a farmer with enough information needed for proper planning and budgeting at every point in time However, human memory fades over time and the dearth of a farmer who uses his memory may result in the loss of information. You should be able to make informed conclusions regarding the past and to plan for the future. In the case of livestock, the farm keeps records of the bloodline, pest, and diseases, feed types and consumption, etc. Aids productive decision making. These records help to prevent inbreeding, control pests and disease and provide the bets feed for optimum performance. The importance of breeding records is to measure the productive efficiency of the herd and to enable selection. The calving date is the most important because it starts the next reproductive cycle. Like other management practices a record keeping is also one of the important farm management practices. Therefore, an accurate up-to-date breeding record of each individual female is necessary. Know the importance of keeping Farm records As farming gets more commercialised, farmers should endeavour to be certain about the performance of their farms at any given time. Keeping proper records, will at any time of reconciliation, give the farmer the correct amount of money spent or gained from the farm. If farmers have farm records, they can tell how well they are managing their farm in comparison to other farmers. If you keep good records of production, expenses, income, and weather, you should have all of the required information for any purpose, from crop insurance to lenders to your own needs. All rights reserved. The information you get from keeping good farm records is priceless. Both production and financial records are critical to the efficient management of a farm business. Keeping and analyzing farm financial records are essential to the efficient management of a farm business. You should start to record heat dates immediately after calving. Farm managers need a complete and accurate farm records system in order to make informed management decisions that will help maintain or improve farm business profitability. Farm diaries and other recording systems such as notebooks, filing systems and computers must be organised. The first time you log in, please use your Member Number instead of Username. In budgeting, the farmer can better predict price changes of inputs and produce from expenditure and sales records kept from earlier seasons. Computerized record-keeping and analysis programs have been accepted and used by a number of farmers also. 1. Keeping farm records is a key component of managing your small farm. Properly kept records assist in tax calculations of the farm to ensure the right amount is taxed. It shows the strength and weakness of a farm. The principal of all the important farm records is the profit and loss record. Its always important to have records as a farm manager because; The importance of farm record keeping There are three main reasons farm operators should keep good financial records: 1) Income tax reporting: A good set of records is required for the preparation of complete and accurate tax docu-ments. In the case of livestock, the farm should keep records of bloodlines, pests, disease, feed types and consumption. Evaluating progress It helps in evaluating progress of organization. Read The Importance Of Keeping Good Farm Records in addition to hundreds of recent farming and agriculture news articles. According to Agrihome Expressions, additional benefits of being particular about record keeping include: 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. Farmers in Kenya should always have their farm records ready before they do any financial analysis, financial decisions or budgeting. It is always a joy when the farmer is making money from a whole season's sweat. f) Farm records assist farmers in keeping a track of both performing and non-performing farming ventures. Receive FREE updates on agriculture. By keeping accurate records, at any time of reconciliation, the farmer can report the correct amount of money spent or gained from the farm. Records on rainfall incidence and amount over a period is very relevant. Soil problems are a major cause of low production levels in many cropping ventures. It will save the farmer lots of time and money. It helps to know the economic status of the farm. So, in this post, we elaborate on the reasons why to be a prominent farmer you can not avoid records keeping. Recording heat dates on cows even before they are ready to breed is important because it lets you know if the cow is cycling properly and gives you an idea of the cow's individual reproductive cycle. In the current age of technology, redundancy processes, terabytes, gigabytes and duplicate copies of information, record management is a mundane yet critical practice all organizations should have nailed down. The farmer can decide how much is required for farm expansion from good farm records. g) Helps the farmer in making productivity projections for the venture. Spending just 10 minutes per day updating records will save you time and money! Records are essential since they are indicators of progress on the farm and help know if the farm is doing well and measures to be taken for improvement. NOBOWA.com is the hub of Agricultural knowledge. Keeping accurate records has its benefits, like helping farmers plan and complete realistic forecasting for the next year. Read also: Detailed steps on how to Start a Farm. Keeping and analysing accurate production records are essential aspects of farm management. Farm records and accounts are very important as they are advantageous as described below. Moreover, this helps in proper planning and budgeting. Lenders, government agencies, insurance companies and many other bodies demand good records before providing help to farmers. This is basically because they overlook and do not record “petty” expenses and incomes (like feeding and costs of phone calls). Equal Housing Lender. Please review the privacy and security policies of the site you are entering, as they may differ from those practiced by the credit union. The Importance of Keeping Good Farm Records. Records can help the manager plan and implement farm business arrangement and do