Cash Management


2 min read

Cashbook benefits Initial setup Choosing cashbook software

A cash management system, or cashbook, is vital for monitoring all payments and receipts, keeping track of compliance requirements, and making informed decisions for managing day-to-day finances effectively. Proper initial setup and consistent coding are essential for accurate tracking and budget forecasting. Get support from your trusted advisors to choose the accounting software option that best fits for your needs.

A cash management, or cashbook system, is a record of all payments and receipts by cheque, credit card, Eftpos, cash or direct credit and keeps track of your compliance requirements.

It shows all income and sales, purchases and expenses relating to your business. These are entered and coded in a cashbook programme by you, or your Chartered Accountant.

It also allows you to efficiently manage your farm's day-to-day finances. You can manage invoices and bills, keep track of your compliance requirements and prepare for tax returns, as well as forecast cashflow going forward into the next business year.

Cashbook management system benefits

  • Clarify your financial position - you’ll be able to monitor, understand and communicate your cash position.
  • Show you how much you are spending relative to how much your farm is earning.
  • Compare your actual financial results to your budgets and enable you to benchmark - you can use the information as a basis for new budgets.
  • Help you identify your working capital (overdraft) needs.
  • Provide you confidence and inform your decision-making.
  • Help you meet record-keeping requirements.
  • Allow you to respond more quickly to a change in your financial position.

Initial setup

Initial setup can take a while, but it's worth it, and it is important to get your setup right from the beginning. Make sure you fully understand how the coding will work and make sure it is consistent with the coding system used by your Chartered Accountant – accuracy in this area from the start will make tracking your spending and forecasting your budgets a lot easier.

Setup may require the help of your Chartered Accountant or other professionals depending upon the accounting software you choose.

Choosing cashbook software

Many people keep their cashbook electronically using an excel spreadsheet. However, there are a wide variety of accounting software programmes available.

The summary table below is designed to help with decisions on software options. You can click through to the providers in the table for more information.

We can't recommend a particular programme, so it is important you talk to your Chartered Accountant, rural banker, or farm management consultant to help you make the right choice to suit your needs. Ensure the system you choose will be compatible with your Chartered Accountant's.

Option DairyNZ templates Farm Focus Figured MYOB Xero
Website/link Budgeting tools farmfocus.co.nz figured.com myob.com xero.com
Description Annual and Monthly cashflow budget templates downloadable in Excel. Easy to use, time-saving financial management software. Be in control of your cash position and planning for the future to make informed decisions. Designed for New Zealand farmers. Production planning and farm budgeting tools integrated with online accounting software Xero. Online accounting software for small businesses. Online accounting software that automates everyday tasks.
Cost Free $200 - $790 $84 - $660 $300 - $1200 $330 - $900
Cloud/sharing capability No, save files to own computer Cloud-based and share data access with all your team Cloud-based Cloud-based Cloud-based, can give staff access
Features and notes
  • Budgeting and forecasting
  • Sensitivity analysis table
  • Variance reporting
  • Graphs for expense categories
  • closing monthly bank balance
  • Manual data entry
  • Manual updating
  • PC only
  • Scenario planning
  • Monitoring livestock
  • Budgets and forecasting
  • Forecasting dairy revenue
  • Tax invoices
  • Bank feeds
  • Auto updates
  • Internal feedback for new features
  • Reporting
  • GST
  • Invoicing
  • Cashflow
  • Easy payments flow
  • Invoice attachments
  • Payment bills
  • Automated transactions
  • Integration with bank feeds, invoice scanner, FarmSource, Farmlands, Paysauce, Crystal Payroll and others
  • Real-time
  • PC only
  • Budgeting & Forecasting
  • Production tracking
  • Auto updates and feeds
  • Automated transactions
  • Real-time
  • PC only
  • Pay staff
  • Invoicing
  • Tax and GST
  • Reports & budgets
  • Track jobs
  • Bills and expenses
  • Inventory
  • Cashflow management
  • Automated transactions
  • Real-time
  • App or PC
  • Invoicing
  • Paying bills
  • GST tax returns
  • Budgets and forecasting
  • Reporting
  • Automated transactions
  • Real-time
  • App or PC

* Prices tend to vary with add ons and extras, and may also be included as part of a package with your accountant.

Last updated: Dec 2023

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