Your Equine Industry Bookkeeping Specialist Kismet Business Services LLC, Staunton, Virginia

Staunton, Virginia Your Equine Industry Bookkeeping Specialist

Staunton, Virginia Your Equine Industry Bookkeeping Specialist

Kismet Business Services, LLC

YOUR EQUINE INDUSTRY SPECIALIST
Making Your Good horse Business Great!

Set up a FREE consultation with us!


The equine industry is highly specialized and all areas of this business are little understood by others; there are not nearly enough professional equine book keepers, accountants and sustainable farm management consultants who truly understand the equine business/lifestyle; I will happily work with your own accountant services to make tax time simple, easy and efficient. My virtual business, using cloud-based technologies, will easily handle your needs from anywhere in the country; I am more than happy to come to you and your farm as is needed to work on specific issues.

I am regarded as a facility management and manure management expert through my years spent educating farms on a local, state and national level while at the University of Florida. I have helped every size facility, from small, family-owned backyard farms to large training centers housing hundreds of horses. Extensive work has been done with composting manure and developing various types of manure management facilities to protect the environment and stay ahead of legislation. Let me show you how to stay ahead of legislation, save money and improve your farm’s manure and pastures.

Does your current farm have facility issues with paddocks, the barns or rings, your manure containment system (or lack thereof), its workability, etc.? Are you looking to purchase a farm and not sure if it will meet all legal issues, or work well for you in the future? Let me come on-site and look at the property to assess current and future problems. I can develop a new and improved plan for the farm, regarding construction, design and/or management.

Good management, facility design and strong bookkeeping are “must-do’s” to stop the eating away of an otherwise fabulous business. Let Kismet Business Services, LLC give you the detailed and experienced attention to learn what is being done currently in your business to find areas of waste and needed improvement. Let me put your profit first!

Why use virtual bookkeeping services vs. doing it yourself?


A virtual bookkeeper will give you the peace of mind that your books are up to date, saving you money and hassle associated with hiring a full-time employee (who gets salary, benefits, worker's comp., etc). The equine industry is highly specialized and book keeping is a specialty for this little understood industry; there are not nearly enough professional equine bookkeepers and accountants who truly understand the equine business/lifestyle, but Kismet Business Services, LLC is a virtual business, using cloud-based technologies to easily handle your needs from anywhere in the country.

Along with the ease and simplicity of virtually handling "papers and bills" for you, my bookkeeping certifications and education will ensure that your books will be maintained at the highest levels. Thru regular communication, we can help you streamline your business and make it more efficient so you can use the money more wisely to save and improve on your bottom line.

As a small business owner, you have more important things to do than to keep your own books.


YOUR EQUINE INDUSTRY SPECIALIST
Making Your Good horse Business Great!


See our pricing!

WHAT YOU DON'T SEE CAN REALLY HURT YOUR...

(12/20/2017) You have your own business and it does pretty well. You are successful and you do your best to keep up with the books and financials when you have the time. Of course, you are also doing all the marketing, generating new clients and handling all the other aspects of the business. Let’s not forget about keeping horses happy and sound, working with the farrier, prepping for the season, staffing, repairing all broke machinery, etc... the list never ends. With all of this under your belt, you realize that t's getting crazy, as is common for all small business owners. Although you are handling the books yourself, are you also taking the time to prepare and look at monthly, quarterly and yearly reports? Are all of your boarders, students and owners set up on automatic invoicing and online payments, or do you still have to generate these yourself? Are any other financial issues slipping through the cracks? Bookkeeping reports, such as the balance sheet (assets, liabilities and equity), and income statement (aka profit and loss) provide excellent “hard” pictures of the financial health of the business. What about checking through the way you are classifying your expenditures, assets, etc., to help ensure that you are saving money and are able to avoid the dreaded audit? Do you periodically check ways to save money with your banking, or in other ways in your business? What about ensuring that you are putting profit into your business equation, not just when there is money left over? What these reports and bank reviews can show you may surprise and startle you, too. All too often, small business owners are so busy that really good bookkeeping/financial management gets a “once-over”. Profit only gets made after all other things are covered, leaving little left at the end. Also, business owners are so personally involved with the business that they can fool themselves about financial issues needing immediate attention, or not make the little changes that can lead to potentially huge savings. The tremendous benefits of having a great and competent person/company looking over your books and business management is that they take the time and extra steps to eliminate/fix all of the aforementioned problems. Great bookkeeping can actually save you lots of money because they are not personally involved. Their goal is your success, making wasteful eliminations and changing routines possible to improve profit and cash flow, or decrease debt. Going through reports and itemization's may seem dull, but these are the very tasks which can dramatically alter cash flow and increase profit.With some extra effort, or by getting qualified bookkeeping help, you will be on your way to increased business savings and financial improvement through careful examination of your books and financial reports. Please contact me if you ever need help decreasing waste and improving efficiency in your business. (352-229-4868, or kismetbiz.site.) In the meantime, have a GREAT holiday season and a Happy New Year. Don’t forget to put profit first and trot on. Jamie WKismet Business Services, LLC Virtual Bookkeeping and MoreYOUR EQUINE INDUSTRY SPECIALISTKismetBiz.site352-229-4868

