Advice to Manage Business Finances

Hi Barkbees,

It's great to hear that you're using MYOB to manage your business finances as a destination wedding photographer. Here are few tips on how you can better categorise and manage your expenses.

Since you've varying costs like flights, accommodation, and equipment rentals, I recommend creating specific categories for each in your MYOB chart of accounts. This way, you can easily track and report on these separately.

For shoots and projects, consider setting up different jobs or projects within MYOB. This will help you allocate expenses and income to each event, providing better clarity on your profitability per project. 

To efficiently manage fluctuating expenses, consider using the Spend Money feature for one-time costs and setting up Recurring Transaction for regular expenses like equipment rentals.

If you frequently deal with clients or suppliers in different currencies, MYOB Business also has multi-currency features. You can set up foreign currency accounts to track payments and invoices more accurately.

Use MYOB's reporting and budgeting tools to analyse expenses over time and forecast future costs. This will give you insight into managing cash flow and planning your finances better.

Regards,

Sai