Thanks for checking out what's new in Farmbrite for this month! We have three large financial features to announce, and we think each of them will help you better account for costs and save you time with your accounting. These include an expansion and improvement to the breakeven cost analysis for your animals, plants, fields, and equipment, giving you additional insight on their cost of production and usage. There is also a new feature to supply a unique value per inventory storage lot, which also helps you keep better track of your true costs when prices fluctuate. You'll also have a new ability to securely connect your bank account directly with Farmbrite, saving you time when importing income and expenses to your Farmbrite dashboard. Let's take a look!
Connecting a Bank Account
You can now securely connect your bank account to Farmbrite to more easily import transactions - no more spreadsheets required! This secure connection provides a list of your account transactions for you to review and decide which ones should be added to your accounting dashboard. You can categorize the transactions as you import them, and add optional record associations as well. You can now skip the manual entry, importing, and reconciliation, saving you time and effort. This feature is available in Farmbrite Performance and Premium plans; you can connect one bank account on a Performance subscription, or up to 5 bank accounts on a Premium.
Lot Based Values
If you store your inventory items in separate storage lots, you can now add a unique value per lot. That means that when you use the items in records like treatments, feedings, inputs, breedings, or maintenance, the correct cost will be allocated to the breakeven cost for that animal, plant, or piece of equipment. When you purchase a new input and add it to your inventory, the new lot can now have a separate value assigned. When that specific lot is used, the cost allocated to the record will reflect it's unique cost. As prices fluctuate over time, this feature can help you account for varying costs of your inputs.
Breakeven Cost Analysis
The breakeven cost analysis has been enhanced to include additional data points to more accurately track costs. This feature tracks the costs of inputs on records, like feed for animals, fertilizers for plants, and maintenance for equipment. It is designed to help you account for input costs from your inventory, and allocates the cost of items you use from your storage to the specific animal, group, plant, field, or equipment item. It has now been improved to include more data points, like the purchase cost of equipment and animals, and the cost of treatments for your livestock and plantings. These additional data points, combined with the lot based values outlined above, help you get a very accurate cost of production for your records. Reports have also been updated to reflect this, with the addition of new reports for grow locations and equipment as well.
Additional Updates
- A chart of remaining quantities is now show on the history tab of all inventory items. This provides a quick visual to view how much you had remaining on any date.
- If you are creating historic breeding records to complete genealogy for your herd, you can now select breedings older than 18 months when associating new offspring with the sire or dam.
- A contact's company is now included on various Product and Market reports, helping you total the amount a company spent with your store, rather than just individuals.