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Does Your Equine Business Stand a Chance of Succeeding?
Equine Accounting
Friday 24th of June 2011 07:51 AM

I’m sure you have seen them -- dozens of empty storefronts in strip malls that were once occupied by small businesses. As I drive by, I often wonder what happened. Was the rent too high? Poor management? No demand for the business’s products or services? Or was the business doomed from the start by not preparing a break-even analysis before launching full speed ahead? Although you cannot tell for sure if your equine business is going to be profitable, you can certainly research the financial soundness of your idea and the best way to do that is through break-even analysis.

Break-even analysis allows you to determine the business income necessary to pay all your business expenses. At the break-even point, a business doesn't make any money, but also doesn't lose any money. In general, you want to know a business's break-even point because it represents a sales level you must surpass to make money. You'll have to make educated guesses about your expenses and revenues. You should do some serious research, including an analysis of your market, to determine your projected sales volume and your anticipated expenses. You’ll need to estimate your fixed costs and sales revenues and then calculate your average gross profit for each sale and average gross profit percentage. Once you’ve done that, simply divide your estimated annual fixed costs by your gross profit percentage to determine the amount of sales revenue you'll need to bring in just to break even.

If you can easily bring in more than the amount of sales revenue you'll need to meet your expenses, then your equine business is in good shape. If your break-even point is higher than your expected revenues, you'll need to decide whether certain aspects of your plan can be changed to create an achievable break-even point. If that’s not possible, then you should reconsider starting your equine business. It’s better to learn this ahead of time instead of becoming an empty stable later on.

WHIA Networking Expo Set – And I Am Excited to be Part of a Panel “Making Your Equine Business Profitable”
Equine Accounting
Wednesday 8th of June 2011 11:17 AM

We are very excited here at EQ Bookkeeping! The Women’s Horse Industry Association’s Networking Expo is set to take place in Nashville, TN on October 6-8th, and I get to take part in a panel on Saturday, October 8, on making your business profitable.


I have been fortunate to attend and participate for the past three years, and I am still amazed at the wonderful group of women successfully working in an industry that is predominantly male.  I have met some wonderful people and am looking forward to seeing them in Nashville this year, as well as making some new friends.  I am also excited to see what fun and educational stuff WHIA has planned for this year.


As you probably already know, as a horse lover and enthusiast, I formed EQ Bookkeeping to provide equine business owners with the financial support they need to operate a profitable horse business. We provides day-to-day accounting, consulting, and tax preparation services to breeders, trainers, riding stable operators, farriers, veterinarians and other equine related businesses.  EQ Bookkeeping services clients throughout the United States and worldwide.


Want additional information about the WHOA Networking Expo, please visit or call 615-730-7833. I look forward to seeing many of you there!

Maximize Deductions and Jail Time
Equine Accounting
Wednesday 1st of June 2011 11:31 AM

Tax season has just come to a close and there are probably some tax preparers out there enjoying their Caribbean getaway with all the cash they made. These preparers may have offered clients a bargain price on their returns and promised lots of tax savings. This can certainly sound tempting to a fledging small business owner, including those in the equine business who want the savings and don’t know taxes. In fact, one Midwest tax preparer convinced his home business-based client to go ahead and write off his entire home. Not a good move when it’s commonly known that the Home Office deduction is closely scrutinized by the IRS. 

The Treasury Department conducted a study in 2008 to gauge the quality of tax preparation providers. Staff members of The Treasury made anonymous visits to 28 tax preparation specialists. The results were frightening: 61% were wrong, with two thirds errant due to misinterpretation of the tax code, and the final third of those through intentional misconduct. In the past four years, the IRS has initiated more than 850 investigations into tax preparers nationwide, and more than 600 cases were recommended for prosecution. 

With statistics like these, it’s more important than ever for your equine business and you as an individual to choose your tax preparer with care. Find a trustworthy, reputable accountant to work with not only for taxes, but throughout the year to help with bookkeeping and tax planning. A cut-rate tax preparer may maximize your deductions, but you won’t be able to enjoy it when you are in jail.

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