Best Practices for Daycare Bookkeeping

While single-entry may seem simpler, the double-entry system is renowned for its thoroughness and accuracy. You don’t want to wait until the end of the year to find out that there are errors in your transactions. At the end of each month, compare your transactions, both revenue and expenses, with your accounting information or software. This will help you identify any clerical errors that might’ve been made during bookkeeping. When checking your transactions, check your monthly account balance, calculate your revenue and expenses, and look for mistakes between your receipts and bank statements.

How to Choose the Best Daycare Accounting Software

• You can input the relevant details, and the system will calculate the total amount due.
• We recognize the multifaceted challenges faced by childcare providers, including the demands of daily learning activities and maintaining seamless family communication.
• That’s why it’s helpful to have child care management software that offers multifamily or split-family payments.
• Using affordable accounting software to manage your finances professionally is recommended—without the high costs of hiring a professional bookkeeper.
• Integrated payment-processing capabilities allow parents to pay tuition directly through your software, making for a more convenient and swift transaction.

Transitioning to digital software may daycare accounting seem overwhelming at first, so take your time and gradually migrate your financial information to the new platform. Single-entry bookkeeping is often used for tracking cash, taxable income, and tax-deductible expenses. In contrast, double-entry bookkeeping is preferred for managing liabilities, assets, expenses, and revenue.

#1 Daycare Accounting Management Solution

QuickBooks has a strong reputation for its extensive accounting capabilities, scalability, and broad range of integrations, making it suitable for childcare centers of varying sizes. ZarMoney’s customer statements feature generates detailed statements that give childcare centre owners a thorough breakdown of their account activities. These statements include itemized charges, payments received, and any outstanding balances. By providing clear and transparent financial Sales Forecasting information, childcare centers can foster trust and maintain strong relationships with parents. By incorporating the best billing and accounting features into your child care center’s software, you’re setting your business up for success, one billing cycle at a time.

Bob and Betty Owners

Talk with a friendly Procare expert to get a tailored child care solution for the unique needs of your business. Manage payments from agencies like DHS, DFACS, DCFS, Head Start and similar normal balance programs for subsidized child care programs. You’ll know how much is owed from each family and agency and can easily monitor outstanding balances from prior months. FreshBooks is designed to be secure and compliant with regulations, ensuring the protection of your financial data and adherence to industry standards.

State Subsidies & Compliance

Record all income and expenses and customize expense allocations to fit your center’s needs, ensuring detailed financial oversight is accessible at any time you need it. Procare provides comprehensive child care management software with the power to help you take control at every point of your business. Before you get ahead of yourself with new accounting software, take a step back and decide what you need to improve as well as which parts of your existing process are already efficient. You will be able to find an accounting solution that addresses problems but also boosts your strong points. Child care accounting software can keep you from wasting time and offer better organization for owners and operators. The real challenge is finding one that fits your budget, doesn’t limit your growth, and makes accounting less of a burden.