Farmer accountancy firm ifac has announced the acquisition of Cashminder for an undisclosed sum. Cashminder is a digital cash management system developed by farm software company AgriNet and first launched in 2016.

The system is designed to allow farmers track their cashflow and provide relevant financial data to their accountant, farm adviser and the Teagasc profit monitor. Cashminder also receives data from online banking and dairy co-op systems.

ifac said it will integrate the new software system into its range of financial services. The accountancy firm recently launched a new digital financial management and planning tool called FarmPro, which is a bespoke software programme that specialises in real-time financial advice and forecasting for farmers.

ifac chief executive John Donoghue said the aim of these tools is to give farmers greater control over their finances and allow them to make better financial decisions in real-time.

Brendan Scanlon of Agrinet said his company had sold the Cashminder system to focus on building its herd management software HerdApp.