Equine Law, Insurance & Accounting 2023

Saddling Success: Navigating equestrian business challenges with financial finesse with Saul Bookkeeping

Details: August 15, 2023; By Staff Writers

The Equestrian Industry is built with a sturdy stock of business owners.

Saul 1 Pam Saul We confront a 1,200 pound chestnut mare and body challenge her to not pin her ears, a scenario that might send most “ordinary” people running for cover.

Nonetheless, despite our courage in the horse world, when it comes to being a business owner, sometimes to make decisions based on solid foundational information for the business owner.

The decisions we make as a business owner are completely different than when we are working with horses and clients.

It is a mindset that takes on a different look.

This certainly includes finances and record keeping requirements.

Saul 2 Rolling Acres Show StablesAs owners, we need to satisfy the IRS that we run a business and not a hobby.

We need to satisfy the bank that we are efficient and diligent with our funds.

We need to prove to vendors that we can pay for services and products provided.

How can we do all this while spending time in the barn?

By setting up a bookkeeping process that gives the ability to make decisions based on solid foundational information to for the business owner.

Saul 3 Red Horse Mountain RanchYour books can tell you who really is a good client (participates regularly, pays on time) and who needs to be looked after.

They can tell you which profit centers are making you the most revenue (is it lessons, competitions, or sales?)

They can tell you when you might have a cash flow issue (should you change deadlines or hold off on purchases?).

They can show your expenses and tell you if something is off (my hay costs doubled what’s up?)

Using the books as a tool is no different than learning to post to the trot.

Once you get the process in place, it will click and you’ll be able to use the books as a tool.

For more information, www.saulbookkeeping.com or call 301-520-3937.

Fry's Insurance protects you and your horses

Details: July 31, 2023; By SARA CAVANAGH

Fry’s Equine Insurance Agency has been working with horsemen since 1984.

fry 1 Insuring your horse is a way to protect your finances if there is an accident or sickness.

Mortality insurance provides coverage on the life of the horse and includes theft and some colic surgery.

You can also purchase different medical options such as major medical covering required treatments and surgeries.

Another policy to consider is liability coverage.

If your horse hurts someone or damages their property do you have protection under your homeowners policy?

If you board your horse, you still have a liability exposure.

Your horse could kick another horse or get out on the road.

You will be named in a claim as owner of the horse and you will need to defend yourself.

fry 2 For less than a few hours of an attorney’s time you can have a policy with a $1,000,000 limit.

Do you offer boarding at your place or are you giving lessons or training?

If so you should contact Fry’s Equine Insurance to discuss a Commercial Liability policy.

This policy is tailored to your specific needs and can include coverage for boarding, lessons, training, show, clinics, and day camps.

Fry’s Equine Insurance also writes farm policies.

Many homeowner’s policies exclude coverage on any building used in a business.

If you don’t have an equine-specific policy, you could be missing important coverage – such as fire/storm damage to your barn or not enough coverage to replace it if there’s a total loss.

Give Susan Strawser, owner of Fry’s Equine Insurance Agency, or Ron Johnson a call at 614-875-3711 or email at This email address is being protected from spambots. You need JavaScript enabled to view it..