We tend to do it to ourselves. We wait until the last minute, and tax time gives us a swift kick to the gut every time. But why? As a photographer and business owner, a simple spreadsheet may seem just that – simple. But in reality, we waste more time than we’d like to admit when it comes time to do our taxes if we don’t use an actual system.
There are a few different options we like for accounting. Quickbooks Online (QBO), our preferred, is a tried and true system (and one that we integrate with). But it’s not the only available system. Wave Apps and Freshbooks are other options to check out.
But what’s so great about accounting systems? Here are our top 3 reasons to use one for your photography business.
- Easily track your income – Especially if you are an Iris user, you can send your invoices to Quickbooks Online and keep track of all your income throughout the year. QBO makes it super easy to run reports, pay taxes, and understand your company’s growth month over month.
- Keep track of expenses – Most systems allow you to link your bank accounts and credit cards. Once connected, your transactions are automatically added in, and in the case of QBO, automatically categorized for you. All you have to do – confirm or edit the expense category.
- Taxes – This is one of the biggest areas where a system is going to save you time, and save you from a migraine. Putting together your end of the year reports for taxes is no longer a week (or month) long battle. Easily print off the reports you need, generate 1099s, calculate yearly or monthly sales tax, and more. It’s going to save you so much time at the end of the year if you stay consistent with it. And your accountant will love you for it!
Do you use a system you love for accounting? Tell us which one, and why, in the comments.
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