How to Keep Records for your Child Care Business
Running a child care business can both be challenging and fun, but if you are not following the basic guidelines of record keeping and maintaining accounts like professionals do in other businesses, your business may be in a mess. Every business needs to have a record keeping mechanism, so each department and element of it can run smoothly without having to face interruptions and trouble.
When you make financial transactions like payroll and payments to suppliers or other services, you must keep track of every penny that is going out of and coming in your business.
Instructions
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1
Put everything on paper
You need to put everything of your child care business on paper first. A business without written documents and paperwork is doomed to fail and you will be confused when faced with big transactions. So first make a roadmap and explain in detail the background of your business. Maintain up-to-date records of finance and accounts. Another important thing to be mentioned in writing is the record of children and employees who are associated with your business. -
2
Maintain record of each employee
Whether your child care business employs literally dozens of employees, you must keep track each one in order to make everything crystal clear to the government agencies. Every state has their own regulations and ways to keep a check on the number of employees in a company, so be sure to check with the government entities that how to maintain the record of employees. You can also get assistance from a professional accountant if you do not know how to create accounts of each worker. Remember every state in the United States of America checks require that childcare workers be screened for tuberculosis. So get this issue fixed if you think there are some workers who could be affected from tuberculosis. -
3
Maintain record of each child
Another important step to keeping track of your child care business is to maintain record of each child that comes to you for service. When a child enrols with you, be sure to get all the necessary information about him/her, such as consent forms, emergency contact numbers of their parents, and medical records (if they have any). Remember that each state has their own standardized forms for emergency contact information of children, consent form, and medical records. -
4
Get liability insurance for children
You must get a liability insurance affidavit for each child that comes to you. The Department of Health and Human Service is the place from where you can affidavit forms. -
5
Maintain financial records
Create accounts of every financial transaction. You should have a record of every money transaction that is made in your business.
