Track income and expenditureīy keeping accurate records, at any time of reconciliation, the farmer can report the correct amount of money spent or gained from the farm. The farmer can better predict price changes of inputs and produce from expenditures and sales records kept from previous years. Record-keeping provides valuable information on which methods work. Better farm planning and forecastingįarming is a business and good farm record-keeping helps the farmer plan and do realistic forecasting.
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. Keeping accurate records has its benefits, like helping farmers plan and complete realistic forecasting for the next year.Īccording to Agrihome Expressions, additional benefits of being particular about record keeping include: It may be a requirement One of the first steps in being a successful farm manager is keeping well-maintained, accurate records and establishing a sound record-keeping system.
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