125 - Today, we have a throwback Thursday episode, and this is going way back in the archives to episode number 31, Easy Accounting with Candus Kampfer.
-----------
Do you, dear pet photographer, get that panic-stricken look when the subject of accounting comes up? Does your bookkeeping process involve stuffing receipts into a battered shoebox? If so, this high-energy episode is for you!
QuickBooks specialist Candus Kampfer joins me in this week's episode to take the fear out of finances, and to show you why you really, really want to get a handle on your books. We nerd out over numbers and give you the info you need to get started—or to refine your existing systems.
What To Listen For:
Skeptical that talking taxes can be fun? Join me and Candus as we demystify the bookkeeping process, and I promise you'll end the episode fired up to tackle your finances. Your business will thank you!
CONNECT WITH CANDUS:
CANDUS' RESOURCES:
More Resources:
JOIN THE PARTY:
125 - Today, we have a throwback Thursday episode, and this is going way back in the archives to episode number 31, Easy Accounting with Candus Kampfer.
-----------
Do you, dear pet photographer, get that panic-stricken look when the subject of accounting comes up? Does your bookkeeping process involve stuffing receipts into a battered shoebox? If so, this high-energy episode is for you!
QuickBooks specialist Candus Kampfer joins me in this week's episode to take the fear out of finances, and to show you why you really, really want to get a handle on your books. We nerd out over numbers and give you the info you need to get started—or to refine your existing systems.
What To Listen For:
Skeptical that talking taxes can be fun? Join me and Candus as we demystify the bookkeeping process, and I promise you'll end the episode fired up to tackle your finances. Your business will thank you!
CONNECT WITH CANDUS:
CANDUS' RESOURCES:
More Resources:
JOIN THE PARTY:
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Welcome back to the hair of the dog podcast.
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Today, we have a throwback Thursday episode,
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and this is going way back in the archives to episode
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number 31,
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easy accounting with Candus Kampfer.
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Now it's January.
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It's a good time to get this accounting into place so
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that by the time tax year rolls around next year,
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2023 for the 2022 tax year,
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you have moved on from sending in a box full of
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receipts, and you can actually track your numbers a bit more
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easily. So this episode is for you.
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If you want to get your accounting in order,
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enjoy. Welcome to the hair of the dog podcast.
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If you're a pet photographer,
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ready to make more money and start living a life by
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your design,
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you've come to the right place.
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And now your host,
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pet photographer,
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travel addict,
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chocolate martini connoisseur,
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Nicole Begley.
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Hey, everybody,
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Nicole here from hair of the dog.
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And I am here with my friend Candus Kampfer from Confidence
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with QuickBooks,
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and we are going to be talking all about something that
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I actually kind of secretly love and believe it or not.
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I almost thought about becoming a CPA for a hot minute
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because I'm not much of a nerd,
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Candus, welcome to the podcast.
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Thank you so nice to be here.
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So, so glad to have you here.
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Tell us a little bit about yourself and your business and
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how you got started loving numbers as much as I do.
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Well, you know,
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it's kinda funny.
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This is,
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I'm not,
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I'm nerdy in a different way,
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but I didn't actually start teaching QuickBooks because I love numbers,
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which is interesting.
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We'll talk about that.
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So hello,
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I'm Candus and I love helping business owners.
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Just like you create confidence at tax time.
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And typically I do it through QuickBooks,
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but we're gonna talk about some other options as well.
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Perfect. Perfect.
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I know this is one area that a lot of photographers,
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they hear accounting in QuickBooks and they just completely tune out
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and say,
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ah, forget it.
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And then tax time comes and they show up their accountant
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with the box full of receipts.
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And they're like,
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ha ha,
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here, here you go.
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Let's do my taxes.
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Yeah. And there's a better way.
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Definitely. Yeah.
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So I come from a perspective of business.
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I'm an entrepreneur,
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so I actually don't have a tax professional.
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So if you're worried that this is going to be boring
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and it's going to be overwhelming and you're not going to
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learn anything so not true,
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stay tuned because we're going to help you take it to
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that. Awesome.
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Awesome. So,
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yeah. So I guess,
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should we start with what the first step of like,
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why, why is it even important to keep track of all
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these numbers?
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Yeah, so we all know that taxes are the thing we
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have to do.
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And so many people dread it.
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The one thing I want you to consider is if you
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really look at that.
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So instead of looking at it,
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as I have to do taxes,
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looking at it as this is giving me the data,
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I need to make business decisions.
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So taxes only happen once a year.
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If you start getting to the point where you're tracking your
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numbers, you can actually start making,
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you can start seeing like how many left,
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you know,
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how many sessions did I have?
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Which one,
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which of my sessions,
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if you different kinds are most people taking,
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where am I spending my money?
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How can I optimize my business numbers?
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Aren't just about taxes.
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Even though we dread them.
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They're really about helping you look at your business and understand
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what's actually happening in a very black and white way.
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Sometimes we dread it.
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But it's the one thing we know that if we figured
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out we could really understand our business better.
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Yeah. I love that for sure.
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Because a lot of us do offer different types of session
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types, whether they're smaller sessions or longer sessions,
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some that are focused on certain products,
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some that are maybe they call mini sessions,
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they're shorter,
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a little bit less of a price point,
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but it's so important to actually know what our numbers are
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coming in for these to see if they're profitable.
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Because just because you have maybe a $4,000
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sale, and then you have a mini session day where you
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have like five,
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$500 sales,
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depending on the time you spend on each one and what
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your costs are like,
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they could be wildly different in their actual profitability.
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So yeah,
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looking at numbers gives us just so much information in the
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same way.
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You can look at your numbers if you're tracking them and
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say, all right,
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I have this much coming in this much going out,
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but how can I,
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how can I save some money?
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Where am I spending my money?
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Can I cut some expenses here?
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Can I increase some profit here?
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And it just,
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it adds to your bottom line.
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But yeah,
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it's hard to do when that's in a box of receipts.
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Yeah. I think often people say like we guesstimate,
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right? We think about this much on this session or in
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different businesses,
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you know,
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but in sessions for you guys specifically,
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you think I charge this much,
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I'm making this much,
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or these sessions,
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like you're saying are paying off.
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And as you start really looking at what it's costing you,
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it's also,
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the interesting fact is there's like,
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there's a cost in like what you're specifically talking about in
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products. There's also a cost in time and learning like,
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which of your products are I worked for this petroleum company
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years and years ago.
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And they would call it their bread and butter.
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So they would deliver big tanker loads to gas stations.
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And then they would also deliver like fuel to people's homes
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for heating and things.
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Right. And they had what they call their bread and butter,
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which was delivery.
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And if you can learn what,
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what you might consider your bread and butter,
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the thing that makes you the most leverage is your time
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and gives you the most bang for your buck.
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Then it makes business a lot easier.
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Absolutely. Yeah.
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I've heard that a lot from wedding photographers that they used
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to be wedding photographers.
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Now they moved into portrait photography because,
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you know,
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say you make $5,000
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for a wedding.
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And everybody outside of the photography industry thinks they show up
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at noon and they shoot till eight and that's it.
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They just worked eight hours and they made $5,000.
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That's amazing.
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But they don't realize like there's 40 hours worth of work
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behind that to prep everything,
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to deal with the client before to edit the image,
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deliver the images.
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So there's just so much more work there.
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And when they broke down per hour,
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what they were making on weddings versus what they would make
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with a portrait client that was,
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you know,
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maybe a $2,000
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sale with some wall art,
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but it was only five to 10 hours of time.
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It made a drastic difference in the amount of money they
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were making per hour.
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So that's definitely another awesome number just to kind of keep
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track of in your business and actually do the math and
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find out.
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Definitely. Yeah.
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I guess you want to speak to kind of like what
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the end result is that we want to look at.
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Like, I am a big believer of,
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we should always start with the end of mine,
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who is that Jim James cubby or someone like that.
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One of those guys that has,
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you know,
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good quotes and smart things anyway.
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So we definitely want to have our intention of,
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of what we want to come out of this.
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So can you speak to a little bit about that?
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One of the number one,
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this is what I always start.
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All my trainings with.
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It's everything I teach is so often we think we're just
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going to like,
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go in,
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start just grab receipts and enter your data.
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Whether you're going to use Excel or numbers or whatever it
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is, Google sheets,
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like, whatever you want to use,
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there's different ways,
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right? There's a simplistic way.
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There's also platforms like QuickBooks,
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that or other things that you can use as well.
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But no matter what you're going to do,
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you want to start with your end in mind.
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I'm sure that you teach that with photography.
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It's like take thinking about,
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I'm not sure all of the factors that you guys really
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look at,
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but not just,
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I need to take this photo,
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but what is the overall shot?
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What am I looking at?
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What's the feeling I want to get?
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What is,
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what is the message I want to get across?
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We do the same thing with numbers.
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So if you sit down,
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especially if you're an artistic person,
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which you guys probably are grab a piece of paper and
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say, this is kind of what I want to know.
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A lot of times what I see people doing,
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one of the big mistakes is they just lump all their
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income. As we were talking about before into one category,
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it's income for the year it's revenue,
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this is how much I made.
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But if you could start looking at it,
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like, w I'd really love to know how many,
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many sessions I'd really love to know all like,
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you know,
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different types of photography.
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You said like your products,
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how much did I generate from my wall art or the
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different things that you do.
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And then we'll get down to like,
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what is it costing you as well?
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But one of the big things that you wanna start with
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is just grab a piece of paper and say,
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okay, I'd really like to know how much I spend in
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advertising. I'd really like to know how much I spend for
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internet and computer and all these different things.
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And this is the one key.
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A lot of people think my tax professional knows best.
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A bookkeeper knows best,
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but the truth is no one cares about your business,
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the way you do,
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and nobody knows your business the way you do.
259
00:07:55,880 --> 00:07:57,170
So I'm sure that Nicole,
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you teach there's different types of ways.
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You can do photography.
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00:08:00,290 --> 00:08:02,030
And the same is true with tracking your numbers.
263
00:08:02,030 --> 00:08:04,820
Every pet photographer is going to have a slightly different business
264
00:08:04,820 --> 00:08:08,600
model. You're going to love doing mini sessions versus bigger sessions,
265
00:08:08,600 --> 00:08:10,640
or maybe you want us to do certain types of products.
266
00:08:10,970 --> 00:08:12,530
So when you're creating your list,
267
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don't look for somebody else to tell you what you need
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as much as just getting started and saying,
269
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what is it that I want to know about my business?
270
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And instead of just looking at it,
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as we said before,
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as I have to file my taxes,
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look at it as what is the data that I might
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need to make a decision that's where I was outlining and
275
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getting ideas of what you really want to see.
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Does that make sense?
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Absolutely. I can think of some of the questions that they
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might want to know,
279
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which is definitely what types of sessions are bringing in the
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most money.
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One of the things I teach is when you do your
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marketing campaign is that you kind of break down what happened
283
00:08:45,890 --> 00:08:47,900
afterwards. So how many new clients did you get?
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What, what did those clients spend?
285
00:08:49,940 --> 00:08:51,800
What were your cost of goods sold from those sessions?
286
00:08:51,800 --> 00:08:54,560
So you can see how profitable that marketing campaign was.
287
00:08:54,560 --> 00:08:55,070
So, you know,
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00:08:55,080 --> 00:08:56,670
if it was successful or not,
289
00:08:56,670 --> 00:08:59,550
because a lot of times as a pet photographer or general
290
00:08:59,550 --> 00:09:00,570
photographer, you're like,
291
00:09:00,570 --> 00:09:02,250
okay, I'm going to do this marketing thing.
292
00:09:02,310 --> 00:09:04,530
And it's going to fill my calendar for the year.
293
00:09:04,560 --> 00:09:06,330
And they don't like the,
294
00:09:06,480 --> 00:09:09,870
a successful marketing campaign could very well be two great clients.
