Regularly review your expenses to identify areas where costs can be controlled or reduced. Negotiate with suppliers for better rates, seek cost-effective alternatives for supplies, and implement energy-saving measures to reduce utility costs. Efficient cost management will contribute to your daycare’s financial stability. Tell us about your experience in the comments section below and help other home providers with their search.

Receiving Payments

• Modern digital tools have significantly eased the bookkeeping process, making it more accessible and efficient for businesses of all sizes.
• Accounting is the interpretation and presentation of that financial data, including aspects such as tax returns, auditing and analyzing performance.
• Single-entry bookkeeping records only one side of a transaction, typically the money going out.
• It’s essential to create a clear distinction between your personal and daycare business finances.
• You’ll need to talk with an accountant or tax specialist to find out how to properly categorize and deduct your expenses.
• In today’s child care environment, tracking information like attendance, ratios, enrollments, meals, health checks and authorized pick-ups has never been more important.

You’ll need to talk with an accountant or tax specialist to find out how to properly categorize and deduct your expenses. Digitally managing all these important details of your business makes life easier and leaves little room for missed payments. If you plan to operate as an LLC (limited liability company), you need a business bank account to guarantee legal separation between you and your business. This protects you and your assets (such as your savings, car, and home) in the event of any lawsuits. You will want to reconcile these transactions with what you have in your accounting software so you can take note of and address any discrepancies. Every month your bank will send you a statement that includes your business revenue and expenses.

• Manual reconciliation processes are prone to errors and can be extremely time-consuming.
• It takes into account all the  variables in childcare invoicing – from differing attendance patterns to varied fee structures – and simplifies them into an easy-to-manage process.
• All of this talk about accounting and finances and we haven’t even touched upon your personal budget.
• With a digital billing software at your disposal, you can set up a repetitive instalment plan for families.
• To get paid for your childcare services, you need a way to send detailed, professional invoices.

Resources for Your Growing Business

When you can’t seem to reach new business goals, you need to look at previous years to make adjustments. Talk with a friendly Procare expert to get a tailored child care solution for the unique needs childcare accounting of your business. Working with a professional may end up being the more affordable option when you consider how much you might save by maximizing your tax deductions and avoiding costly mistakes.

Child Care Accounting for Centers, Schools, Programs & Families

We do not figure accounts or depend on spreadsheets, or even correct data entry. I really enjoy this program as it does all things we need to do throughout our day. Attendance, payroll, communication to parents, to name just a few. Making an invoice recurring in KidKare Accounting is as easy as ticking a box. You can set invoices to be sent every week, every other week, or every month.

Bookkeeping is when you organize and track all of your business finances. Accounting is when someone interprets and represents all the financial data tracked. Manage payments from agencies like DHS, DFACS, DCFS, Head Start and similar programs for subsidized child care programs. You’ll know how much is owed from each family and agency and can easily monitor outstanding balances from prior months.

Easily track which children and staff are signed in, get a separate sign-in screen, and manage your attendance with one glance. Online payments are expected of every business, no matter its size. Accepting only cash and checks limit your ability to grow and attract new customers.

Maintaining a clear and organized financial system is crucial, from budgeting to tracking expenses and revenue. In this blog, we will provide a comprehensive guide on how to effectively manage and track finances for your daycare business, ensuring financial stability and growth. Procare understands the importance of your role in managing a center, daycare or school. Running a child care business requires the completion of many forms and signed documents.

Access a Broad Range of Bookkeeping and Accounting Capabilities