Source: Farm Credit Services of America news release
Magnify, a new ag management software tool from Farm Credit Services of America (FCSAmerica), now includes OnPay to give farming and ranching operations a full-service payroll solution that meets their business needs.
FCSAmerica, a financial cooperative, and OnPay, a payroll software provider for small and growing businesses, bring their respective agricultural expertise to a partnership that enhances Magnify as an all-in-one tool for managing the business side of a farm or ranch. Among OnPay’s features are payroll applications for seasonal labor, the ability to process different minimum wage rates for ag workers and the filing of tax forms, including federal form 943 for agricultural employees.
“OnPay’s experience with agricultural payroll gives the company a unique understanding of the solutions that our customers need to run their businesses and keep their employees happy,” said Tony Jesina, FCSAmerica’s senior vice president overseeing Magnify. “We are confident that OnPay will be attractive to customers who want an affordable, efficient and easy-to-use payroll option that fully integrates with Magnify.”
FCSAmerica launched Magnify in 2018 as a combination accounting and managerial software system aimed at improving profitability and decision-making through a real-time view of an operation’s overall financial health. Automated recordkeeping and accounting functions, for example, allow producers and their advisors to more easily track budgets and cash flows. The managerial reporting side pairs underlying accounting data with production and inventory information to produce insights and analyses, including a producer’s true, all-in cost of production and breakeven price.
As a significant cost to ag businesses, payroll data is an important addition to the financial picture Magnify provides. It combines payroll data with other financials to provide ag businesses with all the information they need to make informed decisions.
“This partnership gives farmers and ranchers something they’ve needed for a long time,” said Mark McKee, OnPay’s president and chief operations officer. “Agricultural businesses use complex technology to increase yield and manage production. We’re excited to help make the back office more intelligent, too. Now owners and managers can save time on payroll, plus get a much clearer picture of their financials.”
Magnify, developed in partnership with software firms Xero and Figured, is available exclusively through FCSAmerica. The financial cooperative, in association with Frontier Farm Credit, is initially offering Magnify to its customer-owners in Iowa, Nebraska, South Dakota, Wyoming and eastern Kansas.