FarmEye - Telling the Story of Great Farm Management
FarmEye is a cloud-based, whole-of-business analysis tool that you can use to manage, monitor and understand the relationship between production management, ecological change and well-being outcomes.
FarmEye is made up of two unique tools:
- ProfitProbe® – Analysis of production and business metrics for agricultural businesses using management accounting.
- Farm Portrait – Collection and storage of ecological and well-being metrics to analyse trends over time, verify management decisions and report at the farm level.
The Farm Portrait tool is still under development, so please contact us if you are interested and would like to be kept updated.
ProfitProbe® Business Analysis
To improve the profitability of your business, you first need to understand its accounts in detail—every strength and weakness. Unfortunately, accounts done for taxation purposes reveal little about your business and how to improve it. Lay your business bare with FarmEye and use the sophisticated accounting management tool, ProfitProbe®, to analyse your business.
Combining over 20 years of experience with industry-leading technology, ProfitProbe® is recognised Australia-wide as the leading dataset for analysing and benchmarking broadacre agricultural enterprises. The dataset contains over 5,000 business years of data across various agricultural industries, including grazing, broadacre cropping, cotton and sugar.
Combined with a skilled interpretation of the indicators provided, a ProfitProbe® analysis of your business will:
- Focus management on increasing profits
- Target where to cut costs whilst increasing production
- Improve efficiency across your business and production system
- Allow you to make management decisions with confidence
- Keep your financial position in perspective
ProfitProbe® is an economic analysis tool developed in conjunction with Central Queensland University. It provides a unique set of business indicators covering profitability, production, people, finance and property performance. ProfitProbe® is used as a tool in the RCS suite of education and training programs and as a stand-alone business tool.
The ProfitProbe® Early Bird price of $37.40/property/month provides instant access to live analytics that empower your decision-making process. This rate will remain in effect until the Enhanced Analytics released later in 2023 and will then transition to the full rate of $74.80/property/month.
All subscriptions are payable by credit card or bank card only.
You cannot see anyone else’s data, and no one can see yours. You can only compare your results to the overall results of your industry sector or group. Your financial and production data is uploaded to a secure, independent third-party server. Access is only available to staff with adequate security clearance and only for generating reports.
The rule of ‘you get out what you put in’ certainly applies to ProfitProbe®. It is important to enter all data as accurately as possible with the information you have at that point in time. The more effort you put into ensuring the input sheet is correct, the more meaningful your final report will be. This allows you to confidently make strategic decisions based on your ProfitProbe® results.
In most cases, we will be able to work with you to extract the data from your current records or bookkeeping programs. Basic records and statements like your stockbook, kill sheets, branding numbers, profit and loss and balance sheet will hold most of the information needed to complete the ProfitProbe® input.
Benchmarking is the process of analysing your business and confidentially comparing the results to other businesses. This process allows us to assess your productivity, profitability and efficiency in running an agricultural business. The RCS ProfitProbe® software is unique in that it benchmarks your business with other production businesses and against your particular land type. Within FarmEye, the benchmarking components are still in development, so please contact us if you are interested and would like to be kept updated.
In management accounting, we focus on what occurred during the financial year rather than just the cash movements in and out of the business. We do this because it gives a more meaningful overview of how well your business works for you and your overall position. An excellent example of where taxation accounting differs from management accounting is if you are building stock numbers. Your cashflow for that financial year will indicate a lot of money leaving the business and not show the increase in value tied up in the expanding herd, whereas management accounting would.
If you want to understand the concept of management accounting better, we’d recommend attending a Business Fundamentals Workshop or Farming & GrazingforProfit program.
