In this guide, we’re covering how to manage your bookkeeping and accounting like a pro so you can spend less time in the daycare accounting spreadsheets and more time doing what you love. With the Time Tracking tab on FreshBooks, you can keep track of how long you’re watching children each day, or babysitting then bill accordingly. When the day is over you can generate an invoice with just a few simple clicks, or create the invoice at the end of the week with the total time of each day.

Effortlessly Manage and Collaborate with Your Team

This can help simplify billing and payment processes for parents, reducing the administrative burden on daycare staff. Using child care management software streamlines your  operations, reduces your workload and minimizes the chances of billing bookkeeping inaccuracies. It also delivers on crucial security measures, keeping sensitive information safe while providing data-driven insights that inform business decisions.

• In addition to that, it offers sales order management, which FreshBooks lacks.
• The application is so easy to use and the support team is always available to help address questions and issues.
• 82% of parents say that improved communication with their child’s caregiver is the most significant benefit of using a childcare app.
• Procare has a robust set of accounting capabilities that ease the burdens of managing these financial details.
• This remarkable resource offers a wide range of beneficial features, including inventory management, sales tracking, and tax calculation.

Easiest app to manage childcare Billing and Daycare Payments

• It is designed specifically for childcare businesses, making it easier to manage your finances and focus on providing quality care.
• Simplify collections with secure, automated in-app payments designed specifically for preschool and daycare centers.
• Stay connected with parents and staff through child updates, activity milestones, and real-time chat, all within Parachute.
• Packed with features for daycare accounting, this product saves you hours of work every week by keeping your management tasks organized and simplifying reporting.
• This monitoring capability can be configured by room, day parts or for specific time allotments.
• MyKidReports allows easy integration with QuickBooks, letting you sync payment information with a few clicks.

If you would rather focus on what you do best – serving children and families – consider outsourcing your bookkeeping and accounting. Start by getting a price estimate through my new quote calculator, and then if you’d like to proceed, schedule a quick call so I can answer your questions and get everything finalized. I can take this over for you in less than a week, giving you back your time and allowing you to rest easy on your days off, knowing your accounting is in good hands. One additional item I should note is that for in-home daycares, business use Partnership Accounting of the home is deductible to a greater extent than other types of at-home businesses!

Pay Quarterly Estimated Taxes

Manage your center on the go and keep parents engaged wherever they are. 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. To calculate your gross margin, you need to know the total costs involved in providing your service—your cost of goods sold (COGS).

By providing a convenient and secure payment method, childcare centers can enhance their cash flow, reduce the risk of errors or delays in payment processing, and offer greater convenience to parents. LifeCubby is a daycare accounting software that helps you track your income and expenses and provide you with a plethora of other features. You can set up your own business and track every expense imaginable, from payroll to class fees, without ever leaving the app. This robust child care management software has a host of additional capabilities that are essential for child care centers, before and after school programs and youth organizations. Keeping track of all of these numbers for your child care center isn’t always easy, which is why you’ll want to have an organized accounting system.

• Many providers offer free trials, allowing you to test features before committing.
• While you love what you do, getting paid for your hard work is also a benefit of being a child care business owner.
• Some platforms charge extra for additional users, which can become expensive as your business grows.
• It also calculates sales tax, VAT, and other tax obligations based on your location.

In addition to managing the many children in your care, managing your staff is also an important component of running your business. Your staff members form the heart of your center or school and you want to do everything you can to help make them the best educators they can be. With comprehensive staff management features, you’ll save time on tasks like payroll and scheduling while easily monitoring staff-to-child ratios. Daycare accounting software allows you to track and manage all aspects of your daycare business, including payments, scheduling, and payroll.

You may need to manage subsidy payments from agencies like DHS, DFACS, DCFS or Head Start. Your program may also participate in the USDA Child and Adult Care Food Program. Procare can help you keep track of all this information so that you have a true understanding of revenues and expenses to make profitable business decisions. Predicting future enrollment based on your capacity is also essential to better plan for your growth and Procare can do that for you. Daycare accounting software lets you easily generate invoices, track payments, and manage outstanding balances.