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Podcast: The Tillage Edge
Episode: Managing Your Farm Finances
Description: James McDonnell a Financial Specialist in Teagasc joins Michael Hennessy on this week’s Tillage Edge podcast to discuss how best to manage your farm finances.
James starts with the basics describing the differences between main concepts like turnover, profit and cash flow.
”Cash flow is essentially a measure of the cash in your account,” he explains. “In certain circumstances you could have a high turnover, have a taxable profit, but little money in your bank account. So for farmers the best measure to track is cash flow”.
James details where farmers should start to get a handle on their cash flow...