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FINPACK Financial Software for Agricultural and Farm Management

Technology #89135

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FINPACK Financial Software for Agricultural and Farm ManagementFINPACK Farm Financial Analysis and Management SoftwareThe farm management software creates income statements and balance sheets.
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Researchers
Richard Hawkins
Professor Emeritus, Department of Applied Economics
External Link (www.apec.umn.edu)
Managed By
Carol Grutkoski
Patent Protection

The software is copyrighted.

US Patent Pending

Farm Financial Software for Management and Planning

The farm and agricultural management, financial, and accounting software, called FINPACK, helps producers, lenders, and agricultural professionals evaluate a farm's financial position, explore alternatives, and make informed farm management decisions. In addition to determining the current situation and profitability of farms, the software has a long range planning tool for farmers to explore alternative financial scenarios, and strategically position the farm's operation to meet future challenges. Once a user establishes a clear picture of the future farm business, the software will project cash flows, revenues, expenses, debt repayment and operating credit requirements for any portion of a year or entire years up to 10 years. Specialized software versions are available for producers, lenders, and agricultural professionals. FINPACK is the most popular financial software in farm management.

Components of FINPACK

The FINPACK software helps farmers easily develop balance sheets, monthly cash flow plans (FINFLO), annual cash flow plans (Annual Plan), business analysis of farms and agricultural businesses (FINAN), long range "what if?" plans (FINLRB) and historic trend reports. Farmers can use one or more of these analysis components depending on the needs of their businesses.

FINPACK Balance Sheet allows assets to be determined at cost value, market value or both. The balance sheet can be created at the beginning of a year and updated any time. New data can be imported directly into plans. Analysis and balance sheets can be printed with or without detailed schedules.

FINPACK Monthly Cash Flow Plans (FINFLO) projects monthly cash flow, annual operating loan needs and repayment capacity for the year, any portion of a year, or up to 10 years. Monthly cash flow plans also project income statements and balance sheets for each year. Completed projections are easily modified to adjust the cash flow plan.

FINPACK Annual Cash Flow Plans project cash flow in an annual format. Annual cash flow plans can be used when monthly cash flow projections are not required.

FINPACK Business Analysis (FINAN) analyzes the financial performance of a farm business in the past year. FINPACK Business Analysis is used to complete an analysis of an entire farm or to analyze each enterprise within the farm. Based on the farm's financial position at the beginning and end of each year, and income and expenses during the year, FINPACK Business Analysis examines the past year's profitability, liquidity, and solvency. FINPACK Business Analysis will compare planned versus actual cash flows using plans created with FINPACK Monthly Cash Flow Plans.

FINPACK Long Range Planning (FINLRB) compares alternative farm plans that may involve new enterprises, new resources, different scales, changes in efficiency or changes in debt structure in order to explore the long range profitability and net worth growth. Long Range Planning helps farmers step back from the day-to-day details of the farm and look at long range goals, strategies, and the use of resources. FINPACK Long Range Planning enables farmers to investigate the feasibility of a change before it is implemented. FINPACK Long Range Planning should be used whenever major farm management or financial decisions are being considered.

FINPACK's Historic Trend Report allows farmers to create customized historical financial reports for the farm business to evaluate financial and production trends.

FINPACK Ag Book
FINPACK Commercial Book

Benefits of the FINPACK Farm Financial Software:

  • More accurate picture of financial situations for better informed decisions
  • Detailed projections of future financial scenarios
  • Unique packages for farmers and ranchers, agricultural professionals and lenders
  • Ability to import data directly into plans and analysis

Visit Center for Farm Financial Management for further information, including FINPACK online training programs, conferences, commercial books, trial version, and purchase options. Or call Customer Support at 1-800-234-1111.

FINPACK System Requirements

  • Microsoft© Windows© XP, Vista or 7
  • At least 128 MB RAM
  • 233 MHz Windows Intel© Pentium© processor or faster
  • 100 MG free disk space
  • Internet connection required for software download
  • CD-ROM drive required for software installation via CD

Fulfillment Details Visit Center for Farm Financial Management for further information, including FINPACK online training programs, conferences, commercial books, trial version, and purchase options.

Phase of Development The most recent completed version of FINPACK is 5.6.0, released fall 2014. Updated versions will be released when they become available.