Q What are the key differences between a bookkeeper and an accountant – apart from the prices they charge. And which would be better for my wedding photography business?

When embarking on setting oneself up in business there are many key factors to tale into consideration. Often we are focused on our photographic intent, however attention has to be paid to running the business.

Commonly a busy photographer immersed in their day to day shoots, weddings, photo-editing and printing will neglect to take a few moments out each day to keep on top of their accounts, this however must become a matter of discipline, as without control financial matters can soon get out of hand.

A bookkeeper employed for just a few hours per week can assist in entering and recording invoices, payments out, banking and even take care of petty cash receipts. This can prove invaluable when taxes are due to be paid.

An accountant however will provide help with completing annual accounts and tax return, look for ways to reduce the tax you pay, submit accounts to H M Revenue & Customs and deal with all correspondence and answer your taxation queries.

In the ever-changing world of taxation an accountant’s input into a business can be invaluable and is essential for those who wish to run a successful business.

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