Photographers often get deposits months (and years) in advance, which is a blessing and a curse.   While it’s always great to have extra cash in your account, if part of the deposit is not put in escrow for future deliverable s like professional photobook , the danger lies in spending money that isn’t yours. This is especially true for Mitzvah’s which can give deposits up to 3 years in advance.

I’ve seen many photographers run into trouble with cash flow, as ultimately they’re on the hook to deliver professional photobook they can’t afford.   As a fellow business owner I understand how difficult it is to run your business when cash is tight, so make sure that while cash is plentiful, that you’re putting it aside for the “slow season”, while resisting the temptation to spend money that isn’t yours….yet.  It’s a good idea to get some advice from your Accountant as to how to account for these deposits so that you’re being fiscally responsible and compliant.

Custom Photo Albums by Zookbinders