This blog explores why an agriculture firm should use integrated systems and how QuickBooks Desktop integration with the cloud-based platform can help the firm.
According to the USDA’s Economic Research Service, the net farm income of the US is expected to fall considerably. Last year, the net farm income was $136.9 billion, and this year, it is expected to be $116.1 billion. This decline in income indicates that agriculture firms need to focus more on efficiency, cost management, and financial planning to maintain profitability.
The income of an agriculture firm is largely dependent on seasonal harvests or livestock cycles. So, these firms often have irregular income, leading to cash flow issues. Sometimes, the firm owner may be able to arrange the amount for payroll distribution only at the last moment. In such a situation, copying data from the payroll software manually and entering it into the payment software is time-consuming and also tedious.
An agriculture firm may have multiple employees and suppliers, such as farm workers, managers, seed suppliers, packaging suppliers, etc. Each of them may prefer a separate payment option. Paying them the way they prefer gives them the impression that the firm values them and encourages them to build a good relationship with the firm.
One of the strategies that an agriculture firm can adopt to solve these problems is taking a subscription to Zil Money. The cloud-based platform offers multiple features that can help an agriculture firm. In this blog, we are looking at what those features are and how they can help agriculture firms overcome the payment challenges they face.
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Why Integration Matters?
By taking a subscription to Zil Money, an agriculture firm can reduce its workload considerably. The cloud-based platform can be easily integrated with accounting software. That is, the firm can easily import data from the accounting software to the payment software. This helps the firm owners to eliminate the need for a separate staff for sending wages to other employees. Owners can send wages themselves without any extra effort.
Integration offers agriculture firms real-time access to their cash flow. They can easily track their payments to suppliers, employees, and others. This helps them to have instant visibility into the company’s financial health. Moreover, with integrated systems, agriculture firms can generate accurate financial reports quickly.
Zil Money offers multiple payment options with which you can easily satisfy each of your employee and supplier needs. Let’s check what are those.
Payment Via Credit Card
Credit cards are one of the fastest and most effective payment methods, with more than 190.6 million of the 253.8 million US adults using them. The only problem with credit cards is that even the payee has to pay transaction fees.
You can solve this drawback of a credit card if you have a subscription to Zil Money. The cloud-based platform allows you to avoid this interchange fee by acting as an intermediary between you and your payee.
Basically, the process here is that you will be sending your payment to the cloud-based platform. That is, your first payee is the platform. After accepting your money, the cloud-based platform will send the same amount to your payee, but via the method you choose your payee to receive money. You can choose among ACH, wire transfers, checks, etc.
This way, you can have your credit card rewards and eliminate transaction fees for your payee. That is, with the payment platform, an agriculture firm can continue to earn rewards like cash back or points without imposing an interchange fee. Moreover, the firm can reinvest these rewards in the business, which effectively improves its margins.
Payment Via Checks
Zil Money allows you to make payments via checks without the usual hassles that it comes with. The platform allows you to instantly print checks. That is, with the check printing software, you don’t have to wait for the ordered checks to get delivered. All you need is some blank stock papers and a regular printer. You can obtain blank stock papers from any office supply store. Printing checks on blank stock papers can help you save 80% of your check printing costs compared to ordering pre-printed checks.
Moreover, the check printing software offers you the flexibility to customize your checks with logos, fonts, and other branding elements. You can also add security elements like watermarks, which makes it harder for fraudsters to copy your checks. Another important security feature offered by the platform is positive pay. The feature ensures that only authorized checks are processed.
With the check printing software, you can also send your checks. You have two options: physical checks via USPS/FedEx and digital checks via email or SMS. Digital checks or eChecks are often sent as one-time printable PDFs to ensure security. While sending physical checks, the entire mailing process will be handled by the platform. The software even allows you to choose the day on which your payee should receive money.
Apart from these payment options, Zil Money offers ACH, wire, and many more. All these payment options offered by the platform are easy and affordable. An agriculture firm can choose the most suitable payment method for different suppliers and employees, accommodating their preferences while simplifying the payment process.
Conclusion
An agriculture firm can easily integrate Zil Money with their accounting software. Accounting software like QuickBooks Desktop integration with the cloud-based platform allows the firm to easily import data. Moreover, the multiple payment option offered by the platform helps firms to simplify their operations and enhance financial control.
