I like to say I'm prepared for tax season. But it takes me a few months to gather all my receipts and put everything in a spreadsheet. I spent time last year designing a spreadsheet to make things easier to put into categories and separate my purchases. Taxes are intimating for a lot of people, I don't like to do paperwork but it is a huge part of my business.
My best advice is to hire a very good tax accountant. Someone that is knowledgeable in your business and knows what the laws are in your state. I provide all my information in the spreadsheet I use and my tax lady appreciated that it is very itemized. That being said I am planning on making the tax prep sheet that you can purchase through my website; beacons.ai/todayiminspired
I have spent many years trying to create my check in/check out spreadsheet for my daily use of family information. The one I created has family name, date, times and keeps track of payments. I literally have 12 sheets to total at the end of the year and this has become so easy to do monthly or yearly tax totals for my daycare families. Everything is on one sheet per month and I'm not having to flip back and forth through a calendar. I wasted so much time over the years trying other ways and this has been working for me for the last 10 years. I am going to make the family total sheet available for purchase on my website; beacons.ai/todayiminspired
This year I have decided to make a list of toys, equipment and supplies I want to add or replace. I plan to make a monthly budget and see if I can stay on budget in 2025. My other goal is to have birthday presents for each age group and child ready the month before, this will help with overspending or buying unnecessary items.
Grocery and supply list are must to help remember items that need to be reordered. I printed the list out and laminated it, I put it on my refrigerator and circle the items when they need to be repurchased. I order my groceries and supplies online once a month for daycare. It keeps my receipts separate and then I don't have to sort through items to know if they are for my family or daycare. This takes the guess work out of your daily, weekly and monthly planning.
Bookkeeping is my least favorite thing about my job! I need to learn to budget monthly for equipment, toys and large purchases. I should have that figured out after all these years but honestly I have always just bought things and not saved which I don't suggest doing.
I'm going to start giving myself a payroll check in 2025. This is something I have tried in the past but it just seems easier to put my money in a separate account and pay for the expenses out of there.
Keeping good financial records is key to your business success.
I have created several worksheets that help keep you organized and the new year is a great time to start your new business practices. This is an investment and can be used for years to come. Everything is printable and editable.
I hope the new year finds you healthy and happy doing what you love.
Excited to see what 2025 has instore for us all.
"This is the day that the Lord has made; let us rejoice and be glad in it." Psalm 118:24
This verse encourages gratitude for each new day as a gift from God,
inviting you to embrace it with joy.