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Start the Year Right with Child Care Accounting

As the clock approaches midnight, we welcome in the New Year with confetti, noise makers, music and good cheer! A year full of hope and possibilities for your child care business to thrive and grow. You may even have a few New Year’s resolutions along these lines. One good resolution is to start the year right with your child care accounting.

For those of you already using Procare Software® we are pleased to introduce a new, free webinar called “Start the Year Right”. In this live, online broadcast, we’ll cover what you need to know when moving from one year to the next. This webinar is intended for people who have been using Procare and have data for the year just ending. If you are brand new to Procare and just getting started, you’ll be more interested in other classes on our Webinar Schedule.

Here’s a preview of what you’ll learn in the Start the Year Right class:

Family Accounting

We’ll show you how to print or email end of year statements to your families and how to include your tax ID number. You’ll also learn what accounting reports to print for your annual child care business records. We’ll talk about when it’s appropriate to delete or purge old accounting information and how to handle families that no longer have enrolled children. See also: Frequent End of Year Questions

Employees, Payroll, W2’s

You’ll learn how to record holiday hours and to zero out accumulated vacation time that may not carry forward to the New Year (if you have a “use it or lose it” policy). We’ll cover how to change your Payroll Year to the New Year and what to do if your pay period crosses from one year into the next (don’t worry). You’ll also want to know where to update any changes to your state unemployment (SUTA) rates. Of course, we will also explain how to order and install new payroll tax table formulas and cover use of the optional W2 / 1099 software. See also: Tax Table Questions and W2 Questions

Expenses, Year End Reports, New Year Balances

One thing, that will be a relief, is you don’t have to close the old year to start working in the new one. In fact, there is no official “closing” at all. If you have the Expenses & Ledger module, you’ll learn how to calculate new beginning balances at any time and even recalculate them later, if needed. We’ll show you suggested financial reports to run for the year, talk about the optional 1099 software and answer any questions you may have. See also: Calculate Balances for New Year

Remove Old Data?

We’ll talk about when and how to remove old information such as child schedules, time cards, meals counts, family ledger history, employee time cards, payroll checks, vendor checks, etc. Of course, there is no hurry to purge old data. You can always address that later, as time allows. See also: Maintenance Utility

Be sure to Sign Up for the “Start the Year Right” Webinar and until next time, Happy New Year and cheers!

-Phil

P.S. You may also like to Follow Me on Twitter.

If you have questions or comments about this article (or suggestions for another article) I’d be pleased to hear from you. Drop me a note at phil@procaresoftware.com.

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