Ifac collaborates with Bank of Ireland to launch next-generation farm financial management and planning tool
Ifac, Ireland’s leading farming, food and agribusiness professional services firm, supported by Bank of Ireland, has launched FarmPro, a next-generation digital financial management and planning service, with the objective of driving farm efficiency and significantly improving farm viability and sustainability. FarmPro combines proven technology from Figured, a New Zealand based agri software company, with up to date farm accounting data, and ifac financial management expertise.
FarmPro, an advice led technology-driven service is available exclusively to ifac clients, including those who bank with Bank of Ireland. FarmPro gives farmers clarity, confidence and control over the running of their farms. This collaboration between ifac and Bank of Ireland aims to fundamentally transform how farmers manage their financial wellbeing.
FarmPro provides an up to date online financial position and forecasting service to farmers. This powerful combination of technology, up to the minute data and advice, puts farmers firmly in control of their finances. By combining the latest farm financial data from ifac’s book-keeping service, herd movements from the ICBF, and expert advice from ifac, FarmPro provides the insights farmers need to make profitable business decisions.
John Donoghue, Chief Executive of ifac said: “In successive Ifac Irish Farm Reports, farmers across Ireland have expressed the same concerns – they want to know where they stand, be able to make better decisions and have more control over their finances. However many don’t have the time, the tools, or the know-how to make this happen.
“FarmPro will help farmers to achieve these aims. For the first time, farmers will have access to a precise snapshot of their farm performance using the latest on-farm data, and ifac’s expertise in budgeting, forecasting and benchmarking to help them build forward-looking plans. Farmers will have real insights to help run better, more profitable farms, and build more resilience into their operations, strengthening their viability and long-term sustainability. We are delighted to launch this innovative proposition in collaboration with Bank of Ireland to make our clients’ lives easier and farms more profitable.”
Eoin Lowry, Head of Agri at Bank of Ireland said: “As a strategically important lender to Irish farmers, Bank of Ireland wants to be at the forefront of innovation, supporting the latest solutions which address our customers’ needs. We strongly believe in the value of farmers accessing the most relevant data to drive decision-making, and FarmPro, leveraging Figured technology, brings this to life.
“Our customers’ financial wellbeing is always front of mind, and providing new digital capability to help them improve it is a key focus of our Financial Wellbeing programme since launching the initiative in 2019. Our on-farm research identified the challenges our shared customers faced in managing their finances, but now FarmPro provides them with an intuitive cash flow management tool, enabling easy access to the right information and ifac advice, giving farmers the confidence to make the best on-farm decisions. We are proud to collaborate with ifac on this initiative, which delivers more effective financial management and a simpler lending experience for our shared customers, through enhanced collaboration and technology-enabled secure data sharing.”