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James McDonnell a Financial Specialist in Teagasc joins Michael Hennessy on this week\u2019s Tillage Edge podcast to discuss how best to manage your farm finances.\n\nJames starts with the basics describing the differences between main concepts like turnover, profit and cash flow. \n\n\u201dCash flow is essentially a measure of the cash in your account,\u201d he explains. \u201cIn 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\u201d.\n\nJames details where farmers should start to get a handle on their cash flow and outlines some of the useful tools like the Tillage 5 minute Cash flow, the Teagasc Cost control planner and e-Profit Monitor which are easy to set up and use. \n\nDigging into the profitability on a field by field basis as well as comparing crops or enterprises on the farm will help to develop a better cash flow projection for the coming months. All of these tools are available on www.teagasc.ie \n\nFor more episodes and information from the Tillage Edge podcast go to\nhttps://www.teagasc.ie/crops/crops/the-tillage-edge-podcast/