While we appreciate the artistry of great photography, we cannot claim to be particularly good with a camera in our hands. However, our team of accountants for photographers are experts in helping shutterbugs make the very most out of their business’ finances.

We specialise in taking a look at your money and building a strategy around past and future prospects. This in turn lets you focus on styling, branding and capturing that miracle shot. It’s what we love about being accountants for creatives.

Looking for the best way to handle your photography business’ finances?

Why not get in touch with our team to find out exactly how we can help.

How A Specialist Team of Accountants For Photographers Can Help

When it comes to accounting for photographers, there are a number of things to consider. What can or can’t you expense? How much does having a studio affect my finances? Am I paying any fees unnecessarily to the dreaded taxman?

By getting help from an accounting agency that has experience in handling such issues helps you rest assured that you are in safe hands.

Female artist on the Phone to her Accountant for Artists
Man doing pottery

Not only that, but you get to focus on exactly what got you into this industry in the first place. You focus on the fun stuff and we take care of the “boring” side of the business. How exactly do we benefit from this? Well, we actually find the financial elements of a creative business extremely interesting.

So it’s a win-win scenario whichever way you look at it! And fear not, just because we are helping you with the finances doesn’t mean we are taking the wheel. In fact, we use cloud accounting app Xero to ensure that you remain as in-the-loop as possible through the likes of real time updates and stats-backed business advice. Just a couple of the many reasons we consider Xero to be the best accounting software for creatives.

Accounting for Photographers Tips

Balance Assets and Liabilities

In short, assets are anything that you own related to your photography business. This includes your camera, stands, lighting and anything else that falls under this category. Even a studio in some cases. On the flip side, a liability is anything you might owe, including debts or costs. A classic example of this is a bank loan.

Photography businesses – and indeed any creative business – need to ensure that these two elements are correctly balanced whenever possible. Try to keep your liabilities to a minimum while building up your cash and tangible assets.

Use An Appropriate Accounting Software

Modern accounting isn’t done by someone sat at a gloomy desk under a small mountain of paperwork – one of the accounting myths we are keen to bust here at Raedan. Modern accounting – the good kind anyway – is carried out on the cloud.

Photographers fall into the bracket of creative individuals that can massively benefit from using modern accounting apps. This helps you keep track of all your finances with a simple tap or two of your finger. As specialist Xero accountants, we work in tandem with you to get the very best out of cloud accounting, making sure that you know exactly what Xero accounting is, and how to use it to your advantage.

Know What You Can and Can’t Expense

It may sound obvious, but there is often a little confusion about what is and isn’t expensable for photography professionals. Generally speaking, any cost related to purchasing new equipment or repairing current equipment can be expensed, along with the likes of marketing, travel and legal costs.

Ensuring that your expenses are in order is critical to keeping things as organised and efficient as they can be. If in doubt, get in touch with an accountant who has experience dealing with photography clients.

Want to learn more about how our team of accountants for artists can boost your art career? Give the button below a click and get in touch with our friendly team.