New service aims to boost farm vitality
FARMING, food and agribusiness professional services firm IFAC has launched a new service called FarmPro that aims to improve farm vitality and sustainability.
The next-generation digital financial management and planning service is supported by Bank of Ireland and combines technology from Figured, a New Zealand-based agri software company, with farm accounting data and IFAC financial management expertise.
FarmPro is available to IFAC clients, including those who bank with Bank of Ireland. According to IFAC, it gives farmers clarity, confidence and control over the running of their farms.
John Donoghue, chief executive of IFAC, said: ‘In successive IFAC Irish Farm Reports, farmers across Ireland have expressed the same concerns – they want to know where they stand, be able to make better decisions and have more control over their finances. However, many don’t have the time, the tools, or the know-how to make this happen.
‘FarmPro will help farmers to achieve these aims. For the first time, farmers will have access to a precise snapshot of their farm performance using the latest on-farm data, and IFAC’s expertise in budgeting, forecasting and benchmarking to help them build forward-looking plans. Farmers will have real insights to help run better, more profitable farms, and build more resilience into their operations, strengthening their viability and long-term sustainability. We are delighted to launch this innovative proposition in collaboration with Bank of Ireland to make our clients’ lives easier and farms more profitable.’
FarmPro provides an online financial position and forecasting service to farmers. According to IFAC, this combination of technology, data and advice, will put farmers ‘firmly’ in control of their finances. The service combines farm financial data from IFAC’s book-keeping service, herd movements from the ICBF, and advice from the organisation.