295
00:09:09,990 --> 00:09:13,710
And it's all of these marketing campaigns together and all of
296
00:09:13,710 --> 00:09:17,370
the referrals and just networking and things like that,
297
00:09:17,370 --> 00:09:18,450
that build our business.
298
00:09:18,480 --> 00:09:21,390
But it's important to look back and actually look at the
299
00:09:21,390 --> 00:09:23,970
numbers and look at the data so that you don't make
300
00:09:23,970 --> 00:09:25,980
up stories in your head of a signing.
301
00:09:26,040 --> 00:09:26,550
Oh, well,
302
00:09:26,550 --> 00:09:28,020
I wanted 10 and I got two.
303
00:09:28,020 --> 00:09:29,130
So that was a failure.
304
00:09:29,160 --> 00:09:31,710
When you can actually look at the numbers and say,
305
00:09:31,710 --> 00:09:32,880
okay, I got two,
306
00:09:32,880 --> 00:09:34,200
they're both the $2,000
307
00:09:34,200 --> 00:09:37,890
sale. It costs me five hours and $50 do that marketing
308
00:09:37,890 --> 00:09:39,420
campaign. That was a success.
309
00:09:39,450 --> 00:09:40,260
So, yeah,
310
00:09:40,260 --> 00:09:42,370
so we can definitely look at ways and to,
311
00:09:42,370 --> 00:09:43,590
to look at our numbers,
312
00:09:43,590 --> 00:09:45,510
to find out those kinds of details,
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00:09:45,510 --> 00:09:47,820
to find out how many sessions we're shooting,
314
00:09:47,820 --> 00:09:49,740
what's the profitability of those sessions.
315
00:09:49,740 --> 00:09:51,180
What are things costing us?
316
00:09:51,210 --> 00:09:53,970
What's our cost of goods sold all of those different questions.
317
00:09:53,970 --> 00:09:54,390
So yeah.
318
00:09:54,390 --> 00:09:57,000
Homework for you guys at home right now is to pause
319
00:09:57,030 --> 00:09:59,580
this and write down some of the things you want to
320
00:09:59,580 --> 00:10:01,950
learn from your numbers.
321
00:10:02,010 --> 00:10:02,930
And then Candus,
322
00:10:02,930 --> 00:10:05,450
is there like a way that a best practice for how
323
00:10:05,450 --> 00:10:07,820
you set up your numbers or do you start to set
324
00:10:07,820 --> 00:10:09,340
up your accounting really?
325
00:10:09,340 --> 00:10:10,860
Based off those questions,
326
00:10:10,860 --> 00:10:11,920
a hundred percent.
327
00:10:11,920 --> 00:10:13,770
So what most people do is they say,
328
00:10:13,770 --> 00:10:14,500
for example,
329
00:10:14,500 --> 00:10:15,490
with QuickBooks,
330
00:10:15,490 --> 00:10:17,070
it can do all these features.
331
00:10:17,070 --> 00:10:18,990
I'm just going to go start using it.
332
00:10:18,990 --> 00:10:20,520
I'm just going to go start entering everything in,
333
00:10:20,790 --> 00:10:23,520
but it's kind of like building a house without a blueprint.
334
00:10:23,550 --> 00:10:25,890
If you start just like throwing things out at your house
335
00:10:25,890 --> 00:10:26,940
is going to look crazy.
336
00:10:26,970 --> 00:10:28,350
Or if you get in your car and you just start
337
00:10:28,350 --> 00:10:29,160
driving somewhere,
338
00:10:29,160 --> 00:10:30,930
but you don't know where your destination is,
339
00:10:30,930 --> 00:10:32,220
it's really hard to go.
340
00:10:32,220 --> 00:10:33,120
Now you might say it,
341
00:10:33,120 --> 00:10:34,650
but I'm not sure what I need.
342
00:10:34,650 --> 00:10:36,030
This is we build it over time.
343
00:10:36,300 --> 00:10:36,900
So if,
344
00:10:37,050 --> 00:10:39,870
if for right now you only have like two products or
345
00:10:39,870 --> 00:10:41,070
services that you offer.
346
00:10:41,100 --> 00:10:42,150
Fine start there.
347
00:10:42,150 --> 00:10:42,840
It doesn't have,
348
00:10:42,840 --> 00:10:43,830
don't try to be,
349
00:10:43,860 --> 00:10:45,990
don't compare yourself to somebody who's been in business for a
350
00:10:45,990 --> 00:10:47,790
long time who really has all this figured out.
351
00:10:47,820 --> 00:10:48,390
I would say,
352
00:10:48,390 --> 00:10:51,780
give yourself grace and space that as you start tracking it,
353
00:10:51,810 --> 00:10:52,710
even it's funny,
354
00:10:52,980 --> 00:10:54,270
I teach this right.
355
00:10:54,270 --> 00:10:58,080
And I remember when I first started tracking for my recent
356
00:10:58,080 --> 00:10:58,860
business, I was like,
357
00:10:58,920 --> 00:10:59,460
what do I want?
358
00:10:59,460 --> 00:11:00,420
And I start chatting with my husband.
359
00:11:00,420 --> 00:11:00,660
He's like,
360
00:11:00,690 --> 00:11:01,800
isn't this what you teach?
361
00:11:01,800 --> 00:11:02,070
And I'm like,
362
00:11:02,070 --> 00:11:03,150
yeah, but I'm trying to figure it out.
363
00:11:03,510 --> 00:11:05,790
So I can say that with giving you grace,
364
00:11:05,790 --> 00:11:07,830
that you don't have to be perfect at this.
365
00:11:07,860 --> 00:11:09,180
It's just getting started.
366
00:11:09,180 --> 00:11:11,070
It's just getting the details.
367
00:11:11,070 --> 00:11:13,620
And then what will happen with everything as you learn,
368
00:11:13,950 --> 00:11:14,700
you kind of do it.
369
00:11:14,700 --> 00:11:15,630
And then you look back and you go,
370
00:11:15,630 --> 00:11:16,950
you know what I'd really like to know.
371
00:11:17,190 --> 00:11:19,530
I'd really like to know what Nicole is talking about.
372
00:11:19,530 --> 00:11:21,210
I'd really like to know what that marketing campaign,
373
00:11:21,240 --> 00:11:22,290
which clients did I get.
374
00:11:22,290 --> 00:11:23,460
And if I did that again,
375
00:11:23,460 --> 00:11:24,900
and I was willing to put that five hours,
376
00:11:24,900 --> 00:11:25,710
I think is what you said,
377
00:11:26,730 --> 00:11:27,540
when can I do that?
378
00:11:27,540 --> 00:11:29,430
Because it gets you motivated to want to do it again
379
00:11:29,430 --> 00:11:29,880
next time.
380
00:11:29,910 --> 00:11:30,390
Cause you know,
381
00:11:30,390 --> 00:11:31,290
it was a success,
382
00:11:31,470 --> 00:11:32,490
especially if you frame it,
383
00:11:32,490 --> 00:11:34,920
like she's teaching you with realizing what you really,
384
00:11:34,920 --> 00:11:36,780
what you were capable of doing with that,
385
00:11:36,810 --> 00:11:38,490
with that marketing campaign.
386
00:11:38,520 --> 00:11:41,010
And so best practices we can provide,
387
00:11:41,040 --> 00:11:41,820
like an example,
388
00:11:41,820 --> 00:11:43,890
maybe I'll create like a little example for them of like
389
00:11:43,890 --> 00:11:45,990
some of the things we could kind of like go through
390
00:11:46,050 --> 00:11:48,030
maybe together and think of like a little bit of like,
391
00:11:48,030 --> 00:11:51,870
maybe there's probably different levels of people and entrepreneurs they're doing
392
00:11:51,870 --> 00:11:52,800
photography. So there's the,
393
00:11:53,410 --> 00:11:54,070
then there's the middle.
394
00:11:54,250 --> 00:11:56,530
And then there's somebody who's more advanced and you got your,
395
00:11:56,560 --> 00:11:58,360
what you're going to track is going to grow with that.
396
00:11:58,540 --> 00:12:00,940
And so we could create a couple of little like lists
397
00:12:00,940 --> 00:12:03,070
of some ideas of types of things that you would track.
398
00:12:03,130 --> 00:12:04,870
Yeah. Definitely going to be your income.
399
00:12:05,020 --> 00:12:07,270
And then the next thing that we could talk about would
400
00:12:07,270 --> 00:12:09,160
be if you're offering a products,
401
00:12:09,190 --> 00:12:10,390
is your cost of goods.
402
00:12:10,390 --> 00:12:11,620
Like what costs of goods?
403
00:12:11,620 --> 00:12:12,400
People get that like,
404
00:12:12,490 --> 00:12:12,970
oh my gosh,
405
00:12:13,000 --> 00:12:13,510
what does that mean?
406
00:12:13,510 --> 00:12:13,960
It's just,
407
00:12:14,290 --> 00:12:16,690
what does it cost you to provide the product or service
408
00:12:16,690 --> 00:12:17,320
that you're offering?
409
00:12:17,350 --> 00:12:19,450
Yeah. So when you buy from,
410
00:12:19,780 --> 00:12:21,910
I'm sure you have recommendations on where to get their stuff
411
00:12:21,910 --> 00:12:23,410
done. That's part of their costs.
412
00:12:23,680 --> 00:12:26,770
Yeah. I've heard it explained to as cost of goods sold
413
00:12:26,770 --> 00:12:28,630
or anything that if you did have clients,
414
00:12:28,630 --> 00:12:29,770
you wanted to have an expense for,
415
00:12:29,800 --> 00:12:32,410
so anything that's not cost to goods sold like your fixed
416
00:12:32,410 --> 00:12:34,360
costs or whether you have anyone walked through the door or
417
00:12:34,360 --> 00:12:35,770
not, you're still gonna have that expense.
418
00:12:35,770 --> 00:12:36,880
That's not cost of goods sold.
419
00:12:37,540 --> 00:12:38,320
And, and there's,
420
00:12:38,320 --> 00:12:38,650
you know,
421
00:12:38,650 --> 00:12:41,500
I think people can get so bogged down in the nuances
422
00:12:41,500 --> 00:12:42,490
of, oh my gosh,
423
00:12:42,490 --> 00:12:44,560
does this fall under cost of goods sold or does this
424
00:12:44,560 --> 00:12:46,690
fall under travel or does this fall over here?
425
00:12:46,690 --> 00:12:47,080
And oh,
426
00:12:47,080 --> 00:12:49,330
where should I even possibly put it in my books?
427
00:12:49,330 --> 00:12:50,170
And I don't know what to do.
428
00:12:50,170 --> 00:12:53,200
So I'm just going to do nothing from my perspective of
429
00:12:53,200 --> 00:12:56,590
the important numbers to track in this cost of goods sold
430
00:12:57,220 --> 00:13:00,220
just crazy little bubble are your products.
431
00:13:00,250 --> 00:13:02,170
So your hard costs for your products,
432
00:13:02,200 --> 00:13:05,140
any shipping costs you have for those products and your packaging
433
00:13:05,140 --> 00:13:06,760
costs for those products really,
434
00:13:06,820 --> 00:13:08,050
and also labor.
435
00:13:08,050 --> 00:13:11,020
So if you're paying somebody to do like some editing or
436
00:13:11,020 --> 00:13:11,650
things like that,
437
00:13:11,650 --> 00:13:12,970
that would definitely be in there too.
438
00:13:12,970 --> 00:13:14,020
But other than that,
439
00:13:14,050 --> 00:13:17,290
like I wouldn't worry too much unless you're a traveling photographer
440
00:13:17,290 --> 00:13:20,380
that has travel as a regular session thing and you're staying
441
00:13:20,380 --> 00:13:22,210
in hotels near going on planes,
442
00:13:22,360 --> 00:13:24,460
but most of us are working locally and that doesn't apply
443
00:13:24,460 --> 00:13:24,880
to us.
