Posts by: braveaccounting

Are your clients getting burned by horse show fees?

By on July 16, 2018

If you are one of those savvy trainers that has started to charge flat fees for travel costs at horse shows, kudos. The rest of you need to get on board. Long has it been the practice of horse trainers to split all of their travel costs and their’s employee’s travel costs between clients at […]

7 Employement Costs You Should Know About

By on October 19, 2016

You’ve been working hard to add clients to your business and are finally at a place where you think you can afford to hire your first employee. That is a huge step for a small business owner.  Before you make that leap, make sure you know exactly how much that new employee is going to […]

How To Write-Off Your Horse Expenses

By on March 17, 2016

Wouldn’t it be great if you could write off all of those pesky bills you pay each month to keep your horse? You are planning on selling him one day, maybe even for a profit. That should count as business income, right? Many horse owners have followed this line of thinking and attempted to claim […]

Why Your Clients Need a Horse Show Budget

By on February 12, 2016

If you are a trainer, you should be prompting your clients to budget their horse spending. Knowing when and how much they are willing to spend will help you forecast your revenue for the year and plan accordingly. Nothing spells disaster like planning for a big show group and having people cancel at the last […]

4 Documents You Must Collect From New Employees

By on February 2, 2016

You’ve interviewed the candidates, checked all the references, and finally decided to hire your first employee, now what? Do you know what paperwork you need from your new hire in order to set up payroll? Do you know how to verify whether someone is legal to work in the US? How about a background check, […]

Avoid a Lawsuit with Accurate Employee Classification

By on January 19, 2016

Employee classification is one of those tricky subjects that has huge implications for both employers and employees. If you get it wrong, as an employer you can be subject to fines and tax penalties as well as legal recourse from your employees.   This issue comes up a lot in the agricultural industry, including equestrian […]

Are You Ready for Higher Overtime Costs?

By on January 14, 2016

Long hours and 7 day a week schedules are commonplace in the horse industry particularly during show season. Have you stopped to consider whether you should be paying your employees overtime?   The current annual salary minimum for exempt employees is $23,660, meaning you have to pay your employee at least that much in order […]

Check Your Company’s Financial Health: Part 2

By on January 2, 2016

The All Powerful Income Statement Last week we dove into the Balance Sheet, which I am the first to admit is a bit of a snore (though very useful). This week we are going to take a look at arguably the most versatile financial report available (queue drum roll)…the Income Statement.   QB or Xero […]

Check Your Company’s Financial Health: Part 1

By on December 21, 2015

The most basic accounting software is going to be able to produce two reports using the accounting entries you have already made: the Balance Sheet and the Income Statement. These two reports are at the heart of financial reporting.   Today we will discuss the Balance Sheet.   The balance sheet is a snapshot of […]

Stop Bleeding Cash With These Three Reports

By on December 18, 2015

Poor cash flow management is one of the leading causes of small business failure. Money is fast going out but slow coming in, particularly for new businesses that are still building their customer base. Having a monthly budget is a first step to understanding your cash needs but you can go one step further with […]