Profit monitoring ‘essential for farmers’

THE focus must now be on farming for profit and to do this successfully, budgeting, management accounting and profit monitoring are essential activities, according to the Director of Teagasc, Jim Flanagan.

Launching new software linkages, he urged all farmers with farm software packages to use them fully and to avail of Teagasc’s profit-monitor service.

“This Internet-based service has become the accepted way for farmers to assess the contribution of dairy, sheep and tillage operations to profit,” he said, adding that the new profit monitor software linkages allow farmers to follow trends and compare with other farmers.

“The results provide key information to farmers and their advisers from which to make decisions,” he said.