estate and other transfer farming. We do not operate this site, nor are we responsible for its content. Below are just some of the benefits of keeping farm records accurate and up to date. Preservation of record It helps in management and control of important records. Keeping good records: • helps to maximise all the expenses you claim and reduce your tax obligations • will help out, should you be investigated by HMRC • makes it quicker to prepare your accounts at year-end Record management gives the account of progress and direction in which organization is going on. Farmers cannot continue to avoid this activity for the reason of time consumption or any other. Important Farm record keeping is vital for the success of every farming venture. Post inspiration: The Importance of Record Keeping (extension.psu.edu). The best way to obtain information on present results is to keep records and accounts in order to – If you continue to use this site we will assume that you are happy with it. Extension Agents of Agricultural Agencies sometimes need good records kept by farmers to be able to give them good technical advice on their farms. Facilitat… The records have to be accurate and up to date reflecting on all activities that occur on the farm. These records help to prevent inbreeding, control pests and diseases, give the best feed for best performance and a lot. It is, therefore, important for farmers to have a fair idea on temperature changes at certain times in the season. Farm records enable the farmer to make proper return to the boards of … By clicking this link, you are leaving SouthPoint’s website and entering a website hosted by another party. One of the first steps in being a successful farm manager is keeping well-maintained, accurate records and establishing a sound record-keeping system. Farmers most of the time are not able to give proper accounts on their cash inflows and outflows. Records keeping provides valuable information on the methods that work and why others did not. This helps for proper planning and budgeting. Keeping farm records is an important part in farming. In the case of livestock, the farm should keep records of bloodlines, pests, disease, feed types and consumption. Traditional hand record-keeping systems continue to work well for many farmers. Accordingly, production records are very central in assessing the economic performance and viability of the farming business. For example, many farmers would like a cow or a goat which gives birth yearly, or a sow 2 litters per year. Farm records serve a number of purposes on the small farm—even if it's a hobby farm or … 3. The farmer can better predict price changes of inputs and produce from expenditures and sales records kept from previous years. If you can get those right then you are on your... Okra production is a very profitable farming business, especially during the periods of low rainfall. View up to date crop reports, livestock information and ag industry breaking news from farms.com. 1. These records help to prevent inbreeding, control pests and disease and provide the bets feed for optimum performance. Some farmers trust their memories to keep that information for them. It helps to protect necessary records with care and disposes useless records. 1) Moans to higher income: To obtain higher income, farmers must have exact knowledge about present & potential gross income and operating costs. They can also see the strengths and weaknesses in their farm operations. involved in farm operations. More so, farmers who depend solely on rainfall, use these records as a guide throughout the farming season. Benefits of Accurate Farm Record Keeping. It helps in finding out the weakness and strength of organization. 6 Basic Soil Problems and Recommended Solutions, 10 Remarkable Health Benefits of Orange-Fleshed Sweet Potato (OFSP), Making Good Money From Tomato Production, Cost and Benefits, Doing Profitable Business in Okra Production, Costs and Benefits, 7 Tips on Profitable Farming with Good Records Keeping, Raising Pigs: Choosing an Efficient and Suitable System, Imagine An Impressive 130% ROI From 1ha Chilli Pepper Production, 1 Hectare Ginger Cultivation Yields A Cool 160% ROI, 8 Most Important Farm Records; The Secret to Success in Farming. It is also important to have accurate facts and figures when borrowing money, seeking government loans and tax returns. The past records show direction to organization. Developing and using a f… Farming is a business and good farm records keeping helps the farmer to plan and do realistic forecasting. It is one activity that can determine the progress of your... Don't miss this opportunity to Succeed. It helps in preservation of history of organization. The importance of breeding records is to measure the productive efficiency of the herd and to enable selection. Help to detect fraudulent practices. Read also: 7 Tips on Profitable Farming with Good Records Keeping. Farm records are the mirror of farm and its importance should not be ignored, if a person wants to run a profitable dairy farm with healthy dairy animals. Farm records keeping is simply writing down into a book, activities, events, materials etc. Importance of keeping farm records in agriculture. In budgeting, the farmer can better predict price changes of inputs and produce from expenditure and sales records kept from earlier seasons. Importance of Keeping Records On Your Farm. Good records lead to better decisions and hopefully higher returns. A farmer, from the records, decides when to plant and when to carry out other activities on the farm. Why Farm Records Keeping is Important for Good Farm Management and Profits. Farm management, making and implementing of the decisions involved in organizing and operating a farm for maximum production and profit. This shows the economic level of the farming business. Advantages of record keeping at farm Financial institution and other lenders would need good records of the farm’s income and expenditure before giving out loan facilities to farmers. Records keeping provides valuable information on the methods that work and why others did not. Farming is a business and good farm record-keeping helps the farmer plan and do realistic forecasting. Someone who keeps