The one simple system that will change your business

Hey guys, it's Katie Emanuelson here, and in my first ever video, I want to talk about the worst thing about being in the photography business: TAX SEASON!! As a business owner, paying taxes is inevitable, and it can be a daunting task.

Watch below and learn about my personal experience with the growing pains of getting my LLC started and reporting business taxes for the first time.

Following a strategy taught in the book, "Profit First" by Mike Michalowicz, has been it total game changer for my small business! This book helped me understand the importance of setting up separate bank accounts for taxes, profit, salary, and operating expenses.

This simple concept can make a significant difference in your business. Check out the video for more details!

Click Below For My Quick Tutorial

Here’s How I Break It Down & Allocate Mine

Bank Account #1: Income Account : 100% of total EARNINGS

(Then I break this bank account down into 4 smaller accounts that each serve a different purpose).

Bank Account #2: Profit Account —> 10% of Total Earnings

Bank Account #3 : Operating Expenses —> 20% of Total Earnings

Bank Account #4: Salary —> 40% of Total Earnings

Bank Account #5 : Taxes —> 30% of Total Earnings

Balance your books EVERY MONTH - this is key you guys! Then, transfer your allocations into each account accordingly. These percentages work for me and my personal expenses/tax bracket/income needs, but please make sure to work out the math to ensure you have the correct percentages you need in each account!

I’d LOVE to hear your questions + feedback if you’ve already read this book or follow a similar method!