In each newsletter we will spotlight a small business/entrepreneur where we get to learn about their business and about their experiences handling the financial aspects of their small business – from bookkeeping to taxes – and what works or doesn’t work for them as they continue to grow their business.
Our featured business for this newsletter issues is Four Bees Photography. A Toronto based photographer that specializes in “honouring the journey into parenthood”.
1. Carrie, for those who don’t know you, please tell us about your business:
I’m a photographer. I capture the fleeting moments that we so desperately want to hang on to, but that biology forces us to forget. The Four Bees (Bs) of Four Bees Photography are Bellies, Birth, Babies and Breastfeeding. My business is mainly babies and their mamas.
2. As a photographer, how do you handle your financial paperwork and bookkeeping?
My financial paperwork and bookkeeping is pretty haphazard. I do have a filing box that I toss most of my expense receipts into with the intention of spending at least one day a month calculating totals. Does it happen every month? No.
3. What has been, or continues to be, your biggest challenge with your business bookkeeping?
My complete and utter lack of desire to do anything bookkeeping related. I have some sort of block about it.
4. Do you have any words of wisdom with respect to business finances that you would like to share that you’ve learned through your own experiences with managing your business’ books?
et help. As a creative person, letting finances and bookkeeping bog you down can be crippling. It can amount to hours and days wasted NOT doing what you love. Delegate this to someone who has a better grasp on it. It will also hold you accountable if there’s someone else involved in the process. I can’t tell you what a relief it is to me that Susan will be helping out me out with my some of my bookkeeping this year.
5. What would you have liked to have known about managing your finances before you started your business? Do you think it would have changed how you operate now?
Running a business costs a lot of money. Even businesses like mine with relatively low overhead, there’s so many little things. I’m so reliant on technology, that budgeting for maintenance of computers and cameras is important. Also there’s little things that I didn’t think of. For instance, I wish I had budgeted for childcare, because with two young kids not having childcare makes it very difficult to get any work done, which in turn makes it hard to make money. It’s a vicious cycle. I really believed it was something I could do with my kids around, but I’ve found out the hard way that toddlers and preschoolers demand far too much attention to do anything effectively and without distraction.