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Are Your Horses Stealing Your Profits?
Equine Accounting
Tuesday 10th of November 2009 09:47 AM

At some point, all professional horsemen realize that they can't keep every good horse that walks into the barn. Buying and selling horses is part of the business.

Becoming fond of your horses is a terrific benefit of being in the horse business. It is also a financial tie down that can ruin your business. The profitable horseman understands the horses in his or her barn are assets; they aren't pets.

A horse is either appreciating in value or depreciating in value.

As an asset, a horse is generating income as:

  • a lesson horse
  • a leased horse
  • brood mare
  • stallion
  • inventory for sale
  • rental for hire for ride or drive
  • If not, the horse becomes a financial dependent on your business's welfare roll.

    Not only is it an operating expense, it is also an opportunity cost. Think about it, if a horse occupies a stall and generates no income or has little or no potential for future income, it is a thief horse.

    Unlike a horse thief, a thief horse steals your potential to earn profit from the space and resources it occupies. That stall could be used for:

    • Boarding
    • Horse for training
    • Lesson Horse
    • Brood Mare
    • A speculation horse "bought right"
    • An empty stall for attracting the next opportunity

    In economic terms, there is an opportunity cost for every decision you make in your equine business. An opportunity cost is defined as the cost of something in terms of an opportunity foregone.

    Every fork in the road you come upon requires a choice. The road you choose is the path you follow.

    The road not taken is your opportunity cost since you cannot travel two paths at the same time. Choosing the more profitable path that fits your business vision is the choice to make every time.

    This week's tip is to consider whether or not you have any "thief horses" in your barn and if you do, how to find a new home for them.

    The horse business is just like any other business in that assets have to directly or indirectly contribute to  producing revenue. If your assets are non- producing, then it's up to you to make changes.

    Written by: Doug Emerson www.profitablehorseman.com

    Jennifer Foster, EQ Bookkeeping - Helping horse businesses make more profit! www.eqbookkeeping.com

     


    Microsoft Axes Office Accounting Software
    Equine Accounting
    Sunday 1st of November 2009 08:14 AM

    Microsoft quietly announced Friday that it plans to kill off its Office Accounting products, beginning Nov. 16.

    "After evaluating the product over the past few years, we have determined that other Microsoft offerings, such as free templates in the Office system used with Excel and the Dynamics product, are able to meet our customers' needs," a Microsoft (NASDAQ: MSFT) spokesperson said in an e-mailed statement.

    The package, the current version of which is Office Accounting 2009, provides templates, tools and other add-ons to support small-business accounting within Microsoft's Office productivity suite.

    It has been a head-to-head competitor to Intuit's QuickBooks packages, among other rivals.

    The company said it would drop the entire family of Office Accounting products in the U.S. and U.K., including Office Accounting Express, Office Accounting Standard, Office Accounting Professional, Office Accounting Professional Plus, Office Accounting 3-user and Small Business Accounting, according to an FAQ posted online.

    Office Accounting Express, which is free, was introduced with Office Accounting 2007.

    Microsoft said, however, that although customers may be orphaned, they can continue to run the products during the support lifecycle.

    "Existing customers will receive five years of mainstream support and five years of extended support," the spokesperson said.

    Meanwhile, some services supported in the software will expire Dec. 15. For instance, online sales from eBay as well as credit profile information from Equifax will be discontinued after that date, according to the FAQ.

    Other services are expected to continue -- at least for now. These include the ability for customers to pay e-mailed invoices via PayPal, support for credit card processing services, and the ability to order checks and forms that are compatible with the software.

    "The Office Small Business Web site has links to free templates for small businesses, such as invoices, expenses, time sheets, budgets and more," the spokesperson added.

    In addition, it's not too late to get a refund for users who recently purchased an Office Accounting package. Returns will be valid within 30 days of purchase, according to the FAQ.

    Microsoft has posted additional information for Office Accounting users online.

    EQ Bookkeeping is able to transition all Microsoft clients to QuickBooks software.

    www.eqbookkeeping.com  We provide bookkeeping and accounting services to those in the horse industry.


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