How to Save Money on Accounting as a Photographer
Photos – love. Spreadsheets – despise. If you are a creative photographer, accounting can be one of the most frustrating aspects of running your business. Keeping track of your finances, invoicing clients, and filing taxes can be time-consuming and overwhelming. However, you can save money on accounting and streamline your financial admin in many ways. In this blog, we'll discuss some tips for saving money on accounting as a photographer so you can return to taking happy snaps in no time.
For most photographers, earning a living from pursuing their craft is an absolute privilege. Whether hitting the CBD streets or getting out into nature, the work is fun and always gets the creative juices flowing. Like any business, as a photographer, there are financial and tax obligations that you need to keep on top of. Whilst doing financial admin may be the last thing you want to do, there are new tools and processes you can implement to significantly reduce the pain of doing the books. So don't assume 'there isn't a better way', because we'll show you how to manage your business financial affairs with Thriday in under 30 minutes a week.
Sign up for Thriday in minutes
You can sign up for Thriday in a matter of matters, and once you are set up, you can start trading instantly. Thriday has a fully digital onboarding flow; you can register online or via the app. To get started, you'll need two forms of ID, which can be either a Driver Licence, Australian Passport or Medicare card.
Use your Thriday Visa Debit card* and bank account*
Keeping accurate records is essential for saving money on accounting. When you sign up for Thriday, you'll get issued a $0 monthly bank account* and Visa Debit card*. With this, you can track all your expenses and income in one place with no reconciliation or bank feeds required. You just need to earn money and spend money. Thriday will then ensure that you're claiming all the deductions you're entitled to regarding tax time. By having accurate records, you can identify areas where you're overspending, allowing you to make adjustments to your budget and save money.
Separate personal and business finances with Thriday
One common mistake many photographers must correct is mixing their personal and business finances. By keeping your finances separate, you can simplify your accounting processes and make it easier to manage your cash flow. Additionally, separating your finances can help you easily identify business expenses, allowing you to claim more tax deductions. When you sign up for Thriday, you can create multiple business bank accounts* that you can use for different purposes and access under the same login. For fans of the Profit First method, you can easily set up your revenue, profit, tax, owner's pay and opex accounts in seconds.
Outsource your bookkeeping to Thriday
As a photographer, you don't have the time to categorise, reconcile and determine the eligible tax claims for your business. Thriday uses artificial intelligence to identify what a transaction is, whether it can be claimed, and what GST was applied. Thriday also has an in-built receipt scanning feature that automatically reconciles expenses, tracks taxes, and manages your financial records, saving you time and money in the long run.
Claim all eligible deductions
As a photographer, there are many deductions you can claim on your taxes, including equipment, travel expenses, and marketing costs. By keeping your receipts stored on Thriday, you can easily claim eligible deductions, and you can reduce your taxable income and save money on your tax bill. Thriday takes care of all the hard work in keeping accurate records and ensuring that you're only claiming deductions related to your business.
Use cloud-based accounting software
One of the best ways to save money on accounting is to use cloud-based accounting software like Thriday. Because Thriday is available on the web and app, so you can manage your finances from anywhere and easily send invoices, track expenses, and pull financial reports. Additionally, Thriday's combination of AI and cloud computing can help you save time and money on administrative tasks by automating many of your financial processes.
"Thriday's combination of AI and cloud computing can help you save time and money on administrative tasks by automating many of your financial processes"
Lodge your Business Activity Statement in minutes
Finally, planning for tax time is essential to avoid any surprises or penalties. Using Thriday, you can ensure that your BAS and tax are filed correctly and on time to the ATO. To make it easy, once your BAS is due for the quarter, you'll get notified, and Thriday automatically calculates an estimate of what you will owe – or be refunded. You can then lodge your BAS directly to the ATO. Additionally, Thriday's tax features can help you identify areas where you can save money and adjust your budget accordingly.
Accounting can be a challenging aspect of running a photography business in Australia. However, by using modern accounting software like Thriday, you just need to earn and spend money, and Thriday takes care of the rest. Whether it's keeping accurate records, automating your bookkeeping, separating your personal and business finances, claiming all eligible deductions, and lodging your BAS, you can save money on accounting and streamline your financial processes with Thriday. By signing up today for free, you can focus on what you do best – capturing stunning photographs, making people smile, and growing your business.