- Leslie Lynn Nifoussi
Get Quick and Easy Accounting Software - the post where your suspicion that I might be a nerd are co
Filing it under 'Things That You Don't Want To Do But You Have To Do...I spent most of my weekend purging and organizing my garage.
One stack of boxes in one corner of said garage was filled with years and years worth of paperwork.
My husband and I were the owners of two small businesses until 2016. The picture to the left was taken during a photo shoot inside one of those businesses - The Post Cafe in Wrightsville Beach, NC.
We accumulated at least 2 file boxes of important papers for each business and one box for our personal finances EVERY year. Multiply that over 12 years and...well...that's a lot.
As we were shuffling through a ton of paper, I realized that almost EVERY piece had my handwriting on it. Practically every invoice, check, pay stub, insurance form - all of it - passed through my hands. And 90% of that was entered into or processed from my reliable, easy-to-use accounting software. Right about now, you're thinking that my nerdiness knows no bounds. Well, you might be right.
But, listen up, cool kids because I have some advice for you. In order to run a small business, you need efficient and diligent accounting support. As a model, you are your business. You are the commodity. Your financial health is just as important as your physical appearance to keep this job going.
Take a look at these 5 small business accounting tips that will help you run your modeling business.
1. Get Comfortable Using Accounting Software
I like the Quickbooks Small Business online software. There's a handy app that goes with it that allows me to photograph receipts, automatically track mileage and create invoices for each job. It also lets me categorize my expenses into personal and business. When it's time to make a quarterly tax payment, the app reminds me to get on it.
2. Get and keep your receipts
Many of the daily things that you do are a function of running your business and may be tax write-offs. If you think something may be a write-off, make a note, keep the receipt and ask your accountant. If you're using accounting software, you should be able to take a picture of the receipt instead of keeping the hard copy.
3. Track Your Mileage
This function is automatic in my accounting software so all I have to do is categorize my trips as personal or business. Make sure this feature is turned on in your accounting app.
4. Create Invoices for Each Job
Maybe you have a better way, but I like to create (right in my accounting app) an invoice for each job that I do. I like to do this during downtime that I have on set so that I don't forget. This is a great way to make any notes about the job that you'd like to remember, as well. You can even send these invoices to your agents as a reminder for them to bill the client. What I also like about this habit is that I can see what receivables I have coming in, what is still outstanding and what is really aging. Which brings me to my next point...
5. Stay On Top of your Accounts Receivable
If you're not collecting your hard-earned funds, then who is? You absolutely must keep track of your accounts receivable and you have to stay on top of your agents to get paid. The industry norm is Net 90 so if you're receivables are aging past that, you've must stop reading this and start collecting what's yours! You cannot run a business without cash. Plain and simple. You need your money to keep this thing going. Need I say more?
With my small business background, degree in Finance and my natural tendency to be an organized nerd, this area is my specialty. Please feel free to email me questions about this topic - I'm not an accountant and my advice is not a substitute for one but I am chock full of info!
Let's get out there and have some accounting fun!!