Cash Flow and Financial Management on Equine Breeding Enterprises
- Act early, even the best farmer’s plans and schedules are in need of adjustments. Delays will cause the situation to deteriorate and cause extra stress.
- Be realistic and up front in developing your Cash Flow plan using the worksheet below.
- Consult and draw up a plan with your Teagasc Advisor, Agricultural Consultant or accountant. They have the expertise and experience to help you develop a Cash Flow plan for your business.
- Decide on a course of action using your Cash Flow plan to form the basis of negotiations with your suppliers and banks. Creditors will respond best to realistic budgets and up-to-date cash flow projections, supported by your own records and accounts.
- Complete the simple 5 minute Cash Flow sheet in the document below.
- Move on to complete the Current Debt and Cash Flow Projection sheets to get a fuller picture.
- Contact your adviser or accountant to help complete a more detailed monthly plan if required.
A Guide to Taxation (Equine)
A simple guide commissioned and published (July 2020) by The Irish Thoroughbred Breeders Association & Horse Sport Ireland, and compiled by Grant Thornton