Teagasc has launched a new cash planning book, as part of its ‘Get Farm Financially Fit’ campaign. This new book was developed to help farmers to manage their cash flow. Farm and household cash flow is under increasing pressure from a number of different areas, many of which are outside the individual farmer’s control.
This publication is designed to help farm families to get more control over their farm and household cash and to manage finances in a more structured way. The workbook is divided into two sections, one for the farm and the other for the farm household.This publication complements the range of online cash and profit monitor tools available to farmers from Teagasc.
Teagasc Director, Prof Gerry Boyle said: “All families have faced the impact of the economic downturn in recent years. Farm families have faced additional challenges with the changes from the reform of the CAP which adjusted the basic payment made to individual farmers. Farmers need to focus on making their farm business ‘Better before Bigger’ by becoming as efficient as possible before considering expanding their production.”
James McDonnell Teagasc Financial Specialist said: “If this workbook is completed methodically at the end of each month, by the end of the year, there will be an enormous volume of information collected on the farm and household habits. This information can be used to complete a Teagasc eProfit Monitor to analyse the economic efficiency of the business. The household data can then be used to make more informed choices with regard to future spending.”
The Teagasc Farm and Household Cash Planning Book is available at www.teagasc.ie/media/website/publications/2016/Teagasc-Farm-and-Household_80pp.pdf
