My hope is that by adding the new installment of “For Photographers” on the blog, I can share insight from being a small business owner and photographer for the past decade. I plan on sharing what works and doesn’t work for me. This is from my point of view, take with a grain of salt. I hope these post are enjoyed by small business owners and shutter bugs alike. I look forward to connecting more on these topics. Feel free to chime in at the comments section below. If you have a suggestion or want a blog post on something specific please shoot me an email: firstname.lastname@example.org
As we near tax season, I wanted to share a couple of the new financial principles I have adopted this past year. If you are a left-brained artist like me, you have just checked out. I know the feeling; it’s my least favorite part of running a business. I attended the After Dark convention in St. Louis at the beginning of this year; I started looking at the financial side of my small business a little different. It doesn’t matter what type of small business you run, we all lack on keeping track of our day to day finances. Whether it be not having a structured time to complete the task, not enough funds to hire someone, or my poor excuse, I just hate doing it! At the convention I learned the method of Financial Friday from another photographer, Kathy Holcombe. It doesn’t have to be on Friday it could be Financial Tuesday, the point is to designate a weekly time to record your expenses and sales. At the beginning of this year, I made a game plan.
First and foremost, I found an accountant that has time for me and is really great at what he does. Do that now. Accountants are going to be really busy in the next couple months. It would be wise to meet with them before year end in case you need more deductions, etc. Yes it is going to cost some money, but it is worth the time and hassle when tax season comes around. I know several photographers that still do their own accounting. If you are running a business and you don’t have an accounting degree, I guarantee you can learn something from a professional that will save you money.
Financial Friday is my way of staying organized and up to date. Every Friday, I sit down with my receipts, checks, and other records and record everything into QuickBooks. At any point, I can go to my records and know how much I have spent and earned weekly. During my busy season, I have missed my weekly finance date. I can tell you trying to catch up from 2-4 weeks of profits and expenses is so much harder than spending that 15 minutes every week. If you are only updating your records yearly or quarterly, you are missing valuable information especially if you are in need to make a large purchase for your business.
Adopting Financial Friday has been a huge stress relief for me this year. I feel so organized! If you need a New Year’s Resolution, I challenge you to try this method. Find a friend that may need help in this area as well. Every Friday, send each other a call, text, or email to hold each other accountable. I’d love to stay and chat, but these receipts aren’t going to enter themselves. Happy Friday Everyone!