Create Your Wedding Photography Invoice for Accounting Effortlessly

Wedding photography invoice for Accounting

hey if you're looking to start a wedding videography or photography business and you need a set of financial projections for a potential investor or lender and then you've come to the right place because we have built a financial projection template spreadsheet built specifically for photography and videography businesses that do weddings now we include other services other photography and videography Services as well but because you're doing weddings there are some very unique uh forecasting cash flow and just Financial modeling aspects to that with your customer deposits and how you take deposits well in advance that really make the process of creating projections for this type of business pretty pretty complex I mean we've tried to make this as simple as possible for you and so I'm going to walk you through how to fill out this template and how to create a five-year forecast for your for your business but a little bit of background first my name is Adam hooksema I'm the co-founder of projection hub and over the last decade we've helped over 50 000 entrepreneurs create Financial projections for all sorts of different Industries and businesses and really today we're going to focus on this wedding specific photography or videography business template all right so with that let's go ahead and dive in just see how it works okay so I'm starting at the at a glance tab here this is kind of the end of the process you'll get to see lots of different charts and graphs profit and loss at a glance your annual sales net profit to just see whether if you are in the wedding business you're going to have very seasonal cash flows most likely and so you get to see that in graph form a use of startup funds graph and some tables you'll also get a five-year income statement summary a five-year cash flow summary and a five-year balance sheet summary then an income statement cash flow and balance sheet forecast for each of the five years broken down by month so there's a lot of detail here this is going to be helpful for you if you're trying to apply for a bank loan particularly or just trying to forecast your cash flow and out into future months so with that we'll go over to our input assumptions Tab and this is the the beginning of the assumptions that we need to fill out in order to produce a set of forecasts for you all right so we've got our company name we've got a start month of January 1st 2023 we're saying we have a starting cash balance so maybe you're already operating yet you have a starting cash balance of fifty thousand dollars maybe you initially invested a hundred thousand dollars um maybe between you and partners to get the business started so you can enter that there maybe you have a studio that you're renting out and you did some leasehold improvements to that studio and so if you paid for those leasehold improvements you'd enter those in here in the fixed asset section so we have as an example 60 000 in leasehold improvements 15 000 in photography equipment um purchased in month one and then you can see additional photography equipment of fifteen thousand purchased in month 13. so the idea here could be you know maybe you start the business you've just got one team right maybe it's just you but then out in future future years you might want to add a second a second team so that you can do uh you know two weddings a day during the busy season right and so you could continue to add additional kind of sets of equipment for additional teams as you grow maybe you're also getting an SBA loan of 50 000 to help with the startup cost for your equipment and build out all right so now let's go to the import Revenue tab now this is a bit of a beast um so so hang with me um hopefully this is going to make sense and also I'll just mention now that uh we aren't available to help um so reach out to us with questions at support projectionhub.com and we'll be happy to help answer your questions um all right so I'm gonna get into this so at the top here we have the ability to just kind of apply an increase in our our prices for our different Services here on an annual basis we're also going to need to set up kind of the seasonality of the business particularly for the wedding so we've got the ability to add a peak season spring and fall and off season is what we're calling it and then you want to set your different months here and select whether they're off season Springer fall or peak season the reason we need to set up these different seasons is because we have the ability to set different price points for different seasons so for example you're you know a wedding video or a wedding photography package in during peak season you're probably going to charge a higher price than what you might charge during you know January when things are really slow so that's what we the reason we're having you set all this up and all these assumptions is so that you can set your prices here and and also there's even within the peak season there's also kind of peak days right so Friday might be one price point Saturday might be more expensive then Friday and Sunday and then a weekday wedding would you know probably be maybe the cheapest option right because it's it's really off peak so um the next thing we'll want to do is kind of build out our photography team so again if you only if it's just you um then all you really need is team a but if you're going to have multiple teams so you can do multiple weddings at once uh or you're going to add teams in the future so you'll you have the start month here so you're saying hey we're going to add team C in month 18 as an example here um all right so we've got the team a b and c we've got the ability to enter in contractor pay per wedding for those teams so I've got 500 in here for contractor pay per wedding because maybe maybe team a is is you right and you're and you're the main shooter but maybe you hire a second shooter as a contractor um to join your team so maybe you have a lead photographer that's a salaried position perhaps and then um a second shooter that is uh that is a contractor right so that's what you could enter in here here what you want to enter in is the rough estimate so we call it rough estimate of the number of weddings per month that the team will be able to to do or this is not necessarily Your Capacity this is how many you think you'll you'll actually do okay so I'm thinking team a maybe this is you as the owner you think peak season you're going to do eight weddings in the peak season four in the spring and Fallen three in the off season on on the average month all right um okay so once we have all of those assumptions filled out um there's there's now the ability to see how many uh how many weddings we think we're going to do you'll see the number of total teams available and then you'll see the number of weddings you can actually enter in the number of weddings that you expect to do and you'll want to enter and enter them in as a you know a Friday wedding a Saturday wedding Sunday wedding or weekday wedding and it's important to you know make sure you get those assumptions entered in there correctly because it makes a difference on the price right we're charging 3200 up here for Saturday wedding so you you don't want to put um yeah you just want to make sure you get those in the right in the right buckets right so this is for the month of January 2023 we think we're going to do two Saturday weddings and one Sunday wedding all right all right and so now uh the next bit of complexity is we want to try to say okay which team is shooting those weddings and so you'll want to uh you'll want to look