444
00:13:24,970 --> 00:13:27,700
So those I think are the main cost of goods,
445
00:13:27,730 --> 00:13:31,000
things that we need to look into because as a photographer,
446
00:13:31,030 --> 00:13:33,790
a lot of us really get sucked into this false sense
447
00:13:33,790 --> 00:13:34,930
of security of,
448
00:13:35,470 --> 00:13:36,700
oh, it's okay.
449
00:13:36,760 --> 00:13:37,180
You know,
450
00:13:37,180 --> 00:13:39,160
I'm, I'm not charging that much,
451
00:13:39,190 --> 00:13:40,060
but ah,
452
00:13:40,090 --> 00:13:42,130
gosh, who am I to charge for my work?
453
00:13:42,160 --> 00:13:43,510
Oh, I'd like to do this.
454
00:13:43,510 --> 00:13:45,340
So I shouldn't charge that much.
455
00:13:45,490 --> 00:13:47,290
But as I will say,
456
00:13:47,290 --> 00:13:48,550
until I'm blue in the face,
457
00:13:48,580 --> 00:13:51,760
it is so important for us to know our numbers so
458
00:13:51,760 --> 00:13:54,490
that we can charge appropriately so that you can have a
459
00:13:54,490 --> 00:13:55,450
sustainable business.
460
00:13:55,450 --> 00:13:56,980
Because if you're undercharging,
461
00:13:57,040 --> 00:13:59,440
you're going to be working so many hours and you're going
462
00:13:59,440 --> 00:14:01,150
to end up looking at your numbers at the end of
463
00:14:01,150 --> 00:14:01,390
the year.
464
00:14:01,390 --> 00:14:01,870
And you'll be like,
465
00:14:01,900 --> 00:14:02,440
oh my God,
466
00:14:02,440 --> 00:14:05,290
I worked that hard for $20,000.
467
00:14:05,410 --> 00:14:06,130
Like what,
468
00:14:07,060 --> 00:14:07,390
you know?
469
00:14:07,390 --> 00:14:09,580
So if you can look at those costs of goods sold
470
00:14:09,580 --> 00:14:13,570
and make sure they stay under 25% per session,
471
00:14:13,600 --> 00:14:14,800
which a quick and dirty way,
472
00:14:14,800 --> 00:14:16,150
take your session total,
473
00:14:16,210 --> 00:14:18,010
add up those costs that I just talked about,
474
00:14:18,010 --> 00:14:18,550
your shipping,
475
00:14:18,580 --> 00:14:19,540
your product costs,
476
00:14:19,570 --> 00:14:22,510
any packaging costs and or any labor costs that you had,
477
00:14:22,630 --> 00:14:25,060
and then subtract that or divided,
478
00:14:25,060 --> 00:14:26,350
I guess get 25%,
479
00:14:26,350 --> 00:14:28,690
make sure it's 25% or less gosh,
480
00:14:28,690 --> 00:14:30,610
such an important number to know Because yeah.
481
00:14:30,610 --> 00:14:33,670
So what happens is after you've paid for those like base
482
00:14:33,700 --> 00:14:35,530
things that it costs me to provide,
483
00:14:35,560 --> 00:14:37,990
then you can start paying for all the other things that
484
00:14:37,990 --> 00:14:39,100
you have over and above that.
485
00:14:39,100 --> 00:14:41,530
And so that's why she's recommending only having,
486
00:14:41,980 --> 00:14:42,280
you know,
487
00:14:42,280 --> 00:14:43,660
only being 25%,
488
00:14:43,660 --> 00:14:45,850
because then you have enough to cover all the other things
489
00:14:45,940 --> 00:14:47,410
that keep you in business as well.
490
00:14:47,620 --> 00:14:48,370
Yes. Yeah.
491
00:14:48,370 --> 00:14:51,040
Like those lenses and the computers and the software.
492
00:14:51,620 --> 00:14:54,380
So things absolutely.
493
00:14:55,280 --> 00:14:55,910
Yes. Yes.
494
00:14:56,300 --> 00:14:57,080
Very important.
495
00:14:57,080 --> 00:14:58,160
Very important guys.
496
00:14:58,190 --> 00:14:59,150
Yeah. Actually,
497
00:14:59,150 --> 00:15:01,130
let's talk about paying yourself for a minute,
498
00:15:01,130 --> 00:15:03,260
cause I bet you have something good to share here.
499
00:15:03,350 --> 00:15:05,300
And that's definitely something.
500
00:15:05,300 --> 00:15:08,510
I think that a lot of newer photographers struggle with is,
501
00:15:08,510 --> 00:15:08,930
you know,
502
00:15:09,020 --> 00:15:10,190
a lot of them are bootstrapping,
503
00:15:10,190 --> 00:15:12,680
so they're growing their business and they're putting all the profit
504
00:15:12,680 --> 00:15:13,490
back in the business.
505
00:15:13,520 --> 00:15:15,200
What's the best way.
506
00:15:15,230 --> 00:15:18,020
Or have you found an easy way to start to change
507
00:15:18,020 --> 00:15:19,100
that up to say,
508
00:15:19,160 --> 00:15:19,580
hold on,
509
00:15:19,640 --> 00:15:21,500
I'm going to start paying myself here because I think a
510
00:15:21,500 --> 00:15:22,520
lot of people think,
511
00:15:22,550 --> 00:15:22,850
oh, well,
512
00:15:22,850 --> 00:15:25,160
I've just have to start paying myself a full salary and
513
00:15:25,160 --> 00:15:26,690
that doesn't necessarily have to happen.
514
00:15:26,690 --> 00:15:29,150
Like at least I think you should start paying yourself a
515
00:15:29,150 --> 00:15:31,700
little portion of something and then increase it as you go.
516
00:15:31,700 --> 00:15:33,500
But I didn't know if you had any thoughts,
517
00:15:33,500 --> 00:15:34,520
this is the best way to do that.
518
00:15:34,910 --> 00:15:35,510
Really great.
519
00:15:35,510 --> 00:15:36,890
So a lot of times businesses,
520
00:15:37,040 --> 00:15:38,480
I'm thinking about myself in this example,
521
00:15:38,480 --> 00:15:40,820
it's not something that I speak to a lot,
522
00:15:41,150 --> 00:15:44,510
but I know it's really common to feel like there's that
523
00:15:44,540 --> 00:15:46,430
you want like a certain amount in your bank account and
524
00:15:46,430 --> 00:15:48,680
you don't want to take any a certain percentage out because
525
00:15:48,980 --> 00:15:51,320
you want to keep it there to cover or whatever.
526
00:15:51,830 --> 00:15:52,760
But there's a lot of tips.
527
00:15:52,760 --> 00:15:55,850
Believe that if you take some for yourself and you put
528
00:15:55,850 --> 00:15:58,340
it to the side so that you're like I'm actually getting
529
00:15:58,340 --> 00:15:59,480
paid. Because whenever we,
530
00:15:59,510 --> 00:16:00,740
whenever we try to just give,
531
00:16:00,740 --> 00:16:01,280
give, give,
532
00:16:01,280 --> 00:16:03,170
and we don't receive after a while you get burned out,
533
00:16:03,380 --> 00:16:03,920
we all,
534
00:16:03,920 --> 00:16:06,830
I'm sure you did photography because you love artistic.
535
00:16:06,830 --> 00:16:10,280
You love seeing people's faces when they get your photos back,
536
00:16:10,580 --> 00:16:12,950
watching the people interact with their pets or depending on what
537
00:16:12,950 --> 00:16:13,910
type of photography you do.
538
00:16:13,910 --> 00:16:16,220
But there's that connection with people and you love it.
539
00:16:16,220 --> 00:16:18,380
But we all are in business to make money.
540
00:16:18,410 --> 00:16:18,650
You know,
541
00:16:18,650 --> 00:16:20,870
you have to make a living because you got to keep
542
00:16:20,870 --> 00:16:21,500
your lights on,
543
00:16:21,530 --> 00:16:23,180
pay your bills and buy your lenses.
544
00:16:23,210 --> 00:16:23,840
I actually,
545
00:16:23,840 --> 00:16:24,800
I have a little camera,
546
00:16:24,830 --> 00:16:25,490
a little side note.
547
00:16:25,550 --> 00:16:27,020
I've actually would love to learn,
548
00:16:27,020 --> 00:16:28,220
to do more photography I have.
549
00:16:30,470 --> 00:16:32,180
And it's always like my dream to do that,
550
00:16:32,180 --> 00:16:34,190
but I know that there's a cost involved and there's a
551
00:16:34,190 --> 00:16:36,620
cost. And to just never pay yourself,
552
00:16:36,650 --> 00:16:38,390
you'll you won't be able to stay in wherever.
553
00:16:38,390 --> 00:16:39,980
And if you want this to be a long game,
554
00:16:40,010 --> 00:16:41,090
a long term thing,
555
00:16:41,090 --> 00:16:42,380
you do need to start paying yourself.
556
00:16:42,830 --> 00:16:44,180
Not just for nothing.
557
00:16:44,210 --> 00:16:46,940
I would say for more than anything to know that you
558
00:16:46,940 --> 00:16:49,100
can keep moving forward and it doesn't have to be a
559
00:16:49,100 --> 00:16:51,680
lot. So just as simple as we talked about,
560
00:16:51,680 --> 00:16:53,510
like in the different phases of your business,
561
00:16:53,540 --> 00:16:54,920
you track your numbers differently.
562
00:16:54,920 --> 00:16:56,450
You're also going to pay yourself different.
563
00:16:56,600 --> 00:16:57,800
So I think I would just say,
564
00:16:57,830 --> 00:16:58,670
say to yourself,
565
00:16:58,670 --> 00:17:01,850
what can you feel is reasonable in this moment that you
566
00:17:01,850 --> 00:17:02,960
could pay yourself,
567
00:17:02,960 --> 00:17:03,770
that you can take,
568
00:17:03,770 --> 00:17:06,260
that you can just start feeling like it's more of a
569
00:17:06,260 --> 00:17:07,070
real business.
570
00:17:07,310 --> 00:17:08,420
Even if it's small amount,
571
00:17:08,420 --> 00:17:08,660
you know,
572
00:17:09,590 --> 00:17:11,780
a hundred dollars a month.
573
00:17:11,810 --> 00:17:12,470
Like it doesn't,
574
00:17:12,560 --> 00:17:14,660
everybody thinks it's like all in or nothing.
575
00:17:14,660 --> 00:17:16,250
Just what if you just did a little bit,
576
00:17:16,430 --> 00:17:17,180
and then the,
577
00:17:17,240 --> 00:17:17,840
I would say,
578
00:17:17,900 --> 00:17:18,650
ask yourself,
579
00:17:18,650 --> 00:17:19,970
what are you going to do with that money?
580
00:17:19,970 --> 00:17:21,680
So it's not just about paying yourself,
581
00:17:21,680 --> 00:17:22,100
but like,
582
00:17:22,100 --> 00:17:24,440
are you celebrating your business as you go?
583
00:17:24,440 --> 00:17:25,010
Like, what is,
584
00:17:25,100 --> 00:17:26,540
what, what could you do with that money?
585
00:17:26,540 --> 00:17:27,410
That's different than,
586
00:17:27,470 --> 00:17:30,200
than what you spend out inside your business itself as is
587
00:17:30,200 --> 00:17:31,250
certain business expenses.
588
00:17:31,250 --> 00:17:32,780
Like, how can you like take that money?
589
00:17:32,780 --> 00:17:34,160
And this may not be what other people recommend.
