Every week we have countless photographers calling and emailing us for advice on their finances.
If you’re considering a career as a freelance photographer but the daunting thought of your finances are holding you back then take a read of this article. If you are left with any other questions simply call or email us. We are here to help.
Why is accounting important to photographers?
Accepting is the process where a company’s financial transactions are analysed and reported.
Your record are essential for providing an accurate perception of your expense vs income. When you consider the price of a camera, replacing a broken camera lens and the costs that come with travelling to venues for work, you can immediately see why it is important to document these business-related transactions.
Invoicing will be your best friend.
The better your tracking strategy’s of payments and invoices the more cost efficient.
Key accounting terms to understand:
ASSETS (What you own) ⬅️MAXIMISE ✅✅✅✅
LIABILITY (Owing money to an individual, bank or business) ⬅️MINIMISE❌❌❌❌
INCOME STATEMENT (The report card for your business)
EXPENSE (Money to pay out)
DEBIT (Appear on left side of your general ledger)
CREDIT (Appear on the right side of your general ledger)
BALANCE SHEET (An executive summary of your financial position)