Ag-Tech Startup Traction Launches New Accounting Solution for Farmers
Traction has announced the launch of a new cloud-based farm accounting application. This first release gives farmers an easy way to manage their day-to-day cash accounting transactions from any connected device including phones and tablets.
Until now, farmers have had to choose between non-farm specific applications or legacy desktop software to manage financial information and overall farm profitability. The challenge is two fold: integration of accounting to field-level analysis and using older, sometimes non-supported software that is challenging to maintain.
With Traction, farmers can invest in their future by capturing all of their financial and field information with one platform. This provides an accurate view of operational performance while using cutting-edge technology that is intuitive and expandable in the future.
The release of Traction’s Basic Accounting enables you to:
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- Manage an unlimited number of farm entities.
- Connect your bank and credit card accounts to synchronize your transactions.
- Maintain your cash-based balance sheet and income statement with drill-down analysis.
- Use your phone to take pictures of invoices and tag them to transactions.
- Perform standard tasks like adding accounts, transaction editing and reconciling bank statements.
- Create field names and boundaries and see a map of your farm (Spring 2021).
- View profit centers by field and/or crop from your actual expenses and revenue (Spring 2021)
“We are excited that a company finally stepped up to solve a problem facing virtually every grain farmer,” said Julie Rose of Glencoe, MN. “Until today, I was the only one on the farm who had access to our day-to-day financials and reporting. Now other family members can easily participate and access our current financial situation from any location throughout the season, allowing us to leverage this information as a team to maximize profitability.”
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