The Teagasc eProfit Monitor & the Benefits of Completing It

Niamh Lynch, Teagasc Dairy advisor in Navan, joins Stuart Childs on the latest Dairy Edge podcast to talk about the Teagasc eProfit Monitor and the benefits of completing it.

Niamh highlights the usefulness of building up a bank of information over years of completion to give you a good perspective of the costs of running the business through good and bad times.

Niamh also says that while the year will be a good one for the majority of dairy farmers, the creep in costs is something that people will need to quantify so that people can watch out for these areas in 2023. 

Niamh also explains that preparing to complete a profit monitor will help people kill two birds with one stone in that they will do a significant amount of the preparation of their accounts at the same time and this will be a very important and useful job to have done early in 2023 given the potential tax bills that will be facing farmers in 2023 on foot of record milk prices in 2022.

Finally, Niamh says that while completing the profit monitor will take some time, especially when completing one for the first time, people shouldn’t be put off by this and that by putting a structure in place to handle incoming paperwork throughout the year - be it in some form of an electronic system or the simple pen and paper - will make the process a lot easier in future years.

For more episodes from the Dairy Edge podcast go to the show page at: 

https://www.teagasc.ie/animals/dairy/the-dairy-edge-podcast/

The Dairy Edge is a co-production with LastCastMedia.com