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Her work has appeared in The Globe and Mail, Yahoo, MSN Canada, Reader\'s Digest, Canadian Business, and many other publications. 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","marks":[],"data":{}},{"nodeType":"text","value":"With credit in your back pocket, you have a financial safety net that allows you to keep business running as usual, even when facing unexpected cash flow challenges. Plus, earn 1.5% cash back* on all business spending (no minimum spend required \ud83e\udd2f).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve worked hard, put in the hours and effort, and your business is finally running like a well-oiled machine. Your clients are happy. Your profits are growing. You\u2019ve even found room in the budget to give yourself a small raise...and this is the precise moment when a big fat cash flow curveball lands directly in your lap. Whether it\'s a supplier hiking their prices or a vital piece of equipment that suddenly needs replacing, the result is the same: your masterful planning and careful budgeting are thrown completely out of balance, and you\'re left scrambling to find a solution. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s where credit can step in. Having reliable access to credit can be a game-changer on your toughest days, providing the safety net your business needs when a cash flow challenge arises. The new ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/relay-visa-credit-card"},"content":[{"nodeType":"text","value":"Relay Visa\xae Credit Card","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is exactly that\u2014a cushion for your cash flow, paired with all the clarity, cash management, and team spending features you\u2019ve come to expect from Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s a look at everything you get by adding the Relay Visa\xae Credit Card to your banking toolkit.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6Tw3xzzm7S6SPOrFKpLbBz","revision":2,"createdAt":"2024-09-13T13:36:47.333Z","updatedAt":"2024-09-13T15:23:01.018Z","publishedAt":"2024-09-13T15:23:01.018Z","firstPublishedAt":"2024-09-13T13:37:04.982Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Visa - Inline 4","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6Tw3xzzm7S6SPOrFKpLbBz/7c411586f54271e074ca0b7cd410e715/Blog_Inline_-_4.jpg","details":{"size":749151,"image":{"width":1600,"height":700}},"fileName":"Blog Inline - 4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on top of surprise expenses, even when cash is tight","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Imagine facing a coffee spill-induced need for a new laptop\u2014the laptop where you run all your operations from\u2014but cash is tight after you hired two new team members and just paid rent. You can\u2019t put your business on hold until that late check from your big client clears. Luckily, you ","marks":[],"data":{}},{"nodeType":"text","value":"can","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" put the new laptop with all the bells and whistles on your Relay Visa\xae Credit Card,","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"and pay it back later when you have more cash on hand.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll never be left in the lurch when an unexpected cost occurs with a 30-day safety net under your cash flow, helping you and your team spend confidently throughout the month. Alongside your Relay checking and savings accounts, you\u2019ll have a complete system for managing cash flow in one central location\u2014and a bird\u2019s-eye view of how money moves through your business, letting you stay ready, save faster, and make smarter decisions.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5LPSzgeJPGqcrEbTgAIpzm","revision":3,"createdAt":"2024-09-13T13:34:40.992Z","updatedAt":"2024-09-13T15:21:48.133Z","publishedAt":"2024-09-13T15:21:48.133Z","firstPublishedAt":"2024-09-13T13:35:04.522Z","publishedVersion":11,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Visa - Inline 1","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5LPSzgeJPGqcrEbTgAIpzm/b0dcdc98f9d6239e1cd8556c4217fcc1/Blog_Inline_-_1.jpg","details":{"size":529541,"image":{"width":1600,"height":700}},"fileName":"Blog Inline - 1.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Control spending with ease\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take charge of spending from the jump instead of trying to manage your money after it\'s already been spent. With the Relay Visa\xae Credit Card, knowing where every dollar is going is easier than ever.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on top of every cent","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize expenses as they are charged by creating a card for every spend category, project, and vendor. Set a spending limit for every card so you and your team never spend more in a certain category than you\u2019ve budgeted. Plus, you can be as particular as you want, setting approved vendors and categories for each card (blocked vendors and categories too!), ensuring you stay on top of every cent ","marks":[],"data":{}},{"nodeType":"text","value":"before ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"it gets spent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, you stay in complete control of how every dollar moves through your business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Say \u201cso long\u201d to reimbursements","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nGoodbye expense reports, hello centralized team spending! Assign a Relay Visa\xae Credit Card to every employee who needs one. For every card assigned to an employee you can set a spending limit, approve vendors or categories (or block them!) and let Relay ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/receipt-management"},"content":[{"nodeType":"text","value":"chase your team for receipts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" so you don\u2019t have to. That means saying \u2018See ya!\u2019 to reimbursements, now that your team never needs to use a personal card for a business expense.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1BifHBeunnPMK1z0BDBszG","revision":3,"createdAt":"2024-09-13T13:35:17.322Z","updatedAt":"2024-09-13T15:22:06.809Z","publishedAt":"2024-09-13T15:22:06.809Z","firstPublishedAt":"2024-09-13T13:35:36.203Z","publishedVersion":11,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Visa - Inline 2","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1BifHBeunnPMK1z0BDBszG/e331b5ee7d15bb562ed65260b811483f/Blog_Inline_-_2.jpg","details":{"size":840819,"image":{"width":1600,"height":700}},"fileName":"Blog Inline - 2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Work within a complete, centralized system\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Centralization is your banking crystal ball, allowing you to plan, budget, and prioritize the money moves that make the biggest impact on your business. This new credit tool doesn\u2019t miss a beat, stepping in to work alongside the Relay features you already use every day. The centralization of credit, debit, and savings offers an additional layer of insight, leading to better financial decisions, an increased ability to save, and the power to map out your business\u2019s bright future.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits you can cash in on\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Did we mention cash back with no annual fees? Here are all the benefits you\u2019ll have as a Relay Visa\xae Credit Card","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"cardholder:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 1.5% cash back","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"*","marks":[{"type":"bold"},{"type":"superscript"}],"data":{}},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"It pays to use your Relay Visa\xae Credit Card\u2014literally. Earn 1.5% cash back on all purchases made on your credit card. Uber across town? 1.5% cash back. Dinner for you and your top clients? 1.5% cash back. A huge haul of materials needed for the job site? You guessed it, 1.5% cash back.\xa0 Your cash back reward is applied to all spend put on your credit card within the 30-day billing cycle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your cash back reward is applied to all spend put on your credit card within the 30-day billing cycle.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A 30-day billing cycle:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay Visa\xae Credit Card is a charge card, so you pay off your full balance at the end of every 30-day billing cycle. Spread your spending now without worrying about falling short later.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No annual fees:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The Relay Visa\xae Credit Card does not have any annual fees, letting you enjoy the benefits of your card without any hidden costs.  Relay does charge a late fee for balances that are not fully paid at the end of every 30-day billing cycle.","marks":[],"data":{}}]}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6ysSMeb1LbLyGHkUOnxfNE","revision":3,"createdAt":"2024-09-13T13:35:55.317Z","updatedAt":"2024-09-13T15:22:29.228Z","publishedAt":"2024-09-13T15:22:29.228Z","firstPublishedAt":"2024-09-13T13:36:14.392Z","publishedVersion":11,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Visa - Inline 3","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6ysSMeb1LbLyGHkUOnxfNE/9287f31e5a0d6aa73256564767655ea4/Blog_Inline_-_3.jpg","details":{"size":588147,"image":{"width":1600,"height":700}},"fileName":"Blog Inline - 3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nYour Relay Visa\xae Credit Card completes your Relay toolkit, designed to fit seamlessly into your everyday operations. Managing your cash flow and facing unexpected challenges is easier than ever with detailed account transaction data, no annual or monthly fees, and the ability to empower team members to make purchases while tracking spending and setting limits as you see fit\u2014all with 1.5% cash back on every purchase made. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to take charge? Learn more about the application process ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/relay-visa-credit-card"},"content":[{"nodeType":"text","value":"here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]}]}}}],"postList":[{"title":"Take Charge with the new Relay Visa\xae Credit Card","id":"relay-visa-credit-card","description":"Today we\u2019re officially announcing the launch of our first credit product, the Relay Visa\xae Credit Card, now available by invitation to qualifying Relay customers.","author":{"name":"Corrina Allen","slug":"corrina-allen","accreditations":null},"readingTime":4,"category":"Relay Updates","categorySlug":"relay-updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1L6pQk0lqcPJenVVVvxD9v/e886d5c8dda36895a9a29df205ea975c/Blog_Header_-_Revised.jpg"}]},{"id":"blog-popular-posts","posts":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5ovRjn8AhZiDheYY7Predj","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogEntry"}},"revision":5,"createdAt":"2024-05-28T18:50:50.660Z","updatedAt":"2024-06-04T23:04:30.980Z","publishedAt":"2024-06-04T23:04:30.980Z","firstPublishedAt":"2024-05-29T12:21:47.451Z","publishedVersion":77,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"author":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"43sA9frElbejpQIO7sqhOL","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"revision":7,"createdAt":"2021-01-12T16:21:17.908Z","updatedAt":"2024-05-29T01:11:12.061Z","publishedAt":"2024-05-29T01:11:12.061Z","firstPublishedAt":"2021-01-12T16:21:52.944Z","publishedVersion":25,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"name":"Yoseph West","jobTitle":"Co-Founder & CEO","company":"Relay","bio":"Yoseph West is the Co-Founder & CEO of Relay, a business banking platform that gives SMBs better visibility into their financials and simplifies collaboration between SMBs and their advisors \u2014 accountants and bookkeepers. Before Relay, Yoseph led marketing at Hubdoc, joining the company when it was at zero revenue and leading its growth until Hubdoc\u2019s eventual acquisition by Xero. Prior to that, Yoseph co-founded Vuru, a financial analysis product that was acquired by Wave Accounting. He later joined Wave (now H&R Block) to lead the company\'s product engagement and monetization efforts.","about":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Yoseph West is the Co-Founder & CEO of ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", a business banking platform that gives SMBs better visibility into their financials and simplifies collaboration between SMBs and their advisors \u2014 accountants and bookkeepers. 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They\u2019re here to teach you the ins and outs of Relay\u2019s platform, create a strategy for getting clients to switch their banking, provide white-glove onboarding for your clients, and train them on how to get the most out of Relay.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3QAbWLcPtr6r3ygmnnUliL","revision":2,"createdAt":"2024-02-02T19:34:39.400Z","updatedAt":"2024-02-06T14:17:10.476Z","publishedAt":"2024-02-06T14:17:10.476Z","firstPublishedAt":"2024-02-02T19:35:00.345Z","publishedVersion":9,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Partner Program Launch - Onboarding graphic","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3QAbWLcPtr6r3ygmnnUliL/926e62dbb3e8445726dd07f7574c8788/Blog_IMG_Process_1600x300_A__1_.png","details":{"size":354530,"image":{"width":1600,"height":384}},"fileName":"Blog IMG Process 1600x300 A (1).png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what every Partner can expect:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  ","marks":[],"data":{}},{"nodeType":"text","value":"Step 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Meet with your account manager and get a deep-dive into Relay\u2019s platform","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Account manager helps you create a strategy for switching client banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") ","marks":[],"data":{}},{"nodeType":"text","value":"Optional","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":": Account manager does a demo of Relay to clients directly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 4","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Your clients get white-glove onboarding to Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 5","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Regular touch-base with your account manager as you grow your book of business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know how important it is to have someone to call on when you have questions or need help\u2014especially when it comes to your client\u2019s banking. 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While Sarah and Annette were laser-focussed on their goals and making the moves to achieve them, their local bank was holding them back. \u201cIt was just so frustrating,\u201d says Sarah, \u201cto the point where I lost out on an opportunity on a great rate because of their slow response time.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The hospitality hook","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The two women met in 2018 and bonded over their shared views on hosting short-term rental guests. For them, it wasn\u2019t about passive income, but about actively hosting visitors and introducing them to their hometown of Columbus, Ohio.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cSome of us like the work behind hosting guests \u2014 taking these four walls, sharing them with other people, and being involved in that process,\u201d Sarah says. \u201cIf you love the hospitality side of it, this is an amazing way to build wealth through real estate. Where Annette and I really want to focus is on hospitality as the driver for your real estate strategy.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Out of this passion for hosting, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://thanksforvisiting.com/"},"content":[{"nodeType":"text","value":"Thanks For Visiting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" was born\u2026 and little by little, Sarah and Annette found themselves a lot busier.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A need for better banking\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Sarah and Annette were reaching a boiling point in terms of the inconveniences and frustration they were being subjected to by their bank at the time. \u201cIt is 2023,\u201d says Sarah. \u201cWe should be able to go online and wire money, or go online and open a checking account or a savings account. We\'re not pulling a loan here, but it feels like that when you have to go and talk to a banker.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s when fellow property investors ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/real-estate-robinsons"},"content":[{"nodeType":"text","value":"The Real Estate Robinsons","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" introduced Sarah and Annette to Relay. \u201cWith our bank,\u201d explains Annette, \u201cthere was some archaic stuff with the online experience and we were like, \u2018How are you guys this big and have been doing this for this long and you\'re not making moves?\u2019 Relay was much more nimble.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Game-changing features for saving time and energy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cBeing able to open an account online is literally a game changer,\u201d says Annette. When Thanks For Visiting decided to host their own conference, they created a separate business to fund the project. \u201cI probably wouldn\'t have done that if I would\'ve had to go to the bank and sit down and open an account and all that. It was just so easy,\u201d she says.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe\'re getting ready to start a new business next week and it\'ll be, \u2018Boom! Everybody put your deposit in, transfer your funds, let\'s start this account.\u2019 We never have to go to the bank together. That is a huge challenge for so many businesses and that has been eliminated, which is awesome.\u201d -Annette Grant","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another essential feature for the team has been the ability to securely share virtual debit cards. \u201cThat\u2019s also something that\'s super easy with Relay,\u201d says Annette. \u201cThat ease of being able to issue a debit card and put the amount you want that team member to have access to is huge. I don\'t know any other banks where you could do that same-day.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s features even impressed the pair\u2019s hard-to-please bookkeeper. \u201cI don\'t have to download statements and email them to her,\\" says Sarah. \\"Instead, she could just go in there and see it in real time. That was game-changing.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Challenge accepted","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cMy goal,\u201d says Sarah, \u201cis to buy as much real estate as possible. But to be financially organized is a challenge. When you buy a property with a partner, getting everything organized so you\'re not commingling funds and you\u2019re keeping everything clean and on track, has been much easier when you can do it yourself online. You don\'t have to go into a bank. A challenge that we\'ve been able to overcome with Relay is being able to see everything, log into one site, and actually get a really aerial view of what\'s going on super quickly.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That bird\u2019s eye view of their accounts has taken money management from a dreaded chore to a daily highlight for Annette, and not just because their balances are growing. \u201cRelay is freaking beautiful,\u201d she says. \u201cIt\u2019s aesthetically pleasing. I love logging in just because of the design. That makes me feel better too, when I want to log in and look at the money and it looks beautiful. It makes you feel better in the morning.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A \u201cno-brainer\u201d for Profit First practitioners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As practitioners of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"the Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", the Thanks for Visiting Team values the way Relay is set up to support their chosen financial strategy.\xa0\\"The fact that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Relay had a relationship with Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and had a strong background with real estate investors definitely piqued our interest,\\" says Sarah. \\"And then once we got to meet the team and we saw the interface, it\u2019s been this really lovely, authentic, organic relationship that\'s continued to grow.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First was a natural choice for how the Thanks For Visiting founders wanted to run their business, but their former banks made implementing the method difficult because of the extra work and fees that came with opening and sustaining multiple accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6BLKh31sYW71K24MCnOCIJ","revision":1,"createdAt":"2023-11-01T14:11:27.279Z","updatedAt":"2023-11-01T14:12:59.756Z","publishedAt":"2023-11-01T14:12:59.756Z","firstPublishedAt":"2023-11-01T14:12:59.756Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Thanks For Visiting - Case Study - Profit First","description":"Thanks For Visiting - Case Study - Profit First","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6BLKh31sYW71K24MCnOCIJ/756296d1f86984eca983984befd18682/Case-Study---TFV-3.2.jpg","details":{"size":235496,"image":{"width":1600,"height":900}},"fileName":"Case-Study---TFV-3.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"Those are the two biggest Profit First roadblocks: opening multiple accounts and then getting charged fees for all those accounts,\\" says Annette. \\"When you\'re already lean and trying to pay yourself and then you have to pay the bank $15 a month for every single account, it becomes hard to justify that.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And it\u2019s not just money that\u2019s being saved, but time, too. \u201cIt used to be a huge challenge transferring funds to do Profit First and keeping all that organized,\u201d Sarah says. \u201cThe challenge of keeping up with that stuff has now been eliminated.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Next up: more content, a bigger community","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Annette and Sarah are honest about the effort it took to close all their other business banking accounts and make the switch to Relay, but the outcome made it more than worthwhile. \u201cI don\'t regret it at all,\u201d says Sarah, \u201cbecause the freedom and flexibility that we have now within our business has been worth it, a thousand percent.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That freedom and flexibility has allowed the pair to do more of what they love best: building their TFV community and creating content that reaches, supports, and inspires their clients. They\u2019re now at the stage where they\u2019re seeing success spread through their community of like-minded short-term rental hosts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"We have Tanya, who took the time to sit down and focus on her pricing strategy and tripled a nightly rate that more than paid for an entire month\'s revenue off of one change,\u201d says Sarah. \u201cAnd Miranda implemented our pet-friendly strategy and she added about $10,000 to her revenue. We teach our community and they\'re able to add thousands of dollars to their bottom line.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIt\'s a big deal when all of a sudden we see the shift from \u2018I\'m a host\u2019 to \u2018I\'m a small business owner,\u2019\u201d adds Annette. \u201cYou can just see when someone makes that shift from a hobby host to a professional host. 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And as any business owner knows, ","marks":[],"data":{}},{"nodeType":"text","value":"one of the most frustrating financial processes can be accounts payable","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 especially if you\u2019re juggling, for example, dozens of contractors that need to get paid weekly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s exactly what Anna\u2019s client, a company that does telecommunications consulting, was struggling with when she met them after a podcast interview. The client was working with another bookkeeping firm but wasn\u2019t satisfied with how things were going.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the client started discussions with Accrew, they shared their frustrations with their current accounts payable process. The company uses dozens of contractors and subcontractors to support the work they do. ","marks":[],"data":{}},{"nodeType":"text","value":"As a result, they typically need to send 10-15 different payments every single week.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A lack of accounts payable ownership ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the company, the process didn\u2019t have clear ownership. That meant paying contractors often ended up on the CEO\u2019s or vice president\u2019s list, taking valuable time away from their other responsibilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to Anna: \u201cWhen we started working together, the client said, \u2018Hey, we\'d love you to take this off our plate.\u2019\xa0[So we agreed], and as we dove into the way that they were doing it, which was just through their current bank, it was nothing but friction.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Navigating the obstacles: fees and frustrating banking policies\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Anna\u2019s team first took over accounts payable, she faced obstacle after obstacle: \u201cWe could process maybe half the payments and then half of them we couldn\'t because of system limitations \u2014 like what type of account it was or what bank they were banking with.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There were a few different issues with the client\u2019s bank, but ","marks":[],"data":{}},{"nodeType":"text","value":"one of the most difficult was that Anna\'s team wasn\u2019t able to schedule ACH payments to people with accounts at the same bank. ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cAnytime we got into paying someone at the same bank we would just get an error message,\\" says Anna. \\"And when you just keep getting the same error message, it\u2019s not clear whether it\'s user error, access error, or bank error.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whenever this issue happened, ","marks":[],"data":{}},{"nodeType":"text","value":"Anna\'s team would have no choice but to reach out to the client","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Someone at the client\u2019s company would then have to process the rest of the contractor payments via wire transfer or ACH, depending on how urgent the situation was.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And because the client needed to process between $50,000-$70,000 in payments ","marks":[],"data":{}},{"nodeType":"text","value":"per week","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", this was not a small problem","marks":[],"data":{}},{"nodeType":"text","value":". ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"Wire transfers cost at least $25-$30 per transfer, and even a regular ACH costs $1 per transaction for the bank-to-bank movement. Those fees added up quickly for the client. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"When banking limitations lead to negative client experiences\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fees were painful for the client, but as a large company, their main goal was getting such a large volume of payments fully off their plate. Unfortunately, Anna shared, \u201c","marks":[],"data":{}},{"nodeType":"text","value":"every week we could only do about half of the task, and then we\'d have to email the client to say you need to do this other half.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\u2019s not a great client experience \u2014 it\'s not really like we took it off their plate.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cEither we could jump in and try to troubleshoot this, or [we could ask the client to] call their bank or schedule the payment themselves. We\u2019d get to the point where this person needs to get paid and we can\'t do it. So, that did not feel awesome,\u201d says Anna. 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[As the client], your instinct would probably be to assume that the big bank who knows how to do banking is probably right and ","marks":[],"data":{}},{"nodeType":"text","value":"this brand new bookkeeper you\'re working with probably just doesn\'t know how to do it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many accountants and bookkeepers are familiar with this exact situation. You might find yourself taking the blame when things go wrong with a client\u2019s financial processes \u2014 and when that happens, it becomes your job to find a solution.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Moving to Relay and looking like a rockstar\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over time, the situation escalated, and Anna knew she needed a long-term fix for this client\u2019s accounts payable problem. \u201cI wanted to own that this was a problem. I also wanted to help provide a solution because I wanted to get us to the point where [the accounts payable process] was fully owned by Accrew and the client was just getting a notification.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna originally thought of Relay as a solution because her firm has been a user since 2019. She knew that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", specifically, would enable her client to pay contractors faster \u26a1\ufe0f and at a lower cost than a traditional bank. Relay Pro also allows users to process same-day payments \u2014 an option that was difficult or impossible with the client\u2019s bank. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, Anna had to pitch the idea to her client and get them on board. She hopped on a Zoom meeting with the client and laid the cards on the table, acknowledging that the current situation wasn\u2019t making anyone happy. \u201cI owned what the problem was, and I owned that we were not able to solve it with the current setup.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3lsBwuLTfR7FFsXU5qnOJ5","revision":1,"createdAt":"2023-02-22T19:30:59.542Z","updatedAt":"2023-02-22T19:31:29.422Z","publishedAt":"2023-02-22T19:31:29.422Z","firstPublishedAt":"2023-02-22T19:31:29.422Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Case Study - Anna Ready - Relay Pro","description":"Case Study - Anna Ready - Streamlined bill pay with Relay Pro","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3lsBwuLTfR7FFsXU5qnOJ5/e6c678e7e3066925ff298a94f2f1e279/Case_Study_-_Anna_Ready_-_Relay_Pro.jpg","details":{"size":201756,"image":{"width":1920,"height":708}},"fileName":"Case Study - Anna Ready - Relay Pro.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna\'s proposal? ","marks":[],"data":{}},{"nodeType":"text","value":"Streamline the process with a better tool: Relay Pro.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" On top of the other benefits, Relay would ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-ap-automation"},"content":[{"nodeType":"text","value":"simplify the accounts payable process","marks":[],"data":{}}]},{"nodeType":"text","value":" by allowing contractors to input their payment information and W-9 forms, directly into Relay. The client would be able to skip all the back-and-forth with contractors over their payment details. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best part? By using Relay for contractor payments, Anna\'s client would be able to give the Accrew team ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accountants-and-bookkeepers"},"content":[{"nodeType":"text","value":"secure, hassle-free access to their bank accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and totally hand off the AP process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the client saw how Relay could solve their pain points and create a solution, they agreed to move forward with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, Anna was able to work with Relay to send the client an invite to create an account. \u201cRelay support was super helpful. I just emailed them to say, \\"Hey, is there a way I can get this process started for my clients?\\" And it was great, they replied back and said, \u2018Yeah, we\'ll send an email to invite them to create an account.\u2019\u201d \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Managing the entire AP process\xa0with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since rolling out Relay to her client, Anna has helped streamline the accounts payable process \u2014 even better, she\u2019s been able to turn her client\u2019s AP frustrations into delight, creating a better experience for everyone involved.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6C9h8qnCme0Fqk0HIGR2KK","revision":1,"createdAt":"2023-02-21T21:07:59.151Z","updatedAt":"2023-02-21T21:10:30.768Z","publishedAt":"2023-02-21T21:10:30.768Z","firstPublishedAt":"2023-02-21T21:10:30.768Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Anna Ready Case Study Quote about Relay","description":"\\"Since we moved the client to Relay, other than a contractor delaying putting their payment information in, we haven\'t had any issues with scheduling payments. It\'s been fantastic \u2014 we\'ve even been able to take a few extra things off their plate,\\" says Anna Ready, Founder of Accrew. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6C9h8qnCme0Fqk0HIGR2KK/ad870af8123a184846931efd1f63317e/Case_Study_-_Anna_Ready_1.4.jpg","details":{"size":1095657,"image":{"width":1920,"height":1080}},"fileName":"Case Study - Anna Ready 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, accounts payable is a simple, stress-free process for Accrew and the client.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of Anna\u2019s team members processes the payments each week. Then, Anna does a quick review to ensure the payment amounts are correct (based on information from the client). Finally, she checks Relay to make sure the person received the funds that were sent to them in the correct dollar amount.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"No more back-office busywork","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the contractors are paid through Relay, Anna\u2019s team will send them a confirmation email with a link to Relay. If they haven\u2019t shared their payment information yet, they\u2019re able to easily use that link to tell Relay where to send the money. No more back-and-forth with the contractors or the clients \u2014 and that\u2019s good for everyone.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna says that thanks to Relay, \u201cI don\'t have to feel lame every week asking the client to do half of the things that we ought to be doing. We are doing 100% of the things and just letting them know when it\u2019s happened. So yeah, it\'s been pretty awesome.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What was formerly a frustrating, difficult, and time-consuming experience can now be done in a few simple steps. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Anna and Accrew can finally say that they have solved the client\u2019s problem and eradicated the ongoing friction.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Anna\u2019s advice to firms with accounts payable problems\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a bookkeeper or an accountant and you\u2019re struggling to improve a client\u2019s processes, Anna recommends ","marks":[],"data":{}},{"nodeType":"text","value":"starting with their biggest pain points","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Think about the biggest challenges you\u2019re experiencing on a regular basis.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then start with quick, easy wins so you can get the client on board with the changes you\u2019re recommending. From there, you can start to optimize processes that are a little less urgent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna also says that ","marks":[],"data":{}},{"nodeType":"text","value":"celebrating the positive changes you make is key","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd11 \u201cSo much of change management is about clearly communicating why we\'re going to do it,\\" says Anna. \\"But you also need to clearly communicate what\'s better now because the client put the effort into change \u2014 to say, we did it, hang a banner, mission accomplished, we all did it, let\'s celebrate.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you just go, \'Okay, yeah, it\'s all good now you,\' you\'re missing both the opportunity to acknowledge that all of this was worth it and to appreciate the client for participating in the change.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Streamlining accounts payable = customer delight\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe best thing about going through this experience is knowing we were able to solve a real problem in a lasting way,\u201d says Anna. 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Whether it\u2019s free, same-day ACH or free domestic and international wires (with built-in currency exchange), we\u2019ve got you covered.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want to try Relay? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for a free account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". 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Pranckevicius","jobTitle":"Content Manager","company":"Relay","bio":"Matas is the SMB Content Manager at Relay, where he helps small business owners learn how to take control of their finances and run healthy businesses. Prior to Relay, Matas worked across sales and marketing functions in fintech and financial service firms. He managed content for a cashless payments provider, Intellitix; managed partner relations at a payroll technology company, Knit People; and led sales and marketing at a cloud accounting firm, OpenDigits. He loves to nerd out about business growth strategies, business models and startups.","about":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matas is the SMB Content Manager at Relay, where he helps small business owners learn how to take control of their finances and run healthy businesses. Prior to Relay, Matas worked across sales and marketing functions in fintech and financial service firms. He managed content for a cashless payments provider, Intellitix; managed partner relations at a payroll technology company, Knit People; and led sales and marketing at a cloud accounting firm, OpenDigits. He loves to nerd out about business growth strategies, business models and startups.","marks":[],"data":{}}]}]},"slug":"matas-pranckevicius","linkedIn":"https://www.linkedin.com/in/mataspr/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6k0azj0C6k8F5kGSxqf4xc","revision":1,"createdAt":"2021-09-02T21:40:35.353Z","updatedAt":"2021-09-02T21:43:07.627Z","publishedAt":"2021-09-02T21:43:07.627Z","firstPublishedAt":"2021-09-02T21:43:07.627Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Matas Pranckevicius Headshot","description":"Matas Pranckevicius Headshot","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png","details":{"size":71274,"image":{"width":251,"height":244}},"fileName":"Matas-Headshot.png","contentType":"image/png"}}}}},"metaDescription":"We spoke with Nikole Mackenzie, Founder & President of Momentum Accounting. A former \\"accounting app addict,\\" Nikole explains how Relay makes her firm\'s accounting process up to 5x more efficient, and how she gets her clients to open an account.","category":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"4znwndNfx7gYGSZhOOU5oH","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogCategory"}},"revision":2,"createdAt":"2021-09-02T21:43:34.807Z","updatedAt":"2022-11-24T17:41:43.021Z","publishedAt":"2022-11-24T17:41:43.021Z","firstPublishedAt":"2021-09-02T21:43:44.347Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"category":"Case Study","hub":["None"]}},"title":"How Relay helps Momentum Accounting make their accounting process 5x more efficient","description":"A former \u201caccounting app addict,\u201d Nikole explains why every business should use Relay if they want to be efficient.","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"17OXWnJWL1SIlOaWun4Fk1","revision":1,"createdAt":"2021-09-22T13:15:18.161Z","updatedAt":"2021-09-22T14:15:14.336Z","publishedAt":"2021-09-22T14:15:14.336Z","firstPublishedAt":"2021-09-22T14:15:14.336Z","publishedVersion":15,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"How Relay helps Momentum Accounting make their accounting process 5x more efficient","description":"Relay Case Study: How Relay helps Momentum Accounting make their accounting process 5x more efficient. Interview with Founder & President, Nikole Mackenzie, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/17OXWnJWL1SIlOaWun4Fk1/fa27e31dace98c872abdba57d8e8f518/Momentum_Accounting_-_Relay_Case_Study_Header_Image.png","details":{"size":713219,"image":{"width":2250,"height":1125}},"fileName":"Momentum Accounting - Relay Case Study Header Image.png","contentType":"image/png"}}},"content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"A former \u201caccounting app addict,\u201d Nikole Mackenzie founded ","nodeType":"text"},{"data":{"uri":"https://momentumaccounting.com/"},"content":[{"data":{},"marks":[],"value":"Momentum Accounting","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" over five years ago. But while Nikole was automating accounting and scaling her firm through cloud software, banking was a \u201ccomplete nightmare\u201d \u2014 until she found Relay.","nodeType":"text"}],"nodeType":"heading-6"},{"data":{},"content":[{"data":{},"marks":[],"value":"Five years into running Momentum Accounting, Nikole has long passed the initial challenges of starting up a firm. Nowadays, she is zeroed in on eliminating accounting bottlenecks and introducing more standardization throughout her practice. It\u2019s part of her strategy to keep scaling Momentum Accounting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe\u2019re thinking about how we scale, how we standardize our chart of accounts, our app stack, and also how we work with clients. In the beginning, it was like, \u2018Hey, I\u2019ll work with any client that wants to pay me.\u2019 Now, we can be a little more opinionated and know that not every client is a good fit for us.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole leads a team of seven\xa0\u2014 all remote, distributed across the United States. \u201cWe\'re very niched in terms of the client size that we work with and where they are in their business journey,\u201d Nikole explains. Her ideal clients are professional service providers and SaaS companies that are \u201cat an inflection point in their business,\u201d meaning they\u2019re hiring employees and focusing on growing their top-line revenue. When a client engages Momentum Accounting, Nikole\u2019s priority is to create the infrastructure needed to support their growth. The firm\u2019s services include outsourced accounting, advisory CFO services, bookkeeping, and payroll.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3M8t0PAYqABRcZJrNuDE74","revision":3,"createdAt":"2021-09-23T12:08:23.841Z","updatedAt":"2022-08-23T01:07:52.035Z","publishedAt":"2022-08-23T01:07:52.035Z","firstPublishedAt":"2021-09-23T12:10:12.331Z","publishedVersion":19,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Firm Profile","description":"Momentum Accounting firm\'s profile. Founded in 2016, today they\'re a remote team of seven. Sevices include outsourced accounting, bookkeeping and payroll, as well as advisory CFO services.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3M8t0PAYqABRcZJrNuDE74/9e382e0eec9b51f067b857dab3b6a028/Case_Study_-_Nikole_Mackenzie_1.2.jpg","details":{"size":68557,"image":{"width":1800,"height":825}},"fileName":"Case Study - Nikole Mackenzie 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"As the firm grew, streamlining her clients\u2019 accounting process became increasingly important.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Discovering an \u201cimmense opportunity\u201d to automate accounting","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Like many cloud accountants, Nikole first cut her teeth at a traditional CPA firm. \u201cI did the whole tax and audit thing,\u201d she says, \u201cthen the firm added on outsourced accounting, and I moved to that department.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole started to feel at home. \u201cI fell in love with working in the day-to-day operations with businesses.\u201d This part of the accounting world was more dynamic and presented many more opportunities than the compliance side. She was introduced to Xero and saw how cloud technology was transforming the industry. But Nikole thought that the firm where she worked could\u2019ve done things differently. \u201cI didn\u2019t like how the firm was run like a traditional CPA firm. I thought that there was a better way to run an outsourced accounting department. So I left.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"She started on her own. Committed to running a modern firm, Nikole dove deep into accounting automation in her first year of operations. \u201cI went to Xerocon, and that\u2019s when I got introduced to this world of having Xero and QuickBooks Online as the general ledger with an open API and all of these applications that integrate with it. I saw this immense opportunity to automate many accounting tasks that historically were done very manually.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Leveraging automation would make her more competitive. If Nikole eliminated manual processes, she could focus on advisory, deliver more value to her clients, and reduce her operating costs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole wanted to use best-in-class technology to achieve this. \u201cIn the first couple of years, I probably tried out a hundred different apps. I was like an app addict,\u201d she jokes. \u201cI\u2019ve toned it down since.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The firm\u2019s toolset became more standardized as it grew. Momentum Accounting now works with a \u201ccore app stack,\u201d and all of the firm\u2019s team members are deeply knowledgeable about each app.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The last barrier to standardization and automation was business banking.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Challenges with managing and administering each client\u2019s business bank","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nNikole insists on building standardized processes because it makes her firm more cost-effective.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe run into issues when we can\u2019t make decisions about the client\u2019s processes and technology. Our team then has to stumble through, change our documented workflows, uncover things from scratch, and try to adapt to a new process.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having to develop a new process for a new tool with every new client obstructs you from scaling. And business banks were forcing Momentum Accounting into precisely that situation. \u201cWe usually discover that a client has issues with their bank immediately because we run into friction right away \u2014 during the onboarding process.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3H5V9fydKWXueyhskq3HL7","revision":3,"createdAt":"2021-09-23T12:11:13.329Z","updatedAt":"2022-08-23T01:11:10.752Z","publishedAt":"2022-08-23T01:11:10.752Z","firstPublishedAt":"2021-09-23T12:13:10.712Z","publishedVersion":16,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Friction from Banks","description":"Relay case study with Momentum Accounting. Why banks create administrative work for firms: no access to client\'s bank, poor data quality, and lack of flexibility.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3H5V9fydKWXueyhskq3HL7/0e6c5bfc0ca9206f934f415b5494f901/Case_Study_-_Nikole_Mackenzie_1.3.jpg","details":{"size":119843,"image":{"width":1800,"height":825}},"fileName":"Case Study - Nikole Mackenzie 1.3.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"The three most significant points of friction: lack of access to client banking, poor data quality, and lack of flexibility. Here\u2019s what these issues meant for the firm:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"No access to banking","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting access to client banking has always been a challenge for firms, Momentum Accounting included. \u201cWe\'ll be trying to get view-only access to the client\u2019s bank account, and the client is frustrated because they can\'t get it to us,\u201d Nikole explains. \u201cAnd we can\'t start doing our job until they give it to us.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a result, clients either share bank logins with their advisor, or the advisor has to chase clients for bank statements. In the first scenario, the firm takes on liability risks; in the second, it\u2019s stuck with a lot of back-and-forths.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This initial friction point usually starts surfacing other problems. Nikole explains: \u201cNormally during this time, the client goes, \u2018Oh, I hate this bank,\u2019 and they\'ll start describing other issues they\'re having.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Poor data quality","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the other issues clients describe: incomplete or unreliable data. Connecting the bank feed to your accounting system is typically pitched as a timesaver, yet it can create more work in practice. \u201cThere\u2019s a lot of friction in the bank feed not working,\u201d says Nikole.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Often, banks send incomplete or inaccurate data into the accounting system.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cIt will just be some random transaction description. We have no idea what the transaction is. We\'ll have this long list of transactions to send to the client and ask, \u2018Hey, what was this?\u2019 Then when it comes to filling out the vendor information in accounting, that\u2019s a very manual process, because again, the description fields are inconsistent.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Lack of banking flexibility","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Perhaps the biggest problem for Momentum Accounting was that traditional business banks lack flexibility and rarely \u2014 if ever \u2014 make it easy to delegate banking tasks.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole plays Golden Gate Australian Rules Football (GGAFL) and works as a treasurer for the league. Since the team, the board, and the leadership team changes every year, everyone loses access to their cards after each change. \u201cNobody would know how to access the bank account. People were paying things out of pocket and then trying to get reimbursed for it. It would take me hours to do these reimbursements.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On top of that, the old president \u2014 who no longer lived in the United States \u2014 was still the only person with full access to banking. \u201cWe would try to log into the bank account. It would send a two-factor authentication code to him. He\'s in Australia, so we\u2019re juggling time zones while I\'m trying to log in. If we want to send out a credit card to someone, he has to physically be at the bank to do it. The mail would go to his old address, which we weren\u2019t able to update. It was just a complete nightmare where nobody could get access to anything or use the funds because it was all contingent on him.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In other words, the way traditional banks worked was poles apart from how Nikole wanted to run her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding Relay and speeding up the reconciliation process up to 5x","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having accelerated her success thanks to emerging technology and automation, Nikole was always looking for tools to streamline her accounting process further. Then in 2019, she met Relay\u2019s Co-Founder & CEO Yoseph West at Xerocon San Diego.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole tried out Relay herself first. \u201cEvery app I roll out for my clients, I always try myself first. I opened a Relay account for myself and put a few thousand dollars in there. The very first thing that I was focused on and was really impressed with was just how cleanly the data came into Xero.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole explains why getting clean banking data was such a game-changer:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWhen transactions come from Relay to the accounting system, you get to see the transaction type. So you know it was a restaurant, home goods, or whatever without having to call the client and track things down. You can also see which team member made the transaction, so you can go directly to them if you have a question. Then, it comes through with the vendor filled out. It will say: \u2018Starbucks. Restaurant. Spent by Nikole Mackenzie.\u2019 So you can sort transactions by \u201cRestaurant\u201d and then mass code all of those to meals.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"At scale \u2014 when you\u2019re dealing with hundreds or thousands of transactions per month \u2014 having rich and accurate banking data is a huge time-saver. By Nikole\u2019s estimation, \u201creconciling bank transactions when the bank is Relay is up to five times faster compared to a traditional bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2dHO3BGJzwMnz5WLcGZwqu","revision":3,"createdAt":"2021-09-23T12:18:22.267Z","updatedAt":"2022-08-23T01:11:40.696Z","publishedAt":"2022-08-23T01:11:40.696Z","firstPublishedAt":"2021-09-23T12:22:01.325Z","publishedVersion":21,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Data Comparison","description":"Relay case study with Momentum Accounting. Comparing data quality of most banks vs. Relay. While the majority of banks provide you with limited and incomplete data, Relay sends enriched data to your accounting system.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2dHO3BGJzwMnz5WLcGZwqu/1445a6e99aa4b92fee9f43624e4cdfd1/Case_Study_-_Nikole_Mackenzie_1.4.jpg","details":{"size":110429,"image":{"width":1800,"height":1118}},"fileName":"Case Study - Nikole Mackenzie 1.4.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"While Nikole\u2019s initial focus was on data quality, she soon found other advantages to using Relay. It was easy to add new accounts. She could manage multiple clients from a single dashboard. Issuing cards was a breeze and simplified expenses for her teams.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now a Relay power user, Nikole is more aware of how much time traditional banks cost her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting clients to switch to Relay by putting a cost on inefficient processes","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of the administrative work created by traditional banks adds up to a noticeable increase in operating costs. So Nikole prefers that clients use Relay as an operating account for business banking. And when they don\u2019t, Nikole has to assess the potential costs this incurs on her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe have a conversation with clients that use inefficient banks or apps. We explain that their bank feed doesn\'t work, that it\'s a manual process for us, and that this is reflected in pricing. But if we get you on a bank that integrates with the accounting software, then the price will go down.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"As Nikole tells it, many clients don\u2019t like their bank as it is \u2014 but putting a cost to the inefficient process motivates them to switch. \u201cWe had a client that switched banks because we went through this exercise with them. They were on a really old bank that didn\'t integrate with Xero. We had to call the bank constantly. The client was frustrated with the bank as well, but nobody would make the change. There was no catalyst for that change until we raised their prices \u2014 then it was like, \u2018Okay, I should do this now.\u2019\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole\u2019s advice to firms who want to streamline accounting","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Of course, not everyone is ready to switch banks right away. Some businesses, Nikole finds, hesitate to open a digital-first banking account.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But Nikole sees it differently. \u201cI think some people are hesitant to move because they want to know that there\'s a bank they can physically walk into. But we explain that if a bank is good, you should never need to talk to anyone or go into the bank. Technology allows you to do everything seamlessly.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2m36ZFMMtrnve2ChJhXX37","revision":3,"createdAt":"2021-09-23T12:24:55.029Z","updatedAt":"2022-08-23T01:12:06.209Z","publishedAt":"2022-08-23T01:12:06.209Z","firstPublishedAt":"2021-09-23T12:25:54.844Z","publishedVersion":17,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Nikole Quote","description":"Relay case study with Momentum Accounting. \\"Reconciling bank transactions with Relay is up to 5x faster compared to a traditional bank. There\'s no reason a business shouldn\'t be on Relay \u2014 it just makes everything so much faster.\\"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2m36ZFMMtrnve2ChJhXX37/650e0874464d3a911aeed035c6ea52a8/Case_Study_-_Madeline_Pratt_1.5-1.jpg","details":{"size":135499,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Madeline Pratt 1.5-1.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"As for those that have a loan with their existing bank, Nikole tells them to keep it. \u201cYou can keep that line of credit, we explain, but let\'s use Relay for all your operating expenses. So we can use features like virtual debit cards and the ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[],"value":"bill pay module","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". But, you can still keep the relationship with your existing bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For those on the fence, Nikole suggests starting with a small deposit just to get the hang of it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cI would say move $500 to your Relay account for your own business, or a side hustle you have. Issue yourself a physical debit card. Issue yourself a virtual debit card. Pay a bill through the bill pay module. Integrate it with your accounting software, and just try it out.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"There\u2019s no reason a business shouldn\u2019t be on Relay, Nikole explains, because \u201cit just makes everything so much faster.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Want to try Relay?","nodeType":"text"},{"data":{},"marks":[],"value":"\xa0","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"Sign up for a free account","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Accountants and bookkeepers can also\xa0","nodeType":"text"},{"data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo"},"content":[{"data":{},"marks":[],"value":"book a demo","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\xa0with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","nodeType":"text"}],"nodeType":"heading-6"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"heroImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2rRc2CPkgGiHq41dZoyHrJ","revision":2,"createdAt":"2022-08-19T19:46:26.982Z","updatedAt":"2022-08-19T21:02:09.835Z","publishedAt":"2022-08-19T21:02:09.835Z","firstPublishedAt":"2022-08-19T19:46:58.919Z","publishedVersion":11,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Case Study - Nikole Mackenzie","description":"Nikole Mackenzie, Founder & President of Momentum Accounting.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2rRc2CPkgGiHq41dZoyHrJ/32330c4e20efa5978293a1b74ee432b6/Case_Study_-_Nikole_Mackenzie_1.1.jpg","details":{"size":156958,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Nikole Mackenzie 1.1.jpg","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"43oWZEwROt5IELEzhBzBbR","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogEntry"}},"revision":7,"createdAt":"2021-09-02T21:40:12.489Z","updatedAt":"2022-08-23T01:20:20.946Z","publishedAt":"2022-08-23T01:20:20.946Z","firstPublishedAt":"2021-09-03T12:34:36.667Z","publishedVersion":227,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"author":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"4P5N5C3S1RkZxcikbctAHq","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"revision":6,"createdAt":"2021-09-02T21:40:28.137Z","updatedAt":"2022-06-08T18:07:16.549Z","publishedAt":"2022-06-08T18:07:16.549Z","firstPublishedAt":"2021-09-03T12:23:39.790Z","publishedVersion":90,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","bio":"Matas is the SMB Content Manager at Relay, where he helps small business owners learn how to take control of their finances and run healthy businesses. 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She quickly learned that no access to a physical branch also meant no service from her traditional bank, even when she needed it most.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s drive to help small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s decision to pursue accounting came early in life, while she was still in high school. She had witnessed her parents struggle financially as they tried to start and keep multiple small businesses afloat \u2014 only to run into cash flow challenges. Salma recalls walking into one of these businesses, a medical supply dealership, and coming into contact with an accountant for the first time in her life.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI knew that my parents were struggling with their finances. One day I walked in and saw this guy with a stack of invoices and a calculator. My dad explained that this man was an accountant, that he was working on fixing our numbers. And immediately, I saw this accountant as a hero who was going to save my parents\u2019 business. And that day, I swear, I decided that this was what I wanted to do, to be an accountant.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma went on to become a CPA, working at PwC for seven years. The nature of her work directed her focus to enterprise clients, and eventually, Salma started to feel that she\u2019d have a bigger impact helping small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A 100% remote, tech-enabled advisory firm","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Salma decided to start her business, she had two goals. First, find a way to operate in both of the countries she calls home: Morocco, where Salma spent her childhood, and The United States, where she earned her CPA and spent years working. And second, Salma wanted to work on something that would let her directly impact clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At first, Salma considered starting a traditional outsourcing business. But as she was exploring how to set up her operations, Salma discovered a world of accounting apps and tools that she had never been exposed to during her time at PwC.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI started looking at what I needed to manage my business and to serve clients, and I realized that there were all of these tools that I didn\u2019t know about. As I dug deeper reading, watching videos, and connecting with people on LinkedIn, I realized that there was this big opportunity to provide accounting and financial strategy services remotely.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s how Salma landed on the idea behind PROKONECT: a 100% remote, tech-enabled accounting and advisory firm. The firm provides monthly accounting, advises clients on financial strategy, and streamlines financial operations.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"No process with a single point of failure","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One year in, PROKONECT has grown from a solo operation to a team of five. The firm works primarily with tech startups and eCommerce businesses, and much like the firm itself, many of PROKONECT\u2019s clients are remote.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe started right at the beginning of the Covid-19 era, so we basically didn\'t have to convince companies that working with a remote accounting firm was strategic, something that could add value to their business.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the core of Salma\u2019s strategy is the idea that no process should have a single failure point or be reliant on a single team member. \u201cA firm needs people, but it shouldn\u2019t need a specific person,\u201d says Salma. \u201cAt PROKONECT, this means everything is well-documented, and anyone can pick up a job and do it just as well as the next person.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"bWF6t7kMdsRSJGGppN8dl","revision":3,"createdAt":"2021-09-02T22:07:47.063Z","updatedAt":"2022-08-23T01:16:30.233Z","publishedAt":"2022-08-23T01:16:30.233Z","firstPublishedAt":"2021-09-02T22:08:53.553Z","publishedVersion":19,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"PROKONECT Firm Profile","description":"PROKONECT is an advisory firm launched in 2020. Services include monthly accounting, financial strategy, and financial operations.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/bWF6t7kMdsRSJGGppN8dl/53cf957814e35d2a21b972e889d7c0f5/Case_Study_-_Salma_Hatim_1.2.jpg","details":{"size":69281,"image":{"width":1800,"height":825}},"fileName":"Case Study - Salma Hatim 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But no matter how well-documented your process is, it\u2019s hard to stick to it when your tools actively work against you \u2014 especially when one of those tools is unreliable banking.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma learned this early on. \u201cI wanted to work on my business, not in it. And our traditional bank made that a big challenge for us.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Starting with a traditional bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma spent six months preparing before signing her first client. She\u2019s a Texas-licensed CPA but was starting her business remotely from Morocco. Registering PROKONECT in the US posed no problems, despite being remote. Issues began when Salma tried to open a bank account. She picked a traditional bank, expecting that it would welcome her business. Instead, she was met with delays.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was expecting to go to the bank, say, \'Hey, I want a bank account,\' and that a bank would be happy to welcome me, and that\'s it! But it took a month of back-and-forths before my firm had an account.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And once set up, Salma started running into day-to-day banking issues.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere was always some sort of challenge. Whether I was sending an ACH or a wire transfer, I always had to pick up the phone and call the bank. And when you call a traditional bank, you wait for an hour on the phone, and then you don\'t even know if you\u2019ll be lucky to get somebody on the other line.\u201d","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Getting locked out of banking completely","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Soon after opening her account, Salma needed to change her phone number. Doing this, it turns out, would lock her out of her business account completely, with no options to unlock the account remotely.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you get locked out of a traditional bank \u2014 say you don\'t remember your password, or you change your phone number and can\u2019t verify your account, the bank will not resolve this for you remotely. That\u2019s what happened to me. I changed my phone number, wasn\'t able to verify my account, and wasn\'t able to log in and access my funds.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite countless phone calls and emails to the bank, her account stayed locked. Now, she had to forego payments from her clients while also using her personal funds to cover invoices. \u201cI ended up paying for invoices from my personal account,\\" Salma explains. \\"We practice what we preach, and that\'s not something you\'re supposed to do as a business owner. But the bank put us in this situation where we had no other choice.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"All other options exhausted, Salma had to fly from Morocco to the United States to unlock her funds.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma was without a bank account for another month before it was unlocked. And even after the bank unlocked her account, fixing the mess created by mixing personal and business banking added another month to Salma\u2019s timeline.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Switching to Relay for fast remote onboarding and personalized customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Realizing that a traditional bank would continue slowing her down, Salma wasted no time finding an alternative.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI had heard about Relay from someone at a Xero networking event. We have a small Houston community \u2014 I recall someone mentioning it, and that\'s how it all started.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She reached out to Relay\'s team. From there, Relay streamlined Salma\u2019s onboarding process and she had a new account before getting back to the United States to close her old one.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was approved the same day at Relay. Then, I went to Houston and closed my traditional bank account. That was the first thing I did after my flight landed. I\'ve been with Relay ever since, and it has been the best banking experience I could\'ve asked for.\u201d","marks":[],"data":{}}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5pWmFqtT9YwwTluyXdq9Aj","revision":3,"createdAt":"2021-09-02T22:11:29.734Z","updatedAt":"2022-08-23T01:13:53.050Z","publishedAt":"2022-08-23T01:13:53.050Z","firstPublishedAt":"2021-09-02T22:13:18.515Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Remote Banking Timeline vs Traditional Bank","description":"Using a traditional bank delayed the firm by 3 months \u2014 whereas with Relay, PROKONECT was able to set up in a few business days.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5pWmFqtT9YwwTluyXdq9Aj/52c02db09230dc2cc9b4221f9c89588f/Case_Study_-_Salma_Hatim_1.3.jpg","details":{"size":125252,"image":{"width":1800,"height":1541}},"fileName":"Case Study - Salma Hatim 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma considered other digital banks as well but found them as unresponsive as their traditional counterparts. \u201cI wasn\'t getting any responses from their customer support. In contrast, Relay was a complete lifesaver. I struggled with multiple different options, and Relay was the only one that delivered,\u201d says Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having experienced banking challenges while starting PROKONECT, Salma has a more in-depth understanding of her client\u2019s pain points and the potential risks they take with traditional banks.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI\'m glad I\'m out of it, and I will never go back to a traditional banking system.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, she helps her clients understand those risks and avoid banking pitfalls.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Taking clients from chaos to clarity and confidence","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma designed her firm\u2019s onboarding process to take clients from what is often a state of chaos toward clarity and confidence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe work with a lot of startups, which are often chaotic. One of our huge differentiators is how we optimize systems for our clients.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every client is unique, facing challenges specific to their industry and their business. Before pitching anything, PROKONECT takes the time to dive deep and build a complete picture of the client\u2019s business.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe first thing we do is understand the client\u2019s pain points in terms of systems and processes. Once we get to know their business model and see their pain points, we craft an accounting process to fit their needs. We identify the right technology and how everything should integrate.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Salma, streamlining the client\u2019s financial operations is always step one. The accounting work follows after. Not only does this simplify her team\u2019s work \u2014 it also sets the client up for success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cOnly once this is done do we start thinking about accounting, bookkeeping, financial reporting, financial strategy, budgets, forecasts, KPI measurements, and everything else.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Introducing Relay in the client\'s \u201capps map\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To present their recommendations to clients, PROKONECT puts together an applications map. \u201cThis \u2018apps map\u2019 shows the client what their accounting system will look like,\u201d explains Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma then connects the dots for her clients. \u201cWhen we present the client their apps map, the typical response is, \u2018Oh, I didn\'t know about that. That\'s interesting. Oh, wow. Oh, okay.\u2019 Light bulb, light bulb, light bulb.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3GWwXgPVaWlelv8GRqvp3A","revision":3,"createdAt":"2021-09-02T22:14:25.125Z","updatedAt":"2022-08-23T01:14:18.357Z","publishedAt":"2022-08-23T01:14:18.357Z","firstPublishedAt":"2021-09-02T22:16:46.672Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Sample apps map by PROKONECT","description":"Apps map by PROKONECT, showing how different software integrates with Xero. 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Say you have $10,000 in your account. The total sum on its own doesn\'t tell you the complete story. How much of that do you owe to contractors? How much is allocated to taxes? What about rent? When all your cash sits in one account, you have to rely on mental math \ud83e\udd14 and keeping a mental list of accounts receivable and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":" to figure out your cash position.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A stop-gap for reporting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tracking your budget with multiple checking accounts also acts as a reporting stop-gap when your financial reports are late. It\'s not uncommon for financial statements to be prepared once a quarter, late or not AT ALL. But as a business owner, you make financial decisions regularly. ","marks":[],"data":{}},{"nodeType":"text","value":"Can I afford this? Can I invest in this? ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"So you need financial data to make good decisions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when you don\u2019t have good data, ","marks":[],"data":{}},{"nodeType":"text","value":"expense and reserve accounts can act as a \\"stop-gap\\" and provide a wealth of information about your finances","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you put 15% of all income into a checking account nicknamed \\"","marks":[],"data":{}},{"nodeType":"text","value":"Taxes \u2014 do not touch!","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\\", \ud83d\ude45 you KNOW instinctively that this money does not belong to you, so you\'re less likely to misallocate funds. But how many of these reserve and expense accounts do you need to create?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How many bank accounts should your business have?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of bank accounts your business needs will depend on how you organize and categorize your income and expenses. You\u2019ll want dedicated accounts for budget categories that are important to your business. \ud83d\udcdd For example, retailers may want a dedicated ","marks":[],"data":{}},{"nodeType":"text","value":"expense account for paying suppliers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", while marketing agencies may want a ","marks":[],"data":{}},{"nodeType":"text","value":"payroll reserve account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to keep tabs on labor expenses. ","marks":[],"data":{}},{"nodeType":"text","value":"In short: it depends","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While there\u2019s no one-size-fits-all approach to banking with multiple accounts, there are some common things to consider. We dive into examples below, but remember to think through both revenues \ud83d\udce5 and expenses \ud83d\udce4 when setting up your accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you run a YouTube channel with ","marks":[],"data":{}},{"nodeType":"text","value":"three streams of income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and want to track each one? Consider setting up separate accounts for your ","marks":[],"data":{}},{"nodeType":"text","value":"advertiser payouts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"affiliate payouts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"merchandise sales","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Having these accounts will give you greater visibility into each income stream.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business type will also help inform your expense accounts. If you run an e-commerce store, maybe you want to have one dedicated account for ","marks":[],"data":{}},{"nodeType":"text","value":"inventory expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and a separate account for ","marks":[],"data":{}},{"nodeType":"text","value":"software expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you\'re running a short-term rental (Airbnb) business, maybe you want to have ","marks":[],"data":{}},{"nodeType":"text","value":"separate accounts for each property you manage","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and an expense account just for ","marks":[],"data":{}},{"nodeType":"text","value":"paying contractors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want a live walkthrough of how this works in Relay? Join our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://lets.bankwithrelay.com/how-to-manage-cash/"},"content":[{"nodeType":"text","value":"bi-weekly webinar","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are countless ways to set up your business \u2014 below we list some common ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"checking account categories","marks":[],"data":{}}]},{"nodeType":"text","value":" to give you some ideas and get you started.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Primary checking account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business needs a primary checking account to receive and hold incoming payments. \ud83d\udcb0 However, if you choose to organize your cash into dedicated expense and reserve accounts, you won\u2019t be using this account to ","marks":[],"data":{}},{"nodeType":"text","value":"send","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" money to anyone. Instead, you\'ll transfer money from this primary checking account into dedicated expense accounts. Wherever you bank, you\u2019ll want to make sure this account covers all basic financial operations, like direct deposits and withdrawals.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: if you bank with Relay, you can manage up to 20 free checking accounts for each business from a single dashboard.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Operating expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the name implies, you\u2019ll use the funds in your operating expense account to cover monthly expenses. Operating costs generally refer to the day-to-day expenses needed to keep your business running. This can include things like rent, software subscriptions, utility payments and travel expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might make sense to break down operating expenses depending on your situation. For example, if you run an e-commerce business you may want to open a ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated account for software subscriptions","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and issue a dedicated debit card to go along with it.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: you can issue up to 50 virtual or physical Mastercard\xae debit cards with Relay, and assign them to a specific checking account to simplify how you track expenses.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0f Emergency fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We all know what happens when businesses run out of cash \u2014 they have to cut staff, owners have to forego paying themselves, or they\u2019re forced to liquidate assets. These are all absolute last-resort options and should be avoided. One way to create a buffer against this scenario is to save money in an ","marks":[],"data":{}},{"nodeType":"text","value":"account with a dedicated emergency","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" fund for unexpected situations or expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set aside a small percentage of your monthly revenue and reserve it for your emergency fund. You can start small, but as long as you consistently set aside a portion of your income here, eventually, your emergency fund will grow. Having an emergency savings account can also help you avoid credit card debt, a potential hit to your credit score, or even a potential impact on your personal finances.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Relay lets you make percentage- or dollar-based transfers between your checking accounts, which makes setting aside money for an emergency fund much easier!","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc1 Payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For growing businesses, making sure you can cover every payroll cycle can get complicated if you don\u2019t have visibility into ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":". And given that almost 50% of employees begin a new job search after two paycheck errors**, it\'s helpful to track your payroll funds in a dedicated checking account to make sure you never fall short.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicate one of your checking accounts to payroll and regularly fund it with the necessary amount to cover a month worth of payroll. This way, you\u2019ll know at a glance if you have enough to cover employee pay, contractor pay and your own salary and can even fully ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"nodeType":"text","value":"automate your payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"! ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: If you bank with Relay and manage payroll with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":", you can integrate the two platforms and get shortfall alerts if you\u2019re ever at risk of missing payroll. Learn more about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":"how to choose a payroll service","marks":[],"data":{}}]},{"nodeType":"text","value":" >","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Savings goals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"Saving as a small business","marks":[],"data":{}}]},{"nodeType":"text","value":" is one of the most important things you can do to get ahead. To make sure you\u2019re on track to meet your financial goals \u2014 whether it\u2019s a down payment on a new piece of equipment or a new car \u2014 you can set up separate savings accounts. In this account, you\u2019ll store away the cash to meet your short-term or long-term goals. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if your goal is to increase your savings by 5% this year, you\u2019ll want to set up automatic transfers and allocate 5% of your revenue into this account every month. Just remember that this should be a different ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":" than your emergency fund!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f Travel","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you travel frequently for your business, having a separate travel account can be very helpful. Not only will it allow you to set aside the right amount of cash, but it will also make it easy to see deductions when tax season comes around. You can also issue dedicated debit cards and assign them to your travel account \u2014 which makes it easy to track what you\'re spending when you travel.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Relay has direct integrations with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":", which helps you speed up your bookkeeping and makes accounting for your travel expenses a breeze!","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Taxes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes can catch you by surprise if you\u2019re not careful. It\u2019s one of the most common mistakes that business owners make \u2014 failing to save up enough to pay the IRS. Having a dedicated account just to store your taxes will help you avoid this. If you do nothing else, setting up a second checking account just for tax withholdings \u2014 separate from your spending account \u2014 can give you a lot of financial clarity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if your business brings in $10,000 a month and you pay 15% in taxes, you\u2019ll want to store away $1,500 a month in your tax account. Then when tax season comes around, you know you have the necessary cash reserves set aside.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Multiple bank accounts budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding how each bank account works together to create a cohesive financial picture can be challenging. What amount of money do you allocate where? To simplify it, here\u2019s an example of the multiple bank accounts budgeting method in action.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you own a small service-based business, bringing in $10,000 of revenue each month. You\u2019ve set up 7 business checking accounts to categorize your cash flow and gain clarity into your spending habits:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5Primary checking","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0Operating expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0fEmergency funds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc1Payroll","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8Savings goals","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Travel expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2Taxes","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you transfer all funds from your \ud83d\udcb5 primary checking account to the dedicated expense and reserve accounts (OPEX, Payroll, Taxes, etc.) at the end of the month, you can see how much you have to cover expenses at a glance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using the above example, here\u2019s what your cash flow allocations could look like at the start of each month. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checking account","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Example transfer rules","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Example amount at month start","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Primary checking","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receivables. 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This should immediately tip you off that something has gone wrong. Maybe you\'re still waiting on a payment from a client, or maybe sales took a hit this month. Either way, when you have multiple accounts for budgeting, you can see and catch this ahead of time and find a strategy to overcome it.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The benefits of using multiple bank accounts in Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simply put, using multiple bank accounts to categorize your cash flow in Relay gives you greater visibility into how you spend your money. And once you have this financial visibility, you can make better strategic decisions about where to allocate resources. Here are the main benefits of using multiple business bank accounts in Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Greater visibility into your current cash position. 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With multiple bank account budgeting, you can isolate categories and prevent cash flow issues in one area from affecting another.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Easier to save for taxes.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Small business taxes can get complicated, but you can make things a little easier on yourself by saving for the tax season in a separate account. When it\u2019s time to pay the IRS, you know you won\u2019t be caught off guard.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Faster bookkeeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". A big advantage of using multiple accounts in Relay is that it can speed up your bookkeeping since you already know which expense categories are associated with which account. Plus, Relay\u2019s direct ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"integrations with your favorite accounting software","marks":[],"data":{}}]},{"nodeType":"text","value":" speed things up further yet.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More secure","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". First, Relay business accounts are FDIC-insured via Thread Bank. But in addition to that, using just one checking account for receivables and allocating your funds to dedicated expense accounts keeps your information private. Better yet, online banking gives you more ways to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-safe-is-online-banking"},"content":[{"nodeType":"text","value":"keep your business secure","marks":[],"data":{}}]},{"nodeType":"text","value":" while banking conveniently.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Bank with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, by now you have a better understanding of how Relay can help you increase financial visibility and help you stay on top of your cash flow. 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This also means you won\u2019t have to rely on a different bank or pay monthly fees for each account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"* Source: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://quickbooks.intuit.com/r/payments/state-of-payments-cash-flow-2021/#collecting-payments"},"content":[{"nodeType":"text","value":"Intuit \u2014 Small business payments and cash flow in 2021","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"** Source: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://fitsmallbusiness.com/payroll-statistics/"},"content":[{"nodeType":"text","value":"Fit Small Business \u2014 13 Payroll Statistics You Need to Know in 2022","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6qxxi1JaMQCbOsUAnb22eI","revision":1,"createdAt":"2022-09-28T16:52:49.971Z","updatedAt":"2022-09-28T16:53:16.029Z","publishedAt":"2022-09-28T16:53:16.029Z","firstPublishedAt":"2022-09-28T16:53:16.029Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Multiple Bank Accounts Budgeting - Blog Header - Relay","description":"Multiple Bank Accounts Budgeting - Blog Header - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6qxxi1JaMQCbOsUAnb22eI/0ef6566630d90f3f4c195c66b1408d49/Multiple_Bank_Accounts_Budgeting_-_Blog_Header_-_Relay.jpg","details":{"size":271265,"image":{"width":1920,"height":1080}},"fileName":"Multiple Bank Accounts Budgeting - Blog Header - Relay.jpg","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"i9AJCeptNwlUDkUcIvKes","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogEntry"}},"revision":4,"createdAt":"2022-07-15T15:28:24.426Z","updatedAt":"2024-06-04T23:05:01.907Z","publishedAt":"2024-06-04T23:05:01.907Z","firstPublishedAt":"2022-07-15T17:07:12.017Z","publishedVersion":48,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"author":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"12h6BdtGGLKFcBq6XUwvSB","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"revision":2,"createdAt":"2022-06-15T15:23:46.318Z","updatedAt":"2022-06-15T15:30:09.993Z","publishedAt":"2022-06-15T15:30:09.993Z","firstPublishedAt":"2022-06-15T15:25:13.638Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","about":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Lindsey is a freelance writer, content strategist, and business owner. 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That\u2019s why it\u2019s essential to know the signs that you need to change your bank and the steps you can take to ensure there\u2019s no disruption to your automatic payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Read on to learn if now\u2019s the right time to change business banks, the advantages of doing so and the simple steps you can take to make the switch.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#signs-you-need-to-change-bank-accounts "},"content":[{"nodeType":"text","value":"Signs you need to change bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-hard-is-it-to-switch-banks"},"content":[{"nodeType":"text","value":"How hard is it to switch banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-switch-bank-accounts"},"content":[{"nodeType":"text","value":"How to switch bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-advantages-and-disadvantages-of-switching-banks"},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of switching banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-should-you-do-after-switching-banks"},"content":[{"nodeType":"text","value":"What should you do after switching banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs you need to change bank accounts \u26a0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most challenging steps in changing business banks isn\u2019t switching \u2014 it\u2019s knowing when to do so. As a business owner, you\u2019re likely busy executing multiple initiatives at once, and it\u2019s only when you run into issues with your bank that you decide to look into other options.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, it\u2019s worth looking out for common signs that it\u2019s time to switch, so you can get ahead of any issues before they arise. Let\u2019s take a look at some of the common culprits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You need more banking services","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most frequent complaints we hear from business owners is that their current bank doesn\u2019t offer the services they want. But what are these important services? The right business banking platform will make your finances easier for you. Yes, you heard that right! You don\u2019t need anything slowing you down on your way to the top\u2014especially an outdated bank.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Necessary bank services include organized cash and expenses, dedicated bank accounts, cards\xa0 \ud83d\udcb3 and team spending limits, to name a few.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You\u2019re paying a lot in fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small fees here and there may sound like a necessary evil, but they can stack up before you know it. \ud83d\udcb0And we know that every expense matters when building a business. It\u2019s frustrating, to say the least, when you find a hidden charge or recurring monthly fee. Many banks also have minimum balance requirements, forcing you to always keep a certain amount of money in your account. This can cause a real strain on small businesses and hinder growth, especially if you\u2019re trying to open multiple checking accounts and manage cash using ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right banking solution won\u2019t charge you extra fees. We\u2019re talking about no account overdraft or withdrawal fees. We know what you\u2019re thinking, but it\u2019s not too good to be true. If you\u2019re experiencing these charges, it\u2019s time to ditch the outdated way of banking.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You have to visit a physical location","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re too busy to notice the hidden fees your current bank charges you, you\u2019re certainly too busy to make a trip to a physical branch. Gone are the days when you have to make a withdrawal or get approval at a bank location. \ud83c\udfe6 Now, you can do everything you need as a business owner through an online platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With flexible online banking, you can empower team members to pay bills, issue debit and credit cards and secure spending from anywhere at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Your bank can\u2019t grow with your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With outdated services, your current bank could actually be hindering your growth. We\u2019re talking about a disconnect between banking and accounting services, a limited number of accounts and fees that hijack your savings.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right business bank can grow with you, helping you at every step by giving you clarity and control of operating expenses, cash flow and accounts payable.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You\u2019re experiencing poor customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to your banking relationship, it can be frustrating to experience poor customer service time and time again. This is especially true considering you\u2019re taking time out of your busy schedule to visit a branch location or schedule a call.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, it\u2019s important that your bank provides hassle-free support to help you when you need it most. Whether you\u2019re looking for a simple answer or need help tracking down a charge, the right bank should provide you with the customer service you deserve.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How hard is it to switch banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest misconceptions about switching banks is that the process is hard. But the reason you think that is due to your existing outdated banking systems. In reality, switching business banks is not hard and only takes about 10 minutes with a platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/why-relay"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right online business banking platform should make the process easy for you. This includes offering a simple online onboarding process, outlining key account steps and ensuring your automatic payments are set up so you don\u2019t experience disruptions. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that different banks offer different services, benefits and fees. So one of the most challenging parts of the process is choosing the right banking experience for your needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to switch bank accounts \u2194","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to make the switch, we can help guide you through the process of switching bank accounts. When switching business banks, all you need to do is gather a few key documents to start the process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Research your options","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking to switch banks, chances are you\u2019re looking for something your old bank can\u2019t provide. Consider the top services and features you\u2019re looking for, like an online platform, expense categorization and multiple accounts, then research which banks will meet those needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When comparing different financial institutions, you should consider the features they offer and the fees and rates associated with the bank. A good bank should outline all costs, if any, ahead of time to ensure you don\u2019t get blindsided with charges. Additionally, verifying that your new bank is an FDIC member is also a good idea to protect your money. In the event of a bank failure, this insures deposits up to $250,000.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Apply for an account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve picked the right bank; now it\u2019s time to apply for a new business account. Each bank offers a different application process, so it\u2019s hard to say how exactly to do so. But with online banking platforms, you\u2019ll be able to apply online at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process should be fairly quick but will depend on the bank you choose. At Relay, the online application process takes less than 10 minutes from start to finish.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Provide necessary documents","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The documents needed to open a business bank depend on the type of business you own. In general, you\u2019ll need to provide:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udeaa Photo of Government-issued ID\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd22 Social Security Number (SSN)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Mailing Address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcde Phone Number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce7 Email Address","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For corporations and LLCs, you may need to provide ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360038666931-Required-Documents-and-Information-for-Registration"},"content":[{"nodeType":"text","value":"additional information","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" such as your EIN and Articles of Organization.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Identify all your incoming and outgoing payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When setting up your new account, it\u2019s important that you don\u2019t forget to set up your recurring payments, both the ones you send out as well as any incoming deposits. Don\u2019t close your current account until all recurring monthly expenses are posted to ensure there\u2019s no delay in payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While it may seem tedious to identify and update each recurring payment at the start, if your new banking platform offers recurring payment features, you stand to save a lot of time in the future. With Relay, for example, you can manage bill payments with multi-step approval workflows \ud83d\udd00 and scheduled recurring payments directly from your account. Once you pay a bill, the transaction is auto-synced with accounting software integrations, like QuickBooks Online or Xero, for one-click reconciliation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You wouldn\u2019t want to miss out on any revenue, so it\u2019s also essential you wait until all incoming payments are posted before closing your account. With a platform like Relay, you can rest easy knowing that we can request payee information, W-9 forms and securely store payee information for future use. Now that\u2019s not your traditional banking service!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bank may also provide a \u201cswitch kit.\u201d With a switch kit, the bank will notify providers and suppliers when you transfer automatic transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Close your old business checking account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, it\u2019s time to say adios to your old bank! Once you set up your new account, transition your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"accounts payable","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and all physical checks \ud83d\udce9on your old account have cleared, you can close your old account without looking back.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may be able to call to cancel your account, or you may have to go to a branch to submit a cancellation notice. Additionally, your bank may ask you to fill out certain forms for the account closure. The bank will then release the remaining funds after all transactions are processed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of switching banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When considering if now\u2019s the right time to switch business banks, weighing the pros and cons can help you make the right decision. While the process can be quick and hassle-free with the right bank, there are some drawbacks to consider beforehand.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros of switching business banks: \ud83d\udc81","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take control of your cash with a smarter money management platform","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obtain more comprehensive banking services","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Save money on fees and hidden charges","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ditch the visits to a branch location by choosing an online platform","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize your cash and expenses into separate, single-purpose checking accounts","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons of switching business banks: \ud83d\ude45","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can take time to research the right bank","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"May disrupt automatic payments if not executed correctly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires you to learn how to use the new bank account system","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Will require you to order and wait for new debit cards and checks","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What should you do after switching banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve switched bank accounts, all there\u2019s left to do is get to know your new system. With an online banking platform, you can gain insight into your spending habits, auto-sync your accounting integrations like Quickbooks and categorize your expenses to manage your finances better.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, it may be worth switching banks if you\'re paying too much in fees and missing modern features like mobile banking, no-fee ATM withdrawals \ud83c\udfe7 and automated transaction data. At the end of the day, the choice to make the switch is up to you. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2RdT1hTCSOgfllwpphawSm/5e28b13e93c093c1f67a095d3d07ee3c/Business_Banking_Blog_Header_-_Digital_Envelope_Budgeting_System.jpg","details":{"size":101454,"image":{"width":1800,"height":1013}},"fileName":"Business Banking Blog Header - Digital Envelope Budgeting System.jpg","contentType":"image/jpeg"}}},"slug":"digital-envelope-system","popular":true,"description":"Learn how to use a digital envelope budgeting system for your business finances, step-by-step. Plus, we\'ll share free tools for digital envelope budgeting! ","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The envelope budgeting method dates back decades. You may remember your parents or grandparents keeping envelopes of cash in the house for dining out, groceries, gas, rent, or other household expenses. They might have called it \u201ccash stuffing\u201d, and many knew it as a popular way to save money. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Fast forward a few years and this method is just as relevant today, though most people choose to use a digital envelope system over physical envelopes. This helps eliminate the hassle of physical envelopes while still allowing you to keep track of every dollar spent. The best part? Envelope budgeting isn\u2019t just good for your personal expenses\u2014you can use it to manage your business\u2019s cash flow, too! \ud83e\udd29","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this article, you\u2019ll learn about the digital envelope system from a small business lens and how it can help you stick to your business budget. \ud83d\udcb5","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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Then, you set a budget for each expense based on your monthly income. \ud83d\udcb2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fundamental idea behind envelope budgeting is simple: since you are taking your revenue and portioning it out, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"you cannot spend more than what you earn","nodeType":"text"},{"data":{},"marks":[],"value":" \ud83d\ude45\u200d\u2640\ufe0f (or what your business already has in its checking account).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Physical cash envelopes vs. digital cash envelopes \ud83d\udcbb","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the rise of debit cards, credit cards, and payment apps, it\u2019s no surprise that society is slowly moving toward more digital methods of money management. This makes the traditional cash envelope system outdated, especially for business owners who move large sums of cash for monthly expenses. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Thankfully, the idea behind envelope budgeting can also work without physical cash. Today, there are countless digital envelope systems available in the form of online banking platforms or budgeting apps that help keep track of your spending in real time. \ud83d\udd70","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to set up your digital envelope system \ud83d\udcd2","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now that you know what envelope budgeting is and the tools available to you to implement it, let\u2019s talk about how you can actually start using this system! ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 1: Determine your monthly business revenue \ud83d\udcb5","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a business owner, you should have an idea of how much revenue your business brings in monthly. Make sure you review your financial statements carefully. Once you understand your revenue, you\u2019ll have a much better idea of how much cash you have available to use in your digital envelope system.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 2: Create a list of fixed expenses \ud83d\udd28","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you know how much revenue your business generates each month, the next step is to create a list of fixed expenses that are associated with operating your business. Fixed expenses are the ones that don\u2019t change from month to month. This may include rent, payroll, and inventory costs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 3: Allocate money for each expense category \ud83d\udcd6","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Determine how much cash you\u2019ll allocate (by percentage or by dollar amount) into each fixed expense type and how much you\u2019ll have left over to go into accounts like emergency funds, investment accounts, and ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"data":{},"marks":[],"value":"savings accounts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You\'ll also want to set aside some money for variable expenses, like travel, special events, and business-related meals and entertainment. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 4: Use a digital envelope system to track expenses online \u2709\ufe0f","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Divide your business\'s cash into ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"data":{},"marks":[],"value":"multiple bank accounts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", based on the amount of money you plan to allocate to each expense. You can also use an envelope budgeting app to help you with this process (we\'ve listed a few in this article below!).","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":" Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", you can open up to 20 individual checking accounts to organize your money. The best part? This digital envelope system is totally free\u2014Relay is an online banking platform that doesn\'t charge monthly maintenance fees and overdraft fees. There\'s also no minimum balance requirement. \ud83e\udd73","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 5: Stick to your envelope budget \ud83d\udce8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you\u2019ve determined your budgets and set up your digital envelope system, it\'s important to keep track of your monthly expenses. This will allow you to anticipate budget constraints and move money around if necessary.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Why does the digital envelope budgeting system work? \ud83e\udd14","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fundamental idea behind envelope budgeting is simple: since you are taking your revenue and portioning it out, you cannot spend more than what you earn (or what your business already has in its checking account). This means the envelope system works for personal finance, savings goals, and business finance.\ud83d\ude2e\u200d\ud83d\udca8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Physical envelope budgeting worked so well because you could see the amount of cash you had and where it was going. In the digital age, envelope budgeting works just the same, except the numbers are on a screen rather than on bills. You\u2019re able to track your spending habits with digital bank statements, credit card statements, and more.\ud83d\udcf1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Although envelope budgeting has been around for decades, finance guru","nodeType":"text"},{"data":{"uri":"https://www.ramseysolutions.com/budgeting/envelope-system-explained"},"content":[{"data":{},"marks":[],"value":" Dave Ramsey","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is credited for its popularity and resurgence. Nowadays, the system is less time-consuming due to its digitization! \u231b\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Pros and cons of the digital envelope system for small business \ud83d\udc4d","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Digital envelopes are great ways to help your spending and savings levels, but that doesn\u2019t mean they\u2019re perfect for everyone!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Pro: Brings awareness to your spending \ud83d\udc40","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With envelope budgeting, you can see exactly how much cash you have left in each envelope, which forces you to plan out your budget every month. It holds you accountable to your planned budget by making it very difficult to overspend.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Con: Can feel constrictive \u26d3","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re not used to this kind of budgeting system, you may feel constricted by it. Occasionally, you\u2019ll have to spend out of budget or significantly under budget, and either can make you feel like you \u201cfailed\u201d the envelope budgeting system.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Pro: Easily identify overspending \ud83d\udcc8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With envelope budgeting, you can isolate problem areas and prevent issues in one department from affecting another. 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nights, overflowing inbox, and endless document chases? Behind you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But before you unplug completely (and yes, you deserve the break), there\u2019s something most top-performing firms do ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"right now","nodeType":"text"},{"data":{},"marks":[],"value":" \u2014 they take a moment to fix what broke ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"while it\u2019s still fresh.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are 5 practical, high-impact tips from Blake Oliver, host of The Accounting Podcast and Relay\u2019s Accounting Community Advocate, to help you debrief, streamline, and future-proof your firm while it\u2019s still fresh.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"Relay is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"1. Run a Post-Tax Season Debrief (and Record It)","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your team\u2019s pain points are still fresh \u2014 so now\u2019s the time to capture them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Hold a debrief meeting within two weeks of wrapping up. This isn\u2019t about blame. It\u2019s about clarity. Go over:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What took longer than expected?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Which clients caused the most friction?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What bottlenecks slowed things down?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"This information is a ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"goldmine ","nodeType":"text"},{"data":{},"marks":[],"value":"on the areas you should be focusing on next tax season. And a few months from now, these highlights won\u2019t be as fresh in your mind. You might forget them\u2014until you face the same struggle just 12 months from now.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Record the meeting using Zoom or Google Meets, and take advantage of AI tools like Fireflies to record your notes so you can be in the moment on these calls. Then, use AI (like ChatGPT or Claude) to generate detailed notes and even create an action plan based on the transcript. It can be a gamechanger that only takes minutes.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"2. Fix Your Client Documentation Process","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019ve ever spent 30 minutes hunting down a single document (that you requested three times), you know how real the pain is.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now while it\u2019s top of mind is the time to fix your client communication and document collection process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Start by revising your client email templates:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Be specific about ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"what","nodeType":"text"},{"data":{},"marks":[],"value":" documents you need","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Clarify the ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"format","nodeType":"text"},{"data":{},"marks":[],"value":" you expect them in","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Include firm deadlines (and explain the \u201cwhy\u201d)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you haven\u2019t already, consider implementing a ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"secure client portal","nodeType":"text"},{"data":{},"marks":[],"value":" \u2014 a central hub where clients can upload docs, answer questions, and review their returns. It eliminates messy back-and-forth emails, scattered Dropbox links, and text chains that go nowhere.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most portals now include ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"automated reminders","nodeType":"text"},{"data":{},"marks":[],"value":", too \u2014 so you can ditch the follow-up fatigue and let your systems do the nudging.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"3. Re-Evaluate Your Client List","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s be honest: Not every client is a dream client.\\n Some pay well but ignore your deadlines. Others question your expertise at every turn. A few might even create more stress than they\u2019re worth.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now is the time to take a hard look at your client roster:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Who constantly missed deadlines?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Who needed constant chasing?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Who caused the most team burnout?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Who didn\u2019t follow your process (and resisted when asked to)?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Make a list of clients that drained your energy or time disproportionately. Then ask yourself: ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Would I take them on again today?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If the answer is no, it may be time to refer them elsewhere \u2014 not as punishment, but as a service to your firm ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"and","nodeType":"text"},{"data":{},"marks":[],"value":" them. When you clear out space, you create more capacity for the kinds of clients who value your work and play by your rules.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is how you future-proof your practice for sanity and growth.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"4. Automate the Small Stuff First","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"When firms think of \u201cautomation,\u201d they often focus on big, complex workflows. But that\u2019s not where the biggest gains usually come from.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Instead, start by automating ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"small, frequent tasks","nodeType":"text"},{"data":{},"marks":[],"value":" \u2014 the ones that seem minor but add up in time and mental bandwidth.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Think:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Tagging or categorizing client emails based on urgency","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Auto-generating email responses for common questions","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Scheduling standard follow-ups or check-ins","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Creating recurring checklists for onboarding or returns","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"These 5-minute tasks may not feel like a big deal individually, but done 10\u201315 times a day? That\u2019s hours each week.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"By removing even a few of them from your plate (and your team\u2019s), you\u2019ll free up time and focus for the high-value work \u2014 and reduce burnout along the way.\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"5. Simplify Year-End Write-Up Work with Relay","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"Relay is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here\u2019s one of the biggest pain points we hear about post-tax season: ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Clients who don\u2019t do regular bookkeeping, then drop a pile of PDFs on your desk in March.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You know the drill \u2014 you\u2019re left converting bank statements, cleaning CSV files, and manually piecing together a year\u2019s worth of financials just to prepare a tax return.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relay makes this significantly easier.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your clients bank with Relay:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You get ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"real-time, year-round access","nodeType":"text"},{"data":{},"marks":[],"value":" to their banking data","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You can download ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"clean, categorized transactions","nodeType":"text"},{"data":{},"marks":[],"value":" instantly","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You avoid issues with missing history or unsearchable PDFs","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can even log in as their accountant \u2014 no more requesting logins or waiting for access.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The result? You save hours on each client\u2019s tax prep, reduce write-up stress, and avoid scrambling when banks limit historical data access.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019s a simple change that pays off in a ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"huge","nodeType":"text"},{"data":{},"marks":[],"value":" way during the busy season.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Invest Now to Save Yourself Later","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Look, we know how tempting it is to shove this tax season into a drawer and forget about it. But these five steps don\u2019t require much time \u2014 and they could save you weeks of stress next year.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Do this now, while the chaos is still fresh, and your future self (and your team) will thank you come next spring.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":3,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1747939626352,"customDate":1747939626352,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"relay-bills-accounts-payable","title":"Your bills, on your terms: accounts payable meets banking in the Relay platform","description":"Bills in Relay brings your entire bill management workflow into your banking platform to give you unprecedented visibility and control over your accounts payable workflow.","metaTitle":"Your bills, on your terms: accounts payable meets banking in Relay","metaDescription":"See how Bills in Relay brings your entire bill management workflow into your banking platform to give you unprecedented visibility and control over your accounts payable workflow.","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7LUnnYGtYGBK37lhPbmGF1/6f6afbb3cc6a9f640299b05b8d3c8b80/new_bill_pay_thumbnail.png","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paying bills as a small business owner is like playing digital hot potato. You\u2019re juggling invoices, tracking due dates, managing approvals, reconciling your books\u2026 and guessing when to make a big payment without wrecking your cash flow. That\u2019s why we\u2019re excited to announce the launch of our new Bills feature. Now available to all customers, Bills in Relay brings your entire bill management workflow into your banking platform to give you unprecedented visibility and control over your accounts payable workflow.  ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is a financial technology company and is not a bank. Banking services provided by Thread Bank","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\xb2","marks":[{"type":"superscript"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":". Member FDIC.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Picture a typical month at an interior design firm: bills flood in from every direction. Suppliers email their PDFs, furniture shipments arrive with paper invoices attached, and contractors send texts with photos of handwritten bills. This scattered approach is frustrating, hard to manage, and risks important payments falling through the cracks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we\'re transforming how small businesses handle their bills by eliminating the need to juggle multiple systems and giving business owners more control over their outgoing payments and cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Bills, you can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Upload or email bills directly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" into Relay with automatic extraction of vendor details, due dates, and amounts\u2014all your bills in one place","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Categorize bills effortlessly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" by matching line items to your chart of accounts and sync everything with QuickBooks Online or Xero","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create approval workflows","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to maintain control over spending (Grow & Scale plans)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schedule payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" for immediate processing or future dates using ACH, wire, or check","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Combined with our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-expense-management"},"content":[{"nodeType":"text","value":"Expenses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" feature, Bills creates a comprehensive spend management solution for your business. While Expenses handles all your ","marks":[],"data":{}},{"nodeType":"text","value":"past card purchases and receipts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", Bills takes care of your ","marks":[],"data":{}},{"nodeType":"text","value":"upcoming invoices and bigger vendor payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Together, they give you unprecedented control over every dollar flowing out of your business, past and future.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s the Relay difference: an all-in-one money management platform that brings banking and all your financial workflows together in one place, so you can get back to doing what you do best\u2014running your business.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3gcVuj6IUS9xKT7XXYA3HK","revision":1,"createdAt":"2025-05-09T18:43:52.901Z","updatedAt":"2025-05-09T18:50:46.691Z","publishedAt":"2025-05-09T18:50:46.691Z","firstPublishedAt":"2025-05-09T18:50:46.691Z","publishedVersion":3,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Bills Dashboard","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3gcVuj6IUS9xKT7XXYA3HK/d475a6091eee713aa86530fae40eb153/Bills__Dashboard.png","details":{"size":1010945,"image":{"width":1200,"height":675}},"fileName":"Bills_ Dashboard.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choose the Relay plan that fits your needs","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bills is available across all of our plans, with features tailored to businesses at different stages:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starter Plan:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Perfect for solopreneurs and businesses getting started. You get access to the core workflow you need to upload and review bills, categorize each line item, and sync with QBO & Xero. You can then pay your bills by ACH, domestic wire, international wire, or check.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grow Plan:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Ideal for growing teams. You get everything in Starter, plus advanced approval workflows. You can split a bill into multiple categories for more detailed tracking, and process bills in batches to save even more time. ","marks":[],"data":{}},{"nodeType":"text","value":"Plus, ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"get better rates on outgoing payments. Looking ahead, Grow plan users will soon enjoy even more approval workflows by vendor and GL code, plus custom categorization rules, and partial bill payments for better cash flow management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Scale Plan:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Designed for businesses with bigger teams and more complex needs. You get all the features in the Grow plan, and (coming soon) enhancements like a bills dashboard to reveal spending trends, streamlined bulk payments, and customizable CSV exports for your accounting team. ","marks":[],"data":{}},{"nodeType":"text","value":"Plus","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", get our best rates on outgoing payments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How It Works","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Create a bill\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are 3 ways to enter your bills in Relay:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Upload it from your computer","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Email forward it to your dedicated Relay email address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Upload the bill to QBO or Xero and import it into Relay\\n","marks":[],"data":{}}]}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7h26FEs1nX1TH5RH64YUqE","revision":1,"createdAt":"2025-05-09T18:51:45.849Z","updatedAt":"2025-05-09T18:52:00.248Z","publishedAt":"2025-05-09T18:52:00.248Z","firstPublishedAt":"2025-05-09T18:52:00.248Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Bills Upload expression","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7h26FEs1nX1TH5RH64YUqE/3a8da67e6fbd11613d8a9ce478549302/Bills__Upload_Bills.png","details":{"size":1253154,"image":{"width":1200,"height":675}},"fileName":"Bills_ Upload Bills.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2: Review the bill","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay automatically reads and fills in the vendor name, invoice number, due date, amount, and all the separate line items. No manual data entry required. Take a quick glance to confirm everything is correct and make any edits.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 3: Categorize the line items","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Match each bill to your chart of accounts imported from QBO or Xero\u2014creating detailed financial records with minimal effort.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the Starter Plan, you can easily assign an entire bill to the appropriate category.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grow and Scale plan members get even more granular control. You can categorize each line item of a bill separately.\xa0 For example: fabric purchases as \\"Materials & Supplies\u201d and design consultation as \\"Design Services\\".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep meticulously detailed books, without having to email your accountant to explain all the context, so that you always know where your money is going.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"hhJiIhlOE83BrnFETmYMz","revision":1,"createdAt":"2025-05-09T18:52:33.209Z","updatedAt":"2025-05-09T18:52:45.915Z","publishedAt":"2025-05-09T18:52:45.915Z","firstPublishedAt":"2025-05-09T18:52:45.915Z","publishedVersion":3,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Bills Categorize Line Items","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/hhJiIhlOE83BrnFETmYMz/4f6569f254e5b50343306eeae1fc7aaa/Bills__Categorize_Line_Items.png","details":{"size":1000461,"image":{"width":1200,"height":675}},"fileName":"Bills_ Categorize Line Items.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Export to accounting software","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Approve the bill in order to sync it with QBO or Xero, creating a seamless connection between your banking and accounting system. Your financial data will be consistent across platforms without manual data entry.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 5: Send bill for approval (Grow and Scale plans only)","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For businesses with teams, set up approval rules based on the dollar amount of the bill, with one-stage or multi-stage approvals required.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This means a small fabric order might need a simple approval from any senior designer. Meanwhile larger expenses might need multiple approvers and a final go-ahead from the firm owners\u2014maintaining financial control without creating bottlenecks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additional advanced approval rules are coming soon, including vendor-based and GL code-based approvals. 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Pay the bill","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choose when and how to pay each bill: via ACH, domestic or international wire, or check.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the payment is complete, watch as the status updates to \\"paid\\" in both Relay and your accounting software. No need to manually mark bills as paid or reconcile systems.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grow & Scale plans only:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Enjoy the added efficiency of batch vendor payments. 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Month-end closing becomes dramatically faster when transactions are already properly categorized and reconciled.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This collaborative approach creates a true win-win: business owners feel more in control of their finances, accountants receive cleaner data, and both sides enjoy better cash flow visibility with significantly less admin work.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready for all-in-one money management?\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bills is the latest addition to Relay\'s all-in-one platform for small businesses, combining essential banking services, financial tools, perks, and strategic partnerships tailored to every phase of your business\'s cash flow journey.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When combined with Relay\'s other features\u2014like multiple checking accounts to keep your cash organized, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-expense-management"},"content":[{"nodeType":"text","value":"Expenses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" for tracking purchases, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payment-requests"},"content":[{"nodeType":"text","value":"Payment Requests","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" for getting paid fast\u2014Bills completes the picture, giving you unprecedented clarity and control over your entire financial landscape in one place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/v3/register"},"content":[{"nodeType":"text","value":"Sign up","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" or log in to your Relay account today to start experiencing the benefits of streamlined bill management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Lianne Fonseca","jobTitle":"Senior Product Marketing Manager","company":"Relay","slug":"lianne-fonseca","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/bOziAvdati3iQK31R2leY/63d83f62e928fd80727663ec9799ba74/TCL16PP9B-U07RRAD4YJJ-9d61d9fc858b-512.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1746815660356,"customDate":1747800000000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"relay-payment-requests","title":"Request payments to get paid faster","description":"Today we\u2019re introducing payment requests: a new feature which lets you request and collect payments from your customers seamlessly and securely. It\u2019s the easiest, fastest way to get paid. ","metaTitle":"Today we\u2019re introducing payment requests: a new feature which lets you request and collect payments from your customers seamlessly and securely. It\u2019s the easiest, fastest way to get paid. ","metaDescription":"Request payments to get paid faster","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5stc0aVkEA0JY6twVIiPrg/7d4d4207cc3e49d84a8fc9b52f6877cf/Payment_Requests_-_Blog_Header.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Introducing Payment Requests: a secure way to request and collect payments from your customers directly in Relay. No extra tools, no additional setup\u2014just faster payments and better cash flow control.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One overdue payment can set off a domino effect. If a client delays paying you, you might struggle to cover your own rent, utilities, or supplier costs. That delay can force you to dip into savings, rely on credit, or even miss payroll.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Late payments don\u2019t just disrupt your finances; they disrupt your operations, relationships, and long-term stability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Payment Requests","nodeType":"text"},{"data":{},"marks":[],"value":", Relay is giving business owners more control over ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"when and how you get paid","nodeType":"text"},{"data":{},"marks":[],"value":", including:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Faster, predictable payments","nodeType":"text"},{"data":{},"marks":[],"value":": Get paid directly into your Relay checking or savings account, skipping the delays and costs of third-party payment processors","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Transparent transaction data","nodeType":"text"},{"data":{},"marks":[],"value":": Each payment includes detailed transaction memos, making bookkeeping easier and more accurate","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Instant setup","nodeType":"text"},{"data":{},"marks":[],"value":": No applications, approvals, or new accounts needed. Just send a request and get paid","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Try sending your first payment request today\u2014now available in your Relay account.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Want even more ways to streamline your revenue? Join the waitlist for early access to our upcoming suite of invoicing tools!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6pj1Ch9wl7MSFoZc2h8AQ5","revision":1,"createdAt":"2025-02-28T15:54:45.319Z","updatedAt":"2025-02-28T15:55:21.949Z","publishedAt":"2025-02-28T15:55:21.949Z","firstPublishedAt":"2025-02-28T15:55:21.949Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Payment Inbox","description":"The hands of a person working pizza dough. There isa. screen of payment requests superimposed on the image on the left side. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6pj1Ch9wl7MSFoZc2h8AQ5/40881c91723d40f3c818c8ddec80cac1/Payment_Inbox.png","details":{"size":744372,"image":{"width":1200,"height":627}},"fileName":"Payment Inbox.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"More control, fewer disruptions","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Small business owners are already experiencing the power of Payment Requests to streamline their cash flow management.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here\u2019s a look at how Relay businesses are leveraging their new payment processing capabilities:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83e\udd56 A ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"catering business ","nodeType":"text"},{"data":{},"marks":[],"value":"uses payment requests to","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" collect deposits","nodeType":"text"},{"data":{},"marks":[],"value":" for custom orders. Now they can ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"see when the payment is made","nodeType":"text"},{"data":{},"marks":[],"value":" and is in \u201cProcessing\u201d status, so they can start planning in advance. Before, they had to wait a few extra days for the payment to actually land in their bank account before they could start baking.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udfe1 A ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"short-term rental business","nodeType":"text"},{"data":{},"marks":[],"value":" found out their tenants had brought along 5 extra surprise guests. 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When they saw that Relay offered the same fees and processing times as the competitors, including Stripe and Square, they jumped on the opportunity to keep all their financial workflow in one place.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udd4a\ufe0f A ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"nonprofit organization ","nodeType":"text"},{"data":{},"marks":[],"value":"was struggling with a multi-step process for collecting ACH payments. Every additional step meant another opportunity for a donor to drop out of their funnel. With Relay, they now have ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"multiple easy ways to collect ACH payments ","nodeType":"text"},{"data":{},"marks":[],"value":"and, as a bonus, can test out whether credit & debit processing makes sense for them. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udd28 A ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"general contractor","nodeType":"text"},{"data":{},"marks":[],"value":" normally texts his clients when it\u2019s time to pay, then waits for a check or manual transfer. Now, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"he sends the same text\u2014but with a payment link.","nodeType":"text"},{"data":{},"marks":[],"value":" His clients can pay instantly via ACH or card, and he can track payments in real time, so there\u2019s no more guessing if the money is on the way.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4TqKcuzgO2IujQSpjfKTIz","revision":1,"createdAt":"2025-02-28T16:22:03.678Z","updatedAt":"2025-02-28T16:24:59.075Z","publishedAt":"2025-02-28T16:24:59.075Z","firstPublishedAt":"2025-02-28T16:24:59.075Z","publishedVersion":9,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Request a Payment","description":"A baker putting bread into the oven. There is an overlay of a smart phone opened to a Relay \\"request a payment\\" screen, where somebody is requesting $120 from a contact named James Sullivan.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4TqKcuzgO2IujQSpjfKTIz/d8ad1d1de53dfae5c5c5683297984f66/Request_a_Payment.png","details":{"size":807068,"image":{"width":1200,"height":627}},"fileName":"Request a Payment.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting started with Payment Requests","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"You now have a new option on your Relay menu: ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Get Paid","nodeType":"text"},{"data":{},"marks":[],"value":". From here, it\u2019s very easy to send your first payment request.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"1. Create a payment request","nodeType":"text"},{"data":{},"marks":[],"value":": Click the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Request a payment button","nodeType":"text"},{"data":{},"marks":[],"value":", and enter your customer\u2019s contact info, amount owed, and due date. Attach an invoice and add a message if needed","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"2. Choose payment methods","nodeType":"text"},{"data":{},"marks":[],"value":": Offer your customers the option of ACH, wire, credit card, debit card, or all of the above","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"3. Send it your way","nodeType":"text"},{"data":{},"marks":[],"value":": Relay can send an email for you. Or you can copy the secure payment link and share it through your own workflow, whether through email, CRM, or invoicing system","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"4. Track payment status in real-time","nodeType":"text"},{"data":{},"marks":[],"value":": Keep an eye on outstanding requests in Relay, easily identify overdue payments, and send reminders with one click","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"5. Get paid faster","nodeType":"text"},{"data":{},"marks":[],"value":": Customers click the link and pay through a secure portal. It\u2019s easy and frictionless","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The safest way to share your banking details","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\u2019ve all sent them\u2014those polite yet awkward follow-ups to clients about outstanding invoices. But if you\u2019re copy-pasting your bank account number into those follow-up emails or texts, you might feel uneasy about security and exposing yourself to unnecessary risks.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you request a payment through Relay, your sensitive banking details are ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"not","nodeType":"text"},{"data":{},"marks":[],"value":" exposed. Instead, we use a secure pass-through account that keeps you completely safe, without creating any additional steps for you or your customer.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accept payments by your preferred method","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can choose which payment methods to offer for each request, giving you full control over how you receive payments. Here\u2019s how they break down:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcb3 Credit card or debit card\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Best for: ","nodeType":"text"},{"data":{},"marks":[],"value":"Businesses that want to offer customers a fast and familiar way to pay. Accepting card payments can help increase payment speed and reduce friction in your collection process\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How it works:","nodeType":"text"},{"data":{},"marks":[],"value":" Customers can pay using all major card brands, including Visa, Mastercard, American Express, and Discover. Relay businesses receive the payment, minus processing fees, in batched payouts","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cost to Relay business:","nodeType":"text"},{"data":{},"marks":[],"value":" 2.9% + $0.30 per transaction","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cost to paying customer:","nodeType":"text"},{"data":{},"marks":[],"value":" $0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Estimated settlement time:","nodeType":"text"},{"data":{},"marks":[],"value":" 2-3 business days","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2AUTrwRyJjhltwciaeFnVi","revision":1,"createdAt":"2025-02-28T16:25:23.222Z","updatedAt":"2025-02-28T16:26:20.752Z","publishedAt":"2025-02-28T16:26:20.752Z","firstPublishedAt":"2025-02-28T16:26:20.752Z","publishedVersion":9,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Request Received","description":"A pizza on a table. There is a text overlay with a smartphone showing Blue Stone Kitchen sent a payment request for $120, and a text overlay telling somebody they can pay for their order using the link.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2AUTrwRyJjhltwciaeFnVi/cf989644db5d57b9e6adc12376790ae6/Request_Received.png","details":{"size":897839,"image":{"width":1200,"height":627}},"fileName":"Request Received.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"\ud83c\udfe6 Pay by bank","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Best for: ","nodeType":"text"},{"data":{},"marks":[],"value":"Businesses that want to give customers an easy way to pay, while minimizing fees\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How it works:","nodeType":"text"},{"data":{},"marks":[],"value":" Customers connect their bank account directly from the Relay portal and initiate a transaction using ACH rails\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cost to Relay business:","nodeType":"text"},{"data":{},"marks":[],"value":" 1% per transaction","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cost to paying:","nodeType":"text"},{"data":{},"marks":[],"value":" $0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Estimated settlement time:","nodeType":"text"},{"data":{},"marks":[],"value":" 2-3 business days","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udda5\ufe0f ACH or wire transfer (manual payment)","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Best for: ","nodeType":"text"},{"data":{},"marks":[],"value":"Businesses that want to avoid processing fees and don\u2019t mind that it requires their customers to do a few extra steps\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How it Works:","nodeType":"text"},{"data":{},"marks":[],"value":" Customers get a secure link that contains your bank account number (a secure pass-through account is used for your safety). 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Each engineer integrates code at least once every 24 hours, keeping everything in sync.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This isn\u2019t just a process change; it\u2019s a cultural shift. We think in deployable units, embrace iterative improvements, and trust that shipping frequently is actually safer than shipping rarely.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It could feel daunting for members of the team who were previously going through a longer cycle to one where they are shipping multiple times a day. As we continue to expand our test automation, the automated safety net for every deploy gets stronger and stronger. As each change hitting production is smaller in scope, the levels of risk ultimately fall. 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Trunk-Based Development, the PR template, and the Merge Queue","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We moved away from long-lived feature branches to a trunk-based model, merging small changes into the trunk branch early and often. Each PR follows a standardize template acting like a checklist that ensures we cover all the essentials: the type of change, what changed, why it matters, how it was tested. Then spins up an ephemeral preview environment, a sandbox for quick QA and smoke tests. Once validated, the PR heads to our Merge Queue, which acts like a traffic controller where only changes that pass automated checks get merged, ensuring our trunk stays stable and release-ready.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Fully Automated Deployments","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once a PR is merged, our pipeline does the heavy lifting:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Builds a fresh container image.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Runs all tests in parallel to confirm nothing\u2019s broken.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Rolls Out the updated pods to our Kubernetes cluster if everything looks good.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. 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This setup ensures we maintain our speed without sacrificing reliability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Streamlined Database Migration Process","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Databases can be a sticking point in continuous delivery, so we overhauled our migration process. By automating each step and ensuring backward compatibility, we can release schema updates independently of application changes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"Changes in Action","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The team applied these new ways of working while building out a more comprehensive spend management product for our users. A key factor in the smooth GA release was the team\u2019s shift towards shipping smaller, more frequent changes, which was enabled by a stronger trunk-based development approach. Because we weren\u2019t blocked by staging freezes, we could continuously merge and deploy updates, reducing bottlenecks and enable to iterate quickly. Standardizing ticket descriptions improved clarity, and stronger alignment between engineering and product meant we had a clear understanding of what we were shipping and when. This kept momentum and morale high. Rather than working towards a single, large release, we made steady progress with multiple, well-defined milestones.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Another important aspect was keeping the scope in check. With a stable goalpost, the team could stay focused and systematically review remaining work every day. A bug bash in the end also played a big role in raising confidence and reducing risk ahead of GA, and having embedded QA helped accelerate testing while maintaining quality. Altogether, these practices made our release process more predictable and efficient. All on the shoulders of our drive to accelerate learning.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"Key Takeaways","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"This wasn\u2019t about going fast just for the sake of it. We focused on real impact, measuring DORA metrics to track improvements and continuously refine our approach.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"More than anything, this was about learning faster. 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Revenue\u2019s up, clients are happy, your team is expanding. But behind the scenes, things might be a little... chaotic.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial complexity grows with your business. And the tools or habits that once worked can start to fall apart\u2014fast. If you\u2019re constantly guessing at your cash position or dreading month-end, it might be time for a financial reset.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But not to worry \u2014 we\u2019ve got your back. In this post, we\u2019ll walk you through the signs it\u2019s time for a cash flow clean-up\u2014because even thriving businesses can quietly leak profit. From recognizing the red flags to reclaiming clarity and control, you\u2019ll walk away with real strategies to protect your margin and scale with confidence.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why does clean cash flow matter?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a certain stage of business, messy finances aren\u2019t just inconvenient\u2014they\u2019re dangerous. Poor visibility, bloated expenses, and slow systems make it easy to overspend and hard to grow. And they eat into what matters most: your margin.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clean cash flow gives you the clarity, control, and confidence to scale profitably.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udea9 7 signs you need a cash flow clean-up","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. You\u2019re not sure what\u2019s actually safe to spend","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re second-guessing a purchase because you\u2019re unsure how much is \u201cactually available\u201d amidst upcoming bills, payroll, taxes and other expenses, it\u2019s a sign of unclear cash flow. Even if you\u2019re profitable on paper, you might be running into cash flow surprises that leave you feeling uncertain. That hesitation? It costs time, confidence, and sometimes opportunity. Clean systems eliminate the guesswork.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. You\u2019re running everything from one main account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If every dollar your business earns and spends flows through the same account, you\u2019re in one big bucket\u2014and it\u2019s easy to lose track of what\u2019s already spoken for. As your business grows, this approach becomes more risky and chaotic. A clean system separates your funds by purpose, giving you clarity at a glance and ensuring you always know what\u2019s safe to use.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Your profit margin is shrinking\u2014and you don\u2019t know why","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re making more money than ever, but your bank account doesn\u2019t reflect it. Messy financial workflows and untracked spending could be to blame. If expenses are ballooning without explanation, and you don\u2019t have clear visibility into where the money is going, it\u2019s time for a clean-up. Organizing your finances lets you plug the leaks and protect your profit.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. You\u2019re flying blind with outdated data","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your books are always two or three weeks behind, you\u2019re forced to make critical decisions based on outdated information. That delay can cost you in overspending, missed opportunities, or preventable errors. Clean systems show you what\u2019s happening in real-time\u2014so you can take action with confidence, not caution.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Admin work is eating your day","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You didn\u2019t build your business to babysit spreadsheets or chase receipts. But when your systems are messy, you\u2019re stuck doing just that. A clean financial foundation automates repetitive tasks, keeps your data organized, and frees you up to focus on growing the business, not managing the mess.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Spending is growing\u2014but controls aren\u2019t","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More team members, more cards, more transactions\u2014it all adds up. Without limits, policies, and approvals in place, spending can spiral fast. A clean setup includes built-in controls to manage spending without micromanaging people\u2014so your profit stays protected. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"Learn how one team used Relay to spot and stop suspicious spending.","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7. You don\u2019t feel confident in your cash flow","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s hiring, investing in new tools, or just planning ahead\u2014if you\u2019re hesitating because you don\u2019t feel clear on your financial footing, that\u2019s a sign. A clean cash flow system gives you peace of mind. 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Here\u2019s how high-performing businesses manage cash flow without the chaos:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Segmented Accounts with a Clear Purpose:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Organize your funds into multiple checking accounts like operating expenses, taxes, payroll, profit\u2014so you always know what\u2019s safe to spend. Using a money management methodology like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-accounts?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is a great framework for this. 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This helps you make smart decisions as the numbers happen.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smart Spending Controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Issue cards with built-in budgets, vendor restrictions, and team limits. Empower your team to spend responsibly while protecting your margins.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit as a Non-Negotiable:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Instead of hoping there\u2019s money left over at month-end, build profit into your process. 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You\u2019re in the driver\u2019s seat\u2014with a system that works for you, not against you. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/why-thanks-for-visiting-switched-to-relay?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"See how one business finally found relief from messy banking.","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Real-world example","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere were a few times where we bounced a check and once we bounced payroll. It wasn\'t like we were out of money and broke. It was that a check hadn\'t cleared, or we haven\'t gotten paid by clients. We should have had the money. It was a cash flow problem, not a profitability problem.\u201d Then Dan connected with a bookkeeper who introduced him to the Profit First system. \u201cI\'m never going to go back to one account. Even when margins were thinner, the Profit First system and the way that Relay makes it easy to manage reduces a ton of worry.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2014 Dan Novalis, owner of 2Novas - ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/2novas-case-study?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"read how he regained control with Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Quick Recap: The Case for Clean Finances","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clean cash flow isn\u2019t about being perfect\u2014it\u2019s about being intentional and in control.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, so does financial complexity. 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Bring all your financial workflows into Relay\u2014including expense management, bill payments, invoicing, and more\u2014for an all-in-one money management solution that gets you off the cash flow tightrope for good.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is a financial technology company and is not a bank. Banking services provided by Thread Bank","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\xb2","marks":[],"data":{}},{"nodeType":"text","value":". Member FDIC.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we\'re launching new plans and pricing that are designed for each stage of your cash flow journey, along with exciting accounts payable features to create, approve, categorize, and pay your bills.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Core banking services at Relay will remain the same; however, our new plans deliver powerful financial software that grows with your business\u2014helping you gain clarity, control, and ultimately, greater profitability.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we set out to solve a fundamental problem: traditional banking isn\u2019t always built for small businesses and may not help them stay on the money.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But as we\'ve grown alongside our customers, we\'ve learned that banking alone isn\'t enough. 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With the right financial tools at the right time, entrepreneurs can build resilient businesses that thrive, not just survive.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The cash flow journey: from starting out to scaling up","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our recent ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/cash-flow-compass"},"content":[{"nodeType":"text","value":"Cash Flow Compass report","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" revealed a startling reality: 91% of business owners report having cash flow issues and 66% say that financial challenges cause persistent stress and anxiety.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Behind these statistics are real people\u2014entrepreneurs who started businesses with passion and purpose, now spending sleepless nights worrying about paying employees and overdue bills.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s follow the cash flow journey of a landscaping business that started with one creative entrepreneur, a passion for gardening, and a pickup truck. 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That\'s why we want to be completely transparent about what these new plans mean for you as a valued Relay customer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re currently using Relay, here\'s what to expect:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay Standard users:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" On May 30, 2025 you\'ll be automatically migrated to our new Starter plan. The good news? There are still no monthly subscription fees or minimum balance requirements. You\u2019ll keep all the features you currently use and gain access to some new ones, including core expenses, bills, and invoicing workflows. 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Going forward, higher plans bring better APY rates on savings, increased cash back percentages on credit card purchases, and, in some cases, reduced payment processing fees dependent on the subscription plan.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"APY on your savings accounts","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What\u2019s changing: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Each plan will offer a standardized APY rate that applies to all your savings accounts balances, regardless of how much cash you\u2019re holding. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3F2LYD1pVU68WIBvR9ccFB/4df261ad555db9dcf87c5137e30c43d9/Fees_Table__3_.png","details":{"size":79523,"image":{"width":1200,"height":578}},"fileName":"Fees Table (3).png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When will these changes take effect?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For new customers: The new plans will be available starting April 29, 2025.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For existing Standard users: You will be migrated to the Starter plan on May 30, 2025.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For existing Pro users: You will be migrated to the Grow plan on June 30, 2025.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll migrate you automatically on the appropriate date, but you can choose to opt-in earlier if you prefer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Will I lose any software I currently use?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. We\'ve designed the new plans to ensure all existing customers maintain access to the software features they currently rely on. In fact, you\'ll gain access to several new capabilities with the transition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can I switch between plans after the transition?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Absolutely. You can upgrade or downgrade your plan at any time through your account settings.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How do the new plans compare to Relay\'s current offerings?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Starter plan replaces our current Standard plan with additional features.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Grow plan enhances our current Pro plan with new capabilities for growing businesses.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Scale plan is brand new, designed specifically for businesses with $1M+ in revenue that need more advanced features.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Will this change my monthly cost?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re currently on our Standard plan, you\'ll move to the Starter plan which remains a $0/monthly subscription fee","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re currently on our Pro plan, you\'ll move to the Grow plan at the same monthly rate.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you currently have an active discount, it will remain the same.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While your monthly subscription cost remains the same, there will be some adjustments to per-transaction fees for certain payment types. For example, same-day ACH and wire transfers will have updated pricing in the new plan structure. We\'ve carefully balanced these changes by adding new value through enhanced features and perks that can help offset these adjustments for most customers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For a detailed comparison of the specific transaction fees, please visit our","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"pricing page","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" where you can see exactly how each payment type is priced across plans.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What if I need help deciding which plan is right for my business?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/contact"},"content":[{"nodeType":"text","value":"support team","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is available to provide personalized guidance about which plan best fits your business needs. 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Visit our","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/"},"content":[{"nodeType":"text","value":" Help Center","marks":[],"data":{}}]},{"nodeType":"text","value":" for detailed information, or reach out to our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/contact"},"content":[{"nodeType":"text","value":"support team","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" directly.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Committed to growing together","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we roll out the new pricing & plans, we\'re more committed than ever to our core mission: helping businesses earn more, spend smarter, and save enough.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The new Starter, Grow, and Scale plans embody our belief that businesses deserve financial tools that match their ambitions and complexity. Whether you\'re just starting out, actively expanding, or optimizing an established operation, we\'ve designed a solution that fits your specific needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The journey of building a business is filled with challenges and triumphs. Through it all, your banking shouldn\'t be another hurdle\u2014it should be a powerful ally that gives you clarity, control, and confidence. That\'s what Relay is committed to delivering.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started with Relay? 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Without the right banking setup, you risk spending too much time tracking numbers instead of growing your business.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\u2019s exactly what ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Zach Martinucci, founder of Rebel Bread Co.","nodeType":"text"},{"data":{},"marks":[],"value":", faced before switching to Relay. 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We\'re thrilled to have you on this journey with us. We hope you find the content insightful and valuable. Your support means a lot, and we\u2019re here if you have any questions. 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I want to clear the air.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since founding Relay in 2018, our mission has been to enable anyone to build a profitable small business. That mission holds true today, and it informs everything we do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bad reviews of Relay that I\'ve seen often talk about account freezes, requests for additional documents, or challenges with our customer support. User experiences like this are antithetical to our mission, and I can understand how these reviews could make you uncertain about choosing Relay as your banking platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I\u2019d like to address these reviews head-on, and share some first-ever key datapoints to be completely transparent about these online critiques and why they come up.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In almost all cases, these reviews come from experiences relating to our account protection and fraud prevention measures. Some things I\u2019d like to point out:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most negative reviews are sparked by our fraud prevention measures, which exist to protect our users, and are required of all financial institutions by U.S. law.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When we detect fraud signals, we immediately reach out to the affected business owner to get the details we need to clear the case. We also have a direct phone line for impacted users to contact us directly and speak to a real person (1-888-205-9304).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, users navigating these moments represent a very small fraction of our customers; fewer than one percent of all transactions on Relay ever receive a request for information as part of our fraud prevention measures.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re giving you the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/safety-and-security"},"content":[{"nodeType":"text","value":"full, clear and data-backed picture","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" of our account protection and fraud prevention because you deserve to understand the actions of your banking provider and feel confident in your business banking.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Behind these reviews, there\u2019s a deeper story to tell. It\u2019s one that\u2014up until now\u2014Relay hasn\u2019t done a great job of explaining. That\u2019s on us. So, I understand why some folks are frustrated and skeptical. When it comes to your business, you\u2019re smart to be cautious in the face of uncertainty. I would be too. Today, I\u2019m going to clear this up.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s one thing for me to say, \u201cRegulatory compliance is important to Relay!\u201d And while that\u2019s true\u2014and it\u2019s something ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/sites/jeffkauflin/2024/09/30/after-synapse-disaster-stripe-block-and-other-fintech-heavyweights-join-new-compliance-coalition/"},"content":[{"nodeType":"text","value":"we\u2019ve always been vocal about","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\u2014it means way more if I actually show you the data behind our account protection and fraud prevention steps.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Diving into the bad reviews","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, Relay\u2019s online reviews are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ca.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"some of the best","marks":[{"type":"underline"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"text","value":"in business banking. This is something we\u2019ve worked hard to achieve.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even still, like any platform, we also receive negative reviews by a small number of frustrated users. Several of these reviews even accuse Relay of \u201cscamming\u201d or \u201cscrewing over\u201d small businesses, withholding customer funds for no reason, and even ghosting users. It sucks to read reviews like this because they\u2019re opposite of what Relay stands for: we enable small businesses to grow. While these review claims are untrue, I understand where their frustration comes from.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These are the most common situations that lead to the bad reviews:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. Requests for more information or documents","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to process a transaction or open an account","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This review could look like: \u201cI wired money into my Relay account and then wired a portion to my business partner. Relay flagged BOTH wires!\u201d","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Account freezes or closures ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"resulting from a review by our Compliance Team","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This review could look like: \u201cRelay froze my account until I sent them information to prove my business was real!\u201d","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Customer support ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"to help customers navigate these moments","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This review could look like: \u201cRelay\'s customer service is unhelpful and slow to respond!\u201d","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the spirit of transparency, I\u2019ll go through each of these to clarify our approach, why we take it, and how it helps our users.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why does Relay ask for additional verification documents?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We take steps to verify our users (e.g. requesting additional documents or details) to comply with the federal ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.occ.treas.gov/topics/supervision-and-examination/bsa/index-bsa.html"},"content":[{"nodeType":"text","value":"Bank Secrecy Act (BSA)","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a law requiring financial institutions (including Relay) to uphold strict reporting so that the federal government can detect and prevent money laundering. It requires financial institutions to verify that their customers are who they say they are; this is called the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fdic.gov/news/financial-institution-letters/2024/fil24015.html"},"content":[{"nodeType":"text","value":"Customer Identification Program","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For a brick and mortar bank branch, a customer walks into the bank, hands over their photo ID, and the teller can verify them by looking at them. At Relay, we do this digitally. When new customers sign up, we request information during the application process to verify their identity before their account is approved. This includes:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Personal information (e.g. name, date of birth and contact details)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business information (e.g. business address, size and ownership details)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ID verification data (e.g. government-issued ID, Social Security Number and Employer Identification Number)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could sound like several steps. To put it into perspective, ","marks":[],"data":{}},{"nodeType":"text","value":"92% of all complete account applications submitted to Relay are approved.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"50eDWC7n6pBxupz7DfU5RO","revision":1,"createdAt":"2025-03-18T14:43:14.014Z","updatedAt":"2025-03-18T14:48:27.929Z","publishedAt":"2025-03-18T14:48:27.929Z","firstPublishedAt":"2025-03-18T14:48:27.929Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"relay account approval rate","description":"92% of applications are approved","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/50eDWC7n6pBxupz7DfU5RO/d73143dff18d828bec2360decffba537/stat-1.jpg","details":{"size":446268,"image":{"width":3200,"height":1400}},"fileName":"stat-1.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We only approve applications that include the necessary information requested so that we can verify them and confirm they are non-fraudulent. The takeaway here is that legitimate businesses considering Relay have nothing to worry about.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Will Relay freeze my account?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another topic I\u2019ve seen in online reviews is Relay freezing or closing accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To be clear, Relay will not close an account without first warning the account holder or requesting more information. The idea that we shut off access without warning is not accurate.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the steps that come before an account freeze, which is our last resort:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monitoring for fraud signals: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay\u2019s always-on fraud detection monitors for signals of illegitimate activity on our platform. ","marks":[],"data":{}},{"nodeType":"text","value":"When we pick up on fraud signals, we act immediately","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Issuing an RFI: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Next we put out a Request for Information (RFI). This is an industry-wide protocol whereby a financial institution asks for more transaction details to verify its legitimacy. RFIs protect consumers from fraud by giving them the chance to validate legitimate transactions, or dispute fraudulent ones.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"RFIs at Relay: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"RFIs at Relay are issued via email. We\u2019ll always include a clear ask and explanation. The response deadline will depend on the transaction, but there\u2019s a minimum one day\u2019s notice (though often longer). We\u2019ll also follow-up via phone to make our best effort to get in touch.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freezing and closing accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When we don\u2019t hear back in time\u2014or if our signals indicate potential fraud\u2014only then do we freeze the account. In cases where we confirm fraud, we close the account and post a check for any outstanding balance to the business address on file. ","marks":[],"data":{}},{"nodeType":"text","value":"Under no circumstances will Relay keep the outstanding balance of a closed account.","marks":[{"type":"underline"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"RFIs exist to protect you, your money and your Relay account. ","marks":[],"data":{}},{"nodeType":"text","value":"The reality is that fewer than one percent of all transactions on Relay ever receive an RFI.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"9BD5hQIithOsSkUn2Io5t","revision":1,"createdAt":"2025-03-18T14:48:51.313Z","updatedAt":"2025-03-18T14:49:36.119Z","publishedAt":"2025-03-18T14:49:36.119Z","firstPublishedAt":"2025-03-18T14:49:36.119Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"RFI rates at Relay","description":"Fewer than one percent of all transactions receive RFIs","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/9BD5hQIithOsSkUn2Io5t/948324a447c3fe7c56695db015c45ba5/stat-2.jpg","details":{"size":537470,"image":{"width":3200,"height":1400}},"fileName":"stat-2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can I reach a real person for help?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Definitely. This year, Relay launched the Account Protection Team (APT), an expert team of on-call specialists dedicated to guiding customers through account security and fraud prevention. They do this by reviewing, responding to, and resolving customer inquiries about Relay\u2019s security and regulatory compliance actions, so customers are supported and informed at every step. And it\u2019s working.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Already, ","marks":[],"data":{}},{"nodeType":"text","value":"our customer support resolves 80% of inquiries within their first reply ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"(reachable via email, chat or phone at 1-888-205-9304). ","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7xQbW9fFszHWgqACvShy1d","revision":1,"createdAt":"2025-03-18T14:50:56.160Z","updatedAt":"2025-03-18T14:52:44.616Z","publishedAt":"2025-03-18T14:52:44.616Z","firstPublishedAt":"2025-03-18T14:52:44.616Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"first contact resolution rate","description":"80% of inquiries are resolved within the first reply","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7xQbW9fFszHWgqACvShy1d/2d3323562210969567ced6fe5ee7d575/stat-3.jpg","details":{"size":394171,"image":{"width":3200,"height":1400}},"fileName":"stat-3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The APT has improved Relay\u2019s support for compliance and risk prevention cases even further. It has sharpened our fraud detection accuracy, and enabled faster turnaround times to investigate and clear non-fraudulent cases.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Trust is everything","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I can\u2019t promise Relay will never make mistakes when it comes to fraud detection; no banking provider can honestly say this. The truth is that risk prevention isn\u2019t black and white. No one gets it right 100% of the time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What I can promise is that Relay will bring transparency to this process. In banking, it\u2019s not common to share these compliance and fraud prevention datapoints.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Trust between small business owners and their banking provider is essential. I could point to our growing customer base, or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/sites/brandonkochkodin/2025/02/18/the-future-of-business-to-business-banking-fintech-50-2025/"},"content":[{"nodeType":"text","value":"recent awards wins","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to show you Relay is the real deal\u2014and we are proud of those achievements. Real trust is earned through action and communication, and so my hope with this post is that you can see and believe that this is us putting our best foot forward","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Yoseph West","jobTitle":"Co-Founder & CEO","company":"Relay","slug":"yoseph-west","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5ofsSd4EJva91zN9tYqprY/e191c808e72a492cc8512fe715609097/Yoseph_West_Headshot_-_1k.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1741890617287,"customDate":1743393600000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-automate-your-way-to-better-cash-flow","title":"How to Automate Your Way to Better Cash Flow","description":"Join us for a live webinar where we\'ll break down simple, actionable steps to help you get a handle on your cash flow and avoid the most common financial pitfalls. