Definition of Farm Records with Objectives and Purposes
Definition of Farm Records
The registers in which the farm resources, farm products and day to day maintenance of farm production and financial activities of a farm are recorded systematically or chronologically are called farm records.
Farm record is a written statement which contain data on specific subjects of farm management.
Objectives of Farm Record
i) To provide a written records of farm operation for future guidance.
ii) To furnish specific information as the amount of feed to be needed for cattle A and to evaluate the efficiency of different feeds.
iii) To furnish a reminder of bills of own farm.
iv) To record the yield of different crops.
v) To know the number of labors employed and its distribution over different sectors of the farm.
vi) To provide the required information for good farm planning.
Reasons/Purposes of Farm Record Maintenance
A farmer or farm manager cannot estimate and plan for crop production without accurate farm records. The purposes/ reasons of maintaining farm records are as follows:
i) To manage the farm with profit.
ii) To record the yield of crops.
iii) To record the cost of various operations.
iv) To record all data of operations.
v) To record the information on how much labour are employed and how they are distributed during the seasons.
vi) To help the farmer for knowing the strengths and weaknesses of the farm business from which they can take step in future to improve the management.
vii) Farm records help to check the unproductive expenditure and identify profitable enterprises. Besides, the gap between the current income and potential income can be examined, as records are the sources to know the present income of the farm.
viii) It provides required precise data on costs and returns for the researcher and the government.
ix) To provide information on the income generating capacity of the farm and thereby indicates the credit worthiness of the farmers. This enables the farmers to get required credit from the financial institutions.
x) Farm records help to get the payment information of labour wages.
xi) It provides information regarding transaction of not only money but also of materials with other farms and organization.
xii) It helps to get information to find out ways and means for increasing profit.
xiii) To get information basis of farm plan.
xiv) Farm records indicate the requirement of various inputs and input services in advance so as to organize the farm business smoothly.