Why is it important to keep production records?
Record keeping is a topic few producers care to discuss or do. However, it is becoming a critical task in production agriculture. 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.
Why do farmers need to keep operation and financial records?
Keeping and analyzing farm financial records are essential to the efficient management of a farm business. Accurate records and resulting analyses help farmers make financial and production decisions, comply with tax laws and other governmental regulations and support loan applications.
What are the three importance of record keeping?
Monitor the progress of your business. Prepare your financial statements. Identify sources of your income. Keep track of your deductible expenses.
What is the importance of records?
Records are the memory of business. It is useful for future decisions making process. The study of past records shows direction for future. It supplies information to organization whenever it is needed.
How do you maintain farm records?
1.2 Main reasons for keeping farm records:
- 1.2. 1 The requirement of maintaining with lenders, agencies, etc.
- 1.2.2 Better farm planning and forecasting.
- 1.2.3 Better prediction of rainfall and weather patterns.
- 1.2.4 Track income and expenditure.
- 1.2.5 Better management of the farm.
What are the uses of farm records to a farmer?
Records are important in (animal) farming because:
- To keep track of all animals (Identification records)
- Evaluation of livestock for selection (breeding records; financial records; production records)
- Control of inbreeding and aid in breeding planning (breeding records)
What are the three good features of records?
– Authenticity-A record must be what it purports to be. – Reliability-A record must be a full and accurate representation of the transactions, activities, or facts to which it attests. – Integrity-A record must be complete and unaltered.
Why should a farmer keep a farm records?
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.
What are the different types of farm records?
What are the types of farm record?
- Daily farm records.
- Records of farm implements and equipment.
- Record of agricultural inputs.
- Records of livestock and livestock products.
- Records of animal feeds.
- Production records.
- Records for farm use.
- Farm expenditure records.
What are the two types of records?
These generally fall into two categories: policy records and operational records.
What are the qualities of a record?
Four essential characteristics: – Authenticity-A record must be what it purports to be. – Reliability-A record must be a full and accurate representation of the transactions, activities, or facts to which it attests. – Integrity-A record must be complete and unaltered.