590
00:17:34,160 --> 00:17:35,120
It may not even be what you recommend,
591
00:17:35,360 --> 00:17:35,660
but like,
592
00:17:35,750 --> 00:17:37,760
how can you like do something for yourself?
593
00:17:37,760 --> 00:17:39,440
I would even say with that money that you paid,
594
00:17:39,470 --> 00:17:39,770
that's like,
595
00:17:39,770 --> 00:17:40,250
heck yeah,
596
00:17:40,760 --> 00:17:42,020
celebrating your business.
597
00:17:42,020 --> 00:17:44,180
Like what if you could take 50 or a hundred dollars
598
00:17:44,180 --> 00:17:47,270
to pay yourself and you used it to like celebrate and
599
00:17:47,270 --> 00:17:48,320
do something for yourself,
600
00:17:48,320 --> 00:17:49,620
like self care too,
601
00:17:49,640 --> 00:17:51,120
or buy a book that you've been wanting.
602
00:17:51,120 --> 00:17:51,810
Like something,
603
00:17:51,810 --> 00:17:55,890
something that you're also saying I'm getting Absolutely part of my
604
00:17:55,890 --> 00:17:56,790
suggestion. Yeah,
605
00:17:56,820 --> 00:17:57,810
no, I love that.
606
00:17:58,220 --> 00:18:00,300
And I think that's so important and I think that's so
607
00:18:00,300 --> 00:18:02,400
motivating. If you can look at your business and be like,
608
00:18:02,460 --> 00:18:05,010
I plan to do X with my profits.
609
00:18:05,130 --> 00:18:06,300
So whether that's,
610
00:18:06,330 --> 00:18:07,980
I'm going to take my family on vacation,
611
00:18:08,040 --> 00:18:09,900
I'm going to get a massage once a month,
612
00:18:09,930 --> 00:18:10,590
once a quarter,
613
00:18:10,620 --> 00:18:12,030
I'm going to go out to a nice dinner.
614
00:18:12,120 --> 00:18:14,160
I'm definitely one of those people that I don't spend my
615
00:18:14,160 --> 00:18:15,480
money on clothes and shoes.
616
00:18:15,480 --> 00:18:15,750
I mean,
617
00:18:15,750 --> 00:18:18,510
I'm wearing a t-shirt I ordered off of Etsy right now
618
00:18:18,540 --> 00:18:24,330
and like bird stretch pants and my purse is from target,
619
00:18:24,360 --> 00:18:26,270
but I will drop a,
620
00:18:26,270 --> 00:18:28,620
a good amount of money on a really good dinner or
621
00:18:28,620 --> 00:18:30,810
a nice hotel or an experience like that,
622
00:18:30,840 --> 00:18:32,250
where I know other people have different,
623
00:18:32,580 --> 00:18:33,630
different things that they love.
624
00:18:33,630 --> 00:18:36,680
So what is it that you love to spend money more
625
00:18:36,680 --> 00:18:38,370
on and treat yourself?
626
00:18:38,400 --> 00:18:41,100
And it is 100% okay.
627
00:18:41,100 --> 00:18:44,640
Actually encouraged to take the profits from your business.
628
00:18:44,640 --> 00:18:45,780
You don't have to take all of them,
629
00:18:45,780 --> 00:18:48,690
but take a little tiny bit and do something for yourself
630
00:18:48,720 --> 00:18:49,710
as a celebration,
631
00:18:49,740 --> 00:18:53,310
because it actually does something in your brain to cement,
632
00:18:53,340 --> 00:18:53,820
you know,
633
00:18:54,000 --> 00:18:55,940
cement what you've done and,
634
00:18:55,940 --> 00:18:58,050
and have you like your subconscious,
635
00:18:58,050 --> 00:19:00,000
then look forward to doing this more.
636
00:19:00,000 --> 00:19:00,780
And you know,
637
00:19:00,810 --> 00:19:03,420
I don't know the specific details of all that,
638
00:19:03,420 --> 00:19:07,470
but I know that works so definitely 100%.
639
00:19:07,470 --> 00:19:08,880
And I always like to tell people too,
640
00:19:08,880 --> 00:19:09,750
because you know,
641
00:19:09,750 --> 00:19:11,610
there's a lot of photographers out there that are like,
642
00:19:11,610 --> 00:19:13,050
do I want to do this as a hobby?
643
00:19:13,050 --> 00:19:14,760
Or do I want to do this as a business?
644
00:19:14,790 --> 00:19:17,430
And there is nothing wrong with wanting to do this as
645
00:19:17,430 --> 00:19:17,970
a hobby.
646
00:19:18,000 --> 00:19:18,810
Absolutely nothing.
647
00:19:18,900 --> 00:19:20,610
But if you decide you want to do it as a
648
00:19:20,610 --> 00:19:23,760
business, then I think it's really important to make the intention
649
00:19:23,790 --> 00:19:25,860
that you are going to do this as a business and
650
00:19:25,860 --> 00:19:27,540
you are going to do this to make money.
651
00:19:27,540 --> 00:19:29,280
And it is okay to make money.
652
00:19:29,340 --> 00:19:32,490
I think a lot of people feel guilty charging because like
653
00:19:32,490 --> 00:19:33,120
we said before,
654
00:19:33,120 --> 00:19:34,260
they love what they do.
655
00:19:34,260 --> 00:19:36,000
So how can I charge someone?
656
00:19:36,010 --> 00:19:39,420
But I encourage you to think back to a time when
657
00:19:39,420 --> 00:19:40,620
you really wanted something,
658
00:19:40,650 --> 00:19:44,760
when you were super excited to drop a decent amount of
659
00:19:44,760 --> 00:19:47,670
money on something and think about like,
660
00:19:47,670 --> 00:19:48,780
I don't know if somebody was like,
661
00:19:48,810 --> 00:19:49,950
no, you can't have this.
662
00:19:49,950 --> 00:19:50,250
He's like,
663
00:19:50,250 --> 00:19:51,660
you were excited to spend the money.
664
00:19:51,660 --> 00:19:53,040
It's part of the exchange.
665
00:19:53,070 --> 00:19:56,160
Like you're not forcing anyone to spend money with you that
666
00:19:56,160 --> 00:19:57,120
you are saying,
667
00:19:57,120 --> 00:19:58,290
Hey, this is what I offer.
668
00:19:58,290 --> 00:19:58,830
And they're saying,
669
00:19:58,860 --> 00:19:59,430
oh my gosh,
670
00:19:59,460 --> 00:20:00,420
that looks amazing.
671
00:20:00,420 --> 00:20:00,810
And you say,
672
00:20:00,810 --> 00:20:01,680
this is what it costs.
673
00:20:01,680 --> 00:20:02,160
And they say,
674
00:20:02,160 --> 00:20:03,900
yes, I see the value for that.
675
00:20:03,900 --> 00:20:04,740
Let's do this.
676
00:20:04,740 --> 00:20:07,350
And it's an equal exchange of energy and money and everybody
677
00:20:07,350 --> 00:20:09,510
is happy and you deserve to get paid.
678
00:20:09,540 --> 00:20:10,980
So go out there and make the money.
679
00:20:10,980 --> 00:20:14,640
Everyone. Perfect.
680
00:20:14,670 --> 00:20:15,270
Awesome. All right.
681
00:20:15,270 --> 00:20:17,010
I got an off my soap box here for all of
682
00:20:17,010 --> 00:20:17,610
those things.
683
00:20:17,640 --> 00:20:19,740
Oh, you might be able to speak to this canvas.
684
00:20:20,010 --> 00:20:22,380
So as we start to pay ourselves,
685
00:20:22,380 --> 00:20:26,640
do you have a way that you recommend that people plan
686
00:20:26,640 --> 00:20:29,190
for their income taxes?
687
00:20:29,190 --> 00:20:33,840
Because with the profits in your business come estimated quarterly taxes.
688
00:20:33,870 --> 00:20:37,050
And when you used to have a paycheck job,
689
00:20:37,080 --> 00:20:38,400
they took all the taxes out.
690
00:20:38,400 --> 00:20:40,050
So then you pay your taxes at the end of the
691
00:20:40,050 --> 00:20:40,620
year. And you're like,
692
00:20:40,620 --> 00:20:41,340
okay, whatever.
693
00:20:41,340 --> 00:20:42,400
I might go a little by,
694
00:20:42,400 --> 00:20:44,940
I might get money back when you're self-employed and making money.
695
00:20:45,000 --> 00:20:46,800
Sometimes that can be a little bit of a shocker.
696
00:20:47,710 --> 00:20:48,460
So how,
697
00:20:48,550 --> 00:20:49,780
what's the best way to plan for that?
698
00:20:49,810 --> 00:20:50,440
So this is actually,
699
00:20:50,560 --> 00:20:51,220
This is interesting.
700
00:20:51,220 --> 00:20:52,660
So remember earlier I said,
701
00:20:52,660 --> 00:20:54,160
I'm actually not a tax professional.
702
00:20:54,160 --> 00:20:56,050
So from an entrepreneurial standpoint,
703
00:20:56,050 --> 00:20:57,190
but this is what I would say to do.
704
00:20:57,220 --> 00:20:58,960
One, if you start tracking your numbers,
705
00:20:59,020 --> 00:21:01,390
you'll be able to then go and talk high,
706
00:21:01,390 --> 00:21:03,940
recommend that whatever level you are in your business,
707
00:21:03,940 --> 00:21:06,790
that you actually invest in a good tax professional,
708
00:21:06,910 --> 00:21:08,290
because trying to do it yourself,
709
00:21:08,500 --> 00:21:08,690
I mean,
710
00:21:08,690 --> 00:21:09,790
I teach accounting,
711
00:21:09,820 --> 00:21:10,960
but I don't do my own taxes.
712
00:21:11,080 --> 00:21:12,910
So one of the things I actually,
713
00:21:12,910 --> 00:21:13,240
you know,
714
00:21:13,270 --> 00:21:15,430
recommend, especially when you're smaller,
715
00:21:15,430 --> 00:21:15,670
it does,
716
00:21:15,730 --> 00:21:16,600
you don't need to do it as often,
717
00:21:16,600 --> 00:21:17,560
but as you get bigger,
718
00:21:17,560 --> 00:21:20,170
I recommend going like quarterly and talking to your tax professional
719
00:21:20,200 --> 00:21:21,250
about making planning.
720
00:21:21,310 --> 00:21:25,390
But if we're talking specific to somebody who's self-employed and this
721
00:21:25,390 --> 00:21:26,530
kind of like your first time,
722
00:21:26,560 --> 00:21:27,730
you might want to start looking,
723
00:21:27,730 --> 00:21:28,780
I can't give tax advice,
724
00:21:28,780 --> 00:21:32,230
but what I would say is somebody start looking for somebody
725
00:21:32,230 --> 00:21:33,670
who can give you tax advice,
726
00:21:33,670 --> 00:21:35,080
because it's actually important.
727
00:21:35,080 --> 00:21:37,750
There's there are things that you can do and start looking
728
00:21:37,750 --> 00:21:40,630
for ways that one of the amazing things about being an
729
00:21:40,630 --> 00:21:41,920
entrepreneur and having your business,
730
00:21:41,920 --> 00:21:44,140
there's a lot of the things that you're doing to run
731
00:21:44,140 --> 00:21:45,640
your business are deductible.
732
00:21:45,670 --> 00:21:48,490
And so where you start with your top number of what
733
00:21:48,490 --> 00:21:50,560
you've made and where you end with what you've made,
734
00:21:50,560 --> 00:21:50,860
as far as,
735
00:21:50,860 --> 00:21:51,610
once you read everything off,
736
00:21:51,610 --> 00:21:52,420
it's very different.
