There are several types of bookkeeping, but the two main types are single-entry bookkeeping and double-entry bookkeeping. Single-entry bookkeeping records reflect only money going out in the transaction. For example, if you spend $250 in the current month on classroom supplies, an increase in your expense account, by this amount, is recorded.

Your employees can also clock in and out using the timer feature, and you can make punch corrections with ease. Learn more about how Procare compares to other solutions in the market. To calculate your gross margin, you need to know the total costs involved in providing your service—your cost of goods sold (COGS).

Create Professional Looking Invoices in Seconds

Daycare accounting will allow you to track your revenue, view your business financials at a glance, and stay on top of your tax obligations. More fathers are taking a more active role in parenting, and the number of stay-at-home dads has been increasing. daycare bookkeeping However, the care for young children still disproportionately falls to the mother, and women continue to bear the burden of the lack of affordable and accessible child care. Mothers with older children are more likely to participate in the labor force.

Summer months might see lower enrollments while September could bring a surge. FreshBooks allows you to assist your customers from anywhere with the FreshBooks mobile app. Turn your employee’s smartphones into convenient time clocks that stay in sync with your desktop app.

Best Bookkeepers Near Me

With a double-entry system, both a decrease of $250 in your cash account and an increase of $250 in your expense account are recorded. Instead of reflecting only one side of a transaction, double-entry bookkeeping records both—the money coming in and going out. Online accounting software allows you to manage all of your bookkeeping in one place—from creating invoices and sending reminders to clients to seeing your business financials at a glance. But what if you do if you don’t have an accounting degree and numbers leave your head spinning? Fortunately, doing accounting for your childcare business is easier than you may think. It simply takes the right tools and a repeatable process to make managing your books a breeze.