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Learn more about Midwest Child Care Associations
Business Basics for Child Care Business Owners
Many child care business owners are well-intentioned and well-equipped to provide excellent care to young children, but some can fall short when it comes to running the business side of child care. They may run a wonderful program where parents feel their children are well cared for, but if the owner is unfamiliar with keeping good financial records, collecting parent fees, producing a payroll and completing tax documents, the business can quickly run into financial difficulties.
This project will teach basic business practices and financial literacy to qualifying participants who operate a child care center/home. The participants will learn the following techniques:
- The importance of tending the “Books” properly, and assessment of where students are currently with their bookkeeping setup and practices.
- Understanding the Chart of Accounts and how the Tax and Financial Reports relate.
- Understanding and managing Assets, Liabilities and Equity.
- Tracking Income and Expenses
- Reconciliation of Bank, Loan and Credit Card Statements.
- Budgeting and Planning
There will be 20 child care business owners selected on a “first come first served” bases. Classes will be held on Saturdays so as not to interrupt the business owner’s work week. Mrs. Connie Harvey, owner and operator of Efficiency Counts and is also a professor at Central Community College and an expert in the field of small business training will teach the two-sessions of three 6-hour classes.
The following incentives will be provided: The students will receive a 2 drawer filing cabinet and a package of 20 hanging file folders and a package of 25 letter size mania files. They may also receive an incentive gift of $ 50 coupon off the purchase of a QuickBook Primer 2010 software package.
During the classes the student will come to understand the significance of proper recordkeeping and how to set up and maintain good records. They will recognize such documents as “Employer’s Quarterly Federal Tax Return”, “State Unemployment and their “rate percentage”, a “Trail Balance”, a Profit and Loss” and a Balance Sheet. They will learn and understand how maintaining good records will improve their bottom line and how to be “pro-active” rather than “re-active” when it comes to recordkeeping. For those who wish to go on, they will learn how to use the QuickBooks software to automate their recordkeeping.
Dates for these classes will be announced in 2011.
Midwest Child Care Association .
7701 Pacific Street . Omaha, NE 68114
(402) 551-2379 . (800) 876-1892
In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, nation origin, sex, age or disability. To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410 or call toll free (866) 632-9992 (Voice). Individuals who are hearing impaired or have speech disabilities may contact USDA through the Federal Relay Service at (800) 877-8339; or (800) 845-6136 (Spanish). USDA is an equal opportunity provider and employer.