Inspirational and Empowering Child Care Business Owners To Build Successful Child Care Businesses

Archive for the ‘Business Management’ Category

Year End Tax Tips For Child Care Providers

Photo by Karola G on Pexels.com

Can you believe that we are already in the last week of the month of November? This year has gone by so fast and I can hardly believe that the month of December is less than 7-days away.

At this time of the year, I can’t help but to think about how to get ready for a new business year. In fact, I just finished printing my profit and loss report for the month of November and I created my budget for the month of December. As I prepared my new budget, I thought about what I needed to do to get ready for my 2025 taxes.

Also, before we close the center for our Christmas break at the end of December, I will start preparing expense folders for 2026. Don’t get me wrong, I look forward to lots of holiday cheer, however, I find that this is a good time to get prepared for a new tax season.

Today I am going to share with you five things that I do at the end of each year to get ready and organized for the next tax season:

  1. Be sure that you have entered all your business expenses into a financial software. This will make it easier for you to print an annual profit and loss report.
  2. Enter all of your income into a financial software to be sure that all of your income is accounted for. I use Procare to track income that I receive from parents, and I use Bookkeeper to enter food program income and other streams of income for my center.
  3. I file receipts in folders that are marked with the name of each business expense and the current business year.
  4. Be sure to keep all payroll reports in a 3-ring binder to be sure that you have accurate payroll totals for the year. I use Paychex Payroll services, and I love that I receive payroll reports with each payroll service. Payroll can be close to 50% of your business expenses and you definitely want to account for all payroll expenses.
  5. If you are planning to have holiday parties or events, be sure to enter the expenses into your financial software program. Staff Christmas parties, gifts that you buy for your staff, students and parents are all tax deductible. Be sure to save those receipts.

This was just a small list of things that I do at the end of the year to get ready for the upcoming tax season and it has been helping me to get organized for the upcoming tax season.

Happy Holidays to you and Continued Success to you!

Dr. Shiketa Morgan

New Book Coming Soon!

Category:

Accounting, Business Management, Child Care Center, Family Child Care

Tagged with:

Planning for a Successful Business Week

“If you fail to plan, you plan to fail.”

A Successful Business week begins with a Plan. In fact, I have found that if you want to have a successful business week, you must find the time to set your intentions for the week through planning.

One of the things that I consistently share with my coaching clients is to get a Planner and plan each business week.

This has been a habit of mine for the past 26 years. In fact, I have found that if I do not plan, I’m all over the place the entire week and many of my goals are left unmet.

However, if I take the time to write down my goals and set my priorities at the top of the week, I usually meet my goals.

This week, I simply want to inspire you to be intentional about having a successful business week and focusing more on your top priorities.

6 steps to planning for a successful business week:

  1. Purchase a business planner
  2. Take about 20 minutes at the top of the week and write down what you plan to achieve for the week.
  3. Write down three goals to achieve every day and focus mostly on that.
  4. Be intentional about being grateful for your business. Gratitude releases the flow of success.
  5. At the end of the week, assess what you have accomplished and celebrate!
  6. Repeat every week until you master the art of Planning for a Successful Business week!

Did this post inspire you in any way? Do you typically plan your business week? If so, leave your comment below. Also, I want to invite you to join my Gratitude Challenge.

Gratitude is a vital part of building a successful business, because it opens the door to more success! click here

To Your Success,

Dr. Shiketa Morgan

Grab my New Book, Success Habits.

Category:

Business Management, Leadership

Tagged with:

Tag Cloud