To have a good financial record, you should prepare a number of logs which includes time, food auto, asset, and others. You should monitor your sources of income: private pay, government pay, grants, and food program. You have to keep track also on your financial statement (like cash flow, income statement), business analysis, and tax return.
Financial records are the basis in preparing financial statements. These financial statements are used in borrowing money from lending institutions. These reports also help you know the financial standing of your daycare. One kind of financial statement is the cash flow. Cash flow will indicate your daily expenses and it tells how liquid your daycare is. It also helps you know how much of your money goes to certain bill such as electric bill, water bill, telephone bill, and other expenses in your daycare. While in monitoring the business analysis, it will help you identifying in to what sector generates the most profits and which one is losing money. And for the tax returns, the detailed financial record will help you monitor all your expenditures and this will help you file you rebates. Having all these records, it will make things easier and organized for you in running your daycare.
Keeping records is very crucial and important in all aspects of you daycare. You have to update those records daily to keep you on track with all your records so that you would not be missing a lot of important information about the operation of your daycare. This will help you lessen a lot of paper works in the future, when you will need these documents. Thus, updating your records daily is a good practice to check the financial stability of your daycare.
Remember to keep all your receipts with proper headings for you to monitor your expenses or the payments you made because this will show you how much you spent for the month. Have a separate record if you have other businesses aside from your daycare for you to know the financial status for each business.
Make sure you have an organized record with proper label on each report. Just in case you need to review previous reports, you will have an easy access to them. Therefore, it is highly recommended to have a filing cabinet or safety deposit box for these important documents.
Daycare Forms Used in Running a Daycare
If you plan to open your own daycare, you must have some daycare forms to be filled up by the parents before you accept their children in your care. This will also serve as a contract between you and the parents. Reflected in the form are certain rules and regulations that parents and children must follow. This includes the rate of pay and date of payment. Do not accept a child if his parent refuses to sign the daycare form because you will be liable if the child gets hurt or sick in your care.
One common form used in daycare is the immunization record of the child. This form requires the parent to submit the immunization record of the child. Be sure that this record is updated and duly signed by an authorized doctor or pediatrician. Along with this form is the medical record whether the child has an allergy, asthma, or any disease which requires serious medical treatment. To avoid any problem in the future, this form must be properly filled up before you accept the child.
For more:
How to start a daycare business by OwnADaycare.com
