Farm records are very critical in running a successful farm business because it gives 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, and run the affairs of the farm, ability to obtain loans from financial institutions easily, and insurance coverage.
According to industry experts, record keeping provides valuable information concerning what worked and what did not and possibly, the reasons why something did not turn out as planned.
Similarly, due to climate change, the best production methods and hybrids can fail, but farm records give the farmer knowledge on changing weather patterns.
Abiodun Olorundenro, chief executive officer, said that farm records provide a history that helps shape farmers’ future decisions on the production of the crop.
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Olorundenro stated that a good farm record must contain the location, size of the farm, soil types, form of labour employed and its costs, number and cost of input supplies, and number and cost of each farm produce sold should be the basis.
Also, experts state that farmers should keep farm inventory, including records of all assets owned, tools and equipment inventory and crop and livestock expense records among several others.
Experts also stated that farm records help farmers treat agriculture as a business. Farm record is also one of the documents needed to obtain a loan from money deposit banks. It helps a farmer make good managerial decisions for smooth farm operations.
Without a clear farm record of farming activities over a period showing the true position of the farm, financial institutions will not be able to ascertain the viability of the business and the farmer cannot easily secure loans.
Keeping farm records allows farmers to quantify profit made from the total input put into running the farm and the output achieved at the end of each production cycle.