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On \ud83d\udcc5 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Wednesday, April 23","nodeType":"text"},{"data":{},"marks":[],"value":" ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"at 2 p.m. ET","nodeType":"text"},{"data":{},"marks":[],"value":", join us for a live webinar where we\'ll break down simple, actionable steps to help you get a handle on your cash flow and avoid the most common financial pitfalls. 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Automate your busy work, so you can focus on what matters most.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":1,"author":{"name":"David White","jobTitle":"Senior Content Marketing Manager","company":"Relay","slug":"david-white","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5lSllui4nzNL1rcPw6Wj3e/840a7a8590f92c5991924ba29ea83fe6/1632946263390.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1743009521866,"customDate":1743009521866,"caseStudySnapshot":null,"formName":"[2025- 04 - Webinar] - Automate Your Way to Better Cash Flow","tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"guide-scaling-with-relay","title":"Guide: How Zach Gained Cash Flow Clarity, The Relay Way","description":"Discover how Rebel Bread Co. founder Zach Martinucci streamlined his banking, gained full cash flow visibility, and saved hours each week with Relay. ","metaTitle":"Guide: How Zach Gained Cash Flow Clarity, The Relay Way","metaDescription":"Discover how Rebel Bread Co. founder Zach Martinucci streamlined his banking, gained full cash flow visibility, and saved hours each week with Relay. ","popular":false,"category":"Insights","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3GwZAdCvR7Yyag9AKsXFtJ/d9b9afd023424c3902224c7a9bb444aa/Zach_header_image.jpeg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Scaling a business means more moving parts\u2014more expenses, more transactions, and more financial complexity. 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This makes doing business in the US much easier.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One common misconception is that US citizenship or residency is required to form an LLC. However, non-residents, called non-resident aliens by the IRS, can set up an LLC too without needing a Green Card or a US residential address.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re thinking about opening a US LLC, make sure you understand the rules, steps, and ongoing tax and legal requirements. 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It gives you credibility, and opens the door for your business to have customers in one of the world\u2019s largest economies.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"However, an LLC might not always be the best fit. If you want to attract venture capital or angel investors, a C Corporation might be a better choice. As such, seek professional assistance when considering what might be the most suitable business structure depending on your goals.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Choosing the right state to register your US LLC as a non-resident","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Picking the right state to register your US LLC matters, especially when you\u2019re a non-resident. 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Now, ","marks":[],"data":{}},{"nodeType":"text","value":"he sends the same text\u2014but with a payment link.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" His clients can pay instantly via ACH or card, and he can track payments in real time, so there\u2019s no more guessing if the money is on the way.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4TqKcuzgO2IujQSpjfKTIz","revision":1,"createdAt":"2025-02-28T16:22:03.678Z","updatedAt":"2025-02-28T16:24:59.075Z","publishedAt":"2025-02-28T16:24:59.075Z","firstPublishedAt":"2025-02-28T16:24:59.075Z","publishedVersion":9,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Request a Payment","description":"A baker putting bread into the oven. There is an overlay of a smart phone opened to a Relay \\"request a payment\\" screen, where somebody is requesting $120 from a contact named James Sullivan.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4TqKcuzgO2IujQSpjfKTIz/d8ad1d1de53dfae5c5c5683297984f66/Request_a_Payment.png","details":{"size":807068,"image":{"width":1200,"height":627}},"fileName":"Request a Payment.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Getting started with Payment Requests","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You now have a new option on your Relay menu: ","marks":[],"data":{}},{"nodeType":"text","value":"Get Paid","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". From here, it\u2019s very easy to send your first payment request.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. Create a payment request","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Click the ","marks":[],"data":{}},{"nodeType":"text","value":"Request a payment button","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and enter your customer\u2019s contact info, amount owed, and due date. Attach an invoice and add a message if needed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Choose payment methods","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Offer your customers the option of ACH, wire, credit card, debit card, or all of the above","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Send it your way","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay can send an email for you. Or you can copy the secure payment link and share it through your own workflow, whether through email, CRM, or invoicing system","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. Track payment status in real-time","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Keep an eye on outstanding requests in Relay, easily identify overdue payments, and send reminders with one click","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5. Get paid faster","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Customers click the link and pay through a secure portal. It\u2019s easy and frictionless","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The safest way to share your banking details","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve all sent them\u2014those polite yet awkward follow-ups to clients about outstanding invoices. But if you\u2019re copy-pasting your bank account number into those follow-up emails or texts, you might feel uneasy about security and exposing yourself to unnecessary risks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you request a payment through Relay, your sensitive banking details are ","marks":[],"data":{}},{"nodeType":"text","value":"not","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" exposed. Instead, we use a secure pass-through account that keeps you completely safe, without creating any additional steps for you or your customer.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Accept payments by your preferred method","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can choose which payment methods to offer for each request, giving you full control over how you receive payments. Here\u2019s how they break down:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Credit card or debit card\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Best for: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Businesses that want to offer customers a fast and familiar way to pay. Accepting card payments can help increase payment speed and reduce friction in your collection process\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How it works:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Customers can pay using all major card brands, including Visa, Mastercard, American Express, and Discover. Relay businesses receive the payment, minus processing fees, in batched payouts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to Relay business:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 2.9% + $0.30 per transaction","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to paying customer:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" $0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimated settlement time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 2-3 business days","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2AUTrwRyJjhltwciaeFnVi","revision":1,"createdAt":"2025-02-28T16:25:23.222Z","updatedAt":"2025-02-28T16:26:20.752Z","publishedAt":"2025-02-28T16:26:20.752Z","firstPublishedAt":"2025-02-28T16:26:20.752Z","publishedVersion":9,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Request Received","description":"A pizza on a table. There is a text overlay with a smartphone showing Blue Stone Kitchen sent a payment request for $120, and a text overlay telling somebody they can pay for their order using the link.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2AUTrwRyJjhltwciaeFnVi/cf989644db5d57b9e6adc12376790ae6/Request_Received.png","details":{"size":897839,"image":{"width":1200,"height":627}},"fileName":"Request Received.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}},{"nodeType":"text","value":"\ud83c\udfe6 Pay by bank","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Best for: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Businesses that want to give customers an easy way to pay, while minimizing fees\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How it works:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Customers connect their bank account directly from the Relay portal and initiate a transaction using ACH rails\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to Relay business:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 1% per transaction","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to paying:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" $0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimated settlement time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 2-3 business days","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5\ufe0f ACH or wire transfer (manual payment)","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Best for: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Businesses that want to avoid processing fees and don\u2019t mind that it requires their customers to do a few extra steps\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How it Works:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Customers get a secure link that contains your bank account number (a secure pass-through account is used for your safety). They must then open their bank\u2019s website or app, and manually initiate the ACH or wire payment. This transaction happens outside Relay. It allows you to avoid fees, while still centralizing and tracking all your payments in one place\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to Relay business:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" $0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to paying customer:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Determined by sender\u2019s bank","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimated settlement time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Determined by sender\u2019s bank","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What\u2019s next: Invoicing in Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payment Requests are just the beginning. Soon, you\u2019ll be able to ","marks":[],"data":{}},{"nodeType":"text","value":"create, track, and schedule invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" directly from your Relay account\u2014whether for one-time payments or recurring services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By integrating ","marks":[],"data":{}},{"nodeType":"text","value":"Payment Requests","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"Invoicing","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", Relay will give you a complete, end-to-end solution for managing receivables\u2014reducing manual work and ensuring payments land in your account faster.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Lianne Fonseca","jobTitle":"Senior Product Marketing Manager","company":"Relay","slug":"lianne-fonseca","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/bOziAvdati3iQK31R2leY/63d83f62e928fd80727663ec9799ba74/TCL16PP9B-U07RRAD4YJJ-9d61d9fc858b-512.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1731693398433,"customDate":1740978000000,"caseStudySnapshot":null,"formName":"[test] Invoicing Waitlist","tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"relay-expense-management","title":"Tame your expenses with Relay","description":"Ultra-detailed, yet super speedy. With Expense Management in Relay, you\u2019ll tame the receipt chaos and unleash the fastest month-end reconciliation ever. ","metaTitle":"Expense management in Relay | Everything you need to know","metaDescription":"Meet Relay\u2019s improved expense management feature, helping business owners, accountants, and bookkeepers track every expense and get through monthly reconciliation up to 10x faster. ","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2zebsaabD5pR68fC31DEV9/ceacc0dfed74cf4c2baead722346e6fe/cat-expenses-tamed.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you own a small business, banking and expense management go hand-in-hand, because you need to know exactly where your hard-earned cash is going. If your bank and expense tools aren\u2019t connected, your month-end turns into a scavenger hunt: chasing receipts, categorizing expenses, and trying to piece together where your team spent money and why.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a business owner, your checklist at the end of the month can seem never ending:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f Gather all your statements, payments, and receipts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b1c Ask Sarah and Cam to submit their missing receipts ","marks":[],"data":{}},{"nodeType":"text","value":"again","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b1c Figure out what that weird charge on your card was actually for","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b1c Answer all your bookkeeper\u2019s questions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What if your banking platform could handle all of this\u2014so you never have to chase down receipts or manually categorize expenses again?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Expense Management in Relay, your bank account isn\u2019t just where your money sits\u2014it\u2019s where your entire team\u2019s spending is:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 captured (and matched with a receipt)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 automatically categorized (by AI and your own custom rules)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 synced with your accounting software (Xero or Quickbooks Online).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All this comes together into a huge win for you (and your bookkeeper!). You both have to do ","marks":[],"data":{}},{"nodeType":"text","value":"less","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" admin and data-entry, and yet you get meticulously detailed, audit-ready, and crystal-clear financial records.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The magic starts with the ","marks":[],"data":{}},{"nodeType":"text","value":"Expenses ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"page in your Relay account.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1NhAshpu7yc81d3WpevF5Q","revision":1,"createdAt":"2025-02-13T18:06:33.680Z","updatedAt":"2025-02-13T18:06:57.149Z","publishedAt":"2025-02-13T18:06:57.149Z","firstPublishedAt":"2025-02-13T18:06:57.149Z","publishedVersion":3,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Expenses Table, Cat","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1NhAshpu7yc81d3WpevF5Q/94ffcbead126ce5692c1a5397b917488/Expenses_Table__Cat.png","details":{"size":866540,"image":{"width":1200,"height":674}},"fileName":"Expenses Table, Cat.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is where Relay pulls in every single expense across your business\u2014all card purchases and outgoing payments (including ACH, wires, and checks).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now you can make sure every cent is accounted for. Here\u2019s how:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay chases receipts\u2014so you don\u2019t have to","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\u2019s built-in receipt policy and reminders, you\u2019ll never have to worry about pinging your team to submit their receipts. \\n\\nWhenever an employee buys something on a Relay card that matches your receipt collection policy, they get an instant text or email reminder to submit the receipt.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For non-card transactions or digital invoices, you can forward receipts to your dedicated receipt email address. Relay automatically matches it to the correct transaction\u2014no manual work needed.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"missing receipts, even after all that? No problem. With a couple of clicks, you can bulk-send a friendly nudge about all outstanding receipts. Each cardholder will get nudged by Relay to submit each missing receipt.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve got all receipts in\u2014cue Relay\u2019s improved receipt inbox. Match receipts to transactions instantly. Filter and search with ease. And say \u201cno thanks, never again\u201d to that graveyard of crumpled paper at the bottom of your work bag.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3qUAol1YXVYENhrpiquFsP","revision":1,"createdAt":"2025-02-13T20:54:50.564Z","updatedAt":"2025-02-13T20:55:22.301Z","publishedAt":"2025-02-13T20:55:22.301Z","firstPublishedAt":"2025-02-13T20:55:22.301Z","publishedVersion":3,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Nudge","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3qUAol1YXVYENhrpiquFsP/0a2ac738ed38e34ee4c8d73121c21cac/Nudge.png","details":{"size":1025299,"image":{"width":1200,"height":674}},"fileName":"Nudge.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Scrupulously categorize your expenses down to every dollar and detail","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nWhen you first started your business, you were probably making most of the purchases yourself and you knew all the projects and vendors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, your business has grown and you\u2019ve got amazing team members who are trying to get their jobs done. You want to empower your team to do and spend what they need to, but you don\u2019t want to lose your insight into where the money\u2019s going.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you find yourself trying to make sense of expenses after the fact. Deciphering receipts. Trying to figure out how much was spent in which category this month. This lack of clarity makes it hard to make decisions about what\u2019s right for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\u2019s Expense Management, this complex process becomes something you can do in a few clicks on a single page, right within your banking platform.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it Works","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by integrating Xero or Quickbooks Online and importing your chart of accounts. Follow the guided set up process in your account. This usually takes under 10 minutes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now you\u2019re ready to review and reconcile your spending for the month:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All your transactions appear in the ","marks":[],"data":{}},{"nodeType":"text","value":"Expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" section of your Relay account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your team has already uploaded receipts, which have been matched to each transaction","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay AI will automatically detect and input the GL code for each transaction","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set up custom accounting rules to automate the rest of the categorization","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review your transactions. Most of the data-entry will already be done, but you can make nuanced changes, such as splitting up a single receipt into multiple categories ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hit the Sync button. Your expenses, now neatly categorized, will flow from Relay into your accounting software","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s how Relay helps you complete your month-end reconciliation in a fraction of the time. Ready to deep dive? Let\u2019s go!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Integrate your accounting software\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nRelay\u2019s two-way integration with QuickBooks Online and Xero means that you can import the accounting fields (think expense categories, vendors, and GL codes) that are relevant to your month-end reconciliation workflow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This allows you to categorize your expenses in Relay, where you\u2019ve already got all the context handy, and then sync with your accounting system. \\n\\nNo more switching back and forth between programs. Relay becomes the command center at the heart of your financial workflow. \\n\\nPlus this integration ensures your accounting books stay audit-ready at all times. With all transactions accurately categorized and up-to-date, you can confidently hand over your financial records when it\u2019s time for an audit, knowing everything is in order.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Split one receipt into multiple categories","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nBusiness spending isn\u2019t always neatly categorized. That $317.93 Target receipt? It could include a new monitor, lunch for the team, and office supplies\u2014all of which need to be categorized separately in your books.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"split transaction","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" feature, you can easily break down a single purchase into multiple expense categories. 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Or maybe you\u2019re sourcing critical inventory from a supplier halfway across the globe so that you can be prepared for next season.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These cross-border moments are becoming more common for business owners, and essential for growing success, but when it comes time to send the payment\u2014well, that\u2019s where things get overwhelming.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"International payments often come with uncertain timelines, hefty transaction fees, and sometimes even unpleasant last-minute surprise bank fees on top.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"At Relay, we understand that you need to know exactly when and how your payment is going to arrive\u2014and what it\u2019s going to cost.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\u2019s why we\u2019re excited to announce the launch of Local Network international wires, a new way to send cross-border payments that\u2019s faster and more cost-effective than ever before.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Starting January 31, 2025, you\u2019ll have two distinct options for sending international wires: Local Network and Swift Network.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But which option should you use and when? 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","nodeType":"text"},{"data":{},"marks":[],"value":"Each of them has their pros and cons. \\n\\nNo matter which wire option you choose, Relay remains one of the most simple, transparently-priced, and competitive options for sending international payments. 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Learn more about MT103s ","nodeType":"text"},{"data":{"uri":"https://support.relayfi.com/hc/en-us/articles/22090423811604-Downloading-an-MT103"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Best for","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Faster and more affordable wires, perfect for small and frequent transactions.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Sending large wires that require detailed end-to-end tracking.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"}],"nodeType":"table"},{"data":{},"content":[{"data":{},"marks":[],"value":"There are also slight differences in the payment cutoff times and transaction limits for each wire type. Please visit the ","nodeType":"text"},{"data":{"uri":"https://support.relayfi.com/hc/en-us/articles/34365386691092-How-to-send-International-Wires-on-Relay"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Help Center","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" for a detailed breakdown by currency.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How currency conversion impacts your wire transfer","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a small business based in the U.S., you probably operate your business in US dollars. When sending money abroad, should you convert USD to the local currency?\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The choice is yours, and here\u2019s what you should consider:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you send your wire via the Local Network, you ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"must convert","nodeType":"text"},{"data":{},"marks":[],"value":" to your payee\u2019s local currency.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Whenever you choose to convert your currency within Relay\u2014whether sending via Swift Network or Local Network\u2014a currency conversion fee of 1% to 1.5% of the payment applies.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You\u2019ll be able to see this fee in your Relay account before you hit send. That way, you know exactly what you\u2019re paying and exactly how much your payee will receive.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you send your wire via the Swift Network, you can choose ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"whether or not","nodeType":"text"},{"data":{},"marks":[],"value":" to convert from USD to any currency (your payee\u2019s local currency or any other currency).\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you choose to keep your transaction in USD, you avoid paying currency conversion fees at the moment of sending, but you risk incurring surprise handling & exchange fees upon arrival. Your payee\u2019s receiving bank may charge additional fees for receiving USD. They may also charge exchange rates of up to 10% when converting USD to another currency.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nThese costs can add up quickly\u2014and banks don\u2019t always clearly explain how the fees are calculated. It can be hard to know how much money your payee will actually receive and, as the sender, the risk falls on you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The bottom line is: it\u2019s only a good idea to send USD to your payee if you have explicitly agreed upon it or if they have a USD account themselves. 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","nodeType":"text"},{"data":{},"marks":[],"value":"A solopreneur\u2019s bookkeeping needs are different from a national firm\u2019s needs. And a freelance bookkeeper may be perfect when your business is small, but they can\'t support you after you grow to a certain stage.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Consider a professional bookkeeper\u2019s expertise, flexibility, and growth opportunity ","nodeType":"text"},{"data":{},"marks":[],"value":"before hiring them. 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Learn about accounting costs, services, and more here.","metaTitle":"How Much Does an Accountant Cost in 2025?","metaDescription":"What\'s the average cost of an accountant for small businesses in 2025, and is it worth it? Learn about accounting costs, services, and more here.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7I7LCwFIXzQSlHFPj2GLyz/a6104e5b6970f838c2c8f547508ae629/how_much_does_an_accountant_cost__1_.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Curious about the cost of hiring an accountant in 2025? Whether you\u2019re just getting started or aiming for serious growth, knowing what to expect can help you budget for the right fit for your business\u2014and make sure you get the support you need to succeed. \ud83d\udcbc\ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this article, we\u2019ll break down the average cost of hiring an accountant, the services they provide, and how to make sure you\u2019re getting the right support without breaking the bank.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How much does an accountant cost in 2025?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accountant pricing isn\u2019t one-size-fits-all; it depends on a few key factors like location, service type, and experience. Whether you\u2019re after monthly bookkeeping, annual tax filing, or high-level financial strategy, here\u2019s what will influence the cost of an accountant in 2025:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Location","nodeType":"text"},{"data":{},"marks":[],"value":": An accountant based in New York City will naturally cost more than one based in a rural town. Some accountants also offer services remotely, which can have an impact on cost.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Type of service:","nodeType":"text"},{"data":{},"marks":[],"value":" For example, full-time financial management for a growing business will cost more than hiring someone once a year to file your small business taxes.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Experience level: ","nodeType":"text"},{"data":{},"marks":[],"value":"A seasoned certified public accountant (CPA) generally charges more than a bookkeeper or junior accountant.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Banking solution used: ","nodeType":"text"},{"data":{},"marks":[],"value":"Did you know the banking solution you use can impact the cost of your accounting services? If you\u2019re on a complicated setup with less data, some accountants will charge more due to the time and effort required to action on your financial needs. A simpler solution can mean less fees.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tip: ","nodeType":"text"},{"data":{},"marks":[],"value":"The best way to evaluate accounting costs for your unique needs is to ask potential accountants directly. Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to contact multiple accountants and ask the experts questions about your specific situation. \ud83d\udde3\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Types of accounting services and their costs","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The cost of hiring an accountant depends on the services you need\u2014and those needs often change as your business grows. Here\u2019s a look at the most common accounting tasks businesses need help with at different stages, and how much they may cost.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Note: We always recommend seeking a financial professional\u2019s advice when it comes to managing your business\u2019s money. Relay is here to provide recommendations and general guidelines only. If you need help finding an accountant for your business, check out our guide here. ","nodeType":"text"},{"data":{},"marks":[],"value":"\u2705","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For businesses just getting started","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you only recently started your business or you\u2019re not bringing in much revenue yet, you can likely keep your accounting costs low. If you aren\u2019t in a place where you need full-time accounting support, here are some smaller services you can leverage in the earlier days of business:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcd5Bookkeeping:","nodeType":"text"},{"data":{},"marks":[],"value":" If you hire an accountant, they might provide bookkeeping services like recording transactions, reconciling accounts, and preparing simple financial reports. If not, you can also hire a bookkeeper to focus on these tasks. Generally speaking, a freelance bookkeeper can cost $25-$50 per hour, while going through an accounting firm may cost upwards of $200-$400 per month.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcc4Basic tax preparation and filing:","nodeType":"text"},{"data":{},"marks":[],"value":" For startups, taxes are essential, but thankfully, easy to outsource. According to the ","nodeType":"text"},{"data":{"uri":"https://connect.nsacct.org/nsacctwww/knowledgecenter/income-fees-survey"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"National Society of Accountants","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", accountants charge on average $220 for a personal tax return (Form 1040), $903 for an S-Corp tax return, and $913 for a Corporation tax return.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s also important to note that many small business owners streamline their finances using tools like QuickBooks or Xero. These platforms cater to a range of budget needs with their\xa0 flexible pricing. Monthly subscription costs for some of these tools start at just $20/month (with some alternatives being free), allowing you to choose features that match your accounting needs\u2014and not paying more for the bells and whistles.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For growing businesses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As your business grows, your financial situation becomes more complex, and the need for accounting support increases. Here are some accounting services you may need and the general costs associated:\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcc3Financial statement preparation and analysis:","nodeType":"text"},{"data":{},"marks":[],"value":" An accountant can prepare and analyze your financial statements on a one-time or ongoing basis. The cost largely depends on the size and complexity of your business, but it\u2019s worth the investment\u2014this service will help you stay on top of cash flow, identify financial trends, and make strategic decisions.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcb2","nodeType":"text"},{"data":{},"marks":[],"value":" ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Payroll services: ","nodeType":"text"},{"data":{},"marks":[],"value":"When you start hiring employees, managing payroll becomes an important responsibility. You can either hire an accountant to help (with costs varying largely across accountants) or use payroll services like Gusto or ADP, which typically costs $50 to $250 per month, plus a small per-employee fee.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcd9Tax planning and strategy:","nodeType":"text"},{"data":{},"marks":[],"value":" As your business grows, ongoing tax planning becomes more important to maximize your tax savings and ensure that you remain compliant with tax laws. This service generally costs between $500 to $5,000 per year, depending on the complexity of your tax situation.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"For established businesses with more complex needs","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Larger businesses or those with more complex financial structures may require full-service accounting. Here\u2019s what you need to know about these potential accounting costs:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udda5\ufe0fFull-service accounting and CFO services:","nodeType":"text"},{"data":{},"marks":[],"value":" Hiring a fractional Chief Financial Officer (CFO) or a full-service accounting firm for strategic financial planning can generally cost $2,000 to $10,000 or more per month. This is ideal for businesses that need long-term projections, growth strategies, and high-level financial advice.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"In-house accounting hire: ","nodeType":"text"},{"data":{},"marks":[],"value":"At a certain point, it might make sense for your business to hire an accountant full-time. According to ZipRecruiter, ","nodeType":"text"},{"data":{"uri":"https://www.ziprecruiter.com/Salaries/In-House-Accountant-Salary"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"the average salary for an accountant is $68,236 per year","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" but keep in mind that this will vary by location and experience.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcd1Audit support: ","nodeType":"text"},{"data":{},"marks":[],"value":"You\u2019ll want to take advantage of the expertise of a CPA or another tax professional if your business is audited by the IRSl. The cost will depend, again, on that individual\u2019s location and experience\u2014and the complexity of your financial records\u2014but you can expect hourly rates starting at $200 and reaching as high as $1,000 for the most experienced tax accountants.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Is it worth it to pay for accounting for a small business?\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Many small business owners wonder if hiring an accountant is worth the investment. The answer is usually ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"yes","nodeType":"text"},{"data":{},"marks":[],"value":". Accounting services offer value far beyond just balancing your books, often helping you save both time and money in the long run.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are a few benefits of paying for small business accounting services:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\u23f0Saves time:","nodeType":"text"},{"data":{},"marks":[],"value":" Trying to handle your own bookkeeping can take up valuable time that could be spent doing other tasks to grow your business. By outsourcing to a professional accountant, you\u2019ll free up time to focus on what you do best\u2014running your business.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\u274cReduces errors:","nodeType":"text"},{"data":{},"marks":[],"value":" Financial mistakes can be costly. Professional accountants are trained to spot potential issues before they become serious problems. They can also help ensure that you comply with tax laws, so you don\u2019t face any surprises come tax season.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udd0eDelivers strategic insights:","nodeType":"text"},{"data":{},"marks":[],"value":" An experienced accountant, especially a CPA, can provide valuable financial advice and insights into your business\u2019s cash flow, helping you make better business decisions. This guidance can be crucial for long-term growth.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcc8Facilitates growth:","nodeType":"text"},{"data":{},"marks":[],"value":" As your business grows, financial management becomes more complex. An accountant can help you scale your financial operations, making sure that your accounting methods evolve with your business and stay compliant with important tax regulations in your industry.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcb5Improves cash flow management:","nodeType":"text"},{"data":{},"marks":[],"value":" Many small business owners struggle with managing their cash flow effectively, which can lead to unexpected complications with finances. Accountants help you keep track of your finances and better plan for upcoming expenses, giving you peace of mind.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"However, it\u2019s important to avoid overpaying for services you don\u2019t actually need. If you\u2019re in the early stages of running your business, you might only need basic bookkeeping services or tax preparation, rather than a full-service accounting package. Aligning your accounting fees to your business needs is the best way to get the right support without overspending.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Ready to find an accountant for your business? ","nodeType":"text"},{"data":{},"marks":[],"value":"Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to contact qualified accountants near you.\ud83d\udccd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to choose the right accounting service for your budget","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Choosing the right accounting services doesn\u2019t need to be overwhelming. Here are some tips to help you make the right choice for your business needs:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcbcStart small:","nodeType":"text"},{"data":{},"marks":[],"value":" If your business is new, you may only need basic bookkeeping services and accounting software. As your business grows, you can always add more complex services.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcbbConsider outsourcing:","nodeType":"text"},{"data":{},"marks":[],"value":" Subcontracting a bookkeeper for day-to-day tasks while using a CPA for specialized services like tax returns and financial strategy can effectively balance cost and value.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83e\udd1dLook for free consultations:","nodeType":"text"},{"data":{},"marks":[],"value":" Many accountants offer a free consultation, giving you a chance to discuss their services, fee structure, and certifications before making a decision.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to add an accountant to your 2025 budget?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The bottom line is that accounting is a smart investment for small business owners looking to grow their business, maintain compliance, and more effectively manage their finances.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"While the average cost of an accountant in 2025 can vary based on factors like location and specialization, it\u2019s important to choose an option that aligns with your business needs. Whether you choose a professional accountant or CPA, or choose to rely on accounting software for day-to-day management, the right financial support can make a big difference in your success.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To find an accountant today and start reaching your financial goals, check out Relay\u2019s","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[],"value":" ","nodeType":"text"},{"data":{},"marks":[{"type":"underline"}],"value":"accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":3,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1734125830598,"customDate":1733806800000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"accountant-vs-bookkeeper","title":"When to Hire an Accountant vs. Bookkeeper","description":"Accountants and bookkeepers are both essential for small business, but what\'s the difference? Here\'s what you need to know. ","metaTitle":"Accountant vs. Bookkeeper: Key Differences and When to Hire","metaDescription":"Confused about whether to hire an accountant or bookkeeper? Learn the key differences between bookkeeping and accounting, how each helps your business, and when to hire these financial experts for maximum impact.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5T2wfcMKtE4S0jn5WEu0q5/bd051b474448db2ba4dc78c86f0f2842/accountant_vs_bookkeeper_thumbnail.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants and bookkeepers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" are essential for helping small business owners manage business finances successfully. But it\u2019s hard to know who to call about what because of how accountants vs. bookkeepers overlap.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding these key differences will save you valuable time, money, and stress. You\u2019ll know exactly which expert to consult about payroll, financial reporting, forecasting, and everything in between. (You\u2019ll also avoid unnecessary expenses if you only need to talk with one of these number crunchers! \ud83d\udcb8)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, you\u2019ll learn the difference between accounting and bookkeeping, how certified public accountants and bookkeepers help you, and how to know when it\u2019s time to hire one or the other (or both!). ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What\u2019s the difference between accounting and bookkeeping?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounting and bookkeeping are essential parts of your business\u2019s financial management. They help you track expenses, process","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"payroll","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", reconcile bank statements, and file tax returns accurately (what\u2019s up, IRS? \ud83d\udc4b). Both functions boost your financial health and longevity. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why it\u2019s important to understand each field\u2019s key differences and unique role in your operations. Sure, you can track financial data yourself for a while, but eventually you\u2019ll scale such that your time is worth more than the cost of outsourcing tasks. Understanding accounting vs. bookkeeping will help you find and hire the right expert.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The role of bookkeeping in a business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping is your business\u2019s record-keeping process. \ud83d\udcd5This is where you\u2019ll dot every \u201ci\u201d and cross every \u201ct\u201d to ensure accurate daily financial records. Typical bookkeeping tasks include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Invoicing your customers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing accounts payable and accounts receivable","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recording and organizing daily transactions","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Processing payroll","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reconciling bank statements","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When bookkeeping, you\u2019ll monitor your general ledger, run financial reports, and track tax deductions. This work lays the solid foundation you need to have a smooth, stress-free tax season.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The role of accounting in a business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If bookkeeping is the building of your financial data library, accounting is the deep dive into the stacks. It\'s where you draw conclusions, draft plans, and take the next best steps for your business based on the big picture. \ud83d\udcda","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping focuses on your business\'s day-to-day operations, while accounting is comprehensive and oriented toward decision-making. It\'s the connect-the-dots skillset where you interpret, analyze, and summarize your financial data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounting enables you to make strong financial decisions for your business and plan for the long run. It helps you leverage beneficial tax loopholes (e.g., having your LLC taxed as an S-corporation). 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Bookkeepers track every tiny scrap of financial data you need to stay on track and organized. CPAs leverage this data to help you stay on top of tax-related tasks. They safeguard your business\'s financial health and provide the insights you need to grow.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Bookkeeper qualifications","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bookkeeper is the steward of your business\u2019s financial filing system. Since they\u2019ll be responsible for tracking every last decimal, you want someone who\u2019s meticulous. Attention to detail should be second nature. (Think Hermione Granger, but finance. \u2728) You shouldn\u2019t have to fact check the very person who\u2019s acting as your human encyclopedia!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Who you choose as your bookkeeper depends on your bookkeeping needs. Is your business new? Are you doing most of the bookkeeping yourself and trying to keep costs down while you grow? A high-level bookkeeper can answer your questions and double-check your work for accuracy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business is more established, you\'ll benefit from increased hands-on support. In this case, you\u2019ll want to look for a bookkeeper who can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Invoice customers across multiple income streams.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Process payroll for multiple employees.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understand your industry and business type, such as S-corp or LLC.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Run reports that go beyond a simple Excel spreadsheet.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Navigate accounting platforms like Quickbooks. (Gone are the days of recording purchases in massive paper ledgers! \ud83d\udcdc)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clearly communicate answers to your questions and explain tricky concepts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offer the availability you need, whether that\'s year-round support or tax-season assistance.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaborate with accountants. 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They should be able to confidently identify and advise you on cost-saving opportunities they uncover.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The know-how to streamline your accounting processes.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83d\udccaFor example, they might automate data entry tasks or know the right software integrations to save you a step or two.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Experience in industries like yours","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Request client testimonials to check their track record. (Have they consistently helped small businesses save money and boost financial health? \ud83e\udd14)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Awareness of tax laws and regulations for your biz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That way you\u2019re prepared for tax planning, stay on the IRS\u2019s good side, and avoid potential fees and penalties.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Strong communication skills with regular availability","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". When you have a question, you probably don\u2019t want to wait weeks for an answer. Review an accountant\u2019s testimonials or references to see if they communicate promptly.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High comfort level with your preferred accounting software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you don\u2019t have specific software in mind, ask what your accountant prefers\u2014and why.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right temperament","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Are you a new business owner who is sometimes overwhelmed by the amount of tasks you carry? Someone who\u2019s patient and friendly may be the best fit for you. Alternatively, if you\'re experienced and move fast, an efficient and direct accountant might be your unicorn. \ud83e\udd84","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When to hire a bookkeeper vs. accountant","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you understand the difference between bookkeeping vs accounting and what each professional does, you may be wondering when to hire one (or both!). It all comes down to what you and your business needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business is new and you\'re keeping costs down, high-level support is all you need. You can track your daily transactions and financial information while your bookkeeper acts as a support resource. They\'ll answer questions, check your work, and provide monthly feedback to position you well for tax season. Your accountant will then guide you through tax filing and answer questions as-needed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\'re managing full-time equivalents (FTEs) and multiple income streams, it\'s time to bring on the experts. Delegate financial transaction recording and organizing to a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/when-to-hire-a-bookkeeper"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"part- or full-time bookkeeper","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". They\u2019ll keep you on track and record and calculate every detail. Similarly,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-an-accountant"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"your accountant","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" should conduct a regular financial analysis through reports and utilize more advanced tax strategies so your business can grow. \ud83d\udcc8Your accountant will also streamline your company\u2019s financial operations and reporting, saving you time and stress.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Tip","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some accounting firms also offer bookkeeping services. 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Check out Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"free accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to find the best-fit financial professionals near you.","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1733507354802,"customDate":1733507354802,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"the-art-of-onboarding-clients","title":"The Art of Onboarding Clients Into Your Firm","description":"On Thursday, January 16, learn how to design a strategic onboarding process that brings in the clients you want\u2014and keeps out the ones you don\u2019t.","metaTitle":"The Art of Onboarding Clients Into Your Firm","metaDescription":"On Thursday, January 16, learn how to design a strategic onboarding process that brings in the clients you want and keeps out the ones you don\u2019t.","popular":false,"category":"Webinar","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/iE0MWRzE1RI8gcKF5LlZP/9b8fc46c512d859f90b9ca96419bc518/BLOG_Webinar-May_Thriveal_-_1920_x_1090-Updated-Optimized.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Note: this webinar has already aired. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this webinar, you\'ll learn how to ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"design a strategic onboarding process","nodeType":"text"},{"data":{},"marks":[],"value":" that brings in the clients you want\u2014and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"keeps out the ones you don\u2019t","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Industry expert ","nodeType":"text"},{"data":{"uri":"https://www.jasonblumer.com/"},"content":[{"data":{},"marks":[],"value":"Jason Blumer, CPA","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", will share practical strategies on how accounting professionals can leverage onboarding to build a client base that supports their vision for growth. 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The key to making the right choice is asking the right questions before you hire. \ud83d\udde3\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just as you would thoroughly interview a potential employee, you need to ensure that the CPA or accounting service you hire aligns with your business needs and goals. This article will guide you through essential questions to ask when considering a CPA or accountant.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s dive in!\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Why do I need to interview potential accountants?\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Hiring a CPA or accountant is a decision that can significantly impact your business\u2019s cash flow and long-term financial health. That\u2019s why it\u2019s so important to treat the interview process like you would when hiring any other employee. \ud83d\udcdd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"During the interview process, you can determine if your accountant\u2026\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Communicates well and is available when you need them.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Understands what your business does and the industry you\u2019re in.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Will be proactive about finding opportunities for tax breaks\u2014or identifying potential risks before they pop up.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Has the experience and certifications to support you as your business grows.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Can offer personalized financial advice that aligns with your specific goals, including financial planning and growth strategies.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ultimately, asking the right questions during the interview process can help you find the best accountant for your business\u2014and avoid the costly mistake of hiring the wrong person.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"Still looking for accountants and/or CPAs to interview?","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":" Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"},{"type":"italic"}],"value":"accountant and bookkeeper directory here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"italic"}],"value":" to find verified professionals near you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"10 questions to ask before hiring a CPA or accountant","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you\u2019re hiring a CPA or an accountant, it\u2019s important to ask open-ended questions. Your goal should be to gain deeper insight into their experience, approach, communication style, and compatibility with your business\u2019s needs.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tip: ","nodeType":"text"},{"data":{},"marks":[],"value":"Remember that the specific questions you ask a potential accountant or CPA depend on what services you need. For example, not every accountant specializes in taxes\u2014and you might not be looking for complex tax help. If that\u2019s the case, you might consider skipping the tax questions.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started? Here are 10 questions to ask before hiring an accountant or CPA for your small business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. How long have you worked in this industry, and what common mistakes do you often see small businesses make?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having industry-specific experience can greatly enhance the insights and guidance a CPA or accountant can provide. By asking how long they\u2019ve worked with businesses like yours and what common missteps they\u2019ve seen, you\u2019ll gain a sense of their familiarity with the particular financial challenges your business may face. \ud83d\udd0e","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question also highlights their approach to proactive support; a seasoned accountant who regularly identifies patterns and recurring issues is better equipped to spot potential risks early, helping you steer clear of problems before they arise.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tip: ","nodeType":"text"},{"data":{},"marks":[],"value":"Find qualified accountants and bookkeepers near you with ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay\u2019s free accountant directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". At a glance, you can see what certifications they have, which industries they specialize in, and more!\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. What financial metrics should I pay attention to, and how can you help track them?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your CPA should help you stay on top of important financial metrics like profit margins, debt ratios, and cash flow. \ud83d\udccaThis question digs into their understanding of the financial metrics that matter most for small businesses and the efforts they\u2019ll put into monitoring them to keep your finances on track.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. How would you tailor your services to fit my business?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Every small business is unique. A CPA who offers one-size-fits-all accounting services may not deliver what you truly need. By asking how they\u2019d customize their services specifically to your business type and business size, you\u2019ll understand if they can successfully handle the various growth stages your business will go through \u2013 from the startup life to a more mature company. \ud83c\udfe2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question also highlights whether they\u2019ll adjust services for things like changes in business structure, expansion to additional locations, or other changes to your accounting needs.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. How will you find growth opportunities from my financial data?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A great CPA isn\u2019t just reactive\u2014they\u2019re proactive and opportunistic, with an eye for spotting potential opportunities that may not be apparent to you or the average small business owner.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Asking this question helps you find out if your CPA can effectively analyze your financial statements for insights that lead to strategic business decisions. Whether it\u2019s suggesting a new revenue stream, examining profitability, or identifying tax-saving opportunities, this shows if they\u2019ll actively contribute to your business\u2019s success\u2014or if they\u2019ll be more of a passive bystander. \ud83e\udd14","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. How do you handle tax planning for the long term, not just tax season?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Long-term thinking and planning are the name of the game for an effective CPA. \ud83d\udcc8This question uncovers if your CPA can go beyond tax preparation and tax filing to offer ongoing tax planning that aligns with your business\u2019s future.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Are they keeping an eye on changing tax codes and tax laws and how these might impact your tax situation? A forward-thinking CPA will help you lower your tax liabilities over time, not just on a yearly basis.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"6. Can you help me choose the right accounting software, and will you teach me how to use it?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Today\u2019s business world relies on accounting software like QuickBooks Online to track finances efficiently. A CPA who knows how to implement and optimize these tools can save you time and money. This question ensures that your CPA is well-versed in the software you\u2019re using or can recommend the best tool for your business, streamlining your operations and giving you real-time visibility into your cash flow. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"7. How will we communicate if we\u2019re working remotely, and how often will we meet?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the rise of remote work, it\u2019s important to understand how a CPA manages their responsibilities and relationships when they\u2019re not in the same building as you. \ud83d\udcbb\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question also helps you figure out how frequently they\u2019ll be available for in-person or virtual meetings. The goal is to see if they can maintain a consistent, proactive approach to communication, whether that\u2019s through webinars, phone calls, or video meetings.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8. How do you make sure I\u2019m getting all the tax credits and deductions I\u2019m eligible for?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most tax experts can handle a tax return, but the real value comes in finding ways to save your business money. This question allows you to see if your CPA will go beyond the basics to make sure you\u2019re leveraging every tax deduction and credit possible. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It also highlights their knowledge of niche tax benefits specific to your industry, ensuring you can benefit from all cost savings opportunities available to you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"9. What steps do you take to keep my financial information secure?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your CPA will handle some of the most sensitive data related to your business, including bank account details, business structure documents, and payroll information.\xa0 \ud83d\udcb8 Asking about their security measures will give you peace of mind that they\u2019re using best practices\u2014such as encryption, secure servers, and confidentiality protocols\u2014to protect your data.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"10. How do you help clients prepare for potential audits?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"While an audit isn\u2019t something that you\u2019ll be excited about doing, it\u2019s best to always be well-prepared for one. A good CPA will not only ensure your financial records are accurate and compliant with tax regulations but also guide you through the audit preparation process.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question reveals their approach to keeping your books audit-ready and how they would support you if the IRS comes knocking. \ud83d\udeaa Knowing your CPA is proactive about this can save you from stress and potential penalties in the future.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Hire a CPA for your business with confidence\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Interviewing potential CPAs and accountants thoroughly is one of the most important steps you can take to ensure you find someone who aligns with your business needs and values.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The right financial partner can make a big difference when it comes to managing cash flow, planning for growth, and navigating tax complexities. By asking open-ended questions that go beyond the basics, you\u2019ll gain a deeper understanding of how well they can support your business and help you reach your goals.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Use these questions as a guide when interviewing candidates to ensure you\u2019re selecting the best fit for your business. And when you\u2019re ready to connect with qualified professionals, don\u2019t forget to check out Relay\u2019s","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":" accountants and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\udcbb","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"FAQs about hiring a CPA for your business\xa0\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Is a CPA the same thing as an accountant?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"While both accountants and CPAs handle business accounting, there are some important distinctions between the two:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"An accountant","nodeType":"text"},{"data":{},"marks":[],"value":" typically holds a degree in accounting and may offer general accounting services like bookkeeping, preparing financial statements, and managing payroll.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"A certified public accountant (CPA) ","nodeType":"text"},{"data":{},"marks":[],"value":"has passed rigorous certifications, meets state licensing requirements, and often specializes in more complex tasks like tax planning, financial planning, and representing clients before the IRS.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"At the most basic level, you can remember the difference this way:","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" every CPA is an accountant, but not every accountant is a CPA","nodeType":"text"},{"data":{},"marks":[],"value":". Learn more about different types of accounting certifications and what they mean for your business here.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Do I need a bookkeeper, a CPA, or an accountant?\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Some business owners choose to have one CPA for all their business accounting needs, while others may rely on an accountant for ongoing financial tasks, a bookkeeper for bookkeeping, and a CPA for their taxes.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A good rule of thumb for this: the less complex your business is, the less complex your financial team needs to be. Here\u2019s a quick guide for you:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you only need an accountant for your annual tax return, stick with a CPA.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you need help keeping your books organized and categorizing transactions monthly or quarterly, it might be time to hire a bookkeeper, as well.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you need to hire a financial professional in-house to manage payroll, reconcile a large volume of monthly transactions, and handle other tasks, then it\u2019s time to add an accountant to your team.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"No matter who you need to hire, be sure to check out ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay\u2019s accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to connect with local professionals who fit your business\u2019s unique needs. \ud83d\udcdd ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":6,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732910051174,"customDate":1732856400000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"master-the-behaviors-that-drive-maximum-profits","title":"Master the Behaviors That Drive Maximum Profits","description":"On December 17 at 2 p.m. ET, join Certified Profit First Professional Michelle Scribner for a deep dive on the habits that drive small business success. 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And yes, all of those things play a major role in your success. But there\'s another, equally important factor that can make or break a small business: ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"your behaviors as a business owner","nodeType":"text"},{"data":{},"marks":[],"value":". From how you approach decision-making to your appetite for risk, there are certain behaviors that directly influence profitability\u2014and you can ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"learn to leverage the ones that will set your business up for long-term success","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tuesday, December 17 at 2 p.m. ET","nodeType":"text"},{"data":{},"marks":[],"value":", join Certified Profit First Professional ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Michelle Scribner","nodeType":"text"},{"data":{},"marks":[],"value":", CEO of ","nodeType":"text"},{"data":{"uri":"https://sumofallnumbers.com/"},"content":[{"data":{},"marks":[],"value":"Sum of All Numbers","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", for an exclusive webinar on ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Mastering the Behaviors That Drive Maximum Profits","nodeType":"text"},{"data":{},"marks":[],"value":". 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It may be time to bring in some professional support\u2014here\'s what you need to know (and the signs you might need the support). ","metaTitle":"When (and How) to Outsource Accounting and Bookkeeping","metaDescription":"Is it time to outsource your small business\u2019s accounting and bookkeeping needs? If you\u2019re falling behind on these financial tasks, it might be time to hire an expert. ","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/67ZQb22h8UKVUwETHDk308/96c3de90d5db2c56599533ea62020a87/Copy_of_Copy_of_Copy_of_Untitled_Design.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Managing finances can be one of the most challenging aspects of running a small business. For many business owners, tasks like bookkeeping services, payroll, and tax preparation can quickly become overwhelming. If you\u2019re struggling to keep up with these things, it might be time to invest in outsourced accounting and bookkeeping services. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not only can it save you valuable time\u2014these services can reduce the risk of costly errors and give you access to the expert financial insights you need to take your business to the next level.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started? In this article, we\u2019ll explore the signs that it\u2019s time to outsource, the benefits of doing so, and practical tips for how to outsource both accounting and bookkeeping services effectively.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5 signs it\u2019s time to outsource your accounting\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a small business owner, you\u2019ve got a ton of responsibilities to juggle\u2014from managing your company\u2019s day-to-day operations to keeping your customers happy and trying to grow your business on top of it all.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With so much going on, it\u2019s easy for something as important as your company\u2019s financial management to feel like a huge time drain.\ud83d\udcb0Unless you have a passion for numbers, tasks like reconciling a balance sheet and managing financial data probably aren\u2019t your favorite ways to spend your time. That\u2019s where outsourced accounting services can be a game-changer.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But how do you know if it\u2019s the right time to hand things over to an expert? Here are 5 signs that it might be time to find a professional accountant for your small business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. You\u2019re spending too much time on financial tasks \u231b","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Time is one of your most precious resources, especially when you\u2019re balancing all the tasks you face as a business owner. As your business grows, you should be focusing on high-level strategy, not managing day-to-day financial operations.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re spending more time on accounting tasks than running your business, it\u2019s a serious sign you\u2019d benefit from additional help. An accounting service provider can take over those overwhelming financial tasks, letting you focus on growing your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Financial errors are becoming common \u274c","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Mistakes can always happen, but if you find yourself making accounting errors on a regular basis\u2014forgetting to pay invoices, incorrect payroll calculations, or trouble balancing the books\u2014don\u2019t be too proud to ask for help. Accounting mistakes can lead to financial losses, compliance issues, or even IRS audits. There\u2019s no good reason to suffer those consequences when it\u2019s easy enough to hire an accountant to do things the right way.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accountants are skilled at managing complex financial information, staying on top of deadlines, and following the latest tax regulations\u2014so you can avoid making any more costly mistakes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re ready to find an accountant and outsource your accounting and bookkeeping needs, look no further. Check out ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay\u2019s free accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to discover highly rated, verified professionals passionate about helping you take these tasks off your plate.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. You struggle to keep up with tax deadlines \ud83d\ude31","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tax season is the annual elephant in the room that can cause stress for any business owner. Between keeping track of tax deadlines, deductible expenses, calculating quarterly taxes, and ensuring compliance with ever-changing tax codes, it\u2019s a lot to handle.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You may already have an accountant you go to each year to help with your taxes, but additional accounting help throughout the year can help you stay on top of quarterly tax payments, payroll, and other pesky financial tasks\u2014which all ultimately affect your tax return.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So if you\u2019re struggling to keep up with everything in between your annual tax filing, it\u2019s a sign that you should outsource your small business accounting\u2014when you do, you\u2019ll find the partner you need to face your tax-time fears with confidence. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. You\u2019re unsure of your business\u2019s financial health \ud83d\udcc9","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If managing your money feels like an uphill battle, it might be time to bring in an expert. Many small business owners and startups find it challenging to balance the money that is flowing in and out. If you don\u2019t stay on top of it, things can get messy quickly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"An outsourced accountant can help you manage your cash flow by setting up a system that tracks incoming and outgoing money, forecasts future cash needs, and ensures you have enough liquidity to keep your business running smoothly. With an expert guiding your financial decisions, you\u2019ll have a clearer picture of your business\u2019s financial health.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. You\u2019re growing and need advanced financial insights \ud83d\udd0d","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As your business grows, your financial needs naturally become more complex. Expanding operations, hiring employees, or launching new product lines all add layers to your financial responsibilities as a business owner. To make informed decisions, you\u2019ll need a clear understanding of key financial metrics, like your gross profit margin and break-even point\u2014but many small business owners struggle to get this clarity. \ud83d\ude2c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourcing your accounting during growth phases can help you maintain control over your finances with confidence. An outsourced accountant provides valuable insights, detailed reports, forecasts, and analysis to support your decisions. With their expertise, you can build a financial strategy that supports your business\u2019s long-term growth and ensures tax compliance, giving you peace of mind.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The benefits of outsourcing accounting and bookkeeping","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re wondering why outsourcing accounting and bookkeeping is a smart move for your small business, the benefits are pretty simple: it can save you time, prevent mistakes, and give you access to professional insights that can position your business for success. \ud83d\udcc8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re still not sure, though, here are a few more benefits of outsourcing your small business\u2019s accounting and bookkeeping needs:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"More time for what matters:","nodeType":"text"},{"data":{},"marks":[],"value":" Outsourcing your accounting and bookkeeping frees you up to focus on core business tasks, whether that\u2019s growing your business, finding new clients, or simply spending less time working on spreadsheets. Let a professional handle the hassle of balancing your books.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Fewer errors:","nodeType":"text"},{"data":{},"marks":[],"value":" You\u2019re much more likely to make a mistake like missing a transaction or making an incorrect entry than a professional account is. When you remove yourself from such a high-pressure situation, you remove the risk of costly mistakes down the road.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Stay on top of taxes","nodeType":"text"},{"data":{},"marks":[],"value":": Tax season doesn\u2019t have to be a nightmare. With outsourced help, you\u2019ll know that everything\u2019s compliant and on time, and you won\u2019t miss out on deductions you might not even know exist.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Expert advice when you need it","nodeType":"text"},{"data":{},"marks":[],"value":": Hiring an outsourced accountant lets you tap into financial expertise when you need it. Whether it\u2019s budgeting, forecasting, or financial strategy, you\u2019ll have access to real-time insights that can guide your decision-making.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Save money","nodeType":"text"},{"data":{},"marks":[],"value":": Outsourcing is often cheaper than having a full-time, in-house team. You get the help you need, but only when you need it, which leads to cost savings in the long run.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Grow at your own pace","nodeType":"text"},{"data":{},"marks":[],"value":": As your business expands, so do your financial needs. The good thing about outsourcing is that it\u2019s flexible and cost-effective. You go up or down depending on where the scalability of your business is at.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Valuable insights, smarter decisions","nodeType":"text"},{"data":{},"marks":[],"value":": Want to know exactly how your business is doing? An outsourced accounting firm gives you access to reports and data that paint a clear picture of your financial health, so you can make business decisions with confidence.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourcing accounting and bookkeeping isn\u2019t just about taking responsibilities off your plate. It\u2019s about making sure your business runs smoothly and grows in the right direction. With professionals handling the details, you can focus on what you do best.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to outsource accounting as a small business owner \ud83e\uddd1\u200d\ud83d\udcbc","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019ve decided it\u2019s time to outsource your accounting, the next step is figuring out how to find the right accountant for your business. Here\u2019s a quick guide to help you through the process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 1: Determine your accounting needs","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before you begin your search for an accountant, it\u2019s important to know what specific accounting tasks you need help with. Do you need someone to handle tax preparation, manage payroll, or provide financial reporting? \ud83d\udcca Maybe you need help with cash flow management or long-term financial planning. Having a clear understanding of your needs will help you find an accountant with the right skills for your business.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 2: Look for specialized expertise\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not all small business accounting firms specialize in the same area or have the same experience doing specific tasks. Finding one with expertise in your industry can make a big difference. Every industry has its own unique financial needs, so make sure the accountant you hire understands the financial nuances of your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Need help finding the right person for your business? Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to find local, professional support.\ud83d\udccd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 3: Evaluate potential accountants","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you\u2019ve narrowed down your list, it\u2019s time to interview potential accountants. Ask about their credentials (like CPA certification), read client reviews, and check their experience. Make sure they\u2019re familiar with the accounting software you use and that they\u2019re responsive and easy to communicate with. \ud83d\udde3\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to outsource bookkeeping as a small business owner","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Remember, not all accountants offer bookkeeping\u2014so if you\u2019re looking specifically for a bookkeeper to help manage your daily financial records, the steps below will help. 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Knowing exactly what you need will help you find the right bookkeeper to handle the work.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 2: Set clear expectations\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Be clear about how often you expect updates, the types of reports you need (like monthly financial statements), and how frequently you want to review the books. Establishing these processes, in addition to the pricing level you\u2019d ideally be around, early on will ensure everything runs smoothly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 3: Remember that fit and reliability are important","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just like with accountants, you\u2019ll want to evaluate bookkeepers based on their experience and accuracy. Look for someone with strong attention to detail, good reviews, and experience working with businesses like yours. Reliability is crucial when it comes to keeping your financial records up to date.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Looking for a reliable bookkeeper? Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to find outsourced bookkeeping services that can streamline your accounting processes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When is the best time to outsource accounting and bookkeeping?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Everyone is different - there isn\u2019t a singular \u201cright answer\u201d to when a small business owner should outsource their accounting and bookkeeping. But there are certain times or situations that make it especially worth considering.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\uddd3\ufe0f During tax season","nodeType":"text"},{"data":{},"marks":[],"value":": If the thought of handling taxes is overwhelming, outsourcing can ensure everything is accurate and compliant, helping you avoid costly mistakes.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcc8Periods of rapid growth","nodeType":"text"},{"data":{},"marks":[],"value":": When your business is hiring, opening new locations, or increasing sales, outsourcing can help manage the added complexity and keep your finances in order.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udda5\ufe0fWhen upgrading to new accounting software","nodeType":"text"},{"data":{},"marks":[],"value":": Transitioning to more advanced accounting systems, like QuickBooks Online, can be tricky. 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It\'s a two year effort [and] a huge creative focus.\u201d The job of juggling cookbook production with content creation, all while being a dad to three young kids, isn\u2019t easy. And of course, Made With Lau is a business\u2014one that Randy is determined to keep profitable. In order to do so, managing his cash flow is one of his top priorities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Made With Lau book deal throws additional financial variables into the mix: there\u2019s an advance coming in and production expenses going out. \u201cYou really have to manage that process from a logistical financial standpoint while keeping the business that got you there afloat. So that\'ll be interesting to navigate,\u201d Randy says. 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This is for owners\' compensation\u2026\u2019\xa0 and having that awareness of where money is going for all these different situations,\u201d he explains. \u201cLast tax season, because I had money flowing into my tax accounts, I actually covered it. It\u2019s not a persistent fear, but other years I\'ve been in business I\'m like, \u2018Am I covering taxes this year?\u2019 I don\'t know. Now I know I am.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online ad revenue is one of the biggest variables Randy needs to oversee. \u201cIt\'s been interesting to navigate that,\u201d he says. \u201cLike, how do we make sure that we have enough cash coming in because our revenue is so variable? 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The platform is designed to deliver the top-line financial data that many online banking services make their clients dig for. \u201cAs far as other banking experiences I\'ve had,\u201d says Randy, \u201cit\'s one monolithic checking account.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In our books, that\u2019s grounds for an unfollow.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1ePV6AiyehIT01E2TblxMe","revision":1,"createdAt":"2024-11-29T17:15:18.604Z","updatedAt":"2024-11-29T17:15:47.925Z","publishedAt":"2024-11-29T17:15:47.925Z","firstPublishedAt":"2024-11-29T17:15:47.925Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Randy lau asset","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1ePV6AiyehIT01E2TblxMe/774e46f099141ffe2facc73ac0ab405d/randy_inset.jpg","details":{"size":205003,"image":{"width":1600,"height":700}},"fileName":"randy inset.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Automation for the win","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Randy, there\u2019s a sense of security that comes with this level of financial oversight and cash flow clarity that\u2019s reinforced by the feeling that, as a small business owner, Relay has his back. In order to lighten his workload, he takes advantage of Relays\' integrated automations that transfer money from one account to another according to rules (based on dollar amounts or percentages) that he decides on.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI love automation,\u201d he says. \u201cThere\'s a lot of automations I can do to make sure that we have money flowing from the top into all these various accounts. It gives you peace of mind. It\'s like, \u2018Okay, that\'s one less thing I have to think about.\u2019 Your bases are covered.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Randy\u2019s experience illustrates, there\u2019s a big difference between keeping your money top of mind and non-stop worrying about individual banking transactions. 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And not just that, but it\'ll move money around on your behalf, based on a system that you can set and change when things change for your business.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Growing family, growing family business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Made With Lau is a family business so, since having his third child, Randy has begun to pay each of them for their involvement. \u201cThey\'re in the videos, so it\'s justifiable,\u201d he says. \u201c[And] one really nice thing is that you can send checks\u2014Relay will send checks on your behalf.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Right now, Made with Lau is a three-generation business that draws on the skills and expertise of Randy, his parents, his sister, and his wife and kids (even the family dog, Bernie, gets a shout out on the website). The entire Lau family is invested in the business\u2014and so is their community of viewers and followers. \u201cI want this to persist for decades,\u201d says Randy, \u201cand not just for my kids. What we\'re doing resonates with so many people.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Randy cites the emotional feedback he receives from viewers, including stories about how his videos play a role in preserving Chinese culture and building family connections, as being among the core reasons he continues to produce this kind of content.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf we\'re not able to be profitable we can\'t do those things. In order to continue to do the work that we do and scale and tell different types of stories, there\'s an engine that needs to keep running,\u201d Randy says. \u201cThere\'s a lot that we have to share. So in order to continue sharing these stories, we have to figure out how we do that and how we do it profitably.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Your invitation to like, share, and subscribe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, entrepreneurs have what they need to manage their cash flow with unparalleled clarity and control. Relay\u2019s platform offers:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 20 free checking accounts, with no account fee or minimum balance requirements\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Auto-transfer rules for Profit First allocations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Free check payments, mobile cheque deposits, ACH and wires","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No hidden banking fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to open an account online in just 10 mins\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safe and secure banking without having to visit a physical branch\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seamless accounting software like Xero and QuickBooks Online","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Got ten minutes to spare? Use them to stay on the money with Relay. Sign up for a free business banking account right ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0\\n","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Corrina Allen","jobTitle":"Technology and Finance Writer","company":null,"slug":"corrina-allen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/cJdBfUlDYhdpJwqLobxK1/f73fe261795448624f507c93149dc7ce/Corrina_Allen_-_Round.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732206344898,"customDate":1732165200000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-find-an-accountant-for-your-small-business","title":"How to Find an Accountant for Your Small Business","description":"Finding an accountant has just been made easier with Relay\'s accountant and bookkeeper directory. Use this guide for tips to find the perfect one for your business. ","metaTitle":"How to Find an Accountant \u2013 Tips for Small Business Owners","metaDescription":"Learn how to find the right accountant or bookkeeper for your small business. Discover important qualifications, interview questions to ask, and more.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6GfsCSiQeLtoSxV7BiqIFV/37c8026b0c25d1e5cb33aaae5be10641/temporary_finding_an_accountant_thumbnail.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, managing your finances and staying on top of financial records and income tax can quickly become overwhelming. Whether you\u2019re handling payroll, filing your tax return, or planning for growth, having a reliable accountant can make a big difference. But how do you know when to hire one? And more importantly, how do you find the right accountant for your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this guide, we\u2019ll walk you through the key steps to finding an accountant, what to look for, and how to ensure they\u2019re the right fit for your needs.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs it\u2019s time to find an accountant for your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, managing finances can become more complicated. Here are some signs that you\u2019d benefit from hiring an accountant to take those tasks off your plate:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude2cYou\u2019re spending too much time on bookkeeping instead of growing your business","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If most of your focus is on organizing and tracking financial records instead of activities that bring in more business, like marketing or customer outreach, you could use some additional support.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd14You\u2019re unsure of IRS tax laws, regulations, and deadlines","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you\u2019re not an expert at something, it\u2019s best to ask for help \u2013 especially when it comes to important things like tax code, tax preparation, deadlines, and deductions. Avoid making mistakes by bringing on a tax professional who knows what they\u2019re doing, so you can make sure your business taxes are paid correctly and on time.\xa0 ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Your business is expanding and finances are becoming more complex","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": As you grow your business\u2019s revenue, you\u2019ll probably want to increase your headcount. Suddenly, the need to manage business accounting, payroll, and financial reporting becomes even more complicated. The guidance of an accounting professional can allow you to manage these moving parts with confidence. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude80You\u2019re planning for a significant event","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Whether you\u2019re applying for a loan, seeking investments, or planning to expand your operations, an accountant can help prepare financial statements and projections. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude29Tax season is stressful","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Tax regulations are one thing that most business owners need help with\u2014but so is the regular process of filing your personal and business taxes. Unless you truly understand how deductions, credits, and the process of securing a tax refund work, it\u2019d be nice to have a tax accountant making sure you\u2019re handling those responsibilities correctly.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Professional help goes a long way in helping you stay on top of your financial situation and compliance needs without sacrificing the other important areas of your business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where to find the right accountant for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you decide to hire an accountant, it\u2019s important to find one who understands your business and its unique needs. \ud83d\udd0d Here are a two places to start your search:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce3Ask peers, mentors, or other business owners for recommendations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Referrals from fellow entrepreneurs \u2013 especially those in your industry \u2013 can help you find an accountant who\u2019s already proven their value. These business owners know the specific challenges you face and can point you toward a good accountant. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1dLeverage networking events, online communities, or industry-specific groups","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Local business meetups and online message boards can be great opportunities for discovering accountants who understand your industry. An accountant familiar with the specifics of your industry can provide more personalized tax advice and solutions. Using Relay\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":"accountant directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can streamline this process by connecting you with trusted professionals.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, every accountant is different. Not everyone specializes in small business accounting or financial planning. It\u2019s important to your time and perform due diligence when choosing the right person for your business.","marks":[],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\u2019s talk about what to look for once you start meeting potential accountants. \ud83e\udd1d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to look for when choosing an accountant","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you choose an accountant for your small business, you\'re not just picking someone to crunch your numbers. \ud83d\udcca You\u2019re forming a strategic partnership with a financial advisor who will hopefully help your business grow, become more profitable, and avoid costly mistakes \ud83d\udeab.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This person will have access to your sensitive financial records and provide guidance on your biggest financial decisions. That\u2019s why it\u2019s important to find an accountant you can trust and who suits your business\'s unique needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you begin your search, be sure to keep these important factors in mind:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Areas of specialization\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding an accountant with expertise in your industry and business size or stage is important. \ud83d\udd0dFor example, an accountant who specializes in mid-sized startups will understand the unique challenges that these entrepreneurs face. Others may focus on self-employed individuals who are still in the beginning stages of their business journey.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Location, location, location\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you choose a local accountant, versus one on the other side of the country, you can be more certain that they are familiar with your state\u2019s income tax laws, business regulations, and financial requirements. If you need help finding a match in your state or city, check out Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" accountant directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\u2014it allows you to filter your search by specialization and location to find a great match. \u2705\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Credentials and experience","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Verifying an accountant\u2019s credentials and years of experience is key. Look for certifications like Certified Public Accountant (CPA) or Chartered Accountant (CA). If you\u2019re hiring someone to help with your taxes, be sure that they have a Preparer Tax Identification Number (PTIN), too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These qualifications indicate that they meet high ethical standards and have the knowledge to navigate complex situations. It\'s also a nice bonus to pick someone who has experience navigating different tax situations in your industry, specifically.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to conduct interviews with potential accountants","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve narrowed down your list of candidates, it\u2019s time to interview them. Just like hiring an employee in any other area of your business, take your time here. This is one of the most important decisions you might ever make for your business, so avoid rushing the process.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Questions to ask before hiring an accountant\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few interview questions to ask any potential accountant you meet with.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udccbWhat services do you offer?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" In addition to basic accounting tasks, see if they provide services like tax planning, tax preparation, financial analysis, or advisory support. A well-rounded accountant can bring extra value to your business. Remember that not all accountants also offer bookkeeping, too, so if you need that service, be sure to ask about it. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udcde ","marks":[],"data":{}},{"nodeType":"text","value":"How do you typically work with clients?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It\u2019s good to know their preferred communication methods and frequency. Ask if potential accountants prefer email, phone calls, video calls, or an in-person meeting to chat face-to-face. Find out how often they would provide updates on your financial information.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc2Can you provide examples of clients in a similar industry?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Ask if they have experience with businesses like yours. Relevant experience ensures they understand industry-specific challenges and tax requirements, making them better suited to meet your needs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0How do you charge for your services?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Find out whether they charge flat fees, hourly rates, or project-based pricing. Clarifying this helps you understand their billing approach and any additional costs you may have to pay.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddd1\u200d\ud83d\udcbbWhat tools or software do you use?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Compatibility with your existing accounting software is crucial. Whether you use QuickBooks, Xero, or another system, ensure they are familiar with it to make sure they integrate smoothly with your business operations.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you\u2019re interviewing accounts, don\u2019t overlook the importance of checking an accountant\u2019s background. Ask for references from previous clients and look for online reviews.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Speaking with past clients can also give you valuable insights into their work quality and reliability. \ud83d\udcdeAnd if you want to speed up the process, Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" accountant directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can give you access to pre-vetted accountants with verified reviews. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Know what you\u2019re paying for: accountant fees\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before signing an agreement with an accountant, make sure you understand an accountant\u2019s fee structure and what services are included. Here\u2019s what you need to know about the different ways that accountants charge for their services.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Understanding accountants\u2019 fee structures","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants often offer various pricing models, and knowing which model best suits your business can lead to a more cost-effective partnership. Here are the common fee structures:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f3Hourly Rates","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some accountants charge an hourly rate, which is a good scenario if you only need assistance periodically or for specific issues. You only pay for the time needed to accomplish what you need. However, for ongoing services, this fee structure can become unpredictable.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0Flat Fee: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Alternatively, a flat fee provides a set price for a defined scope of services, offering more budgeting stability for year-round support. Small businesses may benefit from flat fees, especially if they need continuous support with clear boundaries, such as monthly bookkeeping or annual tax filings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce6Packages and Retainer Models","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some accountants offer tiered packages or retainer agreements that bundle several services, which can be beneficial if you have multiple needs, such as payroll, tax filing, and financial planning. These packages often come at a discounted rate compared to selecting services individually.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When discussing fees, ask exactly what services are included. \ud83d\udcacFor instance, a monthly flat fee may cover bookkeeping, basic tax support, and financial reporting, but might exclude advisory services or additional filings. \ud83d\udccbThis clarity helps ensure you\u2019re getting the support you need without surprise charges.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How to find an accountant that fits your budget\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You don\u2019t need to sacrifice quality to find an accountant who fits into your preferred budget. First, assess what accounting support you truly need and then determine what level of service those needs require.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a couple of tips to help you find an accountant within your budget:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0Compare pricing and fee structures","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": It\u2019s always smart to shop around and make comparisons. Meet with multiple accountants and compare their pricing models and what they include. This approach allows you to understand market rates and evaluate who offers the best value for the services your business needs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Plan for flexibility","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you anticipate growth, it may be worth investing in an accountant who offers scalability, meaning their services can expand as your business does. This may involve a higher initial cost but can save you from switching providers as your needs evolve.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf81Ask about package deals:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Some accountants may offer a bundle of services at a discount price, such as combining tax preparation, bookkeeping, and financial advice. Ask about bundled packages to possibly get more services for a lower overall cost.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost matters, but so does compatibility and communication\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding an accountant who is not only skilled but also a good fit for your business is a big part of your long-term success. In addition to their financial expertise, an accountant\'s communication and working style can significantly impact your business relationship and growth. Here\u2019s how to evaluate these aspects.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Assessing communication style","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A great accountant does more than just crunch numbers. They also communicate clearly and are responsive to your needs, especially if you lack financial expertise.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, an effective accountant should explain financial terms and concepts in simple language, ensuring you\u2019re comfortable with your business\u2019s financial picture. Clear communication fosters confidence and prevents misunderstandings. \ud83d\udde3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reliable accountants should also maintain regular contact with you and respond in a timely manner to questions and concerns. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udcc5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Their responsiveness helps you stay informed and prepared for any important financial developments or deadlines.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you ask the interview questions outlined above, you\u2019ll be on your way to properly assessing your accountant\u2019s communication skills\u2014before you sign the dotted line. \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Assessing long-term compatibility\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An accountant\u2019s working style also matters. Consider what you personally need from your accountant, and how you like to operate in your business. Then, look for an accountant to complement you, so you can collaborate closely to grow your business. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, do you prefer proactive or reactive communication? Some accountants are very proactive, offering insights and recommendations for improvement even when not explicitly asked. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udd0d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Others may be more reactive, waiting for issues to arise before acting. Determine which approach aligns better with your business style and needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to find the right accountant for your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding the right accountant for your small business can make a world of difference in managing your finances and fuelling your growth. \ud83c\udf1f As we\u2019ve discussed, it\u2019s important to recognize when you need help, know where to start looking and understand what to prioritize in your search.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, an accountant who understands your goals and shares your growth vision can offer valuable, ongoing advice that can transform your business. This type of alignment can enhance financial planning, improve cash flow management, and support sustainable growth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to find the perfect accountant for your small business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to connect with professionals who have the right experience, are nearby, and offer the services you need. \ud83d\udcc8","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732208552170,"customDate":1731992400000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-much-will-an-accountant-cost","title":"How Much Will an Accountant Cost? Why the Costs May Be Worth It for Your Small Business","description":"Having a pulse on the money is key for your business\u2014and leveraging experts in this area can help. But how much will an accountant cost? Is the professional help worth it. Let\'s dive in.","metaTitle":"How Much Will an Accountant Cost? Why the Costs May Be Worth It for Your Small Business","metaDescription":"Wondering how much an accountant will cost for your small business? Understanding what goes into the cost\u2014and how to find an accountant that\'s worth the price tag\u2014will help.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6GhCGgz8yMKIcgNJ29vBTY/1ea27634f133f7aee34fce3a9beb19ff/temporary_accountant_cost_thumbnail.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Curious about the cost of hiring an accountant in 2025? Whether you\u2019re just getting started or aiming for serious growth, knowing what to expect can help you find the right fit for your business\u2014and make sure you get the support you need to succeed. \ud83d\udcbc\ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll break down the average cost of hiring an accountant, the services they provide, and how to make sure you\u2019re getting the right support without breaking the bank.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much does an accountant cost in 2025?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountant pricing isn\u2019t one-size-fits-all; it depends on a few key factors like location, service type, and experience. Whether you\u2019re after monthly bookkeeping, annual tax filing, or high-level financial strategy, here\u2019s what will influence the cost of an accountant in 2025:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Location","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": An accountant based in New York City will naturally cost more than one based in a rural town. Some accountants also offer services remotely, which can have an impact on cost.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Type of service:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" For example, full-time financial management for a growing business will cost more than hiring someone once a year to file your small business taxes.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Experience Level: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A seasoned certified public accountant (CPA) generally charges more than a bookkeeper or junior accountant.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The best way to evaluate accounting costs for your unique needs is to ask potential accountants directly. Check out Relay\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":"accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to contact multiple accountants and ask the experts questions about your specific situation. \ud83d\udde3\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Types of accounting services and their costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The cost of hiring an accountant depends on the services you need\u2014and those needs often change as your business grows. Here\u2019s a look at the most common accounting tasks businesses need help with at different stages, and how much they may cost.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: We always recommend seeking a financial professional\u2019s advice when it comes to managing your business\u2019s money. Relay is here to provide recommendations and general guidelines only. If you need help finding an accountant for your business, check out our guide here. ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"For businesses just getting started","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you only recently started your business or you\u2019re not bringing in much revenue yet, you can likely keep your accounting costs low. Here are a couple of accounting services you may need in the early days of business:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd5Bookkeeping:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you hire an accountant, they might provide bookkeeping services like recording transactions, reconciling accounts, and preparing simple financial reports. If not, you can also hire a bookkeeper to focus on these tasks. Generally speaking, a freelance bookkeeper can cost $25-$50 per hour, while going through an accounting firm may cost $200-$400 per month.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc4Basic tax preparation and filing:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" For startups, taxes are an essential but relatively straightforward task. According to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://connect.nsacct.org/nsacctwww/knowledgecenter/income-fees-survey"},"content":[{"nodeType":"text","value":"National Society of Accountants","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", accountants charge on average $220 for a personal tax return (Form 1040), $903 for an S-Corp tax return, and $913 for a Corporation tax return.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s also worth mentioning that many small business owners use accounting software like QuickBooks or Xero to manage their finances. These platforms are budget-friendly, with subscription fees ranging from $20 to $150 per month, depending on the features you need.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"For growing businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, your financial situation becomes more complex, and the need for accounting support increases. Here are some accounting services you may need and the general costs associated:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc3Financial statement preparation and analysis:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" An accountant can prepare and analyze your financial statements on a one-time or ongoing basis. The cost largely depends on the size and complexity of your business, but it\u2019s worth the investment\u2014this service will you stay on top of cash flow, identify financial trends, and make strategic decisions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Payroll services: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When you start hiring employees, managing payroll becomes an important responsibility. You can either hire an accountant to help (with costs varying largely across accountants) or use payroll services like Gusto or ADP, which typically cost $50 to $250 per month, plus a small per-employee fee.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd9Tax planning and strategy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" As your business grows, ongoing tax planning becomes more important to maximize your tax savings and ensure that you remain compliant with tax laws. This service generally costs between $500 to $5,000 per year, depending on the complexity of your tax situation.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"For established businesses with more complex needs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Larger businesses or those with more complex financial structures may require full-service accounting. Here\u2019s what you need to know about these potential accounting costs:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5\ufe0fFull-service accounting and CFO services:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hiring a fractional Chief Financial Officer (CFO) or a full-service accounting firm for strategic financial planning can generally cost $2,000 to $10,000 or more per month. This is ideal for businesses that need long-term projections, growth strategies, and high-level financial advice.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In-house accounting hire: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"At a certain point, it might make sense for your business to hire an accountant full-time. According to ZipRecruiter, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ziprecruiter.com/Salaries/In-House-Accountant-Salary"},"content":[{"nodeType":"text","value":"the average salary for an accountant is $68,236 per year","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" but keep in mind that this will vary by location and experience.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Audit preparation and support: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If your business is audited by the IRS, you\u2019ll need the expertise of a CPA or another tax professional. The cost will depend, again, on that individual\u2019s location and experience\u2014and the complexity of your financial records\u2014but you can expect hourly rates starting at $200 and reaching as high as $1,000 for the most experienced\xa0tax accountants.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is it worth it to pay for accounting for a small business?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many small business owners wonder if hiring an accountant is worth the investment. The answer is usually ","marks":[],"data":{}},{"nodeType":"text","value":"yes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Accounting services offer value far beyond just balancing your books, often helping you save both time and money in the long run.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few benefits of paying for small business accounting services:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0Saves time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Trying to handle your own bookkeeping can take up valuable time that could be spent doing other tasks to grow your business. By outsourcing to a professional accountant, you\u2019ll free up time to focus on what you do best\u2014running your business.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274cReduces errors:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Financial mistakes can be costly. Professional accountants are trained to spot potential issues before they become serious problems. They can also help ensure that you comply with tax laws, so you don\u2019t face any surprises come tax season.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd0eStrategic insights:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" An experienced accountant, especially a CPA, can provide valuable financial advice and insights into your business\u2019s cash flow, helping you make better business decisions. This guidance can be crucial for long-term growth.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8Facilitates growth:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" As your business grows, financial management becomes more complex. An accountant can help you scale your financial operations, making sure that your accounting methods evolve with your business and stay compliant with important tax regulations in your industry.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5Improves cash flow management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Many small business owners struggle with managing their cash flow effectively, which can lead to unexpected complications with finances. Accountants help you keep track of your finances and better plan for upcoming expenses, giving you peace of mind.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, it\u2019s important to avoid overpaying for services you don\u2019t actually need. If you\u2019re in the early stages of running your business, you might only need basic bookkeeping services or tax preparation, rather than a full-service accounting package. Aligning your accounting fees to your business needs is the best way to get the right support without overspending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Ready to find an accountant for your business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":"accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to contact qualified accountants near you.\ud83d\udccd","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose the right accounting service for your budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choosing the right accounting services doesn\u2019t need to be overwhelming. Here are some tips to help you make the right choice for your business needs:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbcStart small:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your business is new, you may only need basic bookkeeping services and accounting software. As your business grows, you can always add more complex services.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbbConsider outsourcing:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Subcontracting a bookkeeper for day-to-day tasks while using a CPA for specialized services like tax returns and financial strategy can effectively balance cost and value.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1dLook for free consultations:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Many accountants offer a free consultation, giving you a chance to discuss their services, fee structure, and certifications before making a decision.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to add an accountant to your 2025 budget?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bottom line is that accounting is a smart investment for small business owners looking to grow their business, maintain compliance, and more effectively manage their finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the average cost of an accountant in 2025 can vary based on factors like location and specialization, it\u2019s important to choose an option that aligns with your business needs. Whether you choose a professional accountant or CPA, or choose to rely on accounting software for day-to-day management, the right financial support can make a big difference in your success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To find an accountant today and start reaching your financial goals, check out Relay\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":"accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]}]},"readingTime":3,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732223046439,"customDate":1731906000000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"building-a-high-impact-client-base-webinar","title":"How to Build a More Profitable Client Base","description":"Join industry expert Jason Blumer for an in-depth look at how to structure, assess, and cultivate a client base that drives sustainable growth.","metaTitle":"How to Build a More Profitable Client Base","metaDescription":"Join industry expert Jason Blumer for an in-depth look at how to structure, assess, and cultivate a client base that drives sustainable growth.","popular":false,"category":"Webinar","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5Vbk9qBXPaYpGjwmnIjvo3/19888b1bcdab7be608ac9c2fa8351427/BLOG_Webinar-May_Thriveal_-_1920_x_1081_-_New.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Your client base is the foundation of your firm\u2019s success\u2014but it can also be your biggest obstacle.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Note: this webinar has already aired. You can now watch the on-demand recording!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this webinar, you\u2019ll learn how to ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"take control of your client relationships","nodeType":"text"},{"data":{},"marks":[],"value":" to build a ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"sustainable, profitable client base","nodeType":"text"},{"data":{},"marks":[],"value":". Discover practical strategies for assessing, onboarding, and managing your clients, and gain insights into how the right client base can drive your firm\u2019s growth and create long-term stability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Industry expert ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Jason Blumer","nodeType":"text"},{"data":{},"marks":[],"value":" will share how accountants and bookkeepers can structure, assess, and cultivate a client base that drives sustainable growth. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"About Jason Blumer","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Jason Blumer is the founder and CEO of ","nodeType":"text"},{"data":{"uri":"https://thriveal.com/"},"content":[{"data":{},"marks":[],"value":"Thriveal","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", a community that helps entrepreneurial CPA firm owners connect, learn and grow. Since 2010, Thriveal has helped many small firms grow by providing coaching services, webinars, firm consulting, monthly growth groups, and live events. 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You may benefit from cash flow financing. ","metaTitle":"Cash flow financing: unlocking new funding through business Loans","metaDescription":"Cash flow financing may be the bridge you need in a financial pinch. Let\'s go over what cash flow financing is, and how it differs from a traditional loan. ","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5R3iOS7rUjVLeNpbwmHwaV/ac6568791c71d2f550fc07e584b18c3b/resized_financing_piece.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Everybody\u2019s heard the glorious news\u2014interest rates are expected to fall. This drop in interest rates for business loans has business owners wondering if now is the time to grow with the help of additional cash flow loans. If you\u2019re debating this, you\u2019re not alone.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"New cash flow avenues can be huge when a business is in a growth area, but the idea of taking on debt and worrying about repayments is daunting. You can feel stuck\u2014you really need to invest in additional space or tools to take your small business to the next level, but your bank account balance may make you second guess.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Depending on your stage of growth, leveraging short-term loans can be a great way to get you to that next stage of growth.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is cash flow financing?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cash flow financing (also known as cash flow lending) is a specific form of financing that bases your loan on your ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"future","nodeType":"text"},{"data":{},"marks":[],"value":" cash flow, versus using any current physical assets as collateral. Think about the assets a construction business could put up as collateral, versus a marketing agency. One of those business models will have a ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"lot ","nodeType":"text"},{"data":{},"marks":[],"value":"more access to high-value items or machinery than the other, even if they are both in a similar financial space. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is the difference between a cash flow loan and a traditional loan?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"There are a lot of similarities with cash flow loans and a more traditional loan. However, there are also some key differences to be aware of when looking at this world of financing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Approval times: ","nodeType":"text"},{"data":{},"marks":[],"value":"In a pinch, look no further! You can typically expect a quicker approval time with a cash flow loan.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Focus:","nodeType":"text"},{"data":{},"marks":[],"value":" Cash flow loans are quite focused on your future. Don\u2019t worry if your balance sheets or cash flow forecasting isn\u2019t painting the best picture of the last year. If you can show that you have a plan to make money in the future, you have a higher likelihood of success with this lending/","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Terms:","nodeType":"text"},{"data":{},"marks":[],"value":" Larger loans are typically meant to keep you afloat for a longer period of time. Cash flow loans are meant for short-term success (keeping you afloat for a seasonal slow time at winter, for example). Leverage these loans for short-term needs, and explore more traditional loans for long-term needs.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Interest rates:","nodeType":"text"},{"data":{},"marks":[],"value":" Given the risks for a lender associated with cash flow loans, you have to prepare for a higher interest rate (versus a traditional loan). Have a plan for paying down these loans in a timely manner, or you may struggle with the growing interest.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"How does cash flow financing work and help your business finances?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Have you ever looked at your business cash flow and felt a pit in your stomach? You know you\u2019re profitable, but you\u2019re waiting for three huge clients to pay your overdue invoices ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"and ","nodeType":"text"},{"data":{},"marks":[],"value":"you just went on a hiring spree for headcount to support said three large clients.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These types of loans are a good solution for businesses that:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Don\u2019t have an extensive credit history that traditional bank loans require","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Lack collateral required for asset-based loans (after all, asset based lending is tricky without assets!)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Don\u2019t have a large history of profitability and are looking for financing options that will help deal with current costs (like staying afloat during the slow season of a seasonal business, or floating payroll until you receive pay fro clients)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Because of this, you can typically expect higher interest rates on cash flow financing loans. After all, the lenders are taking on a bit more risk. It\u2019s important to have a plan to pay back the loan efficiently and avoid hefty interest rates.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How do you find lenders for cash flow financing?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding a lender for any loan is where things can get overwhelming. The application process can look different for everybody, and the eligibility for the same loan can vary between lenders.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And there is also a bit of legwork required to find a lender. Here are some ways to look.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Check online:","nodeType":"text"},{"data":{},"marks":[],"value":" Everything is online nowadays, and loans are no different. Some online lenders can grant you loans right from your computer or phone. Search online and see what online lenders you can find.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Chat with your bank or banking solution:","nodeType":"text"},{"data":{},"marks":[],"value":" Your bank or banking solution may either offer cash flow funding ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"or ","nodeType":"text"},{"data":{},"marks":[],"value":"have a direction to point you in.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Look on government websites:","nodeType":"text"},{"data":{},"marks":[],"value":" There are no federal grants for starting a business, according to the","nodeType":"text"},{"data":{"uri":"https://www.usa.gov/start-business"},"content":[{"data":{},"marks":[],"value":" United States government website,","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" but the","nodeType":"text"},{"data":{"uri":"https://www.sba.gov/"},"content":[{"data":{},"marks":[],"value":" Small Business Administration (SBA)","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" offers loans and funding approaches. They have specifically funding for women-owned businesses, minority-owned businesses, Native American owned-businesses, veteran-owned businesses, military spouse-owned businesses, rural businesses, and LGBTQ+-owned businesses.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Source information from other business owners:","nodeType":"text"},{"data":{},"marks":[],"value":" Chances are, your network has more information than you think around this. Chat with other small business owners about where they are getting cash flow loans or more traditional loans, where they\u2019ve had a good experience, and where they feel like it was a rocky partnership. Take advantage of research and experience your community has already been through!","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Questions to ask lenders\u2014and questions that lenders will ask small business owners","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Naturally, you can expect there to be questions involved when it comes to somebody giving you access to a large sum of money. Let\u2019s break down questions on both sides\u2014questions lenders will ask you, and what you should ask them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Questions lenders will ask a small business owner","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are some of the questions you can expect:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What type of financing are you looking for?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"How much money do you need?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What is the money being used for?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What is your repayment plan?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Can you share your company\u2019s cash flow? Any cash flow statements?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Can we see your cash flow projections for the future? Any forecasts are valuable.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Do you have any other financing activities we should know about?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Do you expect future revenue?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Can we review your financial statements?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of these questions help lenders to understand your business operations and the chances for your success. After all, your success is what they need to get paid back.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Questions small business owners should ask lenders","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Think of cash flow funding lenders (or lenders of any loans, really) as a business partner. You\u2019ll be working with them for a decent amount of time, so you need to feel good about that. Here are some of the questions you should be asking lenders upfront.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What do you recommend, based on my needs?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What are the repayment terms of my loan?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"With interest, what is the total loan amount?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Do you offer different types of cash flow loans?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What traditional loans do you offer?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have you worked with other small businesses/entrepreneurs/startups in my position? How was that partnership?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Is there ongoing support of my loan or business needs change throughout the term?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Lenders should be able to answer most of these to give you confidence in your decision!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keep in mind, you don\u2019t have to ask all of these questions, and you also won\u2019t be asked all of these. This list isn\u2019t a guarantee, nor is it fully expansive. These are just samples of what to expect as you are chatting with different providers, and how to prepare yourself for the conversations.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What are other ways to unlock more cash at your business?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cash flow lending isn\u2019t the only way to get your hands on additional working capital for your business. Other options include:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Lines of credit: ","nodeType":"text"},{"data":{},"marks":[],"value":"A line of credit is a great way to unlock cash . Pro tip: Make sure you have a business line of credit. Using a personal line of credit for business will messy your accounting ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"and ","nodeType":"text"},{"data":{},"marks":[],"value":"potentially impact your credit score.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Credit cards:","nodeType":"text"},{"data":{},"marks":[],"value":" Credit cards are a fantastic way to increase your day-to-day access to cash\u2014if you\u2019re using them strategically. Typically, credit cards give you access to money you don\u2019t have in an account that moment, which is huge when you need to make bigger business purchases or surprise expenses come up. Another bonus is the benefits you can reap from a reward credit card, like cash back or points. Like a line of credit, ensure you are using a business credit card specifically to keep your finances clear.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Unsecured loans: ","nodeType":"text"},{"data":{},"marks":[],"value":"Once you\u2019ve established yourself with a lender and built a good rapport (plus have a run of positive cash flow to show for your business success) unsecured loans can be a great way to keep cash flowing. With an unsecured loan, the lender can\u2019t take claim of any of your assets. Because of the personal guarantee with these loans, you can often see this between family or friends.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Stay ahead of your financing with cash flow funding","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Loans can be daunting, but when used correctly, cash flow funding can be a way to boost your growth. With extra funding, you can invest in team growth, have the budget to create bigger projects, or even just keep rent payments up-to-date while you wait for those big checks to clear.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Want to stay on top of all of your payments? ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" can help. With next-level cash flow clarity, you\u2019ll know exactly where every dollar is going, ensuring you have the cash on hand to avoid any late payments. ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"Sign up today","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" for cash flow clarity\u2014and so many other perks.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":3,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1731682602639,"customDate":1731560400000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"negative-cash-flow","title":"Negative Cash Flow: Causes and (More Importantly) How To Recover","description":"Negative cash flow sounds scary, but it isn\'t always. Here\'s what you need to know. ","metaTitle":"Negative Cash Flow: Causes & (More Importantly) How To Recover","metaDescription":"Negative cash flow can be scary as a business owner\u2014but it\'s not always worst case scenario. Review causes and how to conquer negative cash flow. ","popular":false,"category":"Cash Flow","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/27dTVFvcUs4iwfLIg1ApIo/a43ac142c8fc9203664ea7d86f3e0e40/Copy_of_Untitled_Design.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Negative anything isn\u2019t fun for a business (negative reviews, negative customer experiences, just to name a few) but negative cash flow can be detrimental. More money going out of your business than is coming in can mean a lot of things, but it\u2019s definitely something to keep an eye on.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You\u2019re reviewing your ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/cash-flow-forecasting"},"content":[{"data":{},"marks":[],"value":"cash flow statement","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and see profit is ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"booming ","nodeType":"text"},{"data":{},"marks":[],"value":"this month. The holiday rush has people shopping, you run some great email marketing campaigns in the backend, and you\u2019re benefiting as a result.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you look at your money going out? You see you\u2019re still in the red, with more going out than came in. Rent was raised, you had to have extra staff come in to support the rush, and of course you needed more material to meet demand. But the result is a negative cash flow.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Scary, right? Not always\u2014but most definitely something you need to keep a pulse on.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"What is negative cash flow?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Negative cash flow when you have more money going out of your business than you have coming in, resulting in ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"negative cash.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For the sake of simple math, say you make $500 at a bake sale. Awesome, right?\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But the cost of the materials was $300 (the cost of butter got you good), you spent 8+ hours baking everything (so at the federal minimum wage at $7.25/hour that\u2019s around $58), you spent $75 on packaging for the cookies, and pay $100 for a booth at the bake sale. With operating expenses that high, you actually spent $533 to accomplish $500 in sales.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\u2019s a ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"negative cash flow\u2014","nodeType":"text"},{"data":{},"marks":[],"value":"of $33, to be exact.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How do you discover negative cash flow?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The best way to discover if you have a negative cash flow (and get closer to creating a positive cash flow) is by staying on top of your cash flow forecasting. This can be done in different intervals\u2014weekly, monthly, quarterly, or annually. The best method is combining these views so you can see patterns or weaknesses in your cash flow that may be contributing to negative cash flow.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Complete your financial statements by taking all of your money coming in and subtracting all of your money going out. The leftovers are cold, hard cash. If this number is positive, then you have positive cash flow. If this number is negative\u2014you guessed it\u2014you have negative cash flow.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Want to do your cash flow forecasts yourself but spreadsheets and formulas aren\u2019t your strong suit? No problem. Download a copy of our","nodeType":"text"},{"data":{"uri":"https://docs.google.com/spreadsheets/d/1LbDUzPB-KqzZNtjJvXmDARfPgYUojDXxQDfF8m9-f54/copy"},"content":[{"data":{},"marks":[],"value":" free cash flow forecasting spreadsheet","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" here and make cash flow management a breeze.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Looking for a more detailed guide on ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/cash-flow-forecasting"},"content":[{"data":{},"marks":[],"value":"cash flow forecasting?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" We have you covered here. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Is negative cash flow bad?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"You would think negative is negative, right? And in a lot of cases it can be.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But you have to look at the circumstances surrounding your negative cash flow to determine if it\u2019s truly bad. Of course, a positive cash flow is always ideal, but there are a lot of cases where the amount of cash you have on hand (or lack thereof, in this case) isn\u2019t the worst thing to happen.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So let\u2019s look at some of these causes, and we\u2019ll let you be the judge of whether they\u2019re good or bad.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"What are the causes of negative cash flow for small businesses?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"It may seem simple: the cause of negative cash flow is spending too much and not making enough.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And technically, yeah. That is the cause of negative cash flow. But there\u2019s a lot of situations in a business that  explain negative cash flow\u2014and like we mentioned above, they may not always be bad.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"1. Starting new businesses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\\n","nodeType":"text"},{"data":{},"marks":[],"value":"Believe it or not, starting your business is actually an example of negative cash flow that is not necessarily bad. The cost of starting a business is steep, and you\u2019re likely to see negative cash flow as you begin to get everything off the ground. Think of all the upfront costs\u2014","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/how-much-does-it-cost-to-start-an-LLC"},"content":[{"data":{},"marks":[],"value":"licensing an LLC","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" (which can cost hundreds), staff hiring, getting your hand on product, running your marketing efforts\u2026 and this all has to happen before you make your first sale!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of this will likely result in fairly low profit. It\u2019s natural, and not something you should be alarmed about when you\u2019re getting up and running. However, you need to re-evaluate if it continues for months with no end in sight.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"2. Investment into growth\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019s not cheap to grow your business, whether it\u2019s hiring more staff, investing in new hardware, or finally biting the bullet to sign a lease on a large warehouse space. All of these, while good problems to have, will put a dent in your cash, and therefore your cash flow. In these cases, it\u2019s short term negative cash flow for long term positive cash flow.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"3. Poor spending habits","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We said the causes are not ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"always ","nodeType":"text"},{"data":{},"marks":[],"value":"bad, but some are. Poor spending habits for your business can be make or break\u2014and a huge negative cash flow cause. If you aren\u2019t understanding your incoming cash, you may overspend (and put yourself into the red). Think springing for ergonomic office equipment before your team is in office,\xa0treating clients to lunches at Michelin star restaurants every time you take somebody out, or high-cost team bonding efforts. There are cheaper and equal alternatives that won\'t rack up your credit cards as much. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6gAmwZqQUiPI2Ov6AOK9R1","revision":1,"createdAt":"2024-11-15T20:27:13.918Z","updatedAt":"2024-11-15T20:30:18.175Z","publishedAt":"2024-11-15T20:30:18.175Z","firstPublishedAt":"2024-11-15T20:30:18.175Z","publishedVersion":9,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Negative cash flow inset ","description":"An image of a female shopping. She is admiring a new hat and posing in the mirror. A design shows she has been shopping, with -$238 coming out of her business checking account. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6gAmwZqQUiPI2Ov6AOK9R1/6a01e656bc85007904e8632c0d78a97d/Inset.jpg","details":{"size":975702,"image":{"width":1600,"height":700}},"fileName":"Inset.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"4. Late payments","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This can be detrimental for invoice-based businesses that typically start the work and share an invoice with the client. Think agency businesses, construction companies, or individual freelancers, for example. When you\u2019re not paid upfront in your work, you can (unfortunately) assume that you\u2019ll experience at least a few late payments from clients. And these late payments mean your cash flow will be off for the month.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"5. Emergencies you aren\u2019t prepared for","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You may have heard of the importance of having a personal emergency fund for a rainy day, but did you know that you should do the same for your business?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Picture this. You\u2019ve landed some big clients for your construction business, which will be ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"huge ","nodeType":"text"},{"data":{},"marks":[],"value":"in\xa0making up some profit. The day before the gigs, you give your employees their assignments, divide materials, and everybody is ready to go\u2014until the check engine light comes on in one of your trucks.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now you\u2019re paying for an emergency stop at the mechanic ($) and dealing with labor costs on their end ($$) only to find out you need the engine replaced ($$$) and you ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"need ","nodeType":"text"},{"data":{},"marks":[],"value":"this truck to complete the jobs ($$$$).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you don\u2019t have enough cash aside for unexpected expenses like this, you\u2019re going to throw your cash flow further off course to keep things going. In this case, without an emergency account, where do you take the money from? Max out credit cards? Look into a business loan?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of those options will impact your cash flow further, maybe even pushing you into a larger deficit that\u2019s harder to get out of. But if you have money aside for emergencies, you don\u2019t have to worry about the cash flow issues that follow unexpected emergencies.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tips for managing negative cash flow at your small business","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"So we know what negative cash flow is, if it\u2019s good or bad, and what causes it. But how are business owners managing negative cash flow?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are tips for keeping your cash flow problems at bay.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. Keep a pulse on your financial planning","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Understanding the financial health of your business is the first step on staying on top of your cash flow. This can mean:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Reviewing your income statements","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Reviewing balance sheets","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Completing cash flow forecasting","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Making sure bookkeeping is up to date","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Going through these exercises will ensure you actually know what your company\u2019s cash is currently at\u2014and what you can spend without going into the red.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is made even easier with a banking solution that makes cash flow clear. When you know exactly what you have to spend on what, being aware of your planning\u2014and if you\'re on track or not\u2014is simpler. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Minimize payment friction","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a business owner, you know the pain of chasing down an invoice (and the financial headache that comes with waiting for that check to hit your account). Late payments are a thing of nightmares, so trying to minimize the friction when it comes to your customers paying can help reduce late payments.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Try changing your payment terms (offer discounts if they pay early, or add a fee for payment later than 30, 60, or 90 days overdue), review your accounts receivable process, or work with a banking partner that lets checks clear faster. Waiting for \u201cpending\u201d money, even just a few days, can completely throw you off.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. Build a cash reserve","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This can seem daunting, especially when your business is in its startup days. There\u2019s better places for your cash, right?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Wrong! Building a cash reserve is essentially betting on your future success. If you find yourself future-proofing issues, it\u2019s because you believe you\u2019ll still be around to face those future issues. And the future issues are a lot less scary when you\u2019re prepared for them. Having liquidity in the form of cash is key to keeping things smoothly in the face of a financial scare.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. Review your costs\u2014and see what you can cut ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This may seem obvious, but you would be surprised how quickly your operating costs can grow. As your business grows, it\u2019s safe to assume your overhead costs will grow with it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Revisit your loans and interest rates","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Haven\u2019t you heard the glorious news? Interest rates are (finally!) starting to decline. Now is the time to revisit your interest rates on your loans. See where you\u2019ll be saving on loans, and re-allocate those savings accordingly.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The other thing you can do is re-evaluate if you want to leverage loans. You may have been avoiding it before with high interest rates, but with the change, it may be the time. Loans can seem scary, but small business owners can benefit from them when used strategically. Unlocking working capital early in your business can help with business growth, letting you scale with ease and get ahead.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Get cash flow clarity with Relay","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Sick of seeing a negative in your bank account? Cash flow confusion got you down? Get clarity into your cash flow and business operations with Relay today.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relay\u2019s business checking features will keep you and your team on the money all of the time\u2014cash flow clarity at your fingertips without fees, paperwork, or branch visits.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Want to say hello to healthy cash flow? You can ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"sign up here.","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":7,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1731681842734,"customDate":1731387600000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"cash-flow-calculator","title":"Free Cash Flow Calculator: Breaking Down Your Current Cash Flow","description":"Want a better understanding of your small business cash flow? Use our free cash flow calculator.","metaTitle":"Free cash flow calculator: Breaking down your current cash flow","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/41Pw2opegpIY2O0p183UK3/af7ed875a6494dd2dc764b8f428cc462/TEMP_cash_flow_calculator.png","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want a better understanding of your small business cash flow? Use our free cash flow calculator, designed to help you understand your operating expenses, liabilities, and cash coming in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All you have to do is enter your starting cash inflows, enter any cash outflows (both which we\u2019ll provide examples for) and you\u2019ll see if you have a positive cash flow or negative cash flow\u2014complete with advice for wherever you land. Skip doing the math for yourself and let the cash flow calculator do the math for you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you understand your total income and expenses, you\u2019ll make more informed decisions that save on costs and drive growth in the long run!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"[calculator embed]","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This financial calculator is provided for informational and illustrative purposes only and should not be considered financial, accounting, or legal advice. We are not accountants, and the information generated by inputs on this tool is not intended to replace personalized guidance from a qualified professional. For a more accurate and tailored understanding of your finances, please consult a licensed accountant or financial advisor.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}},{"nodeType":"text","value":"What cash flow formula is being used?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The formula for calculating cash flow isn\u2019t actually super technical. The hardest part for most is gathering all your information on the money going in and money going out. It can take a ton of time by the time you sort through credit card receipts, review any balance sheets, and go through expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our calculator uses a simple cash flow forecast. You take your estimated money in over a period of time, and subtract your estimated money out over the same period of time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The formula is simply:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"[INSERT FINAL FORMULA HERE]","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What goes into a cash flow forecast?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The money in and money out on our cash flow calculator are just examples of some of the expenses you should include in your cash flow forecast. If you choose to do a more detailed cash flow forecast (which is even easier with our free spreadsheet!), some items you might want to add to your forecasting include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interest: Review your interest rates and see how much you\u2019ll be spending on interest for things like credit cards, loans, and more.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Debt repayments: For a lot of small business owners, debt is just a part of the game (and that\u2019s totally normal!). You need to make sure you\u2019re paying debts on time, to avoid even higher interest costs or even financial penalties.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening balance: How much money you have at the start of a certain period (or when you open) is your opening balance. Understanding your opening balance is important because it gives you an idea of the present value of cash you have. In the positive, and you should aim to keep doing what you\u2019re doing, or you have money to invest in large bets. If you\u2019re in the negative, you may want to tighten spending the next period.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want to read more about cash flow forecasting? Click here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want a copy of our free cash flow forecasting spreadsheet, with more line items and all the formulas created for you? Click here.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does a business cash flow calculation differ from personal finances or a personal cash flow calculation?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\u2019re running a small business, your personal finances and business finances can get blurred. You might find yourself using your personal line of credit to purchase materials, dipping into your business savings accounts for personal cash flow issues, or adding loose cash you have from your personal life into your business to boost your net cash flow at the end of the month.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And this ","marks":[],"data":{}},{"nodeType":"text","value":"can ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"be harmless when you\u2019re just starting out, but it\u2019s not recommended. It makes understanding your business operating cash flow blurry, creating challenges for you when it comes to creating your monthly cash flow statements. You may find yourself undershooting on business metrics, without accounting for all the business expenses you\u2019re going to find on the cash receipts from your personal expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can also be messy when you\u2019re trying to plan for your business\u2019 future, but you\u2019re mixing up business and personal spending. What do you do about loan payments on a personal loan, but you\u2019ve been taking from your business\u2019 working capital to pay that down? Or what about when operating activities at your business are funded by your personal net income, leading you to severely underestimate your future cash flow by missing expenses?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best way to keep your personal and professional finances apart is with fully separate accounts, maybe even separate banks. There are banking solutions designed especially for small businesses, like Relay.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Make cash flow calculations a breeze with Relay","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Feeling more inspired to take control of your cash flow? Relay can help.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Get 20 free business checking accounts: Know where every dollar is going with dedicated accounts, free of charge. Have accounts dedicated to accounts receivable, accounts payable, profit, expenses\u2014whatever helps you stay organized!","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automate your savings: Relay helps you add more breathing room to your budget with automatic savings, plus cash back on Relay Visa credit cards.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Issue 50 virtual credit or debit cards: Understanding your cash flow is easier than ever with dedicated cards for your entire team.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Simplify your expense management: Want to organize spending and stay on track with your budget? Relay lets you quickly issue debit cards for new expense categories, project expenses, or separate teams.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Control debit and credit cards from anywhere: No phone calls required. Relay allows you to monitor transactions in real time, set spending limits, and freeze cards right from your phone or computer.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Integrate your accounting software: Relay allows you to sync detailed banking data directly into QuickBooks Online or Xero, making bookkeeping a breeze.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get cash flow clarity in just a few taps. Relay is free\u2014and you can sign up today. Click here to get started.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]},"readingTime":3,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1731351679722,"customDate":1731351679722,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"grow-your-business-without-chasing-more-clients","title":"How to Grow Your Business Without Chasing More Clients","description":"On Tuesday, November 26 at 2 p.m. ET, join Certified Profit First Professional Debbie Deknight to discover how to boost your business\u2019s growth without the constant scramble for new clients.","metaTitle":"How to Grow Your Business Without Chasing More Clients","metaDescription":"On Tuesday, November 26 at 2 p.m. ET, join Certified Profit First Professional Debbie Deknight to discover how to boost your business\u2019s growth without the constant scramble for new clients.","popular":false,"category":"How to Cash Flow","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2BRPtG95MsLbz0qW59BZXL/c74021cafce9c997aef752212e2106ff/BLOG_Webinar-Banner_YB1920W.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"For most small businesses, growth seems to hinge on the next new customer. But constantly chasing fresh leads can leave you stretched thin, overworked, and still barely meeting your financial goals. What if there was a smarter, more profitable way to grow?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Note: this webinar has already aired. You can now watch the on-demand recording!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Instead of spending all your time and energy on finding new clients, imagine a business where your current customers become the foundation of your growth\u2014where simple, intentional changes lead to steady revenue and less financial stress. This isn\u2019t just a dream; it\u2019s a strategy that\u2019s within reach.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Join us on \ud83d\uddd3\ufe0f ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tuesday, November 26 at 2 p.m. ET","nodeType":"text"},{"data":{},"marks":[],"value":", when Certified Profit First Professional Debbie Deknight will share her practical strategies for boosting revenue without constantly seeking new clients. 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","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":1,"author":{"name":"David White","jobTitle":"Senior Content Marketing Manager","company":"Relay","slug":"david-white","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5lSllui4nzNL1rcPw6Wj3e/840a7a8590f92c5991924ba29ea83fe6/1632946263390.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1730731916122,"customDate":1730731916122,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"profit-first-accounts","title":"Profit First Accounts: Determining Your Business Needs","description":"Want to boost profitability and get better control of your cash flow? Using these five Profit First accounts can help.","metaTitle":"Mastering Profit First Accounts for Success","metaDescription":"Implement Profit First accounts to boost profitability and manage cash flow effectively in your business.","popular":false,"category":"Profit First","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4EURChG7Xeq1e4LJxUh2Od/ed88d2abcd501fd197f3d69e572c5a6c/Blog_Images_ProfitFirst_OperatingExpenses.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you\u2019re going for it with Profit First\u2014fantastic! But hearing that there are five bank accounts can feel a bit daunting. What accounts do you need to set up and why ?What actually counts as an operating expense? How much should you compensate yourself? And do you need any additional Profit First accounts for your specific industry? Fear not, we have you covered with answers to all your Profit First account questions (and the solution to make them easy to stand up\u2026 more on that later.)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The cornerstone of a successful Profit First setup for your business is setting up the right accounts. These accounts allow you to separate your money for different purposes. and see at a glance how much you have on hand to run each area of your business (and which areas may need a little more money contributed towards them).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what are the accounts? And does your business need more than these five? We\u2019re glad you asked!","marks":[],"data":{}}]},{"nodeType":"embedded-entry-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5u7WqtT2JStC96vVI8AzCB","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":7,"createdAt":"2023-01-12T18:47:11.703Z","updatedAt":"2023-01-13T20:34:26.436Z","publishedAt":"2023-01-13T20:34:26.436Z","firstPublishedAt":"2023-01-12T18:58:27.522Z","publishedVersion":47,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"Transform your business with Profit First","ParagraphText":"If you need help implementing Profit First, find a certified Profit First Professional today. ","buttonText":"Find a Profit First Professional","url":"https://profitfirstprofessionals.com/hire-pfp-form/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1wWMIZIVtAclMJl8ymUVA2","revision":4,"createdAt":"2023-01-13T17:08:20.551Z","updatedAt":"2023-03-20T14:25:02.202Z","publishedAt":"2023-03-20T14:25:02.202Z","firstPublishedAt":"2023-01-13T17:08:51.667Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay: Official banking partner of Profit First Professionals","description":"Relay: Official banking partner of Profit First Professionals","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1wWMIZIVtAclMJl8ymUVA2/1c991bdd3cf2efae1786d31a8cd9b589/PF_inline_CTA__3_.png","details":{"size":1740556,"image":{"width":1080,"height":1080}},"fileName":"PF inline CTA (3).png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The five main Profit First Accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are typically five main accounts you want to leverage as a business choosing the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Having the five accounts makes it easier to prioritize profit by giving you a clear picture of what you have available for each area of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But why do you need so many accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The five Profit First accounts make it easier to approach accounting in a new way. Think of it this way; your typical accounting method usually looks like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sales - expenses = profit","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, whatever you have left over after covering all of your expenses is what you keep as profit. But using the Profit First method and Profit First accounts means you\u2019re flipping the script, and tackling accounting like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sales - profit = expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your profit goes directly into your profit account ","marks":[],"data":{}},{"nodeType":"text","value":"first","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and whatever is left over is what you have to run every other aspect of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So what five accounts are you starting with? Let\u2019s break down the five accounts, how much goes into each, and what they should be used for.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(Pro tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"These aren\u2019t in any particular order. Each of these five accounts have a very important role, and work together to make Profit First such a powerful system. Teamwork!).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you determine how much money you should put into each Profit First account?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determining the exact percentages can be tricky. Every business is different and has unique needs, but there are ranges you can look to as a starting point for what to put into each account. The table below will give you an idea of how to allocate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-percentages"},"content":[{"nodeType":"text","value":"Profit First percentages","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", based on the amount of revenue you\u2019re bringing in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at each account in depth.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"1. Income account\xa0\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think of your income account as a holding tank where all of your money will initially start. Everything in your business will go into the income account\u2014sales, wire transfers, check deposits, and any other way money comes in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s from here that you will start to divide up your money into the other accounts, based on the percentages you establish.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re more of a visual learner, check out the visual below that ","marks":[],"data":{}},{"nodeType":"text","value":"shows ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you how your income account works (and remember, the percentages shown here are just an example\u2014your ideal allocations may be different!).\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2i7tPesdvQ5qzOt37vMRFc","revision":1,"createdAt":"2024-10-28T13:32:36.488Z","updatedAt":"2024-10-28T13:33:00.257Z","publishedAt":"2024-10-28T13:33:00.257Z","firstPublishedAt":"2024-10-28T13:33:00.257Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Profit first accounts","description":"A visual showing the five profit first accounts and how they divide into percentages ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2i7tPesdvQ5qzOt37vMRFc/465d145a5a4349b9230fae040c26c2bd/Blog_Images_Profit_First_Accounts_1600x700_Pink.png","details":{"size":36261,"image":{"width":1600,"height":700}},"fileName":"Blog Images_Profit First Accounts_1600x700_Pink.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"2. Profit Account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"5-20% of your income","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name may be a giveaway, but this account is where you are going to put your profit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The money you put into this account has to go here before any other expense is paid out, and should be set aside completely and not touched (unless you\u2019re reinvesting in the business or participating in profit distribution with your team).\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3. Owner Pay ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"5-50% of your income","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can be hard to fairly compensate yourself as a business owner. There are so many other areas that pull money in your business, and you may be tempted to give yourself less of a salary to keep the business running and growing.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Profit First, say goodbye to the \u201cgoing with less salary\u201d mindset and hello to an account dedicated to owners\' pay. Allocate a percentage of your income for your salary, and that salary automatically goes into an owner\'s pay account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re struggling with what to pay yourself, ask yourself this: What would somebody doing your role somewhere else make? That gives you a great and objective idea of what you need to be putting aside into your owners pay account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you aren\u2019t paying yourself fairly, enough, or at all, you\u2019re going to grow resentful of your business. And that\u2019s going to make it hard to want to put the work in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"4. Tax Account ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"15% of your income","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ah, tax season. The least stressful time of year, right? Getting your bill at the end of the year and spending a few weeks scrambling to get together a large chunk of money for the taxes you owe. It\u2019s every business owner\u2019s dream!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Okay, we can hear you rolling your eyes (rightfully so). Tax season can be an absolute nightmare. Searching through pockets for receipts, countless hours with your accountant or bookkeeper, trying to find a large chunk of money to settle up\u2014it\u2019s a headache. But your Profit First tax account ensures you\u2019ll at least have enough to cover the bill when the time comes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This account is where you safely put aside money for your taxes. Allocate roughly 15% of your income to this account. When tax season comes around, you\u2019ll be ready to face it head-on\u2014no Advil required.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5. Operating Expenses ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"30-65% of your income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re probably reading through these accounts and wondering about the money it takes to actually run your business. Cue your operating expenses, or OpEx, account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anything that\u2019s leftover after your other allocations are deposited into the above accounts go towards your OpEx. This is the money you have left to run your business\u2014rent, supplies, payroll, and everything in between.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll be honest: it\u2019s going to be uncomfortable to operate this way at first. Many businesses wait to see what\u2019s left over ","marks":[],"data":{}},{"nodeType":"text","value":"after ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"their operating expenses, and use that to deal with everything else outlined above. But when you distribute your money into accounts like this, you become more disciplined with your spending and shift into a profit-focused mindset.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s also important to note that the percentage ranges for the Profit First accounts above don\'t add up to 100% if you use the maximum of each range. To increase the percentage you put into operating expenses, for example, you need to decrease the percentage going into owner\'s pay. You need your percentage allocations to add up to 100%. ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-entry-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are there any additional Profit First accounts?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The key to Profit First is using these five Profit First accounts, but the ","marks":[],"data":{}},{"nodeType":"text","value":"fun ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"of Profit First\u2014outside the fun of seeing your profit begin to grow\u2014is that you can tailor it to your specific business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some examples of additional Profit First accounts that you may want to add.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Materials/Inventory: This account is great for businesses that spend a large part of their operating expenses on inventory or materials. Think ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-contractors"},"content":[{"nodeType":"text","value":"construction","marks":[],"data":{}}]},{"nodeType":"text","value":", where you can spend literally tens of thousands of dollars a month on raw supplies. In these cases, it may be helpful to have a separate account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing: So many ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/marketing-agency-profit-margin"},"content":[{"nodeType":"text","value":"agencies","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" are using Profit First. Separate accounts that pull money for marketing spend for clients can be hugely helpful for keeping the money clients send you organized, especially if you\u2019re trying to deal with numerous clients.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll: Payroll is typically a large chunk of any business\u2019 operating expenses. Depending on your setup or workforce, having a separate payroll account can help you stay organized.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"COGS: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-ecommerce"},"content":[{"nodeType":"text","value":"E-commerce","marks":[],"data":{}}]},{"nodeType":"text","value":" or other product-based businesses need to have cash set aside to manufacture or purchase get their goods that they sell. Without it, there\u2019s no business! As e-commerce and product-based businesses scale, having an account dedicated to COGS can help you see exactly how much is going towards this area of your business.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, the additional accounts aren\u2019t mandatory. It\u2019s meant to be what works for you! If having additional accounts and division helps you, great. If keeping it simple with the initial five accounts is best for you, that\u2019s great too.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you set up Profit First accounts?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up doesn\u2019t have to be tricky. Here are the steps for setting up your Profit First accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. Work with your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-banks-for-profit-first"},"content":[{"nodeType":"text","value":"bank or banking platform","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to set up your Profit First accounts. You\u2019ll need at least five accounts set up to use this method effectively.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pro tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Traditional banks may tie up your cash flow in these accounts by making you hold a minimum balance to avoid fees. Work with low-fee or no-fee banking platforms, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", for the easiest way to set up multiple accounts that won\u2019t cost you an arm and a leg.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Determine your Profit First percentages. This will determine what percentage of your cash that lands in the Income account goes to each of the other accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Set an allocation schedule. This can be every payday, the first and last day of each month, or whatever works for you. This date is when you will allocate the money to each of your separate Profit First accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. Now, run your business based on the funds in your OpEx account. By using your expense account ","marks":[],"data":{}},{"nodeType":"text","value":"only, ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you know your business is running at a profit. Even if it\u2019s just a dollar, having that money in your profit account is a huge win!\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Easily implement Profit First with Relay","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are tons of reasons small business owners are using Relay to implement Profit First, but here are some of our favorites:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Up to 20 free checking accounts: With no fees or minimum balances on any of your accounts, you have the ability to set up deposit-only accounts, as well as operating expense accounts. This gives you greater clarity into cash flow.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Earn 1% to 3% APY1 on your savings: Open two savings accounts with Relay and watch your money grow. Plus, our auto-transfer rules help you consistently move excess cash out of operating accounts and into savings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Percentage-based transfers: Make your Profit First transfers easily thanks to Relay\u2019s percentage-based transfer feature. Plus, you can automate your percentage-based transfers when you\u2019re ready.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Streamline bookkeeping with accounting integrations: No more tax season headaches. Relay\u2019s integrations with QuickBooks Online and Xero help you waste less time deciphering transactions, and more time growing your business.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 physical or virtual debit cards: Relay offers up to 50 debit cards that can be assigned spending limits, so you can get a clear picture of where your money is going.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1729883924044,"customDate":1729828800000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"cash-flow-forecasting","title":"Cash Flow Forecasting: A Complete Guide (+ Free Cash Flow Spreadsheet)","description":"Ready to get into cash flow forecasting? We dive into everything you need to know\u2014plus get your free cash flow forecasting spreadsheet to make it easier than ever!","metaTitle":"Cash Flow Forecasting: Complete Guide (+ Free Cash Flow Spreadsheet)","metaDescription":"Master cash flow forecast techniques to ensure your business\'s financial health and growth.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3obm3SUeNxIYB5A2Xjn1Wf/675745556e65c0dc04b290132f5d4206/Blog_Images_Budgeting.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"They say that cash is king, and that sentiment could not be more true for small business owners. Cash is everything. And it\u2019s why creating an accurate cash flow forecast is critical for success.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But this level of importance is why it\u2019s alarming that ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/cash-flow-compass"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"91% of small businesses face serious cash flow challenges","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\u2014and most never see them coming. Cash flow forecasting is an exercise that can help you avoid cash flow problems (or at least see them coming). ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So make a copy of our ","nodeType":"text"},{"data":{"uri":"https://docs.google.com/spreadsheets/d/1LbDUzPB-KqzZNtjJvXmDARfPgYUojDXxQDfF8m9-f54/copy"},"content":[{"data":{},"marks":[],"value":"free cash flow forecasting template (no email required)","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and let\'s dive in for cash flow forecasting. \\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"What is a cash flow forecast?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your cash flow forecast is an estimate of the amount of cash moving in and out of your business across all areas of the business during a set period. Cash flow forecasting is huge because it can be used to identify potential cash shortfalls and reveal areas where you need to tighten your budget.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Armed with information from your cash flow forecast, business owners can make more informed decisions around spending, investing, and financing\u2014and ideally avoid those cash flow challenges so many businesses face.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Why is cash flow forecasting so important?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Understanding your cash flow is one of the best ways to understand the overall health of your business and, more importantly, set yourself up for long-term success.. Cash flow forecasting helps:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Prevent cash flow shortages:","nodeType":"text"},{"data":{},"marks":[],"value":" Knowing how much cash you have allocated to each part of your business helps protect you against unexpected shortfalls. If you know you have $5,000 allocated to purchasing new product, for example, you won\u2019t spend $7,000 and then wonder how you ended up $2,000 in the red.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Build a growth plan:","nodeType":"text"},{"data":{},"marks":[],"value":" Have you heard the saying \u201cwhen you fail to plan, you plan to fail\u201d? Cash flow forecasting forces you to make a plan and gives you a clear understanding of your cash position, all with the future in mind.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Ensure liquidity:","nodeType":"text"},{"data":{},"marks":[],"value":" If you\u2019re aware of what your cash situation is, you can prepare for leaner periods (think seasonality). Plan ahead for things like securing loans or making spending adjustments to stay afloat no matter what.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Improve decision making: Having a clear view of future cash positions allows you to make better decisions around expenses, investments, and pricing.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The recipe to success: components of a cash flow forecast","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just like your family\u2019s famous pumpkin pie recipe, your cash flow forecast is made up of certain essential ingredients. Get them right, and you\u2019ve got a recipe for success.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before we get too hungry, let\u2019s get more technical. There are certain components that make up your cash flow forecast, and numbers that you need to know before getting started.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Typically, a cash forecast will contain some or all of the following components:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"1. Cash inflow (aka. money coming in)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nSimply put, cash inflow is what you expect to make during the period of time that you are building your cash flow forecast for, and the areas where this money is coming from. Some categories of cash income you could include on your cash flow forecast are:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Sales: This is arguably the most common area of incoming cash. This includes all expected income during a set period of time, whether that\u2019s goods or services.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Loans: Account for any loans or financing you have coming in. That cash is technically money coming in that you can spend (but remember you have to pay it back!).\xa0\\n","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"2. Cash outflow (aka. money going out)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your cash outflow is the opposite of your cash inflow. This is where you break down what it\u2019s going to cost you to run your business in the same period of time. Some expenses you have to account for could be:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Operating expenses: Think payment for rent, utilities, payroll, and other day-to-day expenses that stay relatively consistent.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Loan repayments: This is the other side of getting loans or financing. You have to account for paying them back month over month.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Taxes: Start putting money aside every month to avoid wanting to pull your hair out when a fat bill comes around at tax season. Divide up your typical annual taxes by twelve, and put that amount aside every month to avoid stress in April.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"3. Net cash flow (aka. your money in minus your money out)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is where you have to break out the calculator and do some math. Take all of your money in and subtract your money out. If you want to get detailed, you can do this exercise for three different scenarios\u2014 best case scenario for your business, the \u201caverage\u201d or expected case, and worst case scenario if everything goes wrong. Take those scenarios and run the same calculation.\xa0\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Types of cash flow forecasts","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before we dive into ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"how ","nodeType":"text"},{"data":{},"marks":[],"value":"you complete a cash flow forecast, it\'s key to understand the different types of cash flow forecasting exercises you can go through for your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can splice and dice a cash flow forecast in so many ways, so we\u2019re going to focus on three different versions\u2014short-term, medium-term, and long-term\u2014and the benefits of each.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Short-term cash flow forecasts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A short term cash flow forecast focuses on the short-term cash flow vision of your business\u2014maybe a quarter or a year. This is used to guide your day-to-day business decisions, helping you identify more immediate cash flow needs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Medium-term cash flow forecasts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Medium-term forecasts typically look at a period from one to three years. These forecasts help you look at your cash position more broadly, especially as you look towards more growth-focused business goals.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Long-term cash flow forecasts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You guessed it\u2014it\u2019s time to look at your long-term cash flow forecast! This covers a period of three to five years (or more, depending on your business model), focusing on more long-term cash needs, growth plans, and any financing you may need.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How do you do cash flow forecasting?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cash flow forecasting is objectively important\u2014as you know. But performing a cash flow forecast isn\u2019t always easy.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s break down cash flow forecasting step-by-step.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 0. Download the cash flow template","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Do you want to follow along with the steps we\u2019re about to go through? You can download your free cash flow forecast here before diving into the steps to make things even easier. Just open the spreadsheet and make your own free copy that you can use for your forecast. The format, formulas, and list of what you need is done for you!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Get your copy of your ","nodeType":"text"},{"data":{"uri":"https://docs.google.com/spreadsheets/d/1LbDUzPB-KqzZNtjJvXmDARfPgYUojDXxQDfF8m9-f54/copy"},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"FREE cash flow forecasting template here.","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":" ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 1. Set your forecast period","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You need to decide on a timeframe to focus your cash flow forecasting on. After all, if you\u2019re comparing a month from 2022 to all of 2023, you\u2019re going to confuse yourself. Setting your cash flow forecasts to the same time period can make things easier and give you clearer business insights.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can do a cash flow forecast annually, quarterly, monthly, or even weekly. The key is to review your business and see what works best for you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There is also a use case for different periods. Annual cash flow statements can give you a great overview of performance, while monthly helps you strategically plan each year.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 2. Gather historical data","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Whether you\u2019ve been in business for a week or 10 years, historical data is key when it comes to cash flow forecasting.\xa0Reviewing your financial data will arm you with the data you need to make accurate estimates for your cash flow forecast. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is especially important because if you build a budget or financial plan when severely overestimating your money in our out, you can set yourself up to end up with a negative cash flow. When you fail to plan, you plan to fail.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Step 3. Gather data on money in","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"These numbers are what you base your income on for your cash flow forecast. Include sales revenue, accounts receivable, or any other streams of income.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Step 4. Gather data on money out\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This will be a bit easier if you have historical data you can refer to. You can use income statements from years before to estimate your cash going out. Look at your rent contracts, past labor costs, and COGS from years previous to estimate cash going out.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re a relatively new business or don\u2019t have this information handy, things will be a bit trickier. You\u2019re going to want to estimate as accurately as possible. See if there are businesses in your area you can use to base your expenses on. \\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 5. Calculate your net cash flow","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have your spreadsheet handy, Excel or Google Sheets can take care of the math for you. The final number when you put in all your cash out and cash in is your net cash flow\u2014cold, hard cash leftover at the end of your time period.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re doing this manually, it\u2019s time to break out the calculator here and do some math. Don\u2019t worry, it\u2019s as simple as math can get.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"First, add up all of your total cash in. Then, add up all of your cash out. Finally, subtract the two numbers. It\u2019s going to look like:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Total cash in - total cash out = net cash flow","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And voila! 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Relay gave them the tools they needed to keep up.","metaTitle":"How Relay\'s unparalleled delivery on cash clarity helps Dance Motion marketing play a bigger game","metaDescription":"When their pandemic project took off, the team behind Dance Motion Marketing found themselves unequipped to deal with their sudden success. Relay gave them the tools they needed to keep up.","popular":false,"category":"Case Study","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3mkQyFZEZGwy5Nvq6fjtR1/1b8eaed2075cb2d31a8f3cb2fedd0106/Dance_Motion_Case_Study.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When what started as a pandemic project quickly took off, the team behind\xa0 Dance Motion Marketing found themselves unequipped to manage the financial demands of their sudden success. Bryce Conlan and Kristian Altuve needed banking tools that would help them keep up.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bryce Conlan is one half of the founding team behind Dance Motion Marketing. The multi-service firm produces promotional content for dance studios, and offers strategic coaching and digital tools to help their clients pursue business leads. Bryce and his business partner, Kristian Altuve, come from the film production world\u2014neither one of them are dancers. 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accountants\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-to-ask-before-choosing-an-accountant\xa0"},"content":[{"nodeType":"text","value":"What to ask before choosing an accountant\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-5-make-your-decision-and-get-started"},"content":[{"nodeType":"text","value":"Step #5: Make your decision and get started","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udc4d","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line-on-choosing-an-accountant"},"content":[{"nodeType":"text","value":"The bottom line on choosing an accountant","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#online-business-banking-with-relay"},"content":[{"nodeType":"text","value":"Online business banking with Relay\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step #1: Get clear on your accounting needs \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re brand new to business, you might only need an accountant to help you with your taxes. But if you\u2019re a seasoned entrepreneur with employees and multiple streams of income, you\u2019re going to need a lot more support from your accountant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what business stage you\u2019re at, though, one thing is for sure: to choose the right accountant for your small business, you need to know what you want that accountant to ","marks":[],"data":{}},{"nodeType":"text","value":"do.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s break down what kind of accounting support the experts recommend for businesses at different stages. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Tax returns, tax planning, and beyond \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kate Johnson is an experienced bookkeeper and owner of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://heritagebusinessservices.com/"},"content":[{"nodeType":"text","value":" Heritage Business Services","marks":[],"data":{}}]},{"nodeType":"text","value":". She helps small business owners and solopreneurs build a strong financial foundation through her virtual bookkeeping services.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Based on her years of experience working with entrepreneurs, Kate told us that ","marks":[],"data":{}},{"nodeType":"text","value":"from the beginning, \u201call business owners should invest in tax help","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\u201d\ud83d\udcb0 A tax professional is important because they can help you avoid trouble with the IRS and speed up the tax filing process, giving you more time to focus on your business.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"There are many different types of accountants out there, and not all of them specialize in business taxes. If your only accounting need is tax preparation, be sure to look for a ","marks":[],"data":{}},{"nodeType":"text","value":"tax accountant ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"specifically.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, Kate says your accountant can offer valuable tax advice and help you utilize more advanced tax strategies (AKA,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/tax-loopholes-for-small-businesses"},"content":[{"nodeType":"text","value":" tax loopholes","marks":[],"data":{}}]},{"nodeType":"text","value":"). \ud83e\udd11 For example, an accountant can help you decide if it\u2019s worth it to have your LLC taxed as an S-corporation.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Kate recommends that a business owner \u201cbaby step\u201d their way into a stronger relationship with a tax professional. At first, you might talk to your accountant once a year\u2014but over time, they\u2019ll get more involved in your business and help you make smart financial decisions year-round.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Financial planning, reporting, and planning \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants can do a lot more than file your taxes. They can also help you understand your business\u2019s projected income and expenses, prepare financial reports, and streamline your business processes. \ud83d\udee0\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some more services you might want to look for in a small business accountant:  ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prepare and analyze financial statements like profit and loss (P&L) reports, balance sheets, and cash flow statements\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advise you on pricing,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":" cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":", inventory, and business financing\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Help you prepare a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":" business budget","marks":[],"data":{}}]},{"nodeType":"text","value":" and/or business plan","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify cost-saving opportunities and help you understand where your money is going\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Streamline accounting processes like payroll, invoicing, and expense tracking","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re not sure how much accounting support you need, consider your business stage","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Are you juggling full-time employees, multiple streams of income, and hundreds or thousands of transactions per month? If so, hiring an accountant to help with financial operations and reporting could save you a lot of time, money, and headaches in the long run. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, if you\u2019re a freelancer with only a few business transactions each month, you may not need as much accounting support. You might be able to manage your finances on your own or with the help of a bookkeeper (more on that below!).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What about bookkeeping?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping is the process of recording and organizing financial transactions like purchases, sales, receipts, and payments. While it\u2019s crucial to your business\'s financial health, it doesn\u2019t necessarily require an accountant\u2019s expertise. Instead, you might want to hire a bookkeeper (or do it yourself). \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, some accountants do offer bookkeeping services as well. If you prefer to have one person handle both your accounting and bookkeeping needs, be sure to ask potential accountants if they provide these services.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1\ud83c\udfa5 ","marks":[],"data":{}},{"nodeType":"text","value":"Wondering when to hire a bookkeeper?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/when-to-hire-a-bookkeeper"},"content":[{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out this 7-minute video to learn everything you need to know before hiring a bookkeeper","marks":[],"data":{}}]},{"nodeType":"text","value":", featuring Blake Oliver, CPA.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step #2: Create your accountant wishlist \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know what services you need, it\u2019s time to identify what the qualifications and personality traits you\u2019d like your accountant to have.\xa0 \ud83d\udcad","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some things to look for in a prospective accountant: \xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Years of experience with businesses and industries similar to yours\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A strong track record of helping clients save money or improve their financial health\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Familiarity with current tax laws and regulations for small businesses\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Good communication skills and availability to answer questions or provide support throughout the year (not just during tax season)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Technology-savvy and able to work with your preferred accounting software (like QuickBooks Online or Freshbooks)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Don\'t forget to consider what personality traits you want in an accountant. If you\u2019re new to business, you might want an accountant who is patient and approachable. If you\u2019re a busy CEO, you might prefer someone efficient, direct, and highly organized. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Does industry expertise matter?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering if you need an accountant who understands your industry. It\u2019s a good question\u2014so we asked Steven Brown, Chief Operating Officer of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ledgergurus.com/"},"content":[{"nodeType":"text","value":" LedgerGurus","marks":[],"data":{}}]},{"nodeType":"text","value":". Steven\u2019s accounting firm focuses on e-commerce businesses, so he knows a thing or two about industry-specific accounting needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Steven says \u201cBusiness is business, but there are so many nuances from industry to industry.\u201d For example, e-commerce businesses have to manage inventory and collect sales tax. An accountant who truly understands those complexities might be able to give you more customized tax and financial advice. \ud83d\udde3\ufe0f","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"73zuojEx6Bxy98axmOJtdG","revision":1,"createdAt":"2024-07-02T21:58:42.202Z","updatedAt":"2024-07-02T21:59:04.779Z","publishedAt":"2024-07-02T21:59:04.779Z","firstPublishedAt":"2024-07-02T21:59:04.779Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"What matters most in an accountant survey - Relay","description":"What matters most in an accountant survey - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/73zuojEx6Bxy98axmOJtdG/06b689e277323022f245ef8be3a19606/What_matters_most_in_an_accountant_survey_-_Relay.jpg","details":{"size":224083,"image":{"width":1920,"height":1080}},"fileName":"What matters most in an accountant survey - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to choosing an accountant, many small business owners think industry-specific knowledge is ","marks":[],"data":{}},{"nodeType":"text","value":"very ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"important. In fact, we surveyed Relay\u2019s community of small business owners and ","marks":[],"data":{}},{"nodeType":"text","value":"38% said industry experience is the most important thing to look for in an accountant.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, only 26% of accountants and bookkeepers agreed. Most of these small business advisors (38%) instead believe that ","marks":[],"data":{}},{"nodeType":"text","value":"prompt and proactive communication matters most.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless of which qualities you prioritize, it\u2019s crucial to have a clear idea of what you want (and need) from your future accountant. This will help you choose the right person for your business, faster. \ud83c\udfc3\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step #3: Find the right fit \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know ","marks":[],"data":{}},{"nodeType":"text","value":"what ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"services you need and ","marks":[],"data":{}},{"nodeType":"text","value":"who ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you\u2019re looking for, it\u2019s time to find your accountant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that there are approximately","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.statista.com/statistics/317587/number-of-accountants-and-auditors-employed-us"},"content":[{"nodeType":"text","value":" 1.4 million accountants","marks":[],"data":{}}]},{"nodeType":"text","value":" to choose from in the United States. The challenge is finding the ","marks":[],"data":{}},{"nodeType":"text","value":"right ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"accountant for you and your business\u2014and if you don\u2019t know where to start your search, it can quickly become overwhelming.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To help you simplify the process, let\u2019s take a look at the three best places to find an accountant for your small business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Your professional network \ud83d\udc65","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re an entrepreneur, you\u2019ve probably already built a decent professional network. Your friends, colleagues, mentors, and fellow small business owners are the perfect people to rely on when you\u2019re looking for an accountant. \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ask around to see if anyone you know has worked with an accountant and would recommend them. This can give you a great starting point for your search, as well as peace of mind knowing that someone in your network trusts this person\u2019s services.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Local business groups and events \ud83d\udc68\u200d\ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another great way to find an accountant is by getting involved with local business groups and attending events, like those hosted by your local Chamber of Commerce or Small Business Development Center (SBDC).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These organizations usually have tons of resources for entrepreneurs and can connect you with accountants who understand small business needs. Plus, their events are perfect for networking\u2014you can meet accounting professionals in person, ask questions, and see if they\'d be a good fit for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Online directories \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, there are several online directories where you can search for accountants based on location and specific services offered. For example, Relay has an","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" Advisor Directory","marks":[],"data":{}}]},{"nodeType":"text","value":" designed to help small business owners find trusted accountants and bookkeepers. You can use our directory to find an accountant who\u2019s already familiar with Relay (or Profit First, or whatever else is important to you and your business).\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could also check the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://us.aicpa.org/forthepublic/findacpa"},"content":[{"nodeType":"text","value":" American Institute of Certified Public Accountants\u2019s (AICPA)","marks":[],"data":{}}]},{"nodeType":"text","value":" directory. The AICPA dates back to 1887 and is the world\u2019s largest member association representing the accounting profession. \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re interested in working with a female accountant, be sure to check the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.afwa.org/find-a-pro/"},"content":[{"nodeType":"text","value":" Accounting & Financial Women\u2019s Alliance\u2019s (AFWA)","marks":[],"data":{}}]},{"nodeType":"text","value":" directory. Founded in 1938, the AFWA\u2019s goal is to help women in accounting and finance achieve their potential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step #4: Interview multiple accountants \ud83d\udc54","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hiring a good accountant is like hiring anyone else for your small business. ","marks":[],"data":{}},{"nodeType":"text","value":"Unless the first candidate happens to be a referral from someone you seriously trust, they likely won\u2019t be your first pick","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a rule of thumb, it\u2019s a good idea to talk to at least 3 different accountants before choosing one. This will allow you to compare pricing, services, and personalities to find the best fit for you. \ud83e\udd13","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Interview questions to ask before choosing an accountant\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you find a few potential accountants for your business, schedule introductory calls with each one. Most accountants will meet with you for free for a 15-30 minute introduction call. \ud83d\udcde","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This introduction call is super important to your search process, and you should treat it like an interview. To make sure you\u2019re asking the right questions, here are a few suggestions:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What kind of accounting do you specialize in? (Remember, for example, not all accountants do taxes.)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much experience do you have working with small businesses?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How do you communicate with your clients?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can I see some examples of how you\u2019ve helped previous clients save money or improve their financial health?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you have any experience working with businesses in my industry? If not, how would you go about learning about my business and its specific needs?\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Don\u2019t be afraid to ask prospective accountants for references or case studies from previous clients. This will allow you to understand how they\u2019ve helped businesses like yours in the past.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. Credit and collection fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"After opening a business line of credit, you might run into credit and collection fees. These are fees that might accumulate when paying back your debt\u2014for example, late fees or expenses a collection agency might pay to recover unpaid money. 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And (hopefully!) to get a higher tax refund. \ud83d\ude09","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Membership & subscription fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Memberships to affiliate groups and subscriptions to business-related publications are eligible for tax deductions. \ud83d\udca5","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"While these memberships are not cheap, many consider them a worthy investment. For example, a subscription to the SD Times can help software developers stay on top of their game, or membership to the National Society of Accountants (or the NSA) can provide a valuable platform for networking.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"6. Software fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding the right software can take forever sometimes, and that means you\u2019re always paying for some new license or subscription. Whether it\'s accounting software or ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"payroll software","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", create an expense category to track how much you can write off your tax filing at the end of the year. \ud83d\udcbe","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"7. Shipping costs","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re in the business of selling material goods, you have to know how much shipping is costing you. How else are you going to maximize your profits? \ud83d\udce4","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Between packaging and the actual postal costs, this can significantly affect your pricing packages. Track these expenditures carefully so you know how much to charge customers in the future.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8. Insurance","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not only will business insurance or health insurance help you sleep better at night, but you can usually write off your insurance premiums by the end of the tax year. That\u2019s called a win-win. \ud83e\udd73","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Bonus: The premiums you pay for liability insurance and life insurance are also write-offs. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"9. Inventory-related buys","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A quintessential example of an operating expense is the cost of raw materials. 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Meal and entertainment expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We often wine, dine, and delight in any line of work. \ud83c\udf7d\ufe0f That\u2019s why the IRS offers a ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/meals-and-entertainment-deduction-rules"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"meal and entertainment dedication for businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\u2014but this one can get complicated fast, so make sure you talk to your accountant before writing just anything off.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019s also especially important to keep receipts for this type of business expense. If you feel overwhelmed by a drawer full of paper receipts, you can always try a ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/best-receipt-scanner-app-small-business"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"receipt-scanning app","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Or, you can use Relay\u2014our online banking platform comes with ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/receipt-management"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"integrated receipt management ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"so you can easily digitize, store, and manage all your receipts.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"11. Office supplies","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is another classic example of a core business expense. \ud83d\udd87\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Office supplies range from your printer down to your very last staple. Tracking office expenses can help you set up a schedule to know when to replenish your stock and keep your spending under control.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"12. Payroll expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Payroll expenses are difficult to manage\u2014there\u2019s no question about that. Between the salary you pay employees or even yourself, accounting for all these cash movements is key to a successful business. \ud83d\udd11","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"13. Research & Development","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Researching and developing new products, services, or packages helps you stay competitive. Regardless, you get no tax write-off for them following a ","nodeType":"text"},{"data":{"uri":"https://www.hklaw.com/en/insights/publications/2023/01/rd-considerations-in-the-time-of-nondeductibility#:~:text=Highlights,Tax%20Cuts%20and%20Jobs%20Act."},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"2022 tax law revision","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\ude33So, plan accordingly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"14. Taxes","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You\u2019re paying lots of taxes. Payroll taxes. State taxes. Maybe even real estate taxes. But, these expenses don\u2019t have to be sunken costs. Any taxes paid to your state or your local government can be claimed as a business deduction.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\u2019s why it\u2019s so important to include taxes as a bookkeeping category. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"15. Business travel\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Any travel expenses you incur for business purposes are considered operating expenses. For example, you can save on any flights or vehicle expenses during your business trip. \ud83d\udeeb","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"16. Utilities\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have a home office or office space, you can deduct the necessary utilities for your business. That\u2019s right\u2014we\u2019re talking the whole gambit\u2014water, electricity, and gas. \u26fd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"17. Employee benefits","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You might be paying for certain employee benefits like health insurance or a gym membership. Good news\u2014the premium you pay is tax-deductible, so go chase that write-off. \ud83c\udfc3","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"18. Advertising/marketing campaigns\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Any campaigns you run are deductible business expenses because they can help grow your customer base. So, if that\u2019s not a sign to get started on the next big ad campaign to hit social media, I don\u2019t know what is. \ud83d\udce2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"19. Charitable contributions\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Being good pays off \u2014\xa0literally. You get write-offs for any qualified donation. In fact, according to the IRS, ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions#:~:text=Individuals%20may%20deduct%20qualified%20contributions,percent%20of%20its%20taxable%20income."},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"a company can deduct up to 25% of its taxable income","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83e\uddee","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"20. Retirement contributions","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Moving funds to a retirement account (like your classic 401K) can lower your taxable income. Note how much you\u2019re contributing to your retirement plans to make sure that you\u2019re never short of cash on hand. \ud83e\uddd3","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"21. Client gifts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/client-gifts"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Client gifts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" are a common way to build that necessary relationship with your audience. Did you know you can ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses-8"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"deduct up to $25 a gift","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", according to the IRS? \ud83c\udf81","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keep track of how much each gift costs and how much you might be saving after that deduction.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"22. Rent / real estate taxes","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"The cost of rent or property taxes for your home office can\u2019t necessarily be written off as an expense. However, these are high ticket costs. Staying on top of them is critical to your financial success. \ud83c\udfe1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"23. Mortgage interest","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you took out a mortgage related to your business (let\u2019s say you had a home office), then the interest you pay on it could be tax deductible. As this is a frequently recurring payment, make sure you\u2019re claiming what you can here. \ud83c\udfd8\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"24. Depreciation\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Depreciation isn\u2019t always good news because it means the value of your asset has gone down. But, you can get a deduction when tax time comes around. 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And if you\u2019re in moderate to bad debt, this can make a real difference. \ud83d\udcab","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to categorize expenses","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"First things first, which receipts do you want to keep for your business expenses?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The IRS recommends keeping all records of business expenses over $75 that you stumble across\u2014even for things like canceled checks. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That means holding onto:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Gross receipts for anything that shows income flow into your business","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Purchase receipts for items you bought and resold to customers","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Expense receipts for business-related expenditures, like business cards","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Deduction-eligible expense receipts for anything you elect to deduct, like transportation expenses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Proof of assets, whether it be a receipt, title, or any other sort of paperwork, for property bought for your business, like a car.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"And make sure that if the receipts don\u2019t have the following information, you have the following written down somewhere:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Date","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Place\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Category","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Business purpose","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Cost","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Want to learn more about which receipts to keep, and how to organize them? ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Check out our ultimate guide to managing receipts here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The bottom line: Make categorizing expenses easier with Relay","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"You didn\u2019t get into the business to categorize your expenses and receipts. We get it. We\u2019ve been there. That\u2019s why we built a banking platform specifically for small business owners, including an ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"easy-to-use receipt management tool","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" specifically for small businesses that don\u2019t have extra cash or hands on deck.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the right tools and strategies, you can make the whole process a breeze, freeing you up to concentrate on what you\u2019re best at\u2014taking your business to new heights. \ud83e\uddb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Receipts + business banking = \u2665\ufe0f","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to centralize your receipt workflow in Relay, and put an end to the month-end reconciliation scramble once and for all? ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Apply for a Relay account entirely online here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have a Relay account, ","nodeType":"text"},{"data":{"uri":"https://support.relayfi.com/hc/en-us/articles/22077869638676-Setting-up-a-receipt-policy-in-Relay"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"click here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to learn how to set up your own receipt capture policy, or head to the Settings tab from your Relay account to get started.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Artificial intelligence has impacted every aspect of daily life. Advanced neural implants have replaced smartphones. Humans have colonized Mars. And your property taxes can still only be paid by check.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\'re big fans of all things digital here at Relay. That should go without saying, given our commitment to online banking that puts you in complete control of your cash flow from anywhere. But as much as we love our online account management, virtual cards, and digital collaboration features, there are some situations that still demand a good old analog option\u2014like when you really, ","marks":[],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" need to write a physical check.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s a vendor that only accepts payment by check, or a utility bill that doesn\u2019t provide a digital payment option, paper checks are a reality we just can\u2019t seem to shake. In fact, 40% of business-to-business payments in the US still happen via check. So it should come as no surprise that one of the most common requests we receive is \u201clet us write paper checks!\u201d So today, after much thoughtful deliberation and careful planning, we\'re finally ready to share our meticulously crafted response: \\"Ok!\\"\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"You bring the book, we\u2019ll do the rest","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sending checks from your Relay account is nothing new; you can already create checks from our web or mobile apps, and we\u2019ll print and send them on your behalf. But sometimes you need to actually hand over that little slip of paper, on the spot, ","marks":[],"data":{}},{"nodeType":"text","value":"right now","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2014there\u2019s just no way around it. It may not happen all the time, but when it does, it\u2019s a comfort to know you\u2019ve got a check book on standby, ready for your John Hancock. To make that a reality from your Relay account, we\u2019re introducing ","marks":[],"data":{}},{"nodeType":"text","value":"support for third-party check books","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In other words, you can now purchase a check book from an external vendor (think Staples, Costco, Walmart\u2014our personal favorite is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ts-direct.com/line.aspx?lineid=20191"},"content":[{"nodeType":"text","value":"TS Direct","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":") with your Relay account and routing number printed on them.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A more secure way to write checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks are handy when you need them, but they\u2019re not exactly known for security. That\u2019s why we\u2019re rolling out a set of security enhancements to protect your business from the risk of check fraud. Here\u2019s how:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Designate a check-writing account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To enable third-party check writing in Relay, you\u2019ll first need to designate a single ","marks":[],"data":{}},{"nodeType":"text","value":"check-writing account. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This will be the account where all of your check transactions take place, with the account number you\u2019ll use when ordering check books. Any check that uses a different account number will automatically be blocked from being deposited (sorry fraudsters, no funny business allowed).","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1LDj4KtlnPsl61OkTO4MEB","revision":1,"createdAt":"2024-06-20T18:36:32.452Z","updatedAt":"2024-06-20T18:36:53.752Z","publishedAt":"2024-06-20T18:36:53.752Z","firstPublishedAt":"2024-06-20T18:36:53.752Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Check book launch - Approvals","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1LDj4KtlnPsl61OkTO4MEB/be43c1ee6aa79fd9e63dcd19328ecfaa/Blog_-_In-line_Image_-_1600_x_700_-_Opt2_-_Optimized.jpg","details":{"size":256606,"image":{"width":1600,"height":700}},"fileName":"Blog - In-line Image - 1600 x 700 - Opt2 - Optimized.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay in control of which checks clear","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposited checks will have an automatic approval threshold of $2,000. In other words, if a check is deposited that\u2019s below the threshold, it will automatically clear unless you choose to reject it (you\u2019ll have until 11:50 a.m. ET the following day to decide). But if it\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"above","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" the threshold, we\u2019ll immediately let you know\u2014and wait for you to give us the thumbs-up before letting the transaction proceed. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Assign check admins to your account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, you don\u2019t have to be the only one tasked with approving or denying checks (nobody wants that level of responsibility, am I right?). From your account, you can assign members of your team\u2014like your AP clerk or bookkeeper\u2014to be check admins. When a check is deposited that exceeds the automatic deposit threshold, they\u2019ll receive a notification\u2014via email or SMS\u2014that a new check is awaiting approval. They\u2019ll then have until 11:50 a.m. ET the following business day to approve or deny the deposited check. Checks that aren\u2019t approved\u2014or that go past the approval window\u2014will be rejected, and no funds will be drawn from the account. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Keep tabs on it all from your check dashboard","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Check Dashboard, within the Payments tab in your Relay account, houses everything you\u2019ll need to manage third-party checks. This is where you\u2019ll find the list of checks that are awaiting approval, see how much time is left before they\u2019re automatically denied, access check images, and approve or deny each check.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3v5Ih7ysSgmhFFrKjusY0x","revision":1,"createdAt":"2024-06-20T18:35:52.740Z","updatedAt":"2024-06-20T18:36:13.540Z","publishedAt":"2024-06-20T18:36:13.540Z","firstPublishedAt":"2024-06-20T18:36:13.540Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Check book launch - Dashboard","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3v5Ih7ysSgmhFFrKjusY0x/39afb687f3977bcec2e448fd19a4c56c/Blog_-_In-line_Image_-_1600_x_700_-_Opt1_-_Optimized.jpg","details":{"size":343223,"image":{"width":1600,"height":700}},"fileName":"Blog - In-line Image - 1600 x 700 - Opt1 - Optimized.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Get started","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started with third-party checks, you\u2019ll first need to connect an external bank account to Relay, and fund your Relay account with a minimum of $100. With that out of the way, simply head to the Payments tab in your Relay account, click \u2018Third-Party Checks\u2019, and follow the on-screen prompts to enable check-writing. You can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/login"},"content":[{"nodeType":"text","value":"log in to Relay to get started","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Happy check writing!\\n","marks":[],"data":{}}]}]},"readingTime":3,"author":{"name":"David White","jobTitle":"Senior Content Marketing Manager","company":"Relay","slug":"david-white","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5lSllui4nzNL1rcPw6Wj3e/840a7a8590f92c5991924ba29ea83fe6/1632946263390.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1718907858661,"customDate":1718907858661,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"master-your-marketing-budget-for-maximum-profit","title":"Master your marketing budget for maximum profit","description":"Join Certified Profit First Professional Christian Brim to learn the financial information you need to unlock marketing success.","metaTitle":"Master your marketing budget for maximum profit","metaDescription":"Join Certified Profit First Professional Christian Brim to learn the financial information you need to unlock marketing success.","popular":false,"category":"How to Cash Flow","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3mKruMNrlKLh1E0IOtbzTg/7f58861d34852106d2a89d3a1a7c9c13/BLOG_Webinar-Banner_G1920W_REVISED.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"There\u2019s a common question that stumps a lot of business owners: how much should I spend on marketing?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Note: this webinar has already aired. 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The key is to confidently align your marketing spend with your business goals, ensuring every investment drives measurable results and sustainable profitability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On \ud83d\udcc6 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Thursday, June 27 at 12 p.m. ET","nodeType":"text"},{"data":{},"marks":[],"value":", join us for an exclusive webinar, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Master Your Marketing Budget for Maximum Profit","nodeType":"text"},{"data":{},"marks":[],"value":". 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With over 25 years of experience, his background in both personal and professional finance, as well as his own family\'s experience with bankruptcy, gives him a unique perspective and empathy for his clients. 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Each Credit card also comes with reward points, redeemable on travel goods, and more.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd11 Security controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Capital One offers security features like dual control authorization on accounts. You\u2019ll set up users on an account or card and have them approve or decline each other\u2019s transactions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce0 Remote scanning device:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The Unlimited Checking account has advanced tools like a remote scanner service for check deposits and free online bill pay.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"More banking platform features from Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay holds its own in the Relay vs. Capital One comparison with additional features and services tailored to growing small businesses. These services get to the crux of managing small business finances intelligently. 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Plus, thanks for Visa\'s Zero Liability Protection, you\'re also protected in the event that your card is ever stolen.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc68\u200d\ud83d\udcbb Branch-free account setup:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With Relay, you can complete the entire setup process online, which is especially handy if you have a remote team or executives in different states or abroad.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Accounting and bookkeeping integrations:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay\u2019s integration with technology like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" will empower your bookkeepers and accounts to reconcile accounts accurately without breaking a sweat.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Easy account management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay makes it easy to manage multiple businesses with one login. Simply toggle between the accounts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb7 Profit First focus:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay makes implementing","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" the Profit First methodology","marks":[],"data":{}}]},{"nodeType":"text","value":" a breeze, especially its nil-balance approach. Relay leans into the reality that most business owners manage their daily finances with spreadsheets, guesswork, and mental math\u2014and equips you with the tools to flip the script. So, Relay equips you to get the lowdown on your business\u2019 money in seconds rather than minutes or hours.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5\ufe0f Auto transfer rules and percent-based transfers: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay offers automation for sending money to various accounts. You can set up rules so that cash is automatically transferred out of an account once it reaches a set threshold. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd12 Security features:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Set up different permissions to assignees on an account or card, control who sees what and when, set spend limits, and create and terminate accounts\u2014all remotely.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Capital One: Wire transfer options and incidental fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital One offers outgoing and incoming wire transfer options. The monthly fees vary, and so do the incidental fees, depending on your account. For example, with the Basic Business Checking, the first five outgoing domestic wires every month are free, after which they cost $15, and outgoing domestic wires are $25.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With an Unlimited Business Checking account, you\u2019ll get free incoming domestic wires, and five of the first outgoing wires in a month are gratis. Outgoing wires over this limit cost $25.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For international wires on both accounts, Capital One bills incoming international wires at $15 and $40 for outgoing international wires. As for incidental fees, the costs can be steep, like a $35 overdraft or insufficient funds fee.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The downside of Capital One\u2019s transfer fees isn\u2019t just the service cost. The cloudy pricing structure makes it difficult to predict end costs. Especially when you consider currency exchange differences settle on your accounts only after the transaction is complete. These pitfalls may make Capital One\u2019s transfer wires expensive if your business","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments"},"content":[{"nodeType":"text","value":" operates cross-border","marks":[],"data":{}}]},{"nodeType":"text","value":" or has vendors overseas. \ud83d\ude1e","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay: No monthly incidental fees and ATM fees \ud83d\ude45","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay, on the other hand, has","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":" transparent and cost-effective pricing","marks":[],"data":{}}]},{"nodeType":"text","value":" for wire transfers. Relay charges a $5 fee for outgoing domestic wires and a $10 fee to send an international wire transfer. Receiving a domestic or international wire transfer is free. You can also complete currency exchange in your Relay account, and there are no hidden fees, making calculating the end cost fuss-free.\ud83d\udc4d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay and Capital One: Customer Support and ATM fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Capital One and Relay offer extensive customer support, FAQs, and fee-free ATM access as perks.\ud83e\udef6\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital One\u2019s customer service varies from phone, email, and in the branch.\xa0 Also, Capital One has joined forces with the MoneyPass and Allpoint ATM networks. This lets its Small Business Checking customers to use over 70,000 machines without ATM fees. 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It can drive game-changing results not only in your cash flow but also in the way you run your business and prepare for financial rainy days (tax season, payroll deadlines, and more).\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Learn how","marks":[],"data":{}}]},{"nodeType":"text","value":". 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Then, she discovered Relay and Profit First, and is on track to turn her business around in less than 6 months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or like the Missouri-based marketing agency owner who found himself missing bills and coming short on payroll\u2014despite being profitable\u2014because he was stuck with an outdated system. Today, he banks with Relay and has even saved up cash for a new venture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small business owners face existential threats every single day, and most of the time, they have to brave it alone. 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With Relay, users can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set up as many as 20 distinct accounts to categorize revenue, outlays, and reserves, inclusive of two savings accounts with an enticing 1-3% APY.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Distribute up to 50 virtual or tangible Visa\xae debit cards.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Facilitate ACH transactions and wire transfers with ease.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Engage in cash deposits and withdrawals through widespread Allpoint ATMs nationwide.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seamlessly gather payments via platforms such as Stripe, Square, Shopify, among others.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Streamline fund movements across accounts using automatic transfer protocols.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grant role-specific banking privileges to financial consultants and team players for enhanced safety measures.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every Relay account comes with robust FDIC insurance, courtesy of Thread Bank and Evolve Bank & Trust, and is fortified with the Visa\xae Zero Liability Protection Policy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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They\'ve harnessed the power of technology to simplify and automate vital financial tasks, such as bill payments. By enabling businesses to align payments with their cash flow, Relay mitigates potential late fee risks and promotes fluid financial operations. Given its entirely digital framework, Relay is especially suitable for businesses that value instant online access and streamlined processes.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Woodforest National Bank","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Woodforest National Bank, sometimes called Woodforest Bank, offers cash management services rooted in its traditional banking background. Its solutions span from liquidity management to electronic transactions, catering to a broad spectrum of business needs. Its checking solutions include a variety of types of accounts, including one called Second Chance Checking for business that might have previously had banking challenges.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Woodforest has tailored its services to accommodate both small enterprises and larger corporations. 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At Relay, we recognize the significance of this approach and have integrated its principles directly into our banking services.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform allows businesses to seamlessly create multiple accounts tailored to different financial purposes, be it operating expenses, owner\'s pay, or profit accounts. This clear segmentation ensures that funds are allocated appropriately, fostering disciplined financial management and ensuring businesses prioritize their bottom line.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Woodforest National Bank","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Woodforest National Bank operates with a more conventional banking approach. While they offer a range of services, setting up multiple accounts tailored to different financial aspects can come at an additional cost for each account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Its framework isn\'t specifically designed to accommodate the profit-first model, which means businesses looking to adopt this approach might find it less intuitive and potentially more costly to implement using Woodforest\'s traditional banking services.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Online banking","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay, as a digital-first banking platform, is inherently built around the principles of online convenience and accessibility. We prioritize giving businesses the tools to manage their finances without the constraints of traditional banking hours or locations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Everything, from setting up an account to day-to-day transactions, is designed to be accomplished seamlessly online. The integration with various accounting and financial tools further streamlines the online banking experience, ensuring businesses have a comprehensive view of their financial health at any given moment.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Woodforest National Bank","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Woodforest National Bank, though rooted in traditional in-person banking, has made strides to offer online services. Their online banking feature provides customers with the ability to check balances, pay bills, and transfer funds.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, as with many traditional banks, some of their processes might still require a physical branch visit or interaction. For example, you can\u2019t open a new account online. While they do offer online services that cater to the needs of many, they may not provide the same level of digital integration and comprehensiveness as a platform like Relay, which was built with the modern, digital-savvy business in mind.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Verdict: Which banking partner is right for your business?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choosing the right banking partner is crucial for the success and growth of your business. 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In this guide, we compare Relay, an online banking platform, and First Federal Savings and Loan Association of Lakewood, a traditional bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks, like First Federal Savings and Loan Association of Lakewood, offer a blend of in-person and online services, and modern platforms, like Relay, provide a fully digital banking experience tailored for businesses. 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decisions, you should host a grand opening for your retail store. It\u2019ll get potential customers excited about what you might have to offer. And it\u2019ll get people to hear your name without just having to pass by or stumble upon it on social media.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not to mention, celebrating the opening of your new business is also a celebration of all the hard work that led you to this moment! At your grand opening, you can go and have fun, and then continue to buckle down the way everyone knows you\u2019re so good at.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What makes a great grand opening","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no bona-fide way to guarantee a successful grand opening. But there are certainly some tips that can get you close to that 100% guarantee. \ud83d\udcaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It all comes down to this\u2014you\u2019ve got to generate excitement. The goal is to generate so much excitement that it gives your future customer base a reason to come to your store besides just buying your goods. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A grand opening should also make it easy for customers to check out your products. From samples to coupons to altruistic intentions, your grand opening ideas should elevate the shopping experience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"8 grand opening ideas to choose from","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, where do you get started? Start by seeing if any of these ideas align just right with the path you see your business going on. \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #1: Block party","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most obvious answer to catch everybody\u2019s attention and get people talking is to just throw the biggest grand opening party possible. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could hire local musicians to sing their hearts out\u2014everyone loves live music. You could even have food trucks supply lunch and invite local artists to sell their wares in booths along the street. What better way to generate joy?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want people to have keepsakes of your store forever? Get a photo booth that commemorates the date of your grand opening on the photo strip that gets printed out. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re located in a hustling and bustling spot, you can even look into shutting the street down so your party can extend around the block. You and other local businesses can have the time of your lives.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, to throw the party of the century, make sure you give it the advertising it deserves.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #2: Raffles","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"People love to win. You\u2019d love to have people there on opening day. Give them a chance to win something at your grand opening, and it\u2019s a win-win. So what other option do you have but to host a raffle on your big day? \ud83c\udf9f\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As far as the raffle prize goes, you can raffle off several of your products or service. You can even create an assortment of prizes by partnering with your potential future neighbors. This way your winners can become walking advertisements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can sell tickets for as much as you want\u2014from five cents to fifty dollars. Or, you can even offer free entry and let attendees be eligible for a prize just for showing up. It\u2019s all about what your goal is here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are no do\u2019s or don\'ts for raffles. You can even have all the funds go to a cause of your choosing just because.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One thing to keep in mind\u2014check your state\u2019s raffle laws. Some states like Hawaii and Florida consider a raffle a game of chance (i.e. gambling), and have made it illegal to host raffles. Meanwhile, in states like Georgia and Kentucky, it\u2019s fine to host a raffle as long as you get the necessary raffle license.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #3: Grand opening coupons","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s nothing people love more than a good deal. The thrill of saving money might outweigh just about everything else for our savvy shoppers. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To attract them, offer a special event coupon or discount of your choice and advertise that it\u2019s only going to be available for the first 100 or so guests. Then, watch the people roll in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(Make sure the coupon isn\u2019t so good that it totally busts your bottom line for the month though).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also make this work for your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/maximizing-profits-ecommerce"},"content":[{"nodeType":"text","value":"e-commerce storefront","marks":[],"data":{}}]},{"nodeType":"text","value":"! You can have a \u201ccoming soon\u201d signup list, and offer a promo code for people to receive on your big day if they join your email list.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #4: Promotional giveaways","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Two words: goodie bags. Because none of us have outgrown the thrill of getting a little treat in elementary school. \ud83d\ude0b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can hand out your own products as promo or branded swag like matchboxes. Or, you can just get a bowl of candy and hand it out. Handing out free samples is always going to stir up some buzz around potential new customers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And the budget for an idea like this can be super flexible. You can give away a couple of promotional products you could have sold or give out swag bags worth $50+!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another perk? This sort of thing is a marketer\'s dream. You can ask people to follow for a goodie bag or tag a friend in a post on social media to get free items. And free stuff is always so much fun to share!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the giveaway is valuable, you also want to make sure to quantify it in your marketing promo.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #5: Try to break a world record","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes you\u2019ve got to do the craziest thing in the world to get people\u2019s attention. So why don\u2019t you just try to break a world record? \ud83e\udd2a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not all of them require feats of strength\u2014some just require effort. Or can just be fun for people to try. For example, there\u2019s a world record for eating a 12-inch pizza in record time. If you\u2019re a brand-new pizzeria, why not go for it? \ud83e\udd37","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, even if you don\u2019t beat it, you\u2019ll catch people\u2019s eye. It\u2019ll be different. You\u2019ll be remembered. And that\u2019s what you need more than a world record title.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"P.S. Apply for the title early or you could spend up to $1,000 to get the Guinness World Record to rush review your entry.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #6: Soft launch\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Put those influencer filters to work with an invite-only soft launch. This is especially a good idea for luxury businesses getting off the ground (and a little nervous to start off with a big event). \ud83d\udc85","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inviting local influencers to a soft opening is the way to build that trust that you might need. Let\u2019s say you\u2019re a new facial service. Word of mouth might be the only thing to convince someone who already has a preferred spot.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, if you\u2019ve got a super gorgeous layout, you should show it off and get those pictures out so when the general public can come, they\u2019re going to eat it up and start booking your services way before you even open your doors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is also a great opportunity to get feedback on your products and location before your grand opening. So, if you do a soft launch, you end up feeling more practiced and ready to seize the day.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #7: Ribbon-cutting ceremony","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This one is a classic. And for good reason. \ud83c\udf80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ribbon-cutting ceremony can help you cultivate a feeling of accomplishment within. Like we said earlier, a lot of work went into just getting those doors to open. And that should be celebrated.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not to mention, it\u2019s a great photo op for a big day that you\'ll cherish forever. Because even if you\u2019re running a small business, it\u2019s a big responsibility.\xa0Make sure to invite the press, and you might even get your picture in the paper!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #8: Host a fundraiser event","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get foot traffic over to your store by appealing to people\u2019s hearts. Because it\u2019s not just about the sale. It\u2019s about the local community you\u2019re connecting to. \u2665\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Community building is something that most grand openings don\u2019t cover. And that\u2019s exactly why you should consider focusing on it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to share something about your backstory and a charity that connects to it, this can be a heartfelt way to bring people together. Who knows, you might meet some of your new best friends.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, once people feel like they know you, they\u2019re probably more likely to buy from you. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to host the best grand opening","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, one of these grand opening event ideas jumped out at you or inspired one of your own. So, where do you go from here? We\u2019ve outlined it for you in five simple steps \u2714\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step one: Choose your grand opening event type","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re feeling torn over the different ideas we had gone over earlier, think about what your overall goal is here. What kind of a splash do you want to make? \ud83d\ude4a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you want something no frills but still memorable? Or do you want to make the biggest first impression you can? What\u2019s the kind of grand opening fits in your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://webstg.relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":"?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After asking yourself these questions, you should be closer to knowing which kind of events will be in your wheelhouse.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step two: Set a budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve set some goals for yourself, it\u2019s time to get real on how much that\u2019s going to cost wherever you may keep track of your expenses\u2014whether it\u2019s on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"budgeting software","marks":[],"data":{}}]},{"nodeType":"text","value":" or a spreadsheet. And then think about if you\u2019re going to have to move the goalpost on that. \ud83c\udfc3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With some lower-cost options, you can keep your budget under $100, but the average grand opening can cost a small business much more than that\xa0 if you\u2019re planning on booking talent, food, or giveaway items. (PS: don\u2019t forget to get a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-receipt-scanner-app-small-business"},"content":[{"nodeType":"text","value":"receipt scanner","marks":[],"data":{}}]},{"nodeType":"text","value":" to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"organize and store your receipts","marks":[],"data":{}}]},{"nodeType":"text","value":"!).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re planning on offering discounts, make sure to factor into how that might cut into your bottom line. You want to plan a day no one will ever forget, but you also don\u2019t want run into cash flow problems down the line. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step three: Book the date","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could be where things start getting real. But turn those nervous jitters into feelings of excitement!\xa0 \ud83e\udd73 Pick a day of the week for your grand opening day. For starters, think of the day of the week.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Believe it or not, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://mobilechamber.com/wp-content/uploads/2022/11/Ribbon-Cutting-Guide.pdf"},"content":[{"nodeType":"text","value":"the weekend is not the best day for a grand opening","marks":[],"data":{}}]},{"nodeType":"text","value":". There can be too much competition. And Mondays are no good because everyone\u2019s so exhausted from the weekend.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tuesdays or Wednesdays are your best bet for a midweek pick-me-up. From there, pick a date, get all your supplies ready, and we\u2019re about to get into business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step four: Promote, promote, promote","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right marketing strategy is everything for your big day. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can post countdowns on your social media to build up buzz. Tag other local neighborhood personalities in yours. You can encourage people in the comments to interact and hint at what might be in store for them. Or you can even create hashtags to associate with your grand opening party.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also create partnerships with your local neighborhood businesses. They can give you social media shoutouts on their story or even post about your upcoming grand opening. This can be especially fun if you ask them to play a role in your grand opening like having their own booth or having some of their items given away as part of a promotional campaign.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step five: Invite the press\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is the time for PR statements, media advisories, and big smiles. \ud83d\udcf7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Work on your PR release until you feel like what you\u2019ve written is the best reflection of who you are. And the day of, make sure to release a PR statement about your grand opening.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, work on your media advisory. A media advisory is just a couple of paragraphs sharing what is happening at the event and an invitation for the media to attend. And if you want to make their lives easier, you can already have your media press kits ready to open in the emails you send off to your local organizations.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line on grand opening ideas","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re going big with your grand opening idea or just choosing to let your business speak for itself, you deserve to celebrate on your big day! Because if you have it in you to run a small business, you can totally own this grand opening. \ud83e\udd13","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on the money with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Have you opened your a business bank account for your small business yet? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us!) is an online business banking platform built for entrepreneurs like you. 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Having an expert\u2019s eyes might be nice to walk you through exactly how to protect your assets under every scenario.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Publication requirement fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Some states like New York and Arizona require that upon forming an LLC, you have to announce that formation in a newspaper publication. \ud83e\udd13 This can cost business owners anywhere from $50 \u2013\xa0$300.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Business licenses and permits","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Based on the type of business you do, your state may require you to file for additional licenses and permits. For example, ","nodeType":"text"},{"data":{"uri":"https://pos.toasttab.com/blog/on-the-line/food-truck-licenses-and-permits-in-arkansas"},"content":[{"data":{},"marks":[],"value":"food truck vendors in Arkansas would have to pay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" the following costs: a business license that starts at $50, a mobile food facility license priced in your county, and a public health permit that can cost anywhere from $100 \u2013\xa0$1,000+. \ud83d\udefb","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"EIN application","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This one doesn\u2019t come with any extra cost, but you should get it done if you\u2019re starting an LLC. \u2728","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"EIN stands for employer identification number, and it\u2019s how the IRS can keep track of your business and what you may pay your employees. All you have to do is fill out ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online"},"content":[{"data":{},"marks":[],"value":"an application online","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Optional fees when starting an LLC","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"There are some other fees for services that, if you can swing it, might help. Whether it\u2019s another helping hand or a way to get a leg up on the competition, we\u2019ve outlined some additional fees you may come across. \ud83e\udef0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Registered agent\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You have to designate a registered agent when filing your LLC with the state. While this can be you, some hire a designated agent so they\u2019re not working 24/7 business hours.\ud83d\udd74\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Plus, especially since many states make your LLC registration info public info, using an RA\u2019s address can help protect your privacy.\xa0According to ","nodeType":"text"},{"data":{"uri":"https://www.forbes.com/advisor/business/cost-to-form-llc/"},"content":[{"data":{},"marks":[],"value":"Forbes","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", it can cost up to $300 on average.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Mailbox","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you want to protect your privacy, but don\u2019t want a registered agent, look into obtaining a UPS mailbox or get a business address by renting a mailbox at a coworking space. This way, you can still keep your business and personal life separate.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A ","nodeType":"text"},{"data":{"uri":"https://www.usglobalmail.com/blog/ups-mailbox-cost/#:~:text=Breaking%20Down%20UPS%20Mailbox%20Costs&text=Small%20size%20boxes%20from%20UPS,%2430%20and%20%2450%20a%20month."},"content":[{"data":{},"marks":[],"value":"UPS mailbox can cost you anywhere","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" from $10 \u2013 $50 a month.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Reserving your LLC\u2019s name","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have the perfect name on hand, you can\u2019t lose it. And registering a trademark can ","nodeType":"text"},{"data":{"uri":"https://www.uspto.gov/trademarks/basics/how-long-does-it-take-register"},"content":[{"data":{},"marks":[],"value":"take twelve to eighteen months","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". That\u2019s why a lot of entrepreneurs choose to reserve their LLC names because it\u2019s much quicker. \ud83c\udfc3","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In Georgia, it can ","nodeType":"text"},{"data":{"uri":"https://georgia.gov/reserve-business-name#:~:text=Processing%20Time%3A%207%20business%20days,expedited%20for%20an%20additional%20cost.&text=Download%20and%20fill%20out%20a%20name%20reservation%20request%20form."},"content":[{"data":{},"marks":[],"value":"only take seven days to reserve a name","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". And it would only cost $25. Note: This fee does vary from state to state and can get as high as $75.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Filing a fictitious business name application (otherwise known as a DBA)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A Fictitious business name sounds way sketchier than it is. And the funny part is, it also goes by a million other names! \ud83d\ude0e","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A fictitious business name, otherwise known as a DBA, \u201cdoing business as,\u201d or even a trade name is the name you want your business to go by that\u2019s different from what\u2019s on the LLC form. \ud83e\udd78","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, let\u2019s say that you filed under \u201cThe Small Real Estate, LLC\u201d and you want to be known as \u201cThe Family Real Estate Company,\u201d you should file for a DBA.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019ll be a different cost in each state ranging from $5 - $150. And keep in mind, not every state allows for DBAs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Starting an LLC internationally ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Even if you\'re not a US resident, you can start a US LLC and enjoy benefits like a US bank account, payment processing, and asset protection. By registering your business in the US, you\'re stepping into one of the world\u2019s largest markets with endless opportunities.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can form an LLC from (almost) anywhere in the world, and the cost remains the same whether you\'re a US resident or a non-resident.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The process is quick, and filing on your own through the state\u2019s website can be the cheapest option. However, starting a US LLC can be complicated for non-residents. There are state and federal rules to follow. Plus, understanding the US tax implications is crucial before moving forward.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A good incorporation service provider can help you with more than just filing paperwork. They will guide you through the process. Ideally, they will have expertise in both US taxes and company formation, offering a full-service solution to manage everything for you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Only a few companies offer this kind of help with clear pricing. One of them is Entity Inc. They have over 15 years of experience in US tax and business matters.","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" ","nodeType":"text"},{"data":{"uri":"https://www.entity.inc/"},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Entity Inc.","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" started as a US tax accounting firm, so they know US tax law inside and out.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Their package covers everything global entrepreneurs need to form a US LLC hassle-free. For $899 (2025), you\'ll get your LLC fully set up, with all the necessary documents and services needed to ensure your business is fully compliant. All fees are included \u2014 no upsells or extra charges.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here\u2019s what the LLC package covers:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Consultation with an incorporation expert","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Company registration in Wyoming","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Articles of Organization & Operating Agreement","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"EIN registration","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"First-year registered agent service","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Bank account opening (subject to bank approval)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Beneficial Ownership Information (BOI) filing","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Year-round email support","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"A big plus: Entity Inc. can handle your tax filings and make sure you\'re fully compliant year after year. And if you start your US business with them and have them handle your taxes too, you get 15% off your first year\u2019s taxes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ongoing LLC costs","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now that you know how much it\u2019ll cost to get your LLC off the ground, you should know what fees to pay to keep your business running. From annual/biennial reports to income tax, prepare for these ongoing costs. \ud83e\udee0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Taxes","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a small business owner, you get ","nodeType":"text"},{"data":{"uri":"https://www.nerdwallet.com/article/small-business/small-business-llc-taxes"},"content":[{"data":{},"marks":[],"value":"taxed the self-employment rate of $15.3%","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":". ","nodeType":"text"},{"data":{},"marks":[],"value":"So get your business bank account ready for those federal taxes. \ud83d\udcbc","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Plus, some states charge LLCs an annual franchise tax in addition to things like annual reports. Some states charge a franchise tax at a flat rate; some don\u2019t. For example, California requires $800 a year in franchise tax and New York can charge anywhere from $25 \u2013\xa0$25K.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Dreading tax season?","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/tax-loopholes-for-small-businesses"},"content":[{"data":{},"marks":[],"value":" Check out our guide to (totally legal) small business tax loopholes","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Business license renewal\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have to obtain a business license in a certain sector (like the food truck example from earlier), you have to face renewal fees every year. These fees can ","nodeType":"text"},{"data":{"uri":"https://pos.toasttab.com/blog/on-the-line/how-much-does-a-business-license-cost"},"content":[{"data":{},"marks":[],"value":"range from $15 \u2013 $300+","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" depending on your state. \ud83d\udca5","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Annual reports","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Every LLC is required to file an annual or biennial report to stay in good standing and they come with an annual fee. \ud83e\udee1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These fees can range from $10 \u2013\xa0$500. You can file your annual reports on ","nodeType":"text"},{"data":{"uri":"https://www.fincen.gov/boi"},"content":[{"data":{},"marks":[],"value":"FinCen,","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" a website run by the United States Government.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The bottom line on LLC costs\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keeping track of all these one-time and ongoing fees is no easy task. But, then again, no great entrepreneur looks for the easy way out. \ud83d\udcaa","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, arm yourself with this information, and remember that these LLC costs are just a stepping stone on the way to launching your wildly profitable business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Stay on the money with Relay","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is an online banking and money management platform that lets small business owners open multiple no-fee business checking and savings accounts.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are just a few reasons why small business owners love using Relay for their business banking needs:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u2705","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" 20 free business checking accounts","nodeType":"text"},{"data":{},"marks":[],"value":": Relay doesn\u2019t charge overdraft fees, maintenance fees, or require a minimum account balance. 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Relay allows you to monitor transactions in real time, set spending limits, and freeze cards right from your phone or computer.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u2705 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Accounting software integrations","nodeType":"text"},{"data":{},"marks":[],"value":": Relay allows you to sync detailed banking data directly into QuickBooks Online or Xero, making bookkeeping a breeze.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u2705 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"ATM accessibility","nodeType":"text"},{"data":{},"marks":[],"value":": Relay\u2019s physical Visa debit cards allow you to make cash withdrawals and deposits at AllPoint ATMs with no ATM fees.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started with Relay? 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And you just want to make sure that as you\u2019re paying for all these different meal and entertainment expenses, you\u2019re not leaving any deductible business expense on the table.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this blog, we\u2019ll cover the following to help you ","nodeType":"text"},{"data":{"uri":"https://www.relayfi.com/blog/maximize-your-tax-deductions"},"content":[{"data":{},"marks":[],"value":"maximize your tax deductions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":":","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#overview-meals-and-entertainment-deductions-for-2023-onwards "},"content":[{"data":{},"marks":[],"value":"Overview: Meals and entertainment deductions for 2023 onwards ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#fully-deductible-expenses-rules-and-examples \xa0"},"content":[{"data":{},"marks":[],"value":"Fully deductible expenses: rules and examples \xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\ud83e\udd73","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#50-percent-deductible-expenses-rules-and-examples"},"content":[{"data":{},"marks":[],"value":"50% deductible expenses: rules and examples","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83e\uddd0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#expenses-that-arent-deductible-rules-and-examples"},"content":[{"data":{},"marks":[],"value":"Expenses that aren\u2019t deductible: rules and examples","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83d\ude45","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#record-keeping-101-stay-on-top-of-your-meals-and-entertainment-deductions"},"content":[{"data":{},"marks":[],"value":"Record keeping 101: stay on top of your meals and entertainment deductions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83e\uddfe","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s time to get tax-ready. Let\'s dive in! ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u27a1\ufe0f ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Disclaimer: ","nodeType":"text"},{"data":{},"marks":[],"value":"The content in this article has been reviewed by a licensed Certified Public Accountant (CPA). However, before writing off any expenses on your tax return this year, it\u2019s always a good idea to consult with a tax professional who can review your unique situation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Overview: Meals and entertainment deductions for 2023 onwards  ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Business tax deductions can be confusing. That\'s why we put together this quick overview to help you understand which meals (and what kind of entertainment) are able to be written-off in your business tax return: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Type of expenses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Percent deduction","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Food for company parties","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"100% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Client meals","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible (100% for tax years 2021 and 2022)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Food for charitable causes","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"100% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Meals for in-office meetings","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Snacks for employees\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Renting out an entertainment facility\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"0% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Membership club dues for an entertainment facility","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"0% deductible\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Entertaining clients","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"0% deductible\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"}],"nodeType":"table"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now let\'s take a closer look at these different types of meals and entertainment tax deductions. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Fully deductible expenses: rules and examples \xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Whether you\u2019re newly self-employed or an seasoned small business owner, you won\u2019t want to forget any fully deductible expenses on your tax return this year. \ud83c\udf81","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You get fully covered meal deductions if you can reasonably prove that the food was going towards at least half your employees. For example, if you throw a company holiday party (or a team-wide summer picnic) or have a business meeting where you provide lunch for your employees, the meal expenses would be 100% deductible.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can also claim a 100% meal deduction when you\u2019re dealing with the public. Refreshments or snacks for the public can be fully deductible if you can ","nodeType":"text"},{"data":{"uri":"https://www.law.cornell.edu/cfr/text/26/1.274-12"},"content":[{"data":{},"marks":[],"value":"reasonably estimate they were eaten by at least 50% of clients","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0 This includes restaurants and caf\xe9s offering sidewalk samples. \ud83c\udf6c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Donating food to qualifying nonprofit causes can be fully deductible as a charitable contribution.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keep in mind, that there are important rules to follow to ensure those credit card charges are fully deductible:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Meal expenses can only be deducted when the taxpayer (i.e. you) is present. \ud83d\udc81\u200d\u2640\ufe0f","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Any food-related expense bought at a grocery or convenience store is nondeductible \ud83d\udecd\ufe0f","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Unnecessarily extravagant food items cannot be deducted. \ud83c\udf77","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible expenses: rules and example","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"There are a lot more 50% deductible expenses available to help you reduce your tax liability, compared to the fully deductible expenses discussed above. \ud83d\udcb2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For example, any meal with a client is 50% deductible. But, If you invite friends or relatives, they can\u2019t be included in the business meal deduction. This is one of those tricky moments where you\u2019re going to ","nodeType":"text"},{"data":{"uri":"https://www.relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"data":{},"marks":[],"value":"have to separate your business taxes from your personal taxes","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" because you can still write off the business meal expenses that you paid for your employees, clients, or yourself.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Other things that would be 50% deductible are office snacks for employees as well as the cost of meals for employees who are working through meal time (like emergency workers who might man a hotline during dinner hours). \ud83c\udf5c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And while you can\u2019t get a tax deduction for entertainment events, if you can separate your receipts for any food in a business entertainment setting, ","nodeType":"text"},{"data":{"uri":"https://www.law.cornell.edu/cfr/text/26/1.274-11"},"content":[{"data":{},"marks":[],"value":"you can claim that as a 50% deductible","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Expenses that aren\u2019t deductible: rules and examples","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"In 2023 and beyond, the general rule of thumb is that ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/newsroom/irs-issues-final-regulations-on-the-deduction-for-meals-and-entertainment"},"content":[{"data":{},"marks":[],"value":"no entertainment expense is going to be deductible","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". That means there\u2019s going to be no wiggle room around writing off the cost of a ticket to take your favorite client to any sporting event or concert.\xa0 \ud83e\udee2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Other examples of non-covered entertainment costs include the following:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Renting out an entertainment facility\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Membership dues for an entertainment facility (ex: country club)\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"And if you get food as part of one bulk cost at an entertainment venue and can\u2019t separate the cost of it, it won\u2019t be deductible.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Record keeping 101: Stay on top of your meals and entertainment deductions","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"To take advantage of any of the deductions above, keep track of all meals regardless of cost and keep the receipts for any meal over $75. 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There are several","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations"},"content":[{"nodeType":"text","value":" requirements for becoming an S-corp","marks":[],"data":{}}]},{"nodeType":"text","value":", and it\u2019s different than being a sole proprietor or limited liability company (LLC). Make sure to do your research and talk to your accountant before you file to become an S-corp.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The S-corp business structure comes with several tax benefits. Qualifying S-corps don\u2019t pay federal taxes at the corporate level and shareholders of the company can be employees of the business and draw salaries as employees. 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That means money that would have normally been taxed by the IRS will instead accrue earnings and interest until the funds are drawn.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, a Roth IRA or Roth 401k is a good option for individuals expecting a higher income. The money that goes into these accounts is taxed at the time of contribution, but not when the funds are withdrawn. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #4: Claiming the QBI deduction \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Qualified Business Income (QBI) deduction is a complex deduction that allows several 20% deductions on QBI, real estate investment trust (REIT) dividends, and publicly traded partnership (PTP) income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your QBI is made up of qualified items of income, gain, deduction, and loss from business or trade, and is inclusive of S-corps, partnerships, and sole proprietorships. 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These costs include gas, oil, repairs, tires, insurance, fees, licenses, and depreciation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, it\u2019s important to note that proper bookkeeping is incredibly important for this kind of deduction. The law requires that you substantiate your expenses with adequate records to qualify\u2014that means ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"keeping your receipts organized","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Luckily, Relay has your back! With Relay\u2019s new ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"nodeType":"text","value":"receipt management feature","marks":[],"data":{}}]},{"nodeType":"text","value":", you can keep track of all your expenses in one place. We\u2019ll send you automatic reminders to upload your receipts after you pay for something with a Relay debit card (like gas) and automatically link your receipts to the matching transaction.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Normally, you have to account for depreciation when deducting your business vehicle. But, thanks to viral posts on TikTok and other social media platforms, the \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/what-is-the-g-wagon-tax-write-off"},"content":[{"nodeType":"text","value":"G-Wagon Tax Write-off","marks":[],"data":{}}]},{"nodeType":"text","value":"\u201d has come to light. Also known as the Section 179 Tax Write-Off, this idea allows you to deduct the full business purchase price of qualifying assets in the year that they were purchased, rather than depreciating them over time. \ud83d\ude90","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #6: Business meal deductions \ud83c\udf7d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re paying for business meals without using the deductions, it\u2019s time to get some money back! If you as the business owner or an employee of the business are present during the food and drinks being provided, and the meals are from legitimate restaurants, they are 50% deductible*. \ud83c\udf74","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure that your expenses are 100% related to your business. This includes dinners at hotels during conferences, fancy restaurants during overnight business travel, and year-end parties for employees. \ud83c\udf89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*For a brief period, business meals were 100% deductible. 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The goal isn\u2019t necessarily to save on payroll taxes, but rather to create earned income to contribute to a retirement account or IRA. \ud83d\udc67","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the family member you\u2019re hiring is, in fact, a minor (under 18), their wages are exempt from payroll taxes, but not likely from State Unemployment Insurance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bonus tip: Take advantage of small business tax credits \ud83e\ude84","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax credits are another way to save money during tax season. 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Talk to a professional!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"CPAs and other money pros know how to help you leverage these small business tax loopholes. While this article covered many of the most-used ways to get tax benefits, every business is different\u2014to make sure you take advantage of every tax savings opportunity available, it\u2019s always wise to discuss your unique situation with an expert.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on the money with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for other ways to save money as a small business, have you considered Relay?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s online banking platform is designed for small business owners. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But that doesn\u2019t mean you can write off ","marks":[],"data":{}},{"nodeType":"text","value":"everything. ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"If you write off something that isn\u2019t truly a business expense, you could quickly end up in hot water with the IRS\u2014and no one wants that. \ud83d\ude33","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we\u2019re here to give you expert-informed advice about your gym membership. We\u2019ll help you figure out if your health club membership or personal training sessions can help you lower your taxable income\u2014and as a result, the amount of money you have to pay in business taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll walk you through the steps to determine if your fitness costs are deductible as a self-employed person:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-a-gym-membership-tax-deductible"},"content":[{"nodeType":"text","value":"Is a gym membership tax deductible?","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\uddd0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-ordinary-and-necessary-expenses"},"content":[{"nodeType":"text","value":"What are \u201cordinary\u201d and \u201cnecessary\u201d expenses?","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\udd37","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#cases-when-a-gym-membership-would-be-tax-deductible"},"content":[{"nodeType":"text","value":"Cases when a gym membership would be tax deductible \ud83c\udfcb\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#when-is-a-gym-membership-tax-deductible-for-medical-reasons"},"content":[{"nodeType":"text","value":"When a gym membership can be tax deductible for medical reasons \ud83e\uddd1\u200d\u2695\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-claim-a-gym-membership-tax-write-off"},"content":[{"nodeType":"text","value":"How to claim a gym membership tax write-off \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#tldr-gym-memberships-are-sometimes-tax-deductible "},"content":[{"nodeType":"text","value":"TLDR: gym memberships are (sometimes) tax-deductible ","marks":[],"data":{}}]},{"nodeType":"text","value":"\ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#frequently-asked-questions\xa0"},"content":[{"nodeType":"text","value":"Frequently asked questions\xa0about taxes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Disclaimer: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The content in this article has been reviewed by a licensed Certified Public Accountant (CPA). However, before writing off any expenses on your tax return this year, it\u2019s always a good idea to consult with a tax professional who can review your unique situation.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is a gym membership tax deductible?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is in most cases, no. According to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-news/fs-07-17.pdf"},"content":[{"nodeType":"text","value":"IRS","marks":[],"data":{}}]},{"nodeType":"text","value":", you can write off your gym membership fees if they are considered an \u201cordinary\u201d and \u201cnecessary\u201d expense for your business (i.e. common and beneficial). A gym membership can also be claimed as tax deductible on your personal tax return if it\u2019s a documented necessary medical expense.\xa0 \ud83e\udd13","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes these two things can be a real pain to prove and limited based on your income bracket, but it can be done if you meet the criteria and have the right paperwork. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are \u201cordinary\u201d and \u201cnecessary\u201d expenses?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An \u201cordinary\u201d expense is an expense that professionals in your industry run into regularly. For example, photographers often have to buy photo editing software. \ud83d\udcf7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/o/oandne.asp"},"content":[{"nodeType":"text","value":" \u201cnecessary\u201d expense","marks":[],"data":{}}]},{"nodeType":"text","value":" is something that can benefit your job but is avoidable. If we\u2019re using the same photographer\u2019s example, we can think of studio lights. They aren\u2019t not necessary, but they can certainly lead to a higher caliber photoshoot, meaning more revenue and profit for your business. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a lot of business owners out there who don\u2019t need a gym membership to function, and therefore, they can\u2019t claim a tax deduction for a gym membership.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a reminder, for your gym membership to be tax deductible, it has to be both ordinary ","marks":[],"data":{}},{"nodeType":"text","value":"and","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" necessary.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cases when a gym membership would be tax deductible","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s a handful of cases where gym memberships are both common and beneficial in a line of business. If you fall into any of the following categories, make sure to claim that tax deduction:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Personal trainer: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You need a","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"gym membership because that\u2019s where you need to go to train your clients. \ud83d\ude0e","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Coach: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Like a personal trainer, you might need a gym membership to meet and coach your teams. \u26f9\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bodybuilder:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You might need a gym membership because bulking is the name of the game when it comes to your line of work \u2013 especially if you\u2019re expected to look a certain way \u2013\xa0and you can\u2019t do that without a gym\u2019s machines. \ud83d\udd74\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Actor/Actress:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your upcoming role requires you to build a certain physique, all of a sudden it\u2019s your business to get up in the gym (and sometimes even get personal training). \ud83c\udfad","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Model: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\u2019re required to look a certain way for a business event (which in your case could be a photoshoot or runway event), then your membership might be tax deductible. \ud83d\udc57","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Athlete: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If your career hinges on your athletic ability, your gym membership is likely tax deductible","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83c\udfc4","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your membership cost is reduced, comped, or included for free, you can\u2019t deduct the full price of the benefit. In other words, you can\u2019t double-dip.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When is a gym membership tax deductible for medical reasons?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-drop/rr-02-19.pdf"},"content":[{"nodeType":"text","value":"IRS in Rev. Rul. 2002-19","marks":[],"data":{}}]},{"nodeType":"text","value":", to get a gym membership filed as a medical expense, you need a recorded medical condition and action plan from a physician or medical professional that specifically calls out a program at the gym. Otherwise, a gym membership will be seen as just a personal expense. \ud83d\udc85","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Imagine someone is classified with obesity and hypertension by their doctor. To heal their condition, the doctor writes that they need to join a weight loss program. Therefore, the weight loss program would be considered as healthcare and a deductible expense.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, the gym membership itself would not be. It\u2019s not the gym that\u2019s considered curative\u2014it\u2019s the weight loss class. So, the gym membership would be just for your general wellness. \ud83e\ude7b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(We know, this is the tricky part of tax laws).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now say your weight loss class provider offers a meal program for an additional cost. That additional cost of the meal program would not be considered a deductible medical expense because it wasn\u2019t required by your physician.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to claim a gym membership tax write-off","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most important thing to claim gym membership as a business expense is that you document everything. And I mean everything. \ud83d\udcdc  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"Keep your receipts organized","marks":[],"data":{}}]},{"nodeType":"text","value":" and maintain a record of every single fee and the purpose of it related to your business. And if you\u2019re trying to claim your gym membership as a medical expense, make sure you\u2019re following your doctor\u2019s notes to the letter and have them easily organized. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need help with your receipts? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"nodeType":"text","value":"Learn how Relay can help you stay on top of your receipts","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014and maintain the documentation you need for your gym membership tax deduction. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"TLDR: gym memberships are (sometimes) tax-deductible","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s get physical \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no denying the benefits of a fitness facility. Workouts can give us access to look and feel our best. The issue is only some of us taxpayers with a clear tie to our business can claim it as a tax write-off when we file taxes. But that doesn\u2019t mean we all have to stop going to the gym!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get savvy with your other tax deductions instead and manage your money like a pro with valuable insights from Relay.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on the money with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that lets small business owners open multiple no-fee business checking and savings accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business owner, you won\'t want to miss our","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":" On the Money newsletter","marks":[],"data":{}}]},{"nodeType":"text","value":". At the start of each month, we\'ll answer questions like...","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How close are AI robots to doing your corporate tax filings? \ud83e\udd16\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What\'s the US central bank doing to make payments lightning-fast? \u26a1\ufe0f\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And is Taylor Swift\'s Eras Tour saving the economy? \ud83e\udea9","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe now to find out about all these topics and more!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Frequently asked questions\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be left with some other questions about business expenses. Don\u2019t worry, we won\u2019t leave you hanging!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What other tax deductions might exist for independent contractors?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/maximize-your-tax-deductions"},"content":[{"nodeType":"text","value":"maximize your tax deductions","marks":[],"data":{}}]},{"nodeType":"text","value":" by claiming the following expenses:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Home office deduction:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can get a tax deduction for your home office if your home is the main place where you work. \ud83d\udcbb","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mileage deduction:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can get a write-off for all the miles you drive to and from business meetings. \ud83d\ude97","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Education deduction:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can save on your tax return to continue your education in your field so you don\u2019t fall behind your competitors. \ud83c\udf93","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business meals deduction","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You can claim partial to full deductions for any business meals you run into. \ud83d\ude0b","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Health insurance premiums deduction:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can claim a 100% tax deductible for health insurance premiums. \ud83d\udcb2","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just don\'t forget to check with your accountant or tax expert to make sure you properly document and claim these expenses in your business tax return. 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Businesses with higher volumes can upgrade to Relay Pro and get unlimited international wire transfers included in your monthly subscription fee.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay Pro also has automated accounts payable features for businesses that want to approve bills in a single dashboard, consolidate vendor payments, and create bill approval rules.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Relay accounts integrate with popular small business software (like QuickBooks Online and Xero) to streamline your financial operations. 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It\u2019s not an all-in-one business banking solution, but Wise does offer services that could be beneficial for some businesses, especially those with frequent and high-volume international transactions.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f Differences between Relay vs. Wise","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main difference between Relay and Wise is that Relay offers comprehensive banking and money management services, while Wise focuses on international payments and debit cards.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc49 ","marks":[],"data":{}},{"nodeType":"text","value":"The pricing structure for international payments also differs greatly.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay has a flat fee structure, while Wise calculates fees based on 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The ones with the highest earning potential generally require certain skills, but not always.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Payment frequency \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a minimum, the side hustles on this list all have weekly payouts. Some pay more frequently, while others have options to pay less frequently. Which side hustle payment structure you choose depends on what kind of financial situation you\u2019re in, so again, it\u2019s not a one-size-fits-all deal.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Flexibility \ud83e\udd38\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The explosion of the Internet\u2019s popularity has made side hustles more flexible than ever. The ability to make money online with websites or apps is another benefit of side hustles. Still, some side hustles are more flexible than others in terms of time commitment or assignments, so make sure you like the flexibility that a particular side hustle offers.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Time commitment \u23f1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Again, the more time you sink into your side hustle, the more money you have the potential to earn. Some side hustles have more time requirements than others as a starting point, so depending on how much extra time you have throughout the week, choose your side hustle carefully.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"7 side hustles that pay weekly in 2024\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using side hustles can bring in extra cash and give you a feeling of security and freedom. We\'ve put together a list of the top 7 side hustles for 2024 with guaranteed weekly pay, including:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#side-hustle-1-online-tutoring"},"content":[{"nodeType":"text","value":"\ud83e\uddd1\u200d\ud83c\udfeb Online tutoring","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#side-hustle-2-become-a-food-delivery-driver-or-rideshare-driver"},"content":[{"nodeType":"text","value":"\ud83d\ude97 Become a food delivery driver or rideshare driver","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#side-hustle-3-gig-economy-services"},"content":[{"nodeType":"text","value":"\ud83d\udee0 Gig economy services","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#side-hustle-4-babysitting-or-house-sitting"},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Babysitting or house-sitting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#side-hustle-4-freelance-writing-or-content-creation"},"content":[{"nodeType":"text","value":"\u2712\ufe0f Freelance writing or content creation","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#side-hustle-6-dog-walking-or-pet-sitting"},"content":[{"nodeType":"text","value":"\ud83d\udc36 Dog walking or pet sitting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#side-hustle-7-take-online-surveys"},"content":[{"nodeType":"text","value":"\ud83d\udcdd Take online surveys","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s dive in! ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Side Hustle #1: Online tutoring \ud83e\uddd1\u200d\ud83c\udfeb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve got skills or knowledge in a particular topic or subject, you can teach! Tutoring online is a flexible way to make a sizeable extra income. Tutoring websites typically allow you to set your rates, and most (but not all) will take a small percentage of that per-session fee. For example, if you teach English lessons for $35/hour, you may take home $30/hour after the website takes its share.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Average Weekly Earnings: $500-$1000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Payment Frequency: Weekly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd38\u200d\u2640\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Flexibility: High","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Time Commitment: Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tutoring jobs are super flexible, as you can take on any number of students in virtually any kind of subject or topic. You can set lesson times and teach people from all over the world. Examples of online tutoring platforms where you can register to become a tutor or teacher include SuperProf and Varsity Tutors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just remember that your success on these platforms is largely determined by your rating and the number of lessons you\u2019ve taught. The more students you teach, the better your income!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Side Hustle #2: Become a food delivery driver or rideshare driver \ud83d\ude97","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Signing up as a delivery driver or rideshare driver is easier than ever, and there are so many options. All you need is a vehicle (it can even be a bike or e-scooter for food delivery) and the relevant license/insurance required for your vehicle.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Average Weekly Earnings: $500-$850","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Payment Frequency: Weekly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd38\u200d\u2640\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Flexibility: Low","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Time Commitment: Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You won\u2019t have much choice or flexibility in what services you provide, unfortunately, but it\u2019s really easy to get started as a driver. Companies such as Uber Eats, DoorDash, and Instacart for food delivery can get you started in as little as a day, or you could drive others around with rideshare companies like Uber or Lyft.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your work will typically look like accepting an order, picking it (or a person) up, and driving to the desired location. Customers can add tips both before and after your services, so make sure you\u2019re courteous to others while you\u2019re driving and after you deliver the food.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Side Hustle #3: Gig economy services \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a skill that can be easily marketed to others, you could join the side gig economy! Skills that people are looking for include graphic design, basic home fixes, and virtual assistants. You can easily sign up on an app or website to pitch your services, and people can chat with you and pay you through the platform.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Average Weekly Earnings: $500-$850","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Payment Frequency: Weekly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd38\u200d\u2640\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Flexibility: High","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Time Commitment: Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gig workers have complete flexibility to choose what jobs they want to take and which clients they want to work with. Apps like Fiverr, Upwork, or Angie\u2019s List can help you get started. Usually, you can be cleared to work on projects the same or next day.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may be required to go through a background check or ID check to verify your identity, but that\u2019s usually the only verification you have to go through. Your success is also partially determined by reviews on most platforms.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Side Hustle #4: Babysitting or house-sitting \ud83c\udfe0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you know families with kids or people going on vacations soon, you could become a babysitter or house sitter! Babysitting and house-sitting are all about word of mouth, but once you have clientele, they\u2019ll likely come back to you again and again. If you\u2019re responsible with kids or property, you\u2019ll be able to earn well in this side hustle in no time.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Average Weekly Earnings: $350-$500","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Payment Frequency: Two days or more frequent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd38\u200d\u2640\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Flexibility: Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Time Commitment: Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Babysitting and house-sitting are fairly flexible. You\u2019ll have to work with the parents\u2019 or the property owners\u2019 schedules, but you do have options in terms of what clients you take on and how many days or nights you sit for.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to look more attractive to potential clients, consider a CPR certification or a background check to help you stand out among potential sitters.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Side Hustle #5: Freelance writing or content creation \u2712\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the digital age, quality content creation is becoming more important than ever. If you have writing skills or social media account management skills, you could become a freelance writer or social media manager. This is another job you can do as you work from home.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Average Weekly Earnings: $250-$1000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Payment Frequency: Weekly or more frequent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd38\u200d\u2640\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Flexibility: Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Time Commitment: Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Getting started with freelance content creation can be difficult as you reach out to potential clients, but you can get started with the gig economy platforms we\u2019ve mentioned above. You could also become a blogger and make money through affiliate marketing if you find a niche particular to your expertise.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your day-to-day will likely look like drafting, editing, and proofreading content for articles, blog posts, and social media posts. You could work from anywhere with an Internet connection, which is very flexible. One day, you might even be able to scale your freelance business into a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-start-a-profitable-creative-agency"},"content":[{"nodeType":"text","value":"creative agency","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Side Hustle #6: Dog walking or pet sitting \ud83d\udc36","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a dog or pet lover, there\u2019s money to be made in taking care of animals! Dog walkers and pet sitters enjoy interacting with dogs, cats, and even more exotic pets like birds and reptiles in their side hustles. People will pay you for daily walks or overnight stays with their beloved pets.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Average Weekly Earnings: $250-$350","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Payment Frequency: Two days or more frequent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd38\u200d\u2640\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Flexibility: High","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Time Commitment: Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like babysitting, this side hustle is pretty flexible as you can take on as many or as few clients as you like in a given period. 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Both Relay and Amegy Bank of Texas offer unique features tailored to support business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Relay provides a digital-first approach with seamless integrations and no monthly fees, Amegy Bank of Texas offers decent business checking and savings account options, plus local community support.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To find the right fit for your business, consider your goals and the type of support you need. Then, choose the banking platform that aligns with your business plan. 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While those thresholds are determined on a case-by-case basis, Brex has indicated that some small businesses that were once qualified ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.brex.com/support/why-am-i-no-longer-qualified-to-be-a-brex-customer/"},"content":[{"nodeType":"text","value":"are no longer qualified","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d Banking collaboration with accountants","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay and Brex approach banking collaboration differently. Brex lets business owners issue read-only access to external advisors (accountants and bookkeepers), however, there are limited options when it comes to selecting a permission level.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In Relay, business owners can provide secure, role-based account access to their accountant or bookkeeper so they can manage money and cards, pay bills and access banking data and documents, like monthly statements. These permission levels include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Administrator\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bill Payer","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bill Payer (imported bills only)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cardholder","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposit-only\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Read-only\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"See here for a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360056193691-Business-Team-Member-Permissions"},"content":[{"nodeType":"text","value":"full list of permissions in Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2V958SGt3ptRVlMhL96W5w","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2022-07-20T14:48:18.105Z","updatedAt":"2024-03-22T20:41:09.719Z","firstPublishedAt":"2022-07-20T14:52:32.547Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: How to manage cash with Relay","ParagraphText":"Learn how to stay on top of cash flow in your business with Relay in our live walkthrough and Q&A.","buttonText":"Save my spot","url":"https://lets.bankwithrelay.com/how-to-manage-cash/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5km3OIY3G6rBBxIFKcNcOR","revision":3,"createdAt":"2022-07-20T14:50:59.445Z","updatedAt":"2022-08-23T01:31:07.655Z","publishedAt":"2022-08-23T01:31:07.655Z","firstPublishedAt":"2022-07-20T14:52:11.430Z","publishedVersion":18,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Cash management with Relay","description":"Learn how to cash management strategies that will put you in control of your business\' cash flow. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5km3OIY3G6rBBxIFKcNcOR/0f45f7e8beb0577e4ca7503ae8f770a8/Inline_CTA_-_How_to_manage_cash_with_Relay.jpg","details":{"size":136382,"image":{"width":1800,"height":1800}},"fileName":"Inline CTA - How to manage cash with Relay.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Cashback and rewards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Brex offers businesses cash back and rewards options on charge cards, Relay does not offer a credit product, offering only business checking accounts and debit cards. Brex\u2019s reward program includes discounts on business apps and supplies, as well as cashback and travel points. To get the best rewards with Brex, businesses need to prove card exclusivity, otherwise, cash-back rewards are greatly diminished.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce9 Accounts payable management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The two companies take a different approach to accounts payable and spend management. Brex focuses on streamlining expense management for team members at large organizations, which means there\'s less focus on managing cash flow in the business overall.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, businesses can create expense policies for employees, and employees can request the ability to make purchases, increase limits, or get vendor-specific cards. And while Brex does not directly pull unpaid invoices from your accounting system, like Xero or QuickBooks Online, businesses can send their unpaid invoices to Brex by email.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s accounts payable solution, on the other hand, is a better fit for businesses looking to manage their cash flow and spending as a whole. The Relay Pro subscription tier automatically syncs any unpaid bills from Xero or QuickBooks Online back into Relay\u2019s platform. From here, businesses can review, approve, and pay bills directly from Relay. In addition, businesses can set up single- or multi-step approval rules based on payment amounts.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd41 Verdict: What\u2019s better, Relay or Brex?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Which banking platform you choose will largely depend on whether you are a venture-backed startup, or if you are a small business that needs a banking platform that puts you in complete control of your cash flow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you qualify, Brex offers a ton of perks and cashback on card spend and is a great fit for enterprise businesses that require robust employee spend management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Relay is online banking that puts businesses of all sizes \u2014 whether you\u2019re small, big, bootstrapped, venture-backed, or anything in between \u2014  in control of their finances. In particular, Relay is a strong fit for companies trying to build a cash flow-positive business \u2014 helping them set and stick to sustainable budgets by organizing income, expenses, and reserves into dedicated accounts. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you recently had your Brex account closed because you no longer meet the company\'s requirements, Relay is here for you. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":"! 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Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. 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Yep, it can really feel like a man\u2019s world out there. But sometimes, hearing motivational business woman quotes can help you pick yourself up and find new inspiration. \ud83d\udc8c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s the latest hire mansplaining the work you\u2019ve been doing for the past decade, pitches falling on deaf ears, or trying to fix the gender wage gap single-handedly, being a female entrepreneur is the furthest thing from easy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All the hardships we can face just because of our gender identity can make any businesswoman of this, the past, or the next generation want to throw in the towel. \ud83d\ude30","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But the good news is, we can find solidarity and strength in another woman\u2019s fight for success. 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It\u2019s practically part of the job description.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why we thought female entrepreneurs could benefit from hearing about mindset from other women in business: like the Former First Lady of the United States, Eleanor Roosevelt, or the co-founder of Flickr, Caterina Fake. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cYou can often change your circumstances by changing your attitude.\u201d \u2013\xa0Eleanor Roosevelt, Former First Lady of the United States","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cDon\'t sit down and wait for the opportunities to come. Get up and make them.\u201d \u2013 Madam C. J. Walker, entrepreneur and first documented female millionaire","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWhat I always say is, \'Do every job you\'re in like you\'re going to do it for the rest of your life, and demonstrate that ownership of it.\' \u2013 Mary Barra, CEO of General Motors","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cA mediocre idea that generates enthusiasm will go further than a great idea that inspires no one.\u201d \u2013 Mary Kay Ash, founder of Mary Kay Cosmetics, inc.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe most successful entrepreneurs I know are optimistic. It\u2019s part of the job description.\u201d \u2013 Caterina Fake, co-founder of Flickr","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Business woman quotes on fear, failure, and taking that risk","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wheher you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/i-want-to-start-a-business-but-have-no-ideas"},"content":[{"nodeType":"text","value":"want to start a business but have no ideas","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" or are scared to take a new risk with your current business, you might need an empowering pick-me-up from successful leaders like Sheryl Sandberg, the former COO of Facebook/Meta, or Arianna Huffington, co-founder of the Huffington Post. \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These strong accomplished women demonstrate that our fear of failure can be our greatest enemy and that any venture gone awry can actually turn into our most important life lesson (a lesson that helps us find even greater success later!). \ud83e\udd13","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWhat would you do if you weren\u2019t afraid?\u201d \u2013\xa0Sheryl Sandberg, former COO of Facebook/Meta","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cGrowth and comfort do not coexist.\u201d \u2013 Ginni Rometty, former CEO of IBM","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cDon\'t be intimidated by what you don\'t know. That can be your greatest strength and ensure that you do things differently from everyone else.\u201d \u2013\xa0Sara Blakely, former CEO of Spanx","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe may encounter many defeats, but we must not be defeated. It may even be necessary to encounter the defeat, so that we can know who we are.\u201d \u2013 Maya Angelou, Civil Rights activist and poet","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI see some people stay in one place because it\u2019s convenient or it\u2019s comfortable. 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Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this blog: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#plr-vs-other-digital-content-rights"},"content":[{"nodeType":"text","value":"PLR vs. other digital content rights","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#5-plr-products-to-start-selling-today"},"content":[{"nodeType":"text","value":"5 PLR products to start selling today","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-pros-of-selling-plr-content"},"content":[{"nodeType":"text","value":"Pros of selling PLR content","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-cons-of-plr"},"content":[{"nodeType":"text","value":"Cons of selling PLR content ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#4-fast-tips-to-help-you-drive-profit-with-plr"},"content":[{"nodeType":"text","value":"4 fast tips to help you drive profit with PLR","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line-on-plr"},"content":[{"nodeType":"text","value":"The bottom line on PLR","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#stay-on-the-money-with-relay"},"content":[{"nodeType":"text","value":"Stay on the money with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"PLR vs. other digital content rights","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'ve been researching PLR, you may have also run into terms like MRR and resale rights. While these things are similar to and related to PLR, it\'s important to know the difference before you dive into selling PLR content online. ","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Master Resell Rights/Resale Rights (MRR)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Buyers and anyone they sell this to can resell this product all they want, but they can\u2019t edit it. Only the owner has the right to edit this product. \ud83d\udcaa","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Resale rights (RR)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The buyer has the right to resell over and over again, but their customers don\u2019t. \ud83d\udeab","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Private label rights (PLR): ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Buyers can resell and edit the product to their heart\u2019s desire. \ud83e\udd2f","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most business owners prefer PLR because it allows them to grow a truly scalable online, e-commerce business. If that sounds exciting to you, keep reading for more guidance on starting your own PLR business! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 PLR products to start selling today","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are all sorts of different private label rights products that you can create or take advantage of. To help you get started, we\u2019ve come up with a list of six different examples that include everything from printable planners to online courses:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Printable planners\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to plan on making some extra cash, look into creating some printable planners. \ud83d\udda8\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s your everyday 9-5er or a teacher helping a student out, people are often looking for digital products to get a bit more control. If you can bring to the table thoughtful and eye-catching designs, you\u2019d be doing them a favor.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Social media templates\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With all the planning that goes into generating content alone, give social media mavens one less thing to worry about. \ud83e\udd33","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s tough making sure you\u2019re closely sticking to a cohesive aesthetic, and that\u2019s why a lot of content creators reach out for templates to make it easier.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All you have to do is come up with one design idea and implement it across a whole suite.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Ebooks","marks":[],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tell writer\u2019s block to shove it with PLR ebooks. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re having trouble getting past that first page, PLR content can be your new best friend. With the right outline and lingo already booted up, you\u2019ve got the right inspiration and toolkit for a digital marketing takedown.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is also a piece of content that you can slightly tweak and then offer as a giveaway item in exchange for signing up for your email list as one of many lead magnets that you might choose to employ in your email marketing strategies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And, if you have any special insights into a niche, this might be your time to write and sell a PLR ebook to help others out.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Articles","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are those SEO and marketing-related tasks getting more and more unavoidable?\xa0 \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take a look at PLR articles. You can buy just one or a set to make affiliate marketing or content marketing a breeze. With some extra SEO optimization on your part, you\u2019d be good to go!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if you\u2019re a copywriting wizard, help those number people out by generating those PLR articles.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Online courses\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t start from scratch when lesson planning. \ud83e\uddd1\u200d\ud83c\udfeb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use pre-made slides under a PLR license and customize them to suit your needs. This way you can speed up the time it may take you to start from scratch.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, this can be a great opportunity for content creation for anyone skilled with PowerPoint or a slide deck.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The pros of selling PLR content","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Private label rights licensing is a creative new way to get an online small business off the ground or to power your pre-existing business. But is it right for you? Before launching your PLR side hustle, consider the benefits (and downsides) of creating and selling PLR online. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Great for side hustle beginners ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name of the game with private label rights content is you want to make the type of\xa0content that could be used by a large group of people and can easily be edited. And it\u2019s a breeze to start generating that kind of content. \ud83c\udf43","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You also don\'t need any advanced design or copywriting skills to get started with PLR. This is content that\'s already been created by someone else\u2014so you just need to add your own \\"spice\\" to it using an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/top-ten-AI-tools-for-business"},"content":[{"nodeType":"text","value":"AI-powered design tool","marks":[],"data":{}}]},{"nodeType":"text","value":" like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.canva.com/"},"content":[{"nodeType":"text","value":"Canva","marks":[],"data":{}}]},{"nodeType":"text","value":", and then you can start selling right away. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As far as business investments go, PLR content is especially appealing because you don\u2019t have to invest a lot of money upfront.\xa0You can pay as little as $2.70 for one piece of content on sites like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.plr.me/"},"content":[{"nodeType":"text","value":"PLR.me","marks":[],"data":{}}]},{"nodeType":"text","value":", for example. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Low time commitment\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can get started and finish quickly when you\u2019re making PLR content. Especially\xa0with the advent of AI-powered tools like the ones mentioned above, it\u2019s easy to whip out high-quality content in record time. \ud83d\udd70\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you choose how much you want to work. You\u2019ll never have to create more content if you stop feeling like it. All you have to do is make sure you\'re never creating content that is low quality.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s good news especially if you\u2019re working a full-time job on top of this new PLR venture.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Endless idea library\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re never going to be an expert on every subject. With PLR content, you don\u2019t have\xa0to be. \ud83e\udde0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If there is any niche that you are particularly skilled in or have developed insights for, your buyer can benefit from your expertise. Or, if you\u2019re looking to reach a new audience quickly and don\u2019t have time to get into the nitty-gritty of it, quality PLR content can save the day.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The cons of PLR","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While PLR content is easy to create and sell, there are some negative factors that you should keep in mind before you take this new business for a test drive. Here are a few obstacles to keep in mind as you consider beginning your PLR journey: ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Saturated market","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"PLR is no secret. And because of that, it might be hard to make your content stand out.\xa0\ud83d\udc83 You\'ll need to learn the basics of branding (and develop an eye for graphic design) to make sure your PLR content stands out.  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that as more PLR content is created and shared online, the more options you\'ll have to choose from when it comes to buying new PLR to sell to your own customers! Again, you just have to make sure your brand is unique enough to attract buyers and beat your competition.  ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. It can take time to build your revenue ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are lots of false promises that people make when it comes to driving profit from\xa0PLR. Implying that it\u2019s light work for extremely lucrative sales is simply untrue. \ud83d\ude4a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most PLR gets sold at a rather low price, and on top of that, it can be hard to get noticed (as we mentioned). It\u2019s not impossible to get rich fast with PLR, but it\'s definitely not guaranteed. You will need to put in some time and effort to build a thriving PLR business. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Plagiarism risk and SEO hits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lot of people repost PLR content after buying it...instead of rebranding it and adding their own unique twist to the content. This leads to a lot of duplicate content online, which is not just a plagiarism nightmare but will ding your SEO rankings\u2014after all, search\xa0engines ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://yoast.com/importance-original-content/"},"content":[{"nodeType":"text","value":"reward original content","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd13\\t","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why it\'s so important to put in some time to make your PLR content special. PLR provides a shortcut\u2014you don\'t have to start entirely from scratch\u2014but you\'re unlikely to be successful if you try to sell that content as-is, with no changes. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"4 fast tips to help you drive profit with PLR","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most people ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-make-10k-per-month"},"content":[{"nodeType":"text","value":"hope to generate anywhere $1-10K a month","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" from passive income ideas like this one.\xa0And with plenty of entrepreneurs claiming to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.plrhustle.com/post/plr-content-make-10k-per-month-online"},"content":[{"nodeType":"text","value":"make over $10K a month with PLR","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" with the right strategy, this venture seems promising. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re reselling or creating a PLR product here are four quick pieces of advice to help you to get those clicks rolling in:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Open up a virtual storefront on Shopify to streamline payments and drive organic search traffic to your PLR content. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sell your PLR content as printables on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.etsy.com"},"content":[{"nodeType":"text","value":"Etsy","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (this is one of the easiest ways to make sales fast\u2014you don\'t need to worry about coding or designing a separate website). 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When pricing yourself fairly goes wrong","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3koDJH8gEYMYpMy1re0elq","revision":1,"createdAt":"2024-02-29T05:10:56.743Z","updatedAt":"2024-02-29T05:11:14.814Z","publishedAt":"2024-02-29T05:11:14.814Z","firstPublishedAt":"2024-02-29T05:11:14.814Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"When pricing yourself fairly goes wrong - Meme","description":"When pricing yourself fairly goes wrong - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3koDJH8gEYMYpMy1re0elq/97dc2398e70d4845e738663dec12ce4b/When_pricing_yourself_fairly_goes_wrong_-_Meme.jpeg","details":{"size":33996,"image":{"width":800,"height":713}},"fileName":"When pricing yourself fairly goes wrong - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to know your worth, but not all potential clients are going to like it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://pleated-jeans.com/2024/02/13/small-business-memes/"},"content":[{"nodeType":"text","value":" By Mike on Pleated Jeans","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7. When business is slow","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2UYmwkzZpiPMuBsORqFQ6E","revision":1,"createdAt":"2024-02-29T05:12:18.475Z","updatedAt":"2024-02-29T05:13:15.232Z","publishedAt":"2024-02-29T05:13:15.232Z","firstPublishedAt":"2024-02-29T05:13:15.232Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"When business is slow - Meme","description":"When business is slow - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2UYmwkzZpiPMuBsORqFQ6E/2ec0a1260217a59442a6c01f1b7a6b4d/When_business_is_slow_-_Meme.jpeg","details":{"size":58822,"image":{"width":603,"height":452}},"fileName":"When business is slow - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since freelancing doesn\u2019t typically guarantee the number of hours, number of clients, or a steady income, we\u2019ve all been there...","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://legiit.com/blog/freelancing-memes"},"content":[{"nodeType":"text","value":" From Legiit","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"8. If you\u2019re looking to freelance, but your 9-5 says otherwise","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2AiCNxSil3RJtQS1ByqxE6","revision":1,"createdAt":"2024-02-29T05:14:06.000Z","updatedAt":"2024-02-29T05:14:26.113Z","publishedAt":"2024-02-29T05:14:26.113Z","firstPublishedAt":"2024-02-29T05:14:26.113Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"If you\u2019re looking to freelance, but your 9-5 says otherwise - Meme","description":"If you\u2019re looking to freelance, but your 9-5 says otherwise - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2AiCNxSil3RJtQS1ByqxE6/d56e8a9cb5eb0148ef85a935fec3c7cb/If_you_re_looking_to_freelance__but_your_9-5_says_otherwise_-_Meme.jpeg","details":{"size":85118,"image":{"width":750,"height":500}},"fileName":"If you\u2019re looking to freelance, but your 9-5 says otherwise - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancing is super attractive for multiple reasons\u2014after all, you get to be your own boss! Just don\u2019t tell your 9-5.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.about.pangea.app/blog/10-freelancing-memes-that-are-sure-to-hit-home"},"content":[{"nodeType":"text","value":" From Pangea","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"9. Trying to explain to your family what you do be like","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"WFUcZ6dmjkYZRyMz8ooey","revision":1,"createdAt":"2024-02-29T05:15:32.627Z","updatedAt":"2024-02-29T05:16:24.901Z","publishedAt":"2024-02-29T05:16:24.901Z","firstPublishedAt":"2024-02-29T05:16:24.901Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Trying to explain to your family what you do be like - Meme","description":"Trying to explain to your family what you do be like - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/WFUcZ6dmjkYZRyMz8ooey/24e77ef2c8db2a1d421acba4d6ddf43a/Trying_to_explain_to_your_family_what_you_do_be_like_-_Meme.jpeg","details":{"size":77617,"image":{"width":577,"height":433}},"fileName":"Trying to explain to your family what you do be like - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Family and friends\u2019 events are always an occasion... especially when someone asks what you do for a living as a freelancer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.about.pangea.app/blog/10-freelancing-memes-that-are-sure-to-hit-home"},"content":[{"nodeType":"text","value":" From Pangea","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"10. Clients when \u201cIt\u2019s only a little change!\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4MSL9SaGvcYK7Zngfj0Bg","revision":1,"createdAt":"2024-02-29T05:17:45.069Z","updatedAt":"2024-02-29T05:18:12.946Z","publishedAt":"2024-02-29T05:18:12.946Z","firstPublishedAt":"2024-02-29T05:18:12.946Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Clients when It\u2019s only a little change - Meme","description":"Clients when It\u2019s only a little change - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4MSL9SaGvcYK7Zngfj0Bg/aa04b4ee81ee149af2cde3e626cf9041/Clients_when_It_s_only_a_little_change_-_Meme.png","details":{"size":219860,"image":{"width":500,"height":672}},"fileName":"Clients when It\u2019s only a little change - Meme.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That hefty client payment is so close, yet so far... they only want a \u201csmall fix\u201d, is that okay?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.flux-academy.com/blog/21-of-the-best-freelance-memes"},"content":[{"nodeType":"text","value":" By Monica Galvan at Flux Academy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Memes about entrepreneurship and startups \ud83d\ude38","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Startup culture is often hyper-competitive and ultra-tiring. Let\u2019s take a break from thinking about client budgets and target audiences.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"11. When another project calls your name","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6bKTUXzmgKmfWEiOtnCO6c","revision":1,"createdAt":"2024-02-29T05:20:40.460Z","updatedAt":"2024-02-29T05:21:18.079Z","publishedAt":"2024-02-29T05:21:18.079Z","firstPublishedAt":"2024-02-29T05:21:18.079Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"When another project calls your name - Meme","description":"When another project calls your name - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6bKTUXzmgKmfWEiOtnCO6c/780365554c7c166c20dfc373ab02e1fd/When_another_project_calls_your_name_-_Meme.jpeg","details":{"size":83295,"image":{"width":606,"height":800}},"fileName":"When another project calls your name - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oh man, I love this current business idea\u2014wait, what\u2019s that?! (And if you\'re looking for some inspiration, learn what to do when you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/i-want-to-start-a-business-but-have-no-ideas"},"content":[{"nodeType":"text","value":"want to start a business but have no ideas","marks":[],"data":{}}]},{"nodeType":"text","value":".)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.foundersbeta.com/inspiration/best-memes-for-entrepreneurs/"},"content":[{"nodeType":"text","value":" From FoundersBeta","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"12. When those \u201cBe an entrepreneur in 5 minutes\u201d courses catch up to you","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6doTFP93GVYEsOd55XACOb","revision":1,"createdAt":"2024-02-29T05:24:08.231Z","updatedAt":"2024-02-29T05:24:22.033Z","publishedAt":"2024-02-29T05:24:22.033Z","firstPublishedAt":"2024-02-29T05:24:22.033Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"When those Be an entrepreneur in 5 minutes courses catch up to you - Meme","description":"When those Be an entrepreneur in 5 minutes courses catch up to you - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6doTFP93GVYEsOd55XACOb/079794d9df31ccd5a702d86229fec462/When_those_Be_an_entrepreneur_in_5_minutes_courses_catch_up_to_you_-_Meme.jpeg","details":{"size":36073,"image":{"width":500,"height":709}},"fileName":"When those Be an entrepreneur in 5 minutes courses catch up to you - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Truthfully, becoming an entrepreneur is never as easy as learning to do it in one online course, but we\u2019ve all been there. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.pinterest.com/pin/745697650786175004/"},"content":[{"nodeType":"text","value":" From Following Fulfillment on Pinterest","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"13. When marketing becomes more of a chore than innovating","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1T5Lti4DILxGAzmqbWRhY9","revision":1,"createdAt":"2024-02-29T05:25:38.918Z","updatedAt":"2024-02-29T05:26:07.356Z","publishedAt":"2024-02-29T05:26:07.356Z","firstPublishedAt":"2024-02-29T05:26:07.356Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"When marketing becomes more of a chore than innovating - Meme","description":"When marketing becomes more of a chore than innovating - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1T5Lti4DILxGAzmqbWRhY9/274c646f736d80a5db59c1e6b9eb716c/When_marketing_becomes_more_of_a_chore_than_innovating_-_Meme.jpeg","details":{"size":83121,"image":{"width":500,"height":499}},"fileName":"When marketing becomes more of a chore than innovating - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You added a new feature? Yay! Now it\u2019s time to market that feature to your customers.. right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.foundersbeta.com/inspiration/best-memes-for-entrepreneurs/"},"content":[{"nodeType":"text","value":" From FoundersBeta","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"14. When the student becomes the teacher, entrepreneurship-style","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2H7dFpXm3zgIn5eTZGMWSL","revision":1,"createdAt":"2024-02-29T05:26:59.779Z","updatedAt":"2024-02-29T05:27:16.614Z","publishedAt":"2024-02-29T05:27:16.614Z","firstPublishedAt":"2024-02-29T05:27:16.614Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"When the student becomes the teacher, entrepreneurship-style - Meme","description":"When the student becomes the teacher, entrepreneurship-style - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2H7dFpXm3zgIn5eTZGMWSL/17b76434e090dbf83663d8410d10ca2b/When_the_student_becomes_the_teacher__entrepreneurship-style_-_Meme.jpeg","details":{"size":26738,"image":{"width":300,"height":271}},"fileName":"When the student becomes the teacher, entrepreneurship-style - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even the best of entrepreneurs were once in your shoes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.siliconrepublic.com/careers/10-entrepreneur-memes-for-start-ups"},"content":[{"nodeType":"text","value":" From Tina Costanza via Silicon Republic","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"15. Those 40-hour workweek days seem so far away...","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"64oDXq2G9armDPUlOC6yvV","revision":1,"createdAt":"2024-02-29T05:29:20.107Z","updatedAt":"2024-02-29T05:29:50.405Z","publishedAt":"2024-02-29T05:29:50.405Z","firstPublishedAt":"2024-02-29T05:29:50.405Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Those 40-hour workweek days seem so far away - Meme","description":"Those 40-hour workweek days seem so far away - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/64oDXq2G9armDPUlOC6yvV/36cdf4c6e7c48809fb2b8ed7dc326101/Those_40-hour_workweek_days_seem_so_far_away_-_Meme.jpeg","details":{"size":105948,"image":{"width":1125,"height":1113}},"fileName":"Those 40-hour workweek days seem so far away - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Especially as your business is in its beginning stages, working ","marks":[],"data":{}},{"nodeType":"text","value":"only ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"40 hours a week may seem like a dream!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ewomennetwork.com/blog/ewomennetwork-1/post/entrepreneur-memes-to-brighten-your-day-1760"},"content":[{"nodeType":"text","value":" From eWomen Network","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Memes about 9-5 jobs \ud83d\ude38","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re still stuck in your corporate job or if you\u2019ve recently left and you\u2019re looking back, you\u2019ll love these memes about the 9-5 office life.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"16. When the hours struggle to go by","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1ajVNyZRtdBWnvCwmLHUdE","revision":1,"createdAt":"2024-02-29T05:31:33.647Z","updatedAt":"2024-02-29T05:31:51.243Z","publishedAt":"2024-02-29T05:31:51.243Z","firstPublishedAt":"2024-02-29T05:31:51.243Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"When the hours struggle to go by - Meme","description":"When the hours struggle to go by - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1ajVNyZRtdBWnvCwmLHUdE/ea69c5d4e818bb9a0efed34a54712139/When_the_hours_struggle_to_go_by_-_Meme.jpeg","details":{"size":75451,"image":{"width":700,"height":658}},"fileName":"When the hours struggle to go by - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ring the bells! Hear the angels sing! The day is almost over!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.boredpanda.com/9-to-5-life-work-memes/"},"content":[{"nodeType":"text","value":" From BoredPanda","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"17. 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Meaning ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider the meaning of your gift. For a large amount of people, gift cards are a really easy way to make sure everyone is accounted for. But for a single person, a more personalized gift may be the better way to go to make sure they feel appreciated.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Recipient \ud83e\udd35","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll want to think about your recipient when giving client gifts. Even if you\u2019ve only interacted professionally, they may have mentioned a hobby or interest that you can use to personalize their gift. We\u2019ve also included well-rounded gifts on this list that can appeal to everyone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Budget \ud83d\udcb5","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, think about your budget. You want to budget enough money for gifts so that they are of high quality and taste, but at a certain point, more money spent on gifts doesn\u2019t give you an advantage. Balance a thoughtful gift with your budget and think about the return on investment: you\u2019re making a business decision and an interpersonal decision at the same time.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best client gifts under $50 \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These gifts are all $50 or less, making them a great lower-budget option. We\u2019ve included a variety of different generalized gifts here, with more ways to personalize them and where to purchase them.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Themed subscription box","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscription boxes combine the best of hobbies, interests, and mystery! If you know some of what your client loves, consider purchasing a themed subscription box for them. It could be a one-time subscription or a subscription that lasts several months.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless of the timeline, there are hundreds of boxes to explore on CrateJoy. You can also find them on sites like Etsy for even more options. Box themes range from self-care to crafting to puzzles, making this option an inexpensive way to easily personalize a gift.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $15-$50","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cratejoy.com/"},"content":[{"nodeType":"text","value":" Find boxes through CrateJoy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Bluetooth headphones or earbuds","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve got a client who works from home and/or enjoys music, a good pair of Bluetooth headphones can be life-changing. They give clients the ability to walk around untethered while listening to music or taking a call, which feels like so much freedom!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $49.95","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://a.co/d/gcwHXyO"},"content":[{"nodeType":"text","value":" Purchase here from Amazon","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Blind date with a book gift set","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reading is one of life\u2019s greatest simple pleasures, and if you know your client\u2019s favorite genre, you can surprise them with a blind date with a book! The mystery of what book you\u2019ll get combined with the great treats included in the box (like caramels, a bookmark, and annotation stickers) makes for a great reading session for avid readers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can personalize the genre and box options with the Etsy listing above. There are plenty of different sellers of blind book dates online, so make sure to pick your favorite!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $31-$47","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.etsy.com/listing/1564459980/personalized-blind-date-with-a-book-gift"},"content":[{"nodeType":"text","value":" Purchase here from Etsy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Around-the-world snack gift box","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each month, Universal Yums releases a set of snacks and candy from a different country. Take your client\u2019s taste buds through a country\u2019s most interesting and tasty flavors with trivia and facts included with the snacks in every box!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can choose between three sizes of boxes, containing between 5-18 different snacks. Each box comes with a 12-page booklet of trivia and games for all ages.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $16-$41","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.universalyums.com/gift"},"content":[{"nodeType":"text","value":" Purchase here at Universal Yums","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Eco-friendly gift set","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For clients who care deeply about the environment, this eco-friendly gift set is a perfect way to honor their care for the environment and show appreciation for their business. The one above is a zero-waste starter kit and can include a bamboo cutlery set, reusable bamboo cotton swabs, and more eco-friendly products.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $36-$43.20","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.etsy.com/listing/892009909/zero-waste-starter-kit-sustainable-eco?gpla=1&gao=1&"},"content":[{"nodeType":"text","value":" Purchase here on Etsy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Client gifts for the holiday season \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The holiday season is a joyful time of year, but it can also be stressful! After all, with so many options for gifts and the potential of receiving a gift also on the horizon, there are a lot of things to consider. Here are some great holiday gift and Christmas gift ideas for the festive season.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Unique advent calendars","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advent calendars are an exciting way to count down to Christmas Day, and there are so many out there for so many different personalities! You could have a food-themed calendar or a candle-themed calendar\u2014the possibilities are endless! Choose a calendar that resonates with your client\u2019s hobbies or business to make an impact.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $30-$150","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.southernliving.com/best-advent-calendars-8363552"},"content":[{"nodeType":"text","value":" Find ideas here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Fancy tree ornaments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many people keep their Christmas ornaments as priceless treasures and traditions for years to come, and you can help your client keep a tradition with an ornament from the Old World Christmas collection. There are dozens of these classic ornaments to choose from, adding a personal touch to your gift.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $5-$100","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://oldworldchristmas.com/collections/christmas-ornaments"},"content":[{"nodeType":"text","value":" Choose an ornament from the Old World Christmas collection","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Personalized scented candles","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many holidays during the holiday season celebrate joy with candlelight, and you can personalize scented candles from their scent to the jar, making candles an excellent custom gift for the holidays. Yankee Candle allows you to choose the type of candle, the scent (from about a dozen options), and the custom photo or message.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $36-$50","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.yankeecandle.com/personalized-candles.html"},"content":[{"nodeType":"text","value":" Purchase here from Yankee Candle","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Photography session","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Family photos are a great way to ensure lasting memories of your client and their family for the holidays. Give your client a voucher for a local photographer. Your client can use the photos for holiday cards, celebration announcements, and as keepsakes. Alternatively, you can offer your client a personal photoshoot for headshots and professional photos to use for years to come.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $250-$500","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.findaphotographer.com/"},"content":[{"nodeType":"text","value":" Find a photographer near you","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Holiday team building","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could host a holiday team-building activity for you, your employees, your client, and even your client\u2019s employees. You could even offer to invite your client\u2019s friends and families! Host a Secret Santa, an ornament decorating contest, or an ugly sweater contest to build some great memories for years to come.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $50-$150","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.intoo.com/us/blog/christmas-teambuilding-activities/"},"content":[{"nodeType":"text","value":" See ideas here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Client thank-you gifts \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a quick way to thank a client, whether it be for a small gesture or a big project, these kinds of gifts are easy to curate and personalize for any client.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Handwritten note","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for an easy way to thank a client, consider a handwritten note or thank-you card. It\u2019s a perfectly simple and classic way to tell a client how you truly feel. Written notes from the heart often mean a great deal, especially in the digital age. You can always include handwritten notes with other gifts as well.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $8.49","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.vistaprint.com/stationery/thank-you-cards"},"content":[{"nodeType":"text","value":" Purchase custom stationery here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Photo frame","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a photo of yourself and the client from a big project or important event, give the gift of a memory! A professional photo printed and put in a nice frame is a great way to celebrate big moments in you and your client\u2019s careers.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $19.99","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://a.co/d/goIoWAy"},"content":[{"nodeType":"text","value":" Purchase here from Amazon","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Charitable donation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If there\u2019s something you know your client is passionate about, you could make a charitable donation in their name or honor a charity of your choice. This could be just a simple donation, but there are other options, too! Many animal-related charities and nonprofit organizations will allow you to \u201cadopt\u201d an animal there. Check your local aquariums, zoos, and rescues for options.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: Any","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.givingwhatwecan.org/best-charities-to-donate-to-2024"},"content":[{"nodeType":"text","value":" Find great charities here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Handmade gifts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A handmade gift can show that you put time and effort into your client\u2019s gift, and it can be really fun to make, too! From custom tile coasters to mason jar planters, there are so many crafts that even beginner or novice crafters can complete.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $15-$50","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://modpodgerocksblog.com/handmade-gift-ideas/"},"content":[{"nodeType":"text","value":" Find craft ideas here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Gratitude video","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Assemble your team and your client\u2019s team for a gratitude video! You can combine thankful videos and mini speeches from multiple people into one video montage for a very special gift that can be watched again and again. All you need is to record the people you want to include in the video, including family, friends, and employees - which could be made with just your phone!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: Free!","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Appreciation gifts for clients \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re super appreciative of a client, consider these gifts! They are slightly higher in price, but the best clients are deserving of something amazing. Show client appreciation with these beautiful ideas.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Charcuterie board","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Charcuterie boards made of gourmet meats and cheeses are delicious and gorgeous, and a perfect way to show your appreciation to a client. Boarderie assembles charcuterie boards for corporate gifting specifically, and they look delicious!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $129-$289","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://boarderie.com/pages/corporate-gifting"},"content":[{"nodeType":"text","value":" Purchase here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Flight ticket gift card","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you know your client flies often or you want to give them the ability to travel, a flight ticket gift card can be a great way to help out or inspire a client. FlightGift allows you to customize the amount on the gift card (anywhere from $25 to $10,000) and the card can be redeemed on airlines from Spirit Airlines to American Airlines.