In your budget calculate expenses for unexpected situations.
It is a good business practice to start your family child care with business liability insurance. You may consider purchasing health insurance, business interruption insurance and a retirement plan as well as life and disability insurance.
Have a consultation with an accountant who can help you set up your books and give advice as to which expenses could be considered a business expense (deduction of income).
Revenue Canada has published a brochure “Using Your Home for Daycare”. It is provided to you as a supplement to this curriculum and gives you valuable insight as to how to calculate and track your expenses.
Computer software is readily available to support you to keep records of all your income and expenditures. If you do not feel comfortable using a computer accounting system you may try to keep records manually.
Organize a space in your home for your paperwork. Where do you keep all your receipts? Do you keep copies of invoices you have written?