Establishing and Using a Farm Financial Record-Keeping System

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Introduction

For years farmers have been reporting financial information on a variety of forms for various reasons. Effective management of a farming operation today requires that records be kept so managers can make informed decisions affecting the profitability of their farms.

Some lending institutions require detailed business and personal information on everything a farmer owns, as well as the status of unpaid loans. They may also require production records and an estimate of expected sales and expenses for the next …