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Bookkeeping for Photographers – Quick Start Guide
Bookkeeping might not be the most exciting part of running a photography business, but it’s one of the most important. Whether you love diving into numbers or dread anything finance-related, having good bookkeeping practices in place is essential to the success and longevity of your business.
While the tendency to hate bookkeeping is natural, we always remind ourselves…if we do it well, we get to do things like travel more and hang out with our families, and that’s what we all want at the end of the day…right?!?
In this post, we’ll explore what bookkeeping is, how it benefits your photography business, and different ways to handle your bookkeeping needs.
What Is Bookkeeping?
At its core, bookkeeping is the practice of tracking all the money flowing in and out of your business.
That means keeping records of your income (like client payments and sales) and expenses (such as equipment costs, subscriptions, and travel).
It’s that easy…at least in writing!
Good bookkeeping practices provide clarity on how your business is performing financially and will help you stay organized in case you ever face an audit from the IRS. It’s not just about compliance—it’s about maintaining visibility into your business so you can make informed decisions, plan for growth, and avoid surprises down the road.
Bookkeeping is cool right?
Types of Expenses Photographers Should Track
Like any business, photographers have a wide range of expenses that need to be tracked. These can be grouped into various categories to give you better insight into where your money is going. Some of the key expenses you should be tracking include:
- Equipment and Supplies: Cameras, lenses, lighting, memory cards, and office supplies.
- Marketing Costs: Website hosting, social media ads, printed materials, and online marketing tools.
- Professional Services: Fees for accountants, attorneys, or any outsourced help like editors or virtual assistants.
- Subscriptions: Payments for editing software, CRM systems, or cloud storage services.
- Travel: Any expenses related to client shoots, including mileage, accommodations, and meals.
- Contractors or Assistants: If you hire second shooters, editors, or other freelancers, these payments should be logged.
Keeping track of these categories helps you manage cash flow, stay on top of your finances, and make better decisions for your business.
How to Do Bookkeeping for Your Photography Business
There are several ways you can manage bookkeeping, ranging from DIY approaches to outsourcing the work.
Let’s break down the options you have!
- Manual Bookkeeping with Spreadsheets: If you prefer to keep things simple, you can manually track your income and expenses in a spreadsheet (or go even more old school with pen-and-paper). This is a low-cost option (read: free), but it can become tedious and time-consuming as your business grows. The room for error is also very high here!
- Online Bookkeeping Software: Many photographers choose to use online accounting software to streamline bookkeeping. Tools like QuickBooks, Wave, and FreshBooks offer features like automated expense tracking, invoicing, and even payroll management. These platforms are user-friendly and can save you time while ensuring accuracy.
- Outsource to a Bookkeeping Company: If bookkeeping is a task you’d rather not manage yourself, outsourcing to a professional is an option. A bookkeeper can handle everything from organizing your expenses to preparing financial statements. Plus, they’ll ensure your records are always ready for tax season.
No matter which method you choose, having solid bookkeeping processes in place will benefit your business in the long run.
Recommended Bookkeeping Companies and Accountants for Photographers
If you’re considering outsourcing, we’ve compiled a list of our recommended bookkeeping companies and accountants (who also can do bookkeeping) that specialize in helping photographers. These professionals understand the unique needs of creative businesses and can help you stay on top of your finances with ease.
Bookkeeping for Photographers – Go More in Depth
In the Shoot and Thrive Financial Management course, we go in more detail talking about bookkeeping (and practically anything else you can imagine that relates to money management) and include special walkthrough videos to help you set up and use bookkeeping software.
Chris is a SEO professional with a passion for helping photography businesses succeed online. With years of experience in the industry, he has a proven track record of increasing website traffic, improving search rankings, and driving revenue growth for his clients.
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