Budgets and childcare

With the increase in free early learning and childcare hours which comes into effect in 2020, children’s nurseries need to take action now to be prepared.

Additional staff may be required, all having to carry out continuous training and, if all private nursery staff are to be paid the Scottish Living Wage, nurseries should review both their income and expenditure levels. Budgets and cashflow forecasts are even more important as a tool to ensure the correct plans are put in place.

Budgets and forecasts are not only figures, they should be based on past results and plans, knowing what has gone well and what hasn’t. By defining exactly where you want to be and what you want to achieve in the next few years, involving all staff in the decision making process, a business plan can be implemented.

Some factors to consider are:

– Human Resources
– Marketing
– Operations
– Finance
– Technology

If you want advice on preparing business plans and being ready for the changes ahead please contact gail.cowan@eqaccountants.co.uk or your local office contact.