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

Posts tagged ‘tuition’

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

Do You Accept Checks in Your Child Care Business?

Do you accept checks as a form of payment in your child care business? If so, it is vital that you read this blog post very carefully. In fact, today I want to share some check writing policy tips with you that will protect your business cash flow.

I can remember how I felt when I received my first returned check about 10 year ago from a parent.  When I received the returned check notice from my bank, I was furious. In fact, I could hardly believe that a parent (who sees me everyday) would do such a thing.

Moreover, I can honestly say that 10 years ago I was only in the business of childcare about four years and was not quite sure how to approach a parent about a returned check.

Now…keep in mind; I was also upset about this issue and wanted to call the parent and speak the thoughts that were running through my mind.

After receiving my first returned check from a parent, I decided to create a check writing policy and I still implement that policy today in my Child Care Center.

Today I want to share with you, 5 simple check writing policies tips from my Tuition Policy Makeover eCourse.

1. Be sure to create a check writing policy and issue the policy to parents upon enrollment.

2. Require that parents provide you with their driver’s license number when presenting a check to you; in case you need to seek legal action to collect the funds on a returned check.

3. Also, inform parents that you reserve the right not to accept their checks; in the event their check is returned to you.

4. Charge a return check fee. In the state of Missouri I am able to charge a return check fee  in the amount of $25. Be sure to check the return check fee limits in your state. (click here)

5. Three-to-four days after receiving a check from a parent, check your bank account to assure that the funds have cleared your account.

Every time that you accept a check from a parent without the check being processed through a check reader or the checks is not electronically processed; you are taking a risk!  So be sure that your parents know that you have a very strict check writing policy.

  Accepting Checks is a Convenience for parents and in some cases…very risky for you!!

Less riskier payment forms:

-Cash

– Credit Cards

-Money Orders/Cashier Check

Paypal

For more tips on how to create a Check writing policy or how to deal with returned checks; be sure to subscribe to the Tuition Policy Makeover eCourse Today!

I look forward to reading your thoughts and comments about this week’s blog post.

Shiketa

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