Everyone in business, including farmers, must keep records. Good records will help you do the following. Monitor the progress of your farming business. You need good records to monitor the progress of your farming business. Records can show whether your business is improving, which items are selling, or what changes you need to make.
Good records can increase the likelihood of business success.
Prepare your financial statements. You need good records to prepare accurate financial statements. These statements can help you in dealing with your bank or creditors. Identify source of receipts. You will receive money or property from many sources.