Financial records are commonly associated with filing taxes. This is only one reason for keeping records. Lenders also require records but, increasingly farmers and ranchers keep records as the basis for management decisions. The records included in this section illustrate some of the production, labor and financial records that a farmer or rancher might keep. These may be kept physically or electronically. The agricultural software directory lists many of the electronic software packages that are available. Other types of records that may be used by farmers and ranchers are illustrated below.
|Financial||Crop Production||Livestock Production||Labor||Miscellaneous|
Financial records are needed to file taxes, apply for loans, and provide information needed to make strategic management decisions. The Farm Financial Standards Council publishes guidelines that should be used in preparing financial statements. Several computer programs are available to aid agricultural producers with financial record keeping. Quicken and QuickBooks have become two of the most popular computer-based accounting packages used by farmers, ranchers and small businesses. Finpack is another program widely used in the US to not only maintain financial records, but to provide needed analysis to better evaluate the financial position or health of an agribusiness. This site provides additional resources, as well as links to other resources, that may be used in preparing and evaluating financial statements.
|Basic QuickBooks® Guide||Video|
|Farm and Ranch Financial Records||Excel|
|Farm Financial Standards Council Website||Link|
|Montana State University Software Downloads||Link|
Several type of records may be kept by a farmer. This site provides several examples of records that may be kept.
Dairy and beef operations are the most common types of livestock enterprises in Utah. The Dairy Herd Improvement Association program provides dairymen with a convenient way to keep needed records. These may be processed and evaluated electronically and compared to other dairy operations. Similar programs are not available for beef operators, the SPA program at Texas A&M provides some useful guidelines for beef producers. This site provides example records that may be kept by a livestock operator.
|Dairy Herd Improvement Association
Every firm that hires individuals must keep labor records. Employers are required by the Internal Revenue Service to complete certain forms relative to their employees. Some of the IRS forms and additional labor record keeping templates are available on this page.
Numerous other records may be kept by farmers and ranchers. These might include grazing, machinery, as well as other types of records. This site provides several examples of these types of records.