It’s your money and it is vital that you manage it well
“Money is the life line of your business and when it is gone, you could be out of business.” Furthermore, it takes money to start a business and it takes money to maintain the business. Moreover, that is why I want to inspire you to Master Your Accounting Skills.
Do you plan to have an Accountant or do you manage your own money? Many business owners choose to have an accountant because they are not good at managing money, however, if you want to save your self some money; you must become a mastermind at Accounting.
My thoughts on having an Accountant: I have decided that an Accountant is necessary in the event you meed an outside audit or if you have multiple locations. Also, if you plan to have multiple locations, it is vital that you have an accountant to monitor your book keeping practices.
To find out how to master your accounting skills or for more Business Management tips, be sure to subscribe to my 21-day (Going to Another Level) Mastermind Mind eCourse. Click here
The way that you manage your money is closely related to the quality of your business.
According The Houston Chronicle, managing the quality of your business must be a priority. Moreover, having quality Administrative practices is a vital part of operating a high quality childcare Business.
In the article: Quality Administrative Practices, Brandon Pickard of Demand media listed Polices and procedures as a sign of a Quality Business. Pickard describes the following as quality administrative practices:
Establish policies and procedures to help maintain quality business practices. They usually consist of seven sections:
- Revision history
- Persons affected
- Responsibilities and procedures
For example, it is vital that you develop money management policies. In fact, the way that you manage your money is closely related to the quality of your business.
Furthermore, it takes money to build a Quality Child Care Business. So, be sure to have a system in place that describes the following:
- When payments are due
- Who is authorized to collects payments
- Who is authorized to make bank deposits
- Guidelines for a monthly budget
- Designate who is authorized to make purchases or sign checks
- Collection or Bad Debt procedures
- How to handle Late fees (in the event parents are late making payments)
For more money management or administrative coaching, join me in the Center Owner eclub or the Family Home Child Care Empowerment Club.
Need some personalized assistance with your money management policies? Contact me today for a one-on-one coaching session!
With your Success in mind…