Rockwood Enterprises, Inc., a three-year-old Houston-based marketing and publishing company, announced today the launch of Equinomics 101 - a managementRockwood Enterprises, Inc., a three-year-old Houston-based marketing and publishing company, announced today the launch of Equinomics 101 - a management
Rockwood Enterprises, Inc., a three-year-old Houston-based marketing and publishing company, announced today the launch of Equinomics 101 – a management and accounting system designed to teach horse owners and horse-related businesses how to efficiently manage their finances.
According to the American Horse Council, there are approximately 9.2 million horses in the U.S. used for racing, showing, competition, sport, breeding, recreation and work.
Richard B. Dicks, CPA, equine businessman and author, developed Equinomics 101 to provide a down-to-earth, practical accounting system for horse lovers and small to mid-sized horse-related business owners.
Written in an instructional, how-to format, Equinomics 101 reveals what records matter to accountants and the IRS; it also includes world-class accounting software for horse owners to quickly and easily assemble records.
"Most horse owners practice ‘pitchfork accounting,’" Dicks explained. "They throw everything in a box and hand it over to their CPA. Equinomics 101 is designed to help customers change these destructive financial patterns."
In 2005, the American Horse Council conducted a study that dispelled the misperception that the horse industry is an activity reserved for the wealthy. The horse industry is, in fact, a diverse activity with stakeholders including recreational and show horse riders, and moderate-income track, show and stable employees and volunteers.
Approximately 34 percent of horse owners have a household income of less than $50,000; 28 percent exceed $100,000. 46 percent of horse owners have an income between $25,000 and $75,000.
According to Dicks, the key to avoiding financial loss is to run the horse operation like a business. Equinomics 101 instructs horse owners how to minimalize hobby loss.
"Like a good saddle, it’s a tool that no horseman should be without," Dicks said.
Equinomics 101 can also be used as a simple record and bookkeeping system, a check register system, or an easy-to-use contact management system. It addresses barter and like-kind exchange, equine tax issues, depreciation, and travel expenses.
Rockwood Enterprises, Inc. also offers free, two-hour seminars on horse ranch and accounting to people in the Greater Houston area. Expansion to other areas is expected by year’s end.
For more information, visit: www.equinomics101.com.