GULU– Farmers under Paicho Central Kal Cooperative Society in Gulu district have prioritised record keeping, saying it helps them to track their business transactions.
The cooperative which largely grows maize, sorghum, soybeans, and beans commercially, has 81 members.
It was established in 1964 but would collapse during the Lord’s Resistance Army [LRA] insurgency. It was revived in 2007 by its members.
Oyella Margaret, the general secretary of the cooperative said, “Losses are normal in farming because seasons vary but record keeping helps a farmer know important things such as the right time to plant their crop.”
Ogik Patrick Tabu, also a member said keeping records as a farmer is important because it helps members of the cooperative to know their progress.
“When you are farming commercially, keeping records helps you know how much money you have earned from a particular crop and what to do to improve in the following season in cases of losses,” Ogik said.
Ogik said he keeps records of the variety of seeds he buys, when he plants and how long the crop takes to mature.
“After harvesting the crop, I calculate the amount of money I spent on activities like ploughing the land, buying the seeds and any other costs incurred. This helps me know if am making a profit or a loss. When it’s a loss I find out what caused it and improve in the next season,” he said.
He added that record keeping also helps him decide where to spend his profits such as paying school fees for his children.
Paul Timothy Kilama, the Gulu district senior agriculture officer says record keeping in farming is important for decision making.
Why record keeping is important for co-cops
Financial reports are used to evaluate past operations and are the basis for management and operating decisions on future projects. The board of directors use the reports for feedback on the financial status of the cooperative, to evaluate progress, and to make informed decisions about future operations.
Further, experts say, managers need accurate and timely information to run the day-to-day operations while creditors examine the financial reports when considering loans to the cooperative and accountants need accurate records to prepare tax documents.
https://thecooperator.news/gulu-cooperatives-to-be-probed-over-mismanagement-unprofessionalism/
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
Views: 1