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $25+","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.flightgift.com/"},"content":[{"nodeType":"text","value":" Purchase a FlightGift","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Truffle gift box","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Truffles are expensive ways to elevate food to the next level, and this truffle gift box from Williams-Sonoma will give your client a new love for them! 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Custom champagne bottles and glasses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pop a bottle and celebrate your hard work! This custom champagne bottle and metal glasses case is super luxurious and elevates your client\u2019s tastes to the next level. 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Plus, best practices for opening a successful Etsy shop!","metaTitle":"10 Etsy Shop Ideas for Your Next Side Hustle or Business","metaDescription":"Choose one of these Etsy shop ideas to make a passion project profitable. Plus, best practices for opening a successful Etsy shop!","popular":false,"category":"Insights","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1Yz0qcJpijkwnTd0YOAz9z/1bd868fb7e2dd9306c43ca3ffe112a14/Etsy_Shop_Ideas_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re looking for the perfect Etsy shop idea, you\'re in the right place. \ud83c\udf1f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Etsy is a favorite among creatives and shoppers alike. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.statista.com/statistics/409375/etsy-active-buyers/"},"content":[{"nodeType":"text","value":"over 95M active buyers","marks":[],"data":{}}]},{"nodeType":"text","value":" in 2022, it\'s the go-to for unique finds. Customers love connecting with makers, which sets Etsy apart from big retailers like Amazon. \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The beauty of Etsy for new sellers? It\'s your chance to shine as an entrepreneur without the hassle of leases or storefronts. Just you, your creations, and your vision. \ud83c\udf3f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And the best part? Getting started is a breeze! 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","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#stay-on-the-money-with-relay"},"content":[{"nodeType":"text","value":"Stay on the money with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The top five best-selling categories on Etsy in 2024 \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First things first, which categories are actually selling on Etsy? Or in other words, which Etsy shop ideas are the most successful in 2024? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After taking a look at some of their ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.etsy.com/market/best_selling_items"},"content":[{"nodeType":"text","value":"current best-selling products","marks":[],"data":{}}]},{"nodeType":"text","value":", we\u2019ve discovered a few things (in no particular order) that are in high demand among Etsy shoppers: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Printables \ud83d\udda8\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Handmade products \ud83e\uddd1\u200d\ud83c\udfa8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Personalized products \u2712\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hobby tools \ud83e\uddf6","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Self-care items \ud83d\udd6f\ufe0f","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now let\'s take a closer look at some Etsy shop ideas, based on these top-selling categories. 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With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/top-ten-AI-tools-for-business"},"content":[{"nodeType":"text","value":"AI-powered business tools","marks":[],"data":{}}]},{"nodeType":"text","value":" like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.canva.com"},"content":[{"nodeType":"text","value":"Canva","marks":[],"data":{}}]},{"nodeType":"text","value":" and AI art generators like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://openai.com/dall-e-3"},"content":[{"nodeType":"text","value":"Dall-E","marks":[],"data":{}}]},{"nodeType":"text","value":", you can design merch quickly and easily. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you can open a storefront without worrying about printing and shipping. If you use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://printify.com/"},"content":[{"nodeType":"text","value":"Printify","marks":[],"data":{}}]},{"nodeType":"text","value":", a print-on-demand service, it\u2019ll create and ship each sold item for you. 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Some Etsy sellers even report making as much as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.businessinsider.com/stickers-etsy-6-figure-business-hobby-how-i-got-started-2023-4"},"content":[{"nodeType":"text","value":"$500-$2,500 every month ","marks":[],"data":{}}]},{"nodeType":"text","value":"from their Etsy sticker business. \ud83d\udc40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, if graphic design is your thing (or you want it to become your thing), you should get started ","marks":[],"data":{}},{"nodeType":"text","value":"yesterday","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". 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And get this\u2014these crafting supplies have generated over 630K Etsy sales. \ud83d\ude31","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If there\u2019s a craft activity that you particularly enjoy, selling craft supplies might be a great idea for an Etsy storefront.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This might be one of the more unique Etsy shop ideas out there, but when you look at the numbers mentioned above, it\'s easy to see that hobbyists don\u2019t mess around when it comes to their craft supplies!  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main thing to remember is that you shouldn\u2019t just resell supplies you buy in bulk. Instead, you\'re likely to find more success by curating supplies that help your buyers become the hobbyists they\'ve always wanted to be. You can help them avoid overwhelm with a smaller selection\u2014that\'s the benefit of shopping on Etsy instead of a big box store, after all. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dropping different collections and useful tools is what\u2019s going to make all the difference here. 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And it\u2019s another one of those shop ideas where the only prerequisite is a healthy imagination. \ud83e\udde0 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can make creative templates on Canva, upload them to your Etsy store, and mark them available for digital download. After that, there\u2019s little work to be done on your part.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A few popular digital products would be things like social media templates, meal plan templates, and even lesson plan templates for teachers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seasonal details and themes are also always welcome\u2014like Christmas or Halloween word searches! 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Whether you want to handmake a jacket or crochet a hat, a lot of families specifically seek out handmade gifts for their little ones to make them feel extra special.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lot of families also appreciate a sense of humor when it comes to baby apparel. So, get those cogs turning to get a feature on that next Facebook post.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Category:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Handmade products\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Hard","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium-High","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Etsy shop idea #6: Home decor","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because the world has enough \u201clive, laugh, love\u201d home decor. \ud83d\uddbc\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Everyone wants to stand out with eclectic and unique home decor. And if you\u2019re skilled with your hands, the moment when your Etsy shop takes off is in sight.\xa0 \ud83d\udecb\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can get as intense with this idea as you\u2019d like. You can join a woodworking shop and start a personalized charcuterie board business (that\u2019s bound to get lots of hits during the gifting season).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or you can go down the DIY route and make things like chainlink pillows from stuffing and fabric (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.tiktok.com/t/ZPR3XSbn7/"},"content":[{"nodeType":"text","value":"like this creative TikTok user","marks":[],"data":{}}]},{"nodeType":"text","value":"). 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","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to get started with your favorite Etsy shop idea? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re crocheting the next big thing, molding a gorgeous candle, or providing the template that\u2019ll keep everyone\u2019s meal plan on track, you\u2019re doing something fun while also taking charge of your financial destiny.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not to mention, you\u2019d be building a connection with each and every one of your buyers. No matter how hands-on or hands-off you choose to be. 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At the start of each month, we\'ll answer questions like...","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How close are AI robots to doing your corporate tax filings? \ud83e\udd16\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What\'s the US central bank doing to make payments lightning-fast? \u26a1\ufe0f\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And is Taylor Swift\'s Eras Tour saving the economy? \ud83e\udea9","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe now to find out about all these topics and more!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Frequently asked questions \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What does it take to open an Etsy shop? \ud83d\udc8c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening an Etsy shop is quite easy. 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These types of businesses have different rules and regulations regarding asset protection and funding. You may also need a business license to operate your Airbnb. If you need help filing any of this paperwork, you can use an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-online-incorporation-services"},"content":[{"nodeType":"text","value":"online incorporation service","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You also need to understand what taxes you\u2019ll need to file. The IRS recognizes Airbnb income and expenses as legitimate, so keep track of what you spend to set up your Airbnb listing and what you earn from bookings. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The other local laws you\u2019ll want to understand are zoning laws, occupancy rates, and insurance laws. By following the regulations for your Airbnb property, you\u2019ll ensure that things go smoothly when it comes to any accidents, property damage, or claims.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking for a business bank account for your Airbnb business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-banks-real-estate-investors"},"content":[{"nodeType":"text","value":"best banks for real estate investors here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83c\udfdb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Prepare your property \ud83d\udd28","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time to prepare your property for rental! This is a fun undertaking...but it can also be a stressful process. You\u2019ll want to make sure your property either follows a specific theme or is generally agreeable in aesthetic. This doesn\u2019t mean that you lack creative freedom, but clashing colors and patterns may make your Airbnb less desirable to renters. \ud83e\ude9b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s also important to make sure that your Airbnb property is accessible to the majority of Airbnb guests. Does it have parking? A way to get in for wheelchair users? Are there rails in the bathrooms for support? These are all factors to consider to make your Airbnb more accessible. It may be a larger upfront cost, but it\u2019ll pay off in the long run. \u267f\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As an extra benefit to guests, you can stock your Airbnb property with basic necessities, like toiletries, basic kitchen items, and spare linens. This will give your guests a more comfortable experience. \ud83e\uddfb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Create your Airbnb listing \ud83d\udcd6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s finally time! You get to create your Airbnb listing. When you\u2019re listing your Airbnb, you\u2019ll want to use high-quality photos, detailed descriptions, and search keywords. Consider hiring a professional photographer for the best photos. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll want to include a detailed list of house rules and check-in details to make the booking experience as smooth as possible for guests. The Airbnb website can host a lot of information, and it\u2019s important to have information readily available for guests. \ud83d\uddd2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within the house, create a house manual or guide that includes the house rules, Wifi information, and check-out policy. This helps guests find this information easily when they stay at your Airbnb. Overall, remember that your Airbnb listing should be transparent, full of information, and accurate to the property. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Transition to passive income earnings \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve got your Airbnb, you may be wondering how to turn it from a full-time job to a passive income-earning side hustle. You can do this by hiring employees and contractors to manage your property. \u2699\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hiring cleaning services, for example, will save you time and money in the long run when cleaning after guests. You\u2019ll also want to have maintenance services on call, in case there\u2019s an issue with the property and you\'re not available. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to use a catch-all service, it\u2019s recommended to hire a property management company that can manage these things for you. They can handle the cleaning, the maintenance, and anything else that comes up at your property. You\u2019ll just need to respond to incoming messages about booking. \ud83d\udcde","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Keys to success with an Airbnb business ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb is chock-full of great listings and amazing hosts. If you\'re wondering how to start an Airbnb business that ","marks":[],"data":{}},{"nodeType":"text","value":"truly","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" stands out, here are a few things you can do to set yourself up for success. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Become a Superhost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb Superhosts are hosts that have reached a certain amount of customer bookings and satisfaction ratings. It\u2019s an automatic process that is run by Airbnb every three months, so no need to worry about a manual application. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By becoming a Superhost, your listings will come with a higher recommendation to potential guests and will be highlighted on the Airbnb website. To become a Superhost, you\u2019ll want to be very responsive to questions and ensure a great guest experience. Over time, with enough positive reviews, you\'ll be on your way to becoming a Superhost. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Don\'t forget to market yourself","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting an Airbnb business is like starting any other small business\u2014so treat it that way! Marketing is a great way to increase your total number of bookings. Consider advertising your Airbnb on social media (without the actual address) and encourage potential guests to ask you questions about the property.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hosts across Airbnb also agree that professional photography ","marks":[],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" takes your listing to the next level. Professional photos help potential guests feel more confident in booking your property and show your property in a positive light. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Be strategic with pricing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pricing your Airbnb can be difficult, especially for first-time hosts. Look at similar Airbnbs in the area and use your budget to determine what a minimum price would be for your listing. You can always change your price to reflect popularity\u2014for example, a beachside rental\u2019s prices would be much higher in the summer. \u2600\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb also has a really great tool called Smart Pricing. Smart Pricing takes dozens of factors into account and automatically adjusts your prices accordingly. You\u2019ll still be able to set minimum and maximum prices and fix specific prices for specific nights.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Manage your money efficiently","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow is the lifeblood of any successful business. Remember to create a monthly budget for your Airbnb business and to keep expenses in check. This is especially important when your Airbnb is new, as it may take some time to attract your first few customers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the best ways to manage your Airbnb cash flow is the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-real-estate-investing"},"content":[{"nodeType":"text","value":"Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":". With Profit First, you set aside a percentage of your income for profit ","marks":[],"data":{}},{"nodeType":"text","value":"first ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"each month (in a separate bank account), before paying any expenses. 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the online banking platform ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us!), you can easily open individual, dedicated bank accounts for profit, income, expenses, and other categories. Plus, there are no monthly fees\u2014and you can open your account entirely online. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Automate your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aside from Smart Pricing, which is one way you can automate your Airbnb business, there are other tools that allow you to make your business earnings passive. One tool is scheduled messaging, which allows you to automatically message guests with welcome notes, reminders, and thank you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another great tool to use is quick reply, which can help you take less time to answer frequently asked guest questions. Instead of having to type out the Wifi password every time or answer where the parking is, your quick replies can save you time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also use Instant Book, which can sync with your calendar to allow guests to instantly book available dates without you having to approve each booking.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With all of these tools, turning your Airbnb business into a passive income business is easier than ever!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Want to discover more ways to automate your Airbnb business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/top-ten-AI-tools-for-business"},"content":[{"nodeType":"text","value":"these 10 amazing AI tools for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Potential challenges with Airbnb businesses \u26d4\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like any business, you\u2019ll run into challenges when running your Airbnb business. Here are some common obstacles that Airbnb hosts face and how to handle them. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Bad ratings","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The majority of bad ratings come from misunderstandings or miscommunications about the property. Make sure that you check in with your guests and ensure that they are comfortable throughout their stay. If they have any questions or concerns, get them squared away before it turns into a bad review.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Destruction of property","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s not common, but it does happen; some guests just don\'t have respect for others\u2019 property. To prevent this, you can look at the reviews of the guests from other hosts and make sure that the guests have contact information and profile pictures (which increases the likelihood that a guest is legitimate).","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Few bookings","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you start hosting, you may notice that you\u2019re getting few bookings, which contributes to fewer reviews overall. To negate this, try lowering your prices for the initial few bookings to encourage guests to try out your space.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line\xa0\ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting an Airbnb business might feel overwhelming at first, but with the right strategies, tools, and mindset, your venture can thrive. Just remember, every Superhost began right where you are today. By staying dedicated, focusing on giving guests a great experience, and managing your finances and resources wisely, you\'re laying the groundwork for a successful and fulfilling business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep your eyes on the prize, employ the practices we\u2019ve outlined, and watch as your Airbnb business soars to new heights. You\'ve got this! \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Get more small business tips from Relay \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that lets small business owners open multiple no-fee business checking and savings accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business owner, you won\'t want to miss our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":"On the Money newsletter","marks":[],"data":{}}]},{"nodeType":"text","value":". At the start of each month, we\'ll answer questions like\u2026","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How close are AI robots to doing your corporate tax filings? \ud83e\udd16","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What\'s the US central bank doing to make payments lightning-fast? \u26a1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And is Taylor Swift\'s Eras Tour saving the economy? \ud83e\udea9","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe now to find out about all these topics and more!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs: Starting an Airbnb business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you have more questions about starting your own Airbnb business? Here are some common questions and answers about Airbnb businesses. \ud83d\udc9a","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Why has Airbnb become so popular over the last few years? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb is incredibly flexible when it comes to the options you have as a host. You can host properties, where guests rent your home to stay in for short or long periods of time, or Airbnb experiences, where you lead guests in local experiences like food tours and craft sessions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For those with multiple properties, Airbnb is a popular option because it\u2019s quick to set up and easy to maintain for unused properties. You have complete control over potential guests and when they stay at your property.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Where does your income come from with an Airbnb business? \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main source of income comes from the booking fees and service fees that guests pay when they book your property. When you list your Airbnb, you\u2019ll be setting a nightly rate that can fluctuate based on popular seasons or change based on your research.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Startup costs come from fixing up your property initially, making it aesthetic for guests, and improving its accessibility. Recurring costs include cleaning costs, fixing costs, and the costs of restocking guest necessities.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. How can I boost my Airbnb business? \u2b06\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improving your Airbnb business is a slow and steady process. Consider using social media to advertise your new small business. Focus on the guest experience, and make sure that staying at your place is a pleasant experience for all guests. 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We\u2019ll talk about several different methods with different levels of difficulty, startup costs, and time commitments. \u231b\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After reviewing the startup costs and potential monthly revenues in the chart above, compare the startup difficulty, time, and overall time commitment for each of the ideas below. 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Sell Private Label Rights (PLR) products","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can buy private label rights (PLR) to different products for inexpensive costs, which gives you the ability to edit these products and sell them yourself. PLR products include audio, blog posts, and e-books - mainly, these products consist of online content. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A PLR agreement benefits both the original seller of the product, as they make money off of selling the original product, as well as the buyer of the PLR, who makes money off of selling slightly edited versions of the product. 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Your main startup costs will come from the initial purchase price of the products, setting up an e-commerce website to resell the products, and any marketing costs to get your product on the market. It\u2019s like flipping houses, but easier (and online!). \ud83d\udd28","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve flipped the PLR products and put them on for sale, you\u2019ll be able to make passive income. The more products you have available, the more you can make, but the day-to-day time commitment is fairly low. You\u2019ll just need to maintain your website and marketing. \ud83d\udcf2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1Looking for more entrepreneurship tips? 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With its incredible popularity, Amazon has plenty of tools to get your products to customers quickly and handle any unhappy customers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#6. Flip vintage apparel, furniture, and decor","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vintage items are making a comeback, and you can capitalize on this trend! Shopping at thrift stores, finding items for free, or sourcing items from estate sales and garage sales and then turning them into vintage treasures is generally called \u201cflipping\u201d. \ud83d\udd01","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started with this business idea, research trends, colors, and styles that are \u201cin.\\" Then, grab your tools (and a few paint cans) and transform older furniture and decor into modern styles. 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","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s full guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-entrepreneur-podcasts"},"content":[{"nodeType":"text","value":"the best podcasts for entrepreneurs here","marks":[],"data":{}}]},{"nodeType":"text","value":"!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#7. Become an influencer and use affiliate marketing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might seem like a faraway dream, but becoming an influencer is likely more possible than you think. You don\u2019t need a million followers to make money as an influencer (although it would surely help). Most influencers make their money using sponsorships, brand deals, and affiliate marketing. \ud83d\udd17 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With affiliate marketing, you can promote products that you like or enjoy and receive a small portion of the profits when that product is sold through a link you provide. 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Then, you can promote your affiliate links and referrals with a website or through social media. It can be tough to get started and gain traction, but once you do, your personal brand can quickly take off! \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many products offer affiliate links, and smaller brands especially may be more likely to partner with micro-influencers as they start out. You\u2019ll have to certainly commit some time to growing your followers or subscribers, but it can really pay off in the long run.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#8. Start an Etsy shop","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Etsy is one of the easiest online shops to start. You only need photos of your product(s), a description, and a price to create an Etsy shop, and it\u2019s free to get started! Keep in mind that Etsy does take a percentage of each sale, so price your items accordingly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can sell virtually anything on Etsy, but selling digital products can be a really good way to earn passive income. 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You can create and sell online courses and tutorials on sites like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.udemy.com/"},"content":[{"nodeType":"text","value":" Udemy","marks":[],"data":{}}]},{"nodeType":"text","value":" or","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.coursera.org/"},"content":[{"nodeType":"text","value":" Coursera","marks":[],"data":{}}]},{"nodeType":"text","value":". Once you publish these courses, you\'ve become a teacher capable of earning passive income. \ud83e\ude99","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or, if you want to take a more hands-on approach, you can offer consulting services in nearly any industry. Becoming a freelance consultant isn\u2019t easy, but it\u2019s definitely accessible for those willing to put in the time to build their network and grow their skills. ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some sites charge an upfront fee for users to access all of their courses, and other sites charge by the course. Be sure to do your research on which platforms you prefer. You can also use tutoring platforms like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.superprof.com/"},"content":[{"nodeType":"text","value":" Superprof","marks":[],"data":{}}]},{"nodeType":"text","value":" to teach online if you prefer to teach your course live.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As for consulting, you can find consulting firms to work for, or you can do freelance consulting. Getting into a good consulting firm is generally harder and requires more skill, but it does offer the advantage of clients that you don\u2019t have to do the work to find.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#10. Become a remote closer","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What is remote closing? 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Luckily, gaining sales experience can be as simple as taking online courses or working in a low-level sales position. As long as you\u2019re teachable, you can learn sales skills. \ud83e\ude9c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, being a remote closer is basically a full-time job, and your income will be determined by the hours you work. It\u2019s certainly a career that offers more locational freedom than traditional jobs, but it\'s not going to allow you to passively earn income.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to start your journey towards $10K per month \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s recommended that you start with ","marks":[],"data":{}},{"nodeType":"text","value":"why","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" you want to start your own business, go into freelancing, or have a side hustle. Consider making a list of things you\u2019re looking for in your new venture, including income needs/wants, time and location freedom, and skills you\'re hoping to learn.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re unsure of what business you want to start, and you want more options, check out this article on","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/i-want-to-start-a-business-but-have-no-ideas"},"content":[{"nodeType":"text","value":" finding your next business idea","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also interview people who are working in the businesses listed above. This will give you an understanding of what their day-to-day life is like. Look for people with job titles similar to what you\u2019re wanting on sites like LinkedIn to find these interviewees. Then, just send them a simple message and they might be willing to meet you for a virtual coffee chat! \u2615\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Get more small business tips from Relay \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that lets small business owners open multiple no-fee business checking and savings accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business owner, you won\'t want to miss our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":"On the Money newsletter","marks":[],"data":{}}]},{"nodeType":"text","value":". At the start of each month, we\'ll answer questions like\u2026","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How close are AI robots to doing your corporate tax filings? \ud83e\udd16","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What\'s the US central bank doing to make payments lightning-fast? \u26a1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And is Taylor Swift\'s Eras Tour saving the economy? \ud83e\udea9","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe now to find out about all these topics and more!","marks":[],"data":{}}]}]},"readingTime":9,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1707413215290,"customDate":1707413215290,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#overview-10-ideas-to-make-dollar10k-a-month-in-2024"},"content":[{"data":{},"marks":[],"value":"Overview: 10 ideas to make $10k a month in 2024","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-best-ways-to-make-dollar10k-a-month-in-2024"},"content":[{"data":{},"marks":[],"value":"The best ways to make $10k a month in 2024","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-sell-private-label-rights-plr-products"},"content":[{"data":{},"marks":[],"value":"1. 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In this guide, we compare Relay, an online banking platform, and First Chatham Bank, a traditional bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks, like First Chatham Bank, offer a blend of in-person and online services, and modern platforms, like Relay, provide a fully digital banking experience tailored for businesses. 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Small business owners can manage their money anywhere, anytime, with our fully digital services.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay offers features\u2013like direct integrations with QuickBooks Online and Xero\u2013that make it easy to manage your cash flow. Plus, Relay customers don\u2019t have to worry about hidden costs\u2013like account fees, overdraft fees, or minimum balances.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is First Chatham Bank?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Founded in 2002, First Chatham Bank is a family of banks that offer a mix of in-person and digital services. Headquartered in Savannah, Georgia, First Chatham serves the coastal community through eight physical branches.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First Chatham Bank primarily serves local residents and businesses through in-person operations. 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And that\u2019s where online banking platforms come into the picture.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banking platforms can provide small business owners with the security and flexibility they need for day-to-day money management tasks. And, with recent financial technology advancements, there\u2019s no shortage of online business banking platforms to choose from.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what you need to know about the online business banking services offered by Relay vs. First Chatham Bank.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s online banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform is designed with the modern business in mind. With a user-friendly interface, businesses can easily manage their finances, make transfers, integrate accounts with accounting tools, and much more.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay provides a seamless experience in which businesses can easily schedule vendor payments, automate transfers, and stay on top of spending. These account features help businesses focus their efforts on business operations instead of clunky banking logistics.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"First Chatham Bank\u2019s online banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First Chatham Bank offers online banking services for basic business needs. Their platform offers account monitoring, funds transfers, and bill payments. These services cover the essentials, but businesses that require advanced features might find these services a bit limiting.\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Customer support","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re shopping around for business banking services, remember to look at customer service reviews. After all, when a problem arises, you need to know your banking platform can help fix it.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s customer support\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re here to help your business every step of the way. That\u2019s why our Customer Experience team is available 7 days a week via email, and by phone from 9 am to 8 pm ET, Monday through Friday.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But don\u2019t just take our word for it! You can check out our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"4.6-star Trustpilot rating","marks":[],"data":{}}]},{"nodeType":"text","value":" and read some of our 1,360+ customer reviews.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"First Chatham Bank\u2019s customer support\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First Chatham Bank offers customer support through various channels-\u2013like phone, in-person, and email. Their approach emphasizes in-person interactions and phone support.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their support services might appeal to businesses that prefer a more personal touch. But if your business isn\u2019t local to the Savannah area, in-person support might be unrealistic.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Profit First banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business follows the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":", you need an online banking platform that supports this approach. With the Profit First system, business owners allocate funds to different accounts (like Profit, Owner\'s Pay, Taxes, and Operating Expenses). This cash flow management structure helps ensure a business becomes and remains profitable.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"First Chatham Bank and Profit First","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First Chatham Bank offers a range of business banking services, but these services aren\u2019t tailored to the Profit First method. The Profit First method instructs businesses to have multiple checking accounts for allocations. However, many of the business checking accounts offered by First Chatham Bank require minimum opening deposits or charge monthly service fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business follows the Profit First method, these fees could add up quickly.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay and Profit First","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is the official banking platform for Profit First Professionals. Our services are designed to help business owners take charge of their cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, businesses can open up to 20 individual checking accounts for free. That means you can open your Profit First accounts without service fees or minimum balance requirements.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also offers features like percent-based transfers between accounts and auto-transfer rules to help automate Profit First allocations. Simply schedule allocations when it works for you and your cash flow!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Making the right choice for your business banking needs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no shortage of business banking platforms to choose from. But finding the right fit boils down to finding the platform that supports your needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider things like your communication preferences, in-person and online service offerings, and pricing structures. Then, consider which option aligns with your business\u2019s needs and financial goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Relay and First Chatham Bank offer unique services for different business needs. If you\u2019re looking for a local, in-person bank, First Chatham may be right for you. 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Zero to One by Peter Thiel with Blake Masters","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Average Rating:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 4.5/5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Number of Pages:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 225","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"About the Book:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Zero to One details the incredible innovation capability of startups in today\u2019s modern world. It also goes through the four most important parts of any startup\u2019s product, which include proprietary technology, network effects, economies of scale, and branding. 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Small business budgeting software can also help you:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve the accuracy of financial planning and financial reporting","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrate your planning and budgeting strategies across finance teams","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manage cash flow and create pricing plans\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consolidate financial data","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize financial data across multiple dashboards","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Protect sensitive information with cloud-based software security features","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simplify bookkeeping tasks with software integrations for business bank accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Streamline financial reporting for all team members\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collect better financial data and make informed decisions","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Track your spending and accomplish your small business\u2019s financial goals","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The best business budgeting tools for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know researching budgeting tools can be time-consuming. 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Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Key takeaways \ud83d\udd11","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow refers to the money that flows in and out of a business during a specific period of time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Positive cash flow occurs when a business makes more money than it spends.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Negative cash flow occurs when a business spends more money than it makes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business is cash flow positive, that doesn\u2019t necessarily mean you\u2019re profitable.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is positive cash flow?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Positive cash flow occurs when more cash flows into your business than flows out of it. \ud83e\udd11However, negative cash flow occurs when your cash outflow exceeds your cash inflow. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Positive cash flow means a company has enough ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-much-cash-should-a-business-have-on-hand"},"content":[{"nodeType":"text","value":"cash on hand","marks":[],"data":{}}]},{"nodeType":"text","value":" to cover its operating expenses\u2013like payroll, utilities, and raw materials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few examples of cash inflows vs. outflows:\xa0","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash inflows","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash outflows","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Selling inventory","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Buying inventory","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Customer payments","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Customer returns","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Earned interest on investments","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paid interest on business loans or credit cards","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dividends on high-yield ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/automated-savings-accounts"},"content":[{"nodeType":"text","value":"savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" (HYSAs)","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business bank account fees","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rental income","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent payments","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax returns","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax bills","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payments for services","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll expenses","marks":[],"data":{}}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Understanding positive vs. negative cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a closer look at what positive cash flow is, in comparison to negative cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Negative cash flow means your business spends more money than it makes. However, negative cash flow doesn\u2019t necessarily mean your business is doomed.\xa0 \ud83c\udf29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you invest in new equipment because it allows you to produce more inventory. The upfront equipment cost could put your company in the red \ud83d\udd34 for a few weeks or months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But the new equipment helps you fulfill more orders and generate more revenue. This example shows how a business investment could cause short-term negative cash flow. But in the long run, this investment could help boost your profitability. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, maintaining a negative cash flow isn\u2019t sustainable. If you can\u2019t pay your day-to-day operating expenses, you might have to rethink your pricing, take out a loan, or open a credit card to cover these costs. \ud83d\ude23","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Borrowing costs can add up quickly and make your small business vulnerable. But positive cash flow ensures you have enough money to cover your accounts payable and operating expenses. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3 other types of cash flow \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard about some other types of business cash flow. These categories cover a wide range of cash inflows and outflows. Knowing what they are can help you gain a deeper understanding of your business\u2019s financial health.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 3 types of cash flow your business might deal with on a regular basis:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of cash flow refers to any money generated or consumed by your operating activities, like payroll expenses and sales revenue. \ud83d\udcb2","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of cash flow refers to any money your company has made or spent through investing activities, like buying a commercial property or merging with another business.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financing cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of cash flow is specifically related to financing activities, like taking out a business loan and earning dividends from investments.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is positive cash flow the same as profit? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In short, profitable businesses are not always cash flow positive, and vice versa.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Positive cash flow means that a business\'s liquid assets are growing. This growth empowers the business to reinvest in operations, cover expenses, and create a safety net in case of future financial challenges.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit, on the other hand, is the surplus remaining after all costs and expenses are deducted from revenue, representing the overall earning performance of the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, a gym might be cash flow positive due to a consistent inflow of money from monthly memberships. However, the business may not be profitable because it\'s investing heavily in new fitness equipment and trainers, so it can improve customer experience and stay ahead in a highly competitive market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, the gym\u2019s income statement would show a net loss, instead of a net profit. However, because the company is cash flow positive, business operations and growth initiatives can continue.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some small businesses are comfortable having a negative cash flow for a short time if it means long-term revenue growth. However, negative cash flow can harm profitability, so finding the right balance is essential. \u2696\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Want to boost your profits and improve cash flow?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Read about the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First cash management method here","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is my business cash flow positive? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses need ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-much-cash-should-a-business-have-on-hand"},"content":[{"nodeType":"text","value":"cash on hand","marks":[],"data":{}}]},{"nodeType":"text","value":" to keep their doors open. However, many small business owners face liquidity \ud83c\udf0a issues at some point.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how do you know if your company is cash flow-positive? Well, you can start by taking a look at your business\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"cash flow statement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A cash flow statement records the movement of a company\u2019s cash and cash equivalents for a given period of time. \ud83d\udcb5 This statement can help you determine the value of your liquid assets (think cash) and understand your liabilities (think long-term debts like business loans). \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most likely, you can find your business\u2019s cash flow statement within your accounting software (like QuickBooks Online or Xero). However, your financial statements will only be accurate if your bookkeeping is up-to-date, so you may want to check with your accountant or bookkeeper before diving in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Tips for understanding your cash flow statement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While you don\u2019t need to look at your financial statements every day, taking time to review them regularly will help you improve ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing your cash flow statement for the first time? Consider these tips to help you get started:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start with the basics:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Familiarize yourself with the three sections\u2014operating activities, investing activities, and financing activities. This will help you understand the different types of cash inflows and outflows that make up your company\'s overall cash flow. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Know where to focus:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Keep an eye on the \u201cnet increase or decrease in cash\u201d line, which shows how much your business\u2019s liquid assets have increased or decreased for a given period. A positive number means your business has more money coming in than going out, while a negative number means the opposite.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Compare cash flow and profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If there\'s a significant difference between your business\'s cash flow and profit numbers, dig deeper to understand why. For example, high profits with low cash flow could indicate ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/clients-wont-pay-what-to-do"},"content":[{"nodeType":"text","value":"your customers are slow to pay","marks":[],"data":{}}]},{"nodeType":"text","value":", tying up your income in accounts receivable. \ud83d\ude2c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Compare with budgets and forecasts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your business prepares budgets or financial forecasts, compare these with the actual results in your cash flow statement. This comparison can reveal whether your business is meeting, exceeding, or falling short of its goals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\'t hesitate to seek professional advice:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you\'re having trouble understanding your cash flow statement, consider consulting with a professional accountant or financial advisor. They can provide expert insight and explain complex financial terms in an easily understandable way. \ud83d\ude4c","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, knowledge is power. By understanding your cash flow statement, you can make more informed decisions to guide your business\'s financial health and growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line on positive cash flow ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, positive cash flow is a sign that you have a healthy and well-managed business. Remember to keep an eye on your cash flow statement and use it as a tool to guide your financial decisions. With careful planning and smart cash flow management, you can ensure your business\'s long-term success and profitability. \ud83d\udcaa  ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Manage your cash flow with Relay \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you a small business owner who wants to make sense of your cash flow? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that helps entrepreneurs like you gain control of their cash flow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why small business owners love using Relay for their business banking needs: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"20 free business checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay doesn\u2019t charge overdraft fees, maintenance fees, or require a minimum account balance. 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Digital cards can be used right away for online shopping or with your mobile wallet.\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Simplified expense management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Want to organize spending and stay on track with your budget? Relay lets you quickly issue debit cards for new expense categories, project expenses, or separate teams.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Online card controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" No phone calls required. 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That\u2019s one of the reasons Mike Michalowicz created the Profit First method. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike\u2019s revolutionary accounting system helps entrepreneurs and business owners manage expenses and become permanently profitable.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" The Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":" involves separating your income across five different business bank accounts, including a profit account. Then, you allocate a percentage of your income to each account\u2014putting profit first. 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","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to use your Profit First spreadsheet","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you use the Profit First spreadsheet, you\u2019ll need to:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Confirm the number of Profit First accounts you need","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Some industries may use more than the five core Profit First accounts. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set your distribution dates","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Many businesses use the 15th and 30th of each month but find the dates that work best for your cash flow.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set your TAPs and CAPs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". It\u2019s okay to start small and work your way up to a larger goal. Even a 1% profit margin is a step in the right direction!","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need a refresher on your Profit First TAPs? 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Follow this step-by-step guide to get started:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Step 1:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Open the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/spreadsheets/d/1lTvO5x_Kh9TeKMgc0BaCyUqaYBr3n4df/copy#gid=792607690"},"content":[{"nodeType":"text","value":"Profit First spreadsheet","marks":[],"data":{}}]},{"nodeType":"text","value":" and create a copy. Remember, you can download a Google Sheet as an Excel spreadsheet if you prefer (after making a copy of the linked template). ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Step 2:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Within each quarter section, list your Profit First account names: Materials & Subcontractors, Real Revenue, Profit, Owner\u2019s Pay, Taxes, and Operating Expenses (OpEx).  Include any other accounts unique to your business, like inventory if you\'re practicing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-ecommerce"},"content":[{"nodeType":"text","value":"Profit First for e-commerce businesses","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Within each Profit First account row, write your TAP next to the corresponding account. 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","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on track with your Profit First spreadsheet","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method makes budgeting easy\u2014since your funds are separated into dedicated accounts for specific types of expenses, you never have to wonder if you have enough cash to pay your bills. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This Profit First spreadsheet is a great way to take Profit First a step further, though. By recording your allocations each month, you\'ll be able to see your progress over time and keep profit top of mind.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if you\'re having trouble with your Profit First allocations, don\'t forget that you can always reach out to a Profit First Professional for help. 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With Relay, small business owners can open 20 FREE checking accounts for Income, Profit, and other spending categories. 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When we don\u2019t, we have to push things into place.\\" \ud83d\udca1","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you start a business, it\'s important to define your motivation and purpose. What is driving you to take on the challenges of entrepreneurship? Is it financial freedom, passion for a particular industry, or the desire to create something new? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a clear understanding of your \\"why\\" will not only keep you motivated during tough times\u2014it will help you get clear on ","marks":[],"data":{}},{"nodeType":"text","value":"what ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you want to do. So take some time to sit down and think about your goals and values. Write down your passions, skills, and strengths. This will give you a solid foundation to build upon when brainstorming startup ideas.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2: Think about the kind of life you want to create","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You don\u2019t have to sacrifice your personal life to start your own business. In fact, it\'s important to choose a business idea that aligns with and enhances your current lifestyle. Consider factors like your strengths, interests, and available resources before settling on an idea.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a night owl, maybe starting a business that requires early mornings isn\'t the best fit for you. Or if you have a family and want to spend more time with them, maybe you should start an online business or look into a business model that allows you to create passive income. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few questions to help you decide what type of business to start:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you want to be able to run your business from anywhere? Or do you want to a business that serves your local community, in-person?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What kind of businesses do you find most interesting? Do you want to learn more about real estate investing, e-commerce, or another industry?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you enjoy working with your hands or do you prefer to be at your computer?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you want to be involved in the day-to-day operations of your business, or be able to delegate them one day?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thinking about your personal preferences and goals will help discover some new business ideas (or narrow down the ideas you already have).","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 3: Identify an unmet need","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the best ways to come up with a business idea is to identify an unmet need in the market and find a way to fill it. Look for gaps in existing products or services, or see if there\'s a demand for something that doesn\'t yet exist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think about what problems you encounter on a daily basis, and brainstorm solutions for them. You can also talk to friends, family, and potential customers to get their input on potential business ideas. \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For instance, let\'s say you\'re an avid gardener and you notice that there aren\'t any high-quality, organic fertilizers available in your local market. You\'ve been creating your own compost and natural fertilizers for years, and your garden has always flourished as a result. This could be your chance to turn your gardening passion and expertise into a profitable business. \ud83e\uddd1\u200d\ud83c\udf3e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could start producing and selling your own line of organic gardening products, filling a gap in the market and delivering a solution to a problem you\'ve personally experienced. This approach to identifying an unmet need and filling it is a proven strategy for successful entrepreneurship. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, you don\'t have to reinvent the wheel. Sometimes a simple improvement or innovation on an existing product or service can lead to a successful business idea.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Test your ideas on a smaller scale","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re still unsure about which business idea to pursue, it\'s always a good idea to test it out on a smaller scale first. This can help you validate your idea and see if there is actual demand for your product or service. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, instead of investing a large amount of money into opening a physical store, consider starting an online shop first to gauge customer interest and gather feedback. Or if you\'re interested in offering consulting services, try offering them on a freelance basis before going full-time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Testing your idea on a smaller scale can also help you refine and perfect your product or service, saving you time and resources in the long run.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 5: Be willing to pivot if needed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a business is a dynamic process, and it\'s okay if your initial idea ends up changing along the way. Most successful entrepreneurs start multiple businesses before they find their \\"million-dollar idea.\\" \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Be open to feedback and willing to adapt your business plan as needed. Maybe your initial target audience was not as interested in your product, but you found a new niche market that is. Or maybe you realize that there\'s a more profitable aspect of your business that you want to focus on instead.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\'t be afraid to change course and pivot if you need to. Remember, the goal is to create a successful and sustainable company, not to stick rigidly to your first business idea. Trust your instincts and be willing to take calculated risks to achieve success. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Small business ideas to help you get started in 2024","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes, the hardest part of starting a business is just getting started. If you\'re still struggling to come up with a good business idea, it might be time to choose ","marks":[],"data":{}},{"nodeType":"text","value":"any ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"idea\u2014and start taking action.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As best-selling author ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://markmanson.net/"},"content":[{"nodeType":"text","value":"Mark Manson","marks":[],"data":{}}]},{"nodeType":"text","value":" says:","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"Life is about not knowing and then doing something anyway. ... Even if you win the lottery and buy a small fleet of Jet Skis, you still won\u2019t know what you\u2019re doing. Don\u2019t ever forget that, and don\u2019t ever be afraid of that.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re ready to make a move and start your business this year, consider one of the tried and tested business ideas below. These business models have proven successful for many entrepreneurs:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-start-a-profitable-creative-agency"},"content":[{"nodeType":"text","value":"Launch a creative agency","marks":[],"data":{}}]},{"nodeType":"text","value":"\ud83d\udcf1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offer social media marketing or graphic design services \ud83c\udfa8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Provide home cleaning and organizing services \ud83e\uddfc","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offer online tutoring or teaching services \ud83d\udcda","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sell online courses or digital products \ud83d\udcca","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/when-to-hire-virtual-assistant"},"content":[{"nodeType":"text","value":"virtual assistant","marks":[],"data":{}}]},{"nodeType":"text","value":" or administrative support services \ud83d\udcbb","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get into affiliate marketing or influencer marketing \ud83e\udd1d","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start a food delivery service or meal prep business \ud83c\udf74","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Launch an online store for e-commerce products \ud83d\udcbb","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Try dropshipping or print-on-demand services \ud83d\udecd\ufe0f","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, the best business idea for you is one that aligns with your interests, skills, and goals. Don\'t be afraid to start small and pivot as needed. With hard work, determination, and the right mindset, you can turn any idea into a successful business venture. \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Found a great business idea? Here\'s what to do next","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to start your entrepreneurial journey? Whether you\'ve found the perfect business idea or you\'re ready to just start taking action, here are some tips for turning your business ideas into reality:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do some market research:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Make sure there is demand for your product or service by researching your target audience, industry trends, and potential competitors. \ud83d\udc65","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a solid business plan","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": A well-crafted business plan will serve as your roadmap for success. It should include your business name, details about your target market, and, financial projections. \ud83d\udcdd","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Develop a marketing strategy","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Marketing is key to getting your business off the ground. Determine how you will reach and attract customers through social media, advertising, public relations, and other channels. \ud83d\udcf1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Build your network: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Entrepreneurship is all about collaboration and building relationships. Attend networking events, join online communities, and connect with others in your industry to gain valuable insights and support. \ud83d\udc9a","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Launch and learn:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Once all the pieces are in place, it\'s time to launch your business! Remember that you will continue learning and growing as an entrepreneur, so be open to feedback and willing to adapt and improve along the way. \ud83d\ude80","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf99","marks":[],"data":{}},{"nodeType":"text","value":"Want to keep learning about entrepreneurship?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Listen to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-entrepreneur-podcasts"},"content":[{"nodeType":"text","value":"best podcasts for entrepreneurs here","marks":[],"data":{}}]},{"nodeType":"text","value":"! ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Moving forward ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re starting a business to become your own boss, achieve financial independence, or follow your passions, entrepreneurship is an exciting and rewarding journey. Remember to trust your instincts, be willing to pivot when needed, and never stop learning and growing. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Get more small business tips from Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that lets small business owners open multiple no-fee business checking and savings accounts. If you\'re a small business owner (or hoping to become one), you won\'t want to miss our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":"On the Money newsletter","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". At the start of each month, we\'ll answer questions like...","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How close are AI robots to doing your corporate tax filings? \ud83e\udd16","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What\'s the US central bank doing to make payments lightning-fast? \u26a1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And is Taylor Swift\'s Eras Tour saving the economy? \ud83e\udea9","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe now to find out about all these topics and more!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about starting a small business","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can I start a business with no money?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, it is possible to start a business with little or no money. You can bootstrap your business with free tools\u2014like social media\u2014and use your existing skills and network to get started. If you truly need money upfront to start your business, you can always look for investors or consider a small business loan.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I know if my business idea is viable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Conducting thorough market research and creating a solid business plan can help determine the viability of your business idea. 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Here\u2019s how to save time, streamline your workflows, and stay audit-ready by centralizing receipt collection in Relay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Searching through empty pockets. Rummaging through overflowing drawers. Picking crumpled papers out of wastebaskets. Hoping that maybe, ","marks":[],"data":{}},{"nodeType":"text","value":"just maybe, ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you\u2019ll find the receipt your bookkeeper has been emailing you about all week.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s not just you. Collecting, organizing, and reconciling receipts is a ","marks":[],"data":{}},{"nodeType":"text","value":"pain","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". Add in a handful of employees charging business expenses to company cards (because let\u2019s face it, the reimbursement rigmarole is no better), and staying on top of those receipts goes from painful to downright agonizing. You\u2019d be forgiven for wanting to ignore the problem entirely\u2014why save receipts when you can just convince yourself they\u2019re not actually that important? But you can\u2019t escape one undeniable fact: capturing receipts is one of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"most important things","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" you can do to protect the financial health of your business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we\u2019ve launched a suite of receipt management tools that will save you time, put an end to chaotic and inefficient receipt \u201csystems\u201d (so long, shoebox!), and eliminate an expensive extra tool from your swelling list of subscriptions. It\u2019s all part of our mission to keep you in control of your money with an unparalleled level of insight into your spending. 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You can now ensure that every expense is accounted for by setting a ","marks":[],"data":{}},{"nodeType":"text","value":"receipt collection policy","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" for your Relay debit cards. Simply decide which transactions you want a receipt collected for, and we\u2019ll enforce the policy for you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Account admins have two options when setting a receipt collection policy:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requiring a receipt for ","marks":[],"data":{}},{"nodeType":"text","value":"all purchases","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requiring a receipt only for purchases","marks":[],"data":{}},{"nodeType":"text","value":" over $75","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (IRS rules stipulate that travel and vehicle expenses under $75 don\u2019t require a receipt to claim\u2014but it\u2019s still good practice to hang on to your proof anyway!)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With a receipt collection policy turned on, team members who make a qualifying in-person purchase with their Relay card will immediately receive a text message informing them that a receipt is required. In other words, you can stop hounding your employees to keep all their receipts for business expenses\u2026","marks":[],"data":{}},{"nodeType":"text","value":"because we\u2019ll do it for you","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emily Ubered uptown to catch up with a client over coffee? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcf3 ","marks":[],"data":{}},{"nodeType":"text","value":"RECEIPT REMINDER!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tony topped up the tank of his truck while on his way to the worksite? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcf3 ","marks":[],"data":{}},{"nodeType":"text","value":"RECEIPT REMINDER!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You get the idea. After all, the best time to collect receipts is right when a purchase happens, not in a mad scramble at the end of the month. Our reminders help make that happen\u2014and you and your team build better financial habits along the way.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4l7Oq4Qdi8asxjbKYZhO7l","revision":4,"createdAt":"2024-02-20T21:04:25.696Z","updatedAt":"2024-02-21T16:37:31.709Z","publishedAt":"2024-02-21T16:37:31.709Z","firstPublishedAt":"2024-02-20T21:09:38.349Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Receipt management - 2","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4l7Oq4Qdi8asxjbKYZhO7l/04dda76908e8621f66c397613fb5f57e/RM_Image2_B.jpg","details":{"size":399068,"image":{"width":1600,"height":700}},"fileName":"RM_Image2_B.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Upload receipts in a snap for safe storage and easy access (forever)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, a receipt collection policy is only as good as your ability to capture them. That\u2019s why we\u2019ve made it a snap for you and your team to add receipts to Relay. For in-person purchases, cardholders can take a photo of their paper receipt and upload it in one of three ways:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Right from their phone using the Relay app","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dragged and dropped to the desktop version of Relay from a PC","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emailed to a dedicated receipt upload email address (think \u2018","marks":[],"data":{}},{"nodeType":"text","value":"yourbiz@receipts.relayfi.com","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2019)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. 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And to make things ","marks":[],"data":{}},{"nodeType":"text","value":"really ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"easy, you can even have your invoices for recurring digital subscriptions automatically sent to Relay by setting your receipt forwarding address as the billing contact. \ud83e\udd2f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best part? When your freshly-uploaded receipt lands in Relay, we\u2019ll ","marks":[],"data":{}},{"nodeType":"text","value":"automatically match","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to the relevant transaction in your account, no manual input required. 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That way, you or your advisors will always know which transactions still need a receipt\u2026and which employees need a little extra ","marks":[],"data":{}},{"nodeType":"text","value":"nudge.","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Time for a quick recap so far:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll let cardholders know when they need to send a receipt to Relay","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They can snap a picture of the receipt and upload it in seconds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The receipt is magically linked to the relevant transaction in your account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s safely stored, and accessible in just a few clicks\u2026forever","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every purchase detail can be found in your Relay account, no paper receipt required","marks":[],"data":{}}]}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3xHbrCZeQu3NXUlWvc9Abl","revision":1,"createdAt":"2024-02-20T21:10:52.322Z","updatedAt":"2024-02-20T21:11:16.129Z","publishedAt":"2024-02-20T21:11:16.129Z","firstPublishedAt":"2024-02-20T21:11:16.129Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Receipt management - 4","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3xHbrCZeQu3NXUlWvc9Abl/eea0a7d316a0fe574483998a8c5b2039/Process.png","details":{"size":34209,"image":{"width":1600,"height":317}},"fileName":"Process.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A new way to manage expenses, no extra tools or messy reimbursements required","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most business owners fall into one of two camps when it comes to managing employee expense workflows:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The \'use-a-chaotic-and-jerry-rigged-system-of-shoe-boxes-or-Google-Drive-folders-to-manage-receipts-and-invoices\' camp","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The \'throw-money-at-the-problem-and-pay-for-an-expensive-tool-to-manage-everything\' camp","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Needless to say, neither are great options. But with Relay, you get the best of both worlds: receipt management is set up and seamlessly integrated with your existing business banking workflows, ","marks":[],"data":{}},{"nodeType":"text","value":"and","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" it\u2019s included at no cost as part of your free Relay account. In other words, you\u2019ll always have exactly what you need, exactly where you\u2019ll need it, at the very low cost of \u2018zero dollars\u2019.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Eliminate the need for employee expense reports","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Combining Relay debit cards with a clear receipt policy gives you a safe and compliant way to enable employee spending\u2014no personal cards required. Simply assign each team member a physical or virtual debit card (up to 50 are included with your Relay account), set a daily or monthly spending limit that works for you, and flip on your receipt collection policy. You\'ll gain complete control and clarity over team spending, all from right within the Relay platform. From coffees to car rentals, all your team\u2019s expenses can be covered without the reimbursement rigmarole.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Always be audit-ready","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A box of receipts is a losing game when the IRS comes knocking. To keep yourself protected should you ever come up for audit, it\'s best practice to keep your business receipts for at least three years\u2014but even that might not be enough in some special circumstances. 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apps!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a receipt scanner app?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A receipt scanner app is a mobile app for your phone that uses","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://aws.amazon.com/what-is/ocr/"},"content":[{"nodeType":"text","value":" OCR technology","marks":[],"data":{}}]},{"nodeType":"text","value":" to create digital receipts from the original paper receipts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OCR stands for \u201cOptical Character Recognition\u201d. Essentially, the technology takes a picture of the text and makes it readable to machines, allowing you to search through the image\u2019s text as if it were typed up in a Google Doc. \ud83e\udd13","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipt scanner apps are becoming more and more common among small business owners. Freelancers, entrepreneurs, and everyone in between are using this technology to stay on top of expenses and simplify bookkeeping. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Get ready\ud83d\udea6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After paying for your item(s), collect your receipt. Make sure that it\u2019s correct in terms of the date, payment amount, and merchant name.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Flatten out the receipt and make sure it\u2019s on a clean, preferably dark background. \ud83d\udccf","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Take a picture \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Give your receipt scanner app permission to access your camera before using it to take a photo of your receipt within the app. \ud83d\udcf7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re in a darker area, make sure to have the flash on so that the paper is illuminated. Follow the guidelines provided within the app to get all the necessary parts of the receipt in the picture. \ud83d\udd26","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Snap your photo and feel your worries melt away! \ud83d\ude0a","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. File away! \ud83d\uddc3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on the app you use, you may have the option to sort your receipt, label it, or tag it with a keyword to help you find it later. \ud83c\udff7\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Everyone\u2019s organizational preferences are different, so organize your receipts within your chosen app in a way that\u2019s easy to remember for you.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do receipt scanner apps simplify expense management? \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless if your receipts are digital or physical, it\u2019s important to keep them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"keeping your receipts organized","marks":[],"data":{}}]},{"nodeType":"text","value":", you\u2019ll be better equipped to generate expense reports and see exactly where your money is going.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, if you\u2019re ever audited or need help with accounting from a professional accountant, having valid records of your purchases will speed up the process. \ud83d\udccb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipts are also great for tax season. With organized and digitized receipts, it\u2019ll be much easier to keep track of your write-offs, reimbursements, and tax deductions. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are many reasons to go digital with receipts too!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By digitizing your receipts, you\u2019re less likely to lose them. Imagine leaving your binder or file of receipts somewhere while traveling - just like that, months of spending records are gone forever! \ud83d\ude23","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, cloud-based receipt scanner apps offer the additional bonus of not losing all of your records if you delete the app or lose your phone. \u2601\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What makes a good receipt scanner app? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are several features you should look out for when choosing a good receipt-scanning app. Let\'s take a closer look at each of them.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Ease of use \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best receipt scanner apps are easy and simple to use. This element means different things to different people, so it\u2019s recommended that you try out your app first before taking the plunge and uploading all of your past receipts at once.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best apps combine functionality with aesthetics, making them easy to look at and use at the same time. If you can\u2019t tell what all of the buttons or features mean or do, it may not be the right app for you.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Price \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The prices of these receipt scanner apps will vary. Keep in mind that sometimes, apps have a free plan\u2014but the best features could be locked behind a paywall. Double-check that your app has the features you need at the price you want.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Cloud storage and other features \u2601\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features such as cloud storage, custom label creation, the ability to categorize, and integrations with accounting software depend on the app you use. Take some time to explore the different apps listed below and see which one offers the features you need. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Scanning capabilities \ud83d\udcf1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best apps for receipt digitizing can scan receipts efficiently and accurately. If you find that your app is constantly making mistakes or takes several minutes to upload one receipt at a time, it\u2019s probably not the right fit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Top 5 receipt scanner apps for small businesses in 2024 \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to choose the best receipt scanner app for your small business? We\'ve compiled a list of the top 5 receipt scanner apps in 2024 to make your search easier. 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Relay","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6VQ7nG0xUsy0KbITfefjeM","revision":2,"createdAt":"2024-02-21T14:46:42.608Z","updatedAt":"2024-02-21T14:49:23.814Z","publishedAt":"2024-02-21T14:49:23.814Z","firstPublishedAt":"2024-02-21T14:47:05.501Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Receipt Management - Hero Image - B","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6VQ7nG0xUsy0KbITfefjeM/3e76d7864419e79da10a06a7aaf2cb1e/Receipts-Blog-Hero-REV1.jpg","details":{"size":485391,"image":{"width":1600,"height":900}},"fileName":"Receipts-Blog-Hero-REV1.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here at Relay, we\'re building the all-in-one financial command center for small businesses. That means ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/receipt-management"},"content":[{"nodeType":"text","value":"integrated receipt management","marks":[],"data":{}}]},{"nodeType":"text","value":" where you already do your banking.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\'s receipt management takes the pain out of receipts by centralizing receipt collection in one place and keeping you effortlessly audit-ready. Stop chasing team members for receipts and start capturing them the moment a purchase happens. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Free plan for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Built for teams\u2014engage your employees to automatically upload receipts at time of purchase","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Set custom receipt policies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Fully integrated inside your banking platform, no third party app needed","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Digital or paper receipts can be uploaded or email-forwarded to Relay in seconds, so they\u2019re safely stored and easily found when you need them","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Potentially a bad fit for those who don\'t want their receipts inside their banking","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Zoho is a great choice for businesses that want to manage their receipts, accounts payable, employee spending, cash flow, savings, and all essential financial operations all in one place.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Learn more about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"nodeType":"text","value":"receipt management in Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2","marks":[],"data":{}},{"nodeType":"text","value":". Zoho Expense \ud83e\uddfe ","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6hR9L6joxjrOVmBjC2xvoH","revision":1,"createdAt":"2023-12-28T02:38:48.970Z","updatedAt":"2023-12-28T02:40:18.293Z","publishedAt":"2023-12-28T02:40:18.293Z","firstPublishedAt":"2023-12-28T02:40:18.293Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Zoho - The Best Receipt Scanner Apps for Small Business Owners - Relay","description":"Zoho - The Best Receipt Scanner Apps for Small Business Owners - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6hR9L6joxjrOVmBjC2xvoH/9dcf255ff7988ffbdc11dd3d8bccca4a/Zoho_-_The_Best_Receipt_Scanner_Apps_for_Small_Business_Owners_-_Relay.jpg","details":{"size":309771,"image":{"width":2146,"height":1080}},"fileName":"Zoho - The Best Receipt Scanner Apps for Small Business Owners - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.zoho.com/us/expense/receipt-tracking/"},"content":[{"nodeType":"text","value":"Zoho Expense","marks":[],"data":{}}]},{"nodeType":"text","value":" is an all-encompassing app that can track mileage, organize your expenses, and capture receipts. With multiple plans depending on your business size, it\u2019s one of the best receipt-tracking apps out there. It supports over a dozen languages other than English and currencies beyond USD.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To use Zoho Expense, simply take a picture of your receipt within the app. Zoho will use OCR software to scan the receipt and assign it to a related expense.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Average Rating:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 4.8/5 (iOS ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://apps.apple.com/us/app/zoho-expense-expense-reports/id966094166"},"content":[{"nodeType":"text","value":"here","marks":[],"data":{}}]},{"nodeType":"text","value":" and Android ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://play.google.com/store/apps/details?id=com.zoho.expense&pcampaignid=web_share"},"content":[{"nodeType":"text","value":"here","marks":[],"data":{}}]},{"nodeType":"text","value":")","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Free plan for small businesses, up to $9/user for larger businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Receipt scanning automation","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Accounting integration (for Zoho Books, Quickbooks Online, and Xero)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Cloud storage support","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Email receipt forwarding","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Limit of three users with the free plan","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c 5GB receipt storage limit with the free plan","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Zoho is a great choice for businesses of all sizes. 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The Mercedes Benz G-Wagon, officially known as the Mercedes Benz G-Class, has become a highly sought-after luxury SUV. It\u2019s easy to see why people just can\u2019t seem to resist its charm. This unique SUV has long been a symbol of status and success. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few key features that come with this iconic vehicle: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safety and security","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":":","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The G-Class prioritizes safety, offering advanced features like collision prevention systems, stability control, and multiple airbags to protect you and your passengers. Plus, it\'s built like a tank! \ud83d\udee1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interior comfort","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": From heated and ventilated seats to a state-of-the-art infotainment system, the G-Wagon knows how to keep you comfortable and entertained on those long business trips. \ud83c\udfb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brand appeal","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Mercedes-Benz has a long-standing reputation for crafting premium vehicles that stand the test of time. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is...it depends! According to the IRS Section 179 tax code, you may be able to write off your G-Wagon as a business expense if it meets certain criteria. For example, your G-Wagon would need to be used for business purposes at least half of the time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s take a closer look at that tax code! ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does the IRS Section 179 tax code work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IRS Section 179 tax write-off is a tax deduction that allows businesses to deduct the full purchase price of qualifying assets in the year they were purchased and put into service, rather than depreciating them over time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This means that instead of spreading out the deduction over several years, businesses can deduct the entire cost of the asset in the year of purchase, up to a certain limit set by the IRS. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This section of the tax code applies to both new and used assets that are acquired for business use, such as machinery, equipment, vehicles, software...and cars! It is intended to incentivize businesses to invest in these assets by providing an immediate tax benefit. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few things to keep in mind if you\'re going to use Section 179 in your tax strategy:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eligible property:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This generally applies to personal property that is used for business purposes more than half of the time. This can include equipment, machinery, vehicles, computers, and other business assets. \ud83d\ude97","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deduction limit:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The maximum deduction limit is subject to yearly changes based on tax laws. In the past, it has been several million dollars. However, the deduction is typically limited to the taxpayer\'s taxable income for the year. \ud83d\udcc9","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Used and new property:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It can be applied to both new and used property, as long as it meets the criteria for eligibility. \ud83c\udd95","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business income requirement:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The deduction cannot be used to create or increase an overall tax loss. However, any disallowed deduction can be carried forward to future years. \ud83d\udcbc","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IRS forms:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" To claim this tax deduction, businesses need to complete and file","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-pdf/f4562.pdf"},"content":[{"nodeType":"text","value":" IRS Form 4562, \\"Depreciation and Amortization.\\"","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udcdd","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s worth noting that there are limits to the Section 179 deduction. The maximum amount that can be expensed in a given tax year is determined by the IRS and is subject to change. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, in 2023 (taxes filed in 2024), the maximum deduction is $1,050,000, with a phase-out threshold of $2,620,000. These limits are adjusted annually to account for inflation. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, not all assets are eligible for this deduction. Qualifying assets must meet certain criteria set by the IRS, and there are specific rules regarding the types of property that qualify. It\'s important to consult with a tax professional like a CPA or refer to IRS guidelines to determine eligibility and understand any limitations or restrictions that may apply. \u26d4","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So the bottom line is: in relation to the Section 179 tax deduction, a G-Wagon could fall under \u201cEligible Property\u201d as long as it is used as a business vehicle. 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Whether you\'re hauling supplies for a business event or shuttling clients to lunch, these cars can be considered business vehicles. \ud83d\udc65","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Weight requirements","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": In some cases, certain vehicle weight requirements must be met to be eligible for certain tax deductions. 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It must be used for business purposes more than 50% of the time to qualify for Section 179. \u2705","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure you\'re using your vehicle for business purposes: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"To qualify for tax write-offs, the G-Class must be used for business reasons. Be sure to keep accurate records to determine the percentage of business use. It is important for calculating the deductible portion of expenses. \ud83d\udcb2 ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep detailed records: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Keep records of all expenses related to the vehicle, including fuel, maintenance, and insurance. 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They might be reviewing the employee handbook and getting their bearings with the new role. They probably have tons of meetings with their coworkers and supervisors. This doesn\'t even include the specific training sessions they have to attend. Talk about information overload. \ud83e\udd74","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a clear and simple employee onboarding process for payroll gives the new hire a great first impression of the company. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3 steps to simplify the payroll onboarding process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stepping into a new job can be an intimidating experience for employees. It\'s important to remember that day one sets the tone for their entire journey with the company\u2014including the payroll onboarding process. 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Create a payroll onboarding checklist \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a payroll checklist template is an important part of onboarding best practices. It makes the process seamless for both the new hire and the HR team (or whoever is doing the employee onboarding). Plus, it ensures you aren\u2019t forgetting anything amid the first-day chaos! \ud83e\udd2a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your payroll onboarding checklist should include things like...","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\u2705 Getting the employee\u2019s contact information","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many payroll systems require information like legal name and address (sometimes phone number) especially if you\u2019re paying employees via direct deposit. \ud83c\udfe0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\u2705 Filling out tax and other legal forms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll need to verify documents for the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.uscis.gov/i-9"},"content":[{"nodeType":"text","value":" federal I-9 form","marks":[],"data":{}}]},{"nodeType":"text","value":" and have them fill out tax forms like the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-w-4"},"content":[{"nodeType":"text","value":" W-4 Form for employees","marks":[],"data":{}}]},{"nodeType":"text","value":" or the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-w-9"},"content":[{"nodeType":"text","value":" W-9 Form for freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":". These should be filled out on the first day and input into the payroll system ASAP to avoid costly errors. You want to make sure you have all your payroll ducks in a row for your new employees. \ud83e\udd86","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\u2705 Setting up direct deposit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, your new hire is there because they\u2019re a good fit for your company. But, ultimately, they are there because they want to get paid. Be sure they fill out the direct deposit form so they can get their paycheck on time. \u23f0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\u2705 Completing employee benefits withholding forms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your employees are getting benefits like health insurance or retirement, those are considered pre-tax. That\u2019s a fancy way of saying the portion employees pay is taken out of the paycheck before taxes are applied. Companies typically have withholding forms new hires need to fill out. \ud83d\udd8a\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Implement payroll policies \ud83d\udccb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An effective onboarding program will address all of the company policies and procedures. 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Every organization, whether you\u2019re a small business or a large corporation, should at least have these payroll policies in place:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 A direct deposit policy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Withholding taxes and benefits from paychecks","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Time and attendance policies, like paid time off (PTO)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 How often employees get paid","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Where to direct payroll questions to (i.e. the HR department)","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Use payroll software \ud83d\udcbf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll software can be a complete game changer for small businesses. It streamlines the payroll process and cuts down on hours of administrative time. (And don\'t worry, there are dozens of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"nodeType":"text","value":" payroll automation solutions for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" available for any budget. \ud83d\udcb8)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not sure if payroll automation is right for you? Here are a few reasons to add this to your company\'s payroll onboarding process: ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"It saves time and money. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They say, \u201ctime is money\u201d\u2014and they aren\u2019t wrong. Payroll software automates the manual process and frees up more of your time as a small business owner or as an HR department to focus on other things. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"It simplifies bookkeeping. \ud83d\ude04","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much time are you spending trying to decipher your bank statements? Some payroll platforms, like Gusto, will integrate with your online banking platform, like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":". (That\'s us! \ud83d\udc4b)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll get to see detailed transaction data for every payroll cycle. No more pouring over your statements every month wondering what they mean. What will you do with all your extra time? \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Fewer compliance risks. \u26a0\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manual payroll processing can mean human error. Unfortunately, payroll mistakes can be costly (no pun intended). If the company doesn\u2019t withhold the right amount of taxes it can result in fines and you definitely don\u2019t want that! \u274c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you use software to automate the process, you\u2019ll have more accurate records. That means avoiding getting tangled up with the IRS and having to pay fines. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Lock down your data with better security. \ud83d\udd12","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll systems come with the latest security features to protect your company and your employees or freelancers. They keep your data safe from security breaches or unauthorized access. \ud83e\udd77","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll software also acts as a central database for all employee information. That means no more mistakes from manually updating records or calculating withholdings. You and your employees will also have secure access to important documents like tax forms and pay stubs. \ud83d\uddc3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f  Legal considerations for payroll onboarding","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know how to start streamlining your payroll process, let\'s make sure you\'re up-to-date on all the legal requirements that come with that process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While laws differ based on both the employer and employee\u2019s location (including remote employees), some basics hold true across the board. Always be sure to check all local labor and tax laws to make sure your organization is in compliance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some general rules to abide by when it comes to your payroll onboarding process: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes and deductions","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employers must accurately withhold and remit income taxes like Social Security and Medicare contributions from employee paychecks. They must also submit accurate tax reports to the relevant tax authorities (i.e. the IRS). Keep in mind that the company will also have to remit payroll taxes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Classifying employees properly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Companies must","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.dol.gov/agencies/whd/fact-sheets/17a-overtime"},"content":[{"nodeType":"text","value":" classify employees as either hourly or salary","marks":[],"data":{}}]},{"nodeType":"text","value":" (exempt or non-exempt). For example, hourly workers are able to get overtime pay while salary employees typically do not. How they\u2019re paid will vary based on their classification.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wage and hour laws","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": There are federal laws that govern minimum wage, overtime pay, and working hours. All employees need to make at least minimum wage and be paid for overtime work if they qualify.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anti-discrimination laws","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Compliance with anti-discrimination laws ensures that payroll practices do not discriminate against employees based on factors such as gender, race, age, or disability.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee benefits","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Depending on your organization, you may be required to provide employees with benefits like health insurance or retirement plans. The employee portion of these expenses is typically deducted from their paycheck.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Record keeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Keeping accurate and up-to-date records is a key component of compliance. This includes records of hours worked, wages paid, tax withholdings, etc.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Local regulations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sometimes there are additional requirements beyond federal laws. Employers need to be aware of and follow all applicable regulations. This includes laws in every location they operate.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Payroll onboarding for freelancers vs. employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, let\'s talk about the differences between employees and freelancers\u2014especially when it comes to the payroll onboarding process. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees and freelancers are two different types of workers, and therefore there are fundamental differences in their employment relationships. While they may be doing similar jobs, how the company pays them is different. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is crucial to understand since it impacts the way you onboard full-time hires vs. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-pay-freelancers"},"content":[{"nodeType":"text","value":"freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":". Here are two key differences to keep in mind: ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Payment terms \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Employees get a steady paycheck, whether it\'s a monthly salary or hourly wage. To put it simply, payment is predictable and reliable. This means you can pay employees on a regular basis\u2014like once per month or biweekly. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Freelancers live on a project-to-project basis. It\'s all about negotiating fees for each project, and payment terms can vary depending on the payment they agree to\xa0with the client. As a result, you may pay freelancers on an irregular basis, vs. via your monthly payroll run. ","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Taxes \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employers handle the tax game for employees, pulling out income taxes, Social Security, and Medicare from their paychecks. Plus, employees typically get perks like health insurance, retirement plans, and paid time off. That means getting your employees\' tax information is critical during the payroll onboarding process. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Companies pay freelancers without withholding taxes or benefits and\xa0freelancers handle their own taxes. The company\'s only responsibility is to give the freelancer a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/w9-vs-1099"},"content":[{"nodeType":"text","value":"Form 1099","marks":[],"data":{}}]},{"nodeType":"text","value":" each year, which is a tax form documenting the payments made to them. ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By keeping these distinctions in mind, you can ensure a seamless onboarding process and fair payment practices for all members of your team.  \ud83d\udcbc ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on top of payroll with Relay and Gusto \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you connect the payroll software,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":" Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":",","marks":[{"type":"underline"}],"data":{}},{"nodeType":"text","value":" to your Relay account, you\u2019ll stay on top of payroll.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay will help you by showing you detailed transaction data for every payroll cycle and debit type (like net salary, tax deduction, and reimbursement payments). Plus, we\u2019ll send you a notification if your account is low on funds, two weeks before a scheduled payroll cycle. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started with Relay?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" You can sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1702998351624,"customDate":1702998351624,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#where-to-start-with-payroll-onboarding-processes"},"content":[{"data":{},"marks":[],"value":"Where to start with effective payroll onboarding processes","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#why-the-payroll-onboarding-process-matters"},"content":[{"data":{},"marks":[],"value":"Why the payroll onboarding process matters","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#3-steps-to-simplify-the-payroll-onboarding-process"},"content":[{"data":{},"marks":[],"value":"3 steps to simplify the payroll onboarding process","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-create-a-payroll-onboarding-checklist"},"content":[{"data":{},"marks":[],"value":"1. 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Yes. It\u2019s a good idea! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re an LLC, it\u2019s highly recommended to have a dedicated business bank account to protect you from liability and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"keep your personal and business funds separate","marks":[],"data":{}}]},{"nodeType":"text","value":". Even if you\u2019re a sole proprietor, it\u2019s still a very good idea to open a business bank account for tax purposes. 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Benefits of having a business bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\'re self-employed as a freelancer or a small business owner, here are a few more reasons to consider opening a dedicated business checking account. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Simplify taxes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\u2019re self-employed, you\u2019re responsible for paying your own taxes. If you run your business expenses and income through your personal account, you\u2019ll find that calculating business income and expenses quarterly is a headache. By separating the two accounts, you\'ll majorly simplify tax season. \ud83d\ude07","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd6 Better bookkeeping","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeping your books straight is the best way to prepare for an unexpected audit. \ud83d\udcda  Plus, this will help you get a clear understanding of your income and expenses\u2014equipping you to make smarter financial decisions for your business. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc69\u200d\ud83d\udcbc Professional etiquette and credibility","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By having a business bank account, you\u2019ll receive checks and cards \ud83d\udcb3 in your business\u2019 name, and transactions between you and customers (or you and other businesses) will be through a properly named account for your business. This will boost your business\u2019s credibility and help you appear more professional to clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, it\u2019s definitely worth it to have a business bank account that\u2019s separate from your personal checking account. But how do you choose which banking platform to open an account with? \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a business bank account when you\u2019re self-employed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":" choosing a business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":", you\u2019ll want a healthy balance of features (such as low minimum balance requirements) and low fees (like transaction fees). You\'ll also want to choose a banking option that helps simplify your finances\u2014instead of over-complicating them. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more things to consider when opening a business bank account, as a self-employed professional. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Traditional banks vs. online banking platforms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s talk about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"traditional banking versus online banking platforms","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s true that for most of banking history, banks have had brick-and-mortar locations. They\'ve required in-person visits to apply for new accounts, to make changes to accounts, or to acquire new cards, all with increasingly complex applications. This often means that it can take several days to weeks to actually open an account. \ud83e\udd71","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banking platforms like Relay (that\u2019s us! \ud83d\udc4b) aren\u2019t burdened by old infrastructure and complex rigamarole like traditional banks. They\u2019re able to modern, convenient features designed uniquely for small business owners\u2014like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":" virtual debit cards","marks":[],"data":{}}]},{"nodeType":"text","value":" and fast ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"B2B ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":". Plus, online banking platforms typically allow you to open your account entirely online. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re self-employed, and you don\'t want to go through the time-consuming process of opening a bank account with a traditional bank, an online banking platform might be the perfect solution. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Other factors to consider","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s easy to get overwhelmed by this decision, but by prioritizing the following features and perks, you\u2019ll end up with a business bank account that works best for you!","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Online banking features \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you expect to be able to get banking done wherever and whenever you are, you should ensure that your banking institution has online banking features like a mobile app and website. Some traditional banks do have mobile apps and other features, but not all.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unless you\u2019re willing to wait until business hours, go into a physical branch, and/or have to phone someone every time you want to make account changes or view your accounts, online banking features are crucial for the self-employed. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Minimum balance requirements \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\'re self-employed, the amount of cash you have on hand might fluctuate\u2014especially if you\u2019re just getting started. This can make it tough to meet minimum balance requirements and avoid those pesky monthly maintenance fees. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that most online banking platforms have low minimum balance requirements. Relay, for example, allows small business owners to open up to 20 free business checking accounts per business entity with no minimum balance and no monthly maintenance fees! \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Account fees \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hidden costs and fees can add up fast when it comes to business banking. \ud83d\ude30  Remember to compare things like maintenance fees, service fees, overdraft fees, or withdrawal fees when choosing a business bank account.  ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Payments \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to make and accept payments is one of the most important features of a business bank account. You\u2019ll want to know if your bank allows to you make and receive wire transfers \ud83d\udd01 and ACH payments for free or with an associated cost.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s also important to consider whether you\u2019ll be making many cash deposits. \ud83d\udcb5 Digital and online banking platforms may not accept cash deposits as easily as traditional banks might. However, the best online banking platforms (including Relay) will allow you to deposit cash at easily accessible ATMs. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Security \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s your money in the bank, and that needs to be protected! Remember to check if the banks you\'re considering offer two-factor authentication (2FA). You\'ll also want to consider if you can freeze your debit cards or change the PIN numbers online, if needed. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"FDIC insurance \ud83e\ude99","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s a common misconception that all banks have to have FDIC insurance legally. While many banks have it, not all do. In the event of a bank failure, FDIC insurance will protect your money and reimburse you up to $250,000. Be sure to compare FDIC insurance when choosing a bank for your small business. 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 10 best business bank accounts for self-employed professionals & freelancers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know what to look for, let\u2019s get down to it: here\u2019s a list of the 10 best bank accounts for self-employed professionals and freelancers! \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"\xa0is an online banking and money management platform built specifically for small business owners. At Relay, we\u2019ve designed features that solve the pain points of traditional banking, like high account fees and poor visibility into cash flow. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can open up to 20 individual, no-fee business checking accounts and\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"two savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". 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Started as a side hustle by Paulana Lamonier, ","marks":[],"data":{}},{"nodeType":"text","value":"Black People Will Swim","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" has quickly evolved into a booming business with big plans to expand into new locations and more services.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3jrABJkAez4tCgRo8Nyid2","revision":2,"createdAt":"2023-12-13T21:49:04.592Z","updatedAt":"2024-03-26T18:45:00.493Z","publishedAt":"2024-03-26T18:45:00.493Z","firstPublishedAt":"2023-12-13T21:50:10.644Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Grand Prize Winner - Paulana Lamonier, Black People Will Swim","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3jrABJkAez4tCgRo8Nyid2/a1b9192522a455837a205f61516dbc32/1920x1080-Winner1Gold-NEW.jpg","details":{"size":235266,"image":{"width":1920,"height":1080}},"fileName":"1920x1080-Winner1Gold-NEW.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Founded in ","marks":[],"data":{}},{"nodeType":"text","value":"2019","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", the business employs a ","marks":[],"data":{}},{"nodeType":"text","value":"team of 12","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" divided into an administrative division, covering things like marketing and operations, and an aquatics division, made up of swim instructors and lifeguards. 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It\u2019s amplifying a specific problem that is taking place in that community.\\" -Paulana Lamonier","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201c","marks":[],"data":{}},{"nodeType":"text","value":"According to the CDC, a disproportionate number of young Black children die from drowning","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":",\u201d said contest judge Mike Michalowicz, author of Profit First. \u201cIt\'s unnecessary, it\'s unacceptable. And that\'s why I\'m so proud of Paulana. She started a business that\'s not only creating jobs, it\'s also saving lives.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Building for the long-term","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With her mission in mind, Paulana is equally focused on making her business a long-term financial success. \u201cProfit\'s a big thing for us. ","marks":[],"data":{}},{"nodeType":"text","value":"I always say that if it\'s not making a profit, it\'s just an expensive hobby.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Being profitable is a reminder of that. It\'s not just about us, it\'s about making sure that we\'re making not just the customers happy, but finding and retaining good talent.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The biggest financial lesson Paulana has learned since launching in 2019 is to plan ahead, and expect the unexpected. \u201cPlan ahead for the best case scenario, and plan ahead for the worst case scenario,\u201d she says. \u201cAnd always go over your projections.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1TtvKtHCSx7ShGGgEGM5Te","revision":1,"createdAt":"2023-12-14T12:39:50.283Z","updatedAt":"2023-12-14T12:41:09.123Z","publishedAt":"2023-12-14T12:41:09.123Z","firstPublishedAt":"2023-12-14T12:41:09.123Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Lisa Carmen Wang Quote","description":"Lisa Carmen Wang Quote","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1TtvKtHCSx7ShGGgEGM5Te/03a3e83061949a3a106ed319cd3afc4a/Lisa_Carmen_Wang_Quote.png","details":{"size":430835,"image":{"width":1200,"height":376}},"fileName":"Lisa Carmen Wang Quote.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The judges were struck by Paulana\u2019s commitment to her goals, but ","marks":[],"data":{}},{"nodeType":"text","value":"what really set the business apart were her ambitious plans to grow and amplify her impact","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"$15,000 Silver Spotlight: Made With Lau","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"San Francisco, CA","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reason To Be Profitable","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":": Sharing a culture of cooking and preserving a family legacy.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.madewithlau.com/"},"content":[{"nodeType":"text","value":"Made With Lau","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", our $15,000 runner-up prize winner, is a media channel startup inspired by Randy Lau\u2019s father and his culinary talents. What started as a way of preserving his dad\u2019s recipes and sharing his Cantonese culture quickly blew up into something much bigger, with the channel reaching 100,000 viewers in less than a year.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2zR39CybxwLTBWAvWEmVRf","revision":2,"createdAt":"2023-12-13T21:50:40.695Z","updatedAt":"2024-03-26T18:43:37.254Z","publishedAt":"2024-03-26T18:43:37.254Z","firstPublishedAt":"2023-12-13T21:51:19.369Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Silver Spotlight Winner - Randy Lau, Made With Lau","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2zR39CybxwLTBWAvWEmVRf/9f5e4b40ce6f17c14c9d4730c877f86e/1920x1080-Winner2Silver.jpg","details":{"size":276787,"image":{"width":1920,"height":1080}},"fileName":"1920x1080-Winner2Silver.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Randy was at a crossroads in 2020 when his previous ","marks":[],"data":{}},{"nodeType":"text","value":"business was forced to shut down","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and he found himself living off of savings and unemployment\u2014all ","marks":[],"data":{}},{"nodeType":"text","value":"with his first child on the way","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 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So it\'s important to distinguish how much you\'re paying yourself.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Randy\'s latest venture is a subscription service offering monthly cooking courses, which he hopes to expand with his prize winnings. \u201cHaving a marketing manager would help accelerate the growth of that membership program, which I hope to be our biggest revenue stream in the coming year,\u201d Randy said.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1lNCloqCu67pnWZFKCI4vO","revision":3,"createdAt":"2023-12-14T12:42:14.194Z","updatedAt":"2023-12-14T20:11:56.313Z","publishedAt":"2023-12-14T20:11:56.313Z","firstPublishedAt":"2023-12-14T12:42:28.033Z","publishedVersion":11,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Elaine Pofeldt Quote","description":"Elaine Pofeldt Quote","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1lNCloqCu67pnWZFKCI4vO/f16cca604d041b60e916e9d55da0acad/Component_8.png","details":{"size":525591,"image":{"width":1200,"height":376}},"fileName":"Component 8.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The next steps in the brand\'s evolution include a potential cookbook, cookware, and a marketplace for Chinese culinary ingredients. \u201cIf we can continue doing what we\'re doing, sharing videos while finding ways to impact our community and have what we share be emotionally resonating with them, that\'s golden.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"$10,000 Bronze Bonanza: Killjoy","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Nashville, TN","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reason To Be Profitable:","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Changing the culture around drinking\xa0in Nashville and beyond.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With their tongue-in-cheek brand name, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.killjoyclub.com/"},"content":[{"nodeType":"text","value":"Killjoy","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is turning the tables on what it means to socialize over a drink. Positioning themselves as a \u201cbooze-free beverage shop,\u201d founder Stephanie Styll has made a big impact in a very short amount of time. Starting small with their first pop-up this past January, the brand officially opened a brick-and-mortar store in Nashville just seven months ago in April.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5cQCm10JEUo1kvsLIiUhxS","revision":2,"createdAt":"2023-12-13T21:51:34.356Z","updatedAt":"2024-03-26T18:27:35.970Z","publishedAt":"2024-03-26T18:27:35.970Z","firstPublishedAt":"2023-12-13T21:52:10.470Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Bronze Bonanza - Stephanie Styll, Killjoy","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5cQCm10JEUo1kvsLIiUhxS/0fa649e2269225593411c899d45e7e7a/1920x1080-Winner1Bronze.jpg","details":{"size":198525,"image":{"width":1920,"height":1080}},"fileName":"1920x1080-Winner1Bronze.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She now runs the business alongside her business partner and brother-in-law, John Caldwell, with him handling things in the shop and her covering the behind-the-scenes work of running the business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe reason any of this was possible is because of John,\u201d Stephanie said. \u201cHe was the one who really encouraged me. Like, \'you\'ve been wanting to do this, why don\'t you do it? I\'ll help you; I have time.\' So it\'s really been him\u2014his help and his support is what has made this happen.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Unlocking freedom","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Stephanie, profitability is a key that\u2019s unlocked the kind of business she wants to build ","marks":[],"data":{}},{"nodeType":"text","value":"and","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" the life she wants to live: \u201cProfitability, for me, means more than just making money off of this business. It\'s about freedom, and that aligns very deeply with how I feel about alcohol. ","marks":[],"data":{}},{"nodeType":"text","value":"This movement for me\u2014it\'s about freedom","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 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Our shop is very, very small\u2014it\'s like 300 square feet\u2014but wanted to start small and see how this would go,\u201d she said. \u201cOnce the model is there, I\'d love to expand into other cities in Tennessee, and then potentially beyond.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Lucky Draw winners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, our Grand Prize winners aren\u2019t the only ones walking away with some cash, we also have 50 Lucky Draw winners taking home a cool $500.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Spotlight","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The full list of winners is below, and we\'re reaching out to each one individually. In the meantime, here are just a few of the businesses who\'ve won the draw:","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Swanky Sugar\u2014San Diego, California","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hair removal studio ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.swankysugar.com/"},"content":[{"nodeType":"text","value":"Swanky Sugar","marks":[],"data":{}}]},{"nodeType":"text","value":" has been serving the San Diego community for the last 14 years. \u201cI love the constant creative opportunities in a small business,\u201d says owner Rebecca Wells, who runs the business alongside a team of four. \u201cI love change, and small businesses need change to grow and stay fresh and interesting.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"OneEighty Digital\u2014Orange Park, Florida","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating for the last six years with a team of eight, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://oneeighty.digital/"},"content":[{"nodeType":"text","value":"OneEighty Digital","marks":[],"data":{}}]},{"nodeType":"text","value":" is a web design and marketing agency that works with mission-based organizations. \u201cI love getting to be a part of helping others do more good,\u201d says owner Wesley Lewis. \u201cThis world needs more good and we get to partner with great people doing amazing things and play a small part in helping them grow their organizations.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Pivot Business Group\u2014Graham, North Carolina","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Founded in 2016, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://pivotbusinessgroup.com/"},"content":[{"nodeType":"text","value":"Pivot Business Group","marks":[],"data":{}}]},{"nodeType":"text","value":" is a firm of nine women that partners with entrepreneurs to provide financial strategy, CFO services, and more. 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Platforms like PayPal and Venmo also use the ACH network to transfer funds between individuals and businesses. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How does an ACH transfer work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we dive into how ACH payments work, you\u2019ll need to know some basic terms:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Originator:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The party that initiates ACH payment instructions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ODFI:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The originating financial institution (ODFI) sends ACH payment information to an ACH operator.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH operator:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The clearing facility that receives payment entries from the ODFI and sends those entries to the correct RDFI. \u27a1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"RDFI: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The receiving financial institution gets the payment information from the ACH operator and deposits or withdraws funds from the corresponding account holder.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NACHA","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/content/how-ach-payments-work#:~:text=an%20ACH%20Operator.-,There%20are%20two%20ACH%20Operators%3A%20the%20Federal%20Reserve%20and%20The,to%20your%20account%20on%20payday."},"content":[{"nodeType":"text","value":" National Automated Clearing House Association","marks":[],"data":{}}]},{"nodeType":"text","value":") is an independent organization responsible for supervising the ACH network and ensuring its integrity. \ud83d\udd10","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, keep in mind there are two types of ACH transfers: ACH debits and ACH credits:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH debits: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A type of ACH transfer. When the receiving party requests funds be pulled from the paying party\u2019s account. Simply put, ACH debits are initiated by the party who needs to be paid.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH credits: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A type of ACH transfer. ACH credits are initiated by the party that needs to pay. The paying party requests to move the funds from their account to the recipient\u2019s account.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All ACH transfers (both ACH debits and ACH credits) are sent through the ACH network. This network can move ACH payments efficiently and securely from one financial institution to another.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH transfers are processed in batches, meaning the clearing house processes multiple transactions at one time. The network processes ACH batches at different time intervals throughout the day. If you send a batch after the last interval, you\u2019ll have to wait until the next business day to process the payments. \u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How small business owners use ACH transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small business owners often use ACH payments for recurring payments. For example, ACH payments\u2014like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-ach"},"content":[{"nodeType":"text","value":"ACH payroll payments","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014are often used for employee direct deposits. Some businesses also use ACH transfers to send money to vendors or collect money from clients. \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Enabling auto-pay is a great way to leverage ACH transfers. Auto-pay can help you stay on top of your bills and avoid late fees. You might want to automate your small business\u2019s utility, rent, and subscription payments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a wire transfer?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A wire transfer is another type of electronic fund transfer. Wire transfers move funds from an account at one financial institution to an account at another financial institution. Unlike ACH payments, wire transfers don\u2019t go through a third-party payment network. These transfers are moved directly from one bank or credit union to another. \ud83d\udd01","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike ACH payments, which are processed in batches, wire transfers are sent individually. Since wire transfers are sent directly to the financial institution, they\u2019re typically used to issue fast payments. \ud83d\udc5f You can use wire transfers to transfer large sums of money, too. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do wire transfers work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers let you directly transfer money from one financial institution to another. If both financial institutions are located within the United States \ud83c\uddfa\ud83c\uddf8, it\u2019s called a domestic wire transfer. If one of the financial institutions lies outside of the U.S., it\u2019s called an international wire transfer. \ud83c\udf0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The party sending the wire transfer pays the amount of the transfer upfront. This transaction typically occurs at the sending party\u2019s bank or credit union. Before you can send a wire transfer to someone, you must provide:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s name","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name and address of the recipient\u2019s financial institution","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s bank account number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The routing number of the recipient\u2019s financial institution","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The reason for the wire transfer","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the sender submits this information and makes the payment, the sender\u2019s financial institution initiates the wire transfer. The sender\u2019s financial institution will then send a message to the recipient\u2019s financial institution with details about the wire transfer.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These messages are sent through secure networks, like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.federalreservehistory.org/essays/fedwire"},"content":[{"nodeType":"text","value":" Fedwire","marks":[],"data":{}}]},{"nodeType":"text","value":" (operated by the Federal Reserve) and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.swift.com/about-us"},"content":[{"nodeType":"text","value":" SWIFT","marks":[],"data":{}}]},{"nodeType":"text","value":" (a network used for international wire transfers).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the receiving bank \ud83c\udfe6 gets the wire transfer message, it transfers funds from its reserves into the recipient\u2019s bank account. The two financial institutions settle up wire transfers after the electronic fund transfers (EFTs) are completed.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How small business owners use wire transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers provide small businesses with an efficient way to transfer large sums of money. Let\u2019s say you\u2019re running low on inventory during the busy holiday season. If you need to expedite an order from an overseas vendor, a wire transfer can help. Wire transfers are also used for large one-time purchases like real estate. \ud83c\udfeb","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ACH payment vs. wire transfers: Understanding the key differences","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments and wire transfers are two ways to transfer money. But there are some key differences between these two forms of electronic fund transfers (EFTs):","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Processing speed \ud83d\udc5f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments are processed through an automated clearing house before they\u2019re delivered to the recipient\u2019s bank account. On the other hand, wire transfers are sent directly from one financial institution to another.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, ACH payments typically take one to three days to process. Some financial institutions offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":", but this service may cost more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers are typically faster than ACH payments since wire transfers are usually completed within a day. Keep in mind that international wire transfers may take a few days to process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payment processing speed may vary by financial institution, too. For example, sending an ACH payment through ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us!) typically only takes 1-2 business days to complete. \ud83d\ude4c  With Relay Pro, you can also send same-day ACH payments for free.\xa0\\n\\n","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"\\n\\nDomestic wire transfers are typically processed within one business day, while international wire transfers may take between 5 and 7 business days to process.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Transaction costs \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Processing fees may vary by the type of transfer and the financial institution. However, ACH transfers are typically considered more cost-effective than wire transfers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can send and receive next-day ACH payments totally free. Relay Pro customers can send same-day ACH payments for free, too. \ud83e\udd73","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfer prices can vary significantly from one financial institution to the next. International wires may cost more than domestic transfers. ","marks":[],"data":{}},{"nodeType":"text","value":"That said, wire transfers typically range anywhere from $15 to $75. Some banking platforms charge much less, though\u2014 for example, Relay only charges $5 for domestic wire transfers.\xa0\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Security and fraud \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you send ACH payments through an automated clearing house \ud83c\udfe0, they\u2019re considered a relatively safe way to transfer funds. Wire transfers are a great way to send direct payments quickly, but they are more susceptible to fraud and scammers. \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the event of scams or payment errors, someone can reverse ACH payments. But you can\u2019t reverse wire transfers. Once a wire transfer is processed, the funds are considered the recipient\u2019s property. That said, refunds typically aren\u2019t possible for fraudulent wire transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Transfer limits \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH transactions and wire transfers are subject to transfer limits. However, the exact limit may vary by transaction type and financial institution \ud83c\udfe6.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you start a money transfer, confirm how to send a payment\u2014and the payment method\u2019s transfer limits\u2014with your financial institution. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Domestic and international transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH transactions are commonly used for domestic payment. \ud83c\uddfa\ud83c\uddf8 Some financial institutions allow international ACH transfers as a form of remittance transfer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use wire transfers for both domestic and international payments. \ud83c\udf0f When sending an international wire transfer, your financial institution may ask you to provide additional details, like a SWIFT code.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Send and receive fast, affordable payments with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to sending and receiving ACH payments and wire transfers, your banking platform matters. Online banking platforms, like Relay, offer some advantages over traditional banks. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online banking platform offering cost-effective transfer services for small business owners. Take Relay\u2019s competitive rates, for example. Some financial institutions charge for each ACH transfer.","marks":[],"data":{}},{"nodeType":"text","value":" But Relay customers can send and receive next-day ACH payments for free! \ud83e\udd73 ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also offers competitive wire transfer fees. ","marks":[],"data":{}},{"nodeType":"text","value":"While most financial institutions charge $25+ for wire transfers, Relay only charges $5 per transfer. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Plus, with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://webstg.relayfi.com/pricing"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":" for $30 per month, you can send wire transfers ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"same-day ACH payments for $0. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you need to send","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":" business-to-business ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" or wire transfers, Relay offers the payment solutions you need. Send and receive money on your terms with Relay\u2019s convenient digital features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to make the switch to Relay? 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For international wire transfers \ud83c\udf0f, a network like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.swift.com/"},"content":[{"nodeType":"text","value":" SWIFT","marks":[],"data":{}}]},{"nodeType":"text","value":" may be used to transfer funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The sender will give the transfer details to their financial institution to initiate a wire transfer. 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Then, the sender\u2019s financial institution sends the wire transfer details to the recipient\u2019s financial institution.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s financial institution will review the transaction details and transfer funds from its own reserve into the recipient\u2019s bank account. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"International wire transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay offers two ways to send international wires: Local Network and Swift Network.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A Local Network wire transfer is cheaper to send and typically arrives faster. The Relay team can help you track and locate a Local Network wire, but there\u2019s no detailed end-to-end tracking, making it ideal for frequent transactions and smaller amounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A Swift Network wire transfer has higher fees and takes longer to arrive, but you can follow it every step of the way\u2014via an MT103 report\u2014until it lands in your recipient\u2019s bank account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Learn more about the two types of international wire transfers that Relay offers ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-wire-transfer"},"content":[{"nodeType":"text","value":"here. ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Wire transfer fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfer fees vary widely from one financial institution to the next. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b), for example, is an online banking platform that charges $5 to send a domestic wire transfer. Traditional banks, on the other hand, typically charge $25+ for the same service.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are ACH payments and wire transfers different?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" and wire transfers are two different types of electronic fund transfers (EFTs). Wire transfers are sent directly from one financial institution to another. But ACH payments first pass through a clearing house network (like NACHA) before they\u2019re sent to the recipient\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" or savings account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers typically have faster processing speeds than ACH payments do. Domestic wire transfers are typically settled within one business day. But they can take anywhere from one to three business days to process. International wire transfers may take between three to seven business days to process.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH vs. wire transfer costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers are typically more expensive than ACH payments. However, this will vary depending on what kind of business bank account you have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can receive domestic wires for free. That\u2019s right\u2014there are no incoming transfer fees! You can also send domestic wire transfers for $5. Other banking platforms may charge anywhere from $15 to $35+ per outgoing wire transfer.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments are typically used for domestic fund transfers and are often free to send. Keep in mind, it typically takes one to three business days to process this form of payment.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of business wire transfers \u2728\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers give businesses a fast and secure way to send and receive payments. 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However, their importance goes beyond the need to jump through regulatory hoops.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial statements can also serve as strategic tools to help you fulfill your nonprofit\u2019s mission and make a bigger impact on the communities you serve. \ud83d\udc50","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, nonprofits can use financial statements to\u2026\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve decision-making:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" These statements offer a clear overview of the organization\'s financial health. This helps leaders make informed, data-driven decisions about program expenses, resource allocation, and strategic planning. \ud83d\udc4d","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Boost donor transparency:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" They provide insight into how funds, both restricted and unrestricted, are being used. This transparency assures that resources are managed responsibly. \ud83e\ude9e","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get more funding:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well-managed and clear financial statements can demonstrate financial stability and responsibility. These are two very important factors when it comes to attracting significant funding from donors or grants. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Implement internal controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Financial statements assist in implementing","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-internal-controls"},"content":[{"nodeType":"text","value":" effective internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":", ensuring that all assets are safeguarded and financing activities are conducted efficiently. \u2699\ufe0f","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Why do nonprofits need financial statements?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial statements are much more than just accounting documents. 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They are also a compass guiding nonprofits toward their mission objectives with confidence. \ud83e\udded","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"4 types of nonprofit financial statements\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit financial statements provide a snapshot of your organization\'s financial health and performance. They paint a picture of your organization\'s financial health so you can make informed decisions.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Balance sheet","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A balance sheet in nonprofit accounting is also called the statement of financial position. It provides an overview of your finances and helps assess your organization\'s solvency (ability to pay off debts) and liquidity.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The balance sheet shows your organization\'s assets, liabilities, and net assets at a specific point in time.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Assets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": what your organization owns","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liabilities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": what you owe (i.e. accounts payable)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Net assets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": assets from the current year as well as the previous years\' operations (can be obtained from your annual reports).","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing the balance sheet is a great way to see just how your nonprofit stacks up and pinpoint any areas you want to focus on in the future. 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If your nonprofit has more assets than liabilities, you\u2019re likely in good financial shape!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 Income statement\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An income statement (AKA, the statement of activities) summarizes your organization\'s revenue and expenses over a specific time period\u2014quarterly, monthly, yearly, etc. It helps you understand your financial performance and whether your organization is operating out of a surplus or deficit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The three main sections of an income statement are:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": money coming in (donations, grants, revenue, etc.)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": money spent (payroll, program expenses, etc.)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Change in net assets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": how much money the organization made","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The income statement is a great way to determine where money is coming in from, if the organization will get the same money next year, and where money is being spent. 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Plus, great bookkeeping habits can help you identify cost-saving opportunities and grow your profits. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So here\u2019s the good news: in this guide, we\u2019ll share our top strategies to make organizing receipts painless\u2014and maybe even fun. \ud83d\ude04","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll also cover:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-should-small-business-owners-save-receipts"},"content":[{"nodeType":"text","value":"Why should small business owners save receipts?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-types-of-receipts-should-a-business-owner-save"},"content":[{"nodeType":"text","value":"What types of receipts should a business owner save?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-10-best-ways-to-organize-business-receipts"},"content":[{"nodeType":"text","value":"The 10 best ways to organize business receipts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line"},"content":[{"nodeType":"text","value":"The bottom line on receipts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive in!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why should small business owners save receipts?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Good record-keeping is key to building and maintaining a successful business. But you may wonder if holding on to your receipts is really worth the hassle. The short answer is: absolutely, yes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons to think twice before throwing away your receipts. \u26d4 \ud83d\udeae","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts keep you prepared for tax season \ud83d\uddd2\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your tax return is like a financial snapshot \ud83d\udcf8 of your small business\u2019s income and expenses. Without receipts, it\u2019s hard for the IRS to see the full picture. \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the saying goes, sometimes you have to spend money to make money. \ud83d\udcb2 Covering payroll, buying inventory, and purchasing office supplies can all affect your bottom line\u2014but that\u2019s why the IRS allows you to claim a tax deduction for these items.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A tax deduction (also known as a write-off \u270d\ufe0f) allows you to subtract certain types of expenses from your business\u2019s taxable income. However, it\u2019s crucial to keep your receipts if you plan to claim something as a write-off\u2014if you\u2019re ever audited by the IRS, you\u2019ll need proof that your purchases were truly for business purposes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wondering which business expenses count? Check out this IRS guide on","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/publications/p535"},"content":[{"nodeType":"text","value":" common business  deductions","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts audit-proof your business \ud83d\uddc3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This brings us to our next point: when it comes to business finances, you can\u2019t just wing it. The IRS expects you to record every single transaction you report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though only about","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://smallbusiness.chron.com/top10-irs-audit-triggers-24366.html"},"content":[{"nodeType":"text","value":" 2.5% of businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" are audited each year, a surprise letter or visit from the IRS is something you want to avoid at all costs. \ud83d\udcaf That\u2019s because an audit isn\u2019t just a minor inconvenience\u2014if you\u2019re not prepared, it can be incredibly time-consuming and stressful.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IRS audits typically cover your past 3 tax returns, but if an error is found, they may ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/irs-audits#:~:text=Generally%2C%20the%20IRS%20can%20include,possible%20after%20they%20are%20filed."},"content":[{"nodeType":"text","value":"review your tax returns from the past six years","marks":[],"data":{}}]},{"nodeType":"text","value":". If you\u2019re reading this guide, we\u2019re guessing you probably have no idea where your receipts from 6 years ago are today. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means if your business is ever audited, you could be forced to spend hours (or days) searching for old receipts. Remember: if you can\u2019t back up your write-offs with receipts, you might end up owing the IRS thousands of dollars in additional tax payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thankfully, we\u2019re here to help you organize your receipts (from six years ago to today)\u2014so that you can avoid this situation and keep your business audit-ready, all the time. \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jump to section: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-10-best-ways-to-organize-business-receipts"},"content":[{"nodeType":"text","value":"10 ways to organize your business receipts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts help you take control of your cash flow \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hidden costs can cut into your business\u2019s profitability, so it\u2019s important to know where your money\u2019s going. \ud83d\udd0e You can use receipts to track business expenses and categorize your spending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\u2019s say you see a charge from Amazon on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"business debit card","marks":[],"data":{}}]},{"nodeType":"text","value":". You might not know if that expense was for office supplies, an upcoming company event, or holiday gifts for your employees. But if you have your receipts organized, you\u2019ll be able to get a clear view of where your money is going. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipts for payroll, operating costs, and travel expenses \u2708\ufe0f will also help you see how much money is flowing in and out of your business each month. As a result, you\u2019ll be able to make more informed financial decisions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0Looking for more visibility into your business\u2019s cash flow? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Try a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With this approach, you categorize expenses into multiple \u201cenvelopes\u201d (or business checking accounts) and set a budget for each category based on your monthly revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) you can open 20 individual, free business checking accounts and easily implement the digital envelope budgeting system. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":"! ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts allow you to track returns or exchanges \ud83d\udd04","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saving receipts makes it easier to return or exchange items. Let\u2019s say you receive a shipment of damaged inventory. \ud83d\udc94 Without a receipt, the vendor may not issue a refund. Losing a receipt may cost you money. It could delay your ability to fulfill customer orders, too.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the flip side, having your receipt on hand can speed up the return process so you get a new shipment faster.\xa0 \ud83d\ude4c  Organizing your receipts saves you time, money, and, let\u2019s be honest, your sanity.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll also want to track returns or exchanges initiated by your customers. These transactions can affect your business\u2019s income, inventory, and sales.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts help you reimburse employee expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes, employees spend their own money on business-related expenses. When this happens, it\u2019s customary for the business to reimburse the employee.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you own a food truck. \ud83d\ude9a Your employees may need to fill up the gas tank on their way to events. If they cover the cost, you\u2019ll need a receipt to know how much you owe them. Requiring employees to show a receipt promotes transparency. It also protects both the employee and the business owner.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What types of receipts should a business owner save?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you\u2019ve just read, there are some pretty compelling reasons to keep your receipts. But how do you know which receipts to save and which are okay to toss out? \ud83d\udeae","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to small business bookkeeping, it\u2019s better to be safe than sorry. To err on the side of caution, try to record all transactions made for business purposes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some examples of receipts you should always keep:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inventory:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Keep a record of invoices from vendors, plus receipts of any raw materials or merchandise you purchase.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Property","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Log your rent, mortgage, or storage unit payments.\ud83c\udfea Also, track any property maintenance costs you may incur, including lawn care, HVAC services, or remodels \u2692\ufe0f.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Office supplies: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The staplers, pens, printer cartridges, and lightbulbs \ud83d\udca1 you purchase for your business could be tax deductible.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Travel expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Track purchases related to meeting clients, visiting a showroom, or finding a new vendor. The money spent on flights, rideshares, car rentals \ud83d\ude97, and hotels could help offset your taxable income.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vehicles:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Save all receipts tied to your company car(s). This may include purchasing a vehicle for business purposes, getting gas, maintenance services, and vehicle registration fees. Don\u2019t forget to track your mileage, too!","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Software subscriptions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"These subscriptions can include accounting software, like QuickBooks, Xero or Gusto. Adobe, Etsy, and Shopify are common small business subscriptions, too. \ud83d\udcbb","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gifts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you buy gifts for employees, investors, or clients, make sure you save your receipt! \ud83c\udf81","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing supplies","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Step-and-repeats, Google Ads, and branded packaging are examples of tax-deductible marketing investments. Tracking your marketing spend also helps you see which initiatives are effective and identify cost-saving strategies, so it\u2019s a win-win! \ud83c\udfc6","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Do you purchase meals when you travel for work, take clients out to lunch, or order catering for your employees? If so, save your receipts. Also, note the business purpose of the meal and who was in attendance. \ud83e\udd57","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still wondering which receipts you should save? This","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/what-kind-of-records-should-i-keep#:~:text=It%20is%20important%20to%20keep,type%20of%20income%20or%20expense."},"content":[{"nodeType":"text","value":" IRS guide","marks":[],"data":{}}]},{"nodeType":"text","value":" lists some important records small business owners should keep on hand.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 10 best ways to organize business receipts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you have stacks of paper receipts piling up in old shoe boxes? Is your inbox overflowing with digital receipts from past transactions? If the answer is yes, it\u2019s time to try something new.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve put together some receipt organization tips that will make your life\u2014and tax season\u2014so much easier. Here are 10 ways to stay on top of your business receipts:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Use a receipt scanner","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Physical receipts are easy to lose, so consider using a digital scanner to digitize them right away. Some apps let you scan receipts and store them as digital copies. Simply scan the receipt with your smartphone and upload it to your desktop, Google Drive, Dropbox, or another cloud storage platform. \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check out the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-receipt-scanner-app-small-business"},"content":[{"nodeType":"text","value":"best receipt scanner apps here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Categorize by type","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider using a filing system that organizes receipts by business expense. Use digital and physical file folders for each expense category. For example, you could divide receipts into categories like meals, operating expenses, payroll, and travel expenses. \ud83d\udcc1\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Don\u2019t forget to sort by date","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start filing receipts by date so you can easily see when business transactions were made. Accountants typically recommend keeping financial records\u2014including credit card statements, bank statements, and receipts\u2014from the last three years. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Leverage your email inbox\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you receive an email with a receipt every time one of your software subscriptions renews? Though you might be tired of an overflowing inbox, getting your receipts to your inbox is actually a good thing. You won\u2019t have to download individual receipts from each platform\u2014instead, you can manage some of your receipts without ever leaving your email.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, create a dedicated \u201cReceipt\u201d folder in your inbox. Then, as receipts come in, you can drag each receipt to that folder so they\u2019re easily accessible when you need them. You could even go the extra mile and break down your receipt folder into sub-folders for travel expenses, software, and contractor payments.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Use your accounting software","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are tons of online tools that can help you electronically track and organize receipts, including your accounting software. For example, the QuickBooks Online mobile app allows you to take pictures of your receipts from anywhere. Then, you can even attach your receipts to specific transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This will give your accountant additional context around cryptic transactions (like miscellaneous Amazon purchases) and even speed up bookkeeping. \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. 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Try to schedule time each week, month, and quarter to organize your receipts and review your budget. Put in the effort throughout the year so you aren\u2019t scrambling to track down documents before your tax deadline. Reviewing your spending as you go also gives you a clear picture of your cash flow. \u23f0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"8. Create policies for expense reports","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No one wants to spend hours reviewing bank statements or credit card statements trying to make sense of transactions. If you offer employee reimbursements, you need to have an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":"employee expense","marks":[],"data":{}}]},{"nodeType":"text","value":" policy. 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From proper classifications to nonprofit-specific regulations, there\u2019s a lot to consider. \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit organizations are unique in that they have a specific mission to fulfill rather than just making profits. As a result, their operations and finances are regulated differently than for-profit companies. This also means that the way they pay employees is different.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re a seasoned nonprofit leader or new to hiring, these complexities can be overwhelming. 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\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#payroll-taxes-and-other-regulations-for-paying-nonprofit-employees"},"content":[{"nodeType":"text","value":"Payroll taxes and other regulations for paying nonprofit employees","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#payroll-taxes"},"content":[{"nodeType":"text","value":"Payroll 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This means nonprofits need to have a business bank account to fund things like employee salaries. Keep in mind that nonprofits may have to follow certain rules when ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-bank-account-rules"},"content":[{"nodeType":"text","value":"opening a bank account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Misconceptions about how nonprofits pay employees \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we dive into exactly how nonprofits pay their employees, let\'s address some misconceptions. There are quite a few, but we\u2019ll stick to the most common ones:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c  All nonprofit staff members are volunteers.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705  ","marks":[],"data":{}},{"nodeType":"text","value":"Nonprofits not only have but depend on employees to operate.","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c  Employee salaries only come from donations.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705  ","marks":[],"data":{}},{"nodeType":"text","value":"Nonprofit salaries can come from donations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". ","marks":[],"data":{}},{"nodeType":"text","value":"They can also come from grants, program fees, or other income-generating activities.","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c  Nonprofits don\u2019t have to pay payroll taxes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705  ","marks":[],"data":{}},{"nodeType":"text","value":"Nonprofits are exempt from federal unemployment taxes but still have to adhere to payroll tax regulations.","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now let\'s take a closer look at each of these misconceptions, so you can everything you need to know about how nonprofits pay employees. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why nonprofits need volunteers AND employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no doubt that volunteers play an important role in nonprofit organizations. For example, many individuals on the board of directors are unpaid volunteers. 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Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons why nonprofits need paid employees, in addition to volunteers:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reliability and consistency","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employees provide a level of consistency and reliability that may be challenging to achieve with volunteers alone. Paid staff members may be more dedicated to their roles, which helps support the organization\'s operations and programs. \ud83e\udd1d","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expertise","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Nonprofits, like any other organization, may require professionals with specific qualifications and experience to manage complex programs, handle finances, or oversee strategic initiatives. \ud83e\udd13","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountability and commitment","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employees typically have a higher level of accountability and commitment to their roles, since they are part of the organization\'s regular staff. This commitment is crucial for ongoing programs. \ud83d\udcaa","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long-term sustainability and growth","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Paid employees contribute to the organizational stability required for long-term planning and high community impact. \ud83d\udcc8","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Similarities in how nonprofits and for-profits pay employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit workers may earn less than those in the private sector because of limited funds. However, both nonprofit and for-profit organizations must adhere to the Department of Labor\u2019s Fair Labor Standards Act.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This includes the federal minimum wage, the state minimum wage, overtime pay, and how employees are classified. Employees can be full-time or part-time, and they can be paid hourly or with an annual salary. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both kinds of organizations provide benefits like health insurance and retirement plans. They also follow payroll tax rules but with some important distinctions. For example, nonprofits classified as 501(3)(c) are exempt from the Federal Unemployment Tax Act (FUTA). \u2696\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How nonprofit employees are classified\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit employees have different classifications, like how much they work (full-time or part-time) and how they are paid (hourly or salary).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few of the most common federal employee regulations that nonprofits have to adhere to. (These do not account for specific state laws.) \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All employees must make at least the federal minimum wage, which is currently $7.25 per hour. Keep in mind different states, like California, will have different state requirements. \ud83d\udcb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The employer must pay overtime at one and a half times the base pay to any hourly employee (non-exempt) who works over 40 hours in a week. For example, if the employee normally makes $20 per hour, overtime pay is $30 per hour. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.dol.gov/agencies/whd/fact-sheets/17a-overtime"},"content":[{"nodeType":"text","value":"The Department of Labor sets requirements","marks":[],"data":{}}]},{"nodeType":"text","value":" for how to classify employees as salary (exempt) employees. These requirements include things like job duties and minimum salary. \ud83d\udc68\u200d\ud83d\udcbc","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consult with a human resources expert to help you determine employee classifications and other labor laws. \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Do nonprofit employees receive paid benefits?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s no secret that for-profit companies offer higher salaries than nonprofits. While nonprofits can\u2019t offer the same monetary compensation, they do offer other perks and benefits. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Competitive healthcare and retirement plans","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Flexible work schedules","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More vacation time","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tuition reimbursement and/or student loan forgiveness","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Feeling good about making a difference in the lives of others","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that these perks and benefits are not a substitute for fair compensation. Giving employees a fair salary will keep them happy and help them stick around longer. \ud83d\ude03","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Funding sources for paying nonprofit employees \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every year,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-budgeting"},"content":[{"nodeType":"text","value":" nonprofits make a budget","marks":[],"data":{}}]},{"nodeType":"text","value":" with expenses (like program costs and salaries) and income (funding). But which funding sources are appropriate to use for paying a nonprofit\u2019s employees?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few different funding sources nonprofits can use to fund payroll: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Donations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": individual donors that provide money, goods, or services to the organization. \ud83e\uddb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grants","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": money given to nonprofits from the government or other institutions for a specific purpose. \ud83c\udfdb\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income-generating activities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": include paid speaking engagements, consulting services, and selling a product, among others. These activities generate income independently of donations and grants.) \ud83d\udcc8","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits may get restricted funding, which means they can only use it for specific programs or purposes. Sometimes this purpose can be to pay staff members, but often the funding is for specific programs or services. Nonprofits must only","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"use these restricted funds for their intended purposes. \u274c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a nonprofit, it can be tough to juggle multiple streams of revenue and different expense categories. