Bookkeeping 101: Photographers

I'm starting a new series that features a profession and tips for their bookkeeping.

First up: Photographers! 📸

I know you photographers spend lots of time with clients and doing shoots, so it's important to make your bookkeeping easy and efficient.

Like every industry, the kinds of expenses you are likely to have are specific to you. Make sure to record all your expenses can save you some serious money at tax time.

Equipment: Camera, tripod, lenses, lights, computer, etc
Photo shoot props (as long as only used for shoot and not for personal use after).
Printing costs
Software including tools for editing, showing pics to clients and making bookings etc.
Insurance for your equipment (Your equipment is expensive - protect it!)
Travel including Mileage - When traveling/driving to/from shoots. Mileage rate 57.5 cents per mile. There are apps to track mileage or you can download my free mileage tracker.
Meals while at shoots. (However, not on the way there or back…sorry!)
Second shooters, makeup artists, or any other sub-contract expense. Make sure you record properly for 1099 at year end!!
Home office expenses or rent expense if using a studio.

Make sure you keep receipts and audit trail - take pics of receipts and put in an online storage location or attach in an accounting tool.

Speaking of accounting tools - are you using any? Keeping track of expenses is so much easier when you have a tool like Wave or Quickbooks that is integrated with your bank account.

Also, how are you collecting payments? Do you send invoices to your clients through one of these tools? Or do you have Square or Paypal card readers to take payments in person? If it's the latter, make you sure you track the processing fees for your expenses!

The more you integrate and use accounting tools, the easier it is to track sales and expenses for taxes. And the more you can focus on capturing the perfect smile!

Case Study: Photographer Bridgette Nelson

If you have been following me, you have seen her work! She is the photographer I use for photos like the one at the end of this blog.

She is also a client, friend, and all-around super Mom and human - The amount this woman fits into a 24-hour period is mind-blowing!!!

But still, I asked her to squeeze one more thing in and provide a review of what she gets from working with me so you can have some insight.

Here’s what she said:

1. What was your absolute biggest challenge or fear about bookkeeping or taxes prior to working together?

I had done bookkeeping as part of my previous job at a local small business for a few years. But when it came to my own business, I had trouble being consistent and really had no desire to manage my own books. When I came to taxes, I didn’t really trust my own knowledge about legal financial matters.

2. How did that challenge make you feel?

I felt distracted, overwhelmed and insecure.

3. What changed after working with RDT?

Rhian keeps me consistent with bookkeeping. She helps make legal financial matters make sense to me. I feel more secure in my business AND personal finances. I am able to focus on other areas of my business and in turn, spend more time with my family.

4. What would you say to somebody on the fence about working with me?

You won’t regret working with Rhian! She’s radically changed my outlook on business finances!

5. What was your favorite thing about working with me?

My favorite thing about working with Rhian is her genuine, authentic care for me and my finances. I know she truly wants me to be successful in business and in life!

6. Anything else to share?

You won’t find another accountant or bookkeeper like Rhian!

Thank you Bridgette!

You can see more of Bridgette's work at nelsonandco.bloom.io