funding and manage cash flow.“