Horse accountancy!!!

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Writteninthestars

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Hello,
I realise I have asked this twice but I can't find the previous forum. I'm looking for advice on a horse accountant? I'm looking to run my own livery, it's not all gone through yet but I need to discuss if I need an accountant?
 
You don't necessarily need a specialist accountant, if you are starting a small business you might be best going for someone local who you can pop into easily. Most accountants will be able to advise you re starting the business and will be able to handle the accounts and tax for a livery yard. What area are you in? Personal recommendations from someone else in business locally are usually the best way to find a good accountant.
 
whereabouts are you? I agree you don't need a specialist accountant to do the job, however, a rural/small business specialist will at least know straight away what you are talking about :)
 
I am in shropshire but the business maybe in herefordshire/shropshire. So any accountant can deal with it? I thought you would need specialist ones? So you know what benefits you can have in regards to tax relief?
 
I had two accountants and neither gave me basic business advice, I found a good software package which disciplined me to every expenditure and every outgoing.
This alone made it clear how costs would be allocated and how the accounts would look. At the touch of a button I had all the facts and figures up to date.
I think that understanding what you are doing is essential, unless you have a multi national , accountants are a bit of a luxury, though you may need to use one to sort taxation etc, but if your records are in good order he can't charge you for sorting out a mess.
Really it is your business and only you can know all the ins and outs, you have to be objective and realise your profits while you can.
It is very tough being in business, and no one gives you a gold medal for working long hours and coping with all the essential stuff. My advice is to keep your customers under control, by which I mean no credit and do not work for nothing.
Keep your systems simple, in a DIY situation for example, you might say all beds to be mucked out by 10.00 am, provide bedding every week, simple things which makes your life happier and the horses comfortable.
You need to understand costs .......... overheads are costs which have to be covered in your charges, and tend to be "fixed costs".
Feed is a more "variable cost" and you are entitled to make a small "profit", remebmer you are the one providing storage and spending time arranging things.
I don t know why you would need a specialist horse accountant, any accountant should be able to do it, but agree that a farming business accountant is probably best.
 
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Writteninthestars said:
I am in shropshire but the business maybe in herefordshire/shropshire. So any accountant can deal with it? I thought you would need specialist ones? So you know what benefits you can have in regards to tax relief?
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Ask around farmers in your chosen area who they are using and go with word of mouth recommendation, you want a small outfit rather than a branch of the big national companies.
 
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