In your business, you have necessary tasks which need attention throughout the year. Many of these mundane tasks revolve around ensuring you have the ability to maintain your photography business for years to come. Because there are plenty of responsibilities you already have, some of the financial and legal issues may fall out of your grasp. But, without properly handling your finances, you risk missing important matters, deadlines, and appointments. Since you might not have the bandwidth to add more to your plate, hiring an accountant can help you stay on track with your important legal documents and aspects which assist you in staying in business. Here are 6 reasons to hire an accountant so you can continue to have organization in your business.
1. Create Smooth Operations
One of the best parts of hiring an accountant is maintaining a regular workflow where you do not need to take on any additional work. An accountant can take care of the financial aspects of your business, which means you can continue your day-to-day operations without worry. Since you have so many other projects and tasks to take care of, an accountant can help your business continue running efficiently. Also, hiring an accountant helps you meet all of your deadlines for payments and taxes so, you do not run into any problems. The less time you have to worry about whether you are behind on your financial paperwork, the more time you can spend running your business as usual.
2. Maintain Timely Schedules
For any business owner, keeping track of the various appointments and deadlines can become overwhelming. As a busy wedding photographer, thinking about what taxes you need to file and what paperwork to keep track of can add an additional layer of stress to your workflow. An accountant ensures your paperwork is in order, your necessary bills are scheduled, and your taxes are paid on time. Outside of saving your receipts and sending clients paperwork as you normally would, you do not have to stop and worry about tax issues or financial matters which do not necessarily require your attention.
3. Develop Seamless Reporting
As a business owner, there are many aspects to think about when it comes to what you should be reporting for your expenses and on your tax forms. Because you should be tracking your expenses throughout the year, you can spend countless hours ensuring everything is correct. From tracking your mileage, travel time, and camera gear depreciation, how do you know which to apply as deductions on your tax forms? Plus, if you are a part-time photographer, your expenses and deductions may be completely different than a full-time photographer. An accountant can make sure you are properly keeping track of what you need to have when it comes to tax season, and can tell you whether your equipment, travel expenses, and office space should be tracked for taxes.
4. Discover Simple Storing Options
With all of the documents you deal with every time you book a new client, or make a new purchase, it is likely you have hundreds of documents (and emails) filled with financial details. Paperwork and receipts can pile up in your office and on your computer. Because keeping track of your receipts and other documents is so important, having everything organized can help you greatly. How can you effectively file your taxes and all of your business expenses if you do not have the receipts? An accountant can manage your paperwork and receipts so you do not need to stress when the time comes to file your taxes. Once tax season comes around, you can be ready with all relevant documents, such as expense reports, receipts, customer invoices, and other data.
5. Clear Office Clutter
As an artist, it can be challenging at times to focus on the business parts of your job. Because of this, your workflow may become disorganized, which may mean you have paperwork everywhere in your office and email. When you do not have control over the many documents you need to take care of, you risk losing important paperwork concerning your finances or client accounts. Not only will that cause you stress, you may miss out on important details you need to review with your clients, such as payments and contract details. An accountant can assist you in making sure your financial matters are organized and in the proper place for easy access.
For example, when a client signs your wedding photography contract, ensure you accountant has the ability to see this. Then, they can ensure you are receiving all of the money from the contract, and that it categorizes properly for your taxes and organization.
6. Construct Future Plans
When your financial documents are organized and up-to-date, you have a more accurate look into what you can do with your business for the year. With specific figures in place of what you currently make and what you can make in the future, you can start developing plans which meet your overall goals. Having an organized system which shares the income you are making and what you are spending assists you in setting more realistic business goals for your business each year. When you can make a plan for the future, you have more of an opportunity to grow your business and attract new clients each year.
Hiring an accountant for your wedding photography business is very similar to outsourcing your images to a wedding photo editing service; it can be scary at first, but can free up your time and give you less to stress about. Also, you can spend more time building your brand, attracting ideal clients, and improving your income. Learn more about how to properly price for your business so your profit can increase with our Pricing Calculator for Wedding Photographers!