What is the number one thing Irish farmers don’t have enough of? Time.
Time for their families, time for hobbies, time to sleep. Managing a farm business is a fulltime commitment - we have seen this firsthand in our 44 years working with farming communities across Ireland. Yet many farmers have yet to take the steps to help themselves better manage their farm business, freeing up time for the things that matter most to them.
Over 53% of Irish farmers do not prepare budgets or cashflows for their farm businesses, citing a lack of time as the key issue. Yet those who do prepare budgets and cashflows overwhelmingly claim that they give them better clarity and oversight of their farm as well as keeping them well-informed for decision-making and for meetings with advisors/banks.
This year, we introduced our FarmPro service to combat this prominent issue in Ireland’s farming sector. Delivered by ifac experts and supported by Bank of Ireland Agri specialists, FarmPro is a digital financial management and planning service, to deliver insights, drive efficiency and ensure farm viability and long-term sustainability. Populated with bookkeeping figures alongside Irish Cattle Breeder Federation efficiency data, FarmPro automates the significant manual effort previously required by farmers. A powerful combination of current data, technology and advice, FarmPro puts farmers firmly in control of their financial present and future.
FarmPro allows clients to avail of budgeting, forecasting and benchmarking tools, ifac expertise and data-driven insights. With these tools, farmers can more easily spot opportunities and risks and make timely decisions as to the best course of action. FarmPro allows farmers to stop battling the clock enabling them to better manage their farm and gain back precious hours.
To learn more about our FarmPro service click here.
To read our full Irish Farm Report 2020 click here.