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

Posts tagged ‘childcare business management’

Hand Written or Computer Generated Receipts?

receipt bookWhen parents pay you for child care services, they will expect to receive a receipt for tax purposes in a timely manner.

Furthermore, it is vital that you are diligent about collecting payments on time, issuing receipts for payments and documenting your business income.

There are two ways that you can issue payment receipts and they are as follows:

  • Purchase a receipt book for less than $3.00 at your local office supply store and give parents hand written receipts for their weekly or monthly child care payments
  • If you enter your tuition payments into a financial software, you can also issue computerized receipts

 

I have implemented both methods of issuing receipts and I strongly recommend that you use the method that works best for you.

Be sure to include the dates of service that the family is paying for, the child’s name, parents name and write your business name on the receipt. Also, if you are using a receipt book, be sure to purchase a receipt book that contains a carbon copy.

A computerized receipt is more professional looking, however, please note that you may use more printer ink.  Collecting payments and issuing receipts, is a vital part of your tuition collection process.

Tip: When issuing receipts, be sure to attach a copy of your tuition policy, to be sure that parents are well informed of your Tuition Policies. For more Tuition Collection tips, sign-up for the 5-Day Tuition Policy make-over eCourse.

Which method do you prefer to use; Hand written or Computerized Receipts? Leave your comment below:

Til Next Time……

Shiketa

Category:

Accounting, Business Management, Policies, Tuition

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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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