Finance
Funding constraints in the early years childcare industry
We know, of course, that the early years childcare sector plays a vital role in the development of children, providing them with essential skills and nurturing their cognitive and emotional growth. However, none of this is possible without...
Tax-Free Childcare
Press release Tax-Free Childcare is a new government scheme to help parents with the cost of childcare; allowing parents to work, or work more, if they want to. Parents can apply for Tax-Free Childcare through the childcare service – a new...
6 tips to grow your business for free
Growing any business presents a challenge. However, having limited resources and finances to grow your business makes that challenge even greater. The childcare sector is feeling the pinch, with providers contending with the delivery of the...
Managing the roll-out of the 30-hour offer
Acorns Nursery is a 50 place setting based in the grounds of Oaklands College, St Albans. The nursery provides day care for children from 3 months up to 5 years of age. We interviewed Wendy Taylor, the nursery’s manager, to find out how the...
5 finance reports in Abacus that will help your setting
Our Customer Service Team picked their top reports in our nursery software which they believe are the most useful for childcare settings to be aware of. Find out more about what these are and how to generate them, below. 1. Revenue Report "This...
How much do apprentices get paid?
Before deciding whether or not to do an apprenticeship, one of the first things people want to know is how much they’ll be paid. It may surprise you to learn that the average weekly wage an apprentice earns is £257. As of April 2017, if an...
3 tips to help maximise your setting’s financial resources
The sector is currently under huge financial pressure, having to face issues such as annual increases in the National Minimum Wage, rises in business rates and the introduction of statutory pensions. Added to this, settings must decide whether...
5 top tips to save money on your staffing costs
Regardless of the size of your business, staff are typically your most expensive asset. After pensions, NI contributions, training costs (the list goes on!), it’s easy to see how typical estimates put the cost of employees at 60% or even 70% of...
5 ways Abacus can help your setting save money
With the sector as a whole facing huge financial pressure at the moment, childcare settings need to be more efficient than ever with the way they run. This year, the introduction of statutory pensions, annual increases in National Living /...
How will the new apprenticeship reforms affect the way you train staff?
As part of a national drive to train 3 million new apprentices by 2020, the way the Government funds apprenticeships in England is changing. Employers with an annual wage bill of £3 million or more will be required to pay a levy which will come...
What settings should know about the Tax-Free Childcare scheme
The Tax-Free Childcare scheme will be launched from early 2017 and will offer working families 20% support towards qualifying childcare costs. The new scheme will be open to almost two million households in the UK and will be delivered by HM...
What are the benefits of reducing your supplier base?
Nowadays, both for domestic and business services, we’re told to “shop around” to get the best value for money. In principle, this makes sense. But could there be benefits to keeping your utilities or services with just one company? Consider the...
Is your childcare business ready for the new year?
In December, we often find ourselves thinking about making changes to improve our well-being for the new year. However, the festive period is also the perfect time to review the health of your business and reflect on what direction you'd like it...
Is your nursery underinsured?
With the winter months setting in and the weather worsening, there really is no better time to check your insurance schedule to make sure everything’s up to date. The colder months herald a host of weather-related issues which can hamper or shut...
What’s next for early years funding?
Responses to the consultation on the way three- and four-year-old entitlements to childcare are funded are now being considered by the Government. In the wake of this, we've put together a timeline for the proposed changes to early years funding...
5 ways Abacus nursery management software can simplify your finances
Nothing is more important in helping your setting become sustainable than making sure the money coming into and going out of your business is well managed. Parents being invoiced for the wrong amounts - or not being charged for extra sessions –...
How do you deal with parents who don’t pay their fees on time?
Earlier this month, a story broke in the media about the owner of a nursery in Lancashire who used Facebook to rant about how some parents who use her setting are living a life of luxury, whilst claiming they are too poor to pay for childcare....
Early years funding: proposed changes
To be able to deliver the 30-hour entitlement, the government are investing over £1 billion more per year into childcare by 2019-20. Of this, £300 million per year will be allocated towards increasing the average hourly funding rates for two-,...
3 common ways fraudsters will try to target your nursery
As with many other sectors, the threat of fraud is ever-present for those working in childcare. When businesses are busy or trying to “wind down” before a holiday or break, fraudsters will often use this opportunity to strike as they know staff...
How can you increase funding for your nursery?
As early years settings have to stretch the capacity of their resources further and further, there will come a point where being inventive with what you have just isn’t enough to plug the shortfall anymore. You may have decided, finally, that...
Why profit and outstanding outcomes go hand in hand
Dare I mention the “p” word for fear that this article will be judged in the first sentence? It seems to me that the childcare sector shies away from making a profit - thinking it right that they should focus on the children and let the finances...
5 signs of a financially healthy business
In the hustle and bustle of managing a childcare setting, it can sometimes be difficult to pinpoint how well your business is doing financially. So, we’ve put together a list of 5 things you can look out for which show that you’re on the right...
8 top financial management tips for small childcare businesses
If you’re a small independent childcare business, the money coming into and going out of your account each month can quite literally make or break you. With challenges to contend with like the government’s 30 hour childcare pledge and parents...
Fee collection – the quick and easy way to make sure you get paid on time
Everyone finds it hard to have those awkward conversations about fees, especially child carers! Even though your main priority is providing exceptional childcare, you shouldn’t have to wait around to be paid by parents. With Parenta’s automated...
Keep on top of cash flow at your setting
In a recent report by the NDNA, 37% of providers reported parents paying them four or more weeks after the start of term, with 13% having to wait eight weeks or more for payment. Managing money coming in is clearly a concern for many providers,...
Getting it right this financial year: 5 steps you can take
According to a recent survey by the NDNA, 41% of nurseries expect to make a loss or just break even this year. A further 85% are considering raising their fees in the next 12 months. With the new financial year just beginning, now’s a great...
Are you paying your staff the right wages?
With strict regulations imposed by HMRC around paying minimum wage, as well as rules around pay and training, it can be difficult to get to grips with how much each staff member should be paid and in what circumstances. You probably have a range...
How to get a business loan
According to the European Commission, the economy in the UK is forecast to grow by 2.4 per cent in 2015. With the cost of borrowing cheaper than it has been for many years and credit becoming widely available, demand for lending in Britain is...
Bonuses & Rewards: It’s not about the money, money, money!
When it comes to the winter months, you may hear the word “bonus” spring up many times in conversation. Of course you want to reward your team for their hard work at the end of the year, but giving staff members a cash bonus may not be something...
Want to say goodbye to late fees for good?
We carried out a recent survey to see what the biggest challenges nurseries faced today and 29% of the providers said that chasing late payments from parents was their greatest concern. We understand that having good cash flow is critical to the...