Finances

[Guest]

Can anyone tell me if their setting has a credit card?

We are soon to move and need to buy quite a lot of furniture etc. What has always happened in the past is that staff buy things and then claim the money back. However, as we are opening an out of school club we feel this system will not be practical any longer as day to day costs will be higher. We bank with a building society as there is a branch in the village and it has always been very convenient but obviously that means no cards. I have looked into it but there always seems to be too much information or too little.

Thanks

[Cait]

No we don't have a credit or debit card. We have access to some local grants for funding large items of furniture if needed - do you have that?

[HappyMaz]

I'm a private group (sole trader) and don't have a credit card. I have a debit card though. My staff don't often buy stuff for the nursery but I just refund them if they do. Any major purchases are pleasures I like to keep for myself!

 

I imagine that committee run groups have rules about dual signatures on cheques, so I'm not sure how that would work with a debit or credit card.

 

Maz

[Fredbear]

Hi yes we have a Debit card, which i and my Administrator can use. It does have a limit, and we checked with the Charity commission to see if this was okay to do so. In the past i have always paid it out and been reinbursed but this was not ideal for larger purchases. Have to say i was rather hesitant at first, but it has proved invaluable to the running of the setting.

[kristina]

Hi

We're a private (Ltd Company) Pre-School and we have a debit card, I have also been offered a company Barclaycard have to admit haven't really looked into it yet!

 

Kris

[redjayne]

We have a business credit card with a limit which gets paid off monthly via the business account, we have the two signatory thing for cheques and had to have two to get the card issued - although the card only has one name on but for online purchases and stuff over the phone either of us can use it , and it does help.

[Guest]

Have you thought about getting stuff on account? Most companies will set up an account if you are a business or a charity, you then get up to 60 days to pay and can do this with a cheque.

 

I have raised the idea of our charity run preschool having a credit card, but my other half who is an accountant very quickly quashed that idea, he just feels it is far too open to excessive use (not in a bad way, but you know how it can be with credit!!)

 

We used to pay for most stuff with petty cash but this year I have set up an office supplies account and a snack stuff (fruit box) account, that way we don't have to ask staff to pay out of their own money, and we can keep a better handle on what is being spent.

Edited November 2, 2010 by Guest

[sunnyday]

I'm a private group (sole trader) and don't have a credit card. I have a debit card though. My staff don't often buy stuff for the nursery but I just refund them if they do. Any major purchases are pleasures I like to keep for myself!

 

 

 

Maz

 

Me too!

 

Quick edit to say - Business account with Nat West

Edited November 2, 2010 by sunnyday