through here and and just make sure that you have if you have three total weddings you need to have three total wedding team assignments at least right now we have the concept that maybe maybe some weddings are going to require two teams maybe that's a package that you offer or something where you're actually going to have two teams there and so just as an example in this month we have seven wedding team wedding assignments but we only have five weddings so it's okay to actually have more wedding assignments and you have weddings here listed um probably probably the way you're going to want to fill this out is that you just make sure that the total number of weddings there's three total weddings you've got three total wedding team assignments but I just want you to be aware to look at these two numbers make sure that at least you have a assignments for at least the number of weddings you have forecasted here because that's going to based on those assignments that is going to determine your total wedding contractor compensation all right we're getting close to finishing up the assumptions for weddings here um we've got now cash flow considerations um so typically you're probably going to take a deposit sometime in advance probably you know many months in advance so we're saying on average we're going to take a deposit for a wedding nine months in advance and we're going to collect a 40 deposit and then if you have any deposits as of the date that you're create starting these projections you can enter that here so this is kind of like your current deposits before you even started the projections and then once to book year one this is just how how long do we expect it to take to kind of book your first year of your forecast and we're saying that you're going to be fully booked for the year uh by month three Okay so all that is going to allow us to calculate our Revenue um and what the cash that's actually collected and that's what makes this complex for photographers and videographers is that you might be really busy with work in the summer you might generate the most cash in the fall in the winter when people are paying you deposits for the wet those weddings uh in in the future so the work in the cash flow don't necessarily align and that's why it's actually helpful to go through this exercise and try to model out what you think is going to happen and make sure the business cash flows right all right so that's everything for weddings now we have the ability to add in additional photography or videography services so you can do things like senior portraits family portraits you basically you can set up the service type the type of service you're providing the number of that of that service that you expect to provide each month so we're saying hey we're in month six and June we're going to do 10 senior portrait services and then down here you'll be able to select your different or create your different packages so let's say for a senior portrait we've got a basic and a deluxe senior portrait we select the service type here as a senior portrait and then the thing I want to point out here is that you need to select what percentage of your services of that of that particular of the basic senior portrait what percentage um does this line item represent of that total service type so we've got two senior portrait services and we're saying that 50 of people that buy senior portraits will get the basic 50 will get the deluxe for those that buy family portraits ten percent will get newborn portrait offering ninety percent will get the family photos now for our engagement service let's say we only have one offering so all 100 of people that buy this engagement photo offering are getting this particular offering right there we're not splitting it between different service types and the same thing with corporate so hopefully that makes some sense again feel free to to reach out if you have questions and and okay so we have uh cash flow considerations uh that we built in with these other services as well um you may have already accepted deposits for some of these other services and you can set here for each service type what percentage of deposit you're you're going to require and how many months in advance you're typically going to get that deposit so for senior portraits maybe that's really popular and we book out way in advance of six months in advance we were fully booked and we collect a 50 deposit so that's what that's saying all right the last bit of Revenue here is product sales so once we have all these Services we we can say Okay um how many orders per wedding will will people order products so what we're saying here is that for the average wedding there's going to be three product orders and in the average product order there's going to be 0.8 photo books point five framed portraits and 25 prints and the average wedding order for our products we can set the different Revenue per unit and cost of goods sold for each of those products so for example what we mean by saying 0.5 with the framed portrait that would mean that essentially half of the people that place an order for products for a wedding or for senior portraits or family portraits for any of your services 0.5 are going to get a frame portrait all right so that's that's what you want to be thinking about here all right I told you there's a lot here um I think we have gone through the key aspects of the revenue model here so it gets much easier from here on the input other expenses tab we just have your different operating expenses that you might have these are just examples you'll need to do your own research on what you expect for your actual you know scenario your situation but you can enter in your expenses as a fixed dollar amount or a percentage of total revenue or percentage of wedding revenue or product sale Revenue so an example here of entering in a an expense as a percentage of Revenue could be a transaction fee so let's say most of the time you charge customers with credit card if that's the case credit card processing fee of two to three percent and so for a two percent fee we would enter that in as .02 and select total revenue from the drop down and the model is going to automatically calculate a and add a two percent transaction or credit card fee percentage expense now on to our salaries tab we can enter in our different photographers or videographers that our employees and entering those as salary positions you can select what month those employees are going to start and the number of those employees that you have and then if you have other employees Assistance or receptionist office manager business manager that sort of thing you can enter in those assumptions here as well in start month and so on all right that brings us all the way back to our profit loss at a glance and kind of the final the final deliverable here you'll see a lot of data here that you'll be able to look at you'll be able to see here whether you're profitable you'll see here in 2025 we actually dip to a net loss that's because we brought on extra employees in that in that time frame and so that extra expense runs down to net loss in this example right okay as a thank you for sticking around to the very end of this we're going to offer a discount code so we have put a a link to this template in the description of the video below and also a link to our coupon code form so you fill out the form and then we're going to email you a coupon code where you can get a discount during checkout when you buy this template and again if you have any questions at all please reach out to us and we'll do our best to help reach out at support projectionhome.com and best of luck as you get to work on this all right thanks