12.0 Record keeping
Record keeping is of utmost importance in livestock production.
12.1 Physical records
Record keeping is of utmost importance in livestock production. Records, which should be kept, include:
- Mating records-
These records include taking note of the female number, male number, when mated, when kidded and whether aborted or not,
- Births
Record the date of birth, sex and weight of kid and doe at kidding,
- Deaths
Record the date and cause of death if known,
- Sales
Record the number of sales, costs, name of buyer
- Health
Keep record of when the animals were vaccinated, dosed or given any other treatment
| Name of farmer………………………… Type of animals being raised…………………goats/sheep Number of Animals: | |||
| Adults | Kids | ||
| Males | |||
| Females | |||
| Sex: Male/Female Doe……………Sire…………. Type of birth( Single/Twin/ triplet)………………………. Date of Birth………………. Weight at Birth (kg)……………. Weight at weaning(kg)………….. Weight at time of disposal (sales)………….kg COST Z$………..Date…….. Comments: Health….. (vi) Asset Records Death……….. Sales………… Goat farming as a Business 51 |
Whenever, expenditure results in a benefit beyond the year, – such as for a plough, sprayer, fencing – the item must categorized as a business asset. For your record-keeping purposes, the costs of these items are likely to be treated as capital expenditures.
Assets must be tracked separately from other business expenses by your record system. Show the date of purchase and the type of asset: truck, machinery, and so on. And unless it is obvious, write a short explanation of how the asset is used in the business
12.2 Financial records
The Importance of Good Record Keeping
Some fledgling entrepreneurs believe that if there is money in their business checking account at the end of the month, they must be making a profit. But only if you keep accurate records will you really know if your business is making or losing money. A record-keeping system helps business to check whether it is making or losing money.
Records can also serve as an early warning system to let you know whether changes need to be made in your operation. Indeed, operating without good records is like flying a small plane in dense fog with no instruments.
Keeping Income Records
Your operation may take in money from one or many sources, depending on what line of work you are in. Most of what you receive is called gross income or gross receipts, for goods sold. Your records should account for all gross income and also show the source of each item – for instance, “buck sales, doe sales and kid sales.
Keep track of where your money come from. Make notes explaining the origin of all money put into your business and personal bank accounts. Write down the source of the deposit on the slip or in your checkbook.
Keeping Expense Records
To make money in your business, undoubtedly you will have to spend money. It is important that you record all the expenses you incur, such as labour, vaccines, transport, etc. Theses are then deductible from your income to determine whether you are making profits or not.