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b), nonprofits can open 20 individual, no-fee business checking accounts. Then, you can organize your money across accounts and get total visibility into cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if your nonprofit receives restricted funding that\u2019s only to be used for payroll, you can open a dedicated ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-a-payroll-bank-account"},"content":[{"nodeType":"text","value":"payroll bank account","marks":[],"data":{}}]},{"nodeType":"text","value":". That means you\u2019ll never have to worry about accidentally spending restricted funds again. \ud83e\udd29\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Payroll taxes and other regulations for paying nonprofit employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite their tax-exempt status, nonprofits are not completely free from tax obligations. Let\'s dissect the rules and regulations around payroll taxes to help you navigate these murky waters with confidence and compliance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Payroll taxes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A common misconception is that nonprofits are exempt from all taxes. That is simply not the case. They are still subject to payroll taxes like federal and state income tax withholding, social security, and Medicare. Nonprofits must match employee withholdings on these taxes and deposit them to the IRS. \u2696\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind, that even employees earning cash are still subject to these payroll taxes. Therefore the organization must match their taxable contributions. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Exemptions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits that are classified as 501c are not required to pay federal unemployment tax (FUTA). However, states have their specific regulations. Some states do not require nonprofit organizations to pay state unemployment taxes (SUTA). While others, like California, generally require nonprofits to pay. You can consult with a tax expert to determine which rules apply to your nonprofit. \ud83e\udd13","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Other regulations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to these rules and regulations, nonprofits must follow regulations to keep their tax-exempt status with the IRS. \ud83d\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Leadership salaries, such as executive directors, must be considered ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/exempt-organization-annual-reporting-requirements-meaning-of-reasonable-compensation"},"content":[{"nodeType":"text","value":"reasonable compensation","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IRS Form 990 federal tax return has to include executive compensation, which must be transparent. \ud83d\udd0d","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not all fundraising funds can be used to pay staff members. Some funding is restricted, meaning it can only be used for specific programs or uses. \ud83d\udeab","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits have a lot to consider when paying employees. There are a ton of rules, regulations, and exemptions. It\u2019s enough to make your head spin. Remember, as a nonprofit you\u2019re making a huge impact on the communities you serve, and employees are the heart of your organization. You\u2019ve got this. \ud83e\udef6","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay: Paying your employees... made easier \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no doubt there are a lot of nuances nonprofits face with how they pay their employees. Knowing everything from the different classifications, to what taxes they need to pay (or the ones they\u2019re exempt from) is stressful.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that the right banking platform can make it easier.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that helps nonprofits get total visibility into their income and expenses\u2014including employee salaries. From no-fee checking and savings to powerful accounting integrations, Relay is uniquely built to serve nonprofits. \ud83d\udc50","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons why nonprofits love banking with Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Open 20 individual checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Organize income, expenses, and cash reserves with multiple checking accounts. You can create individual accounts to set aside grants, budget for day-to-day operating expenses, and beyond.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"No account fees or minimum balances:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With no monthly fees, overdraft fees, or minimum balance requirements, Relay helps nonprofits avoid unnecessary costs.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Automated savings","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay helps you grow your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":"nonprofit reserves","marks":[],"data":{}}]},{"nodeType":"text","value":" with\xa0automatic savings. Plus, you\u2019ll earn 1-3% APY","marks":[],"data":{}},{"nodeType":"text","value":"1","marks":[{"type":"superscript"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on every dollar.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Entirely online banking","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Open checking and savings accounts, issue debit cards, and send and receive payments completely online\u2014no in-person branch visits required.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 virtual or physical debit card","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"s: Create new debit cards for specific projects and expenses, and get instant access to virtual debit cards for online and mobile payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":" Built for teams","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay lets you set debit card spending limits and receive detailed data for all team spending. You can also invite your accountant, assistant, and other team members to Relay with secure, role-based logins.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":" Streamlined bookkeeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay lets you sync detailed banking data directly into QuickBooks Online or Xero, making bookkeeping a breeze.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? 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Relay, with its digital-first approach, offers a suite of tools tailored for modern small businesses, emphasizing transparency, ease of use, and seamless integrations. Its commitment to revolutionizing the banking experience is evident in features like real-time transaction insights and a profit-first approach.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In contrast, Tri Counties Bank, rooted in California with a rich history, provides a mix of traditional and modern banking services. Their emphasis on relationship banking, offering a wide range of services from treasury management to agricultural solutions, demonstrates their dedication to diverse business needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the choice depends on your business\'s specific requirements. 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Profit First percentages with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\\nWhat are Profit First percentages?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First percentages are also known as target allocation percentages (TAPs). 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\'s say a client pays you $1,000. You\'ve decided to allocate 5% of your revenue to profit (5% being your TAP), so you transfer $50 to your Profit account. If another client pays you $10,000, you would still allocate 5% of your revenue to profit ($500). \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll need to choose a TAP for each of your Profit First accounts. These percentages will depend on your company\'s unique needs and business model, but Mike Michalowicz (the creator of Profit First) recommends the below TAPs as a starting point:","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1OeLr4USojQfpQKzjAQLtk","revision":1,"createdAt":"2023-11-17T17:03:41.099Z","updatedAt":"2023-11-17T17:04:09.046Z","publishedAt":"2023-11-17T17:04:09.046Z","firstPublishedAt":"2023-11-17T17:04:09.046Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s important to note that TAPs are based on ","marks":[],"data":{}},{"nodeType":"text","value":"real revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", which is the total amount of money your business generates annually minus the cost of materials and subcontractors. Be sure to take this into account when reviewing the real revenue range in the chart above. \u2b06\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re feeling overwhelmed by these Profit First percentages, don\'t worry. It might take some time to figure out the right TAPs for your business, but you can always start by allocating 1% of your income to profit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to implement Profit First percentages","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step of implementing a Profit First approach is seeing where your business finances currently stand. You can use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://s3.amazonaws.com/ProfitFirst/PF-InstantAssessment.pdf"},"content":[{"nodeType":"text","value":"Profit First\u2019s instant assessment","marks":[],"data":{}}]},{"nodeType":"text","value":" to understand your company\u2019s current revenue numbers.\xa0\ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then, you can use the same assessment to calculate your current allocation percentages (CAPs). AKA, the money you\u2019re currently setting aside for each category (Operating Expenses, Taxes, Owner\u2019s Pay, and Profit).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your CAPs are pretty far off from the TAPs that Profit First recommends, you\u2019ll want to set small goals to increase your allocations over time\u2014or reduce them, if you\u2019ve been overspending in one area. This will help you work your way up to the TAPs. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you still need to open your 5 Profit First accounts and implement your Profit First percentages, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" can help. Relay is an online banking and money management platform\u2014and we\u2019re the official banking platform for Profit First. \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, small business owners can open 20 no-fee business checking accounts. Then, you can set up percentage-based transfers for each of your TAPs. 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However, every entrepreneur and every business is different. Your TAPs might need to be adjusted depending on your unique goals, financial situation, and business model.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that you\'re not alone: Profit First\'s certified","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://profitfirstprofessionals.com/"},"content":[{"nodeType":"text","value":" Profit First Professionals","marks":[],"data":{}}]},{"nodeType":"text","value":" can help. These accountants, bookkeepers, and financial experts are trained to help business owners improve their cash flow management with the Profit First method. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of these certified professionals have even written books to help different types of small business owners implement Profit First. In this section, we\'ll be providing insights straight from these Profit First professionals and their books.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to discover the right Profit First percentages for your business? Let\'s dive in!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Chiropractors \ud83e\uddd1\u200d\u2695\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Chiropractors-Transform-Cash-Eating/dp/B0B9QRRTR5/ref=sr_1_1?crid=GR7M8CUWMN4V&keywords=profit+first+for+chiropractors&qid=1698642856&sprefix=profit+first+for+chiropractor%2Caps%2C73&sr=8-1"},"content":[{"nodeType":"text","value":"Profit First for Chiropractors","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Debra Cassera and Sabrina Pelech, with a foreword by Mike Michalowicz. The founders of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.profitfirstchiro.com/"},"content":[{"nodeType":"text","value":" Profit First Chiro","marks":[],"data":{}}]},{"nodeType":"text","value":", Debra and Sabrina, help chiropractors optimize cash flow and become permanently profitable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a chiropractor, the desire to help people may seem at odds with profitability. But Debra and Sabrina have helped numerous chiropractors reframe their thinking and create thriving businesses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the Profit First approach, you can learn to balance your work as a healer with your duties as a practice owner. In fact, it\u2019s your responsibility to be financially successful. That\u2019s because profitability helps you better serve your community. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up the five essential Profit First accounts is the first step toward creating a profitable chiropractic practice. Here are the TAPs allocations chiropractors should aim to reach with their revenue:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s pay: 50%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: 15%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx (rent, staff, etc): 30%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit: 5%","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s okay if you can\u2019t reach these allocation targets at first. Use your current allocation percentages (CAPs) and work your way up to your TAPs. You can gradually increase your CAPs for Profit, Owner\u2019s Compensation, and Tax accounts. Then, you can gradually decrease your OpEx allocations.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Contractors \ud83e\uddba","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Contractors-Construction-Money-Making/dp/1790264502/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1698642740&sr=8-1"},"content":[{"nodeType":"text","value":"Profit First for Contractors","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Shawn Van Dyke, with a foreword by Mike Michalowicz. Shawn strives to get contractors out of what he calls \u201cThe Craftsmen Cycle,\u201d where profit is an afterthought.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shawn takes the core principles of Profit First and tailors them to the unique needs of contractors. The Profit First for Contractors approach can help your business become permanently profitable.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contractors need work trucks, equipment, and overhead to complete jobs. That\u2019s why Shawn recommends having a business account dedicated to the cost of goods and services, also called a COGS account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your TAP for the COGS account should be somewhere between 65% to 70% of your total revenue. If your COGS allocation exceeds that 70% target, you may need to increase your prices.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, look at your operating expenses (OpEx). Aim to allocate 15% to 25% of your revenue for your OpEx account. If your OpEx allocations exceed 25%, look for ways to cut your spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that your Profit TAP may vary by your specialty. For example, a general contractor may only need a 10% pre-tax profit margin. But an HVAC specialist or plumber may need a higher Profit TAP, like a 20% pre-tax profit margin.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If these numbers seem big, don\u2019t worry! You can start small with a 1% Profit TAP and work your way up from there.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Want to learn more? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s deep dive on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-contractors"},"content":[{"nodeType":"text","value":"Profit First for Contractors here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Dentists \ud83e\udea5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Dentists-Strategies-Financial/dp/1735907804"},"content":[{"nodeType":"text","value":"Profit First for Dentists","marks":[],"data":{}}]},{"nodeType":"text","value":" is a book written by Barbara Stackhouse and Drew Hinrichs, with a foreword by Profit First founder, Mike Michalowicz.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owning a dental practice can come with some high overhead costs. To make ends meet, some dentists fall into the trap of thinking they have to spend more time in the chair to make more money. This can lead to a lack of work-life balance and more than a few cash flow problems.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the good news: If you\u2019re working more hours but not seeing more profit come into your practice, Profit First for Dentists can help. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to the authors of Profit First for Dentists, if you want to make your dental practice thrive, you have to take a hard look at your operating expenses. Then, Barbara suggests starting small with your Profit TAP. If you\u2019re barely breaking even, your profit CAP is probably 0%. If you want to work up to 10%, it\u2019s going to take some time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Breaking your TAPs into quarterly targets can help you scale. Let\u2019s say you set a Profit TAP of 2% for the first quarter. If you increase the TAP by 2% each quarter, you\u2019ll reach your Profit goal in about 14 months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s an example of what your dentist practice\u2019s TAPs may look like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit: 10%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation: 13%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: 10%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx (including staff, rent, etc): 67%","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For dental practice owners, decreasing operating expenses\u2014NOT working more hours\u2014is key to increasing profit margins.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"E-commerce businesses \ud83d\udecd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyndi Thomason is a certified Profit First Professional and founder of a company that provides bookkeeping services to e-commerce businesses. She also wrote the book ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Ecommerce-Sellers-Money-Making/dp/0960028315"},"content":[{"nodeType":"text","value":"Profit First for E-commerce Sellers","marks":[],"data":{}}]},{"nodeType":"text","value":", which breaks down exactly how to implement Profit First\u2014and all the benefits for e-commerce businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyndi recommends that e-commerce business owners open the five Profit First accounts, plus one dedicated to Inventory. Keep in mind that e-commerce Profit First percentages are determined by real revenue, which is the amount of revenue left over after inventory costs. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why it\u2019s important to remember that your TAPs will change based on your revenue. Let\u2019s say your e-commerce business does $250,000 in ","marks":[],"data":{}},{"nodeType":"text","value":"real","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" revenue this year. You may aim for a 5% Profit TAP. But if you double your ","marks":[],"data":{}},{"nodeType":"text","value":"real","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" revenue next year, you may aim for a 10% Profit TAP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If these targets seem overwhelming, remember to start small. You can set aside 1% for Profit and slowly scale to your TAP. This approach allows you to stay on top of spending, cut unnecessary costs, and ultimately, create sustainable business growth.\xa0 \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Keep reading: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s deep dive on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-ecommerce"},"content":[{"nodeType":"text","value":"Profit First for E-commerce Sellers here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lawncare businesses \ud83c\udf37","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Lawn-Landscape-Businesses/dp/0578908158"},"content":[{"nodeType":"text","value":"Profit First for Lawn Care and Landscape Businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Christeen Era. Lawncare and landscape services have the potential to be one of the most profitable businesses out there. Christeen says it\u2019s possible to have profit margins that range from 50% to 65%. Plus, net profit margins of 30% to 35% are totally attainable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But most small businesses in the lawn care and landscape industry aren\u2019t hitting these numbers. If your profit margin is less than 15%, it might be time to make a change and implement Profit First. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started, Christeen says that you\u2019ll need to find your break-even point. Add up your fixed and variable costs for a given month, then multiply that number by 12. If it costs $15,000 to run your business each month, you\u2019ll need to make $180,000 per year to break even. But you don\u2019t want to just break even\u2014you want to be profitable!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your allocation percentages will be based on your break-even point, which is the amount of money it takes to sustain your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Besides your main income account, there are five core Profit First accounts recommended for landscape and lawn care businesses. Here are the accounts and an example of the TAPs that could go with them:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit: 15%\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation: 20%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: 15%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx: 50%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Materials & Subcontractors: 15% of total revenue","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re thinking, \u201cThese numbers don\u2019t add up to 100\u201d, you\u2019re right! Here\u2019s why: Your Profit, Owner\u2019s Compensation, Taxes, and OpEx TAPs will be based on your real revenue number\u2014which is your income ","marks":[],"data":{}},{"nodeType":"text","value":"minus ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"the costs of materials and subcontractors. \ud83d\udcb8\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your accounts don\u2019t match these target allocations at first, that\u2019s okay! Once you have your TAPs and Profit First accounts set up, identify which accounts have a negative CAP.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prioritize the negative accounts and bring them up to at least 1%. Then, adjust your other accounts to account for this 1% reallocation. Over time, these small adjustments will help you reach your larger allocation targets. \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lawyers \ud83c\udfdb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Lawyers-Cash-Eating-Money-Making-ebook/dp/B0CDNHFKPF/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr="},"content":[{"nodeType":"text","value":"Profit First for Lawyers","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Rjon Robins. This book builds on the core principles of the Profit First approach and tailors this cash flow management system to law firms.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some law firms have profit margins as large as 35% to 45%. However, many lawyers face cash flow problems due to delayed client payments and variable operating expenses. With Profit First, they can build a financial safety net and learn to keep spending under control.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your law firm\u2019s Profit First percentages will depend on your real revenue range. Then, you\u2019ll need to find your CAPs and decide if your budget needs to change. Remember, if your operating expenses are too high or you don\u2019t have enough money for profit, you may need to raise your prices and cut back on spending.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Minority-owned businesses \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Minority-Business-Enterprises-ebook/dp/B08TP1JR24"},"content":[{"nodeType":"text","value":"Profit First for Minority Businesses","marks":[],"data":{}}]},{"nodeType":"text","value":", by Susanne Mariga, takes the core principles of the Profit First Approach and tailors the system to the unique needs of minority-owned businesses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Susanne explains how the Profit First approach is a practical system for helping your business thrive. Six different bank accounts provide the framework for this cash management system:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Materials and Subcontractors","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you see where your money is going, you can define your TAPs. Allocate funds for materials and subcontractors based on your total revenue. Then, subtract material and subcontractor costs from your total revenue, which is your real revenue. All other TAPs should be based on your real revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you have a Profit target of 30%. If your current allocation for Profit is 10%, that\u2019s okay! Susanne suggests starting small with weekly, incremental changes. Can you up your Profit allocation by 1% each month? If so, you\u2019re headed in the right direction! \ud83d\uddfa\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Susanne\u2019s approach will give you cash flow clarity and help put you in control of your company\u2019s finances. As a result, you\u2019ll be able to make spending decisions with ease and create sustainable business growth. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Microgyms \ud83c\udfcb\ufe0f\u200d\u2640\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Microgyms-John-Briggs/dp/1733179003"},"content":[{"nodeType":"text","value":"Profit First for Microgyms","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Jason Briggs. Building on the principles of the Profit First system, Jason gives small gym owners practical tools to improve their financial fitness.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want to make profit gains for your micro gym? Start by creating these Profit First accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Team Members","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Pay","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you establish these accounts and determine your TAPs (based on your unique business goals), it\u2019s time to get into a financial rhythm. You can use the 10/25 Rule to set up bi-weekly allocations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Making your Profit transfers on the 10th and 25th of each month will give you more visibly into your cash flow. If the 10th and 25th don\u2019t work for your cash flow, just make sure to find two other dates that fit your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Real estate agents \ud83c\udfe1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Real-Estate-Agents-ebook/dp/B09DT8HTW1"},"content":[{"nodeType":"text","value":"Profit First for Real Estate Agents","marks":[],"data":{}}]},{"nodeType":"text","value":" is a book written by Damon Yudichak. Building off the core Profit First principles, Damon helps real estate agents navigate the financial ups and downs of this ever-changing market. According to Damon, the key to financial clarity is separating revenue into different accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In real estate, you often need to spend money to make money. By putting profit first, you limit unnecessary spending and put the focus squarely on profitability. 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She also provides tax, accounting, and Profit First consulting services to therapists.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can purchase ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First for Therapists","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Therapists-Framework-Financial/dp/B0BQT7CGNB"},"content":[{"nodeType":"text","value":"Amazon.com","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcd6","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The benefits of Profit First for Therapists","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the mental health industry, profit can seem like a dirty word. But the truth is: Your clients need your practice to be profitable! \u2763\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Julie says it best, \u201cYour business must serve you.\u201d Remember the saying, \u201cYou can\u2019t pour from an empty cup\u201d? Well, the same can be said about your business. You can\u2019t effectively serve your clients or community if you\u2019re burned out and broke. \ud83d\udc94","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest benefits of Profit First for therapists is that it allows you to build a truly profitable practice. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Profit First works for therapists","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First for Therapists follows a framework similar to the original Profit First method. 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For example, TAPs for someone\u2019s solo practice will differ from TAPs for your group practice.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you may have a 15% TAP for your Profit account. However, a group practice owner may set a 10% Profit TAP. If you\u2019re just starting out, these goals can seem extreme.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that it\u2019s okay to start small! You could put 1% toward Profit and increase your contribution over time. \ud83e\udd73\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Making your Profit First transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once your bank accounts are open and you set your TAPs, it\u2019s time to make allocations. You\u2019ll need to establish a frequency for your Profit First transfers. Some Profit First business owners follow the 10/25 Rule. This rule just means they make transfers on the 10th and 25th of each month. \ud83d\uddd3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But there\u2019s more than one way to establish a transfer rhythm. \ud83e\udd41 Based on your practice\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":", you could make weekly, bi-weekly, or monthly transfers. The key is to choose transfer dates that align with your payment and payroll schedules.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, the Profit First method encourages business owners to take profit distributions. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve already mixed your personal and business spending\u2014don\u2019t panic. Remember that by reading this article, you\'re already taking the first step towards better money management.  \ud83d\ude4c  Plus, by becoming aware of the risks below, you can make more informed spending decisions going forward.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f Legal complications\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As stated earlier, from a legal standpoint, you\u2019re not breaking any specific laws when you use your business debit card for personal use.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, when you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"opened a business checking account","marks":[],"data":{}}]},{"nodeType":"text","value":", you signed a contract with a card issuer or account provider. This contract almost definitely included a clause about using your business card for personal expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By buying something that isn\u2019t for your business with a card meant for business spending, you\u2019re in breach of that contract. This could put you in legal trouble down the line.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, if your business is a limited liability company (LLC) or a corporation, you\u2019re entitled to certain protections for your personal assets if your business fails or is sued.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, you can lose those protections by \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.law.cornell.edu/wex/piercing_the_corporate_veil"},"content":[{"nodeType":"text","value":"piercing the corporate veil","marks":[],"data":{}}]},{"nodeType":"text","value":".\u201d That means when you use your business\u2019s cash for personal expenses, you could be putting your personal assets at risk in the event of a lawsuit or bankruptcy. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd0e Lack of visibility into cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding your business\u2019s cash flow will help you make informed, strategic business decisions. But if you\u2019re always making withdrawals from your business funds for personal use, getting a clear picture of your company\u2019s financial health will be a lot harder.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blurring the lines between personal and business expenses not only hinders your understanding of your financial health\u2014it can throw you off budget, and into a cash flow crisis. When you\u2019re spending the business\u2019s money on personal items, you could accidentally eat into cash meant for your company\u2019s operating expenses, savings, or payroll costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2Messy bookkeeping\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main reason many business owners choose not to mix their personal and business expenses is that it creates a bookkeeping nightmare. \ud83d\udcad","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you use your business card for personal purchases, your books become cluttered with irrelevant transactions, making it challenging to keep accurate records. Plus, when tax season rolls around, sorting through all these mixed transactions can be a massive headache. \ud83d\ude13","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Tax-time drama\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That brings us to taxes. If just the thought of tax season makes you nervous, then the idea of combining business transactions and personal transactions should make your skin crawl.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners need to use their expense reports, income statements, and other financial documents to file their taxes. However, if you made personal purchases all year, you\u2019ll find it takes hours \u23f1 to figure out which transactions were personal, and which were business-related.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you do spend days categorizing your spending, you might make some costly mistakes. If you categorize a business expense as personal, you could lose out on legitimate business tax deductions\u2014or worse, end up in tax trouble if you claim a personal expense as a business write-off. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd35 Audit-readiness\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say an audit comes, and the auditor discovers that you\u2019ve been making personal purchases with money from your business bank account. Sure, you didn\u2019t do anything illegal, but potential investors and business partners may think twice about working with you and your company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s crucial for small businesses to be ready for an audit at all times\u2014whether it\u2019s being conducted by the IRS, a potential investor, or another third party. The best way to stay ready? Keep your business card for your business needs, and you\u2019ll be in the clear. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 When to use your business debit card","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All these rules and warnings may seem like no fun, but they\u2019re crucial to running a professional, legal, and profitable business. So if you can\u2019t use your business debit card for personal use, when is the right time?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few types of expenses that you can pay for with your business debit card.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Recurring payments ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udd04","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any business-related payment that happens periodically can be made with your business debit card. Examples of these recurring payments include rent payments (for your office), utility and phone bills, and software subscriptions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Everyday business purchases \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need a new stapler? You can\u2014and should\u2014use your business debit card for things like office supplies, printing costs, and other expenses directly related to running your company.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Business trips and client meetings \u2708\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you travel for business, it\u2019s always a good idea to use your business debit card for expenses related to the trip, such as flights, hotels, and meals with clients or partners. Just make sure to keep all receipts and note the purpose of each expense. \ud83d\udcc3\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Employee expenses \ud83d\udc77\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have employees who regularly make business purchases and need reimbursement, business debit cards can simplify the process. For example, Relay (that\u2019s us! \ud83d\udc4b) lets you issue up to 50 virtual or physical Visa\xae debit cards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can issue individual debit cards for employees, teams, or specific spending categories. This will majorly simplify ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":"employee expense management","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014no more last-minute expense reports or employee reimbursements.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, issuing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual business debit cards","marks":[],"data":{}}]},{"nodeType":"text","value":" to your team will give you real-time visibility into spending. You\u2019ll be able to see right away if an employee is using their business debit card for personal use. Then, you can freeze or lock their debit card from your Relay mobile app. This makes business spending more convenient and secure. \ud83d\udd10\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc4 Mini-Quiz: Should I use my business debit card for personal use?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using your business debit card for personal use can come with some serious risks. So to help you make sure you\u2019re using your business card the right way, we\u2019ve created a mini-quiz to test your knowledge. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through a short story about a hypothetical business owner named Beth. Throughout Beth\u2019s busy day, she makes many purchases. See if you can pick out which purchases should be made with her ","marks":[],"data":{}},{"nodeType":"text","value":"personal debit card","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and which should be made with her","marks":[],"data":{}},{"nodeType":"text","value":" business card","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"! \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beth starts her day by heading to her favorite local coffee shop, ","marks":[],"data":{}},{"nodeType":"text","value":"buying a coffee ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2615\ufe0f for herself, and opening her email. She checks her work calendar but notices that her subscription to the calendar software is running out, so she ","marks":[],"data":{}},{"nodeType":"text","value":"renews her subscription ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\uddd3.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the morning, she works on organizing some data for her organization before heading to a company-sponsored lunch event. After ","marks":[],"data":{}},{"nodeType":"text","value":"paying the caterer","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83e\udd6f for lunch and enjoying the meal, she heads to the photoshoot area where her organization is offering new headshots for all employees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wearing","marks":[],"data":{}},{"nodeType":"text","value":" the new blazer she bought ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udc69\ud83c\udffd\u200d\ud83d\udcbc for her headshot, she gets a perfect photo before ","marks":[],"data":{}},{"nodeType":"text","value":"paying the photographer","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83d\udcf8 for their services.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Check your answers below!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Annnnnnnd time! Let\u2019s review.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, Beth bought a coffee. She may have been working while enjoying the coffee, but it\u2019s not a required or necessary purchase for running her company, so it should come from her personal account. \u274c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, since her calendar subscription is used for work, it counts as a business expense. \u2705","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Likewise, meals and entertainment for business purposes are legitimate business expenses, so she can pay for the caterer with her business account too! \u2705","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, even though her new blazer looks great on her, it wasn\u2019t necessary to run her business. She\u2019ll have to pay for it using her personal credit card or debit card. \u274c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last but not least, the photographer\u2019s payment is strictly related to work, so it can be paid for using her business credit card or debit card! \u2705","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2b07\ufe0f The bottom line\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve learned the do\u2019s and don\u2019ts of using your business debit card, you\u2019re ready to handle your company expenses like a pro. Remember to keep personal and business expenses separate, use your business debit card for appropriate purchases, and stay organized with your records.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2705 Instantly issue 50 business debit cards with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that lets small business owners open multiple, no-fee checking and savings accounts. With Relay, you can also issue 50 virtual and physical debit cards to stay on budget\u2014and stay on top of team spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why small business owners love using Relay for their business banking (and debit cards):\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"20 free business checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay doesn\u2019t charge overdraft fees, maintenance fees, or require a minimum account balance. That means you can easily organize your money into multiple accounts (like profit and operating expenses) and get crystal clear on earning, spending, and saving.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automated savings: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay helps you add more breathing room to your budget with automatic savings. Plus, you\u2019ll earn 1-3% APY* on every dollar.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"50 physical or virtual debit cards","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": With Relay, you can instantly issue 50 physical or virtual cards. Digital cards can be used right away for online shopping or with your mobile wallet.\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Simplified expense management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Want to organize spending and stay on track with your budget? Relay lets you quickly issue debit cards for new expense categories, project expenses, or separate teams.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Online card controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" No phone calls required. 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You can apply for an account online in less than 10 minutes. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Scale your company \u2197\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless of your business\u2019s size, maintaining a competitive edge is key to success. Growth opportunities\u2014like opening a new location, entering a new partnership, or launching a new product\u2014can help you scale operations. If you want to pursue these opportunities, though, you\u2019ll need to plan for startup costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When a growth opportunity arises, you\u2019ll probably need to act fast. A robust business savings account ensures your business has the funds you need to do just that, whether it\u2019s investing in marketing, opening a new store location, or working with new vendors.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Prepare for tax season \ud83d\ude30","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re a sole proprietor or running a business with dozens of employees, it\u2019s crucial to save for taxes throughout the year. The best way to do this is in a dedicated business savings account\u2014not in your personal savings account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Filing taxes is a complex process, so it\u2019s important to keep your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"personal finances separate from your business finances","marks":[],"data":{}}]},{"nodeType":"text","value":", even when it comes to your savings. That way, you\u2019ll have a clear idea of your business\u2019s income and expenses\u2014and you can avoid tapping into funds set aside for your personal life.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Earn interest \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business savings account gives you fast access to cash when you need it. This kind of account can also make your money work for you. That\u2019s because you can earn interest on the money you put in a business savings account. \ud83e\udd73 For long-term savings goals like taxes, that\u2019s a major win\u2014you can make your money grow, with no additional effort on your part.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us \ud83d\udc4b) is an online banking and money management platform that lets business owners earn 1-3% APY* on savings. Plus, you can automate transfers between your business checking and savings accounts and make the most of your extra cash. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a savings account for your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business savings accounts keep your money liquid and let you earn interest. So are you ready to find the perfect business savings account for your small business?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 9 things you may want to consider as you shop around:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Traditional banks vs. online banking platforms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nowadays, many financial institutions offer business checking accounts and business savings accounts. When you\u2019re trying to find the right fit, consider whether ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"a traditional bank or online banking platform","marks":[],"data":{}}]},{"nodeType":"text","value":" works better for needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks \ud83c\udfe6and online banking platforms \ud83d\udcbb are two different types of financial institutions. These institutions share some similarities, but they have key differences, too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks have physical branches where customers can make in-person transactions. But online banking platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" offer small business owners a mobile banking alternative with modern services\u2014including digital business savings accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks or credit unions can be inconvenient for business owners, since many require in-person or ATM visits to complete deposits or withdrawals. By contrast, online banking platforms aren\u2019t weighed down by the constraints of physical branches. With an online banking platform, you can sign up completely online and manage your account from anywhere. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"APY \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A high-interest business savings account, sometimes called a high-yield business savings account, is a savings account that offers above-average interest rates on deposits. \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to \ud83d\udcb3 credit cards, you typically look for lower interest rates. But higher interest rates are a good thing for savings accounts. Accounts that offer a high APY, or annual percentage yield, can help you earn more interest on your extra cash. \ud83d\ude42","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Fees \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you compare business savings accounts, watch out for hidden charges, like ATM fees, overdraft fees, monthly service fees, and monthly maintenance fees. \ud83d\ude28","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monthly maintenance fees can add up quickly and eat into your bottom line. The best business savings accounts typically strike the balance between high APY and low or no monthly maintenance fees.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Minimum balance requirements \u26d4\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some financial institutions require you to keep a minimum balance in your business savings account. The account balance requirement could range anywhere from $100 to over $1000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many business owners prefer online banking platforms because of their low or nonexistent minimum balance requirements. For example, with Relay, you can open two business savings accounts with no minimum balance requirements. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Deposit requirements \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial institutions may have deposit requirements that customers must follow. For example, some banks, credit unions, or online banking platforms require a minimum opening deposit. This term refers to the minimum amount of money a customer would need to deposit to open a business savings account.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Deposit limits \u270b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some business savings accounts require you to keep a minimum account balance. Certain financial institutions may also enforce deposit limits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For business savings accounts, the deposit limit refers to the maximum amount of cash you can deposit into the account in a certain amount of time. If you plan to deposit large sums of cash into your account, consider whether your financial institution has a deposit limit.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"FDIC insurance \ud83c\udfe6\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A savings account should be a place where you can store reserve cash for safekeeping. The Federal Deposit Insurance Corporation (FDIC) \ud83d\udd12 is an independent organization that provides deposit insurance to commercial banks, credit unions, and other financial institutions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fdic.gov/resources/deposit-insurance/?utm_source=google&utm_medium=paid_search&utm_campaign=pn-fdicdi2023-en&utm_term=trafficdriving&utm_content=pn09252023_basics&gclid=CjwKCAjwnOipBhBQEiwACyGLuukGSRHz6UdChTUD9wRk06yk2BJdeLw5QWnb9tYKH_vx90tNQtDIZhoCxOwQAvD_BwE"},"content":[{"nodeType":"text","value":"FDIC","marks":[],"data":{}}]},{"nodeType":"text","value":" deposit insurance protects the money you hold in the following types of accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checking account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business savings account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money market savings account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Certificate of deposit (CD) account","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FDIC insurance provides insurance for your cash deposits in the event of a bank failure. But remember, FDIC insurance is only offered at FDIC-insured banks or financial institutions. As you shop for a business savings account, make sure you look for financial institutions that have the member FDIC accreditation. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Automated savings \ud83d\udee0\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saving money is easier when you aren\u2019t constantly thinking about doing it. Some online banking platforms, like Relay, let you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/automated-savings-accounts"},"content":[{"nodeType":"text","value":"automate your savings","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a Relay business checking account, you can set up an auto-transfer rule. This feature lets you set a maximum deposit amount. Once your business checking account hits the deposit max, the extra funds are automatically transferred to your business savings account. This helps you grow your money on autopilot. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Digital features \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running a small business takes a lot of effort and energy. The best small business savings account will help you streamline time-consuming money management tasks. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, Relay integrates with your accounting software. This can save you hours of time on manual bookkeeping and help you stay on top of cash flow. We also offer business owners other helpful features, like automatic transfer rules and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/banks-with-virtual-debit-cards"},"content":[{"nodeType":"text","value":"virtual debit cards","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Customer reviews \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Researching reviews may give you a sense of which financial institution is the best fit for your small business. Pay attention to different aspects of the customer experience\u2014like ease of using the mobile app, hidden fees, and account support.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to open a business savings account \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process for opening a business savings account may vary from one financial institution to the next. But here are some steps you can typically expect to take:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 1:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Depending on the financial institution you choose, you may need to make an in-person appointment at a physical branch. However, some banks, credit unions, and online banking platforms let you open a business savings account online. With Relay, you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"start your application online","marks":[],"data":{}}]},{"nodeType":"text","value":" in less than 10 minutes. \ud83d\ude4c\u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 2: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Gather any documentation you may need. You could be asked to provide items like\u2026","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your Social Security number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A photo ID","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your employer identification number (EIN)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business license or business registration papers","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Follow the steps listed by your chosen bank and complete your business savings account application.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 4:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Once your application is approved, you can fund your business savings account. Most likely, you\u2019ll need to link a business checking account to your business savings account to transfer funds.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The best small business savings accounts \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best small business savings account is the one that fits your business\u2019s unique needs. Today, we\u2019re here to help you make the right choice. We\u2019ve done some research for you and rounded up a list of the top small business savings accounts. Let\u2019s dive in!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform designed for small business owners. With Relay, you can open 20 free business checking accounts and two business savings accounts. There are no minimum balance requirements, maintenance fees, or other fees.\xa0 \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Counting on next month\u2019s payments to cover this month\u2019s bills is one of the biggest tell-tale signs of cash flow problems.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Watch out for these other red flags \ud83d\udd34 as you evaluate your company\u2019s current cash on hand:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your cash outflow is greater than your cash inflow. \ud83d\ude25","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your operating expenses keep increasing. \u2197\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your sales are trending downward. \u2198\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re falling behind on payments to vendors, employees, or landlords. \ud83d\ude30","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re opening new lines of credit, like business loans, to cover operating expenses. \ud83d\udcb3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business is growing at a rate that\u2019s not sustainable. \ud83c\udfc3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve exhausted your working capital. \ud83d\ude2e\u200d\ud83d\udca8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re dipping into your personal funds to cover your business\u2019s bills. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your clients are paying late or not paying at all. \u26d4","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your profit margin is declining. \ud83d\udcc9","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re paying bills late. \ud83d\udd52","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re counting on next month\u2019s revenue to cover this month\u2019s expenses. \ud83d\udcc6","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business bank account balance keeps dropping. \ud83d\udc4e","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If any of these situations sound familiar, don\u2019t worry! 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Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much cash should a business have on hand?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From startups to established companies, every business needs a cash buffer. As a general rule of thumb, experts recommend small businesses save at least 3 to 6 months\u2019 worth of expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, every business is different, which means your savings goal might be different. To decide how much cash your business needs to keep on hand, it\'s important to consider the below factors. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Operating expenses \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These expenditures are related to your day-to-day business operations. For example, you may want to factor rent, utilities, payroll, and supplies into your operating expense budget. If your expenses are barely covered by your monthly income, you may want to keep more cash on hand.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business growth \ud83c\udf33","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When determining how much extra cash to save, consider your business goals. Are you happy with your current situation, or do you want to expand your operation in the next few years?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re growth-oriented, you may need to save a bit more. That\u2019s because startups are typically less financially stable than established companies with steady cash flow and clientele.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Type of business \ud83d\udecd\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Entrepreneurs should also factor their industry into the equation. Seasonal fluctuations are more common in certain industries, while others have high employee turnover rates. Aligning your savings strategy to your industry\u2019s cash flow trends can help you minimize financial liabilities. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cash flow trends \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Analyzing your cash flow over the last 12 months can help you identify revenue trends. You can start by looking at your accounts receivables.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say most customers pay on the last day of the month. If most of your bills are due the third week of the month, you need to make sure you don\u2019t deplete your cash balance before that point.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, review your balance sheets. \u2696\ufe0f These financial statements cover a company\u2019s current assets, equity, and liabilities. Balance sheets can tell you about your company\u2019s current financial health. \u2764\ufe0f\u200d\ud83e\ude79","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you review cash flow, check for any sales peaks and dips. See if you can spot any patterns. For example, you may find that revenue peaks at the beginning of the month and dips toward the end.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you review your financial statements, you may find seasonal trends, too. Maybe you are busier in summer \ud83c\udf05 than in winter. \u2744\ufe0f  Identifying sales spikes and slumps can help you plan for slow periods and adjust your spending accordingly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This exercise will also help you create a cash flow statement and cash flow projection. These financial documents are designed to help you as the business owner prepare for any cash flow situation. And if you can\'t make sense of your finances alone, remember that you can always ask your accountant or bookkeeper for help. \ud83d\ude0c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"11 ways to keep more cash on hand for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saving money is one of the easiest ways to keep more cash on hand. However, as a growing small business owner, it isn\u2019t always easy to find extra money in your budget.\xa0\ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some practical tips to help you grow your savings account:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. ","marks":[],"data":{}},{"nodeType":"text","value":"Cut down on expenses:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Spending less is one of the best ways to free up room in your budget. For example, sourcing cheaper supplies can help you save more cash. Also, look for ways to increase productivity and output. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. ","marks":[],"data":{}},{"nodeType":"text","value":"Embrace technology:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Automation can help you streamline your business\'s financial processes. For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" lets you sync your accounting software to your business bank accounts, so you can speed up bookkeeping\u2014and spend more time growing your business. \ud83e\udd73 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. ","marks":[],"data":{}},{"nodeType":"text","value":"Take advantage of interest:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" A high-yield savings account can help your money grow faster. These accounts offer higher interest rates than traditional savings accounts, allowing you to earn more on your account balance. \ud83d\udcb8 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. ","marks":[],"data":{}},{"nodeType":"text","value":"Stay on top of cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Make a weekly appointment with yourself to review your bank accounts and budget, so you can avoid overspending and keep track of your income. \ud83d\udcc6 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5. ","marks":[],"data":{}},{"nodeType":"text","value":"Open a ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" A dedicated business savings account gives you an accessible cash buffer. Plus, when you put your cash into an account specifically for savings, you\'ll be less likely to accidentally spend it. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6.","marks":[],"data":{}},{"nodeType":"text","value":" Explore new revenue sources:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Boosting revenue is a great way to save more cash. Let\u2019s say you own a home improvement business, and your sales slump during the fall and winter. You could expand your services to include raking leaves or putting up outdoor holiday decorations. \ud83c\udf84","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"7. ","marks":[],"data":{}},{"nodeType":"text","value":"Go green:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Eco-friendly swaps can help you cut costs. Energy-saving bulbs and pre-programmed thermostats are a few ways to save on utilities. \u267b\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"8. ","marks":[],"data":{}},{"nodeType":"text","value":"Explore new vendors:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Cutting inventory costs can increase your profit margin. Wholesale vendors may offer competitive prices. New vendors may offer introductory discounts, too. \ud83d\ude42","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"9. ","marks":[],"data":{}},{"nodeType":"text","value":"Faster accounts receivables:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Your business pays the price if ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/clients-wont-pay-what-to-do"},"content":[{"nodeType":"text","value":"your clients are constantly paying late","marks":[],"data":{}}]},{"nodeType":"text","value":". Consider strategies to streamline your invoicing process and incentivize early and on-time payments.\xa0\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"10. ","marks":[],"data":{}},{"nodeType":"text","value":"Ask for a discount","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": It doesn\u2019t hurt to ask, right? Long-term vendors and landlords may cut you a deal to keep your business. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"11. ","marks":[],"data":{}},{"nodeType":"text","value":"Try the","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" Profit First method","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This system prioritizes profit and leverages ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" to help business owners stay on top of cash flow. The Profit First approach can help you create sustainable growth for your small business. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Build your business savings account with Relay \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business needs to have enough cash on hand for emergencies. \ud83d\udea8 But finding extra cash can be challenging for small business owners\u2014especially if you don\'t have a clear view of your cash flow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can open 2 business savings accounts, earn 1-3% APY* on your extra cash, and use automated savings features to grow your savings on autopilot.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you can open 20 individual, no-fee checking accounts. Then, you organize your cash across accounts, dedicating each one to a specific type of expense. This can help you stay on budget, leaving more money left over for your savings each month. \ud83e\udd73 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s a quick example: let\'s say you struggle to stay on budget with business travel expenses. \u2708\ufe0f You could create a dedicated Relay checking account just for travel. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then, whenever you need to spend money on flights or hotels, you\'ll be able to see exactly how much money is left over for this expense category\u2014at a glance! No more confusing budget spreadsheets or cryptic bank statements. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to grow your small business savings with Relay? You can apply for an account online in less than 10 minutes. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account.","marks":[{"type":"italic"}],"data":{}}]}]},"readingTime":6,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1699933802089,"customDate":1699933802089,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#why-your-business-needs-to-have-extra-cash-on-hand"},"content":[{"data":{},"marks":[],"value":"Why your business needs to have cash on hand","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#signs-your-business-doesnt-have-enough-cash-on-hand"},"content":[{"data":{},"marks":[],"value":"Signs your business doesn\u2019t have enough cash on hand","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-much-cash-should-a-business-have-on-hand"},"content":[{"data":{},"marks":[],"value":"How much cash should a business have on hand?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#11-ways-to-keep-more-cash-on-hand-for-small-businesses"},"content":[{"data":{},"marks":[],"value":"11 ways to keep more cash on hand","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#build-your-business-savings-account-with-relay"},"content":[{"data":{},"marks":[],"value":"Build your business savings account with Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"construction-cash-flow","title":"A Complete Guide to Construction Cash Flow (And How to Improve It)","description":"Learn how to manage construction cash flow and 7 ways to improve it. Plus, the different types of construction cash flow and how to calculate them.","metaTitle":"A Complete Guide to Construction Cash Flow (And How to Improve It)","metaDescription":"Learn how to manage construction cash flow and 7 ways to improve it. Plus, the different types of construction cash flow and how to calculate them.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1EFowzg8NVMA0pAXleCUxL/7c39b20f38608e6282e74c6bb8de563d/A_Complete_Guide_to_Construction_Cash_Flow_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Successful construction companies leverage cash flow management strategies to maintain healthy profit margins. But it\u2019s no secret that construction project expenses can add up fast, requiring contractors to cover upfront costs like equipment, raw materials, and labor.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you aren\u2019t properly planning for these expenses, you could be left with negative cash flow. \ud83d\udc4e But here\u2019s the good news: if you\u2019re struggling with construction cash flow, there are a few money management strategies that can help improve your financial situation. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll discuss ways to manage (and improve) your construction business\u2019s cash flow. 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For example, you could look at inflows of revenue and outflows of expenses over a week, month, year, quarter, or season.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can put together a cash flow statement to see how well your construction company manages cash flow. \ud83d\udcb8  A cash flow statement shows how much money flows in and out of your business over time. It also lists where that money is coming from and shows where it\u2019s going.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to analyze your construction company\u2019s cash flow, there are several different revenue streams and expenses to consider.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Construction company income streams\xa0\ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your revenue sources may include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Construction projects","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment rentals","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subcontractors","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consulting","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Company property","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Maintenance","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll need to add all your income streams to understand the money flowing into your business. But if you want to know your bottom line, you also need to list your expenses. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Construction company expenses \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your expenses may include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Upfront project costs","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Labor","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Raw materials","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Insurance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Utilities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fuel","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding the difference between your revenue and expenses will tell you the amount of money coming in and out of your business. You can use this information to identify cash flow trends and anticipate sales slumps. \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you may see that you have more revenue during the summer months \u26f1\ufe0f than you do during winter. \u2744\ufe0f  If that\u2019s the case, you may need to save money or cut costs to ensure you have enough cash to cover expenses during slow periods.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking and money management platform that gives small business owners greater visibility into both income and expenses. With Relay, you can organize cash flow across 20 individual, no-fee checking accounts and view detailed data about all your transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of wondering whether you have enough money set aside for projects, Relay helps get a clear view of your budget at a glance. You could open a dedicated account for different types of expenses or even specific projects. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Learn more about banking with Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Positive cash flow vs. negative cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow can either be positive \u2795 or negative \u2796. A cash flow analysis can reveal whether your business has positive cash flow or negative cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If more money is coming into your business than leaving it, you have a positive cash flow. But if you\u2019re spending more money than you make, you have a negative cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Surplus cash allows you to invest in your construction business, pay down debts, and save for future projects. That\u2019s why you want to aim for a positive cash flow. \ud83d\ude42","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, negative cash flow means that you\u2019re spending more than you make. Cash flow problems could force you to open a new line of credit or delay project timelines. Unfortunately, interest adds up quickly, and project delays can lead to payment delays. That\u2019s why you want to avoid having a negative cash flow. \ud83d\ude41","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cash flow vs. net profit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that cash flow and profit are two different things. Cash flow refers to the money flowing in and out of a business during a certain amount of time. Profit is the amount of money left over when you subtract all of your expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cash flow vs. working capital","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Working capital and cash flow are two key ways to gauge your construction company\u2019s financial health. Working capital is the difference between your current assets and your current liabilities. Simply put, it\u2019s the money your business uses for day-to-day operations. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a negative cash flow, you\u2019ll have less working capital. But, a positive cash flow means you\u2019ll have more capital to fund your short-term operations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Common cash flow issues for construction companies \ud83d\uded1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Construction companies often foot the bill for a project\u2019s upfront costs. That\u2019s why it\u2019s vital to maintain a positive cash flow. But if you\u2019re struggling to get ahead and stay ahead, you\u2019re not alone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One survey found that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.constructconnect.com/blog/most-construction-companies-face-cash-flow-woes#:~:text=In%20a%20recent%20survey%20of,accounted%20for%2017%25%20of%20respondents."},"content":[{"nodeType":"text","value":"84% of construction companies","marks":[],"data":{}}]},{"nodeType":"text","value":" have experienced cash flow issues. Of those respondents, 17% said they experienced cash flow issues every month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some common cash flow problems that can affect your construction company\u2019s finances:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supply chain issues:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Practically every construction project requires the purchase of raw materials. But, sudden price increases or supply chain disruptions can drive up costs and delay your project timelines. \u26d3\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Poor cash flow forecasting:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Without accurate cash flow forecasting, it\u2019s difficult to make informed decisions about your business\'s financial health. Reviewing your cash flow over months and seasons can help you identify cash flow trends. This information can help you anticipate slowdowns and better manage cash surpluses. \ud83d\ude15","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Delayed payments from clients:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Construction projects typically have long payment cycles, leading to delayed payments. Late payments can leave you over-leveraged and affect your company\'s cash flow. \ud83d\udcb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overestimating profit margins:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It\u2019s hard to know how much money you have if your finances are disorganized. Construction accounting mistakes, like overestimating profit margins, can lead to inflated budgets and insufficient funds for project completion. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unnecessary overhead:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Construction companies have high overhead costs, including equipment, labor, and material expenses. Overestimating the overhead you need can drain your budget and cut into your profitability. On the flip side, underestimating your overhead can lead to project delays and strain your cash flow. \ud83d\udee0\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Project delays:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Project timeline delays lead to payment delays. A lack of cash flow could leave you unable to pay your employees or start new projects. \u23f0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Slow construction accounting process:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can\u2019t get paid until you send an invoice. If you wait until a project is completed to bill your client, you could wait several weeks or months for payment. If you don\u2019t have enough cash to float your operating expenses while you wait, you may have to take on more debt. \ud83d\udc0c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mismanaged inventory:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Purchasing too much inventory reduces your cash flow and leaves your construction company vulnerable. Add in maintenance and storage fees, and you can see that these costs add up quickly. \ud83d\udcc8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Poor expense management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Change orders are a common practice in the construction industry. That said, you need to document anything that changes a project\u2019s costs or timeline. If you aren\u2019t tracking increased expenses or timeline delays, you might be underbilling your clients. These accounting mistakes can affect your cash flow. \ud83d\ude2c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fronting costs:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Fronting project costs ties up your cash flow and puts your company in a financially vulnerable spot. \ud83d\ude30","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not having an emergency fund:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Unplanned expenses, seasonal slowdowns, late payments, and project delays can all disrupt a construction company\u2019s cash flow. But a healthy ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":" lets you fund operating expenses without taking on debt. \ud83d\udea8","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to calculate construction cash flow \ud83c\udfd7\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Calculating cash flow may seem intimidating at first, especially as a small business owner.\xa0 The simple formulas below will help you get clear on your business\u2019s cash flow and financial health. Remember: to improve your cash flow, you have to know where you\u2019re starting from.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few different types of cash flow construction companies should track to monitor their financial health:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Basic cash flow formula\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This cash flow formula subtracts cash outflows from cash inflows. It factors the other three different types of cash flows into the equation: operating cash flow, investing cash flow, and financing cash flow.\xa0\ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what it looks like:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Basic cash flow ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"= cash inflows - cash outflows","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Operating cash flow formula","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating cash flow refers to the money generated from a business\u2019s operations. In this case, operating cash flow refers to the revenue generated from construction projects. \ud83d\udea7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use the operating cash flow formula to see the difference between your revenue and operating costs. This formula doesn\u2019t factor things like investments into the equation:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating cash flow ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"= operating income + non-cash expenses + change in working capital","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Investing cash flow formula","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing cash flow refers to income produced from investments. Let\u2019s say you buy a new truck or forklift. This new equipment allows you to expand your operations and bring more cash into your business. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The investing cash flow formula shows you how investments affect your cash flow over time. For example, you can use it to see whether equipment sales are a viable way to fund upfront project costs, labor expenses, and more. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing cash flow","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" = ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"purchase/sale of capital expenditures + purchase/sale of marketable securities + business acquisitions (the investments you bought) - business divestitures (the investments you sold)","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Financing cash flow formula","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financing cash flow refers to funds that a construction company\u2019s owners, investors, or lenders bring into the business. Debt, equity, and dividends are examples of cash flow generated from financing activities. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use the financing cash flow formula to see how financing sources affect your company\u2019s cash flow:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financing cash flow =","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" issue/repayment of debt + issue/repayment of equity - (dividend payments + debt repayments)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"7 ways construction companies can improve cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing construction cash flow is no easy feat. Here are seven ways to improve your business\u2019s cash flow and boost your bottom line.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Implement the Profit-First method \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-contractors"},"content":[{"nodeType":"text","value":"Profit First method for contractors","marks":[],"data":{}}]},{"nodeType":"text","value":" is a cash flow management system that prioritizes profit over expenses. It\u2019s designed to help construction companies increase profitability and improve cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can implement this method by allocating a percentage of revenue to profit before any money is put toward expenses. Start small by putting 1% of your revenue for profit, then increase your profit allocations over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prioritizing profit gets construction companies out of the habit of fronting expenses and looking for profits after work is complete. This approach can help create a sustainable spending strategy that protects your bottom line. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say your company allocates 25% of revenue to profit. If a construction project brings in $100,000 in revenue, your profit would be $25,000. That leaves you with $75,000 to budget for expenses\u2014like labor and raw materials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you preemptively set a profit margin, you know exactly how much money you\u2019re working with. 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For example, you can ask for net 15 or net 30 payments. You can also outline project milestones and request payment as you meet each one.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Optimize your accounts receivable process \ud83d\udd04","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overbilling or underbilling clients can delay payments. But accounting software can help you track expenses, create invoices, and send customer payment reminders. Implementing an accounts receivable schedule can also help you create consistent cash inflows.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Review your budget \ud83d\udd75\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Construction companies have high operating expenses. Regularly analyzing your financial statements can help you see how well you\u2019re sticking to your budget.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you spend too much on operating expenses, you can always cut back on labor or raw material costs. On the other hand, if you\u2019re bringing in more revenue than expected, you may want to increase your emergency fund savings.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Give customers more ways to pay \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offering customers multiple payment options, such as credit card payments, wire transfers, or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" can help speed up the collection process. It also reduces the risk of late or missed payments.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Leverage technology \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital tools, such as project management services and construction accounting software integrations, put you in control of your cash flow. Leveraging technology will give your construction company real-time financial insights so you can make informed decisions.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Improve construction cash flow with Relay and Profit First ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the construction industry, projects can have high upfront costs and ever-changing timelines. The right banking platform will give you the tools your construction company needs to thrive.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"\'s online banking platform helps construction business owners and contractors stay on top of cash flow with features like:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"20 free checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay doesn\u2019t charge overdraft fees, maintenance fees, or require a minimum account balance.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":" Earn 1% to 3% APY","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"1","marks":[{"type":"superscript"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0on your savings","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Open two savings accounts with Relay and watch your money grow. 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Learn how it works and how it can grow your profit margins.","metaTitle":"The Profit First Method: Complete Guide for Small Business Owners | Relay","metaDescription":"The Profit First method is a cash management methodology that helps business owners prioritize profit. Learn how it works and how it can grow your profit margins.","popular":false,"category":"Profit First","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/42LnWUiFd62GejbLR7gMEu/85bb5243ac85faef1eb3119a7c341d20/PF_Method__3_.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a busy entrepreneur or small business owner, profit can sometimes feel like a \u201cnice-to-have.\u201d \ud83e\uddd0 The problem is that putting profit last can hinder business growth and lead to financial instability. The good news is that there\u2019s a better way to manage your cash flow: the Profit First method. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method makes profit a business\u2019s top priority.\xa0 Unlike traditional approaches, which focus solely on revenue, Profit First aims to make businesses immediately and permanently profitable. \ud83d\udcaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method involves intentionally dividing revenue across different bank accounts, including a profit account. This practice can help business owners create their own profit margin from day one, instead of allowing expenses to grow faster than the business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive into the details so you can learn exactly how Profit First works, how to determine if it\u2019s the right fit for you, and how you can get started with Profit First today.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-profit-first-accounting"},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-is-the-profit-first-method-effective"},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-profit-first-work"},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#1-determine-your-profit-margin"},"content":[{"nodeType":"text","value":"1. 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Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-profit-first-right-for-you"},"content":[{"nodeType":"text","value":"Is Profit First right for you? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-profit-first"},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages"},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#will-profit-first-help-my-business-grow"},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-should-use-profit-first"},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a system of accounting that put simply, prioritizes profit. Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. 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But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. 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It can be time-consuming, tedious, and frustrating. But for Sarah and Annette, the duo behind the short-term rental community platform Thanks For Visiting, the time and energy they saved with Relay was well worth the effort.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running to a branch to open a new account. Trying to find a meeting time that works for you, your co-founder, and your banking consultant. Waiting on hold while you\u2019re transferred from one customer service person to the next. Who has time for that? Certainly not Sarah Karakaian and Annette Grant. 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://thanksforvisiting.com/podcasts/"},"content":[{"nodeType":"text","value":"Their Thanks For Visiting podcast","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" just dropped its 300th episode, with their reach quickly growing from the pair\u2019s friends and family to over two million downloads.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3e8L4jOc1LgYn3JFHXcFwn","revision":2,"createdAt":"2023-11-01T14:09:46.449Z","updatedAt":"2023-11-01T15:50:16.024Z","publishedAt":"2023-11-01T15:50:16.024Z","firstPublishedAt":"2023-11-01T14:10:23.872Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Thanks For Visiting - Case Study - Firm Details - Relay","description":"Thanks For Visiting - Case Study - Firm Details - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3e8L4jOc1LgYn3JFHXcFwn/60c08e8b1242d6b45fecd8891996523c/Case_Study_-_TFV_2.1__2_.png","details":{"size":65949,"image":{"width":1600,"height":900}},"fileName":"Case Study - TFV 2.1 (2).png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running multiple businesses while building a content empire doesn\u2019t leave Annette and Sarah a lot of time for unnecessary administrative tasks\u2014especially in an industry where delays can cost dollars. While Sarah and Annette were laser-focussed on their goals and making the moves to achieve them, their local bank was holding them back. \u201cIt was just so frustrating,\u201d says Sarah, \u201cto the point where I lost out on an opportunity on a great rate because of their slow response time.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The hospitality hook","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The two women met in 2018 and bonded over their shared views on hosting short-term rental guests. For them, it wasn\u2019t about passive income, but about actively hosting visitors and introducing them to their hometown of Columbus, Ohio.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cSome of us like the work behind hosting guests \u2014 taking these four walls, sharing them with other people, and being involved in that process,\u201d Sarah says. \u201cIf you love the hospitality side of it, this is an amazing way to build wealth through real estate. Where Annette and I really want to focus is on hospitality as the driver for your real estate strategy.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Out of this passion for hosting, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://thanksforvisiting.com/"},"content":[{"nodeType":"text","value":"Thanks For Visiting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" was born\u2026 and little by little, Sarah and Annette found themselves a lot busier.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A need for better banking\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Sarah and Annette were reaching a boiling point in terms of the inconveniences and frustration they were being subjected to by their bank at the time. \u201cIt is 2023,\u201d says Sarah. \u201cWe should be able to go online and wire money, or go online and open a checking account or a savings account. We\'re not pulling a loan here, but it feels like that when you have to go and talk to a banker.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s when fellow property investors ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/real-estate-robinsons"},"content":[{"nodeType":"text","value":"The Real Estate Robinsons","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" introduced Sarah and Annette to Relay. \u201cWith our bank,\u201d explains Annette, \u201cthere was some archaic stuff with the online experience and we were like, \u2018How are you guys this big and have been doing this for this long and you\'re not making moves?\u2019 Relay was much more nimble.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Game-changing features for saving time and energy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cBeing able to open an account online is literally a game changer,\u201d says Annette. When Thanks For Visiting decided to host their own conference, they created a separate business to fund the project. \u201cI probably wouldn\'t have done that if I would\'ve had to go to the bank and sit down and open an account and all that. It was just so easy,\u201d she says.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe\'re getting ready to start a new business next week and it\'ll be, \u2018Boom! Everybody put your deposit in, transfer your funds, let\'s start this account.\u2019 We never have to go to the bank together. That is a huge challenge for so many businesses and that has been eliminated, which is awesome.\u201d -Annette Grant","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another essential feature for the team has been the ability to securely share virtual debit cards. \u201cThat\u2019s also something that\'s super easy with Relay,\u201d says Annette. \u201cThat ease of being able to issue a debit card and put the amount you want that team member to have access to is huge. I don\'t know any other banks where you could do that same-day.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s features even impressed the pair\u2019s hard-to-please bookkeeper. \u201cI don\'t have to download statements and email them to her,\\" says Sarah. \\"Instead, she could just go in there and see it in real time. That was game-changing.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Challenge accepted","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cMy goal,\u201d says Sarah, \u201cis to buy as much real estate as possible. But to be financially organized is a challenge. When you buy a property with a partner, getting everything organized so you\'re not commingling funds and you\u2019re keeping everything clean and on track, has been much easier when you can do it yourself online. You don\'t have to go into a bank. A challenge that we\'ve been able to overcome with Relay is being able to see everything, log into one site, and actually get a really aerial view of what\'s going on super quickly.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That bird\u2019s eye view of their accounts has taken money management from a dreaded chore to a daily highlight for Annette, and not just because their balances are growing. \u201cRelay is freaking beautiful,\u201d she says. \u201cIt\u2019s aesthetically pleasing. I love logging in just because of the design. That makes me feel better too, when I want to log in and look at the money and it looks beautiful. It makes you feel better in the morning.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A \u201cno-brainer\u201d for Profit First practitioners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As practitioners of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"the Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", the Thanks for Visiting Team values the way Relay is set up to support their chosen financial strategy.\xa0\\"The fact that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Relay had a relationship with Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and had a strong background with real estate investors definitely piqued our interest,\\" says Sarah. \\"And then once we got to meet the team and we saw the interface, it\u2019s been this really lovely, authentic, organic relationship that\'s continued to grow.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First was a natural choice for how the Thanks For Visiting founders wanted to run their business, but their former banks made implementing the method difficult because of the extra work and fees that came with opening and sustaining multiple accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6BLKh31sYW71K24MCnOCIJ","revision":1,"createdAt":"2023-11-01T14:11:27.279Z","updatedAt":"2023-11-01T14:12:59.756Z","publishedAt":"2023-11-01T14:12:59.756Z","firstPublishedAt":"2023-11-01T14:12:59.756Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Thanks For Visiting - Case Study - Profit First","description":"Thanks For Visiting - Case Study - Profit First","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6BLKh31sYW71K24MCnOCIJ/756296d1f86984eca983984befd18682/Case-Study---TFV-3.2.jpg","details":{"size":235496,"image":{"width":1600,"height":900}},"fileName":"Case-Study---TFV-3.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"Those are the two biggest Profit First roadblocks: opening multiple accounts and then getting charged fees for all those accounts,\\" says Annette. \\"When you\'re already lean and trying to pay yourself and then you have to pay the bank $15 a month for every single account, it becomes hard to justify that.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And it\u2019s not just money that\u2019s being saved, but time, too. \u201cIt used to be a huge challenge transferring funds to do Profit First and keeping all that organized,\u201d Sarah says. \u201cThe challenge of keeping up with that stuff has now been eliminated.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Next up: more content, a bigger community","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Annette and Sarah are honest about the effort it took to close all their other business banking accounts and make the switch to Relay, but the outcome made it more than worthwhile. \u201cI don\'t regret it at all,\u201d says Sarah, \u201cbecause the freedom and flexibility that we have now within our business has been worth it, a thousand percent.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That freedom and flexibility has allowed the pair to do more of what they love best: building their TFV community and creating content that reaches, supports, and inspires their clients. They\u2019re now at the stage where they\u2019re seeing success spread through their community of like-minded short-term rental hosts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"We have Tanya, who took the time to sit down and focus on her pricing strategy and tripled a nightly rate that more than paid for an entire month\'s revenue off of one change,\u201d says Sarah. \u201cAnd Miranda implemented our pet-friendly strategy and she added about $10,000 to her revenue. We teach our community and they\'re able to add thousands of dollars to their bottom line.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIt\'s a big deal when all of a sudden we see the shift from \u2018I\'m a host\u2019 to \u2018I\'m a small business owner,\u2019\u201d adds Annette. \u201cYou can just see when someone makes that shift from a hobby host to a professional host. And they get excited about the opportunity there.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A switch to Relay: preventative medicine for small business owners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re tired of the banking headaches that come with managing your small business\u2019 finances at a traditional bricks and mortar institution, and are looking save both money and time that you could be investing in your business, Relay is here to help. 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Then you\u2019ve got time to sign up for a free business banking account with Relay, right ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Ready to switch from your old bank to Relay? Take a look at our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/13830535153812--Your-checklist-for-switching-to-Relay-from-your-current-bank"},"content":[{"nodeType":"text","value":"comprehensive checklist","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" that will help guide you in making the change. 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It involves setting aside a percentage of revenue for profit ","marks":[],"data":{}},{"nodeType":"text","value":"first","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2014instead of looking for extra funds after all your expenses are paid.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll outline exactly how construction business owners can use the Profit First approach to turn their companies into money-making machines. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll also cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-profit-first-method"},"content":[{"nodeType":"text","value":"What is the Profit First method?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-wrote-profit-first-for-contractors"},"content":[{"nodeType":"text","value":"Who wrote Profit First for Contractors?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-profit-first-works-for-contractors"},"content":[{"nodeType":"text","value":"Why Profit First works for contractors","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-profit-first-helps-with-contractor-cash-flow-challenges"},"content":[{"nodeType":"text","value":"How Profit First helps with contractor cash flow challenges","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-5-must-have-profit-first-accounts-for-contractors"},"content":[{"nodeType":"text","value":"The 5 must-have Profit First accounts for contractors","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#profit-first-percentages-for-contractors"},"content":[{"nodeType":"text","value":"Profit First percentages for contractors","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-steps-to-implement-profit-first-for-contractors"},"content":[{"nodeType":"text","value":"3 steps to implement Profit First for contractors\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-best-bank-for-profit-first-for-contractors"},"content":[{"nodeType":"text","value":"What is the best bank for Profit First for contractors?","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the Profit First method?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":" was developed by entrepreneur and best-selling author Mike Michalowicz. As a successful business owner, Mike saw first-hand how hard it is to build a sustainable business using traditional accounting methods.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After building and selling multi-million dollar businesses, Mike decided it was time to share an alternative approach with his fellow business owners. In 2014, he published the book, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://mikemichalowicz.com/profit-first/"},"content":[{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcd6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method involves setting aside a percentage of revenue for profit in a separate bank account, ","marks":[],"data":{}},{"nodeType":"text","value":"before ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"paying any expenses. Then, you split your remaining funds across ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" for different types of expenses\u2014like owner\u2019s pay, taxes, and day-to-day operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This gives business owners a clear view of cash inflows and outflows. \ud83d\udcb5  It also simplifies budgeting. Instead of making spending decisions based on a single bank account balance, you\'ll be able to see how much money you have set aside for each expense, at a glance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, when you set aside profit ","marks":[],"data":{}},{"nodeType":"text","value":"first","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", it\u2019s easier to avoid unnecessary spending. When extra funds aren\u2019t sitting in your bank account, you\u2019re less likely to find a reason to spend them. As the common saying goes, \u201cOut of sight, out of mind.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep reading to see how the Profit First approach applies to building contractors and construction business owners. \ud83c\udfd7\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First for Contractors?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shawn Van Dyke is a construction business coach and author of ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First for Contractors","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". He\u2019s a successful construction business owner who shares profit-boosting insights on podcasts and in his coaching programs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shawn takes the core concepts of Mike Michalowicz\'s Profit First approach and tailors them to the needs of construction business owners and contractors. You can find Shawn\u2019s book, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-for-Contractors-audiobook/dp/B07N151BD6/ref=sr_1_1?hvadid=580696296715&hvdev=c&hvlocphy=9010908&hvnetw=g&hvqmt=e&hvrand=8565508450065992581&hvtargid=kwd-597332418905&hydadcr=22568_13493238&keywords=profit+first+for+contractors&qid=1698436841&sr=8-1"},"content":[{"nodeType":"text","value":"Profit First for Contractors: Transform Your Construction Business from a Cash-Eating Monster to a Money-Making Machine","marks":[],"data":{}}]},{"nodeType":"text","value":" on Amazon.com.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First for Contractors method outlines steps contractors can take to overcome common cash flow struggles within the construction industry. Shawn helps contractors break out of what he calls \u201cThe Craftsman Cycle,\u201d boost profits, make more money, and get their lives back. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why Profit First works for contractors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to Shawn, many contractors fall into \u201cThe Craftsman Cycle\u201d which leaves them tired, uninspired, and broke. The Profit First for Contractors system helps you break free from the vicious cycle of never-ending daily tasks so you can focus on the big picture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re always working and always broke, prioritizing profit can put you back in control. Profit First works for contractors because it details easy steps any construction business owner can take to break the cycle and become profitable.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Profit First helps with contractor cash flow challenges","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing money is a skill most business owners learn over time\u2014however, it can be especially tricky in the construction industry. As a contractor, operating expenses like raw materials and labor costs can add up quickly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you aren\u2019t effectively managing your business\u2019s money, it\u2019s easy to fall into debt and rely on credit to finance operations. This can put your company into a tricky financial situation, especially when interest costs and other fees add up. \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say a client pays their invoice late. If you\u2019re counting on that money to pay your credit card statement, you may have to pay a late fee. These death-by-a-thousand paper-cut situations can seriously affect your cash flow and eat into your profitability.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sure, you can just pick up a few jobs to make up those extra costs. But this leaves you spinning your wheels, exhausted and broke. \ud83d\ude29\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By contrast, Profit First helps construction businesses grow their profit margins and avoid cash flow crises. When your business is profitable, you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"save for the future","marks":[],"data":{}}]},{"nodeType":"text","value":", expand your team, and respond faster when things do (inevitably) go wrong.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So if your clients ever ","marks":[],"data":{}},{"nodeType":"text","value":"do ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"pay late, you won\u2019t have to rely on debt or work longer hours\u2014you\u2019ll have the extra cash you need to keep the business running until your invoices are paid. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 5 must-have Profit First accounts for contractors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we discussed above, the Profit First for Contractors approach recommends that you have separate bank accounts for different types of expenses. You\u2019ll also need one account to receive payments from clients and customers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the five Profit First accounts recommended for contractors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" For all sources of revenue, like customer payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You\u2019ll allocate a percentage of funds to this account every month. Shawn recommends you start small and dedicate 1% of revenue to profit. You can gradually increase contributions by 1% each quarter until you reach your target.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Use this account to pay yourself.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Put money in this account for tax payments. It\u2019s a good idea to work with a tax adviser or CPA to find your tax savings target.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The funds in this account keep your business running. You may put money here to pay for raw materials, a new truck, labor costs, and other expenses.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dividing your cash between these five accounts will give you a clear picture of your business\u2019s financial health. For example, if you don\u2019t have enough funds to pay your operating costs and your taxes, you\u2019ll be able to see the deficit right away\u2014instead of struggling to find the cash at the end of the month or year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering how to open multiple business checking accounts, especially if your current bank only allows you to have one. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online banking and money management platform that lets business owners open 20 no-fee checking accounts\u2014","marks":[],"data":{}},{"nodeType":"text","value":"and we\u2019re the official banking platform for Profit First","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can open your Profit First bank accounts completely online, with no fees and no minimum balance required. \ud83d\ude0e  ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Learn more about Relay + Profit First here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Profit First percentages for contractors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To implement Profit First, you\u2019ll need to allocate a percentage of revenue for each of your accounts. For example, if you receive a $1,000 payment to your income account, you could allocate 1% ($10) to the profit account, 50% to the owner\u2019s pay account ($500), and so on, until you allocate 100% of your income.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choosing the right allocation percentages is key to successfully implementing the Profit First approach. But how do you know what your percentages should be?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First recommends the following target allocation percentages (TAPS) for most business owners:","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"FsLVKBn0pyv3tNxZ6K5aI","revision":1,"createdAt":"2023-10-30T12:48:48.617Z","updatedAt":"2023-10-30T12:49:50.033Z","publishedAt":"2023-10-30T12:49:50.033Z","firstPublishedAt":"2023-10-30T12:49:50.033Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Profit First Taps - Profit First for Contractors","description":"Profit First Taps - Profit First for Contractors","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/FsLVKBn0pyv3tNxZ6K5aI/fef09e0bf66f8ad9ab511e7281068c96/Profit_First_Taps_-_Profit_First_for_Contractors.png","details":{"size":448570,"image":{"width":2024,"height":1184}},"fileName":"Profit First Taps - Profit First for Contractors.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Source: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.profitfirstcontractor.com/"},"content":[{"nodeType":"text","value":"Profit First for Contractors","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, the exact percentages may vary from one contractor to the next. That\u2019s because a general contractor may only need a 10% pre-tax profit target. But a plumbing contractor or HVAC specialist may need to aim for a 20% profit margin. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your construction business profits fall below those targets, it\u2019s time to ask yourself why. For contractors, it\u2019s always a good idea to start by reviewing your cost of goods and services (COGS).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shawn says that COGS should be somewhere between 65% to 70% of your total revenue. If your COGS are above 70%, it could mean you\u2019re pricing your services too low. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, look at your expenses. Ideally, you should allocate 15% to 25% of revenue to operating expenses. 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Issuing and assigning new cards is now much easier.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Control the names printed on physical cards","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"vUeWXB9U4SE3g3Gw2h0UN","revision":1,"createdAt":"2023-10-31T14:02:49.577Z","updatedAt":"2023-10-31T14:03:07.487Z","publishedAt":"2023-10-31T14:03:07.487Z","firstPublishedAt":"2023-10-31T14:03:07.487Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay - Card Improvements - Control What is Printed","description":"Relay - Card Improvements - Control What is Printed","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/vUeWXB9U4SE3g3Gw2h0UN/5e73494e734dcc5023cd54f9312e74eb/Relay_-_Card_Improvements_-_October_2023_-_Control_What_is_Printed.png","details":{"size":157723,"image":{"width":1875,"height":750}},"fileName":"Relay - Card Improvements - October 2023 - Control What is Printed.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Staying organized with physical cards is just as important as with virtual ones. To ensure each Relay physical debit card is labeled clearly and serves its purpose, we now give you more control over the text that gets printed on each card. \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to two lines of text can now be printed on each physical card.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"first line","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" of text is required and can either contain the business name or the cardholder\u2019s name.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"second line","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" of text is optional and can contain either the business name or custom text that reflects the card\u2019s ownership or purpose, for example \u201c","marks":[],"data":{}},{"nodeType":"text","value":"Marketing Spend","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":",\u201d or \u201c","marks":[],"data":{}},{"nodeType":"text","value":"Travel Expenses","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":".\u201d","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Use new cards in Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Card improvements are now live in Relay\u2014","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/login"},"content":[{"nodeType":"text","value":"log into your account","marks":[],"data":{}}]},{"nodeType":"text","value":" and explore them yourself! Issue new cards, update your spending limits, and get organized.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Love it, hate it, something in-between? We\u2019re always eager to hear your feedback, so don\u2019t hesitate to let us know what you think at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"mailto:marketing@relayfi.com"},"content":[{"nodeType":"text","value":"marketing@relayfi.com","marks":[],"data":{}}]},{"nodeType":"text","value":". And remember, if you have any questions about how to make the most out of Relay\u2019s cards, our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/categories/360001659452-Cards"},"content":[{"nodeType":"text","value":"Support Center","marks":[],"data":{}}]},{"nodeType":"text","value":" is a click away.","marks":[],"data":{}}]}]},"readingTime":2,"author":{"name":"Jillean Kearney","jobTitle":"Product Marketing Lead","company":"Relay","slug":"jillean-kearney","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/78emS63iw6kL0qNwcdC89q/506b1859d99d6e3ea968ba4d448439eb/Jillean_Kearney_____Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1698265441937,"customDate":1698265441937,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#instantly-see-all-cards-and-spending-limits"},"content":[{"data":{},"marks":[],"value":"Instantly see all cards and spending limits","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#access-debit-card-details-quickly"},"content":[{"data":{},"marks":[],"value":"Access debit card details quickly","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#easily-create-shared-or-individual-cards"},"content":[{"data":{},"marks":[],"value":"Easily create Shared or Individual cards","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#control-the-names-printed-on-physical-cards"},"content":[{"data":{},"marks":[],"value":"Control the names printed on physical cards","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#use-new-cards-in-relay"},"content":[{"data":{},"marks":[],"value":"Use new cards in Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"business-checks-vs-personal-checks","title":"Business Checks vs. Personal Checks: What\'s the difference?","description":"Discover the key differences between business check vs. personal checks. Plus, learn about alternative payment methods for paying vendors and employees. ","metaTitle":"Business Checks vs. Personal Checks: What\'s the difference?","metaDescription":"Discover the key differences between business check vs. personal checks. Plus, learn about alternative payment methods for vendors and employees. ","popular":false,"category":"Payments","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6pSpycNAYAV8lQDyRGR9Kz/1c206656552a731535c201218f3c1ed4/Business_vs_Personal_Checks_-_Relayy.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to managing your business\u2019s cash flow, the devil is in the details. \ud83d\udd0dThat\u2019s why it\u2019s crucial for small business owners to know the differences between business checks and personal checks. \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Separating your personal cash from your business\u2019s funds is important for bookkeeping, payroll, and tax purposes. Whether you\u2019re a sole proprietor with an online business or a local retailer, having a dedicated business checking account and savings account will help you stay on top of your finances and avoid costly mistakes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll shed some light on business checks vs. personal checks and discuss the differences between these types of checks. We\u2019ll also cover:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-business-check"},"content":[{"nodeType":"text","value":"What is a business check?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-personal-check"},"content":[{"nodeType":"text","value":"What is a personal check?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-are-business-vs-personal-checks-used"},"content":[{"nodeType":"text","value":"How are business vs. personal checks used?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#business-checks-vs-business-ach"},"content":[{"nodeType":"text","value":"Business checks vs. business ACH","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#challenges-of-using-business-checks"},"content":[{"nodeType":"text","value":"Challenges of using business checks","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#using-business-checks-vs-ach-for-payroll"},"content":[{"nodeType":"text","value":"Using business checks vs. ACH for payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#stay-on-top-of-your-cash-flow-with-relay"},"content":[{"nodeType":"text","value":"Stay on top of cash flow with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-business-vs-personal-checks"},"content":[{"nodeType":"text","value":"FAQs about business vs. personal checks","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\\nWhat is a business check?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business check is a payment method used to cover business expenses. Business checks are linked to business checking accounts while personal checks are linked to personal checking accounts and used to pay personal expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks are a traditional payment method that\u2019s commonly used by businesses of all sizes. But businesses can also use other payment methods like credit cards and business-to-business ACH payments to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-pay-freelancers"},"content":[{"nodeType":"text","value":"pay freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":", operating costs, and other expenses. These modern options may offer more security and lower fraud risk than traditional business checks. \ud83c\udf10","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I get business checks?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll need a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" to order business checks. Then, you can order business checks through your bank or financial institution.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you order checkbooks for your business bank account, you\u2019ll typically receive more checks than you would with a personal check order. Most financial institutions work with business check printers that offer customizable business check options. For example, you could add your company logo, watermark, or business name to the checks. However, keep in mind that business checks can be expensive to print. \ud83d\udda8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform that offers several payment methods for small business owners. With Relay, you can send and receive business payments using wire transfers and ACH. You can also send check payments to vendors and employees when needed. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a personal check?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A personal check is linked to an individual\'s personal checking account. Personal checks share many similarities with business checks. However personal checks may have lower deposit limits, fewer security features, and fewer customization options than business checks. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can I use personal checks for my business transactions?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on how your business is set up, you may be able to use personal checks for business expenses. However, it\u2019s always best to consult a tax adviser about your unique financial situation. Generally speaking, using personal checks for business expenses is not recommended.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mixing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"personal and business finances","marks":[],"data":{}}]},{"nodeType":"text","value":" can cause accounting issues and complicate your taxes. As a small business owner, it\u2019s essential to have organized financial records and a clear picture of your cash flow. Using business checks for business purposes can help you separate your expenses and make sense of your financial health. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How are business vs. personal checks used?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checks and personal checks share some similarities. Both types of checks typically feature:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payee\u2019s (the party making the payment) name","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payee\u2019s account number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bank\u2019s routing number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The check number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A signature line","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, there are some key differences between business checks vs. personal checks.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checks are linked to a business bank account. \ud83c\udfe6 These checks are used for business-related expenses. Businesses typically have higher expenses than individuals, so business checks tend to have higher deposit limits than personal checks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners may use business checks for things like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll expenses including employee paychecks","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inventory and supplies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing materials","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vendor payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax payments\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Personal checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your personal checks are linked to your personal checking accounts. These types of checks are used for personal expenses like utility bills, groceries, and rent. \ud83c\udfe0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners shouldn\u2019t pay business expenses with personal checks. Mixing personal finances with business finances can be a headache come tax season. Plus, personal checks may have lower deposit limits and fewer security features than business checks. \ud83d\udcd1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using personal checks for business transactions can blur the lines between personal and business finances. Separating your business funds from your personal funds can help you stay on budget and avoid overspending on both personal and business expenses. Plus, it can help you avoid making costly mistakes on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"nodeType":"text","value":"personal or business tax return","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Business checks vs. business ACH","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While business checks have their place, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"business-to-business ACH transfers","marks":[],"data":{}}]},{"nodeType":"text","value":" are often a safer and faster option for paying vendors, employees, and operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is because business checks can be expensive to print and process. Paper checks also pose more security and fraud risks than modern payment methods like credit card payments, wire transfers, and ACH transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, checks may take as many as 8 business days to process. These payment delays can affect your budget, cash flow, and vendor relationships. 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ACH transfers are sent through a secure payment network and completed entirely online. Because of this, they provide a clearer record of transactions than paper checks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, small business owners can send free next-day ACH payments to vendors, contractors, and other team members. 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If your business checkbook is lost or stolen, your business can become vulnerable to fraud.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0 Time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Business checks come with slower processing times than digital payment methods. Checks can take several business days to clear, leaving your funds tied up with the bank. These delays can cause serious issues for your cash flow and negatively impact business operations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Effort:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you use paper checks, you may have to manually enter the payment information into your accounting system. 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Ultimately, it\u2019s always a good idea to offer multiple payment methods for payroll.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on top of your cash flow with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Effective ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":" is vital for the success of any business. That\'s where Relay can help. Relay is an online business and banking platform designed to help small businesses stay in control of their cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can send and receive next-day and same-day ACH, wire transfers, and yes\u2014even business check payments. \u2728 Plus, you can issue 50 virtual and physical debit cards, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"earn interest on business savings","marks":[],"data":{}}]},{"nodeType":"text","value":", and speed up bookkeeping with Relay\u2019s QuickBooks and Xero integrations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to make the switch to Relay? 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is revenue vs. profit for marketing agencies?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When discussing profit margins, it\'s crucial to understand the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":" difference between revenue and profit","marks":[],"data":{}}]},{"nodeType":"text","value":". Revenue refers to the total amount of money your marketing agency brings in from its activities before any expenses are deducted. This is often referred to as your \\"top line\\" figure. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While big revenue numbers are great for any business, profitability is what will ultimately determine your agency\u2019s long-term success. \ud83d\udca1Your profit margin (AKA, the \\"bottom line\\"), takes into account all business expenses, including employee costs, overheads, and costs of goods sold (COGS).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What exactly is a profit margin?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In simple terms, a marketing agency\'s profit margin is the money that remains after all expenses have been paid. It\u2019s an essential financial metric that helps you understand if your business is sustainable in the long run. Your profit margin can also show you if you need to raise your prices, reduce costs, or hire more team members.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A large profit margin ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"means that a company is earning more than it spends, resulting in better cash flow and potential for growth. \ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"A small profit margin","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" means that a company may be struggling to cover its expenses and could face serious financial challenges.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gross profit vs. net profit margins","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When examining your agency\'s profitability, it\'s crucial to differentiate between gross profit and net profit. These numbers will give you different insights about your agency\'s financial performance. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gross profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is the income left over after you deduct the direct costs associated with delivering your marketing services\u2014like the cost of paying contractors to complete client work. This number reflects how efficiently you can transform resources (like your employees\u2019 time) directly into income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A consistent or growing gross profit margin means that you are effectively managing costs and have a solid foundation for your business\'s financial success. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Net profit,","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on the other hand, takes into account all expenses, including indirect costs like office space, utilities, and advertising. This number reflects how much money you actually take home after all operating expenses have been paid.\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to calculate marketing agency profit margins \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The average profit margin for a marketing agency is","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prometheanresearch.com/wp-content/uploads/2023/07/Promethean-Research-Digital-Agency-Industry-Report-2023-Edition.pdf"},"content":[{"nodeType":"text","value":" between 10-15%","marks":[],"data":{}}]},{"nodeType":"text","value":". That means a digital marketing agency earning $150,000 annually can expect a profit of around $22,500 per year. \ud83d\udcb8 This kind of profit margin is key to","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":" achieving your business\u2019s long-term financial goals","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditionally, you would simply subtract expenses from revenue to calculate your profit margin. However, finding a marketing agency\'s profit margin can be a little more complex. Depending on your business model, you\'ll need to add up billable hours, account for multiple revenue streams, and take a close look at the money you pay contractors and freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few tips to help you accurately gauge your marketing agency\'s revenue, expenses, and of course, profit margin.","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Add up your revenue:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This includes all the money your agency generates from its services before any costs or expenses are deducted, such as project fees, retainer agreements, or hourly rates. \u23f0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Calculate your expenses:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Next, sum up all the costs associated with running your agency. This should include employee salaries, overhead costs, marketing costs, and any other operational expenses. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subtract your revenue from expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The resulting number is your net profit. This figure will give you an idea of how much money you\'re making before taxes. \ud83d\udcdd","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determine the profit margin:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Last but not least, to determine your profit margin, divide the net profit by the total revenue and multiply the result by 100. This will give you your profit margin as a percentage. \u2b50\ufe0f\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example of a marketing agency profit margin \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s put this into perspective with a quick example. Suppose you run a marketing agency that brought in $500,000 in revenue this year. Your expenses including salaries, overhead, marketing costs, and other operational expenses amount to $350,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By subtracting your expenses from your revenue, you get a profit of $150,000. To calculate your profit margin, divide the net profit ($150,000) by the total revenue ($500,000) and multiply by 100. This results in a 30% net profit margin for your marketing agency for the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why marketing agencies should put profit first","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\'ve outlined the way in which most marketing agencies calculate profit margins. But there\'s also another way to approach profit\u2014and it\'s one of the ","marks":[],"data":{}},{"nodeType":"text","value":"best","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" ways to increase your business\'s profit margin and improve cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"The Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":" is a cash flow management methodology where a company allocates a percentage of revenue for profit first, before paying for expenses. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First overturns the traditional accounting formula of \\"revenue - expenses = profit\\" by proposing a system where \\"revenue - profit = expenses.\\" Instead of searching for profit at the end of each month, marketing agency owners who follow this method make a profit from day one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For marketing agencies, adopting the Profit First model can be a game-changer. It forces you to put the focus on profit instead of only looking at revenue numbers. As a result, you\'ll be more disciplined with spending and ultimately, build a more sustainable business.\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example of Profit First for marketing agencies","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using the Profit First method, let\'s revisit the example of the marketing agency that generated $500,000 in revenue. If you decide to allocate 50% of your revenue as profit from the onset, you would immediately set aside $250,000 ($500,000 x 0.50) for profit. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'d take this profit throughout the year as a percentage of each payment you receive from clients. Then, what\'s left in your bank account becomes your budget for expenses. Subtracting $250,000 from your total revenue leaves you with another $250,000 to cover all of your business expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These numbers are just examples\u2014if you can only take out 5% from each payment for profit right now, that\'s okay too! We all have to start somewhere. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First is a game-changer because it puts marketing agency owners in control of their cash flow. Instead of waiting until the end of the month (or the year) to calculate their profit margin, they set aside a percentage of revenue for profit before anything else.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This helps you stay on budget, become more disciplined about spending, and as a result, consistently increase your business\'s profits. \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Learn how","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/2novas-case-study"},"content":[{"nodeType":"text","value":" Profit First helped Dan get clear on cash flow and build a thriving marketing agency","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs your profit margin is too small","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good profit benchmark for marketing agencies is 10-15%. However, if your profit margin is near that number, but you don\u2019t feel like you have enough to invest in your future, give yourself a well-earned bonus, or save for the future\u2014your profits might be too small. \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A slim profit margin can also be a red flag that there are underlying issues at your agency. You might have hired too many people\u2014or not enough.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some signs that your profit margin is too small:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Struggling to meet payroll or hire team members","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Consistently tight cash flow may signify a lack of profitability to sustain day-to-day operations. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Feeling like you\'re not growing fast enough:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your marketing agency isn\'t seeing significant growth, it could be a sign that your profit margin is too small to support expansion. \ud83d\udcc9","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overdue taxes and bills:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When your revenue isn\'t enough to cover expenses, you may find yourself falling behind on paying taxes or other important business bills. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Minimal savings","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If your profit margin is too small, you might struggle to","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":" save as a business","marks":[],"data":{}}]},{"nodeType":"text","value":". If you don\'t have savings, unexpected cash flow problems can feel like emergencies\u2014not minor inconveniences. \ud83d\udeab","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'re not investing in growth opportunities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": A slim profit margin may restrict your ability to invest in new services, products, or technology that could propel your agency forward. \ud83d\uded1","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re experiencing any of these signs, you should take a closer look at your agency\'s cash flow management strategies. Remember: maximizing profitability is key to the long-term success and sustainability of your marketing agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to boost marketing agency profit margins","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you have a better understanding of your agency\'s profit margin, let\'s explore some strategies to grow it. Here are some actionable tips for improving your marketing agency\'s profit margin:\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Diversify your revenue \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relying on a single service or product offering can limit your profits and leave you vulnerable to market changes. Consider diversifying your revenue streams by expanding your services, creating new products, or targeting different markets. \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you provide search engine optimization (SEO) services, you could also offer PPC, email marketing, or social media services. Chances are, your clients already love working with you and would be happy to pay more for more services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offering more services is also a win-win for your clients, who can consolidate their marketing needs with one agency. Plus, it can help you stand out from competitors and improve client retention. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, remember that you don\u2019t have to hire in-house employees for each new service. You can always hire freelancers on a per-project basis until you have enough clients to justify hiring a new full-time employee. Or, you can consider partnerships with other agencies. Ultimately, it\u2019s up to you and what works best for your agency\u2014just keep in mind that the goal is to boost your profit margin!\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Streamline processes to reduce costs \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manual or outdated processes can be costly and time-consuming. By automating or streamlining tasks like billing, invoicing, and project management, you can save time and money in the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, improving","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":" employee expense management","marks":[],"data":{}}]},{"nodeType":"text","value":" will help you stay on top of team spending, cut costs, and reduce unnecessary spending. You can also leverage automation to reduce manual entry, streamline spending requests, and generate expense reports. With the time you save, you can focus on tasks that will impact revenue growth. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are endless ways to improve your business\'s processes. To get started, it\'s always a good idea to investigate your existing systems and identify inefficiencies. \ud83d\udd0e Then, you can try out a few different tools and software solutions to find what works best for your team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Starting a new agency?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/marketing-agency-startup-costs"},"content":[{"nodeType":"text","value":" Learn about marketing agency start-up costs in this comprehensive guide","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".\\n","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Raise your prices \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Adjusting your prices is one of the easiest and fastest ways to boost your creative agency\u2019s profit margins, without bringing on new clients or offering additional services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To decide if you should raise your rates, talk to other entrepreneurs in your industry and compare your pricing and service models. Then, consider the value you bring to your clients and how much it would cost them to work with another agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s also important to communicate any price changes transparently with your clients and provide a justification for the increase. Many clients will understand if you explain that the change is necessary for your business\'s growth and sustainability.\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Implement Profit First \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we discussed earlier, implementing the Profit First method can help your marketing agency prioritize profit. But Profit First also gives business owners greater visibility into their cash flow as a whole. \ud83d\udd2e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get more clarity around cash flow, Profit First recommends that small business owners open","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":" multiple bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". This is because when you only have one bank account, it can be tough to know how much money is actually available to spend\u2014versus what\'s already allocated for payroll, operating expenses, and other costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First recommends that small business owners open the following 5 bank accounts. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": for receiving client payments and any other sources of revenue","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for setting aside a percentage of revenue for profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\'s pay account: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for money set aside to pay you as the business owner","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes account: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for setting aside money for your business taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for paying software expenses, vendors, and other operating costs","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most likely, you\'ll also want a dedicated","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-a-payroll-bank-account"},"content":[{"nodeType":"text","value":" payroll bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" for paying contractors, full-time employees, and freelancers. Depending on your agency\'s needs, you could even open an additional account for ad spending, printing costs, and other client campaign expenses. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you open your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-banks-for-profit-first"},"content":[{"nodeType":"text","value":" Profit First bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":", you\'ll need to choose an allocation percentage for each spending category. For example, you could set aside 5% of revenue for profit, 30% for owner\'s pay, 25% for payroll, 15% for operating expenses, and 25% for taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a marketing agency, the exact percentages you choose will depend on your business\'s unique budget. Remember, the most important part is to allocate ","marks":[],"data":{}},{"nodeType":"text","value":"something","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" for profit each month\u2014even if it\'s just 1% of your revenue.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" You can learn more about how to implement Profit First in this comprehensive guide.\\n","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Grow your marketing agency\u2019s profits with Relay and Profit First","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right banking platform can help your marketing agency thrive. That\'s why we built Relay: to truly serve small business owners like you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is also","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":" the official banking platform for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":". With Relay, marketing agencies can easily implement Profit First by opening up to 20 individual, no-fee business checking accounts. Whether you\u2019re starting your 5 Profit First accounts or need multiple checking accounts for client expenses, you can do it completely online\u2014and for free\u2014with Relay. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also issue 50 virtual and physical debit cards to manage team spending, earn interest on your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":" business savings","marks":[],"data":{}}]},{"nodeType":"text","value":", and leverage automatic, percentage-based transfers to streamline cash flow management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up for Relay today","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about marketing agency profit margins","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is the average marketing agency profit margin?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The average profit margin for marketing agencies varies based on size, location, and the services they provide. However, according to research by","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prometheanresearch.com/wp-content/uploads/2023/07/Promethean-Research-Digital-Agency-Industry-Report-2023-Edition.pdf"},"content":[{"nodeType":"text","value":" Promethean","marks":[],"data":{}}]},{"nodeType":"text","value":", most successful advertising agencies have a profit margin of 15%. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How often should I review my marketing agency\'s profit margin?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ideally, you should review your marketing agency\'s profit margin at least once a month. This will help you identify any changes in revenue or expenses and make adjustments as needed to improve profitability. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How can I increase my marketing agency\'s profit margin without sacrificing quality?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One way to boost your marketing agency\'s profit margin while maintaining the quality of your services is to focus on increasing efficiency and productivity. This could include automating certain tasks or investing in new tools and software. You could also consider upselling or cross-selling services to existing clients. This can bring in additional revenue without significantly increasing your workload. \ud83d\ude4c","marks":[],"data":{}}]}]},"readingTime":8,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1697733000086,"customDate":1697733000086,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-revenue-vs-profit-for-marketing-agencies"},"content":[{"data":{},"marks":[],"value":"What is revenue vs. profit for marketing 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ET, we\'ll give you the full scoop on our Reasons to be Profitable contest, debunk some of the worst misinformation out there about profit, and share stories of how some real-world SMBs weathered their biggest financial storms by putting profit first.","metaTitle":"Webinar: Find your Reasons to be Profitable for a Chance at $100k in Prizes","metaDescription":"On Thursday, October 26 at 3 p.m. ET, we\'ll give you the full scoop on our Reasons to be Profitable contest and share stories of how some real-world SMBs weathered their biggest financial storms.","popular":false,"category":"Webinar","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4ZzeLsSuT5iuNH3oheUaJi/c4deddaa1f08c7e871a01f6b25e6b50c/Find_Your_Reasons_To_Be_Profitable_Live_-_Relay_Contest_Webinar.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"There are a lot of misconceptions out there about profit.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u2755","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" Note: this webinar already aired. 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Taking checks for business payments can help you expand your customer base\u2014but there are some significant downsides that business owners need to be aware of.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Allowing multiple payment methods, including checks, debit card or credit card payments, wire transfers, and ACH, can help you make more sales. \ud83d\udcb8   In this guide, we\u2019ll help you decide if accepting checks for payment is right for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll also cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-accept-check-payments-for-your-business"},"content":[{"nodeType":"text","value":"How to accept check payments for your business","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-downsides-of-accepting-check-payments"},"content":[{"nodeType":"text","value":"The downsides of accepting check payments","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#should-my-business-accept-check-payments"},"content":[{"nodeType":"text","value":"Should my business accept check payments?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#alternative-payment-methods-for-small-businesses"},"content":[{"nodeType":"text","value":"Alternative payment methods for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-stop-accepting-checks-for-payments"},"content":[{"nodeType":"text","value":"How to stop accepting checks for payments","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#stay-on-top-of-cash-flow-with-relay"},"content":[{"nodeType":"text","value":"Stay on top of cash flow with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to accept check payments for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.atlantafed.org/banking-and-payments/consumer-payments/research-data-reports/2020/02/13/us-consumers-use-of-personal-checks-evidence-from-a-diary-survey"},"content":[{"nodeType":"text","value":" Federal Reserve","marks":[],"data":{}}]},{"nodeType":"text","value":", only 7% of customers use paper checks to pay their bills. However, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.washingtonpost.com/business/2023/09/15/paper-checks-who-uses/"},"content":[{"nodeType":"text","value":"checks are still common in some industries","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014for example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-budgeting"},"content":[{"nodeType":"text","value":"nonprofits","marks":[],"data":{}}]},{"nodeType":"text","value":" receive many checks and those in the professional services industry (like lawyers and accountants) may find that a large proportion of clients want to use checks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on your business, some clients may prefer to pay with checks over other forms of payment. So, if you want to accept check payments, here are some steps you can take:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 1:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Create a payment policy that states when and how your business will accept check payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Consider things like whether you need to see a customer\u2019s ID or if you will limit the amount that can be paid with a check. Depending on your business setup, you can post your policy to your online store or display it at your physical location.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 2:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Review your bank or financial institution\u2019s policies for check deposits.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you want to use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/mobile-check-deposit"},"content":[{"nodeType":"text","value":"mobile check deposit","marks":[],"data":{}}]},{"nodeType":"text","value":", follow the proper steps for uploading the check image to your online banking account.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Make sure the check is filled out correctly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Checks should always include:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The customer or payer\u2019s name and address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount of payment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name of the person or business being paid","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name of the payer\u2019s bank or financial institution,","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bank or financial institution\u2019s routing number\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The date of payment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The check number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payer\u2019s checking account number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payer\u2019s signature","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 4:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Watch out for counterfeit checks","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Don\'t accept the check if any of the information listed in Step 3 is missing. There\u2019s a risk the customer is trying to pay with fake or stolen banking information. You can always request an alternative form of payment.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 5:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Verify the customer\u2019s identity.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can request the customer\u2019s identification to see if the check is legitimate. Ensure the information they provide matches the information on the check. If anything is different, consider requesting an alternative form of payment.\xa0 \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 6: Confirm the check date is correct. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Let\u2019s say a customer comes into your store and buys $300 worth of merchandise. They pay with a check and leave the store. You go to your bank to deposit the check, but you can\u2019t because the date on the check is a week away!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember: You can\u2019t deposit a check until the date listed on the check. That\u2019s why it\u2019s essential to confirm the customer writes the current date on the check\u2014not a day in the future. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The downsides of accepting check payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks are a practical payment method for businesses to accept. However, for many businesses, checks can add unnecessary complexity to their financial operations. Today, customers can choose from a wide range of payment options, so it\u2019s important to consider all the downsides before you decide whether to accept checks for payment. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few risks that come with accepting check payments for your business:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Bounced checks \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a customer pays with a check, but there are insufficient funds in the customer\u2019s account, the check will bounce. If this happens, your bank may charge you a hefty returned check fee.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, a check can take several days to process, so the check writer and your merchandise may be long gone by the time you realize there\u2019s an issue. Trying to track down a customer and reconcile a bad check payment can be time-consuming. Plus, there\u2019s no guarantee you\u2019ll get your money or merchandise back.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other payment methods may run the risk of insufficient funds, too. But with","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":" ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" or credit card payments, you can typically spot the problem faster and avoid paying any fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking and money management platform that lets business owners open multiple no-fee checking and savings accounts. Then, you can mobile deposit checks from customers\u2014and if they bounce, you won\u2019t be charged a fee. (Though it\u2019s still good practice to avoid bouncing checks when possible!)\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also receive wire transfers and ACH payments for free. With Relay, small business owners can avoid pesky banking fees when accepting payments from customers, whether they choose check payments or another option. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stop payments \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a physical storefront, consider that checks pose a stop-payment risk. If a customer pays with a check, they may leave the store and then place a stop payment on the check, which leaves you without proper payment.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To complicate matters, if the funds have already been deposited into your account, a stop payment will debit the funds from your account. If you\u2019re counting that payment as part of your revenue stream, a stop payment can seriously impact your cash flow.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Unnecessary costs \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks can be expensive to process. According to the National Automated Clearinghouse Association (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directdeposit.org/"},"content":[{"nodeType":"text","value":"NACHA","marks":[],"data":{}}]},{"nodeType":"text","value":"), the organization that oversees the ACH payment network, ACH payments may cost $0.29 per transaction, while checks can cost $1.22 per transaction. If the bulk of your revenue comes from check payments, check processing fees can seriously cut into your bottom line. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Security \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks may offer more security features than cash payments. But paper checks can easily be misplaced or stolen. Plus, customers could pay with stolen checkbooks or counterfeit checks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Trying to reconcile fraudulent checks can be a nightmare for small businesses. Other payment methods, like wire transfers, ACH, debit cards, and credit cards, are safer alternatives.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Time \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bad checks can still slip through the cracks even when you take the proper steps. If you receive a bad check, there\u2019s no guarantee you\u2019ll be paid.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/clients-wont-pay-what-to-do"},"content":[{"nodeType":"text","value":" customer doesn\u2019t pay","marks":[],"data":{}}]},{"nodeType":"text","value":" or does bounce a check, you could track them down and request payment. You could even work with a collection agency or contact the authorities. But all of these options may cost you time, money, and energy\u2014that could\u2019ve been saved by accepting alternative forms of payment.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Should my business accept check payments?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While accepting checks for payment can come with some challenges, it\u2019s not all bad.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For one, the more payment methods your business accepts, the more opportunities you have to make sales. Some clients prefer to pay with checks, so accepting this payment method could help broaden your customer base.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, electronic check processing has made it easier than ever to deposit checks. For example, remote capture has made mobile check deposits popular for busy business owners. With remote deposit, you can deposit multiple checks anywhere, anytime, using your mobile device.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, if your clients do want to pay you with checks, it\u2019s worth considering the downsides and potential upsides. Either way, be sure to offer multiple payment options.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Alternative payment methods for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re ready to stop accepting checks or want to offer more payment methods, you have more than a few options.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For online payments, you might consider debit card and credit card payments. You\u2019ll just need to invoice customers through a payment processing platform like Stripe, QuickBooks Online, or Xero and turn on credit card payments. \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next-day and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" are another fast, secure, and cost-effective alternative to paper check payments. These payment methods offer robust security features and low processing fees. Plus, they\u2019re easy and convenient for your customers to send from their bank account to yours.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stop accepting checks for payments \ud83d\uded1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you grow your small business, you may want to stop accepting check payments. Here are some tips to make the transition easier for you and your customers:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcdd Update your check acceptance policy.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Let customers know that you no longer accept checks and offer them alternative ways to pay. Communicate why you\u2019re updating the policy and be sure to offer some flexibility to customers who need it.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2692\ufe0f Set up other payment methods","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Work with your payment process to set up ACH payments, debit or credit card payments, or wire transfers. Ensure you have the correct information from your customers before you initiate these types of payments. Check with your payment processor to see if there are additional steps you should take before making the switch.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Don\'t forget about bookkeeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Once you stop accepting personal checks from customers, you\u2019ll need a way to track new types of payment. Be sure you tell your accountant or bookkeeper about the change and make sure payments are properly recorded during the transition.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on top of cash flow with Relay \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online business and banking platform built for small businesses. With Relay, you can send and receive next-day and same-day ACH, wire transfers, and yes\u2014even check payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also integrates with accounting software like QuickBooks Online and Xero, so you can easily reconcile transactions and speed up bookkeeping. Ready to make the switch to Relay? You can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1697485942163,"customDate":1697485942163,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-to-accept-check-payments-for-your-business"},"content":[{"data":{},"marks":[],"value":"How to accept check payments for your business","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-downsides-of-accepting-check-payments"},"content":[{"data":{},"marks":[],"value":"The downsides of accepting check payments","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#should-my-business-accept-check-payments"},"content":[{"data":{},"marks":[],"value":"Should my business accept check payments?\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#alternative-payment-methods-for-small-businesses"},"content":[{"data":{},"marks":[],"value":"Alternative payment methods for small businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-to-stop-accepting-checks-for-payments"},"content":[{"data":{},"marks":[],"value":"How to stop accepting checks for payments","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#stay-on-top-of-cash-flow-with-relay"},"content":[{"data":{},"marks":[],"value":"Stay on top of cash flow with Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":["category-payments"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"mobile-check-deposit","title":"Your Guide to Mobile Check Deposit for Businesses","description":"Learn what mobile check deposit is and how businesses can use mobile check deposit to receive payments.","metaTitle":"Your Guide to Mobile Check Deposit for Businesses","metaDescription":"Learn what mobile check deposit is and how businesses can use mobile check deposit to receive payments.","popular":false,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6Q9lOt34O4Iy66BLKY5br0/5126d1ade57f82fbcc6aa21028c099c5/Business_Mobile_Check_Deposit_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Does your business need to find a faster way to deposit checks? If the answer is yes, mobile check deposit could be the solution you\u2019re looking for. \ud83c\udf89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.miteksystems.com/blog/2022-mobile-deposit-benchmark-report"},"content":[{"nodeType":"text","value":"2022 report","marks":[],"data":{}}]},{"nodeType":"text","value":", nearly 88% of Americans accessed their checking account from a smartphone or tablet last year, and 53% deposited one or more checks using those devices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, mobile check deposit isn\u2019t quite as popular as other digital banking services, like ACH, debit card and credit card payments, or wire transfers. However, it\u2019s still a convenient option for business owners who need to deposit multiple checks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll discuss what mobile check deposit is, how it works, and the benefits for small business owners.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll also cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-mobile-check-deposit"},"content":[{"nodeType":"text","value":"What is mobile check deposit?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#can-businesses-use-mobile-check-deposits"},"content":[{"nodeType":"text","value":"Can businesses use mobile check deposits?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-mobile-check-deposit"},"content":[{"nodeType":"text","value":"Benefits of mobile check deposit","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-use-mobile-check-deposit-for-your-business"},"content":[{"nodeType":"text","value":"How to use mobile check deposits for your business","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#deposit-business-checks-with-relays-mobile-banking-app"},"content":[{"nodeType":"text","value":"Deposit checks with Relay\u2019s mobile banking app","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is mobile check deposit?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile check deposit is a digital banking tool that lets you deposit check funds into your account without having to visit a physical bank. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This kind of check deposit allows you to use your mobile device to deposit a paper check into your business bank account at any time. You can typically deposit the funds into either a checking account or a savings account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile banking services like check deposit and ACH can make it faster, easier, and more secure for businesses to deposit funds into their accounts. They also give small businesses the ability to manage their deposits (and their cash flow) on their own time\u2014instead of always rushing to make it to the bank before 5pm. \u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, mobile deposits let you skip the trip to the bank and deposit funds to your business checking account from your iPhone or Android. Whether you\u2019re at the beach or at the office, this kind of convenience gives you the ability to access your cash anytime, from anywhere. \ud83c\udfdd\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do mobile check deposits work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can typically access mobile check deposit services through your mobile banking app. Mobile deposits use something called remote capture technology to scan a check image. \ud83d\udcf2 Your bank or financial institution will use the image to process your check deposit and add the funds to your bank account.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can businesses use mobile check deposits?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.wsj.com/articles/SB10001424127887323511804578298192585478794"},"content":[{"nodeType":"text","value":"The Wall Street Journal","marks":[],"data":{}}]},{"nodeType":"text","value":" recently reported that over 100,000 checks are deposited with mobile devices each day. Businesses definitely can (and should) take advantage of mobile check deposit features to save time and improve","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":" cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To mobile deposit a business check, you\u2019ll first need a business online banking account. Then, check with your bank to make sure that they support mobile deposits for business customers. \ud83d\udcb0 Once you have verified that your bank offers the service, you\u2019ll be able to upload a scanned check image and enter the deposit details.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b), business owners can open multiple no-fee business checking and savings accounts. Then, you can mobile deposit checks, send and receive ACH payments, and more.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of mobile check deposit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business mobile deposit for checks may be a good option if you have lots of checks to deposit. Let\u2019s say you receive recurring check payments from customers or clients. Making multiple trips to the bank every week would be a hassle. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeping track of paper checks can also be challenging, not to mention risky\u2014if checks are lost or stolen, it can be a real security issue. Here are a few more benefits of mobile check deposit for businesses:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Faster access to cash:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Remote deposit is faster than a traditional bank deposit. \ud83d\ude4c Depending on the check amount and your bank, you could have access to your money immediately after you make the mobile deposit.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Checks are deposited through your mobile banking app, and your information is encrypted. \ud83d\udd12 Mobile deposit also allows you to keep checks at home or in the office, in a safe place, instead of commuting back and forth to the bank (and risking theft or loss).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Convenience","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You can deposit multiple checks into your business account in a few quick taps. Plus, you can do it from the comfort of your home instead of waiting in line at the bank. \ud83d\ude4f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Remote capture lets you send an image of the check to your bank, but you can keep the physical check for your records. Your accounting software or banking platform might also allow you to attach a picture of the image to the transaction. \ud83d\udcf8\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Potential downsides of mobile check deposit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile check deposit is great for businesses, but it does come with some limitations. Here are two common important ones to keep in mind:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposit limits","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Mobile check deposit limits may vary from one bank to the next. If you have multiple checks to deposit, you may want to check your bank\u2019s policy before you attempt a mobile deposit.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some banks offer mobile deposits at no cost, but others may charge a fee for these online services. \ud83d\udcb0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though mobile check deposit is convenient, you still have to handle paper checks\u2014which inherently come with more risks than digital payment methods.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, your business might want to","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accepting-check-payments"},"content":[{"nodeType":"text","value":" stop accepting checks","marks":[],"data":{}}]},{"nodeType":"text","value":" altogether. Payment methods like ACH, wire transfer, and credit cards can help businesses access funds faster than checks.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to use mobile check deposit for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The mobile check deposit process can vary from one financial institution to the next. It\u2019s a good idea to review your bank\u2019s mobile deposit policy before you begin. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll also want to download your bank\u2019s mobile app from the Apple or Google Play store. After that, you can typically take these steps to deposit a check with your mobile device:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Log in to your bank\u2019s mobile app and access your business banking account.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 2:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Select the deposit check link or button.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You may see a prompt to provide the deposit information, like the date and dollar amount. You\u2019ll also have to choose a deposit account, like a checking or money market account.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 4:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Next, you\u2019ll need to endorse the back of the check with the payee\u2019s name or your business\u2019 name.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 5","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Use your mobile phone to take photos of the front and back of the check. Make sure all four corners of the check are displayed when using the check scanner and double-check that the routing number is clearly shown.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, it\u2019s always a good idea to keep the paper check for your records in case there are any issues with your deposit.\\n\\n","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Deposit business checks with Relay\u2019s mobile banking app","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online business banking and money management platform built for small businesses. We offer mobile check deposits for small businesses\u2014plus, you can receive","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":" business ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" and wire transfers at no cost to you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" also allows you to open multiple no-fee business checking and savings accounts, issue 50 virtual and physical debit cards, and simplify bookkeeping with QuickBooks Online and Xero integrations. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to make the switch to Relay?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":3,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1697485466003,"customDate":1697485466003,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-mobile-check-deposit"},"content":[{"data":{},"marks":[],"value":"What is a mobile check deposit?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#can-businesses-use-mobile-check-deposits"},"content":[{"data":{},"marks":[],"value":"Can businesses use mobile check deposits?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#benefits-of-mobile-check-deposit"},"content":[{"data":{},"marks":[],"value":"Benefits of mobile check deposit","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-to-use-mobile-check-deposit-for-your-business"},"content":[{"data":{},"marks":[],"value":"How to use mobile check deposits for your business","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#deposit-business-checks-with-relays-mobile-banking-app"},"content":[{"data":{},"marks":[],"value":"Deposit checks with Relay\u2019s mobile banking app","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":["category-payments"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"what-is-a-payroll-bank-account","title":"What is a payroll bank account?","description":"Learn what a payroll bank account is and how a payroll checking account can help small businesses manage their cash flow. ","metaTitle":"What is a payroll bank account?","metaDescription":"Learn what a payroll bank account is and how a payroll checking account can help small businesses manage their cash flow. ","popular":false,"category":"Payroll","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2OYraWQlgFN4eKgoSd5EfY/2acca160ba24aa05b8a028254d2c52ff/What_is_a_payroll_bank_account_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeping business funds in one checking account can make it hard to stay on top of cash flow. Having separate accounts, like a dedicated payroll bank account, can help. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Businesses can use","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":" multiple bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" to organize and track income and expenses. Specifically, a payroll checking account can give you a clear picture of your payroll expenses and make the payroll process easier to manage. But what exactly is a payroll bank account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To keep it simple, a payroll bank account is solely used to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-pay-freelancers"},"content":[{"nodeType":"text","value":"pay freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":", employees, and contractors their paychecks. \ud83d\udcb5  In this article, we\u2019ll take a closer look at payroll bank accounts and how to use them. We\u2019ll also cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-payroll-bank-account"},"content":[{"nodeType":"text","value":"What is a payroll bank account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#reasons-to-open-a-payroll-bank-account"},"content":[{"nodeType":"text","value":"Reasons to open a payroll bank account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-open-a-payroll-bank-account"},"content":[{"nodeType":"text","value":"How to open a payroll bank account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#do-i-need-a-payroll-account-and-a-payroll-service-provider"},"content":[{"nodeType":"text","value":"Do I need a payroll account and a payroll service provider?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#open-a-payroll-bank-account-with-relay-today"},"content":[{"nodeType":"text","value":"Open a payroll bank account with Relay today","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a payroll bank account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A payroll bank account is a business checking account only used to pay team members their payroll checks. Businesses can use this bank account to issue employees, contractors, and freelancers paper checks or send direct deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to more clear visibility into your business\u2019s cash flow, having a dedicated payroll checking account can help. At a glance, you\u2019ll be able to see if you have enough funds available to cover payroll expenses and payroll taxes. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us!\ud83d\udc4b) is a banking and money management platform that helps business owners manage cash flow by opening multiple business checking accounts. The best part? You won\u2019t have to navigate minimum balance requirements or pay unnecessary bank fees, like monthly maintenance fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Learn more about Relay\u2019s no-fee business checking accounts here","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".\\n","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Reasons to open a payroll bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Optimizing cash flow is vital for growing any small business. That\u2019s why you need a clear idea of the money flowing in and out of your business each month\u2014and opening a dedicated payroll bank account is one of the best ways to get full visibility into your spending. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some more reasons why small business owners may want to open a payroll bank account:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. A payroll checking account can improve cash flow management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing payroll expenses can be a hassle if you don\u2019t have a dedicated payroll account. If you only have one bank account, you\u2019ll have to sift through expenses to understand your available funds. Doing this every pay period can be extremely time-consuming and make it harder to stick to your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A separate payroll bank account can streamline bookkeeping, save time, and give you a better idea of your labor costs. Plus, a payroll account ensures you can pay your employees the right amount on time, every time. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Having multiple bank accounts makes budgeting easier.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you wondering, \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-many-business-checking-accounts-should-i-have"},"content":[{"nodeType":"text","value":"How many business checking accounts should I have?","marks":[],"data":{}}]},{"nodeType":"text","value":"\u201d The correct answer will depend on your unique situation. However, having dedicated checking accounts for different funds can make budgeting for small business expenses much easier. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you could have a dedicated checking account for tax payments, one for employee wages, and one for your operating costs. Plus, separating your business expenses into different categories or buckets can majorly simplify bookkeeping.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. You can put Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Businesses that use the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" Profit First approach","marks":[],"data":{}}]},{"nodeType":"text","value":" set aside a percentage of revenue for profit before anything else. Then, they divide their remaining income across multiple bank accounts for different expenses\u2014including, if you have employees, a payroll bank account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the Profit First method, business owners subtract their profit from their sales to determine their expense budget. 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With Relay, small business owners can open multiple business checking and savings accounts\u2014with no minimum balance requirements, no overdraft fees, and no monthly maintenance fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then, you can use our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto payroll integration","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to get notifications when your balance is too low to process payroll. Plus, you\u2019ll get detailed transaction data for every payroll run\u2014so you\u2019ll never have to waste time decoding your bank statements again.\\n\\nWith Relay and Gusto, you can spend less time on payroll tasks, and more time on running your business and growing your revenue. \ud83d\udcc8 Ready to open a payroll bank account with Relay? 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Peer-to-peer payment platforms \ud83d\udc65","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#6-freelance-marketplaces-and-management-systems"},"content":[{"nodeType":"text","value":"6. Freelance marketplaces and management systems \ud83d\udecd\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#7-accounts-payable-automation-platforms"},"content":[{"nodeType":"text","value":"7. Accounts payable automation platforms \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#8-paper-checks"},"content":[{"nodeType":"text","value":"8. Paper checks \ud83d\udcec","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#tips-for-streamlining-freelancer-payments"},"content":[{"nodeType":"text","value":"Tips for streamlining freelancer payments","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#whats-the-best-payment-method-for-freelancers"},"content":[{"nodeType":"text","value":"What\'s the best payment method for freelancers?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-paying-freelancers"},"content":[{"nodeType":"text","value":"FAQs about paying freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The difference between paying freelancers vs. employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we dive into the details of how to pay freelancers, it\'s important to understand the key differences between paying independent contractors vs. traditional employees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Typically, full-time employees are paid through a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":" payroll service","marks":[],"data":{}}]},{"nodeType":"text","value":". They receive a salary or hourly wage, and their employer withholds taxes from each paycheck. On the other hand, freelancers are responsible for paying their own taxes and usually invoice you for services rendered. They may also have multiple clients and complete freelance work on a project-by-project basis.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Do I have to withhold taxes when paying freelancers? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No, when paying freelancers, small business owners do not have to withhold taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers are classified in the U.S. tax code as 1099 contractors. What does this mean? Well, when you hire a freelancer, you\'re not hiring an employee but engaging a self-employed individual or entity to complete a specific task or project.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means they fall under the \\"1099\\" category, named after the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-misc"},"content":[{"nodeType":"text","value":" IRS form 1099-MISC","marks":[],"data":{}}]},{"nodeType":"text","value":" that businesses use to report payments to contractors. It\'s the freelancer\'s responsibility to manage their taxes directly with the IRS, unlike regular employees whose taxes you would need to withhold from their paychecks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember that as a business owner, you\'re required to issue a 1099 to any freelancer paid more than $600 in a calendar year. \ud83d\udcb8 When you choose a payment platform for your freelancers, you might want to look for an option that will help you automatically generate these 1099 forms during tax season.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Essential steps before paying freelancers \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you send out any payments to freelancers, proper onboarding is crucial. By collecting a few key pieces of information at the start of your relationship, you\'ll avoid future tax complications and bookkeeping headaches. \ud83e\udd15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few items that every business owner needs before paying a new freelancer:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"A signed contract: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your contract with a freelancer should include the project scope and timeline, as well as an NDA (Non-Disclosure Agreement). This will protect your business and ensure everyone\'s on the same page about the work and what\'s expected.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Clearly defined payment terms: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your contract should include a page or section about payment terms, like upfront deposit requirements or fixed fees. Make sure you\'ve also clearly defined if freelancers will be paid per project or based on an hourly rate.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"The freelancer\'s signed","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-pdf/fw9.pdf"},"content":[{"nodeType":"text","value":" W-9 form","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This form will give you the freelancer\u2019s taxpayer information, so you can issue a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/w9-vs-1099"},"content":[{"nodeType":"text","value":" 1099 form","marks":[],"data":{}}]},{"nodeType":"text","value":" at the end of the tax year. Be sure you collect this form before paying freelancers\u2014otherwise, you might end up in a last-minute crunch when 1099 forms are","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates#:~:text=Generally%2C%20Forms%201099%2DMISC%20must,Will%20Change%20Beginning%20in%202024."},"content":[{"nodeType":"text","value":" due in January","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f","marks":[],"data":{}},{"nodeType":"text","value":" Payment information:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Collect the freelancer\'s payment details, whether you choose to pay them via your PayPal account or collect their direct deposit information.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Invoices:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Freelancers should provide an invoice for their services. The invoice should include details like the nature of the work, the project rate, and the total amount due. Make sure you clearly communicate when you expect to receive their invoice (at the end of the project, on a monthly basis, etc.).","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us \ud83d\udc4b) is an online business banking and money management platform. Business owners can open multiple free business checking and savings accounts. Then, they can securely request freelancer payment information (like banking details) and W9 forms without leaving the Relay platform. \ud83e\udd2f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This offers a secure and streamlined alternative to requesting your freelancer\u2019s information via email or phone. Plus, it means you can manage your cash flow and freelancer payments all in one place\u2014for free.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to pay freelancers: 8 payment options to consider","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some freelancers only accept certain types of payment methods, like credit cards or ACH payments. However, in most cases, independent contractors will accept whichever payment platform your small business prefers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the most common freelancer payment methods available for small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Direct deposit \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Direct deposit is a fast and convenient way to pay your freelancers directly from your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":" business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":". Direct deposit eliminates the risks of lost or stolen checks, ensuring that your freelancers receive their payments securely and on time. \ud83d\udd12","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, if you\'re already utilizing a payroll platform for your employees, you can easily extend its use to set up direct deposit for your freelancers. This makes direct deposit a great payment option for businesses that regularly run payroll for other team members.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Direct deposit isn\'t always free. The cost varies depending on your bank or payroll provider, with some offering this service for free while others may charge a nominal fee per transaction. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Same-day or next-day ACH \ud83d\udcc5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automatic Clearing House (ACH) payments are a convenient way to pay freelancers on a recurring basis, especially if you\'re paying monthly retainer fees. ACH is an electronic funds transfer (EFT) system that allows for fast and secure payments directly from your business account to the freelancer\'s bank account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike direct deposit, you can usually send next-day and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" right from your business banking platform. That means you don\'t need to purchase a separate platform (like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"nodeType":"text","value":"payroll software","marks":[],"data":{}}]},{"nodeType":"text","value":") to set up this payment option for your freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"ACH payments are the fastest and cheapest way to send money to freelancers. For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" offers business owners the ability to send unlimited, free next-day ACH payments. With Relay Pro for $30/month, you can also send free same-day ACH payments!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Wire transfer \ud83d\udd00","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re hiring a freelancer outside of the United States, you might not be able to set up direct deposit or send an ACH payment. In this case, some business owners choose to pay freelancers via an","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments#how-much-do-international-wire-transfers-cost"},"content":[{"nodeType":"text","value":" international wire transfer","marks":[],"data":{}}]},{"nodeType":"text","value":". You should be able to send a wire transfer abroad through your bank, but you can also use platforms like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.payoneer.com/"},"content":[{"nodeType":"text","value":" Payoneer","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://wise.com/"},"content":[{"nodeType":"text","value":" Wise","marks":[],"data":{}}]},{"nodeType":"text","value":" (formerly known as TransferWise).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you can send domestic wire transfers to freelancers within the United States. However, both types of bank transfers can come with steep fees, so it might not be the best payment solution for every business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" An international wire transfer can take 2-5 business days to complete and cost upwards of $50 per transaction, plus currency conversion fees. Domestic wire transfers are a bit faster and cheaper, but still less convenient than ACH and direct deposit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can send outgoing international wires for only $10 and domestic wires for $5\u2014and both are free to send with Relay Pro.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":" Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Credit card payments \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers may send you an invoice through Stripe, QuickBooks Online, or another invoicing software. In this case, you can choose to pay them directly with a credit card.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though credit and debit card payments are convenient for both parties, the freelancer receiving the payment may be responsible for paying the transaction fees associated. Be sure you ask independent contractors about their preferred payment method before defaulting to this option.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Credit card processing fees vary depending on the bank, credit card company, and payment platform. However, many platforms (like Stripe) charge rates around 2.9% + $0.30 fee per transaction\u2014however, again, the freelancer will usually be responsible for paying any processing fees, not you.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Peer-to-peer payment platforms \ud83d\udc65","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Peer-to-peer (P2P) payment platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.paypal.com/us/home"},"content":[{"nodeType":"text","value":"PayPal","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://venmo.com/"},"content":[{"nodeType":"text","value":" Venmo","marks":[],"data":{}}]},{"nodeType":"text","value":" are great for paying freelancers who prefer to receive payments into a digital wallet. If you\'re doing a smaller project with a freelancer or don\'t expect to work with them long-term, these platforms can also be very convenient\u2014typically, all you need to send money is the other person\'s username, phone number, or email address.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re paying freelancers internationally, PayPal is also particularly convenient. Just remember to keep detailed records and receipts of any payments you make.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0f  If you\'re working with multiple freelancers or have an ongoing working relationship with a contractor, P2P platforms aren\'t the best option. Since transactions are processed within an app, it can be challenging to keep track of your payments. This can make tax compliance and bookkeeping more complicated than it needs to be.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"There\'s usually no fee for a business to send money through a P2P payment platform, but your freelancer may incur a charge when receiving the money. Be sure to check the specific fees for the platform and communicate with freelancers before sending any payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Freelance marketplaces and management systems \ud83d\udecd\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re hiring freelancers through marketplaces or management systems like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.upwork.com/"},"content":[{"nodeType":"text","value":" Upwork","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fiverr.com/"},"content":[{"nodeType":"text","value":" Fiverr","marks":[],"data":{}}]},{"nodeType":"text","value":", payment is usually facilitated through the platform. This means you don\'t have to worry about setting up direct deposit or sending wire transfers\u2014they handle everything for you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, not every independent contractor works on these platforms, so you might not be able to rely on them for every freelance project.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Marketplaces and management systems usually charge a percentage of the transaction or project fee as their service fee. This can range from 5% to 20%, so be sure to research and factor in these fees when budgeting for your project.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7. Accounts payable automation platforms \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a large number of freelancers to pay, managing payments can quickly become overwhelming and time-consuming. That\'s where","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":" accounts payable automation platforms","marks":[],"data":{}}]},{"nodeType":"text","value":" like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.meliopayments.com/"},"content":[{"nodeType":"text","value":" Melio","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bill.com/"},"content":[{"nodeType":"text","value":" Bill.com","marks":[],"data":{}}]},{"nodeType":"text","value":" come in handy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These platforms specialize in streamlining the payment process for businesses, making it easier to pay multiple freelancers at once and track all your payments in one place. They often offer features like automatic invoice matching, digital approvals, and payment scheduling to make the process more efficient.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Accounts payable automation platforms typically have a monthly subscription fee, plus transfer fees for each payment made through the platform. However, these costs can be worth it for businesses with high volumes of payments to manage. Be sure to compare different platforms and their pricing structures before choosing one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":" is a fantastic accounts payable solution for small businesses. For just $30/month, you can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automatically import bills from QuickBooks Online or Xero","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Review, approve, and pay all bills from one dashboard","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automate single or multi-step approval rules for bill payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Pay multiple bills to the same vendor in a single batch","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Pay multiple bills to different vendors in one workflow","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Auto-sync paid bills as \u201cpaid\u201d back to your general ledger","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These features can majorly simplify freelancer payments\u2014plus, they\u2019ll help you pay your team on time, avoid late fees, and speed up bookkeeping.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"8. Paper checks \ud83d\udcec","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While not as common, some freelancers may still","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accepting-check-payments"},"content":[{"nodeType":"text","value":" accept paper checks","marks":[],"data":{}}]},{"nodeType":"text","value":". However, this method can be time-consuming and come with additional costs such as postage fees. It also requires the freelancer to physically deposit the check, which could delay payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ordering checks from your bank can cost as much as $20-$50 per box, and postage fees vary depending on the weight of the envelope. Additionally, some banks may charge a fee for processing paper checks. Overall, this option may not be the most cost-effective or efficient for either party.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tips for streamlining freelancer payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can be overwhelming to figure out how to pay freelancers on top of all your other responsibilities as a small business owner. If you can find a way to simplify your processes, however, you\'ll be able to avoid late fees, reduce human error (like incorrect payment amounts), and improve your relationships with freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, prompt payment shows respect for freelancers\' work and time, which will help you attract and retain quality contractors. In the long term, this will help you save on costs and boost your bottom line. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few tips for streamlining the way you pay freelancers:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3","marks":[],"data":{}},{"nodeType":"text","value":" Use one payment method consistently","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Instead of juggling multiple methods, stick to one that works best for your business and your freelancers. This will make it easier to keep track of payments and streamline your bookkeeping.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0\ufe0f Use automation tools","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Utilize platforms that let you automate direct deposit and ACH transfers\u2014like the accounts payable automation tools we mentioned earlier. They\'ll help you schedule payments ahead of time and in some cases, allow you to collect W9 forms.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Leverage your account software features: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Programs like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://quickbooks.intuit.com/app/apps/home/"},"content":[{"nodeType":"text","value":" QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":",","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.freshbooks.com/en-gb/?qgad=654082447139&qgterm=freshbooks&gclid=CjwKCAjw69moBhBgEiwAUFCx2DE-wjSMFQL5jaR8jDFqhSBffSTYXwmIPS42ODZxDO5eOoP9v_yFgRoC8vgQAvD_BwE"},"content":[{"nodeType":"text","value":" FreshBooks","marks":[],"data":{}}]},{"nodeType":"text","value":", and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.waveapps.com/"},"content":[{"nodeType":"text","value":" Wave","marks":[],"data":{}}]},{"nodeType":"text","value":" usually offer features for tracking and managing freelancer payments. Even better, they\u2019ll help you automatically generate 1099s and other reports for tax season.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce3 ","marks":[],"data":{}},{"nodeType":"text","value":"Communicate clearly and often: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Make sure to communicate with your freelancers about payment methods, schedules, and any changes ahead of time. This will help avoid confusion or misunderstandings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Ultimately, the best payment method will depend on your business needs and the preferences of your freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"is an online business banking and money management platform that marketing agencies and other small businesses love using to pay freelancers. With Relay, you can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Request and manage freelancer payment details and W-9 forms","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Set up and schedule recurring payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Send free next-day ACH payments to freelancers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 With","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":" Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", send free same-day ACH payments and free international or domestic wire transfers","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also allows you to open multiple no-fee business checking and savings accounts, issue 50 virtual and physical debit cards, and simplify bookkeeping with QuickBooks Online and Xero integrations. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to simplify freelancer payments with Relay?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":" to get started.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about paying freelancers","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0f How do I pay international freelancers?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online payment platforms like PayPal can provide a convenient method for paying international freelancers. These platforms usually offer currency conversion and swift transfers, ensuring a seamless payment process. Additionally, they provide competitive exchange rates for international payments.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Are freelancer payments tax deductible? \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancer payments are usually tax-deductible business expenses, whether you pay them through a money transfer, a credit card, or some other method. Keep detailed records of all payments made to freelancers, including their invoices and your payment receipts. These records will help you accurately report your expenses during tax time and maximize potential deductions.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcce Should I have a contract in place before paying a freelancer?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, it\'s always best to have a written agreement in place outlining the scope of work, payment terms, and other relevant details before starting any freelance projects. 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Because of this, it\u2019s an experience that can be incredibly rewarding\u2014allowing you to build a team, work with bigger clients, and earn a lot of money.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, this business model isn\u2019t for everyone. Whether you\u2019re an experienced freelancer or a new entrepreneur, here are a few signs you\'re prepared to take the leap and start a profitable digital marketing agency business. \ud83c\udf1f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 ","marks":[],"data":{}},{"nodeType":"text","value":"Your business is growing faster than you can keep up with","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you find yourself struggling to handle all aspects of your business, it means that it\'s time to expand. Starting a marketing agency can help you meet the growing demand for your services and increase your earning potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 ","marks":[],"data":{}},{"nodeType":"text","value":"You\'ve identified a unique demand for your digital marketing services","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Are you consistently delivering exceptional results for a specific type of client and getting referrals? If so, it\'s a clear indication that you have the potential to build a scalable digital marketing agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3 ","marks":[],"data":{}},{"nodeType":"text","value":"You\'re feeling burnt out","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Starting a marketing agency can provide relief by freeing up your time and energy. By focusing on high-level strategy and delegating day-to-day tasks to your team, you can rediscover your passion for your work.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa04\ufe0f\u20e3","marks":[],"data":{}},{"nodeType":"text","value":" You want to earn passive income: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"While freelancing often involves trading time for money, owning a digital marketing agency offers the opportunity to build wealth beyond an hourly rate. 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Unlike in the past, where high initial investments and limited marketing channels posed significant barriers, now you can get started with as little as $1,000\u2014but most agencies will have start-up costs of around $5,000-$70,000.\xa0 \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a freelancer who\u2019s looking to grow your business into an agency, you might already have paid some start-up costs like business incorporation fees and software subscriptions. But if you\u2019re starting an agency from scratch, you will need to pay a bit upfront before you can start bringing on clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a business banking platform for your marketing agency, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/banking-for-agencies"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us! \ud83d\udc4b) can help. With Relay, marketing agencies can open 20 individual, no-fee business checking accounts\u2014with no minimum deposit or balance requirements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you open your Relay account, you can organize your money into separate buckets for different types of expenses\u2014like taxes, payroll, and operating expenses. This can help you stay on budget and avoid overspending on start-up costs. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/banking-for-agencies"},"content":[{"nodeType":"text","value":"Learn more about Relay for marketing agencies","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why knowing your start-up costs is important","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As with any business, knowing your start-up costs is critical for success. It allows you to carefully plan your budget and ensure that you have enough funds to cover all necessary expenses. This knowledge also helps you determine the best pricing strategy for your services, ensuring that they are both profitable and competitive. \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Moreover, having a clear understanding of your start-up costs can help you anticipate potential financial challenges and prepare accordingly. This can prevent any unexpected financial strain or setbacks in the future. \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Common marketing agency start-up costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start-up costs are basically the one-time expenses you need to shell out when you\'re starting a business. Knowing about these costs helps you make smarter decisions, choose the right marketing strategies, and avoid any unexpected financial surprises.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few expenses to keep in mind:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Office space \ud83c\udfe2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many marketing agencies are entirely online businesses, with clients and employees all over the world. Plus, 93% of workers report ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/advisor/business/remote-work-statistics/#:~:text=A%20staggering%2098%25%20of%20workers,balance%20that%20remote%20work%20offers."},"content":[{"nodeType":"text","value":"having a desire to work from home","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0 \ud83c\udfe0  If your business doesn\u2019t truly need","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"a physical location, you might want to skip investing in office space right away.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, working from home 100% of the time isn\u2019t always best for productivity and collaboration. If you\u2019re looking for a flexible office space option, you might consider joining a coworking space or renting a smaller office that\u2019s only used a couple of times a week. Whichever office space option you choose, prices will vary based on your needs and location. Be sure to research and budget accordingly.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Marketing software \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing agencies rely on a diverse range of software to streamline campaign creation and management. You\u2019ll likely need to invest in tools for analytics, project management, social media scheduling, PPC, digital advertising, and design.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SaaS costs can add up quickly for a small digital marketing agency. The good news is that many platforms offer free or low-cost versions of their software, so you can take advantage of these options when possible. There are also usually many different options for the work you\u2019re trying to accomplish, so it\u2019s always a good idea to compare before making your final decision.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"In-house employees \ud83d\udc65","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a team of skilled and experienced professionals is crucial for a successful marketing agency. This includes hiring experts in different marketing fields, such as SEO strategists, content writers, social media managers, and graphic designers. Keep in mind the costs of salaries, benefits, and training when budgeting for personnel.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you first get started, you might want to focus on hiring contractors over full-time employees. This will allow more flexibility as your workload and clients fluctuate and you learn how to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"manage your agency\u2019s cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Hardware costs \ud83d\udda5\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most critical components of your digital marketing agency\'s start-up budget is hardware costs\u2014like laptops and desktop computers. You\u2019ll need high-quality tech that can withstand heavy use and support your team as you take on new customers and campaigns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The price range for hardware can vary based on specific requirements and equipment quality. Thoroughly researching and comparing prices will help you find the best options that fit your budget and provide long-term value.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business formation costs \ud83d\udcdc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To operate a marketing agency, you\u2019ll need to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.sba.gov/business-guide/launch-your-business/register-your-business"},"content":[{"nodeType":"text","value":"formalize your business with your local state government","marks":[],"data":{}}]},{"nodeType":"text","value":" and register with the IRS. Make sure you do thorough research to understand the specific legal requirements in your area and avoid fines or complications. You may also want to meet with an accountant and lawyer to get professional advice.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Legal and accounting services \ud83d\udcda","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses should never underestimate the importance of legal and accounting services. When establishing your business structure, navigating tax laws, drafting client contracts, and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":" managing payroll","marks":[],"data":{}}]},{"nodeType":"text","value":", professional support is crucial to avoiding costly mistakes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, you don\u2019t have to hire an accountant, lawyer, or bookkeeper full-time\u2014but meeting with these service providers annually or quarterly will help you stay compliant and keep growing your business. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business insurance \ud83d\udd12","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Insurance is a crucial start-up cost for marketing agencies and will provide protection during unexpected events. To ensure full coverage, consider general liability, professional liability, and property insurance. Costs will vary based on your agency\u2019s size, coverage needs, and location.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s best to compare multiple quotes to find the best fit. Securing the right insurance is a proactive step in safeguarding your agency\'s future. 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This can involve Google Ads, content marketing, SEO, and even direct mail. Make sure to budget for initial marketing campaigns, website development, graphic design, and other promotional activities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The cost of marketing can vary depending on the strategies and platforms used, as well as the scale of the campaigns. So, it\'s important to allocate a realistic budget and consider the potential return on investment for each marketing initiative. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Continuing education and training \ud83e\uddd1\u200d\ud83c\udfeb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The marketing industry is always evolving, so staying updated on the latest trends and strategies is key to success. Because of this, your marketing agency\'s start-up costs might include online courses, webinars, industry conferences, LinkedIn Learning, and other platforms for continuing education.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The cost of this kind of training can vary depending on the specific courses or events chosen. It\'s important to research options and consider the value and relevance of the training programs in relation to your agency\'s goals and objectives. \ud83d\udcd6","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Miscellaneous expenses \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, don\'t forget to account for miscellaneous start-up costs that may pop up along the way. This can include travel expenses, office supplies, client gifts, or even networking event fees. Having a buffer in your budget for these unexpected costs can help you navigate through the initial stages of your business without financial strain.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount allocated for miscellaneous expenses will depend on factors such as the scale of your operations and the specific requirements of your agency. It\'s a good idea to set aside a percentage of your overall budget for these types of one-off costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tips for managing start-up costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your start-up costs effectively is crucial to running a sustainable and profitable marketing agency. Here are some tips to help you keep these costs under control:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Research and budget carefully","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by researching potential costs and creating a detailed budget plan that takes into account all necessary expenses. Be realistic in your projections, have a business plan ready, and leave room for unexpected costs. It\'s always better to overestimate rather than underestimate. \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Consider all your options","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to office space, software, and equipment, consider alternative options such as co-working spaces, renting instead of purchasing, and using automation in your workflow (instead of hiring for every role). This can help save on costs while still providing the necessary resources for your agency. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Negotiate with vendors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\'t be afraid to negotiate with vendors and suppliers for better rates or discounts. This can help save on costs and improve your overall budget. \ud83d\udcb8  You might even be able to trade services with certain types of vendors\u2014for example, if you need a website, you could offer to design social media graphics for the website developer\u2019s business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Prioritize expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s important to prioritize necessary expenses, such as team members and software, over luxury items. You can always invest in additional resources once your agency is more established. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Continuously review and adjust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows and evolves, so will your expenses. Continuously review and adjust your budget to ensure you are allocating resources effectively and efficiently. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to launch your profitable marketing agency? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a digital marketing agency can be a thrilling and fulfilling journey. Your success depends on setting clear objectives, prioritizing cash flow and profitability, and investing in your team\'s growth. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay: Grow your agency with better business banking\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right banking platform can help your new digital marketing agency thrive. That\'s why we built Relay: to truly serve small business owners like you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can open multiple no-fee business checking and savings accounts. Then, you can leverage powerful money management features to grow your business\u2014like automatic transfers, accounting integrations, and 50 virtual or physical debit cards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay today","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":8,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1697212853322,"customDate":1697212853322,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-a-marketing-agency"},"content":[{"data":{},"marks":[],"value":"What is a marketing agency?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#should-you-start-a-marketing-agency"},"content":[{"data":{},"marks":[],"value":"Should you start a marketing agency?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-much-does-it-cost-to-start-a-marketing-agency"},"content":[{"data":{},"marks":[],"value":"How much does it cost to start a marketing agency?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#why-knowing-your-start-up-costs-is-important"},"content":[{"data":{},"marks":[],"value":"Why knowing your start-up costs is important","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#tips-for-managing-start-up-costs"},"content":[{"data":{},"marks":[],"value":"Tips for managing start-up costs","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#ready-to-launch-your-profitable-marketing-agency"},"content":[{"data":{},"marks":[],"value":"Ready to start a profitable marketing agency?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"business-to-business-ach","title":"Business-to-Business ACH Payments: Your Ultimate Guide","description":"Business-to-business ACH payments allow businesses to send or receive payments from other companies. Learn more about how B2B ACH payments work.","metaTitle":"Business-to-Business ACH Payments: Your Ultimate Guide","metaDescription":"Business-to-business ACH payments allow businesses to send or receive payments from other companies. Learn more about how B2B ACH payments work.","popular":false,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7ex9qvRIqiDAqNQfxXPsOt/a5fc46a33b498fce218d136e4207191d/Business-to-business_ACH_payments_Your_ultimate_guide_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use business-to-business ACH payments to manage your cash flow and support your company\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":" and accounts receivable process. But what exactly is a business-to-business ACH payment, and what are the benefits?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business-to-business ACH payments, also known as Automated Clearing House payments, are electronic transfers of funds between two business bank accounts. This payment method has been around for decades and has become increasingly popular due to its convenience, reliability, and cost-effectiveness. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In fact, the ACH network processed ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/ach-network-sees-record-growth-2020-268-billion-payments#:~:text=The%2026.8%20billion%20payments%20made,is%20the%20highest%20since%202007."},"content":[{"nodeType":"text","value":"26.8 billion payments","marks":[],"data":{}}]},{"nodeType":"text","value":" in 2020 alone, and that number is on the rise. As a small business owner, ACH payments are particularly useful\u2014allowing you to streamline your financial operations and reduce the time and costs associated with traditional paper-based payments. \ud83c\udf89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-does-ach-stand-for"},"content":[{"nodeType":"text","value":"What does ACH stand for?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-business-ach-payment"},"content":[{"nodeType":"text","value":"What is a business ACH payment?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#ach-payment-basics"},"content":[{"nodeType":"text","value":"ACH payment basics","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-business-to-business-ach-payments-work"},"content":[{"nodeType":"text","value":"How do business-to-business ACH payments work?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-ach-payments-for-small-businesses"},"content":[{"nodeType":"text","value":"Benefits of ACH payments for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#send-and-receive-business-to-business-ach-payments-with-relay"},"content":[{"nodeType":"text","value":"Send and receive business-to-business ACH payments with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 What does ACH stand for?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH stands for automated clearing house, the network used for electronic fund transfers (ETFs). The ACH network can move ETFs from one bank or financial institution to another. Banks use the Automated Clearing House Network to process ACH payments multiple times per day.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/ach-network-sees-record-growth-2020-268-billion-payments"},"content":[{"nodeType":"text","value":"National Automated Clearinghouse Association (NACHA) network","marks":[],"data":{}}]},{"nodeType":"text","value":" manages and governs the ACH network. NACHA ensures the fast and secure transfer of funds between financial institutions within the US.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a business ACH payment?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business-to-business ACH payment occurs when one business uses the automated clearing house (ACH) network to transfer electronic funds to another company. Businesses typically use ACH to pay for goods and services or to request payment for goods and services.\\n\\nACH transfers are cheaper than credit card payments because they don\u2019t have to go through the card processing network. That\u2019s why many businesses prefer to send and receive next-day or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" instead of using credit card payments (or wire transfers, which can also be more expensive than ACH payments).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business ACH payments also offer more security than traditional payment methods. Unlike paper checks, which can be lost or stolen, business-to-business ACH payments are sent through NACHA\u2019s secure payment network. \ud83d\udd10\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can send business-to-business ACH payments using your business bank account. 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Before we break down the ACH payment process, there are a few key terms you\u2019ll need to know:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"National Automated Clearing House Association (NACHA): NACHA is the organization that governs, maintains, and creates policies for ACH transfers.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Originating Depository Financial Institution (ODFI): the bank or financial institution that initiates the ACH transfer is called the ODFI.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receiving Depository Financial Institution (RDFI): the bank or financial institution that receives the transfer request is called the RDFI.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll need to provide some basic account information when you set up ACH payments, including:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The routing numbers for each business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bank account numbers for each business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name of each party\u2019s bank or financial institution","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount of money you want to transfer","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nOnce you have the correct information on hand, you can request an ACH transfer. You can typically request an ACH transfer through your bank or financial institution\u2019s online portal. \ud83d\udcbb  The ACH transfer will happen in 3 simple steps:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 1: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The OFDI sends a request to the RDFI for the payment amount. This step initiates the ACH transfer.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 2: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0The two institutions confirm there are enough funds to complete the transfer request.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 3: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The bank will then move the funds and complete the request. \u2705","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do business-to-business ACH payments work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can think of B2B ACH payments as direct deposits for businesses. Business ACH payments allow one company to transfer funds from their bank account to another business\u2019s bank account. Businesses can transfer funds between different banks or financial institutions, too. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business-to-business ACH payments are like business-to-customer ACH payments, but business ACH payments have a few more requirements. For example:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can\u2019t send a business ACH payment unless you have a business banking account. If you don\u2019t have one, you can set it up through your bank or financial institution\u2019s online banking portal.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Confirm that your payment processor can add ACH payments to your POS system.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Provide customers with an ACH agreement that states the customer allows you to request ACH payments from their bank account. The agreement can be for one-time payments or recurring ACH transactions.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that business-to-business ACH payments fall into one of two categories: ACH credits and ACH debits. You\u2019ll need to know which type of ACH transaction you\u2019re requesting. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH debit vs. ACH credit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH debits are initiated by the business that will be receiving the funds. It\u2019s different from an ACH debit card transaction. ACH debits are typically preferred over ACH debit card payments since ACH debit card transactions charge the merchant 1% of the total transaction cost. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The business which needs to pay the other party initiates the ACH credit. Think of an ACH credit as an electronic check. It\u2019s like an electronic payment that transfers funds from one bank account to another, eliminating the need for paper checks.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How long do business ACH payments take?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments can take 1 to 3 business days to complete. \ud83d\udcb8 You can transfer funds quickly because NACHA processes ACH payments four times per business day.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you need to send money fast, you may want to consider a same-day ACH payment. But keep in mind that some financial institutions may charge a fee for same-day transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", you can send unlimited, free same-day ACH payments and outgoing wire transfers for just $30 per month. 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Here are some key reasons to use B2B ACH payments:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower processing costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": B2B ACH payments are cheap alternatives to wire transfers because they don\u2019t charge processing fees. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower transaction fees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Transaction costs can vary by financial institution, but it\u2019s typically free to transfer ACH payments through the ACH network.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reduce the risk of errors or fraud","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Paper checks can get lost or stolen, but you send ACH payments through a secure network managed by NACHA. \ud83d\udd10","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve cash forecasting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": ACH payments support fast payment windows and help you access your cash in real time. This reduces the risk that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/clients-wont-pay-what-to-do"},"content":[{"nodeType":"text","value":"clients will pay late","marks":[],"data":{}}]},{"nodeType":"text","value":" and can help you rely less on credit. \ud83d\udcb3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automate financial records","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": B2B ACH payments make it easy to track your transaction history and access it all in one place. Instead of worrying about paper records, ACH allows you to keep everything digital.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Streamline the accounts payable process","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Do you need to set up multiple recurring payments for different vendors? Business ACH is much easier (and faster) than writing checks for every individual vendor.\xa0\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude0e Send and receive business-to-business ACH payments with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a business banking solution that lets you send free next-day ACH payments and gives you full control over your day-to-day money management, Relay might be right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay gives small business owners the ability to open 20 free business checking accounts \u2014 with no monthly fees, overdraft fees, or minimum balance requirements.\xa0 \ud83d\ude4c\ud83d\udcb8\xa0 Relay also offers 50 virtual or physical debit cards, savings accounts, percentage-based auto-transfer rules, and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can spend, save, and plan more efficiently and get unparalleled clarity into operating expenses, cash flow, and accounts payable. Ready to get started? 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What does a payroll service do?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"A payroll service helps small business owners manage employee paychecks and adhere to tax and labor regulations. \ud83d\udccb These services streamline a variety of tasks involved in the payroll process, including:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Salary and wage processing:","nodeType":"text"},{"data":{},"marks":[],"value":" These services calculate and process both full-time and part-time employees\u2019 salaries and wages. They\u2019ll allow you to send direct deposit payments to your team\u2019s bank accounts and issue paper checks when needed.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Deductions and withholdings: ","nodeType":"text"},{"data":{},"marks":[],"value":"Many small business payroll solutions automatically determine and withhold employee taxes, including Social Security and Medicare contributions. They\u2019ll also withhold pre-tax deductions like retirement plan contributions and insurance premiums.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Payroll tax management:","nodeType":"text"},{"data":{},"marks":[],"value":" Payroll services help you manage payroll tax calculations, garnishments, and deductions. 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This will streamline and simplify bookkeeping for your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Attendance and time tracking:","nodeType":"text"},{"data":{},"marks":[],"value":" This includes providing tools for accurate time and attendance tracking and helping businesses monitor employee work hours.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Year-end processes:","nodeType":"text"},{"data":{},"marks":[],"value":" Payroll services assist with essential year-end processes, like the creation of annual tax forms (W-2s and 1099s), reconciliation of payroll accounts, and the provision of reports for the IRS.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Does your small business need a payroll service?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Navigating payroll as a small business owner can be challenging. How do you decide if outsourcing payroll is worth the investment, or if you can handle it on your own?\xa0 \ud83e\udd14 Well, every business is different, but with the four steps below, you can make an informed decision for your company. \u2b07\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1\ufe0f\u20e3 Assess your employee count","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Consider your current and projected employee headcount. If you\'re steadily adding employees and managing payroll is becoming increasingly challenging and time-consuming, it may be time to explore a payroll service. They can handle growth-related challenges and help you avoid payroll mistakes. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2\ufe0f\u20e3 Consider your current time commitments\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Reflect on the time and effort you and your team are dedicating to payroll tasks. As your business grows, managing payroll can become more and more time-consuming. If payroll processing will take you away from strategic business activities, a payroll service can free up valuable time\u2014and allow you to focus on revenue-generating tasks. \ud83d\udcc8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3\ufe0f\u20e3 Review compliance concerns","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you have employees on payroll, you have to stay on top of compliance at all times. This can be overwhelming for a small business owner\u2014especially since tax laws and regulations are always changing. A payroll service can alleviate the burden of tax compliance and reduce the risk of costly errors and penalties. \ud83d\udcdd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4\ufe0f\u20e3 Calculate cost vs. value\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finally, weigh the cost of a payroll service against the value it provides. While outsourcing always comes at a cost, remember that a payroll service can improve payroll accuracy and help you manage compliance risks. This can actually save your business money in the long term. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ultimately, the decision to use third-party payroll companies should align with your business\u2019s growth plans and ability to manage payroll efficiently. If you\u2019re struggling to keep up with payroll tasks and your team is expanding, it might just be time to enlist the support of a payroll service.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to choose the right payroll service","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"A 2020 survey by ","nodeType":"text"},{"data":{"uri":"https://www.paycor.com/resource-center/articles/the-biggest-cost-of-doing-business-a-closer-look-at-labor-costs/"},"content":[{"data":{},"marks":[],"value":"Paycor","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" found that employee wages, benefits, and taxes related to payroll can make up as much as 70% of a company\'s total expenses. \ud83d\udc40 Your payroll service can make a big impact on those costs, so you shouldn\u2019t take this decision lightly.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are a few factors to consider when choosing a payroll provider for your small business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcf0  Reputation and reliability\xa0\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As you start your search, be sure to investigate the reputation and track record of potential payroll service providers. Look for testimonials, reviews, and references from businesses in your industry. A reliable service with a solid reputation will help your business manage payroll and taxes with ease.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 Budget alignment\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Take a close look at your budget before making a decision. Outsourcing services will come with additional expenses, and you want to be sure it aligns with your","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"data":{},"marks":[],"value":" financial goals","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Remember that investing in a payroll service may save you money in the long run by reducing errors and penalties.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u2705 Tax compliance features","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A good payroll service will offer comprehensive tax compliance features, automatically calculating the correct withholdings for all employees and filing necessary paperwork on time. This not only safeguards your business against fines and penalties but also saves you valuable time and resources.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udd12 Data security\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your payroll service doesn\u2019t come with robust compliance and security features, it can put your business at risk. You\u2019ll also want to look for a service with features that allow you to easily manage access to sensitive payroll data.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcbb Ease of use\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not every payroll service is created equally. When you choose a service that\'s user-friendly and easy to implement, you\'ll be able to streamline your processes and simplify employee onboarding.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019s also a good idea to look for a payroll platform that offers employee self-service features. For example, employees should be able to log in to view their pay stubs and tax documents without involving HR or payroll staff. 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It\'s known for being free, making it an attractive option for very small businesses and freelancers. Wave offers features like payroll processing, direct deposit, and tax calculations. It\u2019s great if you\u2019re just starting out and don\u2019t need advanced payroll features.\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Pros: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\u2705 ","nodeType":"text"},{"data":{},"marks":[],"value":"Completely free to get started","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\u2705 ","nodeType":"text"},{"data":{},"marks":[],"value":"User-friendly interface","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\u2705 ","nodeType":"text"},{"data":{},"marks":[],"value":"Basic payroll features","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cons: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u274c Limited in features compared to paid services","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u274c Not suitable for larger businesses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Understanding the true cost of a payroll service","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019ve found the perfect payroll service for your business needs. Congratulations! Now, you\u2019ll need to figure out how much this service will cost your business. Unfortunately, it\u2019s not always straightforward\u2014but in this section, we\u2019ll give you everything you need to properly evaluate the ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"true ","nodeType":"text"},{"data":{},"marks":[],"value":"cost of a payroll service.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3 common pricing models  \ud83d\udcb8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most payroll services start with a base fee that can be paid monthly or annually. From there, it can get a little complicated. They might charge a fee for each additional employee. Or, your payroll service might be more like a Netflix subscription\u2014where you pay the same no matter how many movies you watch (or employees you have).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are the three most common pricing models for payroll services, so you can choose the option that works best for your budget. \u2b07\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Employee-based pricing:","nodeType":"text"},{"data":{},"marks":[],"value":" With this approach, some software providers calculate their fees based on the number of employees you have. The more employees you add, the higher your costs may become.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Monthly subscription:","nodeType":"text"},{"data":{},"marks":[],"value":" Similar to how you pay for cable or streaming services, some payroll software providers offer a monthly subscription model. You pay a fixed amount each month, regardless of the number of employees on your payroll.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Per-payroll charge: ","nodeType":"text"},{"data":{},"marks":[],"value":"Alternatively, a few providers might charge you each time you process payroll. This means you pay for each payroll run, which can be suitable for businesses with varying payroll frequencies or sizes.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Additional costs and hidden fees\xa0\ud83d\udcb0 ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"On top of the base fee, some payroll services come with hidden fees. These unexpected charges can add up quickly if you\u2019re not careful. \ud83d\ude2c  Here are the most common fees to watch out for when choosing a payroll service:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Add-ons","nodeType":"text"},{"data":{},"marks":[],"value":": Check if there are extra charges for things like handling taxes, managing employee benefits, or tracking their working hours.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Set-up fees: ","nodeType":"text"},{"data":{},"marks":[],"value":"Before signing up for a payroll service, be sure you look out for the most common hidden cost\u2014setup fees. These might not always be clearly listed on the payroll company\u2019s website, so it\u2019s a good idea to double-check.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"User licenses:","nodeType":"text"},{"data":{},"marks":[],"value":" If more than one person needs to use the software, see if you have to pay extra. These costs can add up quickly if you have multiple team members managing payroll.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Scaling: ","nodeType":"text"},{"data":{},"marks":[],"value":"Will the payroll software or service get exponentially more expensive as your business grows? If so, you might want to consider a more affordable option.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cancellation fees: ","nodeType":"text"},{"data":{},"marks":[],"value":"Read your user agreement carefully. Understand what will happen\u2014and what you\u2019ll be charged\u2014if you decide to cancel your payroll subscription.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Can online payroll services help with employee benefits? \ud83e\udd14","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Even when you have a small team, it can be tough to stay on top of PTO, workers\u2019 compensation, and other employee benefits. The good news? Your payroll service might be able to help. \ud83d\ude4c Some offer this service as an add-on, while others include it in the monthly subscription fee.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For example, ADP offers a range of employee benefits services like retirement plans and health insurance. Paychex also provides comprehensive benefits administration support. However, keep in mind that these additional services may come with extra costs. If your team is relatively small, you might not want the additional expense. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Still not sure? Here are a few ways your payroll service can help you manage employee benefits.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcbc ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Simplify enrollment:","nodeType":"text"},{"data":{},"marks":[],"value":" Your payroll provider can help your employees enroll in their chosen benefits plan. This saves you time and minimizes confusion for your team.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcca ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Reporting","nodeType":"text"},{"data":{},"marks":[],"value":": Payroll services can often help you track employee benefits usage, calculate costs, and produce reports.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udc68\u200d\u2696\ufe0f","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" Compliance support:","nodeType":"text"},{"data":{},"marks":[],"value":" If you\'re providing benefits, there are likely regulations and laws that you need to follow. 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With the right payroll partner, you can streamline your processes and better manage your employee benefits\u2014saving you time and money in the long run. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/product"},"content":[{"data":{},"marks":[],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" can help you stay on top of cash flow and never miss a payroll cycle. With Relay, small business owners can open multiple, no-fee business checking and savings accounts.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Then, you can use our Gusto payroll integration to get notifications when your balance is too low to process payroll. Plus, you\u2019ll get detailed transaction data for every payroll run\u2014so you\u2019ll never have to waste time decoding your bank statements again.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started with Relay?","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":" You can sign up here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\ude0e","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":7,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1696519678731,"customDate":1696519678731,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-does-a-payroll-service-do"},"content":[{"nodeType":"text","value":"What does a payroll service do?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#does-your-small-business-need-a-payroll-service"},"content":[{"nodeType":"text","value":"Does your small business need a payroll service?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-choose-the-right-payroll-service"},"content":[{"nodeType":"text","value":"How to choose the right payroll service","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-best-payroll-software-for-small-business-owners"},"content":[{"nodeType":"text","value":"The best payroll software for small business owners","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#understanding-the-true-cost-of-a-payroll-service"},"content":[{"nodeType":"text","value":"Understanding the true cost of a payroll service\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#can-online-payroll-services-help-with-employee-benefits"},"content":[{"nodeType":"text","value":"Can online payroll services help with employee benefits?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line"},"content":[{"nodeType":"text","value":"The bottom line ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"payroll-ach","title":"Payroll ACH: Everything Small Business Owners Should Know","description":"Learn how small business owners can use the ACH network to set up direct deposit ACH payments for employees, contractors, and freelancers. ","metaTitle":"Payroll ACH: Everything Small Business Owners Should Know","metaDescription":"Learn how small business owners can use the ACH network to set up direct deposit ACH payments for employees, contractors, and freelancers. ","popular":false,"category":"Payroll","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/c1fjQkMpLiUKoY1GxyWBJ/92ef47b70c81511c6689c5b92f6af46d/Payroll_ACH_Everything_small_business_owners_should_know_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you looking for a better way to manage payroll? Do you want a cheaper, faster, and more secure way to pay your workers? If so, ACH payments could be an excellent fit for your payroll needs. But what is ACH, and how does it relate to small business payroll? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automated Clearing House (ACH) payments are a fast and secure way to send direct deposits. You can send ACH payments to vendors, request payment from a customer, and pay employees, contractors, and freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using ACH transactions for payroll can be a great way to improve employee satisfaction. \ud83c\udf89 In fact, a recent American Payroll Association (APA) survey revealed that","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/direct-deposit-stays-top-new-survey-getting-paid"},"content":[{"nodeType":"text","value":" direct deposit","marks":[],"data":{}}]},{"nodeType":"text","value":" is how most workers prefer to get paid. But the benefits of using ACH transactions for payroll don\u2019t stop there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-ach"},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-ach-work"},"content":[{"nodeType":"text","value":"How does ACH work?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#can-i-use-ach-payment-processing-for-payroll"},"content":[{"nodeType":"text","value":"Can I use ACH payment processing for payroll?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#pros-and-cons-of-using-ach-payments-for-payroll"},"content":[{"nodeType":"text","value":"Pros and cons of using ACH transactions for payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-set-up-ach-payments-for-your-companys-payroll"},"content":[{"nodeType":"text","value":"How to set up ACH payments for your company\u2019s payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#tips-for-streamlining-payroll-with-ach"},"content":[{"nodeType":"text","value":"Tips for streamlining payroll with ACH \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#managing-ach-payroll-payments-with-relay"},"content":[{"nodeType":"text","value":"Managing ACH payroll payments with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ACH network is a national system that individuals, companies, and government agencies use to electronically transfer funds from one bank or financial institution to another. For example, the IRS may send tax returns via direct deposit using the ACH network. The National Automated Clearinghouse Association (NACHA) governs and manages this payment network.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A few years back, NACHA increased the daily electronic funds transfer limit and rolled out","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":" same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":". As a result, the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/new-fed-report-further-proof-ach-network-thriving"},"content":[{"nodeType":"text","value":" ACH network","marks":[],"data":{}}]},{"nodeType":"text","value":" is thriving, and it processed 30 billion payments in 2022 alone. Considering the convenience and security of ACH payments, it\u2019s not surprising that businesses are choosing ACH direct deposit over outdated payment methods like paper checks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having faster options for receiving funds or sending bill payments can save you time and money. It can also improve cash flow and, in turn, improve your cash flow forecasting. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does ACH work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use the ACH network to make two different types of ACH transactions:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH credit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you need to pay an employee. \ud83d\udcb8  You could instruct the ACH network to move money from your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-many-business-checking-accounts-should-i-have"},"content":[{"nodeType":"text","value":" business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" to your employee\u2019s account through your banking platform. This type of ACH transaction is called an ACH credit payment.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH debit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH debit transactions are helpful when you need to request payment from a client or customer. That\u2019s because the person receiving the funds initiates this type of ACH payment request.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Businesses can use both ACH credits and ACH debits. But when we talk about payroll, we\u2019re mainly talking about ACH credit transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can I use ACH payment processing for payroll?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, you can use the ACH payment system to process payroll. \ud83d\ude4c  This type of payment is used to process direct deposits for employees. ACH electronic payments are a fast, safe, and cost-effective way to transfer funds from your business bank account to an employee\u2019s bank account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to use ACH payments for payroll, you\u2019ll need the right business banking partner. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform that allows small business owners to send and receive no-fee, next-day ACH payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", small business owners can also streamline their accounts payable, including payments to employees, contractors, and freelancers. Plus, Relay Pro lets you send same-day ACH payments for free. \ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Pros and cons of using ACH payments for payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to the payroll process, there are many moving parts. From navigating tax laws across states to tracking withholdings, it\u2019s easy for small business owners to get bogged down in the details.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last thing busy business owners want to do is spend time printing checks or manually filling out payment forms. That\u2019s why many business owners consider ACH payments as a fast and simple way to pay their employees and contractors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, like any other type of payment, there are always some pros and cons. Here\u2019s what to consider before using ACH for payroll.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Benefits of using ACH for payroll\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u231a ","marks":[],"data":{}},{"nodeType":"text","value":"It saves time","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You can use ACH debits to automate payments. This process can free up the time you\u2019d otherwise spend manually entering payroll information. Plus, you can use ACH debits to issue payroll. ACH processing times for this type of transaction typically only take 1-2 business days.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s more secure","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Paper paychecks can get lost in the mail or stolen. But NACHA\u2019s strict ACH protocols encrypt ACH transfers so your information doesn\u2019t fall into the wrong hands. The ACH network is automated, meaning you must verify the payment information and authorize the transaction before it\u2019s processed. These extra layers of security give you more control over your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":" cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd73 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s convenient","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Many employees prefer the convenience of ACH payments over other payment forms. They can access their money with a direct deposit once funds hit their account. ACH direct payments are convenient for business owners, too.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s cheaper","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Printing checks, buying stamps, and mailing envelopes are expensive and time-consuming tasks. ACH direct payments eliminate the need for these costs and time constraints. 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This processing time isn\u2019t necessarily a con, but you must have the correct amount of cash available for the scheduled payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0 Timing","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": ACH payment information has to be verified ahead of time. That means you need to submit payroll requests early to stay on schedule. This isn\u2019t always easy to remember, but with an automation tool like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", you can automate bill payments and stay on top of cash flow all the time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0e International payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": ACH payments may not be available to employees, contractors, or freelancers who live overseas. If you employ digital nomads or international talent, you may have to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments"},"content":[{"nodeType":"text","value":"send a wire transfer","marks":[],"data":{}}]},{"nodeType":"text","value":" instead. You can check out the Federal Reserve\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.frbservices.org/resources/resource-centers/international-payments"},"content":[{"nodeType":"text","value":" International Payments Resource Center","marks":[],"data":{}}]},{"nodeType":"text","value":" for more information on how this works.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up ACH payments for your company\u2019s payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? You can take the following steps to set up ACH payments for your team:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Work with an ACH operator to set up direct deposit payroll. This operator can be an online banking platform, like Relay. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Have your employees, contractors, and freelancers complete a direct deposit form. Employees must provide their bank\u2019s address, the routing number, and their account number. They\u2019ll also need to specify if the account is a savings account or a checking account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Next, you need to set a payment schedule. Many businesses offer biweekly pay cycles. Remember, the funds have to be in your account before you can complete an ACH payment. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 4","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Once you have this information, you can send payment instructions to your bank. In this case, your bank or financial institution is the originating depository financial institution (ODFI). The ODFI will send the ACH transaction details to the ACH operator through the ACH system.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 5","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The ACH operator then sends the ACH payment to the employee\u2019s bank or financial institution. In this case, the employee\u2019s bank is the receiving depository financial institution (RDFI). The RDFI will move the request to the employee\u2019s account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 6","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Once all these pieces of information are in place, the funds are withdrawn from your account and placed in the employee\u2019s account\u2014and the ACH direct deposit is complete. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tips for streamlining payroll with ACH \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before paying your team with ACH, you\u2019ll want to set up some clear processes. 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If you\u2019re ready to ditch the spreadsheets and streamline your processes, payroll automation might be the answer. \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More than","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.symmetrical.ai/blog/payroll-statistics#:~:text=Payroll%20technology%20%26%20automation%20statistics,%25%20(American%20Payroll%20Association)."},"content":[{"nodeType":"text","value":" a third of small businesses still manage their payroll process manually","marks":[],"data":{}}]},{"nodeType":"text","value":". This can lead to costly errors, compliance issues, and wasted hours that could be better spent on growing the business. \ud83d\ude2c The good news is that automating payroll might be easier than you think\u2014and in this guide, we\u2019ll share everything you need to know to get started.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-payroll-automation"},"content":[{"nodeType":"text","value":"What is payroll automation?","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\udd14","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#5-benefits-of-payroll-automation"},"content":[{"nodeType":"text","value":"5 benefits of payroll automation","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#9-payroll-automation-software-solutions-for-small-businesses"},"content":[{"nodeType":"text","value":"9 payroll automation solutions for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udca1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#best-practices-to-get-started-with-an-automated-payroll-system"},"content":[{"nodeType":"text","value":"Best practices to get started with an automated payroll system","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line-on-payroll-automation"},"content":[{"nodeType":"text","value":"The bottom line on payroll automation","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is payroll automation?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll automation is the process of using technology to automatically calculate and manage employee wages, tax withholdings, and deductions. Some automated systems also streamline tasks like employee onboarding, time-tracking, direct deposit payments, and running payroll reports.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By using specialized software or outsourcing to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":"payroll service provider","marks":[],"data":{}}]},{"nodeType":"text","value":", small businesses can eliminate the need for manual data entry and calculations. 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Ultimately, payroll automation will give you the accurate records and calculations you need to know that you\'re filing your taxes correctly. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Enhances data security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many automated payroll systems come with advanced security features to protect sensitive information from data breaches or unauthorized access. They\u2019ll also ensure that employee data is accurate and up-to-date.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With a central database for all employee information, you won\u2019t have to worry about making mistakes when updating records or calculating wages. Plus, you\u2019ll be able to easily (and securely) access important information like pay stubs,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/w9-vs-1099"},"content":[{"nodeType":"text","value":" tax forms","marks":[],"data":{}}]},{"nodeType":"text","value":", and employee records anytime you need them.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"9 payroll automation software solutions for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know the benefits of payroll automation, it\u2019s time to choose a solution that works for your business\u2019s needs. Most of these platforms offer a free trial so be sure to try out a few different options before making your final choice.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to take a closer look? Here are the 9 best payroll automation software solutions for small businesses and their payroll teams. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Gusto","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://gusto.com/"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":" is a payroll automation software built with small businesses in mind. It\u2019s fairly straightforward and easy to use for business owners who are new to payroll management and automation. 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This can save you time on bookkeeping and simplify cash flow management. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 QuickBooks Payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://quickbooks.intuit.com/app/apps/home/"},"content":[{"nodeType":"text","value":"QuickBooks Payroll","marks":[],"data":{}}]},{"nodeType":"text","value":" seamlessly connects with QuickBooks accounting software, making it an attractive option for business owners already using this platform. Offering a user-friendly payroll automation software experience and robust tax support, QuickBooks Payroll is a great option for small and medium-sized businesses.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, it might not be the best option for those seeking advanced HR add-ons. QuickBooks Payroll could also be on the pricey side for businesses managing a large number of employees. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Zenefits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.zenefits.com/"},"content":[{"nodeType":"text","value":"Zenefits","marks":[],"data":{}}]},{"nodeType":"text","value":" is a payroll and HR software loved by many business owners. They take a holistic approach by integrating HR and payroll into a single solution. That means Zenefits handles tax calculations, direct deposit, and compliance tasks, effectively reducing the time and effort you\'d spend on a wide range of administrative work. \u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, Zenefits might not be right for every small business. Their HR Base plan requires at least 5 employees, so if your team is still small, you might want to choose one of the payroll automation solutions we\u2019ve already discussed.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4\ufe0f\u20e3 ADP","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.adp.com/"},"content":[{"nodeType":"text","value":"ADP","marks":[],"data":{}}]},{"nodeType":"text","value":", also known as Automatic Data Processing, is a big name in the world of payroll automation software and HR management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ADP is a one-stop shop for essential HR and payroll services, helping businesses handle paychecks, stay compliant with tax rules, and manage employee benefits. ADP is also well-known for its timekeeping features, which allow you to track your team\'s hours and attendance. \ud83d\udccb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ADP is designed for small businesses and enterprise companies alike. However, the platform and pricing plans might be too complex for some business owners who prefer a simpler payroll solution.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5\ufe0f\u20e3 Paychex","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.paychex.com/"},"content":[{"nodeType":"text","value":"Paychex","marks":[],"data":{}}]},{"nodeType":"text","value":" is a popular payroll automation software solution that tailors its offerings to businesses of all sizes. \ud83e\udd13 Their products include a wide range of payroll solutions, comprehensive HR services, and benefits administration support.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Noted for its flexibility and robust compliance assistance, Paychex is a solid choice for small businesses. They\u2019ll be an especially good fit for growing businesses that want a solution that can scale with them.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6\ufe0f\u20e3 Wave","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business and want to keep things simple and wallet-friendly, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.waveapps.com/payroll"},"content":[{"nodeType":"text","value":"Wave","marks":[],"data":{}}]},{"nodeType":"text","value":" is a solid choice. It\'s easy to use and handles the basics, like tax payments and filings, direct deposits, and self-service pay stubs for employees. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have only a couple of full-time employees or a team of contractors, Wave might be the perfect fit. Note that Wave won\u2019t automatically file payroll taxes for businesses in every state, so be sure to double-check what they offer before signing up.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7\ufe0f\u20e3 Square","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses using","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://squareup.com/us/en/payroll"},"content":[{"nodeType":"text","value":" Square","marks":[],"data":{}}]},{"nodeType":"text","value":" for payments will find Square Payroll to be one of the easiest-to-implement online payroll services. Just like Square\'s payment solutions, Square Payroll keeps things straightforward and user-friendly. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, Square Payroll certainly doesn\'t skimp on features. Square can handle tax calculations and benefits\u2014and even offers employee self-service features. This comprehensive payroll automation solution will ensure that you have the tools you need to pay your team efficiently.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"8\ufe0f\u20e3 OnPay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://onpay.com/"},"content":[{"nodeType":"text","value":"OnPay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an award-winning payroll automation software known for its affordability, making it an attractive choice for new and growing small businesses. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite its budget-friendly pricing, OnPay doesn\'t compromise on essential features. It includes tax filings, direct deposits, and other basic payroll tasks. OnPay also integrates with accounting software like QuickBooks Online and Xero, which can simplify your business\u2019s bookkeeping.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"9\ufe0f\u20e3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Patriot","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.patriotsoftware.com/"},"content":[{"nodeType":"text","value":"Patriot","marks":[],"data":{}}]},{"nodeType":"text","value":" is a payroll automation software for small businesses. Their basic plan is an affordable and straightforward option for the budget-conscious. With Patriot, small businesses can complete unlimited payroll runs and automate tax calculations and direct deposits. They can also use the platform to pay contractors and freelancers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that no matter which plan you choose, Patriot doesn\u2019t offer much support for benefits administration. They also charge additional fees for tax filing and time-tracking. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best practices to get started with an automated payroll system","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you get started with payroll automation, it\u2019s important to understand your business\'s unique needs and what you hope to achieve with the new software. This will help you choose the best payroll solution for your company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more tips to help your small business get started with payroll automation:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd11 ","marks":[],"data":{}},{"nodeType":"text","value":"Get buy-in: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Make sure your team is on board with the change. Explain how the software will make their lives easier and more efficient. Their support is key to a smooth transition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Data migration: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Clean up your payroll data and ensure it\'s accurate before transferring it to your new software. It\'ll save you headaches down the road.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfcb","marks":[],"data":{}},{"nodeType":"text","value":" Training and support: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Invest in training for your team. The better they know how to use the software, the smoother things will run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf12","marks":[],"data":{}},{"nodeType":"text","value":" Phased implementation: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Consider rolling out the new software gradually, starting with your most time-consuming tasks. A phased approach can reduce the learning curve and make it easier to transition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcde ","marks":[],"data":{}},{"nodeType":"text","value":"Communication: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Keep everyone in the loop. Inform your employees about the changes, especially if they have new roles in the process. Clear communication can ease any concerns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc68\u200d\ud83d\udcbb Gather feedback: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"After the software is up and running, gather feedback from your team. What\'s working well, and what needs improvement? Use this input to fine-tune your payroll processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, implementing payroll automation software is a marathon, not a sprint. Take it step by step, and soon you\'ll be reaping the benefits of a more efficient and error-free payroll system.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line on payroll automation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding the right payroll automation software can make a big impact on your small business. When you streamline your processes, you\u2019ll improve cash flow management, tax compliance, and business operations\u2014not to mention, save lots of time and money.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on top of payroll with Relay and Gusto \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you connect the payroll software ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":" to your Relay account, Relay will help you stay on top of payroll costs by showing you detailed transaction data for every payroll cycle and debit type (like net salary, tax deduction, and reimbursement payments). Plus, we\u2019ll send you a notification if your account is low on funds, two weeks before a scheduled payroll cycle. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started with Relay?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" You can sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1696518124633,"customDate":1696518124633,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-payroll-automation"},"content":[{"data":{},"marks":[],"value":"What is payroll automation?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83e\udd14","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#5-benefits-of-payroll-automation"},"content":[{"data":{},"marks":[],"value":"5 benefits of payroll automation","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#9-payroll-automation-software-solutions-for-small-businesses"},"content":[{"data":{},"marks":[],"value":"9 payroll automation solutions for small businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83d\udca1","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#best-practices-to-get-started-with-an-automated-payroll-system"},"content":[{"data":{},"marks":[],"value":"Best practices to get started with an automated payroll system","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-bottom-line-on-payroll-automation"},"content":[{"data":{},"marks":[],"value":"The bottom line on payroll automation","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"virtual-cards-for-business-spending","title":"Virtual Cards for Business Spending: Everything You Need to Know","description":"Should your business use virtual cards? 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That means it\'s not a tangible card and doesn\'t exist in a physical form. Instead, it\'s a set of card details\u2014including a card number, expiration date, and CVV\u2014which you can use to make online payments. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like most physical cards, your virtual debit card can be added to Apple Pay, Google Wallet, and other digital wallets. The difference? When you add your physical card to your mobile wallet, you\'re just creating a digital version of that card. The card information is exactly the same\u2014so if your physical card is compromised, so is the version in your phone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By contrast, virtual debit cards aren\'t linked to a physical counterpart. That means they\'re less vulnerable to loss, damage, and theft. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udd10 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This can give small business owners an extra sense of security and peace of mind\u2014you\'ll always know exactly where your virtual card is.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What about virtual credit cards? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike debit cards, virtual credit cards extend a line of credit to your business. Each one has its own unique credit card number and in most cases, they aren\'t linked to a physical card.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While corporate credit cards offer some unique benefits\u2014like increased spending power and cashback rewards\u2014they can be a risky choice for growing businesses. If you don\'t pay your credit card bill in full each month, you could be charged interest and late fees. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards are much simpler: funds are taken directly from your business checking account when you make a purchase. This can help companies avoid overspending and unnecessary debts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can businesses use virtual debit cards?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! Businesses of all sizes can use virtual debit cards for software subscriptions, vendor payments, and (business-related) online purchases. You can even use your virtual card for in-store purchases, as long as the retailer accepts digital payments. \ud83d\udcf1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you open a business bank account, you should be able to issue virtual debit cards for your employees\u2014as well as your own business expenses. \ud83d\udcbc Some banking platforms even offer additional features to help you manage spending and cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform that allows small business owners to instantly issue 50 virtual debit cards. Then, you can set spending limits for each card and get real-time visibility into all transactions. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that many","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":" traditional banks","marks":[],"data":{}}]},{"nodeType":"text","value":" won\'t issue your business a separate, virtual debit card. They might allow you to add your physical debit card to your digital wallet, but the card details will be the same.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b50\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Looking for a virtual card issuer? Check out our guide to ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/banks-with-virtual-debit-cards"},"content":[{"nodeType":"text","value":"the best banks with virtual debit cards for businesses","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of virtual cards for businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Research from","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.pymnts.com/news/b2b-payments/2022/united-states-companies-cite-transparency-biggest-benefit-virtual-cards/"},"content":[{"nodeType":"text","value":" PYMNTS","marks":[],"data":{}}]},{"nodeType":"text","value":" shows that 32% of companies already use virtual cards for B2B payments. \ud83d\udcb3  It\u2019s no surprise that so many businesses are turning to virtual cards\u2014they\u2019re incredibly convenient and often come with advanced security and spend management features.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s break down the top benefits of using virtual debit cards for your small business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude0e Available immediately","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of waiting days to receive a new card in the mail, you can issue a virtual debit card instantly. \u26a1\ufe0f \ud83d\udcb3  This is super convenient since you can quickly give yourself (or your employees) access to funds when needed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, imagine you need to replace a piece of equipment unexpectedly. Unfortunately, your physical debit card just expired, and you\'re waiting for a new one to arrive in the mail. \ud83d\ude29  By instantly issuing a new virtual debit card, you can purchase the equipment right away\u2014and never miss a beat in your business operations.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Advanced security features","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional, physical debit cards are vulnerable to theft and loss. That\'s where virtual cards have a big advantage. \ud83d\ude4c  Most virtual cards come with security features like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advanced card controls","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", allowing you to instantly freeze or cancel debit cards with suspicious activity","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spending limits, ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"so you stay on budget and control how much employees spend","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Transaction notifications","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", so you always know when and where your cards are being used","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to issue multiple cards, ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"so you can reduce risk if one card is compromised\u2014some providers even allow you to issue single-use cards","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual cards can even protect your business from fraud. For example, Relay\'s advanced card controls allow you stop stop fraudulent activity as soon as it\'s identified. \ud83d\udeab","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These card controls saved the day when business owner Madeline discovered that","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":" an employee was committing fraud","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude2c  If her company relied on physical debit cards alone, it could\'ve taken days to respond to the situation\u2014leaving the business\'s assets at risk.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7GgbysjGHUvSMqtqF4YMTw","revision":2,"createdAt":"2021-12-10T20:53:33.118Z","updatedAt":"2022-08-23T01:17:58.659Z","publishedAt":"2022-08-23T01:17:58.659Z","firstPublishedAt":"2021-12-10T20:54:26.291Z","publishedVersion":12,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Comparing the security response rate with Relay vs. traditional banks","description":"Comparing the security response rate with Relay vs. traditional banks","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7GgbysjGHUvSMqtqF4YMTw/fcb15a1d0c8617dcfd55c3650216682a/Case_Study_-_Madeline_Pratt_1.4.jpg","details":{"size":93144,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Madeline Pratt 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead, Madeline was able to use Relay\u2019s mobile app to freeze the business\'s virtual cards\u2014and issue new ones\u2014in a matter of ","marks":[],"data":{}},{"nodeType":"text","value":"minutes. \u23f0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Company operations went uninterrupted, and Madeline was even able to pay for a business dinner thanks to her new virtual card and Apple Pay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8  Improve cash flow management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most virtual card issuers allow you to create multiple cards for different employees, spending categories, and projects. \ud83d\udcb3  Then, you can set spending limits for each card based on your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":" business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". This makes it easier to control employee spending and manage cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you can issue cards to your employees with a limit for meals and entertainment. \ud83c\udf55 Or you could give yourself a card specifically for software subscriptions or vendor payments. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards also give you more visibility into spending. Instead of sorting through hundreds of transactions linked to one physical card, you\'ll be able to get a clear, organized view of spending across multiple cards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This will help you understand who made which purchases, when, and for what purpose. At a glance, you can make sure funds are being used for the right things and spot any suspicious or unusual activity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\'re crystal clear on spending, you can make more informed business decisions, build better budgets, and save on unnecessary expenses. The result? You\'ll improve your business\'s financial health and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":" reach your financial goals faster","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Streamline back-end business operations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards can simplify complicated, back-office business processes\u2014and save your company lots of time, money, and energy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few business operations that virtual debit cards help streamline:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Employee reimbursement: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Virtual cards basically eliminate the need for employee reimbursement (especially for smaller businesses). Each employee can have their own virtual business debit card with pre-set approvals and limits, allowing you to maintain complete control over spending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Bookkeeping: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Most banking platforms automatically categorize virtual debit card transactions. That means you can speed up bookkeeping, simplify account reconciliation, and reduce the risk of human error.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Bill payments: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With virtual cards, you can pay bills anytime, anywhere, without worrying about late fees or lost checks. Some virtual card providers even allow you to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-ap-automation"},"content":[{"nodeType":"text","value":"automate your accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":" process\u2014so you never miss a deadline again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd04 ","marks":[],"data":{}},{"nodeType":"text","value":"Vendor management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Businesses can assign individual virtual cards to each vendor or service provider. This makes it super easy to track expenses and manage payments. Plus, if a vendor\'s services are no longer needed, their virtual card can be canceled instantly\u2014helping you avoid lingering, unauthorized charges.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Use cases for virtual business debit cards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s credit or debit, virtual business cards offer a convenient and secure payment solution for any company. Here are a few more examples of how businesses can manage cash flow\u2014and make their lives easier\u2014with virtual cards. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advertising spend:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Marketers can issue different virtual debit cards for each advertising platform they use (like Facebook, YouTube, and Google Ads). Then, they can track spending at a glance, instead of sifting through a single card\u2019s many transactions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remote team management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Small business owners can issue virtual cards to their remote team members, allowing them to easily purchase office supplies. This removes the need for reimbursements and can simplify spend management. \ud83d\ude4c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Travel expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You can issue employees virtual debit cards specifically for business travel. \u2708\ufe0f Then, they can use the same digital card for in-person purchases, like meals and transportation. Ultimately, this can cut down the time your team spends submitting expense reports and processing reimbursements.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay: Instantly issue 50 virtual cards for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, small business owners can open 20 no-fee business checking accounts and issue 50 virtual or physical Visa debit cards. \ud83d\ude4c \ud83d\udcb8  Then, they can set spending controls, manage employee expenses, and even automate accounts payable\u2014without the hassle of leaving the platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is truly an all-in-one banking solution, designed to meet the unique needs of small businesses. Ready to get your virtual debit card?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" You can sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":"! \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar 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Scale your agency \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#ready-to-launch-your-profitable-creative-agency"},"content":[{"nodeType":"text","value":"Ready to launch your creative agency? \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a creative agency?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A creative agency is a type of marketing agency that specializes in providing creative services. This can include everything from photography and podcast editing to content marketing and web design. Many creative agencies focus on digital marketing strategies, like search engine optimization (SEO) and social media advertising.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An agency brings together multiple talents and specialties under one roof. This allows the client to work with one point of contact for all their needs, instead of hiring multiple freelancers or employees.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Are creative agencies profitable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The average profit margin for","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prometheanresearch.com/wp-content/uploads/2023/07/Promethean-Research-Digital-Agency-Industry-Report-2023-Edition.pdf"},"content":[{"nodeType":"text","value":" digital marketing agencies is around 15%","marks":[],"data":{}}]},{"nodeType":"text","value":". This means if your digital agency earns $150,000 annually, your profit would be about $22,500 per year. \ud83e\udd11 That\'s a lot of extra money to put towards your goals!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a profitable creative agency can be tough, though. In the beginning, you might face challenges like startup costs and inconsistent cash flow. That\u2019s why it\u2019s so important to have a banking platform that supports your goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us! \ud83d\udc4b) is an online banking and money management platform that helps marketing agencies get clear on cash flow. With Relay, you can open 20 individual, no-fee business checking accounts. Then, you can organize your money into separate buckets for operating expenses, taxes, and of course, profit. This can help a growing agency","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":" stay on budget","marks":[],"data":{}}]},{"nodeType":"text","value":" and avoid overspending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Jump to section: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-5-manage-cash-flow-wisely"},"content":[{"nodeType":"text","value":"how to build a profitable marketing agency","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When to transition from freelancer to agency","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how do you know when you\'re ready to start a creative agency? Well, there isn\'t a magic number of clients that signals you\'re ready to make the switch. Instead, it\'s more about your long-term goals and the opportunities you see in the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few signs that it\'s time to start a creative agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude2c You\'re turning away clients: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\'re so swamped with projects that you\'re saying no to potential clients and money-making opportunities, that\'s a clear sign you should hire some help.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc4f You\'ve nailed your niche","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Do you find yourself driving consistent, amazing results for a certain type of client? Have you discovered a major demand for your services? If so, it means you have a scalable business and it\'s time to start an agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude15 You\'ve stopped enjoying client work: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you feel burnt out from taking on too many projects, starting an agency can free up your time and energy. You\'ll be able to focus on high-level strategy and delegate day-to-day tasks to your team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 You want to earn money when you\'re not working: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"As a freelancer, you\'ll probably always be trading time for money. But when you own an agency, you can start to build your wealth without relying on billable hours. A profitable business will generate money even when you\'re not working\u2014and that\'s the dream, right? \ud83d\ude0c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d ","marks":[],"data":{}},{"nodeType":"text","value":"You want to work with a team: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Not every freelancer wants the responsibility that comes with running an agency. If you like working solo, there\'s nothing wrong with turning down extra projects and keeping your freelance business small.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For many freelancers, though, starting an agency sounds like a dream come true. If you\'re ready to get your creative agency off the ground, keep reading. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to start a creative agency in 7 steps","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s officially time to turn your freelance business into a profitable agency. The journey might feel like a rollercoaster at times, but here\'s the key to long-term, sustainable success: enjoy the ride. \ud83c\udfa2 (We know it might sound cheesy, but that doesn\'t make it any less true!)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s how to start your own creative agency in 7 simple steps.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Get clear on your goals \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of the world\u2019s most successful entrepreneurs","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/2010/04/06/money-motivation-pay-leadership-managing-employees.html?sh=51a0d22c3e13"},"content":[{"nodeType":"text","value":" say their primary motivation wasn\'t to make lots of money","marks":[],"data":{}}]},{"nodeType":"text","value":". Instead, they were fueled by their desire to make a lasting impact on the world.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So what\u2019s the why behind your new business? Maybe you want to spend less time working. Maybe you want to close bigger projects. Whatever the case, clear goals will help you make crucial business decisions, like who to hire and which clients to take on.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, to move your business forward, you\'ll need revenue-based goals, too. It\'s always a good idea to define both long-term (2-3 years) and short-term (2-6 months)","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":" financial goals for your business","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, you\u2019ll want to write out your goals in a business plan. This document will serve as your agency\u2019s roadmap and give you a clear path to profitability. \ud83d\uddfa","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2: Establish your brand \ud83d\udcd6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'ve been freelancing for a while, you might have a strong personal brand. However, your agency will need its own unique brand identity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To develop your agency\u2019s brand, you may want to:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choose an agency name","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Define your agency\'s core values","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Update your pricing and service offerings","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Build a new website","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start new social media profiles","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Put together a portfolio of past work and client case studies","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once your agency\'s brand is solid, it\'s time to tell the world. \ud83d\udce3 Before going public, it\u2019s a good idea to tell your existing clients. Explain why you\'re launching an agency, what (if anything) will change for them, and what they can expect moving forward.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After that, it\'s time to make your brand known online. \ud83d\udcbb You might share a press release or go with something less formal, like a LinkedIn post. You could also send out an email to past clients and your professional network\u2014and who knows, maybe you\'ll land a new client in the process!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 3: Assemble your dream team \ud83d\udc4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to build a successful, sustainable agency, building a team should be your top priority. As your business grows, you\'ll have less time for actual client work\u2014which means you\'ll need more hands on deck, ASAP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most agency owners start by working with other freelancers. This will give you more flexibility as you meet with potential customers and close new deals. Plus, you won\'t have to worry about the costs that come with full-time employees, like payroll taxes and benefits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Building a reliable network of contractors can be tough, though. Here are four steps to help you get started:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc69\ud83c\udffc\u200d\ud83d\udcbb Figure out where you need help: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\'re a copywriter, do you need to hire another copywriter? Or would it be better to find someone with a different skill set, like a creative director? If you\'re currently drowning in client work, it might be best to \\"clone\\" yourself first.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc65 ","marks":[],"data":{}},{"nodeType":"text","value":"Leverage your network to find the perfect hire: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The ideal team member might be right in front of you. Ask your friends and colleagues if they know anyone that\'s looking for extra work. If this doesn\u2019t work, you can also check out job boards like Upwork and Fiverr.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u270d\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Give them a test project: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Hire your candidate on a project basis and see how they do. If they deliver quality work and are easy to communicate with, you\'ve found yourself a great team member.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udccb ","marks":[],"data":{}},{"nodeType":"text","value":"Define the relationship: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Consider putting your contractors on retainer. This type of monthly, recurring agreement will ensure your team members are available when you need them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca ","marks":[],"data":{}},{"nodeType":"text","value":"Set aside money to pay your team: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"As soon as you hire a contractor, set aside the money to pay them. Otherwise, you might be faced with a cash flow issue later in the month...and if you can\'t pay your dream team, they won\'t stick around.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Close new clients \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Selling your services as an agency means you\'re not just selling your talent, but the combined expertise and skills of your entire team. This can help you close bigger projects and secure more exciting clients. \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few ways to take advantage of your agency\'s momentum and find new clients:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Referrals:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Leverage your existing relationships and ask your happiest clients to refer others to your agency.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content marketing:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Use platforms like LinkedIn to share tips, insights, and other content related to your niche. This can build your authority as a thought leader and attract clients.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Networking:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Attend industry events and join online communities. You\u2019ll be able to build relationships with potential clients and maybe even find a new team member.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partnerships:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Collaborate with non-competitive businesses that share your target market. This can help you reach a wider audience and generate leads.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pitching: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create a list of companies you\'d like to do business with and connect with them via email or social media. Share case studies from past clients and offer your ideas for their company. Remember to personalize each pitch for the client.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to landing new clients for your agency, the goal should be quality over quantity\u2014so don\'t worry if you don\'t close every sale. As long as your agency keeps growing, you\'re on the right track.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 5: Manage cash flow wisely \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When your creative agency is growing, it\'s incredibly exciting. You might start hiring new contractors and purchasing expensive tools...until your rapid-fire spending leads to a sudden cash flow crisis. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This story is more common than you might think\u2014in fact, cash flow problems are the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.score.org/resource/blog-post/1-reason-small-businesses-fail-and-how-avoid-it"},"content":[{"nodeType":"text","value":" #1 reason small businesses fail","marks":[],"data":{}}]},{"nodeType":"text","value":". That\'s why it\'s crucial to stay on top of your agency\'s spending, no matter your how much you earn.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"How to avoid agency cash flow problems \ud83d\ude45\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business expands, it\'s tempting to spend every extra dollar. But if you don\'t prioritize profit, your marketing agency won\'t be able to invest in long-term growth or handle unexpected costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"The Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":", created by entrepreneur Mike Michalowicz, helps small business owners prioritize profit from day one. Businesses that use this method set aside a percentage of revenue for profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s how the Profit First method works, in 3 easy steps:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Open multiple checking accounts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Create separate bank accounts for income, operating expenses (OpEx), taxes, owner\'s pay, and profit. \ud83c\udfe6 As a creative agency, you might also want a separate account for payroll. This checking account will hold the money needed to pay your team, whether they\'re full-time or freelance.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Transfer a percentage of revenue to profit first:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Before you start spending, move 5% of your revenue from the income account to your profit account. Profit First recommends 5% for profit, but if you need to allocate less, that\'s okay! We all have to start somewhere. \ud83d\udc9a","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize the rest of your cash across accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Profit First recommends making your transfers on the 10th and 25th of each month. After you make your profit transfer, move your remaining cash from the Income account to your tax, OpEx, owner\'s pay, and payroll accounts. \ud83d\udcb5","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method isn\'t just about profit, though. It\'s also about giving small business owners more visibility into cash flow. \ud83d\udd0e When your business\'s money is separated across different bank accounts, you\'ll always know how much cash you have for expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll also be less likely to spend your payroll money on marketing software, and vice versa. This makes it much easier to stay on budget and keep your agency out of the red\u2014even when you\'re growing quickly. \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Get started with Profit First \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening multiple checking accounts at a traditional bank can be a hassle. 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So how do successful agency owners manage it all?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might not be the most exciting answer, but it\'s a simple one: ","marks":[],"data":{}},{"nodeType":"text","value":"process, process, process","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udccb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you nail your processes, your agency will be able to deliver consistent results without reinventing the wheel every time. Plus, if one of your team members ever leaves or takes a break, it\'ll be much easier to fill in the gaps.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you start your creative agency, here are a few important processes to document.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Onboarding team members and clients: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create an onboarding checklist for your clients and contractors. This will help you remember all the tasks that come with welcoming a new person to your business, from contracts to training videos.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts receivable: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create a process for tracking invoices and payment timelines. This will ensure that your agency gets paid on time\u2014every time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Client work delivery: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"For example, a graphic design agency might list out the steps for designing a logo, from developing a mood board to getting feedback from the client. You should also document how your team will use project management tools.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Now that you have a team, you\'ll have to stay on top of accounts payable, too. Create a system for collecting your contractors\' payment details and tax documents. 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Now it\'s time for the final step: scaling your creative agency to the next level. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, it will become increasingly important for you to \\"elevate\\" your role. This means spending less time on client work and more time as the agency\'s leader, visionary, and strategist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hiring is crucial to making this shift. You\'ll want to create a talent pipeline and find A-players who can help you scale your agency without sacrificing quality. As your revenue increases, it\u2019s also a good idea to hire some roles in-house. Contractors aren\u2019t 100% committed to your business, so it\u2019s difficult to scale without full-time employees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your profits increase, you\'ll also have the capacity to invest more in marketing and advertising. However, tread carefully. 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Then, you can leverage powerful money management features to grow your business\u2014like automatic transfers, accounting integrations, and 50 virtual or physical debit cards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up for Relay today","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":9,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1695397525506,"customDate":1695397525506,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-a-creative-agency"},"content":[{"data":{},"marks":[],"value":"What is a creative agency?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#when-to-transition-from-freelancer-to-agency"},"content":[{"data":{},"marks":[],"value":"When to transition from freelancer to agency","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-to-start-a-creative-agency-in-7-steps"},"content":[{"data":{},"marks":[],"value":"How to start a creative agency in 7 steps","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#step-1-get-clear-on-your-goals"},"content":[{"data":{},"marks":[],"value":"1. 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","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/h01BiMwJLweLJerOe4E9J/75d370789a550e4a420e30067057700c/Nonprofit_Budgeting_Step-by-Step_Guide___Free_Template_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"America\'s 1.5 million nonprofit organizations are at the heart of our communities, from supporting arts and culture to providing essential services for people in need. \u2764\ufe0f To successfully deliver these programs\u2014without running out of resources\u2014effective nonprofit budgeting is key.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to the National Council of Nonprofits,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nonprofitimpactmatters.org/data/downloadable-charts/"},"content":[{"nodeType":"text","value":" about 8% of 501(c)(3) organizations manage budgets of over $1 million per year","marks":[],"data":{}}]},{"nodeType":"text","value":". However, most nonprofits are community-based and work with smaller budgets of less than $500,000 annually.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter the size of your organization, it can be tough to strike a balance between program spending and donor funding. 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Evaluate financial health \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#2-set-effective-financial-goals"},"content":[{"nodeType":"text","value":"2. Set effective financial goals \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-estimate-your-nonprofits-income"},"content":[{"nodeType":"text","value":"3. 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Approve and implement the budget \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#get-started-with-a-free-nonprofit-budget-template"},"content":[{"nodeType":"text","value":"Get started with a free nonprofit budget template","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is nonprofit budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The primary purpose of nonprofit budgeting is to ensure that the organization can meet its goals without running out of money. It involves tracking where your funds are going and identifying areas where you may need to cut back or raise more money.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of the budgeting process, you should have a detailed financial plan outlining the organization\u2019s revenues and expenses. \ud83d\udcb0 This nonprofit budget will help you understand what your organization needs to run smoothly and allocate resources effectively. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Operating budgets vs. program budgets \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits use an ","marks":[],"data":{}},{"nodeType":"text","value":"operating budget","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to track revenue from various funding sources and allocate expenses for both programs and overhead costs. Usually, this annual budget is created once per year and reviewed on a monthly or quarterly basis. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your organization might also have multiple ","marks":[],"data":{}},{"nodeType":"text","value":"project budgets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to plan for different programs, like fundraising initiatives and community outreach. If each program your nonprofit runs has a specific funding source, individual program budgets can help you track related spending more closely. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to create both types of budgets to help your team stay on track and avoid overspending. For even more detailed planning, you can also create a","marks":[],"data":{}},{"nodeType":"text","value":" capital budget ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"(used for long-term projects) and various ","marks":[],"data":{}},{"nodeType":"text","value":"grant budgets ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"(for defining how you\u2019ll use funds if your grant proposal is accepted).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With so many different revenue sources and expenses, it can be tough to manage your nonprofit budgets. That\u2019s why ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) helps nonprofits organize cash across multiple checking accounts. Our online business banking and money management platform allows nonprofits to open 20 individual checking accounts for program budgets, operating expenses, and beyond.\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Sample budget for nonprofit organizations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All nonprofit budgets, regardless of the organization\'s size, share the common goal of effectively managing resources to fulfill their mission. \ud83d\udc65 \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what does nonprofit budgeting actually look like in practice? Here\u2019s a very basic example\u2014but remember that your organization\u2019s budget might be more complicated than this (or maybe even simpler!).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salaries & Benefits: $80,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent & Utilities: $20,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Professional Services: $10,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supplies & Materials: $2,500","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenues:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Donations and Grants: $120,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fundraising Events: $10,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Program Fees: $5,500","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This example shows the estimated expenses and revenues of a nonprofit organization that runs community programs. The organization has planned to spend $102,500 on operations and projects (expenses) and expects to raise $135,500 through donations, fundraising events, and program fees (revenues).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Relay\u2019s nonprofit budget template comes with a more detailed sample budget. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/spreadsheets/d/1qa5dq170Uw9Nqss8ruRqtx5JbV3QXaJgsbuvnHuEyME/edit?usp=sharing"},"content":[{"nodeType":"text","value":"Check it out here","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"!\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, remember that your budget should categorize revenue by different funding sources and your expenses by program vs. overhead costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. 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Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to nonprofit budgeting \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to nonprofit budgeting, the planning process should start at least three months before the start of the next fiscal year. This will give your nonprofit board of directors plenty of time to review and approve the final budget. \u2705\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most likely, your organization\'s executive director will lead the budgeting process, but a nonprofit accountant can also provide support. Larger nonprofits might even create a budget planning committee.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter who\'s in charge, nonprofit budgeting can be overwhelming. Here\'s your step-by-step guide to creating an effective and sustainable budget to fulfill your organization\'s mission.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Evaluate your organization\'s financial health \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you can develop an accurate budget, you\'ll need to gain a clear understanding of the nonprofit\'s financial situation. This will require examining your past budgets, current assets and liabilities, cash flow, and fundraising performance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few questions to guide you through the process:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What are your nonprofit\'s current annual revenue and expenses?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Were any expenses in the previous year unnecessary?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How accurate were your revenue projections last year?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much money do you have in reserve?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Is your donor base consistent or growing?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Does the organization have any liabilities or debt?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Delving into your organization\'s financial reports is crucial during this process. Your nonprofit\'s accountant (or your accounting system) can help you analyze balance sheets, income statements, and cash flow statements to get a comprehensive picture of financial health. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set effective financial goals \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To create an effective budget for your nonprofit, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"financial goals","marks":[],"data":{}}]},{"nodeType":"text","value":" are a must. From hiring new team members to launching new programs, it\u2019s crucial to clearly define how much cash your organization needs to act on its strategic plan. \ud83d\udcca\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best way to do this? Make your goals ","marks":[],"data":{}},{"nodeType":"text","value":"SMART","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014specific, measurable, actionable, relevant, and time-bound. That means you might have to do some research during this phase. If you want to move into a new office space this year, you can estimate the rent. If you want to hire a new marketing director, you can look up salary trends to discover how much you need to pay them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say your team is setting a goal to increase donations. Here\'s how you might make this a SMART financial goal:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"Our nonprofit will increase overall contributions by 20% by the end of 2024 through partnerships with local businesses and corporate sponsors.\\"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vague goals are hard to achieve and can confuse your team. But when your goals are SMART, your entire organization will be able to stay focused, accurately measure results, and properly prioritize funding. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Estimate your nonprofit\'s income \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By now, you\'ve created a solid foundation for a super-effective nonprofit budget. The next step is to forecast your organization\'s revenue for the upcoming year. This can be challenging because, unlike for-profit businesses, nonprofits rely on a wide variety of funding sources.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether your nonprofit relies on foundation grants, program ticket sales, or corporate contributions, it can be tough to predict revenue. However, that doesn\'t mean it\'s impossible.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are two common ways to estimate your nonprofit\'s income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 The discount method","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With this approach, you determine the anticipated funding from each fundraising source by multiplying the expected amount with the corresponding probability percentage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you are seeking a $10,000 grant with a 75% chance of being awarded, adjusting the revenue forecast to $7,500 accurately reflects the projected income.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\u2702\ufe0f The cutoff method","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of predicting revenue by individual grants or line items, the cutoff method looks at revenue as a whole. To use this method, simply calculate the projected fundraising revenue by multiplying the estimated ","marks":[],"data":{}},{"nodeType":"text","value":"total","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" amount with the probability estimate.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you have a strong fundraising track record and anticipate an 80% chance of achieving the predicted $100,000 revenue goal, the forecasted amount would be $80,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecasting revenue isn\'t easy, especially for nonprofits. If you\'re managing a multiple six- or seven-figure budget, asking a financial expert for help is always a good idea.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Calculate your nonprofit\'s expenses \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing what you want to accomplish and how much money is available, you can now create your expense budget. This is one of the most essential aspects of nonprofit budgeting.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by separating expenses into two distinct categories: program expenses (the actual services provided) and overhead (administrative costs that aren\'t directly related to service delivery). Then you can break down each category into subcategories like staff, rent, supplies, transportation, and so on.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more tips to help you calculate expenses. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review historical data:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Look at the previous year\'s budget and actual expenditures to understand patterns. Have you overspent consistently in certain categories? How much do you need to set aside for the cost of fundraising efforts?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Factor in inflation:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Be sure to account for the rate of inflation when calculating future expenses. This is especially relevant for costs like utilities, supplies, and rent.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plan for the unexpected: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Make sure to leave some breathing room in your budget\u2014and if you don\'t have ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":"operating reserves","marks":[],"data":{}}]},{"nodeType":"text","value":" set aside for slow fundraising periods, consider adding a budget line to build your savings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaborate with your team:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Gather feedback from staff members who are directly involved with the different programs or departments of your nonprofit. They\'ll be able to provide valuable input on potential expenses.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might not be able to predict what your donors give, but you can control a lot when it comes to spending. \ud83d\udcb8 If you\'re feeling overwhelmed, try using your goals to prioritize expenses\u2014and remember, you can always increase spending if you\'re able to raise more revenue later in the year.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Approve and implement your nonprofit budget \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Congratulations! You\'ve created a comprehensive operating budget that will help your nonprofit succeed. Now all that\'s left to do is share a proposal budget with your board members, get their approval...and implement it. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few tips for successfully implementing your budget:","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\ud83d\udde3","marks":[],"data":{}},{"nodeType":"text","value":" Communicate, communicate, communicate","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure staff members are aware of the budget and why it exists. Explain to them how it ties into your organization\'s goals and mission. Emphasize how each person\'s role in helping the team adhere to the budget is actually contributing to a larger purpose\u2014the success of your nonprofit! \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But don\'t stop there: continue to frequently communicate with your team, board of directors, and other stakeholders to make sure everyone is on the same page regarding the budget.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Review the budget regularly","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At least once a quarter (but ideally bi-monthly or monthly), compare actual expenditures against the projected budget to make sure your nonprofit is on track.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is especially important during periods of rapid growth or shifts in strategy. As your organization changes, you may need to make adjustments. 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that can help you (and your team members) avoid overspending, get clear on income, and simplify financial management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s how nonprofit leaders stay on budget using Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize cash across 20 free business checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create individual accounts to set aside grants, budget for day-to-day operating expenses, and beyond. At a glance, you\u2019ll be able to understand how much money you\u2019ve allocated for every spending category.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Build","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":" nonprofit reserves","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" with auto-savings and 1-3% APY*: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Prepare for a rainy day (or an exciting long-term project) with","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":" Relay\u2019s no-fee, interest-bearing savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". Plus, reach your goals faster with automated savings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set spending limits on 50 virtual or physical debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You can issue debit cards for specific projects, programs, expenses, and team members. Then, set spending limits to stay on budget, all the time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Delegate and collaborate with role-based logins: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Whether you\u2019re ready to delegate financial activities or need to collaborate with your bookkeeper, Relay makes it easy\u2014and secure. Just invite your team members to Relay and assign them a specific role with specific permissions. No more sharing logins via email!\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Get started with a free nonprofit budget template","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Creating a budget from scratch can be daunting. To get started, you can use our free nonprofit budgeting template. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/spreadsheets/d/1qa5dq170Uw9Nqss8ruRqtx5JbV3QXaJgsbuvnHuEyME/edit?usp=sharing"},"content":[{"nodeType":"text","value":"Just click here to access it in Google Sheets","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2lPHlitrlg4cUl23hbFzk5","revision":1,"createdAt":"2023-09-25T15:25:51.820Z","updatedAt":"2023-09-25T15:26:19.285Z","publishedAt":"2023-09-25T15:26:19.285Z","firstPublishedAt":"2023-09-25T15:26:19.285Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Nonprofit Budgeting - Budget Template - Relay","description":"Nonprofit Budgeting - Budget Template - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2lPHlitrlg4cUl23hbFzk5/f19c3eb32fa13bbe2f5a39ad523f0b48/Nonprofit_Budgeting_-_Budget_Template_-_Relay.png","details":{"size":239413,"image":{"width":1634,"height":1326}},"fileName":"Nonprofit Budgeting - Budget Template - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This budget template is designed to help nonprofits quickly and accurately estimate operating expenses while creating a plan to reach their goals in the new year. Every nonprofit is unique, so feel free to adjust the categories and templates to fit your needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit budgeting can be tough, but by following these steps, you can set SMART goals, accurately estimate income, and calculate your expenses. And don\'t forget\u2014you can make implementing your budget a breeze with Relay. You\'ve got this! \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The cash flow clarity your cause deserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online business banking and money management platform that offers no-fee business checking and savings accounts. We\'ve already talked about managing your budget with Relay, but we know nonprofit financial management doesn\'t stop there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s why nonprofits love using Relay to get crystal clear on cash flow, spending, and saving:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Open 20 individual checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Organize income, expenses, and cash reserves with multiple checking accounts. You can create individual accounts to set aside grants, budget for day-to-day operating expenses, and beyond.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 No account fees or minimum balances: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With no monthly fees, overdraft fees, or minimum balance requirements, Relay helps nonprofits avoid unnecessary costs.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automated savings: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay helps you add more breathing room to your budget with automatic savings. Plus, you\u2019ll earn 1-3% APY","marks":[],"data":{}},{"nodeType":"text","value":"1","marks":[{"type":"superscript"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"on every dollar.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Entirely online banking: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Open checking and savings accounts, issue debit cards, and send and receive payments completely online\u2014no in-person branch visits required.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 virtual or physical debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create new debit cards for specific projects and expenses, and get instant access to virtual debit cards for online and mobile payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Your security is our top priority: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Feel safe knowing your money is protected by FDIC insurance. Plus, all debit cards are covered by the Visa\xae Zero Liability Protection Policy.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Built for teams: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay lets you set debit card spending limits and receive detailed data for all team spending. 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Plus, with our in-app switching tool, you won\u2019t have to worry about leaving any transactions behind.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started with Relay for nonprofits, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1695396666784,"customDate":1695396666784,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-nonprofit-budgeting"},"content":[{"data":{},"marks":[],"value":"What is nonprofit budgeting?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#operating-budgets-vs-program-budgets"},"content":[{"data":{},"marks":[],"value":"Operating budgets vs. program budgets","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#sample-budget-for-nonprofit-organizations"},"content":[{"data":{},"marks":[],"value":"Sample budget for nonprofit organizations","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#5-steps-to-nonprofit-budgeting"},"content":[{"data":{},"marks":[],"value":"The nonprofit budgeting process: 5 steps","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-evaluate-your-organizations-financial-health"},"content":[{"data":{},"marks":[],"value":"1. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform built to serve the unique needs of small business owners ","marks":[],"data":{}},{"nodeType":"text","value":"and","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" nonprofits. With Relay, nonprofits can open 20 individual, no-fee business checking accounts and two savings accounts\u2014that means you can organize donations, grants, and your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":"nonprofit reserves","marks":[],"data":{}}]},{"nodeType":"text","value":" across multiple accounts, without worrying about minimum balance requirements or unexpected fees. \ud83d\udcb5\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3 types of banks for nonprofits\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit organizations have three main banking options: credit unions, national banks, and online banking platforms. 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That means they can charge fewer fees and offer conveniences like the ability to open your account completely online. It also means online banking platforms can offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-banking-security"},"content":[{"nodeType":"text","value":"greater levels of security","marks":[],"data":{}}]},{"nodeType":"text","value":", control, and transparency.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, traditional banks rarely offer collaboration features\u2014making your executive director responsible for sending your accountant monthly bank statements and check images. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay helps nonprofits solve this challenge with secure, role-based logins. \ud83d\udc65  Whether it\u2019s your bookkeeper, executive director, or treasurer, you can add users, remove them, and set permissions at the click of a button\u2014no more sharing login credentials between team members.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With secure access to your bank accounts, your financial advisors will be able to get real-time visibility into cash inflows and outflows. As a result, they\u2019ll be able to ensure your books are accurate and audit-ready at all times.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay helped nonprofit accountant Ufuoma Ogaga prepare her clients for audits, reduce fraud risks, and increase transparency around cash flow. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-ufuoma-solves-nonprofit-banking"},"content":[{"nodeType":"text","value":"Read Ufuoma\u2019s story here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"An online banking platform might be right for your nonprofit if...","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your board of directors and volunteers work remotely and are located around the country","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want to securely collaborate with your financial advisors and team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want to save on unnecessary costs like monthly maintenance fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want more control over and visibility into cash inflows and outflows","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You desire top-notch customer service without the hassle of going in person to a branch","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-safe-is-online-banking"},"content":[{"nodeType":"text","value":"How safe is online banking","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"?","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a bank for your nonprofit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sadly, the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://nanoe.org/nonprofits-fail/"},"content":[{"nodeType":"text","value":"National Center on Charitable Statistics","marks":[],"data":{}}]},{"nodeType":"text","value":" reports that 30 percent of all nonprofits will close within 10 years of operations. While more fundraising can help nonprofits succeed long-term, it\u2019s also important for these organizations to find the right banking partner. \ud83d\udd0e\\n\\nIdeally, your banking platform will help you gain greater visibility into cash flow, plan for unexpected expenses, and stay on top of spending. So how do you evaluate your options and choose the best bank for your nonprofit?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s a quick breakdown of the top factors to consider.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Fees: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Maintenance, transaction, overdraft, and ATM fees can add up quickly for a nonprofit. Some banks waive fees if you hold a minimum balance, while others offer completely free checking accounts for nonprofits, so be sure to read the fine print.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 ","marks":[],"data":{}},{"nodeType":"text","value":"Multiple debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Some banks only allow you to have one debit card per account holder, which can make it hard to organize your nonprofit\u2019s spending. It can also be a security risk if you only have one card for dozens of different online and in-person transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 ","marks":[],"data":{}},{"nodeType":"text","value":"Savings APY:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It\u2019s a good idea for nonprofits to consider banks with a high annual percentage yield (APY) on savings accounts. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the best time to open a nonprofit bank account is ","marks":[],"data":{}},{"nodeType":"text","value":"before ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you start accepting donations or spending your nonprofit\u2019s money. 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That means a nonprofit is able to open a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" business checking account","marks":[],"data":{}}]},{"nodeType":"text","value":", like any other for-profit business. \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, nonprofits need to follow a specific set of requirements when opening and managing a bank account. These policies might vary from bank to bank, but in this section, we\'ll cover the five most common bank account rules every nonprofit needs to know.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Nonprofits need to be incorporated and registered with the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Personal checking accounts are relatively easy to open, but nonprofit bank accounts come with some extra paperwork. \ud83d\udcdd To prove that your nonprofit is a legitimate organization and eligible for a bank account, you\u2019ll need to complete these two steps:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"File your articles of incorporation: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This process involves filing your nonprofit\'s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/charitable-organizations/organizing-documents-definition"},"content":[{"nodeType":"text","value":" organizing documents","marks":[],"data":{}}]},{"nodeType":"text","value":" with your secretary of state. Like forming an LLC for a business, a nonprofit corporation limits the founders\' and board of directors\' personal liability.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Apply for a Federal Employer Identification Number (EIN): ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your EIN is like your nonprofit\'s social security number, identifying it with the IRS. To get your nonprofit\'s EIN, you\'ll just need to fill out IRS","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-ss-4"},"content":[{"nodeType":"text","value":" Form SS-4","marks":[],"data":{}}]},{"nodeType":"text","value":" online.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your nonprofit\u2019s EIN and incorporation are almost always required to open a business bank account. For some banks, this is all you\u2019ll need to get started.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To make your nonprofit ","marks":[],"data":{}},{"nodeType":"text","value":"truly ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"official, though, you\u2019ll need to formalize your nonprofit\u2019s bylaws and tax-exempt status. Though not essential for opening a bank account, these two steps will help ensure your nonprofit\u2019s money is properly handled and taxed:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Write your nonprofit\u2019s bylaws","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": These governing documents set out your nonprofit\'s purpose and outline day-to-day operations. Your bylaws may also cover internal controls, like how your organization will handle donations and manage spending.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Apply for your nonprofit\'s tax-exempt status: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Nonprofits need to get 501(c)(3) approval from the IRS. However, this process can take some time. If you want to accept donations while you wait, you can still open a bank account.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: The IRS will retroactively recognize your tax-exempt status if your 501(c)(3) application is approved. However, if it\u2019s denied for any reason,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/charitable-organizations/contributions-to-organization-with-irs-application-pending"},"content":[{"nodeType":"text","value":" donor contributions won\'t be considered tax deductible","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":". \u26a0\ufe0f","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 Nonprofits need to define at least one person as the account owner.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you open a business or nonprofit checking account, the bank will need to know who is responsible for managing it. This person is known as the \u201caccount owner\u201d or \\"signer\\" and they are authorized to handle your nonprofit\'s money.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The account owner might be one of your board members, an executive director, or a treasurer. Whoever you choose, make sure they understand their responsibilities and can be trusted to act in your nonprofit\'s best interest. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Who should have access to my nonprofit\u2019s bank account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The account owner is the main person who will have access to your nonprofit\u2019s money. They will be able to make transactions, sign checks, and receive account statements. However, remember that the funds in your nonprofit\'s bank account are the property of the organization, not the account owner. \ud83d\ude45\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what if other people need to log into your nonprofit\u2019s bank account? Larger nonprofits might have an entire team dedicated to managing donations or","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":" accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":". Even small nonprofits may want to grant access to an accountant or bookkeeper.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, most banks only provide one set of login credentials for the account owner\u2014and while getting help with your finances is always a good idea, ","marks":[],"data":{}},{"nodeType":"text","value":"sharing your password isn\u2019t","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd10\ud83d\udeab","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If someone needs access to your banking information, you\u2019ll have to download your bank statements and share them manually\u2014or you can find a banking platform that allows you to create individual, role-based logins.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", your nonprofit can open multiple, no-fee business checking and savings accounts. Then, you can securely invite collaborators with different levels of access. For example, you could give your nonprofit board read-only access or allow your treasurer to send certain types of payments.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3 Nonprofits may need to maintain a minimum balance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most financial institutions require that you keep a minimum balance in your business checking account. If you don\u2019t, you\u2019ll be charged a monthly maintenance fee. \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, some banks and credit unions will reduce or waive the minimum balance requirement for nonprofits. You might just need to provide additional paperwork proving that you\u2019re a tax-exempt organization.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to avoid minimum balance requirements altogether, online banking platforms are a great option. For example, Relay doesn\u2019t charge maintenance fees, overdraft fees, or require a minimum balance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Learn more in our comprehensive guide to ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital vs. traditional banks","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, it\u2019s always a good idea to have some cash in your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":" nonprofit reserves","marks":[],"data":{}}]},{"nodeType":"text","value":". But if you\u2019re in between fundraising periods or working with a smaller budget, finding a bank without a minimum balance requirement can help you save on unnecessary costs and monthly fees.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4\ufe0f\u20e3 Banks must report large cash transactions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes, nonprofits have to make big cash deposits or withdrawals. Maybe you hosted a successful fundraising event or need to pay an expensive vendor. Either way, your transactions might be affected by the following nonprofit bank account rule. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Under the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/bank-secrecy-act"},"content":[{"nodeType":"text","value":" Bank Secrecy Act","marks":[],"data":{}}]},{"nodeType":"text","value":", banks need to report any cash transactions over $10,000 to the IRS. Because of this, your bank might require you to fill out additional paperwork for large transactions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fundraising campaigns can trigger this reporting requirement, so make sure you notify your bank in advance if you expect to receive cash donations of any significant size. \ud83d\udce3 It\'s also extremely important to keep accurate records of any cash deposits or ATM withdrawals, no matter the amount.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the bank (or the IRS) does find a reason to take a closer look \ud83d\udd0eat your finances, you\'ll want to have detailed financial reports to prove that your transactions are legitimate and aligned with the purpose of the organization.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5\ufe0f\u20e3 Nonprofits need to keep detailed banking and financial records.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every organization should keep detailed financial records, but it\u2019s especially important for nonprofits. This is because tax-exempt organizations with over $50,000 in gross receipts must fill out","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/form-990-resources-and-tools"},"content":[{"nodeType":"text","value":" IRS Form 990","marks":[],"data":{}}]},{"nodeType":"text","value":" each year. \ud83d\uddc3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: There are some exceptions. To find out if your nonprofit needs to fill out Form 990 with your tax return,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/exempt-organization-annual-filing-requirements-overview#:~:text=An%20organization%20that%20normally%20has,Exempt%20from%20Income%20TaxPDF."},"content":[{"nodeType":"text","value":" check out the IRS requirements here","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Form 990 gives the IRS a complete overview of your organization\u2019s activities and financial data\u2014and it\u2019s critical for maintaining your nonprofit status. You will need to include a detailed list of your expenses, revenue, liabilities, assets, and tax deductions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you keep detailed banking and financial records, filing Form 990 will be a lot easier. Plus, you\u2019ll be prepared if your organization is ever audited. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can be tough to keep up with your nonprofit\u2019s bookkeeping, but online banking platforms like Relay can help. \ud83d\udcca Relay\u2019s accounting integrations allow you to sync detailed transaction data directly into QuickBooks Online or Xero.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This helps your bookkeeper quickly reconcile transactions each month, so your financial records are always up to date. Whether you\u2019re filing Form 990 or dealing with an unexpected audit, you\u2019ll be ready.\xa0 \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b50\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-ufuoma-solves-nonprofit-banking"},"content":[{"nodeType":"text","value":"Learn how nonprofit bookkeeper Ufuoma Ogaga stays audit-ready with Relay","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the best bank for your nonprofit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the right banking partner, your organization can navigate these nonprofit bank account rules with ease. So how do you find the best bank for your nonprofit? \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you should evaluate what your nonprofit needs. Maybe you want to avoid monthly fees, give your team role-based logins, or simplify bookkeeping with account integrations. This banking \u201cwish list,\u201d will help you compare your options and make the right choice for your nonprofit. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the right bank for your nonprofit will help you keep your money safe, stay on top of cash flow, and fulfill your organization\u2019s mission. \ud83d\udcaa\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay: the cash flow clarity your cause deserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we help nonprofits simplify bookkeeping, securely collaborate with their financial advisors, and stay on top of spending. From no-fee checking and savings to powerful accounting integrations, Relay is uniquely built to serve nonprofits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more reasons why nonprofits love banking with Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Open 20 individual checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Organize income, expenses, and cash reserves with multiple checking accounts. You can create individual accounts to set aside grants, budget for day-to-day operating expenses, and beyond.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 No account fees or minimum balances: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With no monthly fees, overdraft fees, or minimum balance requirements, Relay helps nonprofits avoid unnecessary costs.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automated savings: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay helps you add more breathing room to your budget with automatic savings. Plus, you\u2019ll earn 1-3% APY* on every dollar.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Entirely online banking: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Open checking and savings accounts, issue debit cards, and send and receive payments completely online\u2014no in-person branch visits required.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Advanced security measures: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Feel safe knowing your money is protected by FDIC insurance provided through Thread Bank. Plus, all debit cards are covered by the Visa\xae Zero Liability Protection Policy.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 virtual or physical debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create new debit cards for specific projects and expenses, and get instant access to virtual debit cards for online and mobile payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Built for teams: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay lets you set debit card spending limits and receive detailed data for all team spending. You can also invite your accountant, assistant, and other team members to Relay with secure, role-based logins.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Streamlined bookkeeping: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay allows you to sync detailed banking data directly into QuickBooks Online or Xero, making bookkeeping a breeze.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? It just takes ten minutes to apply online. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay here","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"!","marks":[{"type":"bold"}],"data":{}}]}]},"readingTime":6,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar 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","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"they\u2019re not paying. For example, your client might be having cash flow issues. If so, they\u2019re likely making strategic decisions about who to pay and when, and unfortunately, your invoice might not be at the top of their list. \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, your invoice might be buried at the bottom of your client\u2019s inbox\u2014or in larger organizations, lost in a sea of paperwork. \ud83c\udf0a Your client could even just have the wrong payment due date on their calendar.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter why your clients aren\'t paying, it\'s important to show patience and understanding. 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In these situations, it\u2019s crucial to stay calm and avoid panicking. \ud83d\ude4f If you\u2019re overwhelmed with stress, it will be much harder to handle non-paying clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember: Unpaid invoices aren\u2019t always an emergency. Before you panic, take these three steps to understand how overdue payments will impact your business\u2019s financial health. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review upcoming expenses:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Do you have any major expenses coming up? Or will the business be okay if cash flow is slower than expected for a few days?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review your accounts receivable: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"See if you\u2019re expecting payments from any other clients. Can you give them an incentive to pay early? This can help keep your budget on track while you wait on overdue invoices. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check your emergency fund:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":" Saving as a business","marks":[],"data":{}}]},{"nodeType":"text","value":" isn\'t always easy, but it will keep your business running if clients pay late. If your client doesn\u2019t pay for an extended period, you may need to tap into this fund.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to set strict boundaries with clients who aren\u2019t paying. However, sometimes clients are truly struggling with cash flow. If you have a good relationship otherwise, these steps will help you decide if you can offer a more flexible payment schedule\u2014or if you\u2019re dealing with a true cash flow crisis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An online banking and money management platform like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) can help you respond faster if clients pay late. For example, with Relay, you can open","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-many-business-checking-accounts-should-i-have"},"content":[{"nodeType":"text","value":" multiple free business checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" for different types of expenses. At a glance, you\u2019ll be able to see how much cash is left in your accounts for each category\u2014allowing you to make more informed decisions, faster. \u26a1\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to collect money from clients who won\u2019t pay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re dealing with clients who won\'t pay, the most important thing is to take action quickly and decisively. This will show your clients that you take overdue payments seriously\u2014and it will also help you get the money you\'re owed sooner. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 10 ways to collect from clients who won\'t pay, with each strategy escalating in intensity.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. 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Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#1: Send a reminder email right away","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client hasn\'t paid, don\'t wait for them to make the first move. Within 24 hours of the invoice due date, send a friendly reminder email to your client. \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This should include a polite yet firm message that reminds them their payment is past due and requests they pay as soon as possible. You should also resend the original invoice as an attachment to this email or via your accounting software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In your email, avoid using accusatory language. Your client might have forgotten about the invoice, but most likely, they didn\u2019t have bad intentions. Here\u2019s a quick example to help you write your own payment reminder:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subject: Invoice #12345 is Now Overdue","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dear [Name],","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I hope this message finds you well. I wanted to follow up about invoice #12345 (attached here), which was due [date] and has yet to be paid. Would you kindly take a moment to review it and let me know when I can expect payment?","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thank you!","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"[Your Name]","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#2: Follow up with a phone call","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client hasn\'t responded to the first email or if they\'re more than three days overdue, it\'s time to follow up on the phone. This is a chance to address any invoice questions and get the payment process back on track. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the call, do your best to remain friendly and professional. If you have a good relationship with the client, you won\'t want to damage that by being too pushy or demanding.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#3: Contact the billing department directly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client didn\'t respond to steps 1 or 2, they could be \\"ghosting\\" you. \ud83d\udc7b In other words, they may be ignoring your efforts to reach out as a way to avoid payment. Whatever you call this behavior, it\u2019s a serious issue for your business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this situation, you can try contacting the company\'s billing department. You may be able to find their information via your client\'s website, social media accounts, or past email communication. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client ","marks":[],"data":{}},{"nodeType":"text","value":"did ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"answer your call or respond to your email\u2014but they don\'t seem to know why the payment is late\u2014ask them to connect you with the billing team. The client\'s finance department will likely take your payment issue more seriously. They should also be able to answer any technical questions about the status of the payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"No matter who you\'re speaking to, be sure your communication is clear, direct, and professional. It\'s also a good idea to ask specific questions like, \\"By what date can I expect payment?\\"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#4: Pause or cancel future work","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If none of the steps above have worked and your client is still not paying, it\'s time to take more serious action. If you\'re in the middle of a project with this client, pause or cancel future work. Whether you\u2019re a freelancer or a business owner, it\u2019s never a good idea to work without being paid. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you take this step, just be sure to notify your client in writing and explain why you\u2019re stopping work. This will protect you if the client tries to claim you didn\'t finish the job as agreed.