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 record a farmer keeps the easier it is to manage, run the affairs of the farm, and ability to obtain loans from financial institutions easily, as well as an insurance cover.
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, best production methods and hybrids can fail, but farm records give the farmer knowledge on changing weather patterns.
Abiodun Olorundenro, chief executive officer, Green Vine Farms Limited said that farm records provide history that helps shape farmers future decision on crop production.
Olorundenro stated that a good farm record must contain the location, size of 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 also be the basis.
Also, expert states 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 helps farmers treat agriculture as a business, stating that it remains a critical document needed to obtain loan from any financial institutions in the country.
According to them, a good farm record help a farmer make good managerial decision for smooth operations 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 put into the running the farm and output achieved at end of each production cycle.
Josephine Okojie
