Accounting
Types of Accounting
BioTrack presents several accounting layers to the commercial user…. depending on how you register as a user.
For example, a Retail user will be expected to enter cash sales with returns from a daily cash register “till roll”, whereas a Farmer or Manufacturer is expected to make only invoiced transactions.
However, in the real world, many farmers are often producers, wholesalers, and retailers at the same time.
Bio-Track allows this mix of commercial activities seamlessly, whilst maintaining the core principles of organic and health traceability. This is made possible by offering a range of user roles:
- Organic Arable Farmer
- Organic MEM Farmer (milk, eggs, meat)
- Organic Wholesaler
- Organic Manufacturer
- Organic Retailer
- Organic Resataurant
A client user may choose to be part of any one or more of these roles, and this allows to you manage your accounts according to the type of business you are conducting at that moment. This means that the same business can simultaneously sell products as a primary producer (a tonne of wheat), as a manufacturer (a pallet of 1kg bags of wheat flour), as a wholesaler (1 box of 1kg bags of flour) and as a retailer (1 bag of wheat flour).
This is a useful and important level of flexibility because it allows the organic operator to take advantage of higher margins without the administrative obstacles of normal accounting systems. At the same time, the organic operator can easily maintain their legal obligations in terms of traceability and good practice.
Cost Accounting
For manufactures and farmers with a defined set of “finished products” (for example, MEM farmers), BioTrack provides a simple means of dynamically establishing your production costs. Raw materials, ingredient information, packaging and labour/overhead costs are all used to dynamically establish your production costs for each finished product. This process is completely automatic, all you need to do to define your finished products.
BioTrack does not currently establish the real cost of agricultural production (with indirect materials like fuel etc), however this is a planned addition for the near future.
Tax Accounting
BioTrack allows you to create a complete Sales-VAT report and summary for any period (month, quarter, year) for the purpose of making you VAT or income tax return. Similarly, you may also create a Purchases-VAT report for any chosen period.
All costs are categorized according to user defined cost types (eg. Labour costs, Social Security Costs, Rent & Rates, etc). The standard reports suit most users but all reports are completely user definable for those that have special reporting needs and to accomodate local differences in tax accounting regimes.
BioTrack provides options for reporting of transactions with companies in other EU countries (exports and imports) in terms of VAT.
Financial Reporting
BioTrack contains a large number of standard accounting reports, all of which can be altered “on the fly” by the user to accomodate a combination of the following report features:
- All relational data filters
- Control Break by any number of fields
- Data aggregation
- Data computation
- Charting data
- Group by data
The report definition feature is extremely useful. It is intuitive and requires no training.
Accounting – Miscellaneous features
The BioTrack accounting module accomodates the following additional features:
- Asset Register with automated “write off” notification
- Cash Sales
- Stock valuation
