Should I use Quickbooks for my photography business?
This is one of the biggest questions I get asked by photographers. In my professional opinion, the answer is…….Maybe.
Hopefully this answer doesn’t disappoint you. Let me try to break it down for you.
If you answer yes to the following questions, I would recommend using Quickbooks Online.
Do you currently make over $100k?
Do you plan to scale to $100k+ in the next few years?
Do you plan to outsource your bookkeeping in the next few years?
Do you currently or plan to work with a CPA?
Do you want to have access to insights that will help your business grow?
Are you willing to put some time into learning the platform (especially if you know it will give better insights into your business?
If yes, then Quickbooks Online is worth diving into. With Quickbooks Online, the reporting features are much more robust than the other options out there. If you’re building a serious business, you’re going to want the full capability of the reports that are offered.
You’ll be able to not only get organized and professional with your books, but you’ll be able to use those numbers to gain insights into your business. It’s also a standard used among many CPAs and bookkeepers. So when you do delegate, you’ll be ready to go.
If you answer yes to the following questions, I don’t think you need Quickbooks Online (unless you want to, then by all means go for it).
Is this a side business?
Do you currently make under $50k in sales?
Do you plan to stay under $50k-100k in yearly sales for the duration of your business?
Are your books fairly straightforward? i.e. one bank account, minimal expenses
Do you get intimidated about using Quickbooks?
Do you plan to keep doing your own books for the duration of your business?
If you answered yes to these questions, you probably don’t need Quickbooks. Consider using a CRM like Dubsado or Honeybook to track your finances. They aren’t nearly as robust as Quickbooks, but you might find that it’s just what you need.
Or use Quickbooks Self-Employed. This is actually a different product than Quickbooks Online. QBSE is designed for contractors or freelancers who have minimal expenses and maybe don’t even have a separate bank account. Again, it’s not nearly as robust as Quickbooks and I wouldn’t recommend it for a scaling business, but it might be right for you.
Find more tips like these in The Photographer’s Guide to Bookkeeping.