RECORDS NEEDED TO FIND SAVINGS AND FOR TAXES

(11/21/2017) In my last blog, I talked about the importance of good record keeping for your horse (or other) businesses. This blog will give you some good links and a chart of records to keep to help with the process. One of my favorites and a great overall publication that is loaded with information is: FARMER’S TAX GUIDE: www.irs.gov/irs-p225pdf This is a super resource that offers information on: the Importance of record keeping, farm Income and expenses, Soil and Water Conservation expenses, depreciation, depletion, amortization and much, much more. Two other good publications on business starting and expenses are: STARTING A BUSINESS AND KEEPING RECORDS: https://www.irs.gov/pub/irs-pdf/p583.pdf. and TRAVEL, ENTERTAINMENT, GIFT AND CAR EXPENSES: www.irs.gov/irs-p463pdf. The chart below provides information on all records which should be kept and the length of time they will be needed by the IRS These records are the keys to finding deductions, so keep them to allow your bookkeeper and accountant to find you savings. Hubdoc is a fantastic app. That I use that allows you to take pics of all receipts and send them directly to your bookkeeper. All items on these lists need to be kept for recordkeeping for the IRS; several are repeated, but all are essential at tax-time to receive the total deductions available. Hopefully, these items will help you on your way to increased savings at tax-time, as well as help you avoid the dreaded “tax audit”. Please contact me if you ever need help getting your business books in order (352-229-4868, or kismetbiz.site. In the meantime, have a GREAT Thanksgiving, put profit first and trot on. Jamie WKismet Business Services, LLC Virtual Bookkeeping and MoreYOUR EQUINE INDUSTRY SPECIALISTKismetBiz.site352-229-4868

THE BENEIFITS OF HAVING SEPARATE BUSINESS...

(11/13/2017) Very often, small businesses (especially new start-ups) blend personal and business activities together. This may make things seem easier in the beginning, and it can sometimes be the only way to start. Unfortunately, if the separation of the two never happens, it will end up doing more harm than good. Not only is it not allowed by the IRS, but it can also rob you of potentially big savings and other business benefits. Because these benefits can be reaped whether your business/farm is home-based, or if you run it out of a separate location, it’s simply a waste of money if not done. Tax-time is a consistent way for a business to save money, but the IRS requires that business and personal finances be separate to reap these benefits. Done to protect the business owner’s private finances, it makes filing taxes simpler and the separation of personal and business also enables a clear track of deductions. If you use your personal accounts for business uses, the IRS can be hesitant or not allow those deductions, regardless of whether they are legitimate business expenses. According to the IRS the Burden of Proof is defined as, “The responsibility to substantiate entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove certain elements of expenses to deduct them.” When your personal expenses are mixed in with your business expenses, fulfilling the burden of proof becomes difficult to impossible. Take note, for businesses and farms that double as a home, there are strict regulations made by the IRS as to how things can be deducted, making burden of proof more critical. Here is a beneficial link from the IRS regarding deductions for home-based businesses: TAX TIME GUIDE: MANY HOME-BASED BUSINESSES CAN USE SIMPLIFIED METHOD FOR CLAIMING HOME OFFICE DEDUCTION: TAXPAYERS MAY DEDUCT UP TO $1500 A YEAR - www.irs.gov This link provides the statement of the IRS regarding keeping your books straight: GOOD RECORDKEEPING HELPS AVOID HEADACHES AT TAX TIME www.irsvideos.gov avoidheadaches If webinars are a more helpful way to get information, then go to link for a page of informative IRS webinars.: WEBINARS FOR SMALL BUSINESSES - www.irs.gov Lastly, this link is an entire IRS small business recordkeeping workshop: SMALL BUSINESS TAXES: VIRTUAL WORKSHOP www.irsvideos.govSo, if you aren’t already using separate accounts to handle business and personal, year-end is one of the best times to set up your business for great savings and deductions. It only takes a little shuffling of business and personal debit/credit cards and accounts. In following blogs, I’ll have tables of important records needed by a small business at tax-time, as well as the reasons why they are needed. Please contact me if you ever need help getting your business books in order (352-229- 4868). In the meantime, put profit first and trot on. Jamie WKismet Business Services, LLC Virtual Bookkeeping and MoreYOUR EQUINE INDUSTRY SPECIALISTKismetBiz.site352-229-4868

Companies that Recommend Kismet Business Services LLC