The number one way to stop losing money in your childcare

The number one way to stop losing money in your childcare

Unlike all of her friends who live for the end of the week, Amy dreads Fridays. She has to prepare all the invoices and billing for her childcare clients to start another week Monday. Plus, it’s the end of the month, which means it’s time to pay her teachers too, which adds another layer of complexity to the work she does.

She knows it will be another late night tonight; Fridays always are. Maybe she’ll take all the paperwork home with her and do it after her own family goes to bed. Every time she bills her clients, she finds some sort of mistake that results in improper billing. It’s painful to have to go back to her clients and ask for more money. And worse, it hurts her relationships with the parents of her students.

This time she has to get it right. This year already she knows she’s missed more than $10,000 in earnings due to billing mistakes. There’s just no easy way to bill for special schedules, children who are picked up late, and run reports on whose payments are overdue still using her current system of spreadsheets, attendance sheets mixed with her accounting software.

Instead, she struggles to pay the bills for her lease, insurance, and daily operations costs because she can’t see where she’s missing income. It’s also astounding the rates that her payment processing company charges her. But she knows if she collected money any other way the parents would flock to her competition, so changing that isn’t even an option.

Amy thinks back to the days before she opened her childcare center. All she wanted was so simple. She wanted to offer premier care and learning for her community. After her daughter went into kindergarten, she realized how crucial those early years are and she wanted to be there for parents in a way her daughter’s childcare just hadn’t been.

And what’s crazy is, five years later she’s certainly succeeding at her dreams of making a difference for young children. She hears firsthand from parents about how prepared their children are for school thanks to the hard work Amy and her teachers put into the education they offer.

The reality is, Amy can offer both a premier learning facility and operate a successful business without losing money. With the right tools in her childcare center, Amy could experience the freedom of knowing exactly what her finances look like and ways to improve them. Let’s take another look at her day with iCare Software as her childcare management software option.

How this childcare administrator stopped losing money

As Amy opens the doors to her childcare center, she’s so relieved it’s Friday. She might even leave a bit early today to spend some extra time with her family after a busy week. When she logs into iCare Software, she can see that Rachel was a half hour late to pick up her children again. 

Thankfully, iCare has auto billed Rachel for the overage for both of her children and Amy doesn’t have to do a thing other than to check in with Rachel to see if everything is OK. She knows it’s a busy time in Rachel’s life and wants to try and help where she can.

Direct deposit has made it so simple for Amy to automate all of her tuition payments. Amy runs a quick report to check and see if any of the parents’ credit cards are expiring before Monday when tuition is due. iCare Software caught two that she will check in with again to make sure they don’t have missed payments. She also knows that there are two parents whose credit cards were declined this week that she needs to check in with to make sure she collects the payments.

Monday will be the first time billing a new part-time student. Amy pops over to that student’s profile just to make sure everything is set up correctly. The freedom to allow for flexible scheduling has helped Amy be much more competitive in the marketplace and win new clients thanks to her flexibility. And the great part for her is, she never has to do anything once that student is set up in the system.

Before iCare Software, Amy wasn’t sure how she was going to pay her lease each month. Today she checks her bank account and beams with pride at her own success. She might take a family vacation this year and enjoy some well-deserved time off.

While the demands on a childcare administrator can be serious, having the right tools makes all the difference in achieving a successful business. Today, Amy enjoys the work that she does without the frustrations that used to accompany it. iCare Software has made it all possible. Schedule a demoto see if iCare Software can help your childcare center stop losing money.  

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