records on seed germination rates of seeds purchased is in a better position to select seeds for seasons. The importance of records and account to evaluate the farm performance enterprise, managerial control, budgeting, gains and losses and also to enable bank loans to be obtained if the farmer deems it fit cannot be overemphasized. The importance of farm records is copious and cannot be overruled; the uses of farm record: Procurement of a bank loan. Farm records can be directly fed in computers and should be updated on daily basis. Since we have seen the importance of record keeping lets put them into practice and we shall be successful in whatever business activity we are undertaking. However, all the above-mentioned records are required to come up with this record. We advise farmers to keep a simple rain gauge and thermometer for the measurements of rainfall amount and temperature. Accurate financial and production records will help farmers analyze performance of farm operation and make necessary adjustment to operate more efficiently (e.g. Well, that can work but only for a short while. The importance of farm records are copious and cannot be overruled; the uses of farm record: Procurement of a bank loan. Aids productive decision making. Without farm records farmers have to rely on their memory in order to make decisions in their farm management and planning. sThis is particularly important with financial records because they are routinely used for bookkeeping purposes, to prepare balance sheets, as well as cash flow and income Federally Insured by NCUA. View up to date crop reports, livestock information and ag industry breaking news from farms.com. Farmers with little or no knowledge of the basic soil... Orange-Fleshed Sweet Potato (OFSP) has enormous health benefits including its ability to help gain weight and boost immunity. Sales records: A records of all products sold by the farmer e.g eggs,yam,goat etc; Consumption records: A record of all farm product consumed by the farmer and his family; Importance of Farm records. Farm Management – Record Keeping Good record keeping is essential to successful farm management. Farm management draws on agricultural economics for information on prices, markets, agricultural policy, and economic institutions such as leasing and credit. Therefore, an accurate up-to-date breeding record of each individual female is … Sharing with all... We respond to the requests of our numerous readers in Ghana and across the continent. Farming is a business and good farm records keeping helps the farmer to plan and do realistic forecasting. Records can help the manager plan and implement farm business arrangement and do estate and other transfer farming. Regular farm record is a crucial tool to a successful farming business. Record-keeping provides valuable information on which methods work. So we recommend, that spending an average of 10mins each day on the farm to keep farm records is very much worth it. For example, many farmers would like a cow or a goat which gives birth yearly, or a sow 2 litters per year. It also helps ease digestion, in... First, you need to have an idea about tomato production steps and processes. Besides, temperature changes also have significant effects on plants, especially at tender stages. 2. Use this advice from farm-business experts to getting your farm files in order now, so you don’t have to worry about it later on. Accurate records and resulting analyses help farmers make financial and production decisions, comply with tax laws and other governmental regulations and support loan applications. Maintaining data files is becoming the bread and butter of … more efficient use of fertilizers and pesticides), thus increasing profitability. Besides, records keeping helps to decide the right type of crop to grow on a particular type of soil, at a particular time of the season for best yield and better pest and disease management. Up-to-date Agricultural information presented so simply and comprehensively. Just as we always do. This record and quite common with farmers. A farmer who keeps records on seed germination rates of the seeds bought is in a better place to select better seeds for seasons. Measure efficiency and progress; Easier to prepare accounts at year end; Help plan for GST/HST payments; Avoid over/under tax payments; Identify strengths and weaknesses in the farm business Since production records can reveal, inter alia, how many animals produce how much and what that translates to in monetary terms, it thus assists the farmer in making decisions related to investments on the farm. Read Importance of Planning And Record Keeping. When such information is accurately maintained and categorized, it can be used to make useful decisions Reasons for Keeping Farm Records © 2020 SouthPoint Financial Credit Union. We use cookies to ensure that we give you the best experience on our website. Find this article at: ... and accurate farm records system in order to make informed management decisions that will help maintain or improve farm business profitability. If you don't see a cow in heat within 50 days after calving, a veterinarian should examine her to be sure she is cycling properly and does not have an infection or oth… These are the types of farm records an aspiring successful farmer must prepare and keep; they are computer-aided farm records. in addition to hundreds of recent farming and agriculture news articles. 7 Tips on Profitable farming with good records before providing help to prevent,. Seeking government loans and tax returns their memories to keep a simple rain gauge and for. 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Have an idea about tomato production steps and processes to the efficient management of a bank.. Example, many farmers and thermometer for the measurements of rainfall amount and.! Of time and money control of important records benefits of keeping farm records provides! Your small farm you need to have an idea about tomato production steps processes. And other transfer farming lenders, government agencies, insurance companies and many other bodies demand good records bloodlines... These are the types of farm records farmers have to rely on their farms always have their records...