Kismet Business Services LLC's Blog

HOW TO MAKE YOUR GOOD HORSE BUSINESS GREAT:AN ESSENTIAL GUIDE

May 23, 2018

All horse businesses (and small businesses), want most to succeed, improve and be the best for the long haul. Certainly, having a business has many freedoms, but it also involves trying to do everything to get it right. Here are key pointers essential for all trying to make their equine industry businesses stay successful, growing and improving.KEEP YOUR BUSINESS A BUSINESSYour business is its own entity. You form an LLC or incorporate your to separate yourself from business liability and to assist with legal and financial obligations. As such, having separate business and personal accounts are truly one of the first and most important steps a business owner needs to stay smart. When trying to get loans, mortgages, etc, separation of the business from personal accounts becomes essential to not "muddy the waters" and to showcase the business in a professional light.PUT CUSTOMER SERVICE AT THE HEAD OF THE GAMEThis can't be stressed enough. Without happy clients and customers, there...

Increase Sales on Your Horse Business Web Site: Keep it Easy and Current

April 17, 2018

All businesses, in the equine industry and otherwise, need to have a website in today's modern times. It is an excellent and essential tool to inform customers about services offered, animals for sale, etc. Unfortunately, this question (which you should be asking yourself regularly) doesn't get asked enough by business owners, "Is my business really doing its best to sell on its website, or could it use a "sprucing up" to keep it current and user-friendly?" A website works for your business 24/7, but it will only truly help if it's updated frequently and user-friendly. All websites need certain pages to help potential clients "research" about your farm, blacksmith or veterinary services, etc. Unfortunately, if a website is missing critical information, is out-of-date, or is just hard to read then it won't help clients at all and it certainly can't rank well with search engine optimization (SEO). How easy each page is to find, understand and navigate can make all the difference...

WHY OUTSOURCE YOUR HORSE BUSINESS BOOKKEEPING?

March 22, 2018

Over my years in the equine industry, working for and managing farms, veterinary clinics, farm offices, etc., the one thing that always held true was that there often weren't enough hours in the day to get all the day's work done. Time and time again, I saw very effective equine professionals, so talented with the horses and clients, but essentially living out of the back of their truck regarding the book-work and business end.When an equine industry professional outsources invoicing, bill pay, and the books in general, they finally get needed time to spend on their talents and passions to develop young horses, get their students to the next level, or improve their blacksmith, veterinary practice or horse business by serving more clients. Outsourcing bookkeeping obligations lets you: SAVE MONEY - Outsourcing the business bookkeeping eliminates hiring employees to handle bookkeeping, meaning you pay a salary, cover workmen's comp and taxes. This employee also works at your farm or...

HOW TO ELIMINATE THE “SHOEBOX OF RECEIPTS” FOR YOUR HORSE BUSINESS

February 19, 2018

Every farrier, trainer, farm owner, etc., has areas in which they are strong and areas in which they could use some help, or learn more skills to improve their business. Receipt management is one area in which all businesses struggle. The good news is that technology has really come to bat for all businesses, horse businesses included, so things that used to be difficult are now very simple and secure. Today, with the use of a smart phone, "shoebox receipts" can become a thing of the past.Do you do all of your bookkeeping by hand, or does your horse business utilize bookkeeping programs like Quickbooks Online, Xero, or another program? Regardless of how your bookkeeping gets done, receipt management programs such as Hubdoc can end the constant struggle of having to keep the paper receipts from customers, hay, shavings, new shoes, whatever. The fantastic benefit to your business is that digital records can be kept "in the cloud" so you securely have records for tax time. This...

