Farmers can avail of €250 gratuity through profit monitoring scheme

Farmers can avail of a €250 gratuity by completing an e-Profit Monitor scheme jointly hosted by Teagasc and Ulster Bank.

The second year of the initiative, it is intended to encourage farmers to monitor the profitability of the farm business. The €250 incentive is available to the first 175 farmers who meet the criteria.

Ulster Bank senior agricultural manager Dr Ailish Byrne said: “We recognise the importance of financial management at farm level and we encourage the use of the Teagasc e-Profit Monitor.”

New and existing customers can avail of the offer but must use their Ulster Bank business current account as their main farm business current account for at least two years. Farmers must mandate their single farm payment to the account and ensure all farm sales proceeds are lodged into the account.

The Teagasc e-Profit monitor helps farmers measure the profitability of their farming enterprise. Based on the financial performance of the farming business in 2011 farmers can use the information to plan the business for the year ahead.

Teagasc’s head of dairy knowledge transfer, Tom O’Dwyer, said: “Completing a Teagasc e-Profit Monitor for your farm business for 2011 is the most important first step in planning a for the year ahead.

“The Profit Monitor can be used for all enterprises, dairy, beef, sheep and tillage and completing it is essential for all farm businesses. The e-Profit Monitor allows you to quickly and easily identify costs that are above average or output sales that are below average, so that these can be improved for the coming year.”