Keeping good records is foundational for operating a strong business. For many child care operators, financials hasn’t been a focus – tune up on financial management terms with the help of First Children’s Finance. In addition to the information included here, you can get a overview of what financial management incorporates by reviewing the financial management toolkits from Opportunities Exchange for both family child care home proprietors and center-based business operators or by exploring resources available on the NY Early Learning Hub. This section reviews the importance of record keeping and financial components of child care business management and provides tools to help you to operate a sustainable business. Business income is primarily driven by family tuition payments for child care – grants and subsidies tend to be only available to programs, usually centers or school-age programs that are organized as not-for-profits. The cost of care is impacted by overhead costs of the rent/mortgage, insurance, personnel costs, the cost of materials, supplies and more. Planning for child care involves many decisions that impact finances, starting with business structure and contractual decisions regarding the cost of care. Types of Regulated Child Care in New York Stateįinancial management is the backbone of your business.
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