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

Archive for the ‘Record Keeping’ Category

Finish Strong Series Day 8: Get Organized For Your Taxes

Filing your Business taxes is a Big chore every year!

I know because I’ve been filing my own taxes for the last 16 years as a Business Owner.

In fact, I have found that when you are organized with your record keeping throughout the year; it makes it easier for you when it is time to file your taxes.

 

If you enter all of your income & expenses into a computerized accounting program; you have already made it easier on yourself.

However, if your record keeping is manual and in written form, you have a ton of work to do to get ready for the upcoming tax season.

Here is a strategy that has worked for me and it helps me to organized my receipts in categories. Create a folder for items that you can claim on your tax return, including:

  • Classroom materials and equipment
  • Gas
  • Employee incentives and events
  • Business Events
  • Professional Development
  • Food for the Children
  • Your Lunch Receipts
  • Massage and Medical appointments
  • Car or Van Expenses
  • Marketing Expenses
  • Office Supplies
  • Building maintenance or home repairs
  • Utilities
  • Cell phone bills (must be used for Business)

For more Tax preparation tips, Check out this blog post to get some record keeping ideas for 2016, click here.

I want to hear from you, be sure to share your thoughts and feedback with me about this blog series by posting on the Child Care Business Owner facebook page or tweeting me @ccarebusiness. Be sure to use hashtag #Finishstrong2015

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Your Coach,

Shiketa

Category:

Accounting, Record Keeping

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What You Should Know About Credit Card Information

credit card

Do you process credit card payments in your child care business? If so, be sure to read this entire blog post.

Several hours before writing this blog post, I was opening mail at my Child Care Center and came across my credit card processing statement. I noticed that there was a charge of $19.95 on my statement, so I called my credit card processing company.

The credit card processing representative explained to me that I was charged an extra fee, because I had failed to validate my Credit Card policy with them. Furthermore, she explained to me that if I took about five minutes to answer a few questions; the charge would be removed from my statement.

Moreover, after answering questions about my credit card processing policies, I was inspired to share with you; 5 ways to protect your customers/parents credit card information.

1. Create a policy that indicates who can accept credit card payments in your business.

2. Do not collect credit card information via text message or email.

3. Be sure that parents are aware of your  credit card processing policy.

4. If you keep credit card information on file, be sure to keep it locked away in a secure place.

5. Shred credit card information, if the transaction is a one-time payment.

When parents provide you with their credit card information, they trust that you will keep their information private and protect their account information.  So be sure to follow the steps above, to protect your business image and to protect parents credit card information.

I look forward to reading your comments below about this blog post!

Shiketa

Resource Article

Makeover Your Tuition Policy

Category:

Business Management, Record Keeping

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