8 Important Farm Records You Must Keep as a Farm Manager

Farming is no doubt a very lucrative business and becoming well known around the globe. Lots of people, both old and young are now delving and swerving the steering of income in agricultural directions. Farm record keeping is one of the important aspects of farming that can make or break a farm enterprise. There are different types of farm records that can be kept to monitor the progress of the farm.

Farming as we all know has different sectors and every sector is very relevant in the economy building as they are interwoven in terms of their operation. Talk of crop production; it is a source of animal feed. Also, the wastes of these animals are reused for fertilizer to increase the yield. This is zero farming techniques where there is maximum utilization of resources.

This farming system is indeed a very lucrative one and this is what most successful farmers implement. But, one important yet neglected aspect a farm manager must give preference to is farm record keeping. A farm manager must be a good record keeper because farm records are indicators of success or failure in every farm enterprise; it will show the state of the business.

Recording keeping has countless benefits and it is necessary a clever farm manager embraces the habit of farm record keeping. There are different types of record keeping in agriculture, I will elucidate some farm records and how relevant they are in the success of the farming business.

The 8 types of farm records you must keep as a farm manager:

1. Farm Diary Record

There is the tendency to forget as you go on your daily activities on the farm as a manager. The date for vaccination, the amount of fertilizer applied and a number of things could be forgotten. It is therefore important to keep a document to record all past activities to help and be your reminder.

2. Cashbook and Payment Receipt

This is a record on all financial transactions of the farm, both income and expenditure. This record is usually a requirement if you want to access loans. As the farming accounting record book, it gives a better picture of the financial status of the farm. This record will be the basis for productive decision making on the farm.

3. Annual Valuation Record

So, at the end of the year, the farm manager should carry out an evaluation of the farm. The gains and losses, strength and weakness should be determined. The valuation record will show the value of stocks present at the farm from the beginning to the end of the year. This will help plan for the upcoming year.

4. Farm Inventory Record

This is the record that shows lists of all items on the farm at a particular time. Records on farm equipment, farming building, inputs, furniture, etc.

Additionally, the inventory record gives you an idea of the value and the current state of the items. This is usually taken at the beginning and the end of the production year.

A good farm inventory record book can assist farmers to get a bank loan.

5. Yield and Production Record

As important as it is, this record shows the yield output of the farm. The tonnes of the yield of crops per season, the number of eggs laid per day, the size of litter after farrow.

The yield records show the success rate of the farm and when taken for over a long period shows you the trends of production and the productivity of the farm.

6. Payroll and Labour Record

Another important farm record is payroll and labour records. It shows the amount and types of labour hired or employed to work on the farm. Also, it shows the rate and wages paid. It contributes to farm accounting.

7. Farm Input Utilization Record

This farm record book shows all the input acquired and utilized during the production year. It shows the contribution of a particular input in the production. It shows how much the input was applied in production and the output.

8. Profit and Loss Record

The principal of all the important farm records is the profit and loss record. This shows the economic level of the farming business. This record and quite common with farmers. However, all the above-mentioned records are required to come up with this record. This profit and loss record is usually prepared at the end of the year to know if the business is profitable or not.

These are the types of farm records an aspiring successful farmer must prepare and keep; they are computer aided farm records. The importance of farm records is copious and cannot be overruled; the uses of farm records include:

·       Procurement of bank loan.

·       Aids productive decision making.

·       Help to detect fraudulent practices.

·       It helps us know the economic status of the farm.

·       It shows the strength and weakness of a farm

Record keeping in agriculture is very important; I implore every farmer to take note of these records.