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How to Effectively Manage Your Budget in Your
              Child Care Business




         Presented by Shiketa Morgan
Money is the life line in your business and if it is
not effectively managed, you could go out of
business.
Topics we will cover…..

1.   Why you should create a monthly budget
2.   Your budget determines what you and your employe...
Why should you Create a Budget?


A Budget helps you to create a plan for your money
 and it is a overview of how much inc...
Rainbow Child Care Monthly Budget
                  Month: February 2011
Income
Parent Income: 2,000/mo
Subsidized Child C...
Your budget determines what you and your
employees will be paid

When considering your salary and your employee’s
 pay con...
If it’s not in the Budget…Don’t Buy it!!!

Example:
You have a desire to buy tables and chairs, however, you have
  create...
If you don’t Like Your Budget…. Change It!!
Don’t Like the Income that You see? Here are ways to increase your
  Income:
...
Choosing a Financial Software

Having a Financial software is a great way to manage
 your income and expenses.

Recommenda...
Maintaining Receipts and Financial Records

    Create files for receipts (parent Income, food, gas, supplies,
       etc...
Do You need an Accountant?
Just because you are a business owner, does not mean
  that you love to keep financial records....
Questions/Answers???
1.   Do you have a Monthly budget?
2.   Did you consider your Budget before setting your salary
     ...
Thank you all for Viewing This Presentation!


      I invite you to Connect with me on
            Face book and follow m...
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How to Effectively Manage Your Budget in your Childcare Business Slide 1 How to Effectively Manage Your Budget in your Childcare Business Slide 2 How to Effectively Manage Your Budget in your Childcare Business Slide 3 How to Effectively Manage Your Budget in your Childcare Business Slide 4 How to Effectively Manage Your Budget in your Childcare Business Slide 5 How to Effectively Manage Your Budget in your Childcare Business Slide 6 How to Effectively Manage Your Budget in your Childcare Business Slide 7 How to Effectively Manage Your Budget in your Childcare Business Slide 8 How to Effectively Manage Your Budget in your Childcare Business Slide 9 How to Effectively Manage Your Budget in your Childcare Business Slide 10 How to Effectively Manage Your Budget in your Childcare Business Slide 11 How to Effectively Manage Your Budget in your Childcare Business Slide 12 How to Effectively Manage Your Budget in your Childcare Business Slide 13
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This presentation will inspire child care business owners to effectively maintain their business budget.

" Money is the Life Line of your business and it must be effectively managed."

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How to Effectively Manage Your Budget in your Childcare Business

  1. 1. How to Effectively Manage Your Budget in Your Child Care Business Presented by Shiketa Morgan
  2. 2. Money is the life line in your business and if it is not effectively managed, you could go out of business.
  3. 3. Topics we will cover….. 1. Why you should create a monthly budget 2. Your budget determines what you and your employees will be paid 3. If it's not in the budget, don't buy it 4. If you don't like your budget...change your Income or your Expenses 5. Choosing a Financial Software 6. Maintain receipts/business Expenses 7. Do you need an Accountant?
  4. 4. Why should you Create a Budget? A Budget helps you to create a plan for your money and it is a overview of how much income is flowing into your business and where your funds are being spent. Let’s take a closer look at a Budget….
  5. 5. Rainbow Child Care Monthly Budget Month: February 2011 Income Parent Income: 2,000/mo Subsidized Child Care Fees: 4,000 Total Income: $6,000 Expenses Your Salary $2,500 ( to pay bills for the home, etc) Teacher salary $1,200 Payroll taxes (soc, med, state taxes) $130 Telephone $150 Advertising Cost $100 Website fees $10 Food Cost $600 Gas for vehicles $200 Business Credit cards $100 Liability Insurance $75 Business supplies (office, classroom, events) $200 Postage $15 Total Expenses: $5080 Total Profit: $ 920 Subtract Expenses from the profit and you will get your profit!
  6. 6. Your budget determines what you and your employees will be paid When considering your salary and your employee’s pay consider your budget. If your gross income is $6000/month, your payroll should not be more than $4000 or less to leave room for (unexpected)expenses or a loss of income. If you want to pay yourself more, then you will need to cut from the budget, pay your employee less or charge more for services. Tip: When parents ask about your prices, they should know that your prices are based on the cost of operating the business along with employee wages.
  7. 7. If it’s not in the Budget…Don’t Buy it!!! Example: You have a desire to buy tables and chairs, however, you have created a budget to only buy crayons, markers construction paper, scissors and paint for February. If you buy the additional items….. You are at risk of over spending!!! Wait until the next month to create a budget for other supplies.
  8. 8. If you don’t Like Your Budget…. Change It!! Don’t Like the Income that You see? Here are ways to increase your Income:  Raise rates for new families  Hold 2-3 fundraisers a year  Collect annual registration fee  Offer occasional weekend or evening care Are your expenses too high?  Evaluate what you are spending your money on and make necessary changes.  Where could you save money and reduce the monthly expenses?
  9. 9. Choosing a Financial Software Having a Financial software is a great way to manage your income and expenses. Recommendations:  Quick books ($99-$199)  Book Keeper ($24-$30) Both Software's are great for payroll and profit and loss reports! Quick books offers free trial online
  10. 10. Maintaining Receipts and Financial Records  Create files for receipts (parent Income, food, gas, supplies, etc)  Enter Income into a computer software along with expenses each week  Plan a time to enter income/expenses into the computer  Back up financial records to your computer or flash drive (can be purchased for $10)  Keep financial records for at least 1o years in the event of an audit Keep accurate records for accounting and tax filings to protect in case of audit. ~Libock & Associates
  11. 11. Do You need an Accountant? Just because you are a business owner, does not mean that you love to keep financial records. Signs that you need an accountant:  Record keeping is not your favorite thing to do  You are not willing to maintain your income and expenses on a regular basis  You prefer that someone else maintains  your financial records
  12. 12. Questions/Answers??? 1. Do you have a Monthly budget? 2. Did you consider your Budget before setting your salary and/or your employee(s) salary? 3. Do you tend to over spend? 4. Do you need to make changes to your budget? 5. Do you use a Financial Software? 6. How is your record keeping? 7. Do You need an Accountant? Feel free to post your questions….
  13. 13. Thank you all for Viewing This Presentation! I invite you to Connect with me on Face book and follow my Child Care Business Owner Blog and Group site! Subscribe to my e-Child Care Newsletter Feel free to post your comments!
  • JanetCooper23

    Dec. 4, 2021
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    Aug. 2, 2018
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    Mar. 28, 2017
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    Feb. 11, 2017
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    Mar. 8, 2015
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    Aug. 23, 2014

This presentation will inspire child care business owners to effectively maintain their business budget. " Money is the Life Line of your business and it must be effectively managed."

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