Financial Tracking

Farm Owners and Farm Managers in LiteFarm will have different needs in regard to tracking the finances at their farm. For some farmers simply knowing whether their overall operations are profitable is enough. For others, they may want to see the profitability for each of their crops. However, being able to tie specific capital or labour expenses back to a specific crop will require many more inputs from the user. To this end, LiteFarm will offer two tiers to financial tracking. Each additional tier, offers the user additional insights but requires additional inputs as well. In line with our https://lite-farm.atlassian.net/wiki/spaces/LITEFARM/pages/78905350 of Accessibility, the default value is “Farm level” (the least required data input) and we prompt and inform the user of their options when contextually relevant.

Financial Tracking Tiers

Level	Description	Impacts

Level

Description

Impacts

Farm

For farm-level financial tracking, revenues and expenses are tracked only to the farm level.

Active by default
Users will be able to generate revenue, expenses, and profit for their farm in aggregate
Users may, but are not required to, indicate which expenses or sales refer to specific fields or crops

Crop

For crop-level financial tracking, most types of revenues and expenses can be traced back to a specific field or crop. Based on this, farmers will be able to record the specific profitability for each individual crop on their farm.

Active by default
Users will be able to generate revenue, expenses, and profit for their farm in aggregate as well as by crop
Users must indicate which expenses or sales refer to specific fields or crops
Expenses recorded against a field are split according to the area weighting of crops within that field