737
00:21:52,420 --> 00:21:53,590
And so I think you should,
738
00:21:53,620 --> 00:21:55,640
I'm just going to pass this off to you should talk
739
00:21:55,640 --> 00:21:56,410
to your tax professional,
740
00:21:57,190 --> 00:21:57,670
but what you,
741
00:21:57,760 --> 00:21:59,320
what you could do is just ask them like,
742
00:21:59,350 --> 00:21:59,920
you know what,
743
00:21:59,980 --> 00:22:01,960
what's a percentile that I could put to the side.
744
00:22:01,990 --> 00:22:04,030
And then I talk to people about sales tax.
745
00:22:04,030 --> 00:22:06,250
Often. This is something that comes up when people do have
746
00:22:06,250 --> 00:22:08,980
sales tax that they have to worry about is that they
747
00:22:08,980 --> 00:22:10,660
take it and they put it over to savings.
748
00:22:10,900 --> 00:22:13,120
So typically if we have it in our checking account,
749
00:22:13,120 --> 00:22:14,080
we spend it like,
750
00:22:14,080 --> 00:22:15,610
we think it's there and usable.
751
00:22:15,610 --> 00:22:16,750
Cause we see a dollar amount,
752
00:22:17,080 --> 00:22:20,020
but if you actually create like a secondary savings or another
753
00:22:20,020 --> 00:22:21,490
place to put that money,
754
00:22:21,520 --> 00:22:22,300
then it's a little,
755
00:22:22,300 --> 00:22:23,320
it there'll be a lot easier.
756
00:22:23,320 --> 00:22:24,610
That, that is one tip that I guess,
757
00:22:24,640 --> 00:22:25,840
Yes, a hundred percent,
758
00:22:25,870 --> 00:22:27,280
especially as we start off,
759
00:22:27,280 --> 00:22:30,220
a lot of us start off paying sales tax quarterly in
760
00:22:30,250 --> 00:22:33,460
fourth quarter is usually a pretty big quarter for photographers.
761
00:22:33,640 --> 00:22:36,640
So we make all our money in October,
762
00:22:36,640 --> 00:22:38,320
November, early December,
763
00:22:38,560 --> 00:22:40,720
and then our credit card bill comes in and we pay
764
00:22:40,720 --> 00:22:42,040
all our lab costs.
765
00:22:42,040 --> 00:22:42,910
And then all of a sudden,
766
00:22:42,910 --> 00:22:43,960
January 20th,
767
00:22:43,960 --> 00:22:46,330
we've already spent our Christmas money and everything else.
768
00:22:46,330 --> 00:22:46,750
And it's like,
769
00:22:46,780 --> 00:22:48,940
oh, now your sales tax bill is due from all those
770
00:22:48,940 --> 00:22:50,230
sales since October.
771
00:22:50,260 --> 00:22:50,770
So yeah,
772
00:22:50,830 --> 00:22:52,960
a hundred percent putting that off to the side and,
773
00:22:53,230 --> 00:22:53,560
and yeah,
774
00:22:53,560 --> 00:22:54,520
and for your income taxes,
775
00:22:54,520 --> 00:22:56,200
you're a hundred percent right to that.
776
00:22:56,290 --> 00:22:59,230
It really will depend on what your whole tax situation is.
777
00:22:59,260 --> 00:23:01,120
And highly recommend you guys,
778
00:23:01,120 --> 00:23:02,950
if you are choosing to be in business,
779
00:23:02,950 --> 00:23:05,260
whether you are your first year in business and you're not
780
00:23:05,260 --> 00:23:07,150
really making any money yet to,
781
00:23:07,180 --> 00:23:07,570
you know,
782
00:23:07,600 --> 00:23:10,630
making lots of money and having a really successful business,
783
00:23:10,630 --> 00:23:14,560
having a CPA on your team is an expense that is
784
00:23:14,590 --> 00:23:15,490
so worth it.
785
00:23:15,580 --> 00:23:17,050
And if you're just starting out,
786
00:23:17,050 --> 00:23:18,580
you can find a CPA that,
787
00:23:18,610 --> 00:23:18,910
you know,
788
00:23:18,910 --> 00:23:21,580
you're not necessarily going to have to pay the same CPA
789
00:23:21,580 --> 00:23:23,920
bill of someone that wants more than holding.
790
00:23:23,920 --> 00:23:25,180
Like my CPA firm.
791
00:23:25,210 --> 00:23:29,020
They check my books quarterly to reconcile them and make sure
792
00:23:29,020 --> 00:23:29,830
they're all set.
793
00:23:29,910 --> 00:23:31,780
I have a planning meeting in the spring.
794
00:23:31,780 --> 00:23:33,310
I have a planning meeting in the fall.
795
00:23:33,340 --> 00:23:35,560
Like I have a lot of services from them,
796
00:23:35,590 --> 00:23:36,580
but when I started,
797
00:23:36,580 --> 00:23:38,860
I just had one CPA that did my taxes at the
798
00:23:38,860 --> 00:23:39,280
end of the year.
799
00:23:39,280 --> 00:23:41,380
And I could just ask a couple questions here and there.
800
00:23:41,410 --> 00:23:43,480
And that was a lot less expensive because it was a
801
00:23:43,480 --> 00:23:45,830
lot less time for my CPA.
802
00:23:45,830 --> 00:23:46,310
So it was,
803
00:23:46,310 --> 00:23:46,490
you know,
804
00:23:46,490 --> 00:23:47,810
charged based on their time.
805
00:23:47,810 --> 00:23:50,270
So you can definitely find that kind of help and think
806
00:23:50,270 --> 00:23:50,990
about it this way.
807
00:23:50,990 --> 00:23:53,870
Think about the money that you're spending for your CPA is
808
00:23:53,870 --> 00:23:56,900
most likely going to be saved in money that you're going
809
00:23:56,900 --> 00:24:00,050
to save on taxes because they know what deductions you can
810
00:24:00,050 --> 00:24:02,450
do. They know what receipts and things like that.
811
00:24:02,450 --> 00:24:02,660
And like,
812
00:24:02,660 --> 00:24:04,910
look at your accounting and help you figure out what else
813
00:24:04,910 --> 00:24:05,690
you need to track.
814
00:24:05,720 --> 00:24:06,440
Things like that.
815
00:24:06,500 --> 00:24:09,080
And you can't pay for that peace of mind of just
816
00:24:09,080 --> 00:24:09,920
knowing that you're,
817
00:24:09,940 --> 00:24:13,220
you're following the tax code as much as you can,
818
00:24:13,220 --> 00:24:14,360
because you know,
819
00:24:14,360 --> 00:24:17,180
it's probably about as thick from the floor to the ceiling
820
00:24:17,180 --> 00:24:17,960
of my office.
821
00:24:17,960 --> 00:24:19,370
And we have 10 foot ceilings.
822
00:24:20,180 --> 00:24:22,700
If you wanted to actually go through that tax code.
823
00:24:22,700 --> 00:24:24,260
So having somebody on your side,
824
00:24:24,260 --> 00:24:27,710
that's able to navigate with you as a business expense that
825
00:24:27,710 --> 00:24:29,330
is worth its weight in gold.
826
00:24:29,330 --> 00:24:29,810
For sure.
827
00:24:30,170 --> 00:24:31,010
I agree.
828
00:24:31,010 --> 00:24:31,610
A hundred percent.
829
00:24:31,640 --> 00:24:33,650
Oftentimes people like I want to do my own taxes.
830
00:24:33,650 --> 00:24:33,950
I'm like,
831
00:24:33,950 --> 00:24:36,230
yes, I recommend you track your numbers,
832
00:24:36,230 --> 00:24:39,320
but you pay somebody who that is their expertise.
833
00:24:39,380 --> 00:24:40,130
Just like somebody,
834
00:24:40,130 --> 00:24:40,460
you know,
835
00:24:40,460 --> 00:24:42,380
they try to do their own photos and then you do
836
00:24:42,380 --> 00:24:44,050
the photo and then the light difference.
837
00:24:44,050 --> 00:24:46,310
So it can be your taxes tracking.
838
00:24:46,310 --> 00:24:47,390
Your numbers is the key though,
839
00:24:47,390 --> 00:24:49,070
to even getting that done accurately.
840
00:24:50,450 --> 00:24:52,940
So what are some of the different ways that people can
841
00:24:52,940 --> 00:24:53,750
track their numbers?
842
00:24:53,750 --> 00:24:54,050
I mean,
843
00:24:54,050 --> 00:24:55,280
from what we're going to say,
844
00:24:55,280 --> 00:24:57,530
we're all going to say no to the shoe boxes and
845
00:24:57,530 --> 00:24:58,730
at least go to spreadsheets.
846
00:24:58,730 --> 00:24:59,060
All right.
847
00:25:00,980 --> 00:25:03,080
So you can do it in a couple of different ways.
848
00:25:03,080 --> 00:25:05,000
One, you could just start tracking,
849
00:25:05,150 --> 00:25:08,060
you create a spreadsheet and you could have to the left
850
00:25:08,060 --> 00:25:09,230
side, you could do,
851
00:25:09,380 --> 00:25:10,100
you could do either way,
852
00:25:10,100 --> 00:25:11,120
but it depends on what,
853
00:25:11,210 --> 00:25:13,730
how your mind you could just do,
854
00:25:13,730 --> 00:25:15,410
like, this is where I went this.
855
00:25:15,440 --> 00:25:17,210
So you could have like date where you went,
856
00:25:17,240 --> 00:25:19,340
like where you spent your money and then you could have
857
00:25:19,340 --> 00:25:20,750
little columns to the right.
858
00:25:20,960 --> 00:25:21,710
So up at the top,
859
00:25:21,710 --> 00:25:22,850
it could say like fuel,
860
00:25:22,850 --> 00:25:24,110
it could say supplies.
861
00:25:24,140 --> 00:25:24,800
It could say,
862
00:25:25,100 --> 00:25:27,200
I don't know all the different types of expenses that your
863
00:25:27,200 --> 00:25:27,980
industry has.
864
00:25:28,010 --> 00:25:31,790
Yeah. Just say usually we have like office expenses.
865
00:25:31,790 --> 00:25:34,490
I pull out software separate just because there's a lot of
866
00:25:34,490 --> 00:25:35,450
software costs,
867
00:25:35,900 --> 00:25:37,580
marketing, advertising,
868
00:25:37,580 --> 00:25:41,870
legal. Most of it's actually pretty straightforward for normal business expenses.
869
00:25:42,110 --> 00:25:45,170
The only different one is just those cost of goods sold
870
00:25:45,230 --> 00:25:46,820
caveats that we talked about before.
871
00:25:46,820 --> 00:25:47,660
But other than that,
872
00:25:47,660 --> 00:25:50,450
it's really pretty much a fairly normal business breakdown.
873
00:25:50,600 --> 00:25:52,940
Great. So what you can do is if you want to
874
00:25:52,940 --> 00:25:54,110
go the simplest way,
875
00:25:54,110 --> 00:25:54,800
you're brand new,
876
00:25:54,830 --> 00:25:56,870
you could track all your different types.
877
00:25:56,900 --> 00:25:57,170
You, you,
878
00:25:57,170 --> 00:25:58,970
you do your date where you spent the money.
879
00:25:58,970 --> 00:26:00,980
Like you went to Exxon and then to the right,
880
00:26:00,980 --> 00:26:02,840
you would have categories at the top and it would be
881
00:26:02,870 --> 00:26:04,550
fuel. And then at the very bottom,
882
00:26:04,550 --> 00:26:08,420
it would just total it like really the simplest way you
883
00:26:08,420 --> 00:26:08,840
could do it.
884
00:26:08,840 --> 00:26:10,370
Right. And then you would also have,
885
00:26:10,550 --> 00:26:13,880
so you could have one spreadsheet that does your total expenses,
886
00:26:13,880 --> 00:26:16,220
one spreadsheet that tracks all your types of sales.
