Technology is playing an increasingly important part in today’s businesses. When it comes to childcare centers, implementing technology can help save countless hours every week on day-to-day operations. With so many options for softwares and tools, it can be hard to find what works best for your center.
In the final part of our Q&A with Audra Wilson-Russell, Owner of WATS CPA, we focused on how technology can help you grow your childcare center along with what tools Audra recommends. Audra is a licensed Certified Public Accountant (CPA) in the state of Florida and has over 14 years of experience in accounting and taxation. In this post, Audra highlights different areas to implement technology at your center from accounting to marketing, billing and more.
How can technology help childcare centers grow their business?
Gone are the days of having to hand over a shoebox full of receipts at the end of the year for accounting and tax preparation. Technology has made it a lot easier to collaborate with your CPAs and grow your centers. Investing in technology will allow you to automate many functions of your childcare center and in turn create efficiencies. Automate tasks and redirect your staff’s time to developing your programs. Invest a little money to save a lot of time. Below are just a few areas of how technology can help you grow your center.
Connect your bank and credit cards to an online accounting platform such as Xero or QuickBooks Online. Keep up to date financial information that is at your fingertips. Make tax time a breeze with clean and accurate financial statements. To make it even easier, implement a childcare management software like Kangarootime which seamlessly integrates with Quickbooks!
Never file payroll tax returns by hand. There are several payroll companies that offer a full-service solution. This often includes: quarterly tax returns, tax deposits, year-end returns, W2s, and 1099s. Check out Gusto, ADP, or QuickBooks Online Payroll.
Have a ton of bills that you pay monthly? Consider using an online bill pay solution where you are able to snap a photo of the invoice and pay from your phone/PC. Companies like Bill.com, Melio, and Veem and leaders in this industry.
Get the word out about your center. Set up scheduled social media posts at the beginning of the year and watch them post automatically throughout the year. For more insight into marketing your childcare center, check out this webinar.
Save time processing payroll by implementing an employee time tracking system that would allow them to clock in and clock out. This will capture their hours without the need to manually add up everyone’s time for the pay period. The preference for this would be your practice management software, however there are other apps like T-Sheets that allows for more customization of permissions and employee features.
Which accounting tools should childcare centers use to improve their business?
More important than any app you can use, is the expertise of your CPA. Connect with one that is tech savvy and knowledgeable in your industry.
If you are still using a desktop application, or nothing at all, consider migrating your accounting to the cloud, to Xero or to QuickBooks Online. Both Cloud accounting platforms allow your CPA to connect with an entire ecosystem of apps such as Kangarootime. Submit your receipts using an app link Receipt Bank, Hubdoc.
Are you using a childcare CRM and payment platform that is directly connected to your accounting platform? Doing so will allow you to see more insights on your various revenue streams. When there are limitations on integrations between your accounting and CRM systems, it makes it a bit difficult to make important business decisions without the entire financial “picture.”
Does your CPA physically print checks for you to pick up and mail out to your vendors? Apps like Bill.com, and Melio Payments allows you and your CPA to implement a paperless online bill pay process.
Audra Wilson Russell is a licensed Certified Public Accountant in the state of Florida. She is a graduate of the Florida State University with a bachelor’s degree in accounting and an MBA from Lynn University. She has 14+ years of experience in accounting and taxation. Audra enjoys working with childcare centers and other small-business owners to help them reach their financial goals. She has extensive knowledge with many accounting software programs and systems. Audra is a Certified ProAdvisor for both QuickBooks online and Xero accounting software.
Audra Wilson Russell, CPA, MBA, Owner of WATS CPA
Kangarootime is the leading all-in-one childcare management software for daycares and preschools. With billing and invoicing capabilities, parent communication and staff management tools and classroom automation, Kangarootime helps childcare centers grow and scale. To learn more about optimizing your center with Kangarootime, visit kangarootime.com.