Teagasc Announces New Profit Monitor Farm Software Linkages

The focus on farms now must be to farm for profit. To do this successfully, budgeting, management accounting and profit monitoring are essential activities, the Director of Teagasc, Jim Flanagan says.

Launching the new Profit Monitor software linkages recently, 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. Already, AgriNet and Kingswood have made a significant contribution in providing farm management solutions for Irish farmers. "Today, tools such as this that will help farmers identify their most profitable activities and enterprises from their least profitable and loss-making enterprises are vital", said the Teagasc Director.

The new Profit Monitor software linkages will allow farmers to follow trends over years and to compare with other farmers. The results provide key information to farmers and their advisers from which to make decisions.

Farmers' ability to complete the Profit Monitor input form has been enhanced by the linkage announced today. Both Kingswood Computing and AgriNet have developed summary reports from their farm software systems that will reduce the time and increase the accuracy of the Profit Monitor data input.

Both Gerry Lynskey of Kingswood Computing and Barry Lynch, AgriNet stress the value of farm software in improving farm management and maintaining accurate records. They say that Profit Monitor Analysis provides the benchmark for all farms for the future.