887
00:26:16,490 --> 00:26:17,270
So you do the same,
888
00:26:17,270 --> 00:26:17,990
like to the left.
889
00:26:17,990 --> 00:26:20,000
It would be when you sold the product or service who
890
00:26:20,000 --> 00:26:20,840
you sold it to,
891
00:26:20,870 --> 00:26:23,660
you sold it to Nicole and then up to the right
892
00:26:23,660 --> 00:26:24,410
or whoever you,
893
00:26:24,640 --> 00:26:26,540
the name of your client is.
894
00:26:26,750 --> 00:26:27,380
And then to the right,
895
00:26:27,540 --> 00:26:29,270
you could categorize it by type.
896
00:26:29,270 --> 00:26:30,740
So it could be many sessions.
897
00:26:30,770 --> 00:26:33,260
It could be what are some other types of things you
898
00:26:33,260 --> 00:26:33,830
have products,
899
00:26:33,830 --> 00:26:34,220
right? Like,
900
00:26:34,220 --> 00:26:35,540
so you have like the difference of things.
901
00:26:35,900 --> 00:26:37,130
And then what are the other kinds of sessions?
902
00:26:37,130 --> 00:26:38,450
What do you call the other categories?
903
00:26:38,480 --> 00:26:41,660
It's like a signature session or an adventure session.
904
00:26:41,660 --> 00:26:43,770
Like this depends on what people call them,
905
00:26:43,770 --> 00:26:46,260
but they usually have a longer session and a shorter session
906
00:26:46,260 --> 00:26:47,400
and then sometimes some special.
907
00:26:47,850 --> 00:26:49,770
So then you would just put that title at the very
908
00:26:49,770 --> 00:26:50,370
top. Okay.
909
00:26:50,380 --> 00:26:51,780
So the title at the very top,
910
00:26:51,810 --> 00:26:52,350
and then to the,
911
00:26:52,710 --> 00:26:54,060
as each row goes down,
912
00:26:54,060 --> 00:26:54,780
it would be that,
913
00:26:54,780 --> 00:26:56,550
and then you'd put it over into the category and you
914
00:26:56,550 --> 00:26:57,540
total it at the bottom.
915
00:26:57,540 --> 00:26:58,110
And that's like,
916
00:26:58,110 --> 00:27:01,050
as like the simplest way that you could get started with
917
00:27:01,050 --> 00:27:02,190
having the detail you need.
918
00:27:02,190 --> 00:27:02,670
And then that,
919
00:27:02,670 --> 00:27:04,440
and then as Nicole was discussing,
920
00:27:04,440 --> 00:27:06,840
you could always add some extra categories for your cost of
921
00:27:06,840 --> 00:27:07,740
goods that she recommended.
922
00:27:07,740 --> 00:27:10,890
And total those separate you you'd have like little ways that
923
00:27:10,890 --> 00:27:12,450
you could track that you could also track.
924
00:27:12,660 --> 00:27:15,240
It could be great if you're getting started to actually have
925
00:27:15,240 --> 00:27:17,400
a spreadsheet that just tracks a few of your sales to
926
00:27:17,400 --> 00:27:17,880
begin with.
927
00:27:18,000 --> 00:27:19,860
So it would be like the customer you'd have,
928
00:27:19,860 --> 00:27:22,050
what was the income and what was the different kinds of
929
00:27:22,050 --> 00:27:23,250
expenses order.
930
00:27:23,280 --> 00:27:23,970
You can see me,
931
00:27:23,970 --> 00:27:24,840
but my hands are moving.
932
00:27:24,840 --> 00:27:25,770
You just can't really see them.
933
00:27:26,400 --> 00:27:27,120
And then it's like,
934
00:27:27,150 --> 00:27:28,500
totally, I'm very like visual.
935
00:27:28,500 --> 00:27:28,740
I'm a,
936
00:27:28,750 --> 00:27:30,180
I'm a gesture of hers.
937
00:27:30,270 --> 00:27:31,590
And then we told her autumn.
938
00:27:31,590 --> 00:27:33,870
And so you could have like column by column for each
939
00:27:33,870 --> 00:27:35,130
of your total customers.
940
00:27:35,130 --> 00:27:37,290
I think that I need to create like a little example
941
00:27:37,290 --> 00:27:38,760
that we could like link For them.
942
00:27:38,850 --> 00:27:39,600
That would be amazing.
943
00:27:39,600 --> 00:27:40,680
We can definitely do that.
944
00:27:41,280 --> 00:27:42,480
Like, I'm sure you're visual too.
945
00:27:42,480 --> 00:27:42,900
Like, you're like,
946
00:27:42,960 --> 00:27:43,500
I hear you,
947
00:27:43,500 --> 00:27:44,310
but I don't see it.
948
00:27:44,340 --> 00:27:48,120
I guess I'm a little visuals for you guys to like,
949
00:27:48,120 --> 00:27:49,320
see what we're talking about,
950
00:27:49,320 --> 00:27:50,970
but that would be the basic to get started would be
951
00:27:50,970 --> 00:27:52,830
like some Excel spreadsheet put in the totals.
952
00:27:52,830 --> 00:27:53,400
You're good to go.
953
00:27:53,640 --> 00:27:55,410
Perfect. You can get more advanced.
954
00:27:55,410 --> 00:27:56,790
If you want to ever learn QuickBooks,
955
00:27:56,820 --> 00:27:57,810
you can come find me.
956
00:27:57,810 --> 00:27:58,980
That's what I specialize in.
957
00:27:59,190 --> 00:28:02,220
And it's a software that just basically you can start billing
958
00:28:02,220 --> 00:28:05,010
your customers and tracking a lot more of a detailed level
959
00:28:05,010 --> 00:28:06,450
of like each of your different customers,
960
00:28:06,450 --> 00:28:08,730
if you want it to your different products and services and,
961
00:28:08,760 --> 00:28:09,900
and you can easily pull,
962
00:28:09,900 --> 00:28:10,470
you just put,
963
00:28:10,470 --> 00:28:12,120
click a couple buttons and you get a lot of the
964
00:28:12,120 --> 00:28:14,280
details done for you and it can sync to your bank
965
00:28:14,280 --> 00:28:14,850
accounts, right?
966
00:28:15,270 --> 00:28:17,670
Yes. I love the sinking so much.
967
00:28:17,670 --> 00:28:19,320
I have it hooked up cause I have,
968
00:28:19,350 --> 00:28:19,590
you know,
969
00:28:19,590 --> 00:28:23,250
a specific savings or checking and savings accounts for my business.
970
00:28:23,250 --> 00:28:25,200
And then I have specific credit cards for my business.
971
00:28:25,230 --> 00:28:26,490
And so whatever,
972
00:28:26,490 --> 00:28:28,140
anything hits any of those accounts,
973
00:28:28,140 --> 00:28:29,550
it just pulls right into QuickBooks.
974
00:28:29,550 --> 00:28:31,020
I log right in there and it's like,
975
00:28:31,140 --> 00:28:31,800
I, you know,
976
00:28:31,860 --> 00:28:33,150
itemize it to that,
977
00:28:33,210 --> 00:28:34,590
to that line and this line.
978
00:28:35,430 --> 00:28:36,720
And then when I go to reconcile,
979
00:28:36,720 --> 00:28:37,800
cause it was all pulled in.
980
00:28:37,860 --> 00:28:39,570
I usually just have to put in the date,
981
00:28:39,570 --> 00:28:41,730
the total amount and then it comes up and it's like,
982
00:28:41,760 --> 00:28:43,170
dude, it balances itself.
983
00:28:43,230 --> 00:28:44,190
It's amazing.
984
00:28:46,020 --> 00:28:50,360
I get so happy for all those perfect numbers Speak to,
985
00:28:50,370 --> 00:28:52,110
can I say one thing I didn't mean to cut you
986
00:28:52,110 --> 00:28:52,440
off? No,
987
00:28:52,440 --> 00:28:55,230
you're having something that's like so powerful that I want to
988
00:28:55,260 --> 00:28:56,070
speak to as well,
989
00:28:56,070 --> 00:28:57,360
which is when you're in business,
990
00:28:57,390 --> 00:29:00,030
if you can separate your business account,
991
00:29:00,060 --> 00:29:02,310
even if it's small and your personal account,
992
00:29:02,370 --> 00:29:03,300
then, then if,
993
00:29:03,330 --> 00:29:04,110
if nothing else,
994
00:29:04,110 --> 00:29:04,650
and you're just like,
995
00:29:04,680 --> 00:29:05,310
at the end of the year,
996
00:29:05,310 --> 00:29:05,720
you get,
997
00:29:05,720 --> 00:29:06,930
you grab your bank statements,
998
00:29:06,930 --> 00:29:07,860
which she was speaking to.
999
00:29:08,040 --> 00:29:09,270
And you're like trying to do this,
1000
00:29:09,270 --> 00:29:10,020
go back and like,
1001
00:29:10,020 --> 00:29:12,330
cause you're just now hearing this and you're got the whole
1002
00:29:12,330 --> 00:29:14,700
year to try to figure out if you have a separate
1003
00:29:14,700 --> 00:29:15,150
bank account,
1004
00:29:15,180 --> 00:29:17,460
it just makes it so much easier because everything goes in
1005
00:29:17,460 --> 00:29:19,170
there. Now I know that when we're small,
1006
00:29:19,170 --> 00:29:20,970
we don't really always have the cash flow and I get
1007
00:29:20,970 --> 00:29:21,450
that too.
1008
00:29:21,450 --> 00:29:24,420
But do your best to have a separate business bank account
1009
00:29:24,450 --> 00:29:25,290
and credit card.
1010
00:29:25,290 --> 00:29:26,060
If you were going to use it,
1011
00:29:26,080 --> 00:29:26,580
try to like,
1012
00:29:26,880 --> 00:29:28,530
or if you have like a personal credit card,
1013
00:29:28,530 --> 00:29:29,310
you have more than one,
1014
00:29:29,340 --> 00:29:32,340
make one of them for business so that you can really
1015
00:29:32,370 --> 00:29:35,160
clearly know and track for your accounting purposes.
1016
00:29:35,520 --> 00:29:36,240
What you're doing.
1017
00:29:36,270 --> 00:29:37,860
Even if you can't move away.
1018
00:29:37,860 --> 00:29:39,030
Right? The second from the shoe box,
1019
00:29:39,060 --> 00:29:39,990
even though we recommend it,
1020
00:29:40,410 --> 00:29:41,040
if we have your bank,
1021
00:29:41,770 --> 00:29:42,970
it will make it easier.
1022
00:29:43,030 --> 00:29:45,130
And if you just don't really want to do it and
1023
00:29:45,130 --> 00:29:45,940
you want to hand it off,
1024
00:29:45,940 --> 00:29:46,420
you can.
1025
00:29:46,420 --> 00:29:48,100
But I recommend it's easier if you know,
1026
00:29:48,100 --> 00:29:50,350
at least what you want to receive so that if you
1027
00:29:50,350 --> 00:29:52,210
ever get to the point where you hire another bookkeeper or
1028
00:29:52,210 --> 00:29:53,560
you're hiring a CPA firm,
1029
00:29:53,560 --> 00:29:55,930
like you still know what you want to see.
1030
00:29:56,650 --> 00:29:57,640
Yes. Yeah.
1031
00:29:57,670 --> 00:29:59,290
Absolutely. One of the benefits too,
1032
00:29:59,290 --> 00:30:02,800
with QuickBooks is that whenever you start working with CPA,
1033
00:30:02,800 --> 00:30:06,550
they're all very familiar with QuickBooks and it's so easy.
1034
00:30:06,550 --> 00:30:08,470
They just have like an accountant login.
1035
00:30:08,470 --> 00:30:10,300
Cause I do the online one and they can just go
1036
00:30:10,300 --> 00:30:11,740
into my books and clean it up.
