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Record keeping for self employed photographers - part 1 of 1 2 3

Published 01/08/2011

Up to now I've been concentrating on tax and purely financial matters. This time I'm going to look at a part of running a business that everyone should do but not everyone does - bookkeeping.

Unfortunately, regardless of how you go about it, accurate financial record-keeping is essential for every business. It is one of the elements that make your enterprise a success.

There are many benefits that come from keeping good records.

Most importantly, it is essential to get an accurate view of the financial health of your business. If you don't know how your finances stand, it is impossible to make a business decisions with real confidence. Keeping a track of the cost of sales or activities allows you to assess closely whether they are profitable or unprofitable. Also, your accountant will much prefer orderly information. It will save time for them, and may even help bring your fee down too. If your records are already complete it makes preparing your end of year accounts and tax return quicker and easier Good bookkeeping has other benefits to your business:

• Good financial information can help obtain a business loan.
• Having a reasonable estimate your profits makes it easier to plan for tax you have to pay.

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1st Published 01/08/2011
last update 09/12/2022 14:58:29

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