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#5: Offer a payment plan","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the unpaid invoice is due to a cash flow issue on your client\'s end, you might need to offer a payment plan. Maybe you can allow your client to pay the amount owed in multiple installments. Or, you could ask for a partial payment now and give them an extended due date for the remaining balance. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To make a payment plan effective, transparency is key. Outline the exact number of payments and their deadlines. You might also want to set up automated reminders or direct debits to prevent missed payments. Ultimately, this will improve your chances of recovering the total amount.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#6: Offer an incentive for payment","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another way to motivate your clients to pay on time is to offer payment incentives, like discounts or one-time bonuses. \ud83e\udd11 This may be particularly effective if the outstanding invoice is for a large amount.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you could offer a 15% discount if they make a payment within 5 days. Or you might give them a free bonus with their next purchase if they settle the invoice within 10 days.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Be sure to communicate that your incentive is a one-time offer due to unique circumstances. Otherwise, clients might purposely delay future payments to get another discount.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#7: Send a formal demand letter","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the above steps haven\'t worked, you might be wondering how you\'ll ","marks":[],"data":{}},{"nodeType":"text","value":"ever","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" be able to collect from clients who won\'t pay. By this point, your client\'s invoice might be 30 to even 60 days overdue. \ud83d\ude29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client hasn\'t agreed to a payment plan, accepted an incentive, or offered a timeline for repayment, it\'s time to send a formal demand letter. This document serves as a last attempt to settle the debt before escalating the matter legally. \ud83c\udfdb\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The letter should include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A clear statement of the outstanding amount owed","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A detailed breakdown of services rendered or products provided","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any payment history or previous attempts at collection","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The consequences of non-payment, including potential legal action","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A firm deadline (usually 15-30 days from the letter\'s date) by which payment should be made to avoid further action","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instructions for how to make the payment","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some states have demand letter templates, like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://selfhelp.courts.ca.gov/form/demand-letter"},"content":[{"nodeType":"text","value":" this one from the California Courts website","marks":[],"data":{}}]},{"nodeType":"text","value":". A template can help you get started with the letter, but to show the client you\'re serious, you may want to hire a lawyer to draft and send the letter on your behalf. \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Regardless of who sends the letter, it\'s important to send it via certified mail. This ensures you have proof that the letter was received by the client.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#8: File a case in small claims court","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client still fails to pay after receiving the formal demand letter, you may want to consider filing a case in small claims court. This court is designed for disputes involving relatively small amounts of money. In the U.S., the limit varies by state but typically ranges from $2,500 to $25,000. \ud83c\udfdb\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you pursue this option, ensure that the overdue payment is worth the time, effort, and cost associated with a lawsuit. Always consult with a legal professional so they can evaluate your case and guide you through the small claims court process (if you decide to go through with it).","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#9: Pursue arbitration or legal action","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In many business contracts, a clause is included that outlines the process of dispute resolution. Often, these contracts will say the parties should attempt arbitration before legal action. \ud83d\udcdc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Arbitration is a dispute resolution method where a neutral third party makes a binding decision. It\'s like a court trial but less formal and faster. To start arbitration, you\'ll have to send a notice to the client expressing your intent. After that, you and the client will select an arbitrator and engage in an arbitration hearing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If arbitration is unsuccessful, you may choose to file a lawsuit against your client. This is a significant step that involves a lot of time, energy, and money\u2014so be sure you talk to a lawyer before you move forward. \ud83c\udfdb\ufe0f\ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#10: Hire a debt collection agency","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you still can\'t collect on the unpaid invoice, your last resort may be to hire a debt collection agency. This is a company or agency that specializes in recovering unpaid debts and other delinquent payments. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A reputable debt collection service uses legal tactics to motivate clients to pay their outstanding balances. The main advantage of using this option is that you don\'t have to invest much time or energy into the process. You simply hand over all documents related to the debt and let the agency take it from there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, one potential downside is that debt collection fees can range anywhere from 15-50% of the amount due, depending on how quickly they\'re able to recover your money. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Be sure to research and vet multiple debt collection agencies before hiring one. It\'s always a good idea to check references, read reviews, and compare rates from different services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to help your clients pay on time \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know how to collect money from clients who won\'t pay, it\'s also important to avoid late payments in the first place. The preventative measures outlined below will not only save you time and money but will protect your business from future cash flow crises.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc4 Set clear payment expectations: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your payment terms should be outlined in all contracts. However, some clients won\'t read the contract closely, so be sure to communicate payment details in other ways\u2014for example, during an onboarding call.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce7 Send invoice reminders before the due date: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Send an email to remind clients one week before their invoice is due. This will help ensure they have enough time to make the payment. Some accounting software will even allow you to automate reminders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Take payment upfront: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Whenever possible, take a deposit upfront or require full payment before you start working. This ensures your client is fully invested in the project and will prioritize getting it done on time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Charge late fees:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Late fees should be clearly outlined in your contracts and invoices, so clients know exactly what to expect if they don\'t pay within the specified time frame.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Accept multiple payment methods: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your clients might want to make an online payment with a credit card, send a wire transfer, or use PayPal. When you offer more payment options, you\u2019ll make it easier (and faster) for clients to pay.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recovering money from clients who won\'t pay can be one of the hardest parts of running a marketing agency or small business. Thankfully, there are many steps you can take to get the money you\u2019re owed and prevent late payments in the first place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can get more visibility into cash flow, so you\u2019re prepared for anything\u2014including overdue invoices. \ud83d\ude4c Whether you want to open multiple free checking accounts for different types of expenses or","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":" earn interest on your emergency fund","marks":[],"data":{}}]},{"nodeType":"text","value":", Relay can help.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs: How to collect from clients who won\'t pay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still have questions about getting your unpaid invoices...paid? These FAQs will help you learn even more about collecting from clients who won\u2019t pay. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What can I do if a client consistently pays late?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a client consistently pays late, it\'s important to communicate with them directly and professionally. Let them know that timely payments are necessary for smooth business operations. You can also consider implementing late fees for overdue payments or requiring pre-payment for future services.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is it legal to charge late fees for late invoice payments?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, it\'s legal to charge late fees for overdue invoices, but you must state this policy in your contracts and invoices. The amount you can charge may depend on your location and local laws, so it\'s recommended to consult with a legal professional.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How can I find a reputable debt collection agency?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Look for agencies that are accredited by professional bodies, like the Association of Credit and Collection Professionals (ACA). You can also read reviews, check the agency\u2019s success rate, and ask for references. Always confirm that they use legal and ethical methods to collect debts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a 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Learn more about the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"business banking platform here","marks":[],"data":{}}]},{"nodeType":"text","value":", or join our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://lets.bankwithrelay.com/how-to-manage-cash"},"content":[{"nodeType":"text","value":"bi-weekly webinar","marks":[],"data":{}}]},{"nodeType":"text","value":" to get a live walkthrough and Q&A.","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to win the Grand Prizes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get a shot at the $50,000 cash grand prize and the two runners-up, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable"},"content":[{"nodeType":"text","value":"apply here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and complete all of the steps before the ","marks":[],"data":{}},{"nodeType":"text","value":"deadline of November 12, 2023","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The top applications will be considered by a panel of five in a blind judging process\u2014with any personally identifiable information (like name, race, nationality, gender and age) removed from the application. This lets your story and Reasons To Be Profitable do the heavy lifting. The judges will weigh each submission based on the following: Storytelling, Impact, Grit, Innovation and Financial Journey, and your Reasons To Be Profitable.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4xEi7W54a4MbwMoQdOWA5q","revision":3,"createdAt":"2023-09-25T00:33:31.553Z","updatedAt":"2023-10-02T15:50:23.414Z","publishedAt":"2023-10-02T15:50:23.414Z","firstPublishedAt":"2023-09-25T00:34:03.969Z","publishedVersion":18,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Reasons To Be Profitable Contest - Compete for Grand Prize - Relay","description":"Reasons To Be Profitable Contest - Compete for Grand Prize - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4xEi7W54a4MbwMoQdOWA5q/4b87b92315fc6692bfdfde50f7e87a90/Reasons_To_Be_Profitable_Contest_-_Compete_for_Grand_Prize_-_Relay.png","details":{"size":86831,"image":{"width":1889,"height":1073}},"fileName":"Reasons To Be Profitable Contest - Compete for Grand Prize - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what to do:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"your","marks":[],"data":{}},{"nodeType":"text","value":" story","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". To know where you\u2019re going, you need to know where you came from. So, paint a picture for the judges. What does your business do, and how did it start? Stay authentic and be detailed.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Speak to\\u2028your ","marks":[],"data":{}},{"nodeType":"text","value":"impact.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Business is about more than ourselves. What is your mission? What impact are you creating for your customers, clients, community or loved ones?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tell us about your ","marks":[],"data":{}},{"nodeType":"text","value":"resilience","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". To make it, we have to give it our all. Tell us about a major challenge your business has experienced in the past year and how you overcame that hurdle.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Explain how you\u2019re ","marks":[],"data":{}},{"nodeType":"text","value":"innovating.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" To build a sustainable, resilient business, you must stay ahead. What are the innovations (tools, methods, mindsets, technologies, strategies, etc.) that you\u2019ve adopted with successful outcomes?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Impart your\\u2028","marks":[],"data":{}},{"nodeType":"text","value":"financial lessons","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Not all business owners are finance people, but we must know enough to get by. What is the biggest financial lesson you\u2019ve learned from your business? What advice would you give to your former self?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tying it all together, share your ","marks":[],"data":{}},{"nodeType":"text","value":"Reasons To Be Profitable","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And finally, tell us: if you were to win, what would you spend the money on?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bank with Relay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". To be eligible for the grand prize, open a Relay account. This is a required step that verifies your entry. It\u2019s also where you\u2019ll receive your grand prize! Already have a Relay account? Great, you\u2019re already ahead!","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have any questions, take a look at the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#frequently-asked-questions"},"content":[{"nodeType":"text","value":"FAQ","marks":[],"data":{}}]},{"nodeType":"text","value":" and the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable-terms-and-conditions"},"content":[{"nodeType":"text","value":"Terms and Conditions","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Good luck!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The judges","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No contest is complete without a panel of expert judges\u2014so let\u2019s meet them!","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6Md5yAV4Fqoa9trYWG6vCJ","revision":2,"createdAt":"2023-09-25T00:35:34.137Z","updatedAt":"2023-10-02T15:38:46.215Z","publishedAt":"2023-10-02T15:38:46.215Z","firstPublishedAt":"2023-09-25T00:35:52.486Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Reasons To Be Profitable Contest - Meet The Judges - Relay","description":"Reasons To Be Profitable Contest - Meet The Judges - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6Md5yAV4Fqoa9trYWG6vCJ/7f12c379a262be258f72466fe89e2c6f/Reasons_To_Be_Profitable_Contest_-_Meet_The_Judges_-_Relay.jpg","details":{"size":355559,"image":{"width":1920,"height":1080}},"fileName":"Reasons To Be Profitable Contest - Meet The Judges - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Entrepreneur and the author of Profit First and numerous other game-changing books for business owners, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://mikemichalowicz.com/"},"content":[{"nodeType":"text","value":"Mike","marks":[],"data":{}}]},{"nodeType":"text","value":" brings a deep understanding of profitability and an intimate knowledge of the challenges faced by entrepreneurs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lisa Carmen Wang","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 4-time National Champion gymnast turned entrepreneur and investor, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.lisawang.co/"},"content":[{"nodeType":"text","value":"Lisa","marks":[],"data":{}}]},{"nodeType":"text","value":" is the Founder of Bad Bitch Empire and author of ","marks":[],"data":{}},{"nodeType":"text","value":"The Bad Bitch Business Bible","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". She is also featured in Forbes 30 under 30 and Entrepreneur Magazine\'s 100 Most Powerful Women.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Elaine Pofeldt","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Author of ","marks":[],"data":{}},{"nodeType":"text","value":"Million-Dollar, One Person Business","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"Tiny Business, Big Money","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.elainepofeldt.com/"},"content":[{"nodeType":"text","value":"Elaine","marks":[],"data":{}}]},{"nodeType":"text","value":" is a business journalist and former senior editor of Fortune Small Business magazine. 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Co-Founder of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://profitfirstprofessionals.com/"},"content":[{"nodeType":"text","value":"Profit First Professionals","marks":[],"data":{}}]},{"nodeType":"text","value":", Ron\'s expertise in guiding businesses towards financial success is unparalleled. His hands-on approach and vast experience make him a key judge to impress.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brian Thompson, JD, CFP\xae","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Having spent a decade defending small-business owners against the IRS as a tax attorney, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://btfinancial.com/"},"content":[{"nodeType":"text","value":"Brian","marks":[],"data":{}}]},{"nodeType":"text","value":" holds a special place in his heart for entrepreneurs. He is a Forbes Senior Contributor and the Founder of Brian Thompson Financial, LLC, providing comprehensive financial planning to mission-driven businesses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Join the 100K Profit Club","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s more than a contest. You\u2019ll be automatically enrolled in the 100K Profit Club when you enter the contest\u2014and you\u2019ll be one of its founding members! We\u2019re building a community of 100,000 permanently profitable businesses\u2014who are banking with Relay and practicing Profit First\u2014and we\u2019re already at 16,587.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Building a business is hard. Slow seasons, market shifts, and new competitors are unforgiving\u2014but you must always be ready to take care of your bills, team and family. We believe that a community of like-minded business owners is the answer to getting through the tough times and leaping closer to your goals every month. The Reasons To Be Profitable Contest is just the start\u2014we have a lot more initiatives to come. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/100k-profit-club"},"content":[{"nodeType":"text","value":"Learn more about the 100K Profit Club here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. 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Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Frequently Asked Questions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s everything you may need to know about the contest.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is the deadline to enter the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contest entries will close at 11:59 p.m. Eastern Time on Sunday, November 12th, 2023.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is my business eligible to enter the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The contest is open to small and medium businesses that are registered in the United States. Business entity types that can enter include LLCs, Partnerships, Incorporated Businesses, and Sole Proprietors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Industries that are not supported by Relay are ineligible to enter the contest. For a full list of industries Relay doesn\u2019t serve, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/12833706581780-Industries-not-Supported-with-Relay"},"content":[{"nodeType":"text","value":"please see here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"I own multiple businesses. Can I enter multiple times?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Applications are limited to one entry per business owner. While we encourage you to talk about your multiple businesses in the application and tell us the story behind all of them\u2014the judges will ultimately want to hear about the person behind the businesses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"I do not own a business; can I still enter the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The contest is only open to US-registered business entities (LLCs, Partnerships, Incorporated Businesses, and Sole Proprietors). Individuals who do ","marks":[],"data":{}},{"nodeType":"text","value":"not","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" run a business and/or are ","marks":[],"data":{}},{"nodeType":"text","value":"not","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" a beneficiary owner of a US business entity are not eligible to enter the contest.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"My business isn\u2019t profitable yet; is it still eligible?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! This contest is focused on businesses that are committed to long-term, sustainable profitability. Whether your business is already profitable or you are taking your first step towards profitability today, we encourage you to enter.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I enter my business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To enter the Reasons to be Profitable contest simply fill out the form in its entirety on the contest landing page.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can I enter the Lucky Draw without entering the Grand Prize competition?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! You can enter the Lucky Draw by completing Step One on the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable"},"content":[{"nodeType":"text","value":"contest entry page","marks":[],"data":{}}]},{"nodeType":"text","value":". You\u2019ll be entered in the draw as soon as you do! Submitting an application in Step Two is optional.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can I enter the Lucky Draw today, and the Grand Prize competition ","marks":[],"data":{}},{"nodeType":"text","value":"later","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! You can enter the Lucky Draw today, and then return ","marks":[],"data":{}},{"nodeType":"text","value":"later","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and update your application with a full entry into the Grand Prize competition.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How will you select the winners for the Grand Prize?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our panel of judges will evaluate the applications through a blind judging process (i.e., with personally identifiable information removed from the application). The winners will be evaluated based on their provided Reasons to be Profitable, their Storytelling, Impact, Grit, Innovation and Financial Lessons. For more information on the selection process, please see the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable-terms-and-conditions"},"content":[{"nodeType":"text","value":"Terms & Conditions","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How will you choose the winners for the Lucky Draw?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The 50 Lucky Draw winners will be chosen at random. Those who have taken additional (optional) actions, like sharing their Reasons to be Profitable story on social media, or opening a Relay account, will have more tickets entered into the random draw.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I increase my odds of winning the Lucky Draw?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each Lucky Draw entry gives you 1 Ticket. Sharing the story behind your business and your reasons to be profitable on social media with the hashtag #ReasonsToBeProfitable and tagging @bankwithrelay gives you an additional 5 tickets. Opening a free Relay account gives you another 5 tickets.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Are there alternative methods of entry for the draw?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For an alternative method to receive additional tickets, you can \\"Like\\" or \u201cReshare\u201d our official contest social media launch post on Twitter, Facebook or Instagram (for an additional 5 tickets), and you can subscribe to our On the Money newsletter (additional 5 tickets). For more information, see the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable-terms-and-conditions"},"content":[{"nodeType":"text","value":"Terms & Conditions","marks":[],"data":{}}]},{"nodeType":"text","value":". Note that these are alternative methods to the ones listed above, and do not increase your maximum potential number of tickets beyond a maximum of 11 tickets.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I know Relay received my entry?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You will receive a confirmation email after you submit your entry. It may take up to a few minutes for the confirmation email to reach your inbox. Please also check your spam folders to confirm it didn\u2019t land there.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What can I spend my Prize money on?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running your business! Have you been waiting to make capital upgrades, save for the slow season or give back to your community? Now is your chance.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is the prize money taxable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The prize money may be taxable depending on the jurisdictions that cover you and your business entity. All federal, state or other taxes that may apply due to the receipt of a prize will be the sole responsibility of the recipient.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How is the 100k Profit Club different from the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Reasons To Be Profitable contest is a one-time competition with $100,000 in cash prizes for small business owners. The $100K Profit Club is a community of business owners who are committed to long-term, sustainable profitability. 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We\'ve got three employees and a team of contractors that we work with as well.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"AgYzQBxgUn4GhZqkhAnIY","revision":1,"createdAt":"2023-06-20T13:53:59.552Z","updatedAt":"2023-06-20T13:54:19.302Z","publishedAt":"2023-06-20T13:54:19.302Z","firstPublishedAt":"2023-06-20T13:54:19.302Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"2Novas-Case-Study-Blog-Graphic-Business","description":"2Novas Marketing Agency Profile","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/AgYzQBxgUn4GhZqkhAnIY/fd100bb1bb5086733d6913dfcad7164a/2Novas-Case-Study-Blog-Graphic-Business.png","details":{"size":114251,"image":{"width":1921,"height":1080}},"fileName":"2Novas-Case-Study-Blog-Graphic-Business.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Dan understood the risk involved in acquiring the business but that understanding didn\u2019t soften the blow of having an employee leave just a week after he started. That was quickly followed by two of the firm\u2019s biggest clients. \u201cThe first couple months were pretty rough,\u201d he admits.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A pile of ancient VHS tapes unearthed during the process of moving the office to a new space acted as both a metaphor and a motivator: \u201cWe needed to modernize \u2014 and that carried over to the banking side too,\u201d he says. \u201cWhen you acquire a business, you get all that physical stuff, but you\'re a separate legal entity. I didn\'t acquire the bank accounts, I didn\'t acquire the accounting stuff. It was an interesting marriage of these new digital accounts I could start with from scratch versus all this old physical stuff.\u201d\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When your bank can\u2019t give you what you need","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cMaybe I\'m just more nervous than the average person, but for me there\'s such a mental toll on the unquantifiable stuff \u2014 the worrying while I\'m walking the dogs, the worrying while I\'m trying to talk to a customer \u2014 if I don\'t have the money organized, I\'m constantly worrying.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In an effort to alleviate some of that worry, Dan began his journey to find a financial management strategy that was a fit for his business. The first stop was his local bank branch. He started there with just one account and used it to deposit checks, pay vendors, cover payroll, pay taxes, and fund operating expenses. \\"When you\'re doing everything yourself, there are a lot of surprises. It takes a lot more time than you think to just manage all the bills and invoices.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Minor unexpected costs like a broken laptop felt like a big deal. \u201cCan we afford a new $2,000 machine? I didn\'t know,\u201d says Dan. \u201cThere might be $50,000 in your bank account, but if you\'re paying out of that account to vendors, you also have to make sure you have enough for payroll before the next month of invoices comes in.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The lack of clarity in terms of his business\u2019s financial status was causing Dan added worry and anxiety. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cThere were a few times where we bounced a check and once we bounced payroll. It wasn\'t like we were out of money and broke. It was that a check hadn\'t cleared, or we haven\'t gotten paid by clients. We should have had the money. ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"It was a cash flow problem, not a profitability problem,","nodeType":"text"},{"data":{},"marks":[],"value":"\u201d he explains.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cI needed somebody to look at our stuff and say, \u2018Hey, there\'s a smarter way to do this.\u2019\u201d","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Around a year into running his new business, Dan connected with a bookkeeper who helped him structure his finances according to ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/profit-first"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"the Profit First system","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". That bookkeeper also suggested that Dan look into banking with Relay, which gelled with Profit First\u2019s multi-account methodology. Relay account holders have the ability to maintain up to 20 free checking accounts with no account fee or minimum balance requirements.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cI\'m never going to go back to one account,\u201d says Dan. \u201cEven when margins were thinner, the Profit First system and the way that Relay makes it easy to manage reduces a ton of worry.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Profit First and Relay: A recipe for financial success","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"The Profit First strategy","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is all about dividing revenue across different bank accounts. Typically, these accounts will fall under categories like Income, Operating Expenses, Owner\u2019s Pay, Profit, and Taxes. Central to the philosophy is a Profit account. Profit First is designed to help small business owners create a profit margin on launch day, while not allowing their expenses to grow at a faster rate than their business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Using Profit First to produce a clear picture of his agency\u2019s finances","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of Dan\u2019s biggest financial issues was that he didn\u2019t have a lot of visibility into how much money he was making and what amounts he needed to put aside for payroll, taxes, and profit. He also didn\u2019t have a sufficiently clear picture of when and where his client\u2019s money (in the form of media spend) commingled with the rest of the agency\u2019s cash.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cAs an ad agency, we have clients who we buy digital media for. If a customer is spending a million dollars a year on an ad campaign, that million dollars flows through us, but it\'s not really our money,\u201d says Dan. \u201cWe invoice the customer for that and then we pay it out to the media vendor. So Profit First makes it really easy to put money that\'s not ours into a separate account. Relay makes that easy, too \u2014 I can open an account in a second, I don\'t have to talk to anybody. I don\'t have to go in and fill out a long form in the bank. I can just open it when I need it and close it when I don\'t.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"At his old bank, it simply wasn\u2019t possible to implement his desired financial strategy without losing money and time. \u201cThe way Profit First Works is that you\'ve got to keep accounts at a zero balance and it\'s going to easily be $50 or $100 in bank fees just for doing that,\u201d Dan says. \u201cWe had a bank we were working with, but they charged $10 a month if there\'s a zero balance, and they\'ll close the account after 90 days.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How Profit First and Relay work together to help Dan manage his money and grow\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cMy bank didn\'t understand Profit First,\u201d says Dan. \u201cThey didn\'t know why I would need six or seven different accounts and why I\u2019d have an account if it\'s going to sit at zero balance until the next month\'s invoices get paid. But Relay understood that from the beginning.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Dan uses his agency\u2019s media spend process as an example of how having a separate account for cost of goods sold (COGS) helps to provide him with a clearer picture of his finances. Out of a client payment of $20,000, half of that might be allocated to printing costs. As soon as that payment from the client comes in, Dan is able to put $10,000 into his COGS from which to pay the printer further down the line. \u201cIt\'s just much easier to put that money somewhere else \u2014\xa0to know what\'s ours and to not worry about doing the math every time I log into my bank account.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relay, Dan says, made setting up and implementing a Profit First strategy for his business a seamless experience. \u201cI don\'t even think about it, which lets me focus on going out and getting more sales. I find the allocation process really rewarding, too,\u201d he adds. \u201cLike, okay, I\'m moving money from Income to Owner Pay and that\'s my money and this is why I\'m doing this business thing on my own.\u201d ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For Dan, pairing Profit First with the banking tools offered by Relay not only relieved a lot of his financial stress, but it acted as a motivator, too. He could see for the first time a vision of how his business was succeeding.\xa0\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWhen we started that Profit account separate from the Owner Pay account,\u201d he adds, \u201cit was really psychologically important to say, \u2018Hey, we\'re making profit.\u2019 The way that Relay presents that in your account, it helps so much seeing the different buckets and being able to manage it and move money around quickly. It definitely helped us to get where we are now.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4rDl7ZChlfoXeG7frerP5G","revision":1,"createdAt":"2023-06-20T13:57:39.430Z","updatedAt":"2023-06-20T13:58:00.407Z","publishedAt":"2023-06-20T13:58:00.407Z","firstPublishedAt":"2023-06-20T13:58:00.407Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"2Novas-Case-Study-Blog-Graphic-Quote","description":"2Novas Quote from Dan Novalis","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4rDl7ZChlfoXeG7frerP5G/ad1b833d953335e8082abb453ea3fb5d/2Novas-Case-Study-Blog-Graphic-Quote.png","details":{"size":259144,"image":{"width":1921,"height":1080}},"fileName":"2Novas-Case-Study-Blog-Graphic-Quote.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"2Novas\' Profit First set up ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a marketing agency, 2Novas utilizes a modified Profit First setup to manage its money. Here\'s the breakdown of checking and savings accounts that Dan has:  ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Account","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Purpose ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Income","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"All income generated by the agency is deposited into this account ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Profit","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"To set aside money so the business is immediately profitable ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Operating Expenses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"For all company expenses (minus ad spend)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Owner\'s Pay","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"To pay himself ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Ad Spend","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"As a marketing agency, clients ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Taxes","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"To set aside money to pay for taxes at the end of the year","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Tech Savings","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"To save for a new line of business","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"}],"nodeType":"table"},{"data":{},"content":[{"data":{},"marks":[],"value":"How Relay is helping Dan add to his savings and grow his business","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"These days, Dan\u2019s added another account to his Relay portfolio, one that\u2019s aimed at setting aside a portion of his income for savings that he will use to grow his business.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe\'re starting to build a technology product for banks, an analytics solution,\u201d he says. \u201cI want to bootstrap this for a while and see if I can get some clients on it, but it\'s going to cost money to hire a developer. Last year I opened up a new account and I\'m going to throw 5% into that account and save up for a while. So that account holds some extra cash for that technology product.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Dan plans to grow that aspect of his business and to ultimately devote his focus there. \\"I want to grow something bigger, turn this into a technology business and move along that way,\\" he says. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How Relay can power up your Profit First banking","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cIf you\'re thinking about Profit First or you\'ve started to implement it, I think there\'s no other place to go,\u201d says Dan. \u201cI\'ve never gotten a fee. I can do anything I need within a couple of minutes. And I think there\'s an interesting realm there too for marketing agencies that are managing their client\'s media spend \u2014 the ability to create accounts and put that money there is amazing. I haven\'t run into another bank that makes it that easy.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"With Relay, business owners have access to:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Up to ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"20 free checking accounts","nodeType":"text"},{"data":{},"marks":[],"value":", with no account fee or minimum balance requirements\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Auto-transfer rules","nodeType":"text"},{"data":{},"marks":[],"value":" for Profit First allocations","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Free check payments, mobile cheque deposits, ACH and wires","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"No hidden banking fees","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The ability to open an account online in just 10 mins\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Safe and secure banking without having to visit a physical branch\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Seamless accounting software like Xero and QuickBooks Online","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"In less than ten minutes you can sign up for a free business banking account with Relay, right ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". 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These written policies create a standard for how operations and financial activities should be conducted, ensuring that everyone is held accountable. \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Internal controls are always applicable to the nonprofit\'s staff, but might also extend to the board of directors and outside vendors. These control policies are usually related to financial management, which means that anyone involved in handling the nonprofit\'s funds should have a clear understanding of them.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example of a nonprofit internal control","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, as a simple internal control, you might require that two people sign all checks. This helps to ensure the accuracy of payments and can help prevent embezzlement, theft, and other misappropriation of assets. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit internal controls can range from basic procedures like the above to intricate systems involving separation of duties, audits, and advanced digital security measures. The key is to strike a balance that safeguards your nonprofit\'s assets and integrity without stifling efficiency or productivity.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does my nonprofit need internal controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The short answer is ","marks":[],"data":{}},{"nodeType":"text","value":"YES","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Internal controls are crucial for nonprofits of any size. Even if you don\'t have enough staff or resources to create an extensive system, having some form of internal controls in place is better than nothing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s also important to bear in mind that your nonprofit might need different types of internal control depending on your unique situation. 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These specific controls will help ensure your organization operates with transparency and accountability.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Access to sensitive data","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u200bThis nonprofit internal control should limit access to sensitive information, such as financial statements, bank accounts, and accounting software. Ideally, all nonprofits should have a clearly outlined system defining who is allowed access to what kind of data. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This control system might include policies like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Changing passwords every 6 months","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Limiting bank account access to specific individuals, such as your CPA and executive director","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requiring two-factor authentication for anyone accessing the nonprofit\u2019s financial information","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A regular, scheduled review of who has access to which type of data","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should also outline ","marks":[],"data":{}},{"nodeType":"text","value":"how ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"access will be given\u2014for example, via a password-sharing app or by sharing credentials over the phone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If someone needs access to your nonprofit\'s bank accounts, this is particularly important. Depending on your bank, you might have only one set of login credentials to share, which is both inconvenient and extremely risky. Since you have no control over what that person can do once they\'re signed into your account, anything could happen. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (hello! \ud83d\udc4b) helps nonprofits control banking access with secure, role-based logins. \ud83d\udc65 Relay is an online banking and money management platform built for nonprofits like you\u2014whether you want to give board members limited, read-only access, or need to fully delegate financial tasks to your accountant.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-safe-is-online-banking"},"content":[{"nodeType":"text","value":"How safe is online banking","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"?","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 Segregation of duties","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This nonprofit internal control is all about separating specific duties within the organization to make things more secure. It requires more than one person to complete certain key tasks, such as approving payment and making the actual transfer. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, instead of one person handling all the payroll duties, you can divide the responsibilities between three people:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One individual enters payroll data","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The second approves the data entry","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The third person is responsible for distributing the paychecks","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This breakdown ensures that no single individual has control over the entire process, greatly reducing the risk of fraud and human error. Segregation of duties is also an affordable security measure since it doesn\'t require specialized staff or new software. Just be sure all processes and duties are formally defined in a written policy. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3 Monthly bank reconciliation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This internal financial control is one of the most important and effective ways to stay on top of your cash flow as a nonprofit. Bank reconciliation ensures that your nonprofit\'s financial statements are accurate by comparing the cash account balances with the bank statement. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This task is usually done by the organization\'s bookkeeper. However, it\'s good practice to have an additional, internal staff member","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"reconcile your accounts each month\u2014that way, two different people are closely reviewing your financial records, ensuring a high level of accuracy. \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While this can time-consuming,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" helps nonprofits speed up bookkeeping and reconciliations with detailed transaction data\u2014you\'ll see clean, standardized vendor names and categories for every transaction.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, Relay\'s integrations with","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":" QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":" Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" mean you (and your bookkeeper) will see the most up-to-date and accurate banking data every time you log into your accounting system.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4\ufe0f\u20e3 \\"Surprise\\" internal audits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To both prevent and prepare for potential audits, it\'s critical to track expenditures, disbursements, fundraising income, and other financial transactions. But how do you know that your accounting records are accurate? \ud83d\udc40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A surprise internal audit could be the answer. This type of audit is exactly what it sounds like\u2014it\'s when you have an independent auditor come and review your nonprofit\'s records without any prior warning. This can help your organization identify any areas that need to be tightened up before a real IRS audit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might already be required to do an independent audit each year,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.councilofnonprofits.org/running-nonprofit/nonprofit-audit-guidec/state-law-nonprofit-audit-requirements"},"content":[{"nodeType":"text","value":" depending on your state\'s laws","marks":[],"data":{}}]},{"nodeType":"text","value":". Even if these rules don\'t apply to your organization, however, an annual internal audit can be a great way to make sure your processes are air-tight. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5\ufe0f\u20e3 Physical security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For some nonprofits, this internal control is an obvious one. Depending on your organization\'s size and resources, physical security might mean a combination of locks on doors \ud83d\udd12during the day (for staff safety), locked filing cabinets (to store confidential documents like blank checks), or even CCTV systems (for extra protection).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even something as simple as implementing a check-out policy for credit cards and blank checks can add an extra layer of security. The most important thing is to have a clear, written policy covering physical security and make sure that all staff members are aware of it.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6\ufe0f\u20e3 Staff spending and expense reimbursement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether your team needs to pay for travel or make a last-minute supply purchase, it\'s important for nonprofits to properly","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":" manage employee expenses","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few examples of nonprofit internal controls related to staff spending:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When possible, all purchases should be made with a company debit card (to limit the number of expense reimbursement requests)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipts must be submitted for all expenses over $5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For purchases over $200, explicit approval is required from your manager or the finance department","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expense reimbursement requests must be submitted within 30 days of the expense","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For most nonprofits, it\'s unrealistic to think that the executive director will be able to pay all expenses with a single company credit card. \ud83d\udcb3\xa0 But it can also be overwhelming to manage dozens of expense reimbursement requests each month (or distribute petty cash).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Issuing multiple debit cards for specific employees, programs, or projects can help\u2014for example, if a certain staff member is leading a short-term project with lots of expenses, you could instantly issue them a virtual debit card with a set spending limit. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can issue 50 virtual or physical debit cards for specific purposes, whether it\'s for the marketing department or your newest education program. You can also set spending limits, and if you notice any suspicious activity, instantly freeze cards from your computer or phone. \ud83d\udcf2","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7\ufe0f\u20e3 Background checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://www.napbs.com/NAPBS/assets/File/NAPBS_Survey.pdf"},"content":[{"nodeType":"text","value":"According to one survey","marks":[],"data":{}}]},{"nodeType":"text","value":", 96% of businesses conduct background screenings before hiring, and not-for-profit organizations should be no different. Whether you\'re interviewing full-time staff or volunteers, a clear process for screening applicants is critical to your nonprofit\'s safety and security. \ud83d\udd12","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a minimum, this should include verifying references and criminal background checks. Depending on your organization\'s operations and the roles you\'re hiring for, other types of screening might also be necessary. For example, if the role has anything to do with financial management or handling sensitive data, a credit check might be a good idea. \u2611\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this internal controls policy, be sure to outline how background checks will be stored and who has access to the results. You\'ll also want to double-check that","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.eeoc.gov/laws/guidance/background-checks-what-employers-need-know"},"content":[{"nodeType":"text","value":" your policy aligns with federal and state laws","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Following through with nonprofit internal controls","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The key to successfully implementing nonprofit internal controls is to do it sooner rather than later. Your policies might not be perfect at first, but they can always be adjusted\u2014just be sure to document any changes and communicate them clearly to everyone involved. \ud83d\udde3\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\'ve created your nonprofit internal controls, it\'s important to stay consistent. That means setting clear expectations for employees and volunteers and enforcing your policies without exception. \ud83d\udcdd It might be tempting to overlook small discrepancies, but doing so can lead to bigger problems down the road.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, whether you\'re managing a small nonprofit or an international organization, remember the purpose of these internal controls: risk management, accountability, transparency, and the long-term success of your nonprofit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Relay: Your money \u2014 protected","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit organizations use internal controls to keep their finances safe and secure, but it\u2019s not always easy. That\u2019s why Relay\u2019s online banking and money management platform is designed to help nonprofits stay on top of cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we help nonprofits keep their money safe with a combination of advanced security features like encryption technology, two-factor authentication, and more. Plus, our real-time transaction data means you can always stay on top of your finances\u2014and quickly address any errors or discrepancies. \ud83d\udd12\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also allows nonprofits to speed up bookkeeping and securely collaborate with their financial advisors, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-ufuoma-solves-nonprofit-banking"},"content":[{"nodeType":"text","value":"like nonprofit accountant Ufuoma Ogaga","marks":[],"data":{}}]},{"nodeType":"text","value":". Ufuoma uses Relay to help her clients stay audit-ready, prevent fraud, and gain greater visibility into cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, nonprofits also get:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 20 individual, no-fee business checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Organize income, expenses, and cash reserves with multiple checking accounts\u2014with no overdraft fees, maintenance fees, or minimum balance requirements.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automated savings: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay helps you build your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":"nonprofit reserves","marks":[],"data":{}}]},{"nodeType":"text","value":" with automated savings. Plus, you\u2019ll earn 1-3% APY","marks":[],"data":{}},{"nodeType":"text","value":"1","marks":[{"type":"superscript"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on every dollar.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Entirely online banking: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Open checking and savings accounts, issue debit cards, and send and receive payments completely online\u2014no in-person branch visits required.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 virtual or physical debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create new debit cards for specific projects and expenses, and get instant access to virtual debit cards for online and mobile payments.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay today","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar 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$20,000, is your business successful?","metaTitle":"Revenue vs Profit: The Difference (In Plain English)","metaDescription":"What\'s the difference between revenue vs profit? 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get a full picture of your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://hbr.org/2019/08/before-you-start-a-business-decide-what-success-looks-like"},"content":[{"nodeType":"text","value":"business success","marks":[],"data":{}}]},{"nodeType":"text","value":", it\'s important to understand the relationship between revenue, profit and profitability. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main difference between revenue and profit is that revenue refers to how much money a business ","marks":[],"data":{}},{"nodeType":"text","value":"makes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" while profit refers to how much a business ","marks":[],"data":{}},{"nodeType":"text","value":"keeps","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" after deducting expenses. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/39rZ2PbKRdBbdy4jlYJwCG/4afa82c8b9d18c7a95f06bc7a2eadc93/Screen_Shot_2022-05-02_at_2.19.27_PM.png","details":{"size":109175,"image":{"width":1109,"height":789}},"fileName":"Screen Shot 2022-05-02 at 2.19.27 PM.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This screenshot shows ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.microsoft.com/en-us/Investor/earnings/FY-2021-Q4/income-statements"},"content":[{"nodeType":"text","value":"Microsoft\u2019s 2021 Q4 income statement","marks":[],"data":{}}]},{"nodeType":"text","value":". Total revenue is reported on the top line. ","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ever heard the saying that \u201c","marks":[],"data":{}},{"nodeType":"text","value":"revenue is vanity, profit is sanity","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u201d?\ud83d\udc42 While it\u2019s true that profit is a critical metric, don\u2019t be too quick to dismiss revenue! Revenue reflects the demand for your products and services and is an indicator of year-over-year business growth. So, we can\u2019t downplay its importance. With that covered, let\u2019s turn to the other important metric: profit. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is profit? ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit = Revenue - Expenses ","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit or \u201cnet income\u201d is the ","marks":[],"data":{}},{"nodeType":"text","value":"total amount of money a business keeps after deducting expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In financial jargon, profit is often called the \u201cbottom line,\u201d as it\u2019s literally found on the last line of an income statement. 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Net profit is reported on the bottom line. ","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For most small businesses, profit is the more important metric to understand as it represents how much money the business gets to keep after deducting the following:  ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Costs associated with the production of goods","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", such as labor and raw materials","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" such as rent, utilities, marketing, new product research, or administrative expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salaries (including what you pay yourself!)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interest","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depreciation","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amortization","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to economist ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.britannica.com/biography/Milton-Friedman"},"content":[{"nodeType":"text","value":"Milton Friedman","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\udd13\u2014the entire purpose of most businesses, at least traditionally speaking, is to generate profits. The higher the profit, the more money your business earns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit can be depicted as either a positive \ud83d\udcc8 or negative number \ud83d\udcc9. When net profit is a negative number, it\u2019s referred to as a loss because the company did not make enough money to cover its expenses. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Types of profit ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just as you might see different revenue types on your income statement, there\'s also more than one type of profit. Here\'s how to make sense of the most common types:","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Gross profit ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gross profit is defined as revenue ","marks":[],"data":{}},{"nodeType":"text","value":"minus the cost of goods sold","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This would refer to the cost of materials and labor ","marks":[],"data":{}},{"nodeType":"text","value":"directly associated","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" with producing a product. Gross profit doesn\u2019t include other fixed costs such as rent and the salary of individuals not involved in producing a product.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Operating profit ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating profit is gross profit ","marks":[],"data":{}},{"nodeType":"text","value":"minus operating expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" such as rent, payroll and utilities. Operating profit represents the total earnings before interest and taxes.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Net profit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You get net profit by ","marks":[],"data":{}},{"nodeType":"text","value":"deducing all your expenses from your revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This includes everything from the cost of goods sold and payroll to taxes and interest payments. It\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"what your company keeps","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" after every other expense has been paid off.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Some small business owners treat ","marks":[],"data":{}},{"nodeType":"text","value":"net profit","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" the same as their ","marks":[],"data":{}},{"nodeType":"text","value":"salary","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". If this is you, it\'s time to rethink things! Business owners should do both: pay themselves a fair salary for their work (one day you\'ll want to hire someone to replace yourself) AND make a profit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What\u2019s more important: revenue or profit? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For small businesses, profit is the more important metric to understand as it represents how much money you get to take home at the end of the day, after deducting the costs of goods sold, operating expenses, taxes, payroll, and interest. However, business owners probably shouldn\u2019t care about profit as much as they should about ","marks":[],"data":{}},{"nodeType":"text","value":"profitability.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is profitability?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How does profitability differ from profit? Profitability\u2014also known as ","marks":[],"data":{}},{"nodeType":"text","value":"profit margin\u2014","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"measures your company\u2019s ability to generate profit relative to revenue. It is usually expressed using ratios, like gross or net profit margin.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most business owners understand the basics of profitability\u2014 if revenue from sales covers your expenses, you\u2019re turning a profit. If your revenue is $1 million and your expenses are $500,000, then you make a profit of $500,000 or a ","marks":[],"data":{}},{"nodeType":"text","value":"profit margin","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (profitability) of 50%.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why profitability is more important \ud83e\udd47","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit alone can be misleading because it doesn\u2019t show the full financial picture. Let\u2019s illustrate this with an example using two companies. ","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Company A","marks":[],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$4,000,000 ","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$3,600,000","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$400,000 ","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"and...","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Company B","marks":[],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$2,000,000","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$1,600,000","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$400,000","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both companies take home the same amount of profit\u2014$400,000\u2014but are they equally profitable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is no because Company A has to spend far more money to generate the same amount of profit as Company B","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, ","marks":[],"data":{}},{"nodeType":"text","value":"Company B","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" is a lot more efficient at turning a profit. This also makes ","marks":[],"data":{}},{"nodeType":"text","value":"Company A","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" a lot more sensitive to any increases in cost. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s explain this by using a hypothetical scenario where a cost, like fuel, has increased.  ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies A and B respectively spent $800,000 and $400,000 on fuel last year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gas prices rise 10% this year ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If all other factors remain the same, ","marks":[],"data":{}},{"nodeType":"text","value":"Company A\u2019s","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"costs would rise by $80,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"profit would drop to $320,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"profit margin is 10%","marks":[{"type":"bold"}],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Company B\u2019s","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":":","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"costs would rise by $40,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"profit would decrease to $360,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"profit margin is 20%","marks":[{"type":"bold"}],"data":{}}]}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Company B is more resilient to cost changes ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udcaa\ud83c\udffb ","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"when compared to Company A because of its higher profit margin. 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Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-set-up-recurring-percentage-based-transfers"},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#4-distribute-funds-quarterly"},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-profit-first-right-for-you"},"content":[{"nodeType":"text","value":"Is Profit First right for you? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-profit-first"},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages"},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#will-profit-first-help-my-business-grow"},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-should-use-profit-first"},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a system of accounting that put simply, prioritizes profit. Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. 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But advisors like Ufuoma need access to banking data to best serve their clients. Which is why Relay makes it easy for nonprofits to collaborate with their advisors\u2014providing secure access protected by app-based 2FA. As a result, the friction to retrieving statements and check images throughout the month is removed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to Ufuoma, \u201cRelay removes barriers for clients: they no longer have to remember to send us their information at month-end. Instead, Relay gives all internal stakeholders full transparency on money inflows and outflows in real-time. 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Relay also makes it possible to switch access to accounts on or off\u2014in just a few clicks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With traditional banks, says Ufuoma, \u201cin order for you to change who the authorized people on the account are, you need a letter from the board of directors in writing, and often you have to go physically into the bank to make the change. Traditional banking becomes extremely difficult to manage for clients in multiple states that require multiple people access.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay makes it simple to add and remove users as an organization\u2019s leadership changes with a click of a button. 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Then you have time to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up for a free business banking account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" from Relay. 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While it\'s typically in the form of liquid cash, it doesn\'t have to be solely in this form. Reserves can also include other assets like short-term investments\u2014as long as they can be quickly converted into cash. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit reserves can be used for operational or capital reasons. They\'re typically used to pay for unexpected expenses, such as emergency repairs. Reserves might also be used to sustain operations during slow fundraising periods or finance large projects.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", we know that tight budgets and unpredictable donations can make it tough to save for the future. That\u2019s why we help nonprofits and small businesses set up savings accounts and cash reserves\u2014and it\u2019s also why we\u2019ve designed features like automated savings to help you grow reserves over time. \ud83c\udf33\ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online banking and money management platform that offers nonprofits up to 20 free, individual checking accounts. Plus, you can open two savings accounts and earn 1-3% APY* on every dollar. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Click here to learn about banking with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Where do nonprofit reserves come from?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Occasionally, a nonprofit will receive donations specifically to create or boost its operating reserve funds. More often, however, reserves are built up gradually by generating an unrestricted surplus and intentionally setting aside a portion of the extra cash as a reserve fund.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. 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Understanding the difference will help your organization manage its resources efficiently\u2014whether you receive an opportunity to invest in a new program, or need to pivot quickly in an emergency.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Operating reserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit operating reserves are unrestricted funds set aside to cover operating expenses, such as payroll and rent. These funds should be saved for a \u201crainy day\u201d \u2014 like businesses, nonprofits can also fall victim to unexpected income disruption or a budget shortfall. It\'s typically recommended that a nonprofit have at least three months of operating expenses in cash reserves.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Capital reserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital reserves are funds that are set aside for long-term projects, investments, and other initiatives. These funds should be kept separate from the operational reserves so they can\'t inadvertently be used for everyday expenses. The amount of capital reserves will vary depending on each nonprofit\'s needs and goals.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much money should my nonprofit have in reserves?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount that a nonprofit should set aside for its reserves will depend on several factors, including the organization\'s size and financial risks. Generally speaking, though, it\'s recommended that nonprofits maintain enough reserve funds to cover three months of operating expenses. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, having a little bit more cash available isn\'t a bad idea \u2014 in fact, according to the Nonprofit Finance Fund\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://nff.org/learn/survey"},"content":[{"nodeType":"text","value":" 2022 State of the Nonprofit Sector Survey","marks":[],"data":{}}]},{"nodeType":"text","value":", 65% of nonprofits surveyed had four or more months of cash on hand in 2022. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can nonprofits have too much in reserve funds?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While maintaining a healthy reserve is crucial for the financial security of a nonprofit, there is such a thing as having too much in reserves.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For one, if a nonprofit accumulates reserves excessively and without a documented reason, it may draw scrutiny from the IRS. Authorities could begin to suspect that the organization is operating for profit rather than for its stated purpose. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having an overly large reserve could also harm your nonprofit\'s fundraising efforts. Donors may question the need for their support if they see that your organization has a substantial amount of money in reserve.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having too little in reserves can also harm your fundraising efforts, however. If donors review your financial statements and see that your organization is continually short of cash, they may not be willing to give. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, determining an appropriate reserve amount can be a difficult balancing act. \u2696\ufe0f The key is to maintain a reserve that can protect your organization from uncertainties \u2014 but isn\u2019t so large that it raises questions about your nonprofit\'s financial management practices and fundraising needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to create a nonprofit reserve policy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Developing a clear reserve policy for your nonprofit can enhance your organization\'s financial health and foster sustainability. \ud83d\udcc8 A well-defined policy will also ensure that nonprofit board members are on the same page about how reserve funds should be used.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are three steps you can take to create an effective nonprofit reserve policy:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determine the purpose of your reserve funds. \ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Do you need to save for long-term projects, cash flow emergencies, or something else? Depending on your organization\'s funding and mission, you may decide to have both operational and capital reserves.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set a reserve goal based on the organization\'s operating budget. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udcca","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The target should be realistic enough to cover unexpected expenses but not so large that it detracts from the organization\u2019s fundraising goals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a plan for how reserve funds should be used. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udcd1","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The board of directors should decide when it\u2019s appropriate to access and utilize the reserve fund, and document these decisions in an official policy.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By creating an intentional reserve policy that reflects your nonprofit\'s budget and mission, you can maximize the impact of your organization\'s resources \u2014 while securing it from potential financial risks. \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where should you keep nonprofit reserves?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\'ve established how much money your organization wants to keep in reserve, the next step is deciding where to store the funds. \ud83d\uddc3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening a specific reserve account is crucial to ensure that your \\"rainy day\\" fund isn\'t accidentally used for day-to-day operational expenses. 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Plus, with our in-app switching tool, you won\u2019t have to worry about leaving any transactions behind.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started with Relay for nonprofits,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about nonprofit reserve funds \ud83d\udcad","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What happens when a nonprofit makes too much money?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When a nonprofit makes more money than it needs to cover its expenses, the excess funds should be transferred into the reserve account. 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This includes recording all relevant information about an employee\'s purchases \u2014 like receipts, the purpose of the purchase, and any applicable taxes or other deductions. \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee expense management covers a wide range of tasks, such as:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up a clear and comprehensive employee expense policy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Implementing a systematic process for submitting expense reports","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing and verifying the submitted expense reports for accuracy and policy compliance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Approving and reimbursing employee expenses on a timely basis","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Analyzing employee spending trends to identify cost-saving opportunities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrating expense management software to streamline, automate, and enhance the efficiency of these tasks","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By carefully tracking and managing employee expenses, you can maintain control over cash outflows and gain a deep understanding of spending. As a result, you\u2019ll be able to make better-informed decisions that can help your business stay competitive and profitable. \ud83d\udcca\ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The importance of employee expense management for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business owner, expense management might seem unnecessary \u2014 especially if you only have a few employees. However, even small teams can generate significant business expenses, and without proper tracking and management, these can spiral out of control. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By taking the time to implement an effective employee expense management process, you can make sure your team is staying within budget while still getting the job done. This can help you reduce expenses and improve cash flow, which will ultimately benefit your bottom line.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember: good expense management isn\'t just about tracking dollars and cents, it\'s about gaining valuable insights into spending habits, identifying potential areas for savings, and staying on top of your business\'s financial health. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does my business need expense management software?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee expense management software is a tool that automates the process of tracking, managing, and reimbursing employee expenses. It can help you save time, improve compliance with financial regulations, and make sure employees aren\u2019t overspending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another benefit of expense management software is that it can provide a digital audit trail for business transactions. \u2705 This boosts the transparency of your company\'s expenses, protecting your business from fraud and other financial risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some signs that it might be time for your small business to invest in expense management software:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your current expense reporting process relies on spreadsheets and manual data entry \ud83d\udcd1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You don\u2019t have a clear approval process for spending requests (so they get lost in your inbox) \ud83d\ude2c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want more visibility into your team\'s spending habits \ud83d\udd0e","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You feel overwhelmed with the amount of time it takes to manage expenses \u23f0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what if you don\u2019t want to add another software solution to your tech stack?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83e\udd14You might be able to avoid the complexities (and extra cost) of expense management software with an online banking and money management platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an all-in-one platform that helps you get crystal clear on cash flow, from 20 free, individual business checking accounts to expense management features like debit card controls.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Want to learn more? Jump to ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#alternatives-to-expense-management-software"},"content":[{"nodeType":"text","value":"expense management software alternatives","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Different types of employee expense management software","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some expense management tools provide a comprehensive solution for everything from approving expenses to automating data entry and generating detailed reports. \ud83d\udcca Others specialize in a particular area, such as tracking receipts or reimbursing travel. \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the right tool for you will depend on your business\u2019s unique needs and goals. To help you make the best choice, here\u2019s a breakdown of the four main types of expense management software:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f Travel and expense (T&E) management software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" These tools help you manage employee expenses related to business travel, including airfare, accommodation, and meals. They often include features for booking travel and tracking reimbursements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Corporate card management software: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This type of software helps you manage (and sometimes issue) corporate credit cards. It allows you to set spending limits, track usage, and more easily reconcile bank statements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Expense analytics software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" These tools help businesses analyze expense data, identify trends, produce reports, and make informed decisions to control costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Integrated expense management software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of software integrates with a company\'s existing financial system, such as ERP or accounting software. It helps automate processes like approvals, expense reimbursements, and reporting.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 expense management tools for business owners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to find the right expense management solution for your small business? These five tools can help you save time, reduce manual labor, and get crystal clear on employee spending trends. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udcca\ud83d\udd2e","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Certify","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.certify.com/"},"content":[{"nodeType":"text","value":"Certify","marks":[],"data":{}}]},{"nodeType":"text","value":" is a cloud-based software best known for its travel expense management features. With online booking capabilities, automated expense reports, and streamlined employee reimbursements, Certify helps finance teams save hours of time on expense management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, small businesses that don\'t engage in frequent corporate travel may not have a need for Certify\u2019s specialized travel-related capabilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Receipt scanning from your mobile device","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Google Maps integration for accurate mileage tracking and reimbursement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Affordable pricing options for small businesses with less than 25 employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Multiple user roles for easy collaboration with your accountant","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c May be excessive for businesses with minimal travel expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c QuickBooks is the only integration available on the small business plan","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Spendesk","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.spendesk.com/product/"},"content":[{"nodeType":"text","value":"Spendesk","marks":[],"data":{}}]},{"nodeType":"text","value":" is an end-to-end spend management solution that simplifies payment tracking and processing. From issuing pre-paid virtual cards \ud83d\udcb3 to defining approval workflows, this platform can help you handle almost every aspect of employee expense management. \ud83d\uddc2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While beneficial for larger companies, however, some of Spendesk\u2019s features could be overwhelming or unnecessary for smaller teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Instantly issue pre-paid virtual cards for one-time and recurring expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Mobile app allows employees to instantly claim reimbursement for business expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Automate receipt capture with OCR technology","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Integrations with Netsuite, Xero, and Slack","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Limited integrations with other accounting and money management platforms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Advanced features might not be necessary for smaller teams","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Expensify","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://use.expensify.com/"},"content":[{"nodeType":"text","value":"Expensify","marks":[],"data":{}}]},{"nodeType":"text","value":" is an employee expense management platform that helps businesses manage, track, and report their expenses. It includes features like real-time expense tracking and alerts, automated reporting, and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expensify\u2019s features become even more powerful when using the Expensify corporate card. If you decide not to use their card solution, however, the platform can be a little pricey for the features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Unlimited, one-click receipt tracking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automatically reconcile corporate card transactions\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Dozens of travel, tax, accounting, and HR integrations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Free plan option when you sign up for the Expensify corporate card","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Less affordable than other expense management solutions (if you don\u2019t use the Expensify corporate card)","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. SAP Concur","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.concur.com/"},"content":[{"nodeType":"text","value":"SAP Concur","marks":[],"data":{}}]},{"nodeType":"text","value":" is an employee expense management system that helps businesses manage travel expenses, prevent spending policy violations, and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, SAP Concur can be an expensive solution and might not be the best fit for businesses with minimal expenses. Additionally, its setup process can be time-consuming and may require additional resources to manage effectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Highly customizable for businesses with unique needs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Extensive integrations with compliance, IT, finance, and travel-related apps","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":":","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Less affordable for small businesses\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Intensive setup and onboarding process","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Zoho Expense","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.zoho.com/us/expense/"},"content":[{"nodeType":"text","value":"Zoho Expense","marks":[],"data":{}}]},{"nodeType":"text","value":" is an intuitive, cloud-based employee expense management solution that helps businesses automate their entire expense process. Plus, its integration with other Zoho apps makes it easy to manage business finances from one platform.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, unlike the other solutions, Zoho Expense might not be complex enough for some businesses. If your business needs highly customized features, Zoho Expense isn\u2019t the best option.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automated credit and corporate card reconciliation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 AI-driven fraud detection and other compliance features","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 In-depth travel and expense management analytics","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Seamless integration with Zoho apps","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Limited receipt scanning on lower-tier plans","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Might not be ideal if you don\u2019t use Zoho for other business operations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Alternatives to expense management software","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expense management software isn\u2019t a must-have for every business. Ultimately, it\'s crucial to remember that the goal of implementing any new tool or software is to streamline operations, not complicate them, and sometimes, simplicity is the most effective way forward.\ud83d\udca1\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, a small graphic design studio with a team of five people may find that expense management systems are too complex. Their spending only consists of software subscriptions, occasional equipment purchases, and minor office supplies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These expenses can easily be tracked and managed using their existing accounting software. An online business banking platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) can also help them set limits on team spending\u2014without the need for separate expense management software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how do you decide if you can go without expense management software? Let\u2019s take a closer look at two alternatives for small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Manage employee expenses with accounting software","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you use accounting software like QuickBooks Online, you might be able to handle expenses with your existing subscription. This can be a great solution for businesses that are just starting out or have very straightforward expenses. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most accounting systems offer basic expense management features like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automated expense categorization","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipt scanning via a mobile app","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create and manage expense reports","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Generate detailed spending reports","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee expense claims and reimbursement\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, if you find your business needs more advanced expense management features like approval workflows and expense policy compliance monitoring, you might need to upgrade to a separate solution.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Manage team spending with online business banking\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some online business banking platforms also help business owners manage spending. 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During this live, recorded event, Cyndi illuminates the path to mastering inventory cash flow, controlling operating expenses, and transforming your business into a profitable venture. \ud83d\udcb8  ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/maximizing-profits-ecommerce"},"content":[{"nodeType":"text","value":"Click here to watch the webinar","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why Profit First works for e-commerce sellers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When implemented properly, Profit First can help e-commerce sellers create a healthy profit margin and avoid cash flow emergencies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"E-commerce sellers have to face a wide range of challenges when it comes to managing inventory. 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This system prevents the misuse of cash reserved for other business needs and improves cash flow management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd2e Increased financial visibility:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" By separating funds into dedicated expense accounts, e-commerce sellers can get a real-time view of their financial standing and make more informed decisions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0f Risk mitigation:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" By promoting disciplined spending and prioritizing profit, Profit First helps mitigate risks associated with overstocking or understocking. This method ensures that sellers have enough funds to handle unexpected inventory needs and can prevent stockouts or excess inventory.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Profit First addresses inventory challenges","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First for E-commerce Sellers,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Cyndi encourages readers to open a separate business bank account for inventory","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This gives sellers a clear picture of how much money they have for inventory\u2014and helps them avoid spending money that should be dedicated to operating expenses, profit, or owner\'s pay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyndo also tells e-commerce sellers to build up surplus funds in their inventory accounts, so they can use cash for last-minute inventory needs. This frees up your income for profit, instead of tying it up in credit card or loan payments. \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a unique approach to inventory: most e-commerce sellers spend as much money as they can on inventory and then hope for the best. Profit First helps e-commerce sellers create better habits by encouraging them to set aside a certain amount of cash before investing in inventory. That way, they can plan ahead and become more profitable in the long run. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 6 Profit First accounts for e-commerce sellers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To implement the Profit First method, business owners allocate a percentage of revenue for profit before any other spending","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" Then, in the basic Profit First model, they allocate the remaining revenue to operating expenses (OpEx), taxes, and owner\'s pay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For e-commerce sellers, Profit First is a little different. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How many business checking accounts should I have?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, separating your business and personal finances is always a good idea. Opening at least one business checking account will protect your personal assets, simplify bookkeeping, and make filing your taxes a lot easier.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"If you\u2019re still using your personal account for business income and expenses, check out these 7 reasons to ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"separate business vs. personal bank accounts","marks":[{"type":"underline"},{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While having one business checking account is okay, opening multiple accounts is even better. 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At a glance, you\u2019ll know if you have enough money to cover your most important expenses each month\u2014no mental math required.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Best: 5 Profit First checking accounts \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"The Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" of cash management involves intentionally dividing revenue across different bank accounts, including a profit account. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 reasons to have multiple checking accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening multiple bank accounts can sound like a lot of work\u2014so is it worth it? Absolutely. While it might sound counterintuitive, having more than one checking account can actually speed up cash flow management.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is it easy to open more than one bank account for business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And though most financial institutions make it hard to switch your payments and transactions to multiple checking accounts, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) makes it fast ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"convenient. Our new ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/switching"},"content":[{"nodeType":"text","value":"in-app switching checklist","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can help you get started with multiple checking accounts in minutes instead of months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Learn more about ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay\u2019s online business banking and money management platform","marks":[{"type":"underline"},{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still wondering if you should have more than one checking account? Here are 5 reasons to open multiple checking accounts for your business:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8","marks":[],"data":{}},{"nodeType":"text","value":" Get crystal clear on cash flow: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"By separating your funds into different accounts, you can quickly understand your business\'s financial health\u2014no spreadsheets required.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" Simplify money management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Multiple checking accounts can give your day-to-day budget structure and speed up cash flow management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3","marks":[],"data":{}},{"nodeType":"text","value":" Stay on top of spending: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Setting up individual checking accounts for different expenses takes the guesswork out of spending. At a glance, you\u2019ll know if you\u2019re sticking to the budget \u2014 or veering off.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 ","marks":[],"data":{}},{"nodeType":"text","value":"Added security: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Having multiple bank accounts limits the impact if one is compromised. Even if one account takes a hit, you\u2019ll still be able to pay your bills and maintain business operations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddc2","marks":[],"data":{}},{"nodeType":"text","value":" Streamlined bookkeeping: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Say goodbye to disorganized business transactions \u2014 with multiple bank accounts, you and your bookkeeper will know exactly where each dollar is going.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, multiple checking accounts can help you grow your business by giving you a clear picture of how you earn, spend, and save.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the right bank for multiple business checking accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before opening multiple checking accounts, it\u2019s important to compare ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"traditional vs. digital banks","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Digital banking platforms typically offer lower account fees and more flexibility. By contrast, traditional banks often have inconvenient requirements that can make it tough to open more than one checking account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So what\u2019s the best business banking option for multiple accounts? Let\u2019s take a closer look.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Traditional banks\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you already have a business checking account with a traditional bank, you might consider opening additional accounts there. 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By using more modern processes and technology, digital banks are able to streamline the account opening process and eliminate the need for in-person visits and tedious paperwork.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many online banking platforms are designed specifically to meet the needs of business owners, offering perks like:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Low or no-fee business checking accounts \ud83d\ude4c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance or deposit requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ability to open multiple accounts completely online \ud83d\udcbb","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money management features like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"accounts payable automation","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" \ud83d\udee0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrations with accounting software and financial tools \ud83d\udcca","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards and team spending controls \ud83d\udcb3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advanced security features and fraud detection \ud83d\udd10","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Across the board, online banking platforms are the most convenient and cost-effective option for small business owners to open multiple accounts.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to open multiple business checking accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"Choosing a business bank account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can be tricky. Even if you already have an account, your bank might not be the best choice for opening multiple accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" gives small business owners the ability to open 20 ","marks":[],"data":{}},{"nodeType":"text","value":"free ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"business checking accounts \u2014 with no monthly fees, overdraft fees, or minimum balance requirements. \ud83d\ude4c\ud83d\udcb8 Relay is FDIC insured through Thread Bank. 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If you\u2019re looking for a new business checking account, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"make the switch to Relay today","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about opening multiple business checking accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want to dive deeper? 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Sub-accounts lack the same level of separation and protection as individual checking accounts, which are standalone accounts with distinct legal and financial identities.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How many bank accounts does the average business have?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number varies depending on the size and complexity of the business. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In an increasingly digital world, virtual cards \ud83d\udcb3provide unmatched convenience and security, especially for small business owners. Here are a few reasons to use virtual debit cards:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0 Available immediately: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Physical debit cards can take 7-10 days to arrive in the mail, but virtual debit cards can be issued in an instant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Streamlined ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"employee expense management","marks":[],"data":{}},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Whether an employee is new to the team or leaving the company, you can issue new cards\u2014and manage existing cards\u2014completely online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Advanced card controls: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Unlike banks with exclusively physical cards, banking platforms with virtual debit cards typically have more sophisticated features to help business owners stay on top of spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Enhanced security:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Virtual debit cards are less prone to theft or loss compared to physical cards. They also often come with advanced anti-fraud and security features for added peace of mind.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thanks to these features, virtual debit cards can save small business owners hours of time and make the management of business spending a breeze.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can virtual debit cards be used for in-person transactions?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since more than ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.apple.com/apple-pay/"},"content":[{"nodeType":"text","value":"85% of retailers accept contactless payment options like Apple Pay","marks":[],"data":{}}]},{"nodeType":"text","value":" and Google Pay, many businesses don\u2019t need physical debit cards. You can just add a virtual debit card to your digital wallet and start making in-store purchases immediately. \ud83d\udcf1\ud83d\udecd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, most banking platforms with virtual debit cards will provide a physical card if you want or need it for a specific type of spending.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a bank with virtual debit cards\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contactless payment is more common than ever, but it can still be tough to find a bank with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual cards for business spending","marks":[],"data":{}}]},{"nodeType":"text","value":". Plus, the banks that do have virtual cards offer varying levels of service and features\u2014so it\u2019s important to consider multiple factors when making your decision.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a closer at how you can find the best banking option (and virtual card issuer) for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Traditional banks vs. online banking platforms\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online business banking platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) can offer business owners modern, convenient banking features\u2014like virtual debit cards. This is because, unlike traditional banks, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" aren\u2019t weighed down by outdated infrastructure and complex processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what if a traditional bank allows you to add your debit card to your mobile wallet? In most cases, this \u201cdigital card\u201d is technically just another version of your physical debit card. That means they share the same ","marks":[],"data":{}},{"nodeType":"text","value":"card details","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (like CVV and expiration date).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, if your physical debit card is compromised, you will also have to replace the digital card\u2014but not until you wait 7-10 days for the physical version to arrive in the mail. In the meantime, you won\u2019t even be able to make online payments. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why it\u2019s best to find an online banking platform that offers true virtual debit cards with unique card details. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"That way, you can avoid the inconvenience (and security concerns) that come with relying on a single debit card or a single set of card details.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Choosing a virtual card issuer: what matters most?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to choosing an online banking platform with virtual debit cards, how do you weigh your options? Well, the right choice will depend on your business\u2019s unique needs, but the following 4 factors will make a big impact on your decision.\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Card controls: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Some banking platforms allow you to set spending limits and instantly freeze cards from a mobile app. Others allow you to set up complex rules to manage when, where, and how employees spend. \ud83d\udd11\ud83d\udcb8\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Number of virtual debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Some banking platforms are designed to simplify team spending and enhance ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":" through the use of multiple virtual debit cards. Others will only allow you to issue one virtual card per account holder, which can make employee expense management a challenge.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fees: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Banking platforms have a wide range of different fee structures, so it\u2019s important to be aware of what you could be charged for. For example, some banks have transaction limits and charge a service fee after a certain number of withdrawals each month. Monthly maintenance fees and overdraft fees can also add up.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other money management features: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Running a small business can be demanding, so the more helpful features your bank offers, the better. Banking platforms that integrate with your accounting software, for one, can make spending (and bookkeeping) even easier to manage. \ud83d\ude0e","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the best online banking platform for your business will provide virtual debit cards ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"a multitude of other features to make your life easier.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 of the best banks with virtual debit cards\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re opening a new bank account or need a new card, traditional banks typically require that you receive a physical debit card in the mail. \ud83d\udceb As we discussed above, that means you\u2019ll need to wait several days to start spending\u2014and most likely, you won\u2019t even have access to the card number to add it to your mobile wallet.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This can cause many issues for business owners. 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Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The truth is that traditional banks just aren\u2019t built to truly serve small business owners. The good news? Today, entrepreneurs can choose from an array of online business banking solutions designed to meet their unique needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 5 of the best online business banking platforms with virtual debit cards. \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform built specifically for small business owners. At Relay, we\u2019ve designed features that solve the pain points of traditional banking, like high account fees and poor visibility into cash flow. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can open up to 20 individual, no-fee business checking accounts and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"two savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". Relay also helps you get crystal clear on monthly spending and speed up bookkeeping with enriched, automatically categorized transaction data.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After opening a Relay account (no in-person branch visits required) you can instantly issue your virtual debit cards. Then, in just a few clicks, you can assign those cards to team members and set spending limits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if the worst case scenario ever happens\u2014like when Relay customer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"Madeline discovered that one of her employees was committing fraud","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014you can freeze your debit cards and create new ones in a matter of minutes. \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, if you\u2019re dealing with a major security concern while on a business trip (like Madeline was), you won\u2019t have to worry about paying for dinner. With Relay, you would be able to instantly issue a new virtual card, add it to your Apple Wallet, and enjoy your meal in peace. \ud83c\udf5d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"20 free business checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay doesn\u2019t charge overdraft fees, maintenance fees, or require a minimum account balance. That means you can easily organize your money into multiple accounts (like profit and operating expenses) and get crystal clear on earning, spending, and saving.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"50 physical or virtual debit cards","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": With Relay, you can issue 50 physical or virtual debit cards. Digital cards can be used right away for online shopping or with your mobile wallet.\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Online card controls: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"No phone calls required. Relay allows you to monitor business spending in real-time, set limits, and freeze cards right from your phone or computer.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"ATM accessibility: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay\u2019s physical Visa debit cards allow you to make cash withdrawals and deposits at AllPoint ATMs with no ATM fees.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Low-cost or free ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments"},"content":[{"nodeType":"text","value":"international payments","marks":[],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0 Relay\u2019s exchange rate for international wires is just 1-1.5%. Plus, you can send international wires for only $10 per wire (or for $0 with Relay Pro).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Simplified expense management","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Want to organize spending and stay on track with your budget? Relay lets you quickly issue debit cards for new expense categories, project expenses, or separate teams.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Bill pay and approval workflows with Relay Pro: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"For $30 per month, you can subscribe to Relay Pro and access powerful accounts payable features, including single- or multi-step approval rules for bill payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":"FDIC insured: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay customers are insured through our partner bank Thread Bank.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c No credit cards\xa0","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Want to learn more about Relay? ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out our powerful","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"business banking and money management features here","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Ramp\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ramp.com/"},"content":[{"nodeType":"text","value":"Ramp","marks":[],"data":{}}]},{"nodeType":"text","value":" is a virtual card and employee expense management solution for mid-sized to enterprise businesses. They don\u2019t provide banking services, so you\u2019ll need a separate business bank account to receive and manage your money.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Ramp Visa card is a bit of a cross between a credit card and a debit card. It offers many of the same benefits as a virtual credit card, such as cash-back rewards. However, you\u2019re required to pay your balance in full each month and can only spend against money that\u2019s actually in your bank account, like a debit card. \ud83d\udcb3\ud83d\udcb8\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this structure, Ramp requires customers to have a minimum bank account balance of $75,000. If your business doesn\u2019t typically keep this kind of cash in reserve, Ramp might not be the right fit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Credit card benefits without the credit check: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ramp provides 1.5% cash back on all spending. To qualify, you don\u2019t have to pass a credit check (you just need to meet their minimum account balance requirement).\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Unlimited cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ramp allows you to create and distribute unlimited virtual corporate cards.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":"Advanced accounts payable: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\u2019re a large company with multiple departments and lots of employees, features like automated approvals and compliance can streamline expense management.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Minimum bank account balance of $75,000 cash\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Requires a separate business banking solution\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Not the best fit for small business owners\xa0","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/brex-vs-ramp#relay-online-banking-that-puts-you-in-control-of-your-cash-flow"},"content":[{"nodeType":"text","value":"Brex vs. Ramp: Compare Expense Management Tools","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Spendesk","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.spendesk.com/product/"},"content":[{"nodeType":"text","value":"Spendesk","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is another potential solution for small business owners who want to use virtual debit cards. However, like Ramp, Spendesk is categorized as a spend management platform and does not provide business banking services.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spendesk allows businesses to create virtual prepaid cards, where you load an employee\u2019s debit card with funds ahead of time. You can also set up pre-defined rules and spending policies to manage when, where, and how company funds are spent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a \u201c7-in-1\u201d spend management solution, Spendesk provides a wide range of features to simplify the tracking and processing of payments. While extremely helpful for larger companies, these features might add unnecessary complexity and costs for small businesses.\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Single-use and recurring virtual cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you need to make an online purchase or pay for a subscription, Spendesk will provide a virtual card with its own unique card details. This can be more secure than using the same card information on dozens of websites.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Set-it-and-forget-it spend control: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Because every Spendesk virtual debit card is limited by a pre-defined budget and spending rules, you\u2019ll never have to worry about employees overspending.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Easy budgeting: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Spendesk, you won\u2019t receive an unexpectedly high credit card bill at the end of the month. Instead, you can budget at the beginning of each month by pre-loading cards with funds.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":"Streamline expense management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"From the mobile app, managers can request additional funds as needed. 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Only available to sole proprietorships (or single-member LLCs filing as sole proprietorships), Lilli is designed primarily for freelancers and side hustlers. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lili\u2019s free plan includes one business checking account, one Visa Business debit card, and fee-free ATM withdrawals at select locations. With Lili\u2019s premium plans, you can also access features like expense management and fee-free overdraft. However, no matter which plan you\u2019re on, you\u2019ll only have access to one virtual and one physical debit card.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, if your business has more than one employee or you expect to grow in the future, Lili\u2019s capabilities may be too limited for your needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Digital debit card: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"After opening a Lili account, you don\u2019t have to wait for your physical debit card to arrive\u2014you can access your virtual card number immediately for online checkouts. Or, you can add it to your mobile wallet for in-person purchases.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Invoicing software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can subscribe to one of Lili\u2019s premium plans for invoicing features and the ability to accept payments. Pricing ranges from $9-$35 per month.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Cashback rewards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Lili\u2019s premium plans also give you a Visa Business Pro debit card with cashback rewards.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Only 1 virtual debit card\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Only 1 business checking account\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"No spending limits or card control features\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Limited features available on the free plan\xa0","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-lili#relay-vs-lili-feature-comparison-chart"},"content":[{"nodeType":"text","value":"Lilli vs. Relay comparison\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"NorthOne","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.northone.com/"},"content":[{"nodeType":"text","value":"NorthOne","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking platform that offers account holders a virtual Mastercard debit card. 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Business owners that don\u2019t already work with a tech stack dedicated to HR and payroll.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay, on the other hand, is best for business owners wanting to stay updated on their available cash, pay staff quickly, and track their payroll obligations.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Additional banking services","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Additional banking services offered by Wells Fargo","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On top of all of the above, Wells Fargo offers services beyond small business checking. Let\u2019s zoom in on a few:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfea Merchant Services:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Wells Fargo offers POS solutions and payment devices to collect money from anywhere. 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It\u2019ll be tied to a rewards program in which you can redeem points on travel, gift cards, merchandise, and more.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1dLines of Credit and SBA loans:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Whether you\u2019re facing a sales slump or planning your expansion, you can secure funding from $10,000- $150,00 with no annual fees the first year and a fair interest rate.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\xa0Additional banking platform features from by Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s additional features and services are crafted specifically for growing small businesses. As a customer, you\u2019ll get access to things like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Detailed transaction data:\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay empowers you to control your cash flow through enriched data. We\u2019re talking specific vendor details for transactions, payment information, and customer stats to help you clarify purchases and reconcile accounts quicker and easier.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0e Flexible domestic and international payment options:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0Get same-day ACH payments with the Relay Pro account and unlimited international and domestic transfer wires with transparent fees. Also, Relay lets you send wires in the recipient\'s destination currency, giving you clarity and saving you money on international exchange fees.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcdc FDIC Insurance and Visa\xae Zero Liability Protection:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0While Relay itself is a technology platform, not an FDIC-insured bank, your money is safe with Relay. That\'s because each business is FDIC insured through our partner bank, Thread Bank. Plus, thanks for Visa\'s Zero Liability Protection, you\'re also protected in the event that your card is ever stolen.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc68\u200d\ud83d\udcbb Branch-free account setup:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0With Relay, you can complete the entire setup process online, which is especially handy if you have a remote team or executives in different states or abroad.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Accounting and bookkeeping integrations:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0Relay\u2019s integration with technology like\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":",\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":", and\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":"\xa0will empower your bookkeepers and accounts to reconcile accounts accurately without breaking a sweat.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Easy account management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0Relay makes it easy to manage multiple businesses with one login. Simply toggle between the accounts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb7 Profit First focus:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0Relay makes implementing","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"\xa0the Profit First methodology","marks":[],"data":{}}]},{"nodeType":"text","value":"\xa0a breeze, especially its nil-balance approach. Relay leans into the reality that most business owners manage their daily finances with spreadsheets, guesswork, and mental math\u2014and equips you with the tools to flip the script. So, Relay equips you to get the lowdown on your business\u2019 money in seconds rather than minutes or hours.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5\ufe0f Auto transfer rules and percent-based transfers:\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay offers automation for sending money to various accounts. You can set up rules so that cash is automatically transferred out of an account once it reaches a set threshold.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd12 Security features:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0Set up different permissions to assignees on an account or card, control who sees what and when, set spend limits, and create and terminate accounts\u2014all remotely.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To wrap up the Relay vs. Wells Fargo weigh-up on additional services, Wells Fargo\u2019s Small Business Checking accounts are good solutions for companies with slow cash conversion cycles, capital-intensive operations, or slow marketplace payouts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s additional services make it most suitable for small businesses wanting to prepare their finances for the future, handle everyday money tasks efficiently, and get and stay profitable.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Multiple checking account budgeting","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Setting up multiple checking accounts with Wells Fargo","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wells Fargo doesn\u2019t offer additional accounts for the Initiate Business Checking. However, you can get more accounts with the Navigate Business Checking accounts at $25 each. You can also secure up to five Optimize Business Checking options, and all additional accounts beyond this amount cost $30 each. However, five accounts still aren\u2019t enough to split your finances in a way that drives clarity and efficiency.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Setting up multiple checking accounts with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, with Relay, you can create up to 20 accounts and 50 virtual or physical Visa debit cards. So, you can allocate your money by tasks and functions like debt repayment, savings, and taxes. You can also get particular about how you control spending. For example, you can assign cards to specific accounts and set cardholders, spend limits, and access controls. \u2714\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, you can get the lowdown on your business\u2019 finances in seconds rather than needing to do investigative work into your checking accounts and accounting software, which can take hours or days.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Wire transfer options","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Wire transfers with Wells Fargo","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Navigate Business Checking account comes with free incoming domestic and international U.S. and foreign currency wire transfers. Also, the first two outgoing domestic","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www08.wellsfargomedia.com/assets/pdf/small-business/information-schedule.pdf"},"content":[{"nodeType":"text","value":" wire transfers","marks":[],"data":{}}]},{"nodeType":"text","value":" per fee period are gratis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For all other Wells Fargo Business Checking accounts, the incoming domestic wire costs $15 each. Outgoing domestic wires cost $30 (applicable to the Navigate Business Checking after the first two outgoing domestic wires), and recurring outgoing domestic wires cost $25.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For international wires, fees depend on whether you use US or foreign currency. For example, international outgoing wires cost $45 if you use US currency, and if you pick a foreign currency, it\u2019ll cost $35. It\u2019s worth noting that Wells Fargo will add a markup to foreign currency rates which will impact the final amount and could make your wires costly. This feature also makes it challenging to calculate the actual cost of your wire transfers.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Wire transfers with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the flip side, when you use Relay for your transfer wires, the process is","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":" transparent and cost-effective pricing","marks":[],"data":{}}]},{"nodeType":"text","value":". For instance, it costs $5 for outgoing domestic wires and $10 to send an international wire transfer. Receiving a domestic or international wire transfer is free. You can also complete currency exchanges in your Relay account, and there are no hidden fees, allowing you to work out the cost bother-free.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Monthly and incidental fees","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Wells Fargo: Monthly incidental fees and ATM fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wells Fargo Bank has a range of incidental fees, which vary according to your account type and usage. 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Once you exceed the account cash deposit amount included in your benefits, the cash deposits cost $0.30 for every $100.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Withdrawal fees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Each small business checking account gets free withdrawals from Wells Fargo ATMs and access to over 11,000 ATMs. For all non-Wells Fargo ATMs like AllPoint, it costs $2.50 to take out cash in US territories and $5 in international territories. A balance query or funds transfer is also $2.50. \ud83c\udfe7","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay: No monthly incidental fees and ATM fees \ud83d\ude45","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we know simplicity brings ease and better decisions. So we\u2019re very upfront about fees and have one price for service regardless of how long you\u2019ve had your account with us.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the right small business banking platform\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital banking has taken the small business world by storm and for good reasons. The right banking platform can help you create healthier cash flow, keep you on top of your money all the time\u2014in one place, and take a load of admin off your back. But what works well for one business could be a new headache for another. To","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":" find the right fit","marks":[],"data":{}}]},{"nodeType":"text","value":", work with a banking platform that understands the struggles and triumphs in small business, reduces admin, and makes tracking and organizing your money painless.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So don\u2019t delay. Jot down your business goals for the next five years, plus its strengths and weaknesses, then find a banking platform that can support you on your journey. \ud83c\udf40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need a hand managing your business\u2019 finances?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/about"},"content":[{"nodeType":"text","value":" Learn how Relay can help you.","marks":[],"data":{}}]},{"nodeType":"text","value":" Or, check out our other comparisons, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-chase"},"content":[{"nodeType":"text","value":"Chase","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-bank-of-america"},"content":[{"nodeType":"text","value":"Bank of 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Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-profit-first-right-for-you"},"content":[{"nodeType":"text","value":"Is Profit First right for you? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-profit-first"},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages"},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#will-profit-first-help-my-business-grow"},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-should-use-profit-first"},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a system of accounting that put simply, prioritizes profit. Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. 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Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1W19fi9U0MmgIJuiOeRSA3","revision":1,"createdAt":"2023-12-05T16:38:04.463Z","updatedAt":"2023-12-05T16:38:39.815Z","publishedAt":"2023-12-05T16:38:39.815Z","firstPublishedAt":"2023-12-05T16:38:39.815Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1OeLr4USojQfpQKzjAQLtk","revision":1,"createdAt":"2023-11-17T17:03:41.099Z","updatedAt":"2023-11-17T17:04:09.046Z","publishedAt":"2023-11-17T17:04:09.046Z","firstPublishedAt":"2023-11-17T17:04:09.046Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. 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This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1W19fi9U0MmgIJuiOeRSA3","revision":1,"createdAt":"2023-12-05T16:38:04.463Z","updatedAt":"2023-12-05T16:38:39.815Z","publishedAt":"2023-12-05T16:38:39.815Z","firstPublishedAt":"2023-12-05T16:38:39.815Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1OeLr4USojQfpQKzjAQLtk","revision":1,"createdAt":"2023-11-17T17:03:41.099Z","updatedAt":"2023-11-17T17:04:09.046Z","publishedAt":"2023-11-17T17:04:09.046Z","firstPublishedAt":"2023-11-17T17:04:09.046Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. 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This practice can help business owners create their own profit margin from day one, instead of allowing expenses to grow faster than the business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive into the details so you can learn exactly how Profit First works, how to determine if it\u2019s the right fit for you, and how you can get started with Profit First today.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-profit-first-accounting"},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-is-the-profit-first-method-effective"},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-profit-first-work"},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#1-determine-your-profit-margin"},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#2-set-up-the-five-profit-first-accounts"},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-allocate-revenue-to-each-account"},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#4-pay-expenses-from-the-appropriate-accounts"},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-benefits-of-profit-first"},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-disadvantages-of-profit-first"},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-best-bank-for-profit-first"},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-set-up-profit-first-in-relay"},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#1-open-your-first-relay-account-from-anywhere"},"content":[{"nodeType":"text","value":"1.\xa0 Open your first Relay account from anywhere \ud83c\udf0e\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#2-create-your-first-5-profit-first-accounts"},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-set-up-recurring-percentage-based-transfers"},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#4-distribute-funds-quarterly"},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-profit-first-right-for-you"},"content":[{"nodeType":"text","value":"Is Profit First right for you? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-profit-first"},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages"},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#will-profit-first-help-my-business-grow"},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-should-use-profit-first"},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a system of accounting that put simply, prioritizes profit. Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. 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Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. 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But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. 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Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-profit-first-right-for-you"},"content":[{"nodeType":"text","value":"Is Profit First right for you? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-profit-first"},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages"},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#will-profit-first-help-my-business-grow"},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-should-use-profit-first"},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a system of accounting that put simply, prioritizes profit. Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://advocacy.sba.gov/2023/03/07/frequently-asked-questions-about-small-business-2023/"},"content":[{"nodeType":"text","value":"90% of US  businesses are small businesses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". They serve local communities, build mission-driven businesses, and work to create sustainable growth. Despite this, business owners are chronically underserved by traditional financial institutions. They deal with hidden fees, outdated infrastructure, and poor or non-existent customer service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For all that small businesses do, they deserve more. This is why we built Relay\u2014a business banking and money management platform that truly serves US small businesses. But what does it mean to call Relay a \\"business banking platform?\\" To answer this, let\'s dive into the different layers and technologies that create the banking experience you get at Relay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay customers ","marks":[],"data":{}},{"nodeType":"text","value":"use ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"our","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"platform ","marks":[],"data":{}},{"nodeType":"text","value":"to bank\u2014","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"Relay itself is a financial technology company, not an FDIC-insured bank","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The banking services and FDIC insurance that Relay customers get are provided by our partners, Evolve Bank & Trust and Thread Bank, member FDIC institutions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We partner with regulated financial institutions and other financial technology companies to make business banking more accessible to our customers. You can think of Relay as being made up of three layers:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partner banks","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that allow us to offer FDIC-insured banking services and act as custodians for our customers\u2019 money.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Strategic service providers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that add a layer of security and give you the best options for banking services (like international wire transfers).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The banking platform ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"that you use for everyday banking services and to get cash flow clarity in your business.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s unpack what this all means for you and your small business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#relays-partner-banks-power-a-secure-digital-banking-experience"},"content":[{"nodeType":"text","value":"FDIC-insured partner banks","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#strategic-service-providers-support-better-faster-banking-experiences"},"content":[{"nodeType":"text","value":"Strategic service providers","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#relays-banking-platform"},"content":[{"nodeType":"text","value":"Relay\'s banking platform","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FDIC-insured partner banks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To deliver core banking services (like checking accounts), we partner with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.thread.bank/"},"content":[{"nodeType":"text","value":"Thread Bank","marks":[],"data":{}}]},{"nodeType":"text","value":" and Evolve Bank & Trust, leveraging these institutions\u2019 existing infrastructure and regulatory compliance to power our platform.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, we\u2019re able to build user-centric features faster and more efficiently than a traditional bank. Whether it\'s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"auto-transfer rules to automate Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"direct accounting software integrations","marks":[],"data":{}}]},{"nodeType":"text","value":", or security and compliance, these partnerships ensure Relay provides business owners and entrepreneurs personalized solutions and safety for their business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How Relay\u2019s banking partners keep your money safe\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s customer deposits are held by our banking partners, which means they\u2019re safeguarded by the Federal Deposit Insurance Corporation (FDIC). ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay and Thread Bank offer an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/13899953303188-Insured-Cash-Sweep-Program-FDIC-Insurance-on-Deposits-up-to-2-000-000"},"content":[{"nodeType":"text","value":"insured cash sweep program","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" increasing FDIC insurance coverage from $250,000 to $2,500,000 in deposits per business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This insured cash sweep program exists to protect depositors and their money by maximizing FDIC insurance, and limiting deposit exposure across a single bank. Deposits exceeding basic FDIC insurance coverage are swept into one or more FDIC-insured banks as a way to insure a depositor\'s entire balance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This program means when you bank with Relay, you know that up to $2.5 million in deposits are FDIC-insured, which is ","marks":[],"data":{}},{"nodeType":"text","value":"ten times ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"what most banks offer.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Strategic service providers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What do our strategic service providers do for small businesses? Relay leverages these providers to enable secure, convenient money management and services like other traditional banks, but faster and more digitally-savvy.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Open new accounts quickly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Conventional banking requires in-person visits to a branch to open a business checking account. With Relay\u2019s technology partners, our customers are able to quickly and conveniently open accounts fully online.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"A better way to verify customer identities\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are lots of moving parts when opening a bank account, and identity verification is a crucial step in the process. But, despite many advancements, many banks still don\u2019t take advantage of any new technology, and you must be physically present with your personal documents.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our thoughtfully selected partners enable us to implement cutting-edge identity verification tools, which allow our customers to verify their identity by taking a selfie. We also use identity verification technology to seamlessly validate that the person making payments from your Relay account is you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Transparent international wires\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"International wires are notoriously fussy, taking days or weeks to process (presuming the money doesn\u2019t get lost in the banking system along the way!)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is why Relay partners with payment providers that make ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments"},"content":[{"nodeType":"text","value":"international business payments","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" cheaper, faster, and more reliable. Because of this, Relay users can send money to any country in the world without leaving the platform\u2014and know exatly how much their recipient will receive. For Relay Pro users, international wires can be sent without fees.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"More protection against user account fraud\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"User protection is critical. Relay integrates new software and tools that add more layers of security to protect your money. We work with technology partners to protect users\u2019 login credentials at scale, verifying the person logging into Relay is actually the person to whom the account belongs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also use other tools to keep hackers out, detect bots, and automatically flag patterns, anomalies, or other risks related to your login credentials. Such modern security measures keep your money safe, and allow Relay to respond to threats faster than traditional banks still relying on old, outdated systems and infrastructure.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Leading the industry in data security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay wants to give you a better banking experience, and we know that offering trusted data security is a crucial part of that equation.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All financial institutions have to follow certain laws regarding customer data privacy. And yet, such legal steps don\u2019t always ensure your data is as safe as it could be. Relay\u2019s partnerships take data protection a step further to make sure your money is safe.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Vulnerability disclosure programs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every year, Relay conducts a platform penetration test for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-banking-security"},"content":[{"nodeType":"text","value":"vulnerabilities","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" like hacking or data leaks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also partners externally for accountable data protection\u2014like being a member of HackerOne\u2019s vulnerability disclosure program. (A rarity in the financial services industry!) The program incentivizes hackers to identify security weak spots in Relay\u2019s system so that we can discover vulnerabilities ","marks":[],"data":{}},{"nodeType":"text","value":"before ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"your data is put at risk. We\u2019re constantly making sure we\u2019re on top of security to protect our users.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay\'s banking platform","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every part of Relay was thoughtfully built to serve small business owners. We made sure everyday banking on our platform served this community, and provided clarity on how small businesses earn, spend, and save.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Affordable and accessible business banking services","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening a business bank account at a conventional bank is time-consuming, and sometimes inconvenient and expensive. Relay is efficient on speed and savings: from digital-first, online account opening to no-fee checking.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Open business checking accounts online in minutes","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening a Relay account is done completely online and takes only minutes. Relay verifies your identity and gives you access to your accounts fast so they can be used immediately.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Leverage multiple no-fee checking accounts","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On Relay, you can open up to 20 no-fee checking accounts with no monthly maintenance fee, no overdraft fees, and no minimum balance. These are all checking accounts (not ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":") with account numbers and individual debit cards for each.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Quickly issue up to 50 debit cards","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have more control over your business\u2019s debit cards with Relay. You can instantly issue a digital debit card (for example, to be used with Apple Pay or for online transactions) or a physical debit card that you\u2019ll get in 8-10 business days.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Total control over your debit cards\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay debit cards give business owners a convenient and secure experience when making purchases for their company, or managing spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Easily adjust card spending limits\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set and update debit card spending limits through the website or mobile app with a new spending limit instantly taking effect.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Quickly respond to threats\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay allows you to change your PIN remotely in the app or online, without visiting an in-person branch or going through telephone customer support. If you think a card has been compromised, you can freeze it instantly using Relay\u2019s web portal or app.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Complete clarity into your spending","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A bank statement shouldn\u2019t be a puzzle to solve. You need to clearly see where all of your transactions came from.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s you or a team member making purchases, Relay\u2019s organized and standardized vendor data with auto-categorization for card purchases means you can monitor spending with ease. You\u2019ll have access to comprehensive data for in- and outgoing payments, such as images of deposited checks with memos.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Integrations that simplify your life","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay has the resources and expertise to address our customers\u2019 pain points. One prime example of this is our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"best-in-class accounting integrations","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (helping to solve your bookkeeping woes.)\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay seamlessly syncs ultra-detailed, easy-to-understand transaction data directly into ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". This allows you and your team to focus your time on what\u2019s important, rather than manually exporting this data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also directly integrate with Gusto, a full-service payroll platform for small businesses so you can easily access more detailed payroll data and shortfall alerts.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Smart cash management\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay has outsourced many traditional banking operations to our trusted partners, and as a result, we\u2019ve been able to focus on building the smart cash management features business owners need to handle their finances with ease.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Percentage-based transfers\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some business owners like splitting their accounts by function, such as operations or paying themselves. An easy way to do that is through Relay\u2019s percentage-based transfer features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to implement ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" or just need to set aside a percentage of income for your owner\u2019s pay, Relay allows you to easily customize your transfers and manage cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Auto-transfer rules","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manually transferring funds between your accounts might be a task that constantly falls to the bottom of your to-do list. We get it, which is why we recently launched auto-transfer rules.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Put transfers on autopilot: log into Relay and customize the percentage or amount you want to transfer, and then choose the frequency.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"More secure collaboration\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay gives you the ability to create role-based user permissions unlike traditional banks. You can securely invite other partners crucial to your business like a lawyer, accountant, and other team members to access your account without worrying about how they might interact with your money.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you want your assistant to handle contractor payments, you can give them permission levels that allow them to make bill payments. You can limit their ability to transfer funds between checking accounts, deposit checks, and complete other tasks unrelated to their role.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay works to make your banking experience better\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay works to give customers total cash flow control, clarity on spending, and strong security.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? With Relay, you can spend, save and plan more efficiently and get valuable insights into operating expenses, cash, and accounts payable.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a better business banking experience, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"make the switch to Relay today","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\\n","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1686575316642,"customDate":1686575316642,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"automated-savings-accounts","title":"Automated Savings Accounts that Earn 1% to 3% APY","description":"We\'re thrilled to launch automated savings accounts at Relay\u2014a way for businesses to smartly create and build up cash reserves.","metaTitle":"Automated Savings Accounts that Earn 1% to 3% APY | Relay","metaDescription":"We\'re thrilled to launch automated savings accounts at Relay\u2014a way for businesses to smartly create and build up cash reserves.","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5ldGEl42qKhEDE6C9uLSaP/a61775d39f1dbf439f2a41b13e83a285/Savings_Accounts_____Header_Image_____Horizontal_____Blog.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we\'re thrilled to launch ","marks":[],"data":{}},{"nodeType":"text","value":"automated savings accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" at Relay\u2014a way for businesses to smartly create and build up cash reserves.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash is the lifeblood of your business. It lets you take risks, expand, invest, and bounce back from setbacks. ","marks":[],"data":{}},{"nodeType":"text","value":"Few things are as liberating as a well-stocked cash reserve account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". But getting started is tough. Most banks make you jump through hoops to open a business savings account. You\u2019re asked to put up a large opening balance you don\u2019t yet have","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" You\u2019re pushed to lock up your rainy-day funds in a hard-to-access secondary account. You have to hunt down your idle cash and figure out how much of it you\u2019re comfortable setting aside every month to build up a meaningful balance and return...\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s no surprise that many small businesses don\u2019t save at all.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we\u2019re launching savings accounts that are accessible to all businesses. Whether you\u2019re a first-time saver or a seasoned stasher, Relay lets you put your money to work automatically and earn between 1% to 3% APY* on your idle cash. Here\u2019s how Relay\u2019s savings accounts work:","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay puts your idle cash to work","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The hardest part of savings is getting started. So, we made it easy by sweeping excess idle cash from your operating accounts into savings accounts for you. Set a maximum balance for your operating accounts using Relay\u2019s auto-transfer rules and send all excess money to a savings account. Your money will always be working as hard as you.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"No balance too small","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each business can open up to two savings accounts, and there are no minimum balance requirements to start earning interest. 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You need to get a clear picture of your current finances \ud83d\uddbc, while also taking time to dream about your future. \ud83d\udcad\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our mission is to help you understand exactly what you\u2019re earning, spending, and saving \u2014 because if you don\u2019t know your numbers, it can seem impossible to achieve your goals. The truth is, the number one reason that small businesses fail is that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bankrate.com/finance/credit-cards/small-business-statistics/#success"},"content":[{"nodeType":"text","value":"they simply run out of money","marks":[],"data":{}}]},{"nodeType":"text","value":", so in this article, we\u2019ll take you through the steps of setting clear goals and avoiding common cash flow pitfalls.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"In this article:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-business-financial-goal"},"content":[{"nodeType":"text","value":"What is a business financial goal?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-financial-goals-matter-for-your-business"},"content":[{"nodeType":"text","value":"Why financial goals matter for your business","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#examples-of-business-financial-goals"},"content":[{"nodeType":"text","value":"Examples of business financial goals\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#improve-cash-flow"},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Improve cash flow\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#increase-savings"},"content":[{"nodeType":"text","value":"\ud83d\udedf Increase savings","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#boost-revenue"},"content":[{"nodeType":"text","value":"\ud83e\udd11 Boost revenue\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#put-profit-first"},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Put profit first\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#5-steps-to-set-financial-goals-for-your-business"},"content":[{"nodeType":"text","value":"5 steps to set financial goals for your business\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#1-get-clear-on-your-current-financial-situation"},"content":[{"nodeType":"text","value":"1. Get clear on your financial situation \ud83c\udfc1\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#2-decide-where-you-want-to-go"},"content":[{"nodeType":"text","value":"2. Decide where you want to go \u2708\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-set-smart-goals"},"content":[{"nodeType":"text","value":"3. 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Revisit your goals regularly \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-stay-on-track-with-your-business-financial-goals"},"content":[{"nodeType":"text","value":"How to stay on track with your financial goals \u2705\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a business financial goal?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business financial goals are specific objectives related to your company\u2019s revenue, savings, profit margin, and other key metrics. They can be long-term or short-term, but at minimum, small business owners should prioritize goal-setting on an annual basis.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why financial goals matter for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running a business without financial goals is like driving a car without a destination in mind. If you don\u2019t have a plan, you can easily run out of gas \u26fd\ufe0f \u2014 AKA, cash.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what if you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"create a business budget","marks":[],"data":{}}]},{"nodeType":"text","value":" every month? Budgets help you understand where your money is going and how much you need for each month. It\u2019s a great start and goes a long way \u2014 but budgets aren\u2019t always enough on their own to put you on the path to success. \ud83d\udcab\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"text","value":"if you don\u2019t have a savings goal, you might bring in just enough revenue to pay your bills","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That could put you in a tricky situation if one of your clients is late with a payment and you don\u2019t ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-much-cash-should-a-business-have-on-hand"},"content":[{"nodeType":"text","value":"have enough cash on hand","marks":[],"data":{}}]},{"nodeType":"text","value":" to cover those expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By contrast, financial planning helps you look at the bigger picture. You can allocate part of your budget to a savings goal, and over time, those savings will allow you to reinvest into the business or pay for your expenses in an emergency. \ud83d\udea8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial objectives can also give you and your team more motivation. When you know what you want to achieve, you\u2019ll be more likely to come up with creative ideas for accomplishing your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Examples of business financial goals\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter where you\u2019re at in your business, most entrepreneurs want to make more money. \ud83d\udcb8 But to make a real change, you\u2019ll need to get more specific. Below, we\u2019ve outlined some examples of business financial goals that will help you get focused and ","marks":[],"data":{}},{"nodeType":"text","value":"decide what\u2019s most important for you and your company right now","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Improve cash flow\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing how to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"manage cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":" is essential for any healthy business \u2014 but ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundera.com/blog/small-business-statistics#source"},"content":[{"nodeType":"text","value":"82% of failed businesses say cash flow problems were a factor in their failure","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd12\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why ","marks":[],"data":{}},{"nodeType":"text","value":"one of the best financial goals for a business is improving cash flow","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This can be done through a variety of strategies such as shortening your payment terms (for example, from 30 days to 7 days) or negotiating payment due dates with your vendors. The method you use will be determined by where you\u2019re starting from and your ultimate goal \u2014 more on that later.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" can help you stay on top of your cash flow with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" strategy.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udedf Increase savings\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some businesses overlook ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"saving as a business","marks":[],"data":{}}]},{"nodeType":"text","value":". But just like you need a personal emergency fund, so does your business. Cash flow problems happen to everyone, even if you\u2019ve perfected the process. Having 3-6 months of operating expenses on hand will save you a lot of stress. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to set up dedicated reserve accounts for different purposes, like taxes, emergencies, and future investments in your business, as well as a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":". With Relay, you can open up to 20 checking accounts (for free!) so that you can easily manage your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have a target \ud83c\udfaf in mind, you can also use Relay to set automatic recurring transfers \u2014 that way, you can watch your savings grow over time, without lifting a finger. \ud83d\ude0c\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd11 Boost revenue\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Increasing your total revenue for the year, quarter, or even week is always a good idea \u2014 and it doesn\u2019t have to be a complicated or drawn-out process, either.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider smaller goals like experimenting with your pricing \ud83d\udc69\u200d\ud83d\udd2cor widening the top of your marketing funnel with social media. The most important thing is to have a specific number in mind so that you can create an actionable plan.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Put profit first\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Only ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.chamberofcommerce.org/small-business-statistics/"},"content":[{"nodeType":"text","value":"40% of small businesses are profitable","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd2f Unfortunately, when business owners get bogged down by daily operations, they lose focus on this incredibly important metric.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit is what allows you to reinvest in and grow your business. \ud83d\udcc8 Your profit margin also demonstrates your company\u2019s value and overall health. Without a clear profit goal in mind, it\u2019s easy to rack up expenses without realizing the impact those costs are having on your bottom line. \ud83d\ude2c\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you make profit a top priority, you\u2019ll create space for your business to grow. It\u2019s worth considering a strategy such as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":", where you use five profit accounts to manage ","marks":[],"data":{}},{"nodeType":"text","value":"revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"owner\u2019s pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"operating expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we mentioned above, Relay actually allows you to open up to 20 accounts so that business owners can easily manage their savings ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"profit in one place. Instead of having to do mental math every time you log into your bank account, Relay\u2019s multiple accounts give you a crystal-clear \ud83d\udc8e picture of your business finances.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to set financial goals for your business\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By now, you might be wondering, \u201cThis sounds great, but where do I even start?\u201d \ud83e\udd14 Well, we\u2019re here to help with a 5-step guide to setting business financial goals that work. Let\u2019s dive in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Get clear on your current financial situation \ud83c\udfc1\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you don\u2019t know where you\u2019re starting from, setting goals is like throwing darts with a blindfold on. \ud83c\udfaf It might not be fun to sit down and review your financial statements, but it\u2019s an essential step to growing your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to start by looking at your balance sheet \u2014 AKA, the document you can get from your accountant or your bookkeeping software that shows your assets and liabilities. It will show you important information such as your accounts receivable and any money owed to lenders.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond your balance sheet, you\u2019ll also want to review the following numbers based on your business\u2019s performance over the past 12 months:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":"Revenue","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" the amount of money that\u2019s flowed into your business\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenditures: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"including labor costs, travel expenses, and owner\u2019s pay\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/ask/answers/031815/what-formula-calculating-profit-margins.asp"},"content":[{"nodeType":"text","value":"Profit margin","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"your revenue minus expenses for the entire year \u2014 you may also want to calculate this as a percentage\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Decide where you want to go \u2708\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you know what you\u2019re working with, it\u2019s time to dream a little. \ud83d\udcad Where do you see your business in a year? What about 5 years or 10 years from now?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might realize that you have some urgent short-term goals you need to address. For example, it\u2019s hard to set a big revenue goal if you\u2019re struggling to pay your bills each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In that case, you may need to take a step back and think of how you can create a solid financial foundation right now. That way, you\u2019ll be able to give your full attention to more exciting and ambitious goals in the future. \ud83e\udd17\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After reviewing your financial standing, you might also realize you\u2019re in a great position to make serious moves with your business. Maybe now is the time to hire an employee or test a new product.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what situation you\u2019re in, your goals should excite you and motivate you to take strategic steps forward. \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set SMART goals \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best financial goals for your business are SMART. SMART is a goal-setting framework that stands for specific, measurable, achievable, realistic, and time-bound. So why does it matter?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well, it\u2019s easy to say, \u201cI want to make more money.\u201d But it will be difficult (or impossible) to achieve such a vague goal. By contrast, the goal \u201cIn 2023, I want to make $20,000 more in revenue than I did last year,\u201d is specific, measurable, and time-bound.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A goal like this keeps you accountable to a certain time frame \u23f3 and an exact amount of money. The next question is, is your goal realistic and achievable? Well, for small businesses and entrepreneurs, the answer to that question will depend on a number of factors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Past performance, including your company\u2019s growth rate each year\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Industry ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundera.com/resources/small-business-revenue-statistics"},"content":[{"nodeType":"text","value":"benchmarks","marks":[],"data":{}}]},{"nodeType":"text","value":" and statistics for businesses similar to yours\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Access to resources including capital, employees, and education\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your individual mindset, motivation, skills, and personal goals\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To go back to our example above, an additional $20,000 in revenue seems like a reasonable goal for a small business. But what if that business had only made $20,000 in revenue last year?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doubling its revenue might still be possible, but the business owner will have to evaluate if that\u2019s truly a realistic goal based on the factors above.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All that said, realistic goals are important, but so are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/b/big-hairy-audacious-goal-bhag.asp"},"content":[{"nodeType":"text","value":"BHAGs \u2014 big, hairy, audacious goals","marks":[],"data":{}}]},{"nodeType":"text","value":". The term, coined by Jim Collins and Jerry Porras in their book ","marks":[],"data":{}},{"nodeType":"text","value":"Built to Last,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" refers to long-term goals that energize and excite you and your team. BHAGs are meant to be","marks":[],"data":{}},{"nodeType":"text","value":" just ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"challenging enough to push you out of your comfort zone and to the next level. \ud83d\ude80\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One example of a BHAG would be a company\u2019s world-changing vision, like Google\u2019s goal to \u201corganize the world\u2019s information and make it universally accessible and useful.\u201d So far, Google has accomplished that goal, so it might be worth setting a BHAG of your own. \ud83d\ude09","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Create an action plan \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first 3 steps outlined the best way to choose financial goals for your company. Now, you need to work backward to create a roadmap \ud83d\uddfa for business success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take some time for yourself to think through what specific actions are needed to meet your goals. You may also want to establish smaller milestones along the way. For example, if you want to reach $100K in total revenue next year, you should figure out how much you need to bring in each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your breakdown might look like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total annual revenue: $100,000","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q1: $15,000\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q2: $20,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q3: $30,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q4: $35,000","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you\u2019ll probably gain more clients and become better at building your business over the year, it\u2019s reasonable to assume you\u2019d progressively increase your revenue each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same process would apply to a savings goal or a profit margin goal. Once you\u2019ve broken down the objective into bite-sized pieces, you can then brainstorm specific steps to help you reach each mini-goal. Here are some questions to ask yourself:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to launch a new product or offer?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to raise your prices or change your pricing model completely?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to evaluate the ROI on your expenses and potentially cut costs?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to come up with a new marketing campaign or sales strategy?\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The clarity that comes after completing this process will be invaluable. Suddenly, you\u2019ll have a solid business plan that you can refer to each day as you make decisions. You just need to repeatedly ask yourself, \u201cWill this choice bring me closer to my goals?\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Revisit your goals regularly \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve spent all this time creating business financial goals, it might be tempting to hold on tight. But as much as we hate to say it, the next step of the goal-setting process is to evaluate them regularly \u2014 and be open to change. \ud83c\udf43\ud83c\udf41","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The world, the economy, and your industry are always in flux. If you truly want to be successful in business, that means you need to be ready to be flexible and respond to those shifts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s a good idea to at least schedule a quarterly review \ud83d\udcc6, either with your accountant or with yourself. During that review, you can repeat step #1 of the process above (getting clear on your current situation) and see if you need to adjust your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stay on track with your business financial goals\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, after completing the 5 steps above, you feel confident about your ability to achieve your goals. But as time goes by, it can be difficult to stay focused. \u23f0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you want to save for an emergency fund or prepare for an upcoming expense. It\u2019s tough to stay on track with those goals if you have all your cash \ud83d\udcb0sitting in one or two accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why Relay offers business owners so many features to manage their finances. From ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"multiple checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" to automatic transfers, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"bill pay automation","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"we want to help you stay on the money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using these features, you can do things like automatically transfer a percentage of your deposits to your taxes account, your emergency fund account, and any other accounts you\u2019ve opened for your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know achieving your business\'s financial goals can be tough. ","marks":[],"data":{}},{"nodeType":"text","value":"Putting those goals on autopilot is one of the best ways to stay on the path to success.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more quick tips for achieving your business financial goals:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2709\ufe0f to stay on budget each month","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share your goals with your team, family, and friends \ud83d\udce3\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schedule a meeting with your money weekly \ud83d\udcc6 to review your numbers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Celebrate the small wins to keep your motivation up \ud83c\udf89\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attach your financial goals to a bigger purpose or personal \u201cwhy\u201d \ud83e\udd17\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"You\u2019ve got this \ud83d\udc4f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business financial goals don\u2019t have to be overwhelming. Using the 5-step process in this guide, you can get clear on what you want to achieve \ud83d\udd2e and find the motivation to take your business to the next level. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if you\u2019re looking for an online banking solution that will help you stay on budget and put your financial goals on autopilot, check out Relay \u2014 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"you can sign up here in just 10 minutes","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]}]},"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-a-business-financial-goal"},"content":[{"data":{},"marks":[],"value":"What is a business financial goal?\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#why-financial-goals-matter-for-your-business"},"content":[{"data":{},"marks":[],"value":"Why financial goals matter for your business","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#examples-of-business-financial-goals"},"content":[{"data":{},"marks":[],"value":"Examples of business financial goals\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#improve-cash-flow"},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb5 Improve cash flow\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#increase-savings"},"content":[{"data":{},"marks":[],"value":"\ud83d\udedf Increase savings","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#boost-revenue"},"content":[{"data":{},"marks":[],"value":"\ud83e\udd11 Boost revenue\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#put-profit-first"},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 Put profit first\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#5-steps-to-set-financial-goals-for-your-business"},"content":[{"data":{},"marks":[],"value":"5 steps to set financial goals for your business\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-get-clear-on-your-current-financial-situation"},"content":[{"data":{},"marks":[],"value":"1. 