IMPORTANCE OF BOOK KEEPING
" 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. "
Better farm planning and 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. "
Expanding your business
" Someone who keeps records on seed germination rates of seeds purchased is in a better position to select seeds for seasons. In the case of livestock, the farm should keep records of bloodlines, pests, disease, feed types and consumption. These records help to prevent inbreeding, control pests and disease and provide the bets feed for optimum performance. "
Better management of a farm
" By keeping accurate records, at any time of reconciliation, the farmer can report the correct amount of money spent or gained from the farm. This helps for proper planning and budgeting. "
Track income and expenditure