Record Keeping In Business

by Robin Miles

It is mandatory that a practicing Farrier keeps good, up-to date business records for his/her future reference as well as for the A.T.O. In the modern world we have access to computers and a range of products such as MYOB, to record the ingoings and outgoings of your business. During my years in practice (before computers), I used a diary (for bookings), a day book to record all shoeings and trims, and a journal to record all costs and moneys paid. My accountant told me to buy a filing cabinet to put all my paperwork in separate files, including personal, medical, household, insurances, banking, vehicle, fuel and work costs including tools, shoes, nails, rasps etc.

Even if you have a computer to record to disc, I recommend having a day book (diary), as sometimes when you are busy, by the end of the day, you may have forgotten a job if it is not written down , also it is a good idea to keep all receipts for your future reference. Having a reputable chartered accountant looking after your books enables you to receive good advice, and will be invaluable at tax-time.