Record keeping is a key component of managing an efficient farm business. Records are needed not only for legal, financial and taxation purposes but also for maintaining a permanent record of the farm business, analysing the business, monitoring day-to-day activities, and future planning. Keep your record system simple and concise. It is worth recording only the information you will use. This applies to both physical and financial aspects of your farm business. Records should be transferred to a summary sheet for easy interpretation and should ideally be linked to your financial recording system. Records management is important because it essentially provides an organization or any other entity with of proof of the transaction that they have entered into with another party. It is also important in the decision making or strategic part of an organization. Kept records prevent data anomalies or inconsistencies, this is key on the part of those making decision for the company, if a department within an organization has managed to keep good track of what they have done or have not done it becomes easier for them to make decisions based on those records.

Surabhi NG

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