You may or may not be familiar with the term “return on investment” (ROI). To put it simply, it refers to the gain or loss in profits you receive based on the money and energy you put into your childcare center each year.
Why is it important to know your child care center’s ROI? Well, frankly, because managing a child care center is a lot of work! You should know if the energy and resources you are putting into your center will not only make your children happier but will also provide you with a profit and the opportunity to grow in the years to come.
Boost Your Child Care Center’s ROI Through Thoughtful Automation
Ready to boost your child care center’s ROI for the new year? Here we’ll explain some of the common challenges associated with manual tasks and key benefits that child care owners and operators will experience by leveraging automation.
Common Challenges of Manually Tracking Data
Perhaps your child care center has been manually tracking records and important information for years. It could be for no other reason other than it’s the “way you’ve always done it.” While routines like manually printing and filling out sign-in sheets, putting together a parent directory, and updating registration information can be comforting, it can also be time consuming, expensive, and prone to errors. Additionally, it’s not a very organized way to measure your center’s ROI.
Without a digital platform that can safely store and analyze your data, it’s difficult to know if your child care center is seeing positive ROI. You might ask yourself, ‘Where should I put more money towards?’ ‘What areas do we need to cut back on?’ ‘Which resources are giving us the most “bang for your buck”? These are all questions that can be answered by implementing child care management software.
Why Implement Childcare Software Before the New Year?
By using record keeping software, you can effortlessly keep track of your staff, the children in your care, and their parents, but the benefits go beyond that. Here we have identified the top benefits of implementing child care software before the new year.
Create Tax Statements Easily
End-of-year statements are a necessary part of wrapping up the year and preparing for the next. You’ll never know who or when someone will request a year-end statement for tax purposes – whether it’s families with currently enrolled children, or families with children who were enrolled at some point during the year, but no longer attend – and you’ll want to have an organized system in place for when they do.
Thankfully, with Procare’s family accounting solution you can easily look up families and their financials which are safely secured and protected – and email it to them with ease. No more shuffling through papers or manual work!
Simplify the Payroll Process
Looking to boost employee morale in the new year? Start with your payroll process. Ideally, you should look for a system that involves one easy step to calculate staff hours, deduct withholdings, and print paychecks.
In fact, with the right solution, you can end up saving hundreds of dollars by processing your payroll in house. This means more money can go towards the things that will improve your child care center’s ROI.
Make Online Registrations Easier
The new year is a big time for registration and bringing in new students. It’s also a big time to waste paper if you don’t have an online registration solution in place. MyProcare allows new parents to register for child care online and to pay quickly and easily – all from a mobile device, tablet, or computer. New family information integrates right into Procare Software – saving your team time and paperwork.
Streamline Accounting & Tuition Collection
When you streamline your accounting strategy your childcare center will receive a ton of benefits in return. One of the most important being that it ensures confidential info and sensitive information is safe and secure. The alternative is keeping paper files which not only takes up space but leave records vulnerable to being misplaced – risking the reputation of your center.
You can even take your accounting strategy one step further by streamlining your tuition collection. Tuition Express is the safest way to collect childcare payments, and ensures you receive your money on time and accurately. Even better? Tuition Express is fully integrated with Procare – no need to work with duplicate entries.
You may not have thought much about your child care center’s ROI in the past – but you should. The truth is, while we hope early childhood is your passion, it is also a business and it’s important to make sure you’re getting out what you’re putting in. Calculating your child care center’s ROI can be a challenge, but it doesn’t have to be with the right child care management software in place. With the new year right around the corner, consider automating your administrative tasks and set yourself up for your most successful year yet.