On Tuesday a new financial software system from AgriNet was launched. The system pulls in electronic data from online bank statements and co-ops.

The software uses this information to automatically prepare information for the accountant, cashflow forecasts, Teagasc eProfit monitors and financial information for discussion groups.

Management decisions

According to AgriNet’s Technical Director, Barry Lynch, it takes a lot of the hassle out of bookkeeping and allows farmers to make quicker management decisions especially in the busy spring period.

By automatically pulling in data from bank accounts and co-op transactions, it dramatically reduces the time spent manually preparing accounts and budgets explained Lynch.

The software will allow farmers to invite their accountant and farm advisor to collaborate online on the farm financial data.

Cost

Lynch said all existing Agrinet clients will have access to the software. An annual Agrinet subscription costs €220 excluding VAT.

At the launch farmer Eamon Fagan who has been trialling the software since the beginning of the year said “the day of putting invoices and bank statements in a shoe box is gone.”

Launching the software IFA president Joe Healy said it is farmer friendly - quick, simple, and understanding of farmers on the ground. However, he stressed the need for improved Broadband in rural areas to make this type of technology available to everyone.