Some Important Milestones in Poultry Farm Operations that impact Income & Profitability
Since livestock are reared in batches, it is good farming practice to maintain proper records for each batch and carry out record analysis.
Determine Profit or loss from each batch. Other important farm parameters could also be calculated that can serve as learning and planning experience for the farmer.
You can do all these by keeping proper records of your farm operations.
Learn MoreGovernment Grants/Loan
The government is currently diversifying the economy away from oil and investing in agriculture to shore up the battered economy and create jobs.
To achieve these objectives, government is providing grants and soft loans to farmers.
Grants are provided to acquire necessary farm implements and inputs (e.g bird cages)- government provides 80% of the fund while the farmer contributes 20%.
Loans are granted at single-digit interest rate (max. 9%) as compared to 25-30% rate by Banks
Only farmers with good record-keeping system can benefit from the funding.
For data recording/ analysis and timely reporting, there isComputer-based software that is available in the market at affordable cost to assist farmers.
Computerized Accounting system will assist your farm with the necessary bookkeeping and analysis.
Cloud-Accounting software is the latest technology many farmers are adopting for their record keeping and analysis.
Unlike the traditional computerized accounting systems (Peachtree, Sage, DacEasy etc) cloud accounting system is cheaper and easy to operate. There is no need to acquire expensive hardware or software. You only pay monthly subscription, based on usage (Pay-As-You-Go). It is user-friendly and does not require accounting or computer background to use. You can access your financial information from anywhere using the internet connection.
Article contributed By:
Kunle Oyewole
Olukunle Oyewole & Co
(Chartered Accountants)
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Dr Joseph Deji-Folutile
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