Farm records are very critical in running a successful farm business because they give a farmer precision for future analysis of production methods, cropping history and decision making.
The more records a farmer keeps, the easier it is to manage, run the affairs of the farm and obtain loans from financial institutions, as well as obtain insurance cover.
According to industry experts, record keeping provides valuable information concerning what works and what does not and possibly, the reasons why something did not turn out as planned.
Similarly, due to climate change, best production methods and hybrids can fail, but farm records give the farmer knowledge on changing weather patterns.
Abiodun Olorundenro, manager, Aqua Shoot Limited, said that farm records provide history that helps shape farmers future decisions on crop production.
Olorundenro stated that good farm records must contain the location, size of farm, soil types, form of labour employed and the cost, number and cost of input supplies and number and cost of each farm produce sold.
Also, experts say that farmers should keep farm inventory, including records of all assets owned, tools and equipment inventory and crop and livestock expense records.
Experts also said that farm records helps farmers treat agriculture as a business and that they remain a critical document needed to obtain loans from any financial institutions in the country.
According to them, good farm records help a farmer make good managerial decisions for the smooth operation of his farm.
Without a clear record of farming activities over a period of time, showing the true position of the farm, financial institutions will not be able to ascertain the viability of the business and the farmer would not be able to secure any loan.
Keeping farm records allow farmers to quantify profit made from the total input into running the farm and output achieved at end of each production cycle.
Josephine Okojie
