New Cashminder product to make it easier for farmers to track their cashflow

A new simple and quick farm cash management system that allows you to track your money and provide data quickly to farmers’ accountants, farm advisers and to the Teagasc eProfit Monitor was launched this week.

Cashminder, developed by Agrinet, is designed to work primarily around electronic data from online banking systems and also from online dairy co-op systems.

Because of the confidentiality of the data, CashMinder has been developed using its own database with its own access username and password.

It requires no names, addresses or contact phone numbers. There is no connection at all with any other Agrinet databases, for example, the Agrinet grass database.

The software gives farmers the option to ask their accountant or farm adviser to sign them up on CashMinder and they may be the only people who know your identification on CashMinder.

Among the benefits of the software are that it allows farmers to create a simple and quick cash flow budget, project the current account bank balance for the rest of the year and track cash flow via the bank as time passes and compare to the budget.

Agrinet’s Barry Lynch said that while the company already has a lot of clients that use its existing PC accounts system there is a demand for ‘quicker and simpler’ software.

The software also allows farmers to get more value out of their financial data. Forward planning on cashflow is an area which needs to be addressed on many Irish farms and farmers frequently lose touch with their money.

Lynch also highlighted that banks now take a significant interest in seeing farmers ability to track the cashflow and projected cashflow.

The product which has been over three years in the making has been developed through extensive consultation with farmers, accountants and farm advisors.

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