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If there’s one thing most creatives struggle with, it’s bookkeeping. Managing finances might not be the most exciting part of running a photography business, but it’s essential for long-term success. In this episode of Take Your Shot, I chat with Loriann Kuntz, a bookkeeper who specializes in helping creatives and photographers get their finances in order. Loriann shares her insights on why bookkeeping is important, how to get started, and common mistakes to avoid.
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Why Bookkeeping Matters
For photographers, bookkeeping might feel like a tedious task, but it’s critical for understanding your business’s financial health. Loriann emphasizes that keeping track of your finances gives you a clear picture of your income and expenses, allowing you to make informed decisions. It’s not just about tax time—good bookkeeping helps you stay on top of your cash flow, forecast for the future, and ensure you’re paying yourself properly.
Loriann also explains that without organized finances, you run the risk of overspending or undercharging for your services, which can hurt your business in the long run.
Getting Started with Bookkeeping
If you’re new to bookkeeping, Loriann suggests starting with a simple system that works for you. Here’s her advice for getting started:
- Open a Separate Business Bank Account: Keep your personal and business finances separate by opening a dedicated business account. This makes tracking income and expenses much easier and ensures you’re not mixing funds.
- Choose a Bookkeeping Method: Whether you use bookkeeping software like QuickBooks or a spreadsheet, find a system that works for your style. Loriann recommends starting with something simple that you can update regularly.
- Track Everything: From client payments to business expenses, it’s important to track every transaction. Keep receipts for things like equipment purchases, travel expenses, and software subscriptions—they all add up come tax time.
- Create a Schedule: Set aside time each week or month to update your books. Consistency is key—by staying on top of your finances regularly, you’ll avoid a big pile of work at the end of the year.
Common Mistakes to Avoid
Loriann has worked with many creatives and photographers and has seen the same mistakes over and over. One of the most common is not tracking expenses correctly or missing deductions that could save you money. She emphasizes that keeping detailed records is crucial, especially for things like mileage, office supplies, and equipment purchases.
Another mistake photographers often make is not setting aside money for taxes. Loriann advises estimating your taxes quarterly and setting aside a portion of your income to cover them. This ensures you’re not caught off guard when tax season rolls around.
How to Pay Yourself
As a photographer, it’s easy to reinvest everything you make back into your business, but Loriann stresses the importance of paying yourself regularly. Your business needs to support your personal life, so it’s essential to figure out how much you need to live comfortably and set up a system for paying yourself a consistent salary.
Loriann recommends setting up an owner’s draw or payroll, depending on your business structure, and including this in your monthly bookkeeping routine.
Working with a Bookkeeper
If bookkeeping feels overwhelming, hiring a professional can be a game-changer. Loriann shares that working with a bookkeeper allows you to focus on what you do best—photography—while leaving the financial details to someone who understands the ins and outs of business finances. A bookkeeper can help you stay organized, file taxes correctly, and even find ways to save money.
Final Thoughts
Bookkeeping might not be the most glamorous part of running a photography business, but it’s one of the most important. By staying organized, tracking your expenses, and setting up systems, you can keep your business on solid financial ground and focus on doing what you love. Whether you’re just starting out or looking to improve your financial processes, Loriann’s advice is practical and easy to implement.
If you’re ready to take control of your business finances, connect with Loriann for more insights and bookkeeping tips.
Connect with Loriann Kuntz:
Thank you for reading! If you found this blog post helpful or have any questions about bookkeeping, let’s connect on Instagram. I’d love to hear how you’re managing your finances and any tips you’d like to share!
Connect with me on Instagram: Instagram: Take Your Shot Collective
