One of the first steps in being a successful farm manager is keeping well-maintained, accurate records and establishing a sound record-keeping system. Keeping accurate records has its benefits, like helping farmers plan and complete realistic forecasting for the next year.
According to Agrihome Expressions, additional benefits of being particular about record keeping include:
It may be a requirement
Lenders, government agencies, insurance companies and others often require detailed and well-maintained records of the farm’s income and expenditure before giving out loans to farmers.
Better farm planning and forecasting
Farming is a business and good farm record-keeping helps the farmer plan and do realistic forecasting. Record-keeping provides valuable information on which methods work. The farmer can better predict price changes of inputs and produce from expenditures and sales records kept from previous years.
Track income and expenditure
By keeping accurate records, at any time of reconciliation, the farmer can report the correct amount of money spent or gained from the farm. This helps for proper planning and budgeting.
Better management of a farm
Someone who keeps records on seed germination rates of seeds purchased is in a better position to select seeds for seasons. In the case of livestock, the farm should keep records of bloodlines, pests, disease, feed types and consumption. These records help to prevent inbreeding, control pests and disease and provide the bets feed for optimum performance.
Spending just 10 minutes per day updating records will save you time and money!