The horse business is just like any business, so record-keeping is a must. Records are needed in the barn for items, like necessary health tests (Coggins, etc) and health certificates for shipping, shoeing, passports, vaccinations, health, etc. The business books are no exception. There are many ways to keep horse and business records, such as HorseBills or Paddock Pro. Making a simple spreadsheet on Excel is always an “oldie, but a goodie” bookkeeping option, but only if you understand how to utilize it and have the needed time to sort out what expense and income goes where. The point is that horses, as a “business”, have taken a serious turn which means all horse professionals should use tools to their advantage, or find someone who knows how to do it for them to learn how to decrease their spending, make profits a priority and keep their business growing.
The bookkeeping software programs that I use (Quickbooks Online, Xero) are fantastic programs that enable me to produce and/or straighten up old, barely there businesses and messy receipts into professional, accurate and tidy bookkeeping. Not only will that make tax time a snap, once the bookkeeping is all up-to-date and has been correctly entered (a common mistake with doing it yourself), then your business can get down to the important issue of seeing where the cash is and where it is going so it can quickly get “cleaned up” and working on profit. Make a point of getting your horse business into a becoming a BUSINESS. Try the horse keeping programs that I have suggested, utilize others, or contact me to get your books and business in order. Trot on!
Kismet Business Services, LLC
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