The Teagasc eProfit Monitor (€PM)
What is it?
The Teagasc eProfit Monitor is an online financial analysis tool that is available to all Teagasc clients.
This new system replaces the existing Dairy, Drystock and Tillage Profit Monitor programmes with one single system which can look at all these enterprises 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, by either the farmer or his/her adviser using their own 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.
To gain access to ePM to enter information and view reports you should contact your Teagasc adviser and ask to be registered for the eProfit Monitor.
What information is required?
Typical information required for an eProfit Monitor analysis will include some of the following:
- Details of the product sold off the farm- both amounts sold (litres, kgs 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- herd register, chequebooks, factory sheets, invoices etc. that you have accumulated during the year.
Better still if you have been involved in keeping Teagasc Cost Control Planner records you will have almost 90% of the required information for an eProfit Monitor analysis already easily accessible.
How can I use it?
The focus of the programme is to allow users to get a detailed financial breakdown on their business by looking at each enterprise (dairy, cattle, sheep, tillage) and by analysing each enterprise in turn by its principle unit of production (litre of milk, kg of beef, tonne of grain). Your own 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 ongoing monitoring throughout the year using the Teagasc Cost Control Planner.
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.