Financial management means the use of accepted resources used financial functions. In relation to palm oil finance, financial management is essential to perform its financial functions. Before we proceed to the subject, we will first discuss a few characteristics of palm oil plantation business. The palm oil industry has special characteristics that different from other business fields, including the crop management activities that produce the consumed products which are then processed to produce other products.
Generally, the activities of the palm oil plantation industry is classified into:
1.Nursery and planting, which is the plant seed process and continued with the planting process.
2.Maintenance and fertilization, is the process of plant maintenance through the growth and fertilization process to produce the product.
3.The products, harvesting process ready to sell.
4.Packaging and marketing, is the process of selling the product
Managing the palm oil plantation finance deals with budgeting and recording daily transactions. It relates to the 4 above operational activities up to presenting the financial statements. To prepare the financial statement, it requires a reliable accounting system which result in a quick and accurate financial statement. This report will be made as the base of managerial decision making. Zahir accounting software applicable for palm oil plantation business which needs an integrated bookkeeping with recording activity starting from
- Operational cost budgeting
2.List of cost transactions in the Not Producing Crops process
3.List of transactions on fees in the Fresh Fruit Bunches process
- Recording transactions and stock management on the use of stocks either stock support such as medicines, fertilizers and stocks of palm oil
- Sales records, Purchase, Control of Accounts Receivable and Payable
- Cash and Bank operational records
The most important benefits in using Zahir Accounting accounting software :
- Easily control the costs of palm oil in each area, either on operational cost, usage cost, or use of spare parts and other supporting stock
2.Control the cost in process ranging from the cost of nursery, planting, maintenance to produce oil palm products
.3.Easily inventory control, both spare parts inventory, seeds and yield of palm oil products.
4.The information availability on the budget realization report and income statement per job and per department.
