Good Accounting Practices
Let's talk about good accounting practices and taxes. Now to start off, I am not a licensed taxed individual. So for wherever you are in the world, please make sure that you look up, understand or talk to someone who knows the tax laws in your space specific area. You need to take responsibility for your business and make sure that you are doing everything correctly. Um As far as it goes with taxes, for instance, where I am in the world, I don't necessarily need to charge sales tax unless I'm providing something physical and that's why all my wedding packages are service and their digital files. So find out what that means for your area where you're doing business. Now, that is a very good way to practice good, safe, smart accounting. The other thing to do is to vigorously keep track of money going out and money coming in. I would, would not rec could not recommend Quickbooks enough. I love using Quickbooks for money going in and going out and it keeps track of everything for me. Now i...
t is a bit expensive again. I feel like the investment in time in letting that application do everything I needed to do will allow me to do other things like be creative. But you can also just do that by hand on an Excel sheet on your computer. There are other apps that allow you to do that. The main thing is to know how much money you are making from weddings and how much money you are spending on equipment and food and travel and other things that have to do with your business. The more you keep track of this, the more easy it will be to expand later because as you start to get bigger weddings, you may need to hire a second shooter where you'll have to be paying money to them. You may be needing to purchase a second camera body or other lenses that you can write off. So you're not paying as much taxes during the year. The idea is that you must keep track of every single penny and dollar going out and going in. It is the best thing that you can do for yourself as you're starting your business. And again, like I said, even if it's just holding on the receipts and writing them down in an Excel sheet, um, you should just do this. It is just a good idea to be, uh, accountable for every single one of these things because it's good business practice and it will keep you safe later.