3.6.2.2.1
Financial Transactions
Purpose: Financial transaction records ensure that all monetary exchanges, such as income from sales and expenses for supplies, are accurately tracked and documented. This helps the farm manage its cash flow, budget effectively, and comply with financial regulations.
Poor Outcome:
Financial transactions are not recorded consistently, leading to inaccuracies in budgeting and financial reporting. The farm struggles with cash flow management and may face issues with regulatory compliance.
Expected Outcome:
The farm maintains detailed and accurate records of all financial transactions, enabling better cash flow management and budgeting. This ensures compliance with financial regulations and smooth day-to-day operations.
Excellent Outcome:
The farm uses automated systems to track all financial transactions in real time, providing comprehensive insights into cash flow, profitability, and expenses. This allows for optimal financial planning, regulatory compliance, and the ability to make informed decisions quickly.