Find out where your money goes by calculating business expenses

9.7.2016 Business

Expense tracking simplifiedYou'll never know exactly where you money goes unless you track it. Although you already collect financial data for tax purposes, tax accounting records are not in a form that can provide you with info on how to manage your photography business successfully. You need easy-to-understand numbers that will help you shape your business on an ongoing basis. For that, you need managerial accounting.Managerial accounting can be broken into four steps:1. List your sales... Continue Reading >

Ask the experts: Preparing for tax season

9.6.2016 Business

Q: What do I need to do before the end of the year to prepare for my 2016 taxes?A. Thinking about ways to minimize your taxes is not something that should happen only at year-end. There are several things to consider now that can pay off when you file next year.1. First and foremost, meet with your tax preparer before 2016 is over to make sure you're doing everything you can to minimize your taxes. You want to know know what to expect come April 17, 2017.2. Expensing/depreciating new... Continue Reading >

Case study: Benchmarks enhance productivity

August 2015 issue Business

Earn more, work the sameFor several years, Stephanie Anders, owner of Stephanie Anders Photography, had been humming along. Focused almost entirely on the artistic side of professional photography, she had built a solid customer base and was experiencing good growth of her Miami portrait studio. But as she eyed the next level for her business, she realized she didn’t know how to get there.SITUATIONAnders’ sales were pretty good and the number of sessions she was photographing was... Continue Reading >