Completing an eProfit Monitor is a requirement of the new Knowledge Transfer Programme for discussion groups.
The eProfit Monitor programme provided by Teagasc allows the financial performance of your farm to be looked at in detail, and is a useful tool for all farmers.
Once you have information on your farm output and costs of production, you can begin to identify areas to focus on for improvement, by comparing your farm figures against targets, or against results form other farms locally or nationally.
What is an eProfit Monitor?
The Teagasc eProfit Monitor is an online financial analysis tool that is available to all Teagasc clients.
The eProfit Monitor can be used to assess all farm enterprises (dairy, sheep, beef, etc) on an individual or mixed basis.
The focus of the eProfit analysis is the most recently completed production year.
Data can be entered and reports viewed online, either by the farmer, or the adviser, using their computers.
Farmers and their advisers can work together to enter the information as accurately as possible and therefore ensure that the programme can produce an accurate report on the farms financial year.
Why complete an eProfit Monitor?
Completing an eProfit Monitor allows you and your adviser to look at your farm’s financial performance on a single-enterprise basis or mixed-enterprise basis.
Once the financial performance of your farm is known, your advisor can help identify areas that can be improved on to increase profit levels.
What information is required to complete the eProfit Monitor?
Typical information required for an eProfit Monitor analysis includes some of the following:
Details of the product sold off the farm, both amounts sold (litres, kilogrammes of liveweight, tonnes of crop sold) and the total value (€) of all sales;
Details of all farm expenses/production expenses and overheads that were incurred in the operation of the farm business during the year;
The latest set of farm accounts (balance sheet, profit and loss, capital account).
All of this information is available to you in the paper records — the herd register, cheque books, factory sheets, invoices etc, that you have accumulated during the year.
If you have been using the Teagasc Cost Control Planner, you will have almost 90% of the required information for an eProfit Monitor analysis already easily accessible.
How can I use the information from the eProfit Monitor?
The focus of the programme is to provide users with a detailed financial breakdown of their business by looking at each enterprise (dairy, cattle, sheep, tillage), and by analysing each enterprise in turn by its principal unit of production (litre of milk, kilogramme of beef, tonne of grain).
Your farm figures can be compared with Teagasc target figures for your farming system, and areas of weakness and strength can be identified.
Areas of weakness can then be tackled, and targets set for the results of ongoing monitoring throughout the year.
Your farm can be analysed on a whole farm basis and/or on an individual enterprise basis.
If you are a member of a discussion group, your group co-ordinator can pool your farm data with data from the other farms in the group to produce group analysis reports.
These can be useful for discussion purposes, and can also be used to benchmark your own farm business performance.
At all times, the identity of individual farms can remain confidential on these group reports.
An eProfit Monitor analysis carried out on your farm on a yearly basis will keep you in tune with how your farm business is performing.
Comparing the latest yearly analysis with previous years will allow you to monitor your progress in achieving your yearly targets.
It will keep you informed if changes made in the way you operate your farming system are having a positive effect on farm profitability.
How do I go about completing an eProfit Monitor?
Participants in the Knowledge Transfer Programme will be completing an eProfit Monitor in conjunction with the group facilitator.
If you want to complete an eProfit Monitor, you can email your name & address to firstname.lastname@example.org or talk to your Teagasc adviser, who can set you up and also give you more details on the information that you require.
He/she will also assist you in completing the Profit Monitor.
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