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Simple Strategies For Maintaining Receipts and Financial Records


The year was 1998 and I was only caring for one child. In fact, having one child enrolled, only brought in over $300 a month in income for my childcare business. That was not very much money to manage, however, it was a humble beginning and a start to managing income and expenses in my business.  Moreover, as the business grew, I realized the importance of managing my income and expenses.

In the start-up days of my childcare business,  I maintained my business expenses on a hand written ledger and I must say that I am so grateful for financial software today!

Over the years, I realized that if you did not keep a close eye on the financial status of your business and maintain your records, that you will not be prepared at tax time.

I am going to share with you six practical ways to maintain your receipts and financial records:

  1. Create folders for Business Income, Car expenses, food expenses, payroll taxes, credit card payments, utilities, classroom expenses, maintenance,etc. I think you get the picture. This system is great, in the event you need to review your expenses.
  2. Schedule a time once a week to enter your income and expenses into a computerized financial software program. When you enter receipts into the computer, the computer does the calculating and generates financial reports for you.
  3. Back-up financial records to a back-up hard drive. In the event of a computer, you will not be at risk of losing your financial records.
  4. Keep Financial Records for at least 10 years in the event of an Audit.
  5. Review your bank statements at least once a month, to assure that you have deducted  every possible business expense. This is a great way to find more expenses.
  6. Keep Your Payroll and Tax Return Records in a Locked file cabinet. This protects your employees identity and assures that no one has access to your tax information.

I look forward to your feedback on the record keeping strategies in this post. Be sure to leave your comment below.

Shiketa

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Category:

Business Management, Finances, Record Keeping, Taxes

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Are You In Compliance with the e-Verify System?

About a year ago, I received a notice in the mail from the Government that informed me that my childcare business was required to verify that my employees were not illegal immigrants. Moreover, the letter indicated that I was required to register my company with e-verify.

After reading the letter, I thought: ” Oh boy one more thing to do!”  Then I thought about the immigration problems that our country was having and I completely understood the reason for the e-verify system.

What is e-Verify?

E-Verify is an Internet-based system that compares information from an employee’s Form I-9, Employment Eligibility Verification, to data from U.S. Department of Homeland Security and Social Security Administration records to confirm employment eligibility.

Does Your childcare business receive funds from the government?

If your childcare business receives funds from the government, it is vital that you register your employees with e-verify, because it is the Law and you do not want to risk losing any government funding.

What I recently discovered about the e-verify system

First of all, I want to be the first to admit to you that I was slacking with this system, however, all of my employees are now e-verified and I am in compliance with the law. Furthermore, I am writing this blog post to share with you three things that I recently discovered after reviewing the e-verify tutorial online:

  • You must conduct a e-verify within 3 days of hiring a new employee
  • You must print and post the following posters : E-Verify Participation Poster and The Right to Work Poster in your business
  • It is the Law! I thought that it was a requirement for businesses receiving government funs only.

You may already be complying with this law and if so, great job. If not, visit the e-verify site today, so that you are in compliance with Employment Eligibility Laws.

For more information on the e-Verify Law, click here

What are your thoughts about the e-verify system? Feel free to share your thoughts by leaving a comment below.

Shiketa

Category:

Business Management, Employee Management, Work Place Laws

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