By Wade Coggeshall
Jennifer Foster already runs her own bookkeeping company for small businesses. She also loves horses.
When she learned equine farms are one of the most audited businesses in the country, she figured she could combine her job with her hobby.
Foster started Equine Bookkeeping Services this year. The business offers accounting services for horse owners and equine-related enterprises.
“Unfortunately in this industry, people are good with horses but not so good with the business aspects,” Foster said. “I’ve been able to help them a lot.”
Of all the businesses audited in 2007 by the Internal Revenue Service, more than a quarter were farmers and ranchers.
“They come after them pretty hard, but they’re notoriously bad record-keepers so it’s simple for the IRS to get money out of them,” Foster said. “They don’t necessarily understand what’s a business expense and what isn’t. It all kind of runs together for them. This is their life.”
It’s a big part of Foster’s life too. She didn’t own horses as a child, but had friends who did so she rode a lot. Her son decided he wanted to learn how to ride when he was 5. Now the Fosters own four horses and everyone in the family is actively involved in the equine industry.
“It’s a huge amount of fun,” Foster said. “They want to run a horse business because it’s what they enjoy. A lot of them struggle with the business aspect, so being able to help with that makes the other stuff easier for them. We’re allowing them to spend more time with their horses.”
So far, Equine Bookkeeping has about nine clients. Foster is in talks with several others, which are located nationwide. Given how specialized a niche it’s occupying, Equine Bookkeeping is mainly relying on word of mouth for its continued success.
“You either know and understand the horse world or you don’t,” Foster said. “And if you don’t know and understand it, it’s very difficult to be an accountant for it.”
While states like Kentucky, Arizona, and Texas are big for equine activity, Foster has 72 horse businesses within 15 miles of her Westfield office. Some of the stables she’s currently in negotiations with are the largest in the country.
“There’s really no competition; no one else is doing this,” Foster said.
Best of all, it combines her top preoccupations.
“You get to hang out in barns wearing jeans and a T-shirt all day,” Foster said of her new gig. “What more can you ask for? I just wish I had figured out that I could do bookkeeping for horse businesses three years ago.”
For more information on Equine Bookkeeping Services, call 399-8920 or visit the website at www.eqbookkeeping.com.
wade.coggeshall@flyergroup.com