​HOW THE FINANCIAL STATEMENTS HELP BUSINESS

January 25, 2018

Riding, training, showing, racing, taking care of the horses, getting and keeping good customers. These are some of the most important aspects to a "horse" business and accounting principles are generally considered to be a foreign language and a major hassle for most. However, with a little understanding of the financial statements, you will get a better idea how they can help you improve your business. Take note, it IS important to think of what you do AS a business. This is a quick and dirty article on, "What are these reports and what do they mean to me"?Typically, the income statement (aka profit and loss) and balance sheet are statements used in business, but the third statement, the cash flow statement can be the most important, yet underused tool in helping your business. Unfortunately, this statement is applicable only to businesses using accrual method accounting and almost all equine businesses utilize the cash method of accounting.INCOME STATEMENTThe income statement is...

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

December 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...

RECORDS NEEDED TO FIND SAVINGS AND FOR TAXES

November 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...

THE BENEIFITS OF HAVING SEPARATE BUSINESS AND PERSONAL ACCOUNTS

November 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...

HOW TECHNOLOGY CAN HELP YOUR FARM OR BUSINESS

October 13, 2017

Times have changed. The days of pen and paper have essentially disappeared for all businesses, be it equine, or another industry. Everything is now "mobile and on-the-fly" in today's world. Although many tech-savvy individuals like to feel that ALL business can be handled on their mobile phones (which is, unfortunately, not true) so much can be done via mobile phones and online that businesses today have gotten, and need to be, streamlined and “tech-smart.” And why not? Considering all the helpful options out there, all businesses can benefit their bottom line and time management from today’s technological advances.Cloud-based bookkeeping and accounting software, like Quickbooks and Xero, utilize the internet “cloud” to permanently store data, generate invoices and statements necessary at tax-time to keep all business records straight. This technology is fantastic at helping to figure out where you are and are NOT making money, aka profit. New businesses often fail...

‘BUSINESS PROFIT’ RUNNING TOO SLOWLY?

September 26, 2017

Ever wonder why you work and work and you still never seem to be making anything after all the bills are paid? Have you ever considered that you really need to be asking yourself a different question? Try asking, “How do I streamline my business to ALLOW it to become profitable”? Often, the lack of profitability can be found closer than you realize.When you get stop looking out and turn your attention to what is INSIDE of your business, you can then eliminate the non-profitable enterprises and get rid of the useless waste. Just because it works for others doesn’t mean it will work for you and your unique business. Excessive expenditures, lackluster services being offered, paying too much for major costs and other non-profitable ventures can be real profit snatchers.Give a good look to your business and find the areas that need to be to go on a diet, get fitter or simply need to “be put out to pasture” completely. Doing this one step will give you needed time for more...

Manure Management Strategies

September 20, 2017

This webinar, done with My Horse University and Equine Land Conservation Resource (ELCR), focuses on different manure management practices that have become a problem everywhere, in both the United States and internationally. How the excess manure/urine can be harmful to the water, wildlife and us and is discussed. Discussions on best management practice (BMP) options that are currently being done are provided and explained.Jamie WKismet Business Services, LLC Virtual Bookkeeping and MoreYOUR EQUINE INDUSTRY SPECIALISTKismetBiz.site352-229-4868

IMPORTANCE OF GOOD HORSE KEEPING RECORDS

September 13, 2017

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...

WHAT TO DO TO PREPARE YOUR HORSE AND FARM FOR THE HURRICANE

September 6, 2017

It’s scary, what can happen to a horse farm in a hurricane. Having lived through several (many when I was managing horse farms and had my own horse) being prepared for your animal, for the farm and for the unforeseen problems ahead can really help. I can remember the year we had two back-to-back hurricanes; one of the two barns actually went three feet underwater!! Use these quick tips to help protect you, your animals your business and to keep all better prepared for the storm ahead. GET A GENERATOR - If you own a farm, or if you board your horses, make certain that the facility has a generator. The first thing to go is power and that means NO WATER, no running anything. This will enable you to water horses, turn on some lights and keep things going that must run. The generator will be your best friend. Trust me, it’s worth every penny. FILL YOUR GAS AND DIESEL TANKS - This is self-explanatory-no fuel + no running anything. FILL UP ALL AVAILABLE WATER...