Year-End Financial Review

By creavio Team April 10, 2026 1 views

Year-End Financial Review

The end of the year is when you assess whether your photography business actually made money. Not just revenue. Actual profit after expenses, taxes, and the cost of running your operation. creavio's financial reports give you the full picture.

Revenue Report

Go to Money > Reports and select the Revenue Report. Set the date range to January 1 through December 31. This shows:

  • Total revenue: All invoices paid during the year
  • Revenue by month: Monthly trend line showing your busy and slow seasons
  • Revenue by session type: Weddings vs. portraits vs. commercial vs. events
  • Average booking value: Total revenue divided by number of bookings
  • Top clients: Ranked by total spend

Expense Report

Select the Expense Report for the same date range. This shows:

  • Total expenses: All tracked expenses for the year
  • Expenses by category: Gear, software, travel, marketing, etc.
  • Monthly expense trend: Where your spending spikes
  • Largest expenses: Top individual purchases

Make sure all expenses are entered before running this report. Check your bank statements against creavio's expense log. Missing a $2,000 lens purchase is a $500+ tax deduction you are leaving on the table.

Profit and Loss

The Profit & Loss report subtracts total expenses from total revenue. This is your net income before taxes. It also shows:

  • Profit margin: Net income as a percentage of revenue. A healthy photography business runs at 40-60% profit margin.
  • Cost of goods sold: Direct costs like prints, albums, and subcontractors
  • Operating expenses: Overhead like software, insurance, studio rent

If your profit margin is below 30%, look at your pricing. Either your rates are too low or your expenses are too high.

Top Clients Analysis

Your top 10 clients by revenue tell a story. Ask yourself:

  • Are these the clients you want more of?
  • What is the average lifetime value of a client?
  • How many were referrals vs. marketing-acquired?
  • Which session types generate the highest per-hour revenue?

This analysis should inform your marketing strategy for the coming year. Double down on the client types that pay well and bring joy. Phase out the ones that do not.

Preparing for Your Accountant

Export three reports for tax season:

  1. Revenue report (CSV) — matches your 1099-K from Stripe
  2. Expense report (CSV) — categorized deductions
  3. Profit & loss summary (PDF) — overview for your CPA

Your accountant will also need your Stripe 1099-K (available in your Stripe dashboard in January) and records of any cash or check payments not processed through Stripe.

Setting Next Year's Goals

Use this year's data to set realistic targets:

  • Revenue goal: Last year's revenue plus your desired growth rate
  • Booking goal: Revenue goal divided by average booking value
  • Pricing adjustment: Do your rates need to increase?
  • Expense budget: Where can you cut waste?
  • Investment plan: What gear, education, or marketing will drive growth?

Write these goals down. Revisit them quarterly. A business without targets is a hobby.