1037
00:30:11,740 --> 00:30:13,420
I have the one girl at the office.
1038
00:30:13,420 --> 00:30:14,470
I call her my QuickBooks.
1039
00:30:14,470 --> 00:30:17,410
I'm very godmother because whenever I have a question like,
1040
00:30:17,440 --> 00:30:18,160
ah, Kelly,
1041
00:30:18,160 --> 00:30:19,960
can you please fix this?
1042
00:30:19,960 --> 00:30:21,040
I don't know how to code this.
1043
00:30:21,040 --> 00:30:22,630
And she just goes in and does her magic.
1044
00:30:22,840 --> 00:30:24,490
And my books are always clean.
1045
00:30:24,520 --> 00:30:25,810
It was not always the case.
1046
00:30:25,840 --> 00:30:27,730
Tell you when I started working with these guys and like,
1047
00:30:27,760 --> 00:30:29,230
I need help with my QuickBooks.
1048
00:30:29,230 --> 00:30:30,400
I don't know what happened.
1049
00:30:32,050 --> 00:30:34,180
She like you start adding chart of accounts.
1050
00:30:34,300 --> 00:30:35,560
I items for everything.
1051
00:30:35,560 --> 00:30:37,330
And all of a sudden you have 37,000
1052
00:30:37,330 --> 00:30:38,350
chart of accounts and I'm like,
1053
00:30:38,350 --> 00:30:40,570
no, this is this streamlined help.
1054
00:30:40,600 --> 00:30:40,900
Funny way.
1055
00:30:40,900 --> 00:30:42,160
They helped me get back on track.
1056
00:30:42,190 --> 00:30:44,800
But I want to back up for one second to the
1057
00:30:44,800 --> 00:30:47,620
spreadsheet we were talking about and having that income one,
1058
00:30:47,620 --> 00:30:49,810
would you recommend on that income one,
1059
00:30:49,810 --> 00:30:50,530
do you have,
1060
00:30:50,680 --> 00:30:51,010
you know,
1061
00:30:51,010 --> 00:30:53,110
the date and the name and the sale total,
1062
00:30:53,110 --> 00:30:55,780
would you track your sales tax on that one too?
1063
00:30:55,810 --> 00:30:57,430
So you can keep track of your sales tax?
1064
00:30:57,430 --> 00:30:57,820
Yeah. Yeah.
1065
00:30:57,820 --> 00:30:58,720
So I would break it out.
1066
00:30:58,720 --> 00:30:59,380
So you're going to have your,
1067
00:30:59,430 --> 00:31:00,490
your like sales.
1068
00:31:00,520 --> 00:31:01,900
I would do like your,
1069
00:31:01,960 --> 00:31:03,880
basically the amount that you sold,
1070
00:31:03,940 --> 00:31:05,620
the amount of your sales tax and then the total that
1071
00:31:05,620 --> 00:31:06,040
you coded,
1072
00:31:06,580 --> 00:31:07,420
because then it'll make,
1073
00:31:07,420 --> 00:31:10,000
you'll have like one column at the end and then you
1074
00:31:10,000 --> 00:31:11,620
could do your spreadsheets by the month,
1075
00:31:12,040 --> 00:31:13,540
depending on how large your business is.
1076
00:31:13,600 --> 00:31:15,010
If, if you want to do it that way.
1077
00:31:15,010 --> 00:31:16,600
And then I would have like one sheet,
1078
00:31:16,600 --> 00:31:19,360
if you're like a master at the sheets at the very
1079
00:31:19,360 --> 00:31:21,310
end that like takes each one and takes all these little
1080
00:31:21,310 --> 00:31:22,900
totals and kind of like adds them together.
1081
00:31:22,900 --> 00:31:25,300
So you have like a final one number at the end,
1082
00:31:25,330 --> 00:31:28,090
but definitely sales tax is like the number one thing that
1083
00:31:28,090 --> 00:31:28,540
you don't,
1084
00:31:28,540 --> 00:31:28,750
you know,
1085
00:31:28,810 --> 00:31:30,220
we never want to mess with taxes too much.
1086
00:31:30,220 --> 00:31:32,920
Cause you get the penalties really knowing your sales tax I'd
1087
00:31:32,920 --> 00:31:33,700
highly recommend it.
1088
00:31:33,760 --> 00:31:35,580
And one thing I wanted to speak to is typically you've
1089
00:31:35,580 --> 00:31:37,420
got to file your taxes quarterly,
1090
00:31:37,450 --> 00:31:40,600
but if you could start doing like installments monthly so that
1091
00:31:40,600 --> 00:31:42,250
it's not that big thing at the end of the year
1092
00:31:42,250 --> 00:31:42,850
that you owe.
1093
00:31:43,060 --> 00:31:43,750
So like at each,
1094
00:31:43,750 --> 00:31:44,530
at the end of every month,
1095
00:31:44,530 --> 00:31:45,970
you just make like a prepayment.
1096
00:31:46,120 --> 00:31:47,290
And then at the end of the quarter,
1097
00:31:47,290 --> 00:31:48,940
you've already made two pre-payments.
1098
00:31:48,940 --> 00:31:50,290
You just have that third month.
1099
00:31:50,320 --> 00:31:52,960
And then you're just adding the difference in verifying that you've
1100
00:31:52,990 --> 00:31:53,830
added everything.
1101
00:31:54,370 --> 00:31:56,080
So even if you're filing quarterly,
1102
00:31:56,080 --> 00:31:58,600
you can do prepayments you do Prepayment teacher,
1103
00:31:58,600 --> 00:32:01,750
mom, nice so much at the end And your CPA will
1104
00:32:01,750 --> 00:32:02,740
be able to help you with that.
1105
00:32:04,330 --> 00:32:04,930
Awesome. No,
1106
00:32:04,930 --> 00:32:05,650
that's good to know.
1107
00:32:05,710 --> 00:32:06,580
One of the other things,
1108
00:32:06,580 --> 00:32:09,340
if I was working on that spreadsheet too,
1109
00:32:09,340 --> 00:32:13,180
that I would put over there that wouldn't necessarily be for
1110
00:32:13,210 --> 00:32:15,130
accounting purposes or tax purposes,
1111
00:32:15,160 --> 00:32:19,510
but would be for my business health accounting is I would
1112
00:32:19,510 --> 00:32:22,450
add that cost of goods sold column to track it there.
1113
00:32:22,450 --> 00:32:24,940
So you can see right on that one spreadsheet,
1114
00:32:24,970 --> 00:32:26,350
what session types brought in,
1115
00:32:26,350 --> 00:32:26,920
what total,
1116
00:32:26,920 --> 00:32:29,620
what their sales tax is and what your cost of goods
1117
00:32:29,620 --> 00:32:30,160
sold was.
1118
00:32:30,160 --> 00:32:34,120
And maybe even pull out like another column of your net
1119
00:32:34,120 --> 00:32:35,440
profit from that session.
1120
00:32:35,470 --> 00:32:35,740
You know,
1121
00:32:35,740 --> 00:32:38,440
you wouldn't use those costs of goods sold numbers or that
1122
00:32:38,440 --> 00:32:41,840
net profit column anywhere in your actual true accounting,
1123
00:32:41,870 --> 00:32:42,980
but it would be,
1124
00:32:43,010 --> 00:32:44,750
those would be good numbers to know.
1125
00:32:44,810 --> 00:32:47,750
So you can kind of keep track of what session types
1126
00:32:47,750 --> 00:32:50,300
are the most profitable and you know,
1127
00:32:50,300 --> 00:32:51,550
and just making sure that the,
1128
00:32:51,550 --> 00:32:53,600
you will have a finger on the pulse of your business.
1129
00:32:53,630 --> 00:32:55,640
One thing We'll speak to you real quick about sales tax
1130
00:32:55,640 --> 00:32:59,150
specifically is sales tax is not technically income to you as
1131
00:32:59,150 --> 00:32:59,720
a business.
1132
00:32:59,990 --> 00:33:02,930
What it is is you're collecting it just a little side,
1133
00:33:02,930 --> 00:33:05,990
note, something I'd like to teach you like your income that
1134
00:33:05,990 --> 00:33:06,320
you charge.
1135
00:33:06,350 --> 00:33:07,700
Let's just say for simplicity,
1136
00:33:07,720 --> 00:33:08,630
simplistic math,
1137
00:33:08,660 --> 00:33:09,800
it's a hundred dollars.
1138
00:33:10,370 --> 00:33:12,500
And then you have your sales tax at 10%,
1139
00:33:12,500 --> 00:33:14,630
7% like whatever your sales tax is,
1140
00:33:14,660 --> 00:33:16,610
the hundred dollars is your income.
1141
00:33:16,640 --> 00:33:19,700
But the percentage of sales tax you collected is not actually
1142
00:33:19,700 --> 00:33:22,370
your income it's in accounting terms called the liability.
1143
00:33:22,370 --> 00:33:24,740
So you're just collecting it for the state that you're in
1144
00:33:24,860 --> 00:33:26,300
and then you're providing it to them.
1145
00:33:26,300 --> 00:33:28,550
So technically it's not income to sales tax.
1146
00:33:28,550 --> 00:33:29,960
I just want to make sure you speak to that.
1147
00:33:30,020 --> 00:33:30,830
So it doesn't mean it can be,
1148
00:33:31,280 --> 00:33:33,440
but you can feel it as the total you've collected.
1149
00:33:33,470 --> 00:33:34,280
Yes. Yeah.
1150
00:33:34,310 --> 00:33:34,880
A hundred percent.
1151
00:33:35,510 --> 00:33:37,670
One of the other things about sales tax too,
1152
00:33:37,700 --> 00:33:41,150
and this will require checking with your CPA or checking with
1153
00:33:41,150 --> 00:33:42,320
your state department of revenue,
1154
00:33:42,350 --> 00:33:44,180
but you want to make sure as a photographer,
1155
00:33:44,180 --> 00:33:47,720
you are very clear on what is taxable and what isn't,
1156
00:33:47,720 --> 00:33:50,360
because every state's a little bit different and more and more
1157
00:33:50,360 --> 00:33:52,610
states are making the service of the session fee,
1158
00:33:52,610 --> 00:33:55,010
taxable, digital delivery,
1159
00:33:55,010 --> 00:33:57,290
taxable digital files.
1160
00:33:57,350 --> 00:33:57,650
You know,
1161
00:33:57,650 --> 00:33:59,870
obviously the products have always been pretty,
1162
00:33:59,930 --> 00:34:01,070
pretty widely taxable,
1163
00:34:01,460 --> 00:34:03,560
but it's definitely important to keep an eye on that.
1164
00:34:03,650 --> 00:34:05,030
And once you find out,
1165
00:34:05,030 --> 00:34:07,340
it's also important to make sure you read those notices,
1166
00:34:07,340 --> 00:34:08,180
you get it from the state,
1167
00:34:08,180 --> 00:34:10,460
Oregon, have a CPA that keeps track of that for you,
1168
00:34:10,460 --> 00:34:11,870
because they're always updating those.
1169
00:34:11,870 --> 00:34:14,870
And they're often adding rarely are they taking away things that
1170
00:34:14,870 --> 00:34:16,340
are taxable for sales tax,
1171
00:34:16,340 --> 00:34:18,920
but they're often adding new things that are taxable.
1172
00:34:18,980 --> 00:34:23,000
And the whole digital commodity world is a little like the
1173
00:34:23,000 --> 00:34:26,480
wild wild west that it's changing all of the time.
1174
00:34:26,480 --> 00:34:28,970
So it's very important to be up to speed on that
1175
00:34:28,970 --> 00:34:30,920
because you don't want to get in a situation where you
1176
00:34:30,920 --> 00:34:33,380
have not been collecting sales tax on something that you should
1177
00:34:33,380 --> 00:34:33,860
have been.
