Tools to Help you Achieve Success
- Think - Teagasc Options Programme
- Write - My Farm, My Plan (PDF)
- Monitor - Cost Control Planner
- Analyse - Using the Teagasc eProfit Monitor
- Plan - Using Teagasc Farm Business Planner and Farm Household Expenditure Planner
If all farmers were to follow an ideal plan they would complete the following, but not necessarily in the order listed:
- Business plan every 5 years & reviewed annually after a Teagasc Profit monitor is completed.
- Annual farm and household budget ideally using some software.
- Cash flow recording is completed monthly and compared the budget at point 2
- An annual business review is completed using the Teagasc Profit Monitor.
- The annual farm accounts are discussed in detail with the accountant in a timely fashion and not just before the submission deadline.
The Teagasc Farm Business Monitoring System
For someone starting out, a Profit monitor could be completed from a set of accounts. Cash flow budgeting could be started at any time. This can be used to build a picture as time moves forward.