Monday, November 28, 2022
Home Farming Tips Why You Should Keep Farm Records

Why You Should Keep Farm Records

by Harvest Money Editor
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Manage the farm

Records are the history, present and future of the farm. It is a must to keep them.

  • Monitor progress

There is no way you will know the growth of the farm unless you keep records of farm activities. This will help you decide whether to continue with the enterprise or not.

  • The taxman

Without proper records, paying the right taxes may be difficult since you may be wrongly assessed. Records also ease the process of obtaining loans and grants.

  • It helps to monitor trends in weather, pests and production. So make sure that details such as usage of pesticides is clearly recorded.
  • Records help identify dead stock including the causes of death and sick animals including those that should be culled. Culling means killing livestock in order to stop diseases from spreading.

Financial management

  • Make sure that all money earned at the farm is properly receipted. Receipts help you follow up on products sold.
  • Do not spend money as it comes in. For example, when you sell a goat and then before the money reaches your pocket, you give it to a worker as salary. Ideally, first bank or record money before spending it.
  • Separate your personal money from the farm one and if you use it, indicate it as an investment.
  • Rather than picking out money from the farm for your personal use, give yourself a salary just like any other farm worker. Anything beyond your salary can be recorded as a loan to you from the farm.

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