1178
00:34:34,220 --> 00:34:35,930
And then you're hit with a whole bunch of fees and
1179
00:34:35,930 --> 00:34:38,660
penalties. Whatever I'd love to share is that maybe after we've
1180
00:34:38,660 --> 00:34:39,560
talked sales tax,
1181
00:34:39,560 --> 00:34:41,180
we've talked numbers and we tuxedo that.
1182
00:34:41,180 --> 00:34:41,540
You're like,
1183
00:34:41,570 --> 00:34:42,500
oh my gosh,
1184
00:34:43,340 --> 00:34:44,450
totally checked out.
1185
00:34:44,450 --> 00:34:45,560
You told me it's going to be easy.
1186
00:34:45,560 --> 00:34:46,220
And now I'm like,
1187
00:34:46,220 --> 00:34:47,090
so way overwhelmed.
1188
00:34:47,270 --> 00:34:49,070
I want you to take a step back and say,
1189
00:34:49,100 --> 00:34:49,880
I've got this.
1190
00:34:49,910 --> 00:34:50,810
I can handle this.
1191
00:34:50,870 --> 00:34:53,450
I know it's an important part of like being a true
1192
00:34:53,450 --> 00:34:54,260
business owner.
1193
00:34:54,290 --> 00:34:55,550
Or even if you're doing it as a hobby,
1194
00:34:55,550 --> 00:34:58,820
you can see you're still filing your taxes and realize that
1195
00:34:58,820 --> 00:34:59,750
there's a process.
1196
00:34:59,780 --> 00:35:01,010
Just be kind to yourself,
1197
00:35:01,040 --> 00:35:01,640
be gentle,
1198
00:35:01,910 --> 00:35:02,600
give yourself grace,
1199
00:35:02,600 --> 00:35:04,910
but just know that these are things as a business to
1200
00:35:04,910 --> 00:35:05,510
be aware of,
1201
00:35:05,750 --> 00:35:06,800
but that you'll get it.
1202
00:35:06,980 --> 00:35:07,280
I just,
1203
00:35:07,310 --> 00:35:07,700
you know,
1204
00:35:07,790 --> 00:35:10,670
I, so often I see people get overwhelmed and I'm like,
1205
00:35:10,850 --> 00:35:11,840
it doesn't have to be,
1206
00:35:12,530 --> 00:35:12,680
I mean,
1207
00:35:12,680 --> 00:35:15,590
so just kind of like take what we said and start
1208
00:35:15,590 --> 00:35:16,760
kind of listen to it,
1209
00:35:16,790 --> 00:35:19,000
do the homework that Nicole gave you as we went and
1210
00:35:19,010 --> 00:35:21,500
looking at your list and just take it step by step.
1211
00:35:21,530 --> 00:35:22,610
And we'll give you some examples.
1212
00:35:22,610 --> 00:35:23,300
Cause I think at the end,
1213
00:35:23,300 --> 00:35:25,610
some examples they'll realize it doesn't have to be so yes.
1214
00:35:25,790 --> 00:35:26,630
Yeah, absolutely.
1215
00:35:26,630 --> 00:35:28,580
It can be so simple and easy guys.
1216
00:35:28,580 --> 00:35:31,400
The key is just to track it on a computer somewhere
1217
00:35:32,330 --> 00:35:36,530
and, and really the most important pieces to prepare for tax
1218
00:35:36,530 --> 00:35:39,060
season. Just your income and your expenses.
1219
00:35:39,090 --> 00:35:41,430
The other stuff that we're looking at and figuring out what
1220
00:35:41,430 --> 00:35:43,530
you want to learn from your business is gravy.
1221
00:35:43,560 --> 00:35:46,410
So as long as you're really tracking those two numbers,
1222
00:35:46,410 --> 00:35:49,620
you should be in a better position to prepare for taxes
1223
00:35:49,620 --> 00:35:52,350
and have a lot less wine and crying than you would
1224
00:35:52,350 --> 00:35:54,210
if you have a shoe box full of receipts.
1225
00:35:54,240 --> 00:35:57,570
So we will definitely link up those and I'll actually link
1226
00:35:57,570 --> 00:35:58,410
up my,
1227
00:35:59,010 --> 00:36:02,310
I have my profit loss statements from my business,
1228
00:36:02,310 --> 00:36:04,800
my very first year in business and then my first six
1229
00:36:04,800 --> 00:36:07,020
figure year in my photography business.
1230
00:36:07,020 --> 00:36:10,380
So if you guys wanted to download those and see just
1231
00:36:10,380 --> 00:36:11,910
kind of where I spent my money,
1232
00:36:12,360 --> 00:36:13,290
how I tracked it,
1233
00:36:13,290 --> 00:36:14,880
like what categories I used,
1234
00:36:14,880 --> 00:36:15,870
you're welcome to do that.
1235
00:36:15,870 --> 00:36:16,230
But again,
1236
00:36:16,230 --> 00:36:18,360
if you have different things you want to track based on
1237
00:36:18,360 --> 00:36:19,350
what you want to learn,
1238
00:36:19,470 --> 00:36:20,040
how I do it,
1239
00:36:20,040 --> 00:36:21,180
it's not the only way to do it.
1240
00:36:21,240 --> 00:36:23,340
So you can check that out at the show notes,
1241
00:36:23,340 --> 00:36:24,220
page haired,
1242
00:36:24,220 --> 00:36:25,650
the dog academy.com/
1243
00:36:25,650 --> 00:36:27,720
31, just the numbers three one.
1244
00:36:27,720 --> 00:36:30,190
And you will be able to see that there,
1245
00:36:30,190 --> 00:36:32,180
Candus, this has been so good.
1246
00:36:32,180 --> 00:36:35,450
Thank you so much for taking the time to come chat.
1247
00:36:35,450 --> 00:36:36,240
All things,
1248
00:36:36,240 --> 00:36:37,910
accounting and numbers,
1249
00:36:37,910 --> 00:36:40,940
even some taxes with us really appreciate it.
1250
00:36:40,940 --> 00:36:44,450
Can you let everybody know where to find you out there
1251
00:36:44,450 --> 00:36:47,790
on the interwebs I'm Candace camp for everywhere?
1252
00:36:47,790 --> 00:36:50,220
So I have a YouTube channel where I give tips and
1253
00:36:50,220 --> 00:36:51,780
tricks that you can check out.
1254
00:36:51,780 --> 00:36:52,720
I'm on Instagram,
1255
00:36:52,720 --> 00:36:55,400
I'm on Facebook and I will be doing some workshops if
1256
00:36:55,400 --> 00:36:58,270
you'd like to come and see like how QuickBooks works and
1257
00:36:58,270 --> 00:36:59,890
some of the things that I teach,
1258
00:36:59,890 --> 00:37:03,690
you can always join me on a live training at canduskampfer.com/training
1259
00:37:03,690 --> 00:37:05,870
and see what we see join us for the next live
1260
00:37:05,870 --> 00:37:06,870
class that we have.
1261
00:37:07,260 --> 00:37:08,400
Perfect. Awesome.
1262
00:37:08,400 --> 00:37:10,050
And then how do you spell your name?
1263
00:37:10,050 --> 00:37:12,360
Just for those of us that are listening now Are very
1264
00:37:12,390 --> 00:37:17,610
different. It's C a N D U S and then K
1265
00:37:17,700 --> 00:37:20,130
a M as in Mary P as in Paul,
1266
00:37:20,220 --> 00:37:21,060
F as in Frank,
1267
00:37:21,090 --> 00:37:22,110
E R can you tell,
1268
00:37:22,110 --> 00:37:23,340
I've done that a few times in my life.
1269
00:37:25,500 --> 00:37:27,180
I'll also give it to Nicole to can find me,
1270
00:37:27,180 --> 00:37:27,660
but yeah,
1271
00:37:27,990 --> 00:37:28,980
even if you misspell it,
1272
00:37:28,980 --> 00:37:30,690
you're probably gonna find me cause there's not too many.
1273
00:37:30,780 --> 00:37:31,440
You get Candace.
1274
00:37:31,440 --> 00:37:33,930
Right. And it's in QuickBooks.
1275
00:37:33,930 --> 00:37:34,650
I bet you'll come up.
1276
00:37:36,690 --> 00:37:39,690
Perfect. And we'll also link to her links on the show
1277
00:37:39,690 --> 00:37:40,260
notes page.
1278
00:37:40,260 --> 00:37:43,140
So you can just remember hair of the dog academy.com/
1279
00:37:43,170 --> 00:37:46,260
31 and find her on all the links there.
1280
00:37:46,290 --> 00:37:47,300
So thanks again,
1281
00:37:47,300 --> 00:37:51,250
Candus, for being here with us and thanks everybody for following
1282
00:37:51,250 --> 00:37:54,920
along. And hopefully you are not too overwhelmed and you feel
1283
00:37:54,920 --> 00:37:58,150
like you are ready to take on some new accounting tasks
1284
00:37:58,150 --> 00:37:59,300
for your business.
1285
00:37:59,300 --> 00:38:00,670
We'll talk to you soon.
1286
00:38:00,670 --> 00:38:03,040
Bye. If you enjoy this podcast episode,
1287
00:38:03,040 --> 00:38:06,210
go ahead and take a screenshot of this episode on your
1288
00:38:06,210 --> 00:38:09,510
phone and post it up there on your Instagram stories and
1289
00:38:09,510 --> 00:38:12,030
be sure to tag us at hair of the dog academy.
1290
00:38:12,330 --> 00:38:15,900
And we would just love to see how you're listening and
1291
00:38:15,900 --> 00:38:17,010
a full disclosure.
1292
00:38:17,160 --> 00:38:20,580
Sometimes we just like to give away a little pet photographer,
1293
00:38:20,580 --> 00:38:24,420
swag in the form of hair of the dog t-shirts and
1294
00:38:24,420 --> 00:38:27,270
sweatshirts. So what are you waiting for?
1295
00:38:27,600 --> 00:38:30,690
Go ahead and share that screenshot of this episode.
1296
00:38:30,960 --> 00:38:33,120
And don't forget to tag us at hair of the dog
1297
00:38:33,120 --> 00:38:34,890
academy. And while you're,
1298
00:38:35,710 --> 00:38:37,960
maybe you want to jump on over to our account and
1299
00:38:37,960 --> 00:38:41,200
see what we're up to on the gram would love to
1300
00:38:41,200 --> 00:38:41,950
connect with you.
1301
00:38:42,820 --> 00:38:45,100
Thanks for listening to the hair of the dog podcast.
1302
00:38:45,400 --> 00:38:47,830
This was episode number 1 25.
1303
00:38:47,830 --> 00:38:49,780
If you want to check out the show notes for access
1304
00:38:49,780 --> 00:38:52,120
to any of the resources that we mentioned,
1305
00:38:52,120 --> 00:38:57,160
simply go to www.hairofthedogacademy.com/
1306
00:38:58,360 --> 00:38:59,320
1, 2 5.
1307
00:38:59,320 --> 00:39:01,930
Thanks for listening to this episode of hair of the dog
1308
00:39:01,330 --> 00:39:03,790
podcast. If you enjoyed this show,
1309
00:39:03,820 --> 00:39:05,530
please take a minute to leave a review.
1310
00:39:05,740 --> 00:39:06,640
And while you're there,
1311
00:39:06,790 --> 00:39:08,140
don't forget to subscribe.
1312
00:39:08,200 --> 00:39:11,650
So you don't miss our upcoming episodes on last thing,
1313
00:39:12,040 --> 00:39:14,710
if you are ready to dive into more resources,
1314
00:39:15,010 --> 00:39:20,380
head over to our website@wwwdothairofthedogacademy.com.
1315
00:39:20,710 --> 00:39:23,920
Thanks for being a part of this pet photography community.