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Wedding Fundamentals Business & Finance
25:09 Duration
Financials
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I am looking to buy the new camera kit that you mentioned in Business Funding. Approximately how much should I save up before start buying the kit?
In the video Susan mentions that she highly suggests buying new or new-to-you gear cash – so save up 100% of what you need to buy it! 🙂 Happy shooting!
I hope everyone takes this amazing advice. 🙂 Susan is right on point!
Susan, I know I need to ask this of an accountant and I’m currently searching for good referrals, but I thought maybe you could answer this since I also live in New York state. I’m currently set up as a Sole Prop, do I need to keep my business and personal funds separated as strictly as you do with an LLC? I’m just confused as of right now what I should and shouldn’t do when it comes to paying off personal credit cards with business funds. I know, I know…talk to an accountant and I definitely will 😛 If you can shoot me your advice in the meantime I would appreciate it. Thanks!!
Hi Jeb! I’m an accountant in the school too. While you don’t have to separate your finances as a sole prop, its good business practice to (and it makes it easier on your accountant too! haha) However, if you just keep very detailed spreadsheets of your income/expenses you will be ok if you only have one bank account. But yes, definitely find yourself an accountant to work with!
You do have to talk to an accountant! 🙂 I don’t do anything that co-mingles my business and personal funds without talking to mine. Please also understand that we can advise you what to do, but we are NOT legally qualified in any way to give advice that would count as professional legal or financially valid. I can just provide my experiences, and what has been told to me by my team, and urge you to seek out professional help in your own area! 🙂