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This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1W19fi9U0MmgIJuiOeRSA3","revision":1,"createdAt":"2023-12-05T16:38:04.463Z","updatedAt":"2023-12-05T16:38:39.815Z","publishedAt":"2023-12-05T16:38:39.815Z","firstPublishedAt":"2023-12-05T16:38:39.815Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1OeLr4USojQfpQKzjAQLtk","revision":1,"createdAt":"2023-11-17T17:03:41.099Z","updatedAt":"2023-11-17T17:04:09.046Z","publishedAt":"2023-11-17T17:04:09.046Z","firstPublishedAt":"2023-11-17T17:04:09.046Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. Profit First is for any entrepreneur or business owner who wants to improve their company\u2019s financial health, get expenses under control, and create sustainable growth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Determine your profit margin \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#2-set-up-the-five-profit-first-accounts"},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-allocate-revenue-to-each-account"},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#4-pay-expenses-from-the-appropriate-accounts"},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-benefits-of-profit-first"},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-disadvantages-of-profit-first"},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-best-bank-for-profit-first"},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-set-up-profit-first-in-relay"},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#1-open-your-first-relay-account-from-anywhere"},"content":[{"nodeType":"text","value":"1.\xa0 Open your first Relay account from anywhere \ud83c\udf0e\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#2-create-your-first-5-profit-first-accounts"},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#3-set-up-recurring-percentage-based-transfers"},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#4-distribute-funds-quarterly"},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-profit-first-right-for-you"},"content":[{"nodeType":"text","value":"Is Profit First right for you? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-profit-first"},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages"},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#will-profit-first-help-my-business-grow"},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-should-use-profit-first"},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a system of accounting that put simply, prioritizes profit. Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. 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Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. 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But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. 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For the most part, however,\xa0 it\'s going to be depend on two things:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What is your primary expense?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How can you drive revenue?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s up to you to decide when the right time to begin tracking KPIs \u2014 some businesses can survive without it but if you\u2019re really serious about the health of your business, you want to start tracking as soon as possible and in real-time.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"KPIs for increasing profitability in retail\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Retail offers a lot of options for increasing profitability through the tracking of KPIs. 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Both within that course and within other business groups, there was a big push to niche down into a particular industry and offer specialized accounting services.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cAnd I was having a big struggle with that because I didn\'t come from a background where I had like, you know, 10 years as a vet tech and it would make sense to do a, you know, vet only bookkeeping firm,\u201d said Morgaine. \u201cSo I just sort of picked a niche and that was online female entrepreneurs because, you know, I\'m a woman and I\'m online. 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This helps her gather the scope of what each project entails and dig deeper into the qualities and characteristics of a potential client. She has a set of questions that she asks during this call to get a sense of whether or not these clients are process-forward.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another characteristic that Morgaine looks for in a potential client is if they have ","marks":[],"data":{}},{"nodeType":"text","value":"multiple businesses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cAnd that\'s because if you have multiple businesses, you can\'t afford to like muck up the works. You know, like if you only have one business, sometimes you can get to the point where you\'re trying to hold on to control too much. 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Relay\u2019s banking services are not affiliated with SVB. We also do not hold customer deposits or process any payments with SVB. Additionally, Relay does not hold any of our own business assets in SVB.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Relay a bank?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is a banking technology company, not a bank. Relay does not directly handle customer deposits, but uses chartered partner banks to provide banking services. Currently, Relay works with two partner banks. For customers on ","marks":[],"data":{}},{"nodeType":"text","value":"Relay 2.0","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" (which includes all customers registered as of January 1, 2023), our partner bank is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.thread.bank/"},"content":[{"nodeType":"text","value":"Thread Bank","marks":[],"data":{}}]},{"nodeType":"text","value":", which holds customer deposits and provides FDIC insurance up to $2,500,000 for each business on Relay. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are Relay\u2019s partner banks exposed to the same risks as SVB?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our primary partner bank, Thread Bank, has taken explicit measures to avoid the type of geographic and industry-specific concentration that impacted SVB, and has based its strategy on diversification with partners such as Relay. All customers on Relay 2.0, as well as all customers who registered for Relay as of January 1, 2023, have checking accounts with Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thread Bank is well-diversified across geographies and business verticals. While SVB was heavily concentrated in one vertical (technology startups) and narrow geographic areas, Thread Bank works with many partners, spanning multiple verticals and geographies. As a result, its customer base is more diversified compared to SVB\u2019s, and is less susceptible to events that heavily impact a single industry.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, Thread Bank is in a financially sound position. Its overall cash and liquidity position is in excess of industry peers, and it has over five times the liquidity position compared to SVB at the time of its failure.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are Relay accounts FDIC-insured?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each business entity under ","marks":[],"data":{}},{"nodeType":"text","value":"Relay 1.0","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"Relay 2.0","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" accounts is insured by the FDIC through our partner banks Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay and Thread Bank, our primary partner bank, are offering an insured cash sweep program that provides additional protection to our customers. Customers that opt in to the program will receive expanded FDIC insurance that covers up to $2,500,000 in deposits.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does Relay offer FDIC insurance above $250,000?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay and Thread Bank, our primary partner bank, are offering an insured cash sweep program that provides additional protection to our customers. Customers that opt in to the program will receive expanded FDIC insurance that covers up to $2,000,000 in deposits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The program maximizes deposit insurance by sweeping money into other FDIC-insured banks. Each account opened through the program will hold a balance of $250k or less, and will be completely insured by the FDIC. This means protection in two ways: both by fully ensuring your balance, and by limiting deposit exposure across a single bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This program is only available for customers banking on Relay 2.0.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Will banking transactions be impacted by SVB being placed under receivership?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There may be some delays on incoming and outgoing wires over the next week due to a high volume of transactions our banking partners are seeing. Our partners have confirmed to us they are working diligently to minimize delays or disruptions. 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For more information on how the closure impacts customers and next steps, please visit the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html"},"content":[{"nodeType":"text","value":"FDIC","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What other ways does Relay protect its customers?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to the FDIC insurance provided by our partner banks, Relay has a number of processes and practices in place to keep your account safe and protect against fraud. We employ industry-standard encryption to ensure secure and protected transmission of data. 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As the Federal Reserve explains, \u201cThe BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution\'s need to quickly sell those securities in times of stress.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BTFP works by allowing a U.S. bank to borrow money from the central bank by putting up \u201cU.S. Treasuries, agency debt and mortgage-backed securities\u201d as collateral. In other words, banks have an additional way of quickly generating liquidity and ","marks":[],"data":{}},{"nodeType":"text","value":"making depositors whole in the event of a sudden increase in cash outflows","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Most importantly, a bank\u2019s collateral assets will be valued \u201cat par\u201d when borrowing from a central bank. 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Castelli offers strategies for major tax savings \u2014 and points out business accounting pitfalls for investors to avoid. \xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe for future episodes: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/mondays"},"content":[{"nodeType":"text","value":"https://relayfi.com/mondays","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":"\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our guest, Thomas Castelli, CPA, is a certified financial planner with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.therealestatecpa.com/"},"content":[{"nodeType":"text","value":"Hall CPA","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2014 an accounting firm that exclusively works with real estate investors across the United States. 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For more real estate accounting content, follow him on Instagram @","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.instagram.com/thomascastellicpa/#"},"content":[{"nodeType":"text","value":"thomascastellicpa.","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"In this article","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#on-the-money-mondays-episode-4"},"content":[{"nodeType":"text","value":"Watch: Episode #4 of On the Money Mondays","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#four-common-and-expensive-mistakes-real-estate-investors-can-make"},"content":[{"nodeType":"text","value":"Common (and expensive) mistakes real estate investors make","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#smart-strategies-for-minimizing-real-estate-investment-tax"},"content":[{"nodeType":"text","value":"How to minimize your real estate investment tax bill","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-short-term-rentals-are-popular-with-real-estate-investors"},"content":[{"nodeType":"text","value":"The rise of the short-term rental","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#show-me-the-money-real-world-examples-of-tax-savings"},"content":[{"nodeType":"text","value":"Show me the money: what tax savings really look like","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#additional-resources-from-thomas"},"content":[{"nodeType":"text","value":"Get in touch with Thomas + additional resources","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bank-with-relay-for-a-stress-free-tax-season"},"content":[{"nodeType":"text","value":"How Relay helps real estate investors stay on the money","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"On the Money Mondays, Episode #4","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/Lbh2pWR1-UA"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/Lbh2pWR1-UA","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below is a revised transcript of the above video:","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Four common (and expensive) mistakes real estate investors can make\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The real estate business requires diligent bookkeeping and specialized financial reporting \u2014 during tax season and year-round. To save on your tax bill, our CPA expert advises that investors should avoid making these common mistakes:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Not working with a real estate tax specialist","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The biggest error a real estate investor often makes, says Thomas, is that they\'re not working with a real estate tax or accounting specialist. Instead, he explains, they\'re working with a tax generalist. ","marks":[],"data":{}},{"nodeType":"text","value":"Real estate is one of the most complicated areas of the tax code","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and tax generalists typically do a lot of work across a broad area instead of really drilling down into the details of real estate investment tax.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A generalist can end up costing their clients money in lost tax savings or missed opportunities because they\'re not aware of all the tax-saving options available.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Failing to keep precise records","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors don\'t always keep sufficient books and records. Thomas uses an example of an investor working with a property manager. The property manager has property management level financial statements which might not be in the format an investor will need to make good financial decisions for their business or for taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A tremendous amount of work has to go into cleaning that all up in order to file with the IRS. Thomas recommends ","marks":[],"data":{}},{"nodeType":"text","value":"staying on top of records all year long","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to avoid the annual tax season headache.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Not collecting enough documentation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Document everything: the mileage driven for business, the meals with business associates, the travel you do for work. Keep those records organized. ","marks":[],"data":{}},{"nodeType":"text","value":"Documentation, says Thomas, is absolutely critical in any business","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", but especially in real estate when you\'re dealing with complex tax strategies.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For real estate investors, tax deductions can be applied to a long list of expenses. The concept of","marks":[],"data":{}},{"nodeType":"text","value":" de minimis safe harbor allows you to expense almost anything with an invoice line item of $2,500 or less and avoid paying depreciation recapture costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So hang on to those invoices and receipts!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Not seeking advice on how to ","marks":[],"data":{}},{"nodeType":"text","value":"minimize","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" a tax bill","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many investors never receive tax planning or tax advice \u2014 whether that\u2019s from their CPA or financial planner \u2014 on what they can do to actually ","marks":[],"data":{}},{"nodeType":"text","value":"minimize","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" their taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\'s a ","marks":[],"data":{}},{"nodeType":"text","value":"difference between tax preparation (someone filing your tax returns for you) and tax strategy and planning","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The latter entails someone sitting down with you and looking at your situation saying, \\"Okay, well here\'s where you are today. Here\'s where you\'re looking to go. Here are the moves you can make, the strategies that you can implement that\'s actually going to help reduce your taxes when it comes time to file the return.\\"\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Smart strategies for minimizing real estate investment tax\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether real estate investing is your full-time gig or a growing side hustle, there are several things you can do to shrink your tax bill.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Apply for real estate professional status","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is one of the most coveted tax statuses in the entire tax code because it allows long-term rental investors to take losses from their rental properties and use them to ","marks":[],"data":{}},{"nodeType":"text","value":"offset their active income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (think: income from a job or another active business you may be running).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Make use of cost segregation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A cost segregation study is when someone breaks down the various components of a property and allows you to accelerate your depreciation expense, which is a non-cash expense that reduces income for tax purposes, but not your cash flow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, the money doesn\'t actually leave your pocket, it\'s only on paper. This can create a big tax loss for you that you\'re able to use against your other income.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Take advantage of the short-term rental exception","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Under the Tax Reform Act of 1986, all rental activities were made passive by default. However, if you have a rental property with an average stay of seven days or less, it\'s not considered a \\"rental activity.\\" It\'s just considered a normal business so it\'s not passive by default. If you get actively involved, the losses from your short-term rental property can be non-passive and offset your other income.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bonus: When you combine that with a cost segregation study, says Thomas, it becomes just as powerful as the real estate professional status.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why short-term rentals are popular with real estate investors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The real estate professional status applies mainly to long-term rental properties (a property that has an average stay of eight days or more). It helps investors use the ","marks":[],"data":{}},{"nodeType":"text","value":"losses from these long-term rental properties","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to ","marks":[],"data":{}},{"nodeType":"text","value":"offset or reduce the amount of income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that they\u2019re paying in other areas.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to qualify as a real estate professional, however, an investor needs to spend more than 750 hours in the real property trader business and more than half their total working time. That last piece, says Thomas, often deters people and prevents them from qualifying as a real estate professional.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why short-term rentals have become so popular. If your short-term rental has an average stay of seven days or less, it is excepted from the definition of rental activity. ","marks":[],"data":{}},{"nodeType":"text","value":"You don\'t need to qualify as a real estate professional in order to use the losses from your short-term rental to reduce the amount of tax you pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on your active sources of income, such as income from a job or another business. All you have to do is materially participate in your short-term rental.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This can be done by meeting a list of legal requirements. Here are three to prioritize:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You ","marks":[],"data":{}},{"nodeType":"text","value":"do everything yourself","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". All the work that goes into running the property is done by you.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You ","marks":[],"data":{}},{"nodeType":"text","value":"spend more than a hundred hours","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on your short-term rental property and no one else spends more time than you.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You ","marks":[],"data":{}},{"nodeType":"text","value":"spend more than 500 hours","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on your short-term rental.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Show me the money: real world examples of tax savings","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what the math looks like when you combine the real estate professional status ","marks":[],"data":{}},{"nodeType":"text","value":"or","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" the short-term rental loophole with cost segregation studies and bonus depreciation:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example 1: You have a $500,000 property and you\u2019re in the 24% tax bracket","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Suppose you were able to use a cost segregation study on this property. In that case, you could generally expect somewhere between 20 to 30% of that to be reallocated to 5, 7, and 15-year property, which is eligible for 100% bonus depreciation.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You are able to take this $120,000 loss as non-passive against your W-2 or your active business income because you qualify as a real estate professional or you use the short-term rental loophole. This $120,000 expense would be worth $28,800 if you were in the 24% tax bracket.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example 2: You have a $500,000 property and you\u2019re in the 37% tax bracket","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say you\'re at the top tax bracket, 37%. Then this same $120,000 expense at the 37% tax bracket will be worth $44,400 in tax savings.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Savings like this can have a meaningful impact on your business. $44,000 is a new car to ease all the work-related travel you do. It\u2019s a downpayment on your next property. It\u2019s a salary for an assistant to help manage your expanding real estate portfolio. It\u2019s money you can put back into your business to continue to grow.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Additional Resources from Thomas","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe1 Learn more about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.therealestatecpa.com/"},"content":[{"nodeType":"text","value":"Hall CPA on their website","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd5 Download their ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://courses.taxsmartinvestors.com/p/str"},"content":[{"nodeType":"text","value":"short-term rental tax guide","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Join the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":" https://www.facebook.com/groups/taxsmartinvestors"},"content":[{"nodeType":"text","value":"Tax Smart Investor\'s Facebook Group","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfa7 Listen to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.therealestatecpa.com/podcasts"},"content":[{"nodeType":"text","value":"Real Estate CPA Podcast","marks":[],"data":{}}]},{"nodeType":"text","value":"  ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u25b6\ufe0f Subscribe to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/c/TheRealEstateCPA"},"content":[{"nodeType":"text","value":"Real Estate CPA on Youtube","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd33\ud83c\udffb Follow Thomas on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.instagram.com/thomascastellicpa/"},"content":[{"nodeType":"text","value":"Instagram","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bank with Relay for a stress-free tax season","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"best in class accounting software integrations","marks":[],"data":{}}]},{"nodeType":"text","value":", Relay makes bookkeeping, expense tracking and reporting easier. 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[As the client], your instinct would probably be to assume that the big bank who knows how to do banking is probably right and ","marks":[],"data":{}},{"nodeType":"text","value":"this brand new bookkeeper you\'re working with probably just doesn\'t know how to do it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many accountants and bookkeepers are familiar with this exact situation. You might find yourself taking the blame when things go wrong with a client\u2019s financial processes \u2014 and when that happens, it becomes your job to find a solution.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Moving to Relay and looking like a rockstar\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over time, the situation escalated, and Anna knew she needed a long-term fix for this client\u2019s accounts payable problem. \u201cI wanted to own that this was a problem. I also wanted to help provide a solution because I wanted to get us to the point where [the accounts payable process] was fully owned by Accrew and the client was just getting a notification.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna originally thought of Relay as a solution because her firm has been a user since 2019. She knew that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", specifically, would enable her client to pay contractors faster \u26a1\ufe0f and at a lower cost than a traditional bank. Relay Pro also allows users to process same-day payments \u2014 an option that was difficult or impossible with the client\u2019s bank. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, Anna had to pitch the idea to her client and get them on board. She hopped on a Zoom meeting with the client and laid the cards on the table, acknowledging that the current situation wasn\u2019t making anyone happy. \u201cI owned what the problem was, and I owned that we were not able to solve it with the current setup.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3lsBwuLTfR7FFsXU5qnOJ5","revision":1,"createdAt":"2023-02-22T19:30:59.542Z","updatedAt":"2023-02-22T19:31:29.422Z","publishedAt":"2023-02-22T19:31:29.422Z","firstPublishedAt":"2023-02-22T19:31:29.422Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Case Study - Anna Ready - Relay Pro","description":"Case Study - Anna Ready - Streamlined bill pay with Relay Pro","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3lsBwuLTfR7FFsXU5qnOJ5/e6c678e7e3066925ff298a94f2f1e279/Case_Study_-_Anna_Ready_-_Relay_Pro.jpg","details":{"size":201756,"image":{"width":1920,"height":708}},"fileName":"Case Study - Anna Ready - Relay Pro.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna\'s proposal? ","marks":[],"data":{}},{"nodeType":"text","value":"Streamline the process with a better tool: Relay Pro.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" On top of the other benefits, Relay would ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-ap-automation"},"content":[{"nodeType":"text","value":"simplify the accounts payable process","marks":[],"data":{}}]},{"nodeType":"text","value":" by allowing contractors to input their payment information and W-9 forms, directly into Relay. The client would be able to skip all the back-and-forth with contractors over their payment details. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best part? By using Relay for contractor payments, Anna\'s client would be able to give the Accrew team ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accountants-and-bookkeepers"},"content":[{"nodeType":"text","value":"secure, hassle-free access to their bank accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and totally hand off the AP process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the client saw how Relay could solve their pain points and create a solution, they agreed to move forward with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, Anna was able to work with Relay to send the client an invite to create an account. \u201cRelay support was super helpful. I just emailed them to say, \\"Hey, is there a way I can get this process started for my clients?\\" And it was great, they replied back and said, \u2018Yeah, we\'ll send an email to invite them to create an account.\u2019\u201d \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Managing the entire AP process\xa0with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since rolling out Relay to her client, Anna has helped streamline the accounts payable process \u2014 even better, she\u2019s been able to turn her client\u2019s AP frustrations into delight, creating a better experience for everyone involved.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6C9h8qnCme0Fqk0HIGR2KK","revision":1,"createdAt":"2023-02-21T21:07:59.151Z","updatedAt":"2023-02-21T21:10:30.768Z","publishedAt":"2023-02-21T21:10:30.768Z","firstPublishedAt":"2023-02-21T21:10:30.768Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Anna Ready Case Study Quote about Relay","description":"\\"Since we moved the client to Relay, other than a contractor delaying putting their payment information in, we haven\'t had any issues with scheduling payments. It\'s been fantastic \u2014 we\'ve even been able to take a few extra things off their plate,\\" says Anna Ready, Founder of Accrew. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6C9h8qnCme0Fqk0HIGR2KK/ad870af8123a184846931efd1f63317e/Case_Study_-_Anna_Ready_1.4.jpg","details":{"size":1095657,"image":{"width":1920,"height":1080}},"fileName":"Case Study - Anna Ready 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, accounts payable is a simple, stress-free process for Accrew and the client.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of Anna\u2019s team members processes the payments each week. Then, Anna does a quick review to ensure the payment amounts are correct (based on information from the client). Finally, she checks Relay to make sure the person received the funds that were sent to them in the correct dollar amount.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"No more back-office busywork","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the contractors are paid through Relay, Anna\u2019s team will send them a confirmation email with a link to Relay. If they haven\u2019t shared their payment information yet, they\u2019re able to easily use that link to tell Relay where to send the money. No more back-and-forth with the contractors or the clients \u2014 and that\u2019s good for everyone.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna says that thanks to Relay, \u201cI don\'t have to feel lame every week asking the client to do half of the things that we ought to be doing. We are doing 100% of the things and just letting them know when it\u2019s happened. So yeah, it\'s been pretty awesome.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What was formerly a frustrating, difficult, and time-consuming experience can now be done in a few simple steps. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Anna and Accrew can finally say that they have solved the client\u2019s problem and eradicated the ongoing friction.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Anna\u2019s advice to firms with accounts payable problems\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a bookkeeper or an accountant and you\u2019re struggling to improve a client\u2019s processes, Anna recommends ","marks":[],"data":{}},{"nodeType":"text","value":"starting with their biggest pain points","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Think about the biggest challenges you\u2019re experiencing on a regular basis.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then start with quick, easy wins so you can get the client on board with the changes you\u2019re recommending. From there, you can start to optimize processes that are a little less urgent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna also says that ","marks":[],"data":{}},{"nodeType":"text","value":"celebrating the positive changes you make is key","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd11 \u201cSo much of change management is about clearly communicating why we\'re going to do it,\\" says Anna. \\"But you also need to clearly communicate what\'s better now because the client put the effort into change \u2014 to say, we did it, hang a banner, mission accomplished, we all did it, let\'s celebrate.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you just go, \'Okay, yeah, it\'s all good now you,\' you\'re missing both the opportunity to acknowledge that all of this was worth it and to appreciate the client for participating in the change.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Streamlining accounts payable = customer delight\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe best thing about going through this experience is knowing we were able to solve a real problem in a lasting way,\u201d says Anna. 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Unfortunately, this can lead to late debt payments, payroll problems, and lots of unnecessary stress. \ud83d\ude2c In this guide, we\u2019ll give you the strategies you need to master cash flow management \ud83d\udcb8 and get your business\u2019s financial health on track. ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow management shouldn\u2019t be complicated. Yet, not knowing where you stand financially (on top of a dozen other factors) can put your business in a risky spot. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://content.relayfi.com/ebooks/How-to-Survive-and-Thrive-Amid-Rising-Interest-Rates-in-2023-Relay.pdf"},"content":[{"nodeType":"text","value":"Download your copy","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cash flow vs. profit \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But how does cash flow differ from profit?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Basically, profit is a measure of a company\'s financial performance. It\'s the amount of money a company earns after all expenses have been taken into account. A company can have a positive profit \ud83d\udcc8 (earning more money than it spends) or a negative profit \ud83d\udcc9 (spending more money than it earns).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, cash flow simply refers to the amount of cash coming into and going out of a business. \ud83d\udcb8 It\u2019s crucial to day-to-day operations \u2014 even if a company is making a profit, it will struggle to pay expenses if that cash isn\u2019t flowing on a consistent schedule. As a result, cash flow is also closely tied to the business\u2019s success.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is effective cash flow management so important?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to your business finances, it\u2019s easy to focus on revenue and profit. However, as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.reddit.com/r/Entrepreneur/comments/2jx7t2/revenue_is_vanity_profit_is_sanity_cash_flow_is/"},"content":[{"nodeType":"text","value":"one wise Reddit user wrote","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", \u201cRevenue is vanity, profit is sanity, ","marks":[],"data":{}},{"nodeType":"text","value":"cash flow is reality.\u201d\xa0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say your business has a 30% profit margin. This is great news \ud83c\udf89\u2014 except for the fact that your clients always pay late and you\u2019re constantly asking your lenders for an extension on your loan payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why cash flow management is so crucial: cash is the number one factor in your ability to keep your business healthy, stable, and growing. Without it, you might lose talented employees who are tired of payroll problems or find yourself burnt out every month as you juggle expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 3 more reasons why every business owner should improve their cash flow management skills. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. To be ready in an emergency \ud83d\udea8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re an entrepreneur, you know that the unexpected is just part of life. Whether you lose a client or seasonal fluctuations lead to a sudden decrease in sales, your ability to respond quickly is crucial to the business\u2019s long-term survival. Cash flow management helps you consistently set aside extra cash so that you can stay flexible and be prepared for these types of emergencies. \ud83d\udc4f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. To protect your credit rating \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Without proper cash flow management, a business may struggle to pay its bills on time, resulting in late fees, penalties, and damage to its credit rating. \ud83d\ude2cAnd a poor credit rating means that if the business needs to rely on credit for an emergency or to make an investment, it could face higher interest rates or a lack of access to capital at all.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. To take advantage of opportunities for growth \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business doesn\u2019t have extra cash on hand, you may miss out on opportunities for expansion. Whether it\u2019s a great deal on real estate or an exciting new certification for your team, cash is the key to being prepared to grow the business. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What causes cash flow problems? \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we discuss how to improve poor cash flow management, we need to understand what causes cash flow issues in the first place. Here are some of the most common causes:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Late payments:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When customers don\'t pay their bills on time, it can create a cash flow crunch for the business. \ud83d\ude12","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High inventory levels: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Having a lot of inventory on hand can tie up cash that could be used to pay bills or invest in growth.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High fixed costs: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High fixed costs, such as rent or salaries, can put a strain on cash flow if sales are slow. \ud83d\udc0c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seasonal fluctuations:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Many businesses experience fluctuations in sales throughout the year, which can create problems if the business has a shortfall of cash on hand to cover expenses during slow periods.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not having a cash flow forecast:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Not understanding the business\u2019s expected future cash flow can cause you to be unaware of upcoming cash shortages. \ud83e\udee3","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To maintain a positive cash flow, business owners need to take steps to manage and mitigate these problems. The good news is that there are more than a few strategies you can begin utilizing today to become a cash flow master. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cash flow management made simple: 5 steps\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Effective cash flow management is about having a clear understanding of your business\'s cash inflows and outflows, being able to predict and adjust to fluctuations, and having the right systems and processes in place to manage it effectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These five cash flow management strategies will help you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/on-the-money"},"content":[{"nodeType":"text","value":"stay on the money","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and boost your business\u2019s financial health. Let\u2019s dive in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Make tracking cash flow a habit \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most important strategy for cash flow management is to simply keep a close eye on how much money is coming in and going out of your business. This will help you identify any patterns or issues that might be impacting your cash flow, allowing you to take action to resolve those problems right away. \ud83d\udc4a\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the best ways to manage cash flow is by using an online banking platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". With Relay, you can get ultra-detailed information \ud83d\udd0e on all of your transactions and sync that data directly to your accounting software. Whether it\u2019s just you or you\u2019re managing a team, you won\u2019t have to waste any more time decoding your transaction data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/investing/what-is-a-cash-flow-statement/"},"content":[{"nodeType":"text","value":"cash flow statement","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" can also help you stay on top of cash flow. Using information from financial statements like your accounts receivable and accounts payable, this report gives you an overview of cash flow over a specific period of time. It can be created by your accountant or generated from your bookkeeping software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, understanding your spending and reviewing your cash flow statement is key for making informed decisions about how much cash to keep on hand, how to prioritize payments, and how to plan for future expenses. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create (and stick to) a budget \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Did you know that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://sba.thehartford.com/finance/managing-profit-cash-flow/"},"content":[{"nodeType":"text","value":"82% of businesses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" fail due to poor cash management? \ud83d\ude2c That\u2019s why a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-prepare-cash-budget"},"content":[{"nodeType":"text","value":"budget","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is essential for any business that wants to be around for the long term.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think of your budget as your plan for cash flow management, containing your monthly and annual bills, cash flow projections, and a buffer for unexpected expenses. This plan will help you feel confident in your ability to meet all your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"financial goals","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and obligations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just remember to review and update your budget regularly to ensure that it is aligned with changes in the business\u2019s operations, as well as seasonality and your sales cycle. \ud83d\udd04 Reviewing things on a weekly and monthly basis is a good idea to ensure you stay on track with cash flow management.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Use automation to your advantage \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to cash flow management, automation is crucial. From making sure your clients pay on time to seamlessly ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"transferring funds to your savings account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", there are plenty of tools available to simplify your life.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the first things to consider automating is customer payments. \ud83d\udcb5 If customers are on any sort of subscription or payment plan, try using incentives to encourage them to set up autopay. Late payments can have a big impact on your company\u2019s cash flow, but autopay also helps streamline your customers\u2019 lives \u2014 no more manually entering credit information each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If customers do miss a due date, it\u2019s a good idea to have a system for following up on late payments. Two essential pieces of that system will be automatically sending reminder emails and applying late fees according to your company\u2019s payment terms.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also utilize automation for cash flow management with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Our online money management platform allows you to set up automatic, percentage-based transfers between accounts. That will make it easier for you to manage cash as it comes in, whether you\u2019re moving it to a profit account or using a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope budgeting system","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Keep an eye on your expenses \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your revenue suddenly increases, it can be easy to take on new expenses without fully understanding the impact. That\u2019s where cash flow analysis comes in \u2014 responsible financial management requires business owners to both reduce unnecessary expenses and make smart decisions about new expenses. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your sales go up, take a step back and look at your company\u2019s historical data. Is this just a seasonal lift? Or is this actual growth? If all signs point to the latter, then it might be okay to increase your expenses in order to address the new demand. The most important thing here is just to continue to pay attention to your cash flow and make informed decisions about any new spending. \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Have a backup plan \ud83d\udedf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes, cash flow problems are out of your control. Whether it\u2019s a global pandemic or personal problems keeping you away from work, there may come a time when you need a short-term plan to handle a lack of cash flow. \ud83d\udcdd\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Being able to adjust to sudden changes is an important part of effective cash flow management. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tony and his wife Sara \u2014 known as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/@TheRealEstateRobinsons"},"content":[{"nodeType":"text","value":"The Real Estate Robinsons","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2014 are expanding at an impressive rate. \u201cWe\'ve been buying more than one house per month this year,\u201d he says. \u201cSo there\'s definitely a bit of that snowball effect.\\" With that, the two quickly outgrew their initial banking setup. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe were using a non-business bank. 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the need for business banking became clear, the Robinsons cycled through multiple options, but none stuck. \\"Between the two of us, Tony is the finance guy. And since we started our journey,\\" Sara says, \\"he came to me, several times, saying, \'Okay, you can throw all those cards away, we\'re now starting with this other bank.\' So I was very happy once he found ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".\\"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Managing cash with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the main things that sold the Robinsons on Relay was that they needed a lot of checking accounts. \\"","marks":[],"data":{}},{"nodeType":"text","value":"This is really integral in terms of how we manage our cash flow","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":",\\" explains Tony.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Real Estate Robinsons explain that they have a \\"","marks":[],"data":{}},{"nodeType":"text","value":"separate checking account for each one of our properties","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". And that helps streamline our bookkeeping process \u2014 ","marks":[],"data":{}},{"nodeType":"text","value":"we know all the money in, all the money out","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\\" On top of that, the Robinsons also needed additional checking accounts \\"for our ","marks":[],"data":{}},{"nodeType":"text","value":"profits","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and our ","marks":[],"data":{}},{"nodeType":"text","value":"taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and just all these ","marks":[],"data":{}},{"nodeType":"text","value":"other miscellaneous categories","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that we have.\\"","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7vxFXbFskm4grDmQbbCOR9","revision":1,"createdAt":"2023-01-16T15:13:23.025Z","updatedAt":"2023-01-16T15:13:31.009Z","publishedAt":"2023-01-16T15:13:31.009Z","firstPublishedAt":"2023-01-16T15:13:31.009Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"We know all the money in all the money out - Banking with Relay - The Real Estate Robinsons","description":"We know all the money in all the money out - Banking with Relay - The Real Estate Robinsons","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7vxFXbFskm4grDmQbbCOR9/604fb6aeb7e58ac6148851c45ec5f846/We_know_all_the_money_in_all_the_money_out_-_Banking_with_Relay_-_The_Real_Estate_Robinsons.jpg","details":{"size":291184,"image":{"width":1920,"height":1080}},"fileName":"We know all the money in all the money out - Banking with Relay - The Real Estate Robinsons.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All other banking options, Tony explains, would \\"max out at five accounts.\\" So finding Relay\'s multiple checking accounts was \\"like a sigh of relief.\\" But it didn\'t stop at checking accounts. \u201cWe found out that Relay could give us everything that we needed,\u201d says Tony. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, the Robinsons use Relay in three ways. For payments, for cash flow management, and for card management. They\'ve settled on the platform because it:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eliminates the need to juggle multiple payment platforms","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simplifies the time-consuming task of end-of-month accounting for multiple properties\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Enables them to quickly launch new rentals by delegating and managing their team\u2019s spending","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding the right banking setup has given Tony and Sara the tools stay on top of their finances and keep scaling.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay keeps the Robinsons on the money","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cRelay makes it super easy to keep tabs on where we\'re at from a cash flow perspective,\u201d says Tony. The Robinsons rely on their multiple Relay checking accounts (up to 20 per business entity) to monitor and organize their incoming cash. For each property they rent, the Robinsons set up a new account. At the end of the month, they know exactly how much that property has earned (and what\u2019s been spent on maintenance and upkeep).\xa0\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"qa6XHwrbNAn9Rc5WHgCht","revision":1,"createdAt":"2023-01-16T15:06:31.787Z","updatedAt":"2023-01-16T15:06:42.763Z","publishedAt":"2023-01-16T15:06:42.763Z","firstPublishedAt":"2023-01-16T15:06:42.763Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Banking with Relay saves The Real Estate Robinsons 10 to 20 hours each month","description":"Banking with Relay saves The Real Estate Robinsons 10 to 20 hours each month","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/qa6XHwrbNAn9Rc5WHgCht/359d9be188fad2671a051faf00c9a69c/Banking_with_Relay_saves_The_Real_Estate_Robinsons_10_to_20_hours_each_month.jpg","details":{"size":220053,"image":{"width":1920,"height":1080}},"fileName":"Banking with Relay saves The Real Estate Robinsons 10 to 20 hours each month.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tony explains how this ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple account system","marks":[],"data":{}}]},{"nodeType":"text","value":" saves them time each month: \u201cSay that you have three properties,\u201d he says. \u201cWhen Airbnb sends you a deposit, it\'s going to lump deposits for all three of those properties together. What you have to do at the end of the month is go back and look at that deposit transaction and dissect it to see which reservations and which properties were tied to that deposit, and then go back out and separate it in your bookkeeping software.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay allows the Robinsons to set up a dedicated account for each property so that Airbnb or VRBO payments flow into their own unique account. When the end-of-month rolls around, ","marks":[],"data":{}},{"nodeType":"text","value":"mystery math is eliminated","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". For Tony, who manages the financial side of The Real Estate Robinsons, ","marks":[],"data":{}},{"nodeType":"text","value":"Relay\u2019s multiple checking accounts have saved him an estimated 10 to 20 hours of administrative work each month","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 time that he now spends growing the business further.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4XiD0xJpwQqTfOrtpYTiec","revision":2,"createdAt":"2023-01-16T15:11:38.112Z","updatedAt":"2023-01-16T15:21:15.026Z","publishedAt":"2023-01-16T15:21:15.026Z","firstPublishedAt":"2023-01-16T15:11:49.807Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Most people check Instagram in the morning the first thing we check is Relay - The Real Estate Robinsons","description":"Most people check Instagram in the morning the first thing we check is Relay - The Real Estate Robinsons","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4XiD0xJpwQqTfOrtpYTiec/03b1ec10af7be802df5cd8b26f8b6422/Most_people_check_Instagram_inthe_morning_the_first_thing_we_check_is_Relay_-_The_Real_Estate_Robinsons.jpg","details":{"size":249486,"image":{"width":1920,"height":1080}},"fileName":"Most people check Instagram inthe morning the first thing we check is Relay - The Real Estate Robinsons.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cMost people wake up in the morning and check Instagram. The first thing we check is Relay because we like to see where our cash is across our business. Because we\'re able to have so many accounts that relate to the different parts, I can see at any point in time, \u2018Okay, we need to put some attention here because this property is not performing well,\u2019 or, \u2018We\'re running a little bit of low on operating expenses in this part of the business, let\'s put some attention there.\u2019\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Getting banking for each property the instant it closes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Sara, who does the purchasing for all of the Robinsons\u2019 rentals, Relay has simplified spending. Virtual Visa debit cards can be issued instantly to their team of cleaners and contractors in order to delegate certain purchases.\xa0\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe\'re in daily communication with our handymen and our cleaners,\u201d she says. \u201cOur cleaners regularly text us saying, \u2018Hey, we\'re short on toilet paper at this house [or] we need detergent at this house.\u2019 So we decided to just eliminate all that communication and ","marks":[],"data":{}},{"nodeType":"text","value":"give them access to a designated card that they can order their own cleaning supplies with","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That way, we don\'t have to be in charge of all that every time.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4myCerkdMWz14nLK0eZwl7","revision":1,"createdAt":"2023-01-16T15:09:11.377Z","updatedAt":"2023-01-16T15:09:20.621Z","publishedAt":"2023-01-16T15:09:20.621Z","firstPublishedAt":"2023-01-16T15:09:20.621Z","publishedVersion":4,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay multiple banking account management for The Real Estate Robinsons","description":"Relay multiple banking account management for The Real Estate Robinsons","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4myCerkdMWz14nLK0eZwl7/92b88c84477347b3170e69544a9689e9/Relay_multiple_banking_account_management_for_The_Real_Estate_Robinsons.jpg","details":{"size":246897,"image":{"width":1920,"height":1080}},"fileName":"Relay multiple banking account management for The Real Estate Robinsons.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay lets you instantly issue digital cards and set specific spending limits on each one while keeping detailed and transparent transaction records. It\u2019s easy for The Robinsons to see how much money their team is spending and what they\u2019re spending it on. Says Tony: \u201cWe have the ability within Relay to put guardrails in place to make sure that spending ability is in line with what we feel they should be spending on a regular basis.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lost time is lost money \u2014 with Relay, the Robinsons don\u2019t have to wait","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For the Robinsons, these individual time-saving expense management tools work together to help them scale their business and continue to grow. \u201cWith some of the other banks we were working with, we would create a checking account and then we wouldn\'t get the debit card for five to 10 business days,\u201d Tony says, explaining how that meant that their business was actually ","marks":[],"data":{}},{"nodeType":"text","value":"losing","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" money: \u201cOur goal is, from the day that we close until the listing goes live, we want to minimize that window as much as we can. If we have to wait five to 10 business days after we close until we can start ordering stuff, we just added five to 10 business days before we can go live.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"With Relay, as soon as we close, we\'re able to start purchasing the stuff that we need on day one. And that literally saves us money.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With unique debit cards for every account, the Robinson\u2019s business expenses are automatically organized by property. ","marks":[],"data":{}},{"nodeType":"text","value":"They know exactly how much they\u2019re spending to maintain each rental and can budget accordingly while simplifying their end-of-year accounting.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Having \u201cseparate checking accounts for each one of our properties,\u201d says Tony, \u201chelps streamline our bookkeeping process.\u201d\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why the Robinsons pay all their vendors through Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before they found Relay, the Robinsons had been juggling multiple payment platforms in order to pay their vendors. It complicated their bookkeeping and took up time that could be put to better use in other parts of their business. Relay\u2019s business banking platform makes it a breeze to pay vendors by centralizing payments in a single place. For the Robinsons, this meant that they no longer had to toggle between PayPal, Venmo, and their banking accounts. ","marks":[],"data":{}},{"nodeType":"text","value":"With Relay, they can make all their payments directly from one account.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe biggest thing that I love about Relay is that we\'re able to pay all of our vendors with one simplified platform,\u201d says Tony. ","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tony uses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"same-day ACH payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to keep on top of bills and expenses. \u201cThat\'s probably one of the features that we use the most.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A streamlined way to manage bills significantly cut down on the amount of time the Robinsons were spending on administrative work. \u201cBefore, we were using Venmo, Zelle, and PayPal \u2014 all these different payment platforms. With Relay,\u201d Tony says, \u201call of our vendors are plugged in. We can send them payments the same day. It\'s much easier for us and it\'s directly connected to our bookkeeping platform. ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s what\'s been the biggest lifesaver for us","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere are so many other high-value things we should be doing,\u201d he adds. \u201cRelay has given us, through the different tools and automations that are available, [the ability] to spend less time on the things that, while important, are not necessarily the best use of our time.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay has your back","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What The Real Estate Robinsons found in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" was a business banking platform that didn\u2019t hold them back or make them wait, but instead allowed them to accelerate at the pace they set for themselves which, right now, is pedal to the metal. \u201cRelay does that for us and we highly recommend it,\u201d says Sara.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cMy advice to other folks shopping for business banking,\u201d says Tony, \u201cis to stop shopping and come to Relay. 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But people often don\u2019t realize that ","marks":[],"data":{}},{"nodeType":"text","value":"they need the first two in place first","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need business banking? Check out our guide on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"how to choose the right bank account","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax issues are much more difficult \u2014 and more expensive \u2014 to resolve when you don\'t have a clean set of books and proper business banking in the first place. So, what does Garrett recommend to set yourself up for success, both in terms of tax planning and cash flow management?","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Setting yourself up for success as a content creator","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few things you can do early on to avoid issues in the future. Garrett says that at some point content creators usually see a break in the process, ","marks":[],"data":{}},{"nodeType":"text","value":"where had a content creator started a little bit sooner trying to get things under wraps, they would\'ve been able to save a lot of time, a lot of money, and maybe a lot in taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That\u2019s because in the beginning, while you\'re small, it\'s easier to track certain things. 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Garrett recommends either ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" for this.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, before the tax season rolls around, it\u2019s wise to ","marks":[],"data":{}},{"nodeType":"text","value":"consult a CPA","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", because when people try to do it on their own, they run into all kinds of issues.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On that last point, Garrett explains that by hiring a CPA, naturally you\'re usually going to get the best end product when it comes to tax returns and tax savings. 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That way, you can set up a foundation for success before you get to a point where it\'s too hard to manage all of these items.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"E-sports example: how things go wrong","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What happens when business owners don\u2019t track things correctly, commingle business expenses with personal, and seek financial advice too late? Garrett gives an example of working with an e-sports organization, and the painful outcomes that arose.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The e-sports organization came to Garrett\u2019s firm very late, where an entire year of operations had gone by. They had an LLC, but no separate business bank account. 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Their bill would consist of:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The taxes already owed","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The additional taxes that were missed because of no books","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The accounting services fee to catch up on all that work quickly","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This would be multiple large bills, adding up very quickly in a short timeframe. While it wasn\u2019t a pretty picture, and the client wasn\u2019t happy about it, Garrett\u2019s firm took steps to ensure that it did not happen again. And that\'s where truly having a tax pro in your corner does help. It costs a little bit more, but you\'re paying for the communication and the advice that you get throughout the year.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Saving $1,000s: Example when things go right","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contrary to the example of things going wrong, Garrett shares an example of someone reaching out early in the year, well before the tax season, and the effect being proactive had on the business. The situation looked as follows:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company started up, grew very quickly, and just couldn\u2019t keep up with finances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They recognized the problem and came to Garrett\u2019s firm for advice","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett set them up with separate business banking","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They set up bookkeeping and started tracking income and expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since it was about 6 months before tax deadlines, the company restructured their payroll to maximize tax savings","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next year, they know what their tax bill was going to be well before the April 15th and March 15th tax deadlines","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even though the company was halfway through the year, that gave sufficient time to adjust and make sure the business is well set up for tax season.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And while the tax bill was still relatively high, ","marks":[],"data":{}},{"nodeType":"text","value":"the company was able to save tens of thousands of dollars thanks to proactive planning","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So while on a smaller scale, the tax savings will differ, taking a proactive approach goes a long way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you set everything up right from the beginning, or at least ask for help before year-end, somebody should be able to get in there and make the changes necessary to get you where you need to be. And then from there on, it\'s actually easy because going into the next year, everything\'s already there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Do you need separate entities for different sources of income?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you work in content creation, you\u2019re more likely to have multiple sources of income. Some creators wonder if they should set up need to set up new business entities if they have multiple revenue streams. Say you make money from YouTube ad revenue, subscriptions, affiliate deals, e-commerce stores, or occasional guest speaker fees \u2014 is there any advantage to setting up a new business entity for the different income types?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett\u2019s answer is that this depends on a lot of factors. At face value, the answer may seem pretty simple, but it could also get very complex. Without any additional context, one way to structure your business would be based on the different revenue streams and what they are doing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, for example, ","marks":[],"data":{}},{"nodeType":"text","value":"YouTube ad revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"money from Twitch","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"affiliate brand deals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 all of these could easily be lumped into one category, and therefore one entity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Where it gets tricky is if you start adding things like rentals or an e-commerce store, because that will change what\u2019s important for accounting. An e-commerce store, for example, will have very different considerations, like inventory and like sales tax in different states. Whereas with YouTube ad income, sales tax really is a non-event. This is why it makes sense to consult a CPA, because it can get really, really tricky.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cash vs. accrual accounting for content creators","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At some point, content creators need to decide if they should use accrual or cash accounting. What\u2019s the difference, and why should you pick one over the other? Garrett explains.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Differences between accrual vs. cash accounting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accrual versus cash is kind of a fundamental concept in accounting that has to do with how you record your income and expenses, based on when they happen and certain triggers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, let\'s start with ","marks":[],"data":{}},{"nodeType":"text","value":"accrual accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Imagine you sell a service, for example, accounting work. Let\'s say you do a tax return, and the tax return costs $100. When you complete the work and you send that invoice out, you ","marks":[],"data":{}},{"nodeType":"text","value":"record revenue at that time","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\'s take the contrary \u2014 ","marks":[],"data":{}},{"nodeType":"text","value":"cash basis accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In cash basis accounting, you do not record revenue when you send the invoice, you actually have to ","marks":[],"data":{}},{"nodeType":"text","value":"wait until you get paid","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So for example, if you\u2019re doing a tax return and you\u2019re waiting on payment, ","marks":[],"data":{}},{"nodeType":"text","value":"you do not record revenue until you get paid the $100","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same works for our expenses. You run a business here, but you have to pay bills like everybody else. So a utility bill is a great example. You receive a bill from the utility company. Well, in accrual basis accounting, you record the expense when I receive the bill. The utility company has performed the work, you owe them the money, it is therefore an expense at that time. On the contrary, under cash basis accounting, if the utility company sends you a bill, you do not record the expense until you pay it. Three months could go by, six months could go by \u2014 until you pay that bill it is not recorded as an expense.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you choose accrual or cash basis accounting, generally speaking, will make the largest difference at year-end. Because throughout the year, most of the time bills get paid within say 30, 60, 90 days. But at year-end, we\'re looking at a situation where for tax purposes we may not record revenue or expenses until the next year. This could either cause issues, or it could be helpful in some ways. It all depends on your individual circumstances, and there\u2019s no method that is \u201cthe best\u201d for everyone.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What should content creators use?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Is accrual or cash basis recommended for content creators? Garrett says that he doesn\u2019t necessarily recommend one over the other. At the end of the day, everything should even out over the course of years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Generally speaking, ","marks":[],"data":{}},{"nodeType":"text","value":"cash basis accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is what people start with because it is the easiest to track. So what you\u2019ll likely fall into by default is cash basis accounting. The question is usually whether it\u2019s worth switching over into accrual accounting, which only makes sense if there\u2019s some benefit to the content creator to do so.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In most cases, y","marks":[],"data":{}},{"nodeType":"text","value":"ou are unlikely to see the benefit of accrual accounting unless you run a large business that has a lot of invoices and a lot of bills that need lead time on processing products","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content creators deal generally don\'t run into that issue. In fact, the only time they really invoice other third parties is when perhaps they\'re invoicing for they did a brand deal or an affiliate deal or something like that, and they\'re just trying to collect the money. There are a lot of entities that pay net 30, net 60, whatever the case may be, which may warrant looking into accrual accounting. But generally speaking, with things like YouTube ad revenue it doesn\'t make sense to get into accrual accounting for content creators. 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But after all the time and money you spend showing homes and writing purchase agreements, do you ever feel like you\u2019re cutting yourself short?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":" is an accounting method that ","marks":[],"data":{}},{"nodeType":"text","value":"quite literally ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"puts your profits before your expenses. This cash management methodology flips the script on the traditional way of accounting, ensuring that you secure your own profits before expenses.\xa0In this article, we\'ll walk you through everything you need to know to implement this system in your business and ","marks":[],"data":{}},{"nodeType":"text","value":"become more profitable","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5PUoy4Z1r2sJOiEku7PviY","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":3,"createdAt":"2023-10-30T17:41:09.370Z","updatedAt":"2024-03-22T20:40:44.793Z","firstPublishedAt":"2023-10-30T17:43:27.909Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Subscribe to On The Money","ParagraphText":"Monthly newsletter from Relay, covering the latest news for your small business","buttonText":"Subscribe","url":"https://relayfi.com/blog/on-the-money-news","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3PNJFrb9RWlI2sWx9NF8Kj","revision":1,"createdAt":"2024-02-29T15:58:15.045Z","updatedAt":"2024-02-29T15:58:38.356Z","publishedAt":"2024-02-29T15:58:38.356Z","firstPublishedAt":"2024-02-29T15:58:38.356Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Subscribe to On the Money","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3PNJFrb9RWlI2sWx9NF8Kj/9b6787d6c51c7d143b7dfee853a5b222/On_The_Money_News_-_Square_Header.jpg","details":{"size":263351,"image":{"width":675,"height":675}},"fileName":"On The Money News - Square Header.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this guide we\u2019ll discuss:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-profit-first-method"},"content":[{"nodeType":"text","value":"What is the Profit First method?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-profit-first-works-for-real-estate-investors"},"content":[{"nodeType":"text","value":"Why Profit First works for real estate investors","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages-for-real-estate-investors"},"content":[{"nodeType":"text","value":"What are the Profit First percentages for real estate investors?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-5-profit-first-accounts-for-real-estate-investors"},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts for real estate investors?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-best-bank-for-profit-first-for-real-estate-investing"},"content":[{"nodeType":"text","value":"What is the best bank for Profit First for real estate investing?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re curious about how Profit First can change the way you use the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[],"data":{}}]},{"nodeType":"text","value":" and organize your cash flow, let\u2019s first take a look at what Profit First accounting really is and the step-by-step system you can adopt.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the Profit First method?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea behind Profit First accounting is that you should pay yourself first \ud83d\udcb5\u2795\ud83e\uddd1\u200d\ud83d\udcbcand let the remainder of your cash flow dictate how much you spend on operating expenses. This turns the traditional profit formula on its head and requires some mindset shifts to fully grasp the idea.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if the traditional profit formula looks like ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - expenses = profit","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", then you should look at the Profit First formula as ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - profit = expenses","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". This formula flips the idea of when profit should be taken out. And while prioritizing profit may seem like a simple concept, real estate investors and small business owners have been prioritizing expenses in their cash flow system for quite some time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First was first introduced by entrepreneur Mike Michalowicz. And while the idea has helped many business owners budget more effectively since its introduction, it started really taking off in the real estate industry when investor David Richter wrote ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Real-Estate-Investing/dp/1737514818"},"content":[{"nodeType":"text","value":"Profit First for Real Estate Investing","marks":[],"data":{}}]},{"nodeType":"text","value":" and founded Simple CFO Solutions, LLC to help other real estate investors gain financial freedom.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea behind Profit First is that when you take a percentage of your revenue as profit right away, you become more profitable. In fact, you may even find that you reduce your overall expenses. Profit First allows you to safeguard your cash flow and prevent underpaying yourself.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why Profit First works for real estate investors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the Profit First method was designed to be used in any industry, David Richter was the first to identify its potential for the real estate industry. Given the nature of the real estate business, that is, the changes to investors\u2019 commission from month to month, keeping profit consistent can be challenging for the average real estate investor. But using the Profit First method can help guarantee your profit and help with bookkeeping.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This idea is surprisingly rooted in the concept of Parkinson\u2019s Law, where work will expand to fill the period of time available for its completion. More simply stated, you\u2019ll complete your work in the amount of time you\u2019re given. So if you have a week to close a deal, you\u2019ll end up taking the entire week to complete the deal.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same is true for your profit and expenses. If you leave your expenses unchecked, you\u2019ll end up using more or all of your revenue. So by taking your profit out first, you can guarantee your profitability before you use your money for expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By prioritizing your profit before reinvesting your commissions into operating expenses, you can control how much profit you keep for yourself. With Profit First, you\u2019ll know exactly what to spend and save for yourself.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5u7WqtT2JStC96vVI8AzCB","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":7,"createdAt":"2023-01-12T18:47:11.703Z","updatedAt":"2023-01-13T20:34:26.436Z","publishedAt":"2023-01-13T20:34:26.436Z","firstPublishedAt":"2023-01-12T18:58:27.522Z","publishedVersion":47,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"Transform your business with Profit First","ParagraphText":"If you need help implementing Profit First, find a certified Profit First Professional today. ","buttonText":"Find a Profit First Professional","url":"https://profitfirstprofessionals.com/hire-pfp-form/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1wWMIZIVtAclMJl8ymUVA2","revision":4,"createdAt":"2023-01-13T17:08:20.551Z","updatedAt":"2023-03-20T14:25:02.202Z","publishedAt":"2023-03-20T14:25:02.202Z","firstPublishedAt":"2023-01-13T17:08:51.667Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay: Official banking partner of Profit First Professionals","description":"Relay: Official banking partner of Profit First Professionals","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1wWMIZIVtAclMJl8ymUVA2/1c991bdd3cf2efae1786d31a8cd9b589/PF_inline_CTA__3_.png","details":{"size":1740556,"image":{"width":1080,"height":1080}},"fileName":"PF inline CTA (3).png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system aims to calculate your profit by dividing your revenue into five different allocation buckets: Real Revenue, Profit, Tax, Owner\u2019s Pay, and Operating Expenses. You can do this by setting up separate checking accounts for each of the buckets, also known as envelope accounts. But how exactly do you go about calculating Profit First and what envelopes should you create?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is calculated by using the formula: ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - profit = expenses. ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"While the recommended percentages you take out for each bucket are determined by your revenue range, we can look at a general example to better understand this formula in action.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\u2019s assume that your real estate commission is $10,000 this month (also referred to as Real Revenue). You\u2019ll first set aside around 10% for profit, which will equal $1,000. Next, you\u2019ll deduct around 20% for owner\u2019s pay, equaling $2,000, followed by $1,500 for taxes. The remainder, $5,500 in this case, is left for operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But Profit First goes even deeper by recommending very specific allocation percentages depending on your Real Revenue Range. Before we dive into the different envelope accounts you\u2019ll need, let\u2019s first understand the target allocation percentages you\u2019ll be using.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the Profit First percentages for real estate investors?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First recommends allocation percentages based on your total revenue using two different formulas: Current Allocation Percentages (CAPs) \ud83e\udde2 \u2014 how your business finances are split between each bucket \u2014\xa0 and Target Allocation Percentages (TAPS) \ud83e\udd0f \u2014 The target profitability of a given year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, the specific allocation percentages that Profit First recommends vary between:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue \u2014 Always 100%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit \u2014 Between 5 - 20%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s pay \u2014 Between 0 - 50%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax \u2014 Always 15%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses \u2014 Between 30 - 65%","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Mike Michalowicz breaks down what your Target Allocation Percentages (TAPs) should be based on your business\u2019 Real Revenue, otherwise known as your Current Allocation Percentages 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We understand however that when it comes to small businesses, cash flow is often tight, managing ongoing expenses is stressful and maintaining working capital can mean life or death.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", we\'ve built a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"money management platform","marks":[],"data":{}}]},{"nodeType":"text","value":" that helps business owners stay on top of their finances, so we\'ve seen what can happen when you pursue a savings strategy. 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More capital can fund things like new equipment, hiring more staff, or investing in marketing without taking on debt.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just like how saving money is critical for you as an individual if you want to live a more comfortable life, buy a house, or invest in professional development, saving as a small business can be a game-changer.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much should you save as a small business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Half of U.S. small businesses have enough cash to last about 27 days, with the other half equally divided between businesses that hold less than 13 cash buffer days and those that hold over 62 cash buffer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.chase.com/business/knowledge-center/manage/cash-buffer-days"},"content":[{"nodeType":"text","value":"days","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you compare that with rules of thumb that suggest ","marks":[],"data":{}},{"nodeType":"text","value":"small businesses should shoot to save at least 10% of their monthly ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.seacoastbank.com/resource-center/business-insights/business-savings#:~:text=Aim%20to%20save%20at%20least,profits%20over%20a%20few%20months"},"content":[{"nodeType":"text","value":"profit","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"and hold about 6 months\' worth of operating expenses in ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.seacoastbank.com/resource-center/business-insights/business-savings"},"content":[{"nodeType":"text","value":"reserve","marks":[],"data":{}}]},{"nodeType":"text","value":", it\u2019s easy to see that most simply aren\u2019t saving enough!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business\u2019 cash needs are different and vary significantly based on the size of the business, the industry, inventory needs, staffing models, available short-term liquidity, and other crucial factors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The nuances of each business\u2019 cash flow profile can play a key role in when and how extra money can be saved \u2014 so there is no one-size-fits-all approach. The important part is that as a small business owner, you can effectively monitor your business\u2019s cash flow so you know how much cash you need on hand and how much can potentially be saved. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Want to go deeper?","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" Find out ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-much-cash-should-a-business-have-on-hand"},"content":[{"nodeType":"text","value":"how much cash your business should have on hand","marks":[],"data":{}}]},{"nodeType":"text","value":" >","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is why using a dedicated money management platform can be transformative to your business. For example, Relay\u2019s integrations with leading bookkeeping software like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" can be a big help when it comes to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":". Considering 63% of small businesses are in the dark on this ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"topic","marks":[],"data":{}}]},{"nodeType":"text","value":", this is the most important place to start.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we all know from the pandemic, business conditions can change overnight without warning, so emphasizing building cash savings is no longer just a nice to have- it\u2019s a must-have!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where to look to save more money","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re going to start setting aside 1%, 2%, 5%, etc., each month, it has to come from somewhere","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what are the big contenders for generating this extra cash?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some ideas you may want to consider when ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"saving as a business","marks":[],"data":{}}]},{"nodeType":"text","value":":","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1) ","marks":[],"data":{}},{"nodeType":"text","value":"Cut expenses where you can:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" One of the most important things to do as a small business owner is to focus on how much you are spending. If you want to save more, unpack your business\u2019 expenses and identify where you can cut costs. This could include reducing staff hours, negotiating better rates with vendors, switching suppliers, or canceling underutilized software.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2) ","marks":[],"data":{}},{"nodeType":"text","value":"Improve efficiency:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Looking for ways to streamline your operations and make your business more efficient could be a great way to save costs in the short term and supercharge profitability long term. All businesses\' operations are different but investing in new technology or equipment, implementing better processes, or finding ways to reduce waste could be ways to uncover savings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3) ","marks":[],"data":{}},{"nodeType":"text","value":"Consider alternative financing options:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/interest-rates-23"},"content":[{"nodeType":"text","value":"interest rates go up","marks":[],"data":{}}]},{"nodeType":"text","value":", funding your business gets more expensive and eats into savings potential. If you have a longstanding relationship with your lender, you may be able to negotiate better rates on outstanding loans or shop around for other options.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4) ","marks":[],"data":{}},{"nodeType":"text","value":"Diversify your income streams","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": With more ways to earn money than ever before, you may consider exploring new revenue streams outside of your core business. This could include subletting extra space, starting a podcast or YouTube channel, or passing on costs like transaction processing to customers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5) ","marks":[],"data":{}},{"nodeType":"text","value":"Optimize Taxes: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Small businesses can be eligible for various tax deductions and credits. For example, you may be able to claim deductions for your business expenses, such as the cost of supplies, equipment, and utilities. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you own capital equipment, you may also be able to use the depreciation of those assets to lessen your tax bill. Financing costs may also be able to be written off against your income. While all of these techniques can be strategic ways to find more savings, consult a qualified tax professional to make sure you are taking advantage of all the deductions and credits you are eligible for in the right way.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6) Take advantage of supplier discounts for faster payments: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Suppliers will sometimes offer discounts if they are paid earlier than their standard credit terms. If your cash flow permits, doing this consistently can be a great way to find extra savings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to think about saving differently","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to this point, we\u2019ve been thinking about saving in terms of finding more money to put away after expenses have been paid.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The benefit of this is that it frees up capital to focus on operating expenses \u2014 but it doesn\u2019t let you ","marks":[],"data":{}},{"nodeType":"text","value":"proactively","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" save. Saving becomes an afterthought or a \u201cnice to have\u201d.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to be more deliberate about your savings, instead of saving only what\u2019s left over after expenses, start by saving a fixed percentage of your business\u2019 revenue. This approach is commonly referred to as \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":"\u201d saving or \u201cpay yourself first\u201d.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By saving through Profit First, you can potentially fast-track reaching savings goals and do so with greater certainty.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting to use Profit First, however, does reduce cash available for operating expenses, so before you go down this route, make sure you have a good idea of your monthly expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to create a plan to accomplish your goals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that we\u2019ve gone through how much you should ideally be saving as a small business and where to look to generate more savings, you may be wondering how to go about achieving these goals. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like all things in life, achieving ambitious goals starts with creating a plan and following it with discipline.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most popular and effective methods of accomplishing a big set of goals is through implementing the SMART goals framework. Implementing this framework involves establishing a set of goals that are:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Specific","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Measurable","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attainable","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relevant to you","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Time-bound","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting your goals in this way helps you break down the steps needed to achieve your savings goals in smaller steps and keep yourself accountable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve set your savings goals, map them back to how much you bring in each month, how much you\u2019ll need to set aside to achieve them, and where you might need to shift spending habits.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What should you do with your savings once you have them?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you understand why saving is important, have identified how to save more, are successfully executing your plan and find yourself with more savings. Congrats! Now what?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having more cash available is great, but knowing what to do with it and where to keep it so that it keeps working for you can make all the difference.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When a business has extra money in savings, those savings can be kept in several places depending on how much savings there are and how readily available the business needs the funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some options to consider when thinking about where to put your new-found 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Transaction limits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022 Ability to automate savings","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022Number of accounts that can be opened","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022 May have higher interest rates than checking accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022 Provides dedicated place for savings (separates everyday cash from savings cash)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022 Easy to monitor how much one immediately has available in reserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022 Enables multiple bank account 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Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this post, we\u2019ll cover both cash management and treasury management and the differences between the two. We\u2019ll also discuss why cash management is important and how your business bank can help. Let\'s dive in.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is treasury management?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Treasury management involves managing your business\u2019s cash flow and making smarter large-scale decisions. It involves governing your liquid cash, investments, credit lines, and other assets. Importantly, treasury management helps you as a business owner mitigate your business\u2019s financial, operational, and reputational risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Treasury management is usually handled by the CFO, the VP, the Director of Finance, or the company\'s Treasurer. 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It refers to the day-to-day handling of cash inflows and outflows to meet payment obligations, plan for future payments and maintain financial stability. It\u2019s a pillar of a financially healthy business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to dealing with payment transactions, managing cash flow includes bank account organization, managing bank accounts, reviewing internal controls, monitoring working capital (including receivables and payables) and moving funds as needed. 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But you may be surprised to learn there is a simple method to solving this cash flow issue. 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method?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-its-so-hard-to-find-a-bank-for-the-profit-first-method"},"content":[{"nodeType":"text","value":"The role your  banking plays in Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-to-consider-when-choosing-a-profit-first-bank"},"content":[{"nodeType":"text","value":"3 things to consider","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-best-banks-for-profit-first"},"content":[{"nodeType":"text","value":"4 best banks for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#relay"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bluevine"},"content":[{"nodeType":"text","value":"Bluevine","marks":[],"data":{}}]},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bank-of-america"},"content":[{"nodeType":"text","value":"Bank of America","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#your-local-credit-union"},"content":[{"nodeType":"text","value":"Your local Credit Union","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#relay-for-profit-first-banking"},"content":[{"nodeType":"text","value":"Relay for Profit First banking","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s first understand what exactly this cash management method is and compare the best business bank accounts for using the Profit First method.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the Profit First method?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea \ud83d\udca1 behind the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":" cash management method is that you pay yourself first and let the remainder of your cash flow dictate how much you spend on operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is rooted in the concept of Parkinson\u2019s Law, where work will expand to fill the period of time available for its completion. In other words, you\u2019ll complete your work in the amount of time you\u2019re given. So if you have a week to complete a project, you\u2019ll end up taking the entire week even if you could have done it in a shorter amount of time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same is true for your profit and expenses. If you leave your expenses unchecked, you\u2019ll end up using more or all of your revenue. But ","marks":[],"data":{}},{"nodeType":"text","value":"by taking your profit out first, you can guarantee your profitability before you use your money for expenses.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if the traditional profit formula looks like ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - expenses = profit","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", then the Profit First formula looks like ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - profit = expenses","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system aims to calculate your profit by dividing your revenue into five different allocation buckets: ","marks":[],"data":{}},{"nodeType":"text","value":"Real Revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"Profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"Tax","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"Owner\u2019s Pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"Operating Expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". You can do this by setting up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" for each of the buckets, also known as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope accounts","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea behind Profit First is that when you take a percentage of your revenue as profit right away, you become more profitable. You may even find that you reduce your overall expenses. Profit First allows you to safeguard your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":" and prevents you from underpaying yourself.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why it\u2019s so hard to find a bank for the Profit First method","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The hurdle with implementing Profit First is that ","marks":[],"data":{}},{"nodeType":"text","value":"most banks charge fees for every account a business owner opens","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 that is if they\'re even willing to open up multiple accounts in the first place. As a result, it can be challenging to find the right bank to effectively implement the Profit First method.\xa0Nevertheless, you have two options: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"traditional banking or digital banking","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional brick-and-mortar banks \ud83c\udfe6 aren\u2019t ideal for the Profit First method because they don\u2019t offer multiple accounts and often charge higher account fees. Not to mention traditional banks require you to visit a physical bank location for common banking tasks, which makes banking with traditional banks a hassle.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While online banks tend to offer multiple envelope accounts (also known as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":") more often than traditional banks, it can still be challenging to understand the fees associated with each bank and choose the right one for your needs. It\u2019s also important to understand the difference between using true checking accounts versus sub-accounts when implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"text","value":"sub-account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is a checking account that exists within another banking account, while a checking account is a banking account with its own individual account numbers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, why is this important when talking about Profit First? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"While sub-accounts can help you organize your money into different compartments, they don\u2019t allow you to send or receive money from one sub-account to another without first sending it back to the parent account. This makes implementing Profit First more difficult and manual.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"6miO3cNYvJKf7lnmX7tB13","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":2,"createdAt":"2023-03-16T14:18:59.472Z","updatedAt":"2024-02-29T15:53:36.510Z","publishedAt":"2024-02-29T15:53:36.510Z","firstPublishedAt":"2023-03-16T14:27:58.512Z","publishedVersion":14,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5TAHtM3MebciAkVd2pCCwv","revision":1,"createdAt":"2023-03-16T14:23:32.833Z","updatedAt":"2023-03-16T14:26:19.272Z","publishedAt":"2023-03-16T14:26:19.272Z","firstPublishedAt":"2023-03-16T14:26:19.272Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to consider when choosing a Profit First bank\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When searching for the best bank for Profit First, you\u2019ll want to analyze a few important features, like the number of accounts offered, monthly fees, and transfer rules. Simply put, it\u2019s essential that the bank you choose allows you to open multiple accounts and transfer funds, without charging you extra.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When using the Profit First method, you\u2019ll need the following banking features:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A minimum of five (FREE) accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The Profit First method recommends five different accounts for cash flow allocations, including a Real Revenue account (or Income account), Profit account, Owner\u2019s Pay account, Tax account, and Operating Expenses account. \\nBut beyond the five necessary allocation buckets, you may want more in order to get a more granular view of how your money is being spent. And with so many different accounts, the last thing you want is to be charged separately, making fee-free banking a must. You should also consider whether you want a bank with sub-accounts or true checking accounts. With sub-accounts, you won\u2019t be able to automate the transfer of funds each month and you\u2019ll have to make each transfer manually instead.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Percentage-based transfers: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Profit First recommends allocation percentages based on your total revenue. And while the specific allocation percentages vary depending on your total revenue, the average percentages are 15% allocated to Profit, 30% to Owner\u2019s Pay, 15% for Taxes, and 45% for operating expenses. As a business owner, you likely don\u2019t want to make those calculations manually every month, which is why having a bank that automatically makes percentage-based transfers for you is so crucial.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Balance-based transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Beyond the need for percentage-based transfers, balance-based transfers can help automate your cash flow allocations. This way, you can create rules where when an account hits a certain amount of money, cash will be automatically dispersed to their other accounts based on their percentages.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Be sure to avoid banks that charge minimum balance fees, maintenance fees or other hidden fees. Let\u2019s look at some of the best banking platforms for Profit First, given these important banking features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5u7WqtT2JStC96vVI8AzCB","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":7,"createdAt":"2023-01-12T18:47:11.703Z","updatedAt":"2023-01-13T20:34:26.436Z","publishedAt":"2023-01-13T20:34:26.436Z","firstPublishedAt":"2023-01-12T18:58:27.522Z","publishedVersion":47,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"Transform your business with Profit First","ParagraphText":"If you need help implementing Profit First, find a certified Profit First Professional today. ","buttonText":"Find a Profit First Professional","url":"https://profitfirstprofessionals.com/hire-pfp-form/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1wWMIZIVtAclMJl8ymUVA2","revision":4,"createdAt":"2023-01-13T17:08:20.551Z","updatedAt":"2023-03-20T14:25:02.202Z","publishedAt":"2023-03-20T14:25:02.202Z","firstPublishedAt":"2023-01-13T17:08:51.667Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay: Official banking partner of Profit First Professionals","description":"Relay: Official banking partner of Profit First Professionals","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1wWMIZIVtAclMJl8ymUVA2/1c991bdd3cf2efae1786d31a8cd9b589/PF_inline_CTA__3_.png","details":{"size":1740556,"image":{"width":1080,"height":1080}},"fileName":"PF inline CTA (3).png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the best banks for Profit First?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best banks for Profit First are those without fees that allow you to open multiple accounts or envelopes. While having true checking accounts will allow you to transfer your cash reserves automatically, you can do this manually if you choose a bank with envelope accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dig into a few of the best banks for implementing the Profit First method.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"25lo317C0iXPAyH14dyAbM","revision":2,"createdAt":"2022-11-14T16:30:57.911Z","updatedAt":"2022-11-14T16:46:26.948Z","publishedAt":"2022-11-14T16:46:26.948Z","firstPublishedAt":"2022-11-14T16:31:09.845Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Logo - Banking Alternatives","description":"Relay Logo - Banking Alternatives","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/25lo317C0iXPAyH14dyAbM/b5879f097fdda455fd51e23aa5903f3b/Relay_Logo_-_Banking_Alternatives_-_1550.png","details":{"size":28246,"image":{"width":1550,"height":300}},"fileName":"Relay Logo - Banking Alternatives - 1550.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"official banking platform for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":". When you bank with Relay, you get essential features that keep you on the money and help you put Profit First into action. This includes up to 20 real no-fee checking accounts (not just envelopes!), percentage-based transfers between accounts, and auto-transfer rules that help you easily set aside cash reserves for your Profit First system.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz on Relay:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/AxVGAo71TrM"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/AxVGAo71TrM","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Up to 20 free checking accounts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With no fees or minimum balances on any of your accounts, you have the ability to set up deposit-only accounts, as well as operating expense accounts. This gives you greater clarity into your profitability.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Percentage-based transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You shouldn\u2019t have to spend time manually calculating your percentages each month, which is why Relay does it for you. Relay offers a percentage-based transfer making it incredibly easy to automate account transfers into each of your allocation buckets.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Multiple LLCs under one login: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you run a business that has multiple accounts under separate legal entities, banking can be quite chaotic. But Relay allows for multiple business entities under one login, so you can have visibility into your profitability across all accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 physical or ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual debit cards","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay offers up to 50 debit cards that can be assigned spending limits to help you quickly understand where your money is going. This allows you to better organize spending across different departments and team members.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Relay is the official banking platform for Profit First:\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We\u2019ve ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"partnered up with Profit First Professionals","marks":[],"data":{}}]},{"nodeType":"text","value":" to give you the best experience possible. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, while Lili is a good fit for new freelancers or the newly self-employed with low activity, you might hit a ceiling as your business scales. For example, Lili\u2019s limits on direct deposits and external money transfers may slow you down as you try to ramp up operations or move money to and from your business. 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This is where Saasant comes in.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is HIPAA?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"Health Insurance Portability and Accountability Act of 1996","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"(HIPAA)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" protects the privacy of healthcare patients by enforcing safeguards for companies that work with protected health information.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safeguards are enforced by the Office for Civil Rights (OCR) at the Department of Health and Human Services (HHS), and includes:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HIPAA training","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" for employees dealing with identifiable health information like medical records and social security numbers\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security training","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to ensure that patient information is protected, including breach notification rules should there be a data breach\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Administrative procedures and tools","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that ensure health data is only seen by those who need it to complete their jobs","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These safeguards mean that as an accountant, you cannot store any identifiable health information in your accounting systems. 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And if you need to give somebody a refund, you can\u2019t write a check with their name on it or record their name in QuickBooks Online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. 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However, accountants and bookkeepers can remain HIPAA compliant by using a tool like Saasant to help push the deposits into the bank account based on the insurance reimbursements that have been recorded in the billing software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This way, all the patient details live in your billing software, which in turn pushes all the information directly to the insurance companies for reimbursement. This allows you to easily track any write-offs for insurance companies and pay providers. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How to get patient information from the practice management solution used at a medical office into QuickBooks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Cindy first gets payment reconciliation information from the practice, she gets a PDF sheet that shows the batch totals for the day (without patient information). This includes credit card processing information, some handwritten notes from office employees totaling up what they received, a daily for the practice, and lastly each individual insurance reimbursement.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total transactions range from day to day, but normally there could be as many as 35 separate transactions that were processed and insurance reimbursements that need to be paid out.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With most banks, there isn\u2019t a rhyme or reason as to how the bank download information is standardized. Some insurance companies will list each reimbursement individually but others may batch several ACH batches into one deposit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The inconsistencies make it difficult for accountants to reconcile which transactions correspond to which individuals and which insurance companies, especially since you don\u2019t have access to patient health information due to HIPAA compliance.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Solution: Use Saasant to remain HIPAA compliant as an accountant\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Clean up patient information in a spreadsheet","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cindy uses Saasant to import patient information using one of the many spreadsheet templates available. Where possible, she modifies the template to give only the fields that she needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Cindy, because her deposit-to accounts and income accounts are the same, she copies the information down and continues to fill out the rest of the spreadsheet. 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Once accounts are mapped, you\u2019re ready to review and see a preview of what the deposit screen in QuickBooks Online would look like.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve reviewed the data and pushed it into QuickBooks, it ties to the bank feed and you\'re able to reconcile very simply.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the cool things about Saasant is it gives you a preview of what the transactions look like in QuickBooks and lets you clean up the data before you import it. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This helps you identify any lines that may have incomplete information or the wrong bank account information. So you can delete those lines and make edits before you upload data to QuickBooks.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cOnce I\'ve got the data into QuickBooks I can then see now that my deposits are gonna match off. You can see here that I\'ve got some descriptions, the Delta. So that would be my DD, my Delta Dental. Here\'s my MetLife. You can see I\'ve got more than one line entry that could possibly match,\u201d says Cindy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThat\'s where my customized report comes in handy because now I can see which insurance company and which date and dollar amount there is. So this is what my report would look like. I\'m able to sort it by that memo field and that\'s why that memo field was so important to me. I\'m also able to pick dollar amounts that could potentially match a downloaded transaction. So for example, we can see we have this Metropolitan Life for $366.20 on the 12th. \u201c","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This way, Cindy is able to go back into her report and pick two deposits that are the best candidates for matching based on the date of the transaction and the dollar amount. Once she matches these off, a report will autogenerate to show her what\'s left that hasn\'t matched off.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For an accountant, this gives you an opportunity to go back to the client and say, \u201chey, we\'ve got some deposits that haven\'t been deposited to the bank. Did somebody forget to go? Did it get left in the car?\u201d.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or potentially as their financial advisor, you can see via your client\u2019s bank downloads that they got an ACH that wasn\'t caught by the office staff, and perhaps they need to update a client or a customer report with that payment that was received.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saasant can help a lot of accountants who work with medical practices and healthcare transactions. It\u2019s a very valuable tool for anyone that needs to get data from a point-of-sale type system or a practice management system into QuickBooks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposits aren\u2019t the only thing you can push through with Saasant. 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","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Accounting firm spotlight: Jeremy Wells of JWellsCFO ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With over a decade of experience working in higher education, Jeremy is a former college educator turned accountant. 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","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Solution: Using Ignition to create online proposals and win new clients","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once Jeremy figured out what he wanted to sell, he used Ignition to help him create online proposals. While it was initially expensive to onboard, over the years, Ignition has become a keystone tool for his firm. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Much like how Jeremy tells his clients to consider his bookkeeping services as an investment, Ignition was a big investment that: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reduced admin time in his firm","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Replaced the need for a physical office, allowing Jeremy to create engagement letters and scopes of work online","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saved his firm time and money in the long run","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How to structure a new client engagement proposal ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Jeremy started writing up his own scopes of services and descriptions, he immediately realized that it was critical that he communicate the inherent value of his services clearly in his proposal. In many ways, proposal writing is like copywriting. You need to ","marks":[],"data":{}},{"nodeType":"text","value":"understand what your clients are trying to achieve","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"text","value":" pitch how you can help them achieve their business goals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI\'m not just doing bookkeeping for you because you asked me to do a bookkeeping for you, right? I\'m doing bookkeeping for part of a greater good, so that you can understand your business better, so that we make tax season easier for you and me, less stressful, right? All of this goes together. And so for me, all of that combines into one price and one set of services that\'s gonna get you to that desired result.\u201d ","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The problem with creating a long list of add-on items and adding them to the proposal is that clients will typically pick out things that they don\u2019t think they need. Instead, package things together into one value-based, monthly package. Not only does this put you in a position of strength with it comes to pitching your services, but it can also improve close rates and the monthly value of clients.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI\'m the expert, this is why you\'re hiring me. I\'m the expert. You don\'t want to deal with any of this, right? You\'re done trying to ad hoc, put this together on your own, you don\'t wanna spend hours of research figuring out what it takes to set up payroll in your state, you don\'t wanna spend hours of research figuring out what an S corporation really is and how to make it work. You\'d rather just me do all that for you. So if you\'d rather me do all of it for you, here\'s what it\'s gonna take. Take it or leave it.\u201d ","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Pricing accounting services: Fixed monthly fees and value pricing","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many service-based professions like accounting, law and consultant continue to be dominated by hourly rates. But in recent years, accountants and bookkeepers have debated the subscription business model versus the traditional business model of accounting firms, which is selling time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Jeremy, rather than selling time, he believes in fixed pricing. As someone who entered the accounting field late, the concept of billing time never really made sense to him. In fact, to this day, whenever Jeremy needs to hire a plumber or an electrician, the separate line for labor, infuriates him. ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe had a plumber come fix our toilet, right? That we thought was leaking. And we get a bill for $200 after the fact, three days later and I\'m sitting there thinking, boy, in that moment, I could have easily paid two, three, four times that \'cause I don\'t know how to fix a leaky toilet, right? 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So that\'s why you see tax season issues with both, but definitely more with startups because they\'re just properly informed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What tax penalties can you face?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax season penalties can range vastly, and they can be a result of everything from simply misreporting gross income to violating tax laws.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As far as ranges, Safietou has seen penalties seen ","marks":[],"data":{}},{"nodeType":"text","value":"as high as $10,000","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This was a penalty for an entity that had multiple members, and that didn\'t meet their partnership deadline of March 15th \u2014 so they were late filers. And by the time they filed, it was 6-7 partners, times $200, times the number of months that they were late. So the penalties can definitely rack up, which is why it\u2019s all the more important to be well-prepared and get good tax advice and business tax tips from a professional.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you pay taxes as a 2-member LLC?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the questions we received from small business owners was how to pay taxes as a 2-member LLC.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Want to submit your own question to On the Money Mondays? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/ask"},"content":[{"nodeType":"text","value":"You can do so here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first thing to know is that as a 2-member LLC, you\'re taxed as a partnership, and a partnership has a ","marks":[],"data":{}},{"nodeType":"text","value":"March 15th deadline","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 ","marks":[],"data":{}},{"nodeType":"text","value":"so your taxes are filed earlier than your regular individual taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a multi-member LLC, this partnership tax return is going to summarize all of your income and expenses, and if there\'s a profit left, that profit is going to be taxed to the partners, to the members of the LLC.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much you\u2019re taxed is going to depend on your individual situation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say you\'re a 50/50 partnership; everything\'s going to be summarized on the partnership return, a K-1 schedule. ","marks":[],"data":{}},{"nodeType":"text","value":"A schedule K-1 is going to be issued to each partner for your share of the profit.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So if it\'s a $100,000 profit, you each will get a K-1 that shows $50,000. ","marks":[],"data":{}},{"nodeType":"text","value":"You then combine that into your personal tax filing and combine it with everything else you have going on","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you could be working a W2 job, you could have some investment activity, you could have rental property \u2014 all of that\'s going to get combined and determine what your tax liability is. ","marks":[],"data":{}},{"nodeType":"text","value":"So the partnership itself doesn\'t pay taxes \u2014 it is a flow-through entity!","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That means the income or losses flow through to the partners and members, and the taxes you pay are determined at your individual level.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Self-employment tax","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With that being said, ","marks":[],"data":{}},{"nodeType":"text","value":"partnership income is also subject to self-employment tax","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", which is 15.3%. So, in addition to your income tax, federal tax and state tax, you will have self-employment tax on a profitable partnership. So, you\u2019ll pay taxes when you file your individual return, but also it\'s important to consider making estimated or quarterly tax payments throughout the year, based on the profit that the partnership is making. This way, you\'re not caught off guard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best way to do this is to ","marks":[],"data":{}},{"nodeType":"text","value":"have a bookkeeping system in place for the partnership so that you can see your profit and loss throughout the year","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Take your 50% share if that\'s your arrangement, and combine that with your personal taxes, do a projection, and see if you need to make a quarterly payment.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When should you switch from an LLC to an S-Corp?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Someone from New York asked, \\"When does it make sense to switch from an LLC to an S corp?\\"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a common question, and can be summarized with this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It depends on the numbers!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is especially if you\'re in New York, because in New York, depending on the area of New York you\'re in, your S corporation benefits may be minimized because of New York City taxes. So, there\'s no magic answer to ","marks":[],"data":{}},{"nodeType":"text","value":"when it\'s a good fit","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" because it\'s not just based on your profit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you want to ","marks":[],"data":{}},{"nodeType":"text","value":"understand what it takes to be taxed as an S corporation","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Number one, you\'re going to still be an LLC or a corporation. You\'re making a ","marks":[],"data":{}},{"nodeType":"text","value":"tax election to be taxed as an S corp, which means that you\'re going to file an S corporation tax return","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". There are requirements on the shareholder who\'s providing services to have reasonable compensation paid out to them from the S corp as a W2 employee \u2014 so you\'ll have a W2 from your business and then you\'ll have also a schedule K-1.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No taxes generally are paid by the S corp, as far as income taxes \u2014 it\'s a pass-through entity as well. In New York City, they don\'t recognize S corps, so there is a C corp tax on the S corporation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you understand the compliance requirements, you realize that you now have additional compliance costs:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"a payroll service","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"unemployment insurance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"a tax return preparation cost that\'s going to increase.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want to ","marks":[],"data":{}},{"nodeType":"text","value":"factor in these things in addition to the profit that you have","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". What will be your reasonable compensation that you\'re going to pay payroll taxes on? What are your overall tax savings after you\'ve done all of that? Does it really make sense to do this?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Safietou does this type of analysis for clients, it\'s based on the numbers. Everything is factored in, and a model is created that shows, what things would look like as an LLC, what things would look like as an S corp, and whether making the switch makes sense.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Adding structure to your payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another reason to consider having an S corporation is if you have challenges making estimated tax payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This may be less for the tax savings, but more for the reason that your taxes can be taken out during the year and you don\'t have to worry about having a large bill at the end. Minimizing self-employment taxes are less important \u2014 but even if you just paid yourself as a W2 employee to add more structure to your pay, that may be a good reason why an S corp is a good fit for you. So, there are a couple of different scenarios of where it would be a good fit. It\'s not just based on a standard profit number.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Should you switch when you make a certain amount of money?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Should you elect to be an S corporation at a certain revenue number? Once you\'ve hit $30,000? $40,000?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is still: ","marks":[],"data":{}},{"nodeType":"text","value":"there\'s no magic number because each individual situation is different","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could be making $20,000 from your S corporation business, but you also could have a sole proprietorship that brings you into a higher tax bracket. You also could have an investment property or a huge cryptocurrency account that can affect how much you\'re taxed. So there\'s no magic number for your business alone to determine if an S corp is a good fit for you. Ideally, as you make more profit, there are potentially more savings. But because of the complexity of taxes, there\'s no set number that\'s going to work for everybody.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is accrual or cash accounting better for taxes?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another common question is about the difference between cash and accrual, and which method is best for taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say, for example, you have a business where your collection process is slow; maybe it takes clients three, four, or five months to pay. Does accrual or cash accounting make more sense?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, let\'s go over the difference between the two on a high level:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"text","value":"cash basis taxpayer","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is someone that pays taxes based on the actual cash received and the actual expenses that have gone out for that tax year. So regardless of when the work was performed, if you receive the money and if you paid out money, that\'s how your taxes are determined. This is generally good for smaller business owners because you actually have the cash available. If you made $50,000 and you need to pay taxes on it, you at least have received it.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"text","value":"accrual accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", the taxes are determined based on you billing the client, sending them an invoice, and then the expenses that have been accrued. So for example, if you bill a client $50,000 and you\'ve performed the work, ","marks":[],"data":{}},{"nodeType":"text","value":"but they haven\'t paid you yet","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", on an accrual basis, ","marks":[],"data":{}},{"nodeType":"text","value":"you\'re going to pay taxes on that $50,000 even though you haven\'t received it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This can put some small business owners in a tough position, because they\'re paying taxes on money they haven\'t received.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The purpose of accrual accounting is to better match income and expenses based on timing, ","marks":[],"data":{}},{"nodeType":"text","value":"especially when you have maybe a four or five-month gap","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", or maybe even a year gap between when you\'re incurring expenses and when you\'re receiving the income from the client. So it could be a good fit in certain situations.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is it worth switching from accrual to cash accounting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Largely, this will be business-dependent. ","marks":[],"data":{}},{"nodeType":"text","value":"Let\u2019s use the travel industry as an example","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the travel industry, money is collected for trips over a year-long period of time. Expenses are incurred over that year period of time, ","marks":[],"data":{}},{"nodeType":"text","value":"but the trip doesn\'t occur until the following year","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So, accrual accounting may be a better fit for these types of small business owners. It matches expenses and income and the recognition of the earnings \u2014 i.e. when the trip is complete.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, while there are situations where accrual could be a good fit, generally a cash basis taxpayer is a better fit for smaller business owners who need to pay taxes ","marks":[],"data":{}},{"nodeType":"text","value":"based on cash that\u2019s actually received","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another thing to understand when dealing with accrual versus cash accounts is that ","marks":[],"data":{}},{"nodeType":"text","value":"your record keeping on an accrual basis is a lot more intense","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Things need to be a lot more detailed because you have to record bills as you receive them, you record income as you are earning over time, and your expenses may be deferred until you\'ve matched it with the earnings of the income. So it\'s not just based on when you pay the bill and when you receive money; you literally have to put things in ahead of time, defer things until they\'re recognized.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Make the tax season easy \u2014 get a separate bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest culprits of a complicated tax season for business owners is commingling personal and business expenses. 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You can apply for a Relay account in minutes, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/login"},"content":[{"nodeType":"text","value":"right here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". \u2b05\ufe0f\u2b05\ufe0f\u2b05\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Get in touch with Safietou Russell, CPA, EA, MST","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Big thank you for joining us for this episode of On the Money Mondays, Safietou! 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","marks":[],"data":{}},{"nodeType":"text","value":"It begins with selecting the best business structure for your needs, then registering it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Once you\u2019re officially set up, you can open up a business bank account, get a corporate expense card, and from then on keep your finances organized. ","marks":[],"data":{}},{"nodeType":"text","value":"Here are the 6 simple steps to success:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Decide on a business structure and register it","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to decide on your business structure. Depending on what you choose, you may also need to register it. In the United States, you have a few different structures to choose from, including sole proprietorships, corporations and LLCs. 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Let\u2019s look at each one.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Sole Proprietorship","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Making up 73% of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://taxfoundation.org/overview-pass-through-businesses-united-states/"},"content":[{"nodeType":"text","value":"all businesses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" in the US, sole proprietorships are the easiest way to get started and have the lowest set-up costs, as you don\'t need to formally form one. These are unincorporated businesses that are owned wholly by you, giving you complete managerial control.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The downside of running as a sole proprietor is that you\u2019re personally liable for any financial commitments \u2014 including debt or legal issues.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Partnership","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A partnership is similar to a sole proprietorship, except there are two or more individuals who agree to share the profit and losses of the business. 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The founders or owners of the company are considered to be employees, and it\'s the corporation \u2014 not the individuals \u2014 that is held liable for its actions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The biggest disadvantages of incorporating are the associated costs and the extensive records you\u2019ll be expected to maintain. You also have two types of corporate structure to choose from: a ","marks":[],"data":{}},{"nodeType":"text","value":"C corporation","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" or an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations"},"content":[{"nodeType":"text","value":"S corporation","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":". C corp owners are taxed separately from the business, while an S corp functions as a pass-through entity. In other words, an S corp can pass income onto its shareholders, meaning the income made by the corporation may be reflected on the individual\'s tax return.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incorporation is typically associated with large enterprise companies, but nothing should stop your small, medium-sized, or even solopreneur business from incorporating if it makes strategic sense.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: looking for help forming your business? 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In this guide, we\'ll walk you through everything you need to know about international business payments \u2014 so you can avoid stress in the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", we built a business banking and money management platform that gives you real visibility into how much you\'re earning, spending, and saving. We\'re here to keep you on the money. And that means giving you total transparency into what happens when your business sends an international wire payment.","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"In this article:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-international-wire-transfers-work"},"content":[{"nodeType":"text","value":"How do international wire transfers work?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-information-do-you-need-from-your-recipient-to-send-a-wire-transfer"},"content":[{"nodeType":"text","value":"Info you need to send a wire","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-currency-conversions-impact-wire-transfers"},"content":[{"nodeType":"text","value":"Currency conversion and wire transfers","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-long-do-international-wire-transfers-take"},"content":[{"nodeType":"text","value":"International wire transfer timelines","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-other-services-can-you-use-to-send-wires"},"content":[{"nodeType":"text","value":"What services let you send wires?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-much-do-international-wire-transfers-cost"},"content":[{"nodeType":"text","value":"The costs of international wire transfers","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-use-relay-for-international-wires"},"content":[{"nodeType":"text","value":"Why Relay is your BEST option for international wires","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"International transfers have never been more important for small businesses than they are today. In 2020, 43% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.paymentsjournal.com/small-businesses-are-making-more-international-payments-and-using-more-cards/"},"content":[{"nodeType":"text","value":"made an international payment","marks":[],"data":{}}]},{"nodeType":"text","value":", up six percentage points from 2019. As we live in a more global and connected world, making international payments can be critical to expanding your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite how important these payment methods are, many still struggle with sending money globally due to a lack of transparency, complexity, and high costs.\xa0So, let\'s start by breaking down what happens when you send a payment to the other side of the globe.\ud83d\udc47 ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do international wire transfers work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"International transfers, or cross-border payments, refer to the sending or receiving of money from one country to another. It\u2019s the electronic transfer \ud83e\udd16 of money via a bank or transfer service that originates in one country and settles in a different one. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Two critical things happen when you send an international wire payment:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payment information gets routed through one or multiple banks","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Currency is typically converted from the sender\'s currency to the local one","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because they are global, wire payment processing can happen during business days, at all hours of the day \u2014 from ","marks":[],"data":{}},{"nodeType":"text","value":"Monday morning in New Zealand","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83c\uddf3\ud83c\uddff to ","marks":[],"data":{}},{"nodeType":"text","value":"Friday night in New York \ud83d\uddfd","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In other words, even if your bank is closed, a bank in a different timezone may be processing your payment.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What information do you need from your recipient to send a wire transfer?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To send a wire transfer internationally, you must ensure all your banking information is together. Besides the basics like how much is being sent and where it\u2019s going, you\u2019ll need:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s full legal name that they used for their bank account \ud83e\udeaa","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SWIFT","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" code and/or\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An ","marks":[],"data":{}},{"nodeType":"text","value":"IBAN ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"(International Bank Account Number) number\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"SWIFT vs IBAN: What\u2019s the difference?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main difference between SWIFT codes and IBANs is that SWIFT codes are 8 to 11 alphanumeric characters used to identify a specific bank branch in a specific country, whereas IBANs are typically 28\xa0alphanumeric characters used to identify an individual bank account.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you think about it, every country \ud83c\udf0e has its own system of bank codes and numbers: American Bank Association routing numbers in the U.S. \ud83c\uddfa\ud83c\uddf2, sort codes in the U.K. \ud83c\uddec\ud83c\udde7, and institution and transit numbers in Canada \ud83c\udde8\ud83c\udde6. ","marks":[],"data":{}},{"nodeType":"text","value":"Sending money internationally through a financial institution would be a logistical nightmare if it weren\u2019t for standardized bank identification codes like SWIFT and IBAN.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These codes help ensure that money is sent to the correct recipient. Think of them like addresses. Without them, it\u2019s difficult to send money to the current recipient.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most popular is the ","marks":[],"data":{}},{"nodeType":"text","value":"SWIFT network","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", short for \u201cSociety for Worldwide Interbank Financial Telecommunication\u201d. SWIFT is used by over ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.marketplace.org/2022/03/03/what-exactly-is-the-swift-banking-system/"},"content":[{"nodeType":"text","value":"11,000","marks":[],"data":{}}]},{"nodeType":"text","value":" financial institutions across 200+ countries and territories to route payment information globally. Countries like the U.S. and Canada use this system for international payments and it\'s why you may need to supply something called a \\"SWIFT code\\" when sending international wires.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you live or work in Europe ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83c\uddea\ud83c\uddfa","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", you\u2019re likely more familiar with ","marks":[],"data":{}},{"nodeType":"text","value":"IBANs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" or international bank account numbers. IBANs help identify and route money to an individual account when sending international payments. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How currency conversions impact wire transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The true culprit to costly international wires is currency conversion. Let\u2019s use an example to show you how currency conversion can cost you a lot of money, as well as ways to avoid those charges.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Say you\u2019re a U.S.-based small business that needs to pay a supplier based in France \ud83c\uddeb\ud83c\uddf7 $100 USD. You typically operate your business in USD, but your supplier\u2019s account is in Euros. If you were to send an international wire in USD, it would likely take longer to process and cost more because you\u2019ll have to pay an exchange rate fee.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why does this happen? It comes down to three factors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 The more intermediaries, the more fees:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When you send money from one currency and country to another, it can involve multiple banks and intermediaries. Each intermediary charges fees, so the more parties involved, the more expensive and the longer it takes to send money.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb1 Exchange rate fees can be expensive:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Banks can charge an exchange rate fee of up to 10% when converting USD into another currency like Euros. Oftentimes, this markup fee is at the will of the receiving bank, with no price competition.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Receiving banks can charge additional handling fees: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"In addition to the currency exchange, the receiving bank may charge additional fees to make the currency conversion or just to receive the payment.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All these fees can rack up fast, and most of the time, banks don\u2019t provide transparency in how these prices break down.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you send $100 USD to your supplier in France, by the time it arrives they might not be receiving the equivalent amount in Euros. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"In fact, you probably need to send more than $100 USD to cover the intermediary costs, exchange rate fees, and additional handling charges.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the one sending the money, the risks fall on you. How do you mitigate your costs? The easiest way to save a lot of money on international wire transfers is to ","marks":[],"data":{}},{"nodeType":"text","value":"make the currency conversion at your bank before sending the money aboard.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This way, you can see exactly how much USD you need to convert into Euros and how much your bank will charge you to convert and send the wire. Remember, as a business owner, you\u2019re in control. Ask your bank what their fees are and budget accordingly. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business sends international payments often, picking a bank with low intermediary and exchange rate fees can save you a lot of money. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can ","marks":[],"data":{}},{"nodeType":"text","value":"convert an international wire payment","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" into the recipient\'s currency directly in your banking dashboard","marks":[],"data":{}},{"nodeType":"text","value":" before you send the money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Relay automatically calculates exchange rates on behalf of users so you can be sure that your supplier or partner receives the correct amount of money.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bottom line, the only time it\'s a good idea to send USD to a business partner is if they explicitly requested it, or they have a USD account themselves. Otherwise, always convert your money to their local currency first. \ud83d\ude46\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How long do international wire transfers take?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Typically, international wire transfers take between 2 to 5 business days \ud83d\udd70\ufe0f, but they can take up to a week or more depending on the situation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are several factors that influence the time it takes to complete an international wire:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of institutions involved","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cut-off times and weekends","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Time zone differences","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 The number of institutions involved","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the transfer ends up involving multiple financial institutions due to a currency conversion or the bank\u2019s network, it increases the likelihood of delay. If you are working with a smaller bank, it\u2019s important to know that these institutions tend to involve larger banks when executing international wires due to their networks and standing on SWIFT. All of these factors influence the number of institutions involved and potentially lead to longer processing times.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc5 Cut-off times and weekends","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial institutions can have a cut-off time for the submission of an international wire to be processed on the day it was submitted. If you don\u2019t make that cut-off time, the transfer will be submitted the following business day. When it comes to weekends, the same holds true. If an international wire is requested on a weekend, it will be processed the next business day.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0f Time zone differences","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Time zone differences can play a big role in how fast an international wire can happen. Wires are sent 24/7 around the globe, however, balances can only be updated during the hours a bank is operating. This often causes delays in processing time due to time zones.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you send a wire in the U.S. on a Friday afternoon to Australia \ud83c\udde6\ud83c\uddfa, it\u2019s likely the recipient won\u2019t get the money until the following week after 5 to 7 business days.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In extreme cases \u23f3, wire transfers can get stuck indefinitely if the banks or intermediate banks involved in the transaction can\u2019t reconcile their systems or can\u2019t accurately identify the recipient\u2019s bank account due to incorrect or missing information.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What other services can you use to send wires?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Making international wires isn\u2019t a one-size-fits-all approach and there isn\u2019t a \u201cbest option\u201d. 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2.5% of transaction value","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Intermediary bank fee","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fee charged by an intermediary bank to process the transfer","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depends based on the number of banks involved","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depends on provider but may be none","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Exchange rate markups","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fee or \u201cspread\u201d charged on top of interbank exchange rate by institution that converts the currency for the transfer","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be up to 10% on top of standard interbank exchange rate","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depends on provider but may be none","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recipient transfer fee","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fee charged by the bank receiving the transfer to do so","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Varies, often falls in $0 - 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This can be done through a variety of strategies such as shortening your payment terms (for example, from 30 days to 7 days) or negotiating payment due dates with your vendors. The method you use will be determined by where you\u2019re starting from and your ultimate goal \u2014 more on that later.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" can help you stay on top of your cash flow with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" strategy.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udedf Increase savings\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some businesses overlook ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"saving as a business","marks":[],"data":{}}]},{"nodeType":"text","value":". But just like you need a personal emergency fund, so does your business. Cash flow problems happen to everyone, even if you\u2019ve perfected the process. Having 3-6 months of operating expenses on hand will save you a lot of stress. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to set up dedicated reserve accounts for different purposes, like taxes, emergencies, and future investments in your business, as well as a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":". With Relay, you can open up to 20 checking accounts (for free!) so that you can easily manage your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have a target \ud83c\udfaf in mind, you can also use Relay to set automatic recurring transfers \u2014 that way, you can watch your savings grow over time, without lifting a finger. \ud83d\ude0c\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd11 Boost revenue\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Increasing your total revenue for the year, quarter, or even week is always a good idea \u2014 and it doesn\u2019t have to be a complicated or drawn-out process, either.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider smaller goals like experimenting with your pricing \ud83d\udc69\u200d\ud83d\udd2cor widening the top of your marketing funnel with social media. 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Without a clear profit goal in mind, it\u2019s easy to rack up expenses without realizing the impact those costs are having on your bottom line. \ud83d\ude2c\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you make profit a top priority, you\u2019ll create space for your business to grow. It\u2019s worth considering a strategy such as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":", where you use five profit accounts to manage ","marks":[],"data":{}},{"nodeType":"text","value":"revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"owner\u2019s pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"operating expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we mentioned above, Relay actually allows you to open up to 20 accounts so that business owners can easily manage their savings ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"profit in one place. Instead of having to do mental math every time you log into your bank account, Relay\u2019s multiple accounts give you a crystal-clear \ud83d\udc8e picture of your business finances.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to set financial goals for your business\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By now, you might be wondering, \u201cThis sounds great, but where do I even start?\u201d \ud83e\udd14 Well, we\u2019re here to help with a 5-step guide to setting business financial goals that work. Let\u2019s dive in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Get clear on your current financial situation \ud83c\udfc1\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you don\u2019t know where you\u2019re starting from, setting goals is like throwing darts with a blindfold on. \ud83c\udfaf It might not be fun to sit down and review your financial statements, but it\u2019s an essential step to growing your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to start by looking at your balance sheet \u2014 AKA, the document you can get from your accountant or your bookkeeping software that shows your assets and liabilities. It will show you important information such as your accounts receivable and any money owed to lenders.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond your balance sheet, you\u2019ll also want to review the following numbers based on your business\u2019s performance over the past 12 months:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":"Revenue","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" the amount of money that\u2019s flowed into your business\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenditures: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"including labor costs, travel expenses, and owner\u2019s pay\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/ask/answers/031815/what-formula-calculating-profit-margins.asp"},"content":[{"nodeType":"text","value":"Profit margin","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"your revenue minus expenses for the entire year \u2014 you may also want to calculate this as a percentage\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Decide where you want to go \u2708\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you know what you\u2019re working with, it\u2019s time to dream a little. \ud83d\udcad Where do you see your business in a year? What about 5 years or 10 years from now?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might realize that you have some urgent short-term goals you need to address. For example, it\u2019s hard to set a big revenue goal if you\u2019re struggling to pay your bills each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In that case, you may need to take a step back and think of how you can create a solid financial foundation right now. That way, you\u2019ll be able to give your full attention to more exciting and ambitious goals in the future. \ud83e\udd17\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After reviewing your financial standing, you might also realize you\u2019re in a great position to make serious moves with your business. Maybe now is the time to hire an employee or test a new product.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what situation you\u2019re in, your goals should excite you and motivate you to take strategic steps forward. \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set SMART goals \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best financial goals for your business are SMART. SMART is a goal-setting framework that stands for specific, measurable, achievable, realistic, and time-bound. So why does it matter?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well, it\u2019s easy to say, \u201cI want to make more money.\u201d But it will be difficult (or impossible) to achieve such a vague goal. By contrast, the goal \u201cIn 2023, I want to make $20,000 more in revenue than I did last year,\u201d is specific, measurable, and time-bound.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A goal like this keeps you accountable to a certain time frame \u23f3 and an exact amount of money. The next question is, is your goal realistic and achievable? Well, for small businesses and entrepreneurs, the answer to that question will depend on a number of factors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Past performance, including your company\u2019s growth rate each year\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Industry ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundera.com/resources/small-business-revenue-statistics"},"content":[{"nodeType":"text","value":"benchmarks","marks":[],"data":{}}]},{"nodeType":"text","value":" and statistics for businesses similar to yours\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Access to resources including capital, employees, and education\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your individual mindset, motivation, skills, and personal goals\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To go back to our example above, an additional $20,000 in revenue seems like a reasonable goal for a small business. But what if that business had only made $20,000 in revenue last year?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doubling its revenue might still be possible, but the business owner will have to evaluate if that\u2019s truly a realistic goal based on the factors above.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All that said, realistic goals are important, but so are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/b/big-hairy-audacious-goal-bhag.asp"},"content":[{"nodeType":"text","value":"BHAGs \u2014 big, hairy, audacious goals","marks":[],"data":{}}]},{"nodeType":"text","value":". The term, coined by Jim Collins and Jerry Porras in their book ","marks":[],"data":{}},{"nodeType":"text","value":"Built to Last,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" refers to long-term goals that energize and excite you and your team. BHAGs are meant to be","marks":[],"data":{}},{"nodeType":"text","value":" just ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"challenging enough to push you out of your comfort zone and to the next level. \ud83d\ude80\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One example of a BHAG would be a company\u2019s world-changing vision, like Google\u2019s goal to \u201corganize the world\u2019s information and make it universally accessible and useful.\u201d So far, Google has accomplished that goal, so it might be worth setting a BHAG of your own. \ud83d\ude09","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Create an action plan \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first 3 steps outlined the best way to choose financial goals for your company. Now, you need to work backward to create a roadmap \ud83d\uddfa for business success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take some time for yourself to think through what specific actions are needed to meet your goals. You may also want to establish smaller milestones along the way. For example, if you want to reach $100K in total revenue next year, you should figure out how much you need to bring in each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your breakdown might look like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total annual revenue: $100,000","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q1: $15,000\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q2: $20,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q3: $30,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q4: $35,000","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you\u2019ll probably gain more clients and become better at building your business over the year, it\u2019s reasonable to assume you\u2019d progressively increase your revenue each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same process would apply to a savings goal or a profit margin goal. Once you\u2019ve broken down the objective into bite-sized pieces, you can then brainstorm specific steps to help you reach each mini-goal. Here are some questions to ask yourself:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to launch a new product or offer?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to raise your prices or change your pricing model completely?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to evaluate the ROI on your expenses and potentially cut costs?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to come up with a new marketing campaign or sales strategy?\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The clarity that comes after completing this process will be invaluable. Suddenly, you\u2019ll have a solid business plan that you can refer to each day as you make decisions. You just need to repeatedly ask yourself, \u201cWill this choice bring me closer to my goals?\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Revisit your goals regularly \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve spent all this time creating business financial goals, it might be tempting to hold on tight. But as much as we hate to say it, the next step of the goal-setting process is to evaluate them regularly \u2014 and be open to change. \ud83c\udf43\ud83c\udf41","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The world, the economy, and your industry are always in flux. If you truly want to be successful in business, that means you need to be ready to be flexible and respond to those shifts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s a good idea to at least schedule a quarterly review \ud83d\udcc6, either with your accountant or with yourself. During that review, you can repeat step #1 of the process above (getting clear on your current situation) and see if you need to adjust your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stay on track with your business financial goals\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, after completing the 5 steps above, you feel confident about your ability to achieve your goals. But as time goes by, it can be difficult to stay focused. \u23f0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you want to save for an emergency fund or prepare for an upcoming expense. It\u2019s tough to stay on track with those goals if you have all your cash \ud83d\udcb0sitting in one or two accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why Relay offers business owners so many features to manage their finances. From ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"multiple checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" to automatic transfers, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"bill pay automation","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"we want to help you stay on the money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using these features, you can do things like automatically transfer a percentage of your deposits to your taxes account, your emergency fund account, and any other accounts you\u2019ve opened for your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know achieving your business\'s financial goals can be tough. ","marks":[],"data":{}},{"nodeType":"text","value":"Putting those goals on autopilot is one of the best ways to stay on the path to success.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more quick tips for achieving your business financial goals:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2709\ufe0f to stay on budget each month","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share your goals with your team, family, and friends \ud83d\udce3\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schedule a meeting with your money weekly \ud83d\udcc6 to review your numbers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Celebrate the small wins to keep your motivation up \ud83c\udf89\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attach your financial goals to a bigger purpose or personal \u201cwhy\u201d \ud83e\udd17\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"You\u2019ve got this \ud83d\udc4f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business financial goals don\u2019t have to be overwhelming. 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Customer service is also only available on business days, which can be problematic for business owners that need support over the weekends. Lastly, its mobile banking app is lower rated than some of its competitors. With all that in mind, let\u2019s compare some of the most popular Bluevine bank alternatives.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best digital banking alternatives to Bluevine","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"neobank","marks":[],"data":{}}]},{"nodeType":"text","value":", also referred to as a digital bank, is a bank without physical branches that operates completely online. As an alternative to traditional banks, neobanks offer a wide range of digital services to help small business owners stay in control of their finances. 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It\u2019s a tool similar to that offered by several other neobanks that operate in the fintech space and market themselves to small businesses and startups \u2014 think Relay, Brex, Ramp, or Rho.\xa0If you\'re trying to figure out how these Mercury alternatives stack up, this article is for you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having an additional tool \ud83d\udee0\ufe0f in your corporate financial toolbox can be a bonus, but with the limits attached to Mercury\u2019s new card, the question remains: Is it a strong enough reason to choose Mercury? Below, we tally up the offerings of other neobank platforms serving SMBs to see how they compare with a Mercury account \u2014 and to help guide you toward the best bank for your business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"These are the best Mercury alternatives for small businesses:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#relay"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#brex"},"content":[{"nodeType":"text","value":"Brex","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#northone"},"content":[{"nodeType":"text","value":"NorthOne","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#novo"},"content":[{"nodeType":"text","value":"Novo","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bluevine"},"content":[{"nodeType":"text","value":"Bluevine","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#rho"},"content":[{"nodeType":"text","value":"Rho","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"And some traditional business banking options to look at:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#chase-business-banking"},"content":[{"nodeType":"text","value":"Chase Business Banking","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bank-of-america"},"content":[{"nodeType":"text","value":"Bank of America","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is on the side of every entrepreneur in search of a banking solution that will support the needs of their small business. Here, we\u2019ve laid out the upsides and downsides to some of the most popular business-oriented neobanks as well as what\u2019s offered by traditional brick-and-mortar \ud83c\udfe6 banks that cater to small businesses. But before you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"make a decision","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", let\u2019s go over what Mercury is all about and where its strengths and weaknesses lie as an online banking platform.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What you need to know about Mercury","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mercury partnered with Evolve Bank & Trust to offer a business banking account back in 2019. Their customers are small businesses, typically with a valuation of less than $1 million, who operate in the digital or tech sector. On paper, some of their perks look really great \u2014 they have access to an investor network that can facilitate funding for their customers, they offer a QuickBooks Online discount, and they offer upgraded services to customers with a minimum balance of $250,000. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Where they might fall short for some small businesses is in providing the cash management features required to keep on top of your day-to-day financial transactions or accounts payable features that streamline your bill and vendor payments. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to set up automated transfers or organize expenses into separate checking accounts are features that reduce the workload of a small business owner.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For some, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.trustpilot.com/review/mercury.com"},"content":[{"nodeType":"text","value":"Mercury\u2019s perks are nice-to-haves","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", but may not be the financial tools that make life as a small business owner any easier.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Beyond Mercury: Digital banking alternatives for SMBs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital banks or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"neobanks","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" are increasingly appealing to small business owners and startup founders because of their tech-forward, ever-expanding suite of digital services. The good ones make a big difference in the way a small business operates \u2014 and they do it every day. How? By offering financial tools that make running a business more straightforward. They lessen the workload by eliminating trips to the bank to, for example, cancel a card, deposit a cheque, lock an account, or request a new card.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" good ones also help shoulder the burden \ud83d\udcaa associated with accounting procedures by providing clear and detailed information about where a business\u2019 cash is flowing to \u2014 from investment in property or equipment all the way down to parking garage charges.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-mercury"},"content":[{"nodeType":"text","value":"how Mercury stacks up","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" against a list of some of the other big names in SMB digital banking:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\\nRelay","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"25lo317C0iXPAyH14dyAbM","revision":2,"createdAt":"2022-11-14T16:30:57.911Z","updatedAt":"2022-11-14T16:46:26.948Z","publishedAt":"2022-11-14T16:46:26.948Z","firstPublishedAt":"2022-11-14T16:31:09.845Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Logo - Banking Alternatives","description":"Relay Logo - Banking Alternatives","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/25lo317C0iXPAyH14dyAbM/b5879f097fdda455fd51e23aa5903f3b/Relay_Logo_-_Banking_Alternatives_-_1550.png","details":{"size":28246,"image":{"width":1550,"height":300}},"fileName":"Relay Logo - Banking Alternatives - 1550.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", we\u2019re acutely aware of the headaches small business owners suffer from and make it our priority to alleviate that pain. The banking tools offered by Relay are built-in. Here\u2019s an example: for Mercury customers, a third-party service would have to be used to get the same centralized accounts payable system that Relay has as part of its platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fact that we also offer clients the use of up to 20 checking accounts means that growing businesses can operate an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"envelope budgeting strategy","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" that simplifies expense accounting and business income.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"We\u2019ve designed our banking platform specifically for small businesses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" \u2014 from bookkeepers to Airbnb operators to e-commerce entrepreneurs \u2014 and we cater specifically to their needs in order to be their best banking option. Small businesses need to keep an eye \ud83d\udc40 on their bottom line, and Relay\u2019s built-in cash management tools are created to do exactly that.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s how Relay supports small businesses:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"What Relay offers:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business banking 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Then you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"apply online for your Relay account right here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", right now and start being on the money, all the time, ASAP. \ud83e\udd73\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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Mobile banking provides a vast upgrade to the digital services of traditional banks, but many are still slow to adapt, wondering about the benefits of digital business banking.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Maybe digital banking is new to you, maybe you\'re trying to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"choose a new business bank","marks":[],"data":{}}]},{"nodeType":"text","value":", or maybe you\'re just on the fence about banking apps. In this article, we\'ll take a look at why mobile banking should be a non-negotiable \u2014 even if you\'re running an \\"old school\\" business. 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Traditional banks only offer simple mobile banking features like viewing your account information and making simple wire transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated mobile business banks, also called online banks and neobanks, operate completely online without the need for a physical location. They are designed to be used digitally, which comes with a lot of benefits in terms of accessibility, features and ease of use.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is mobile business banking important?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile business banking became popular in the late 20th and early 21st centuries. Since their advent, digital banks have transformed to offer so much more than just on-the-go convenience.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile banking allows business owners to manage their finances from anywhere in the world, with ","marks":[],"data":{}},{"nodeType":"text","value":"powerful tools that enable you to see your cash flow like never befor","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"e. This technology gives business owners a crystal-clear picture to understand precisely what they\u2019re earning, spending and saving to make the most intelligent decisions for their business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to the suite of digital tools, mobile business banks tend to offer lower maintenance fees. 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Let\u2019s look at the top benefits of using a mobile business bank account.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u23f0 24/7 access","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gone are the days when you need to visit a physical branch location to manage your finances. Today, mobile banking gives business owners access to their funds 24/7 from anywhere in the world. What does this mean for you?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"24/7 bank access means you don\u2019t have to wait around to transfer funds, categorize your expenses or make payments. This means greater financial efficiency for you and your team. 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Digital banking also comes with features like enriched data (so you don\u2019t have to waste time decoding purchases).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having transaction history insights at your fingertips can make budgeting and making decisions quickly a whole lot easier.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce9 Mobile deposits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile check deposits make it easy to deposit funds on the go without visiting an ATM or bank branch. All you have to do is snap a picture of the check via your bank\u2019s mobile app and it will be imported into your business checking account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many mobile bank accounts also allow you to store check images and memos for easy bookkeeping so you can keep vendor information in one place.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 On-the-go payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile payments have come a long way in recent years. Now, online banks offer comprehensive features like automatic bill payments using multip-step approval workflows to ensure bills get paid on time using digital debit cards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With a banking platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can also pay bills using ACH, domestic and international wires and checks, seamlessly collect payment data and automatically sync unpaid bills using account integrations such as Quickbooks Online or Xero.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Cash flow clarity","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A mobile business account allows you to collect income in one place so you can see exactly what you\u2019re working with","marks":[],"data":{}},{"nodeType":"text","value":". ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A crystal-clear picture of your cash flow makes it easy to understand what you\u2019re earning, spending and saving so you can make the smartest decisions for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you get 20 free checking accounts so you can automate transfers from one to multiple checking accounts using dollar amounts or percentages. 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Mobile banking gives you access to a power suite of tools at your fingertips 24/7, but the lack of physical branches could be a disadvantage to some small business owners.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros of mobile business banking: \ud83d\udc4d","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take better control of your cash: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With a smarter money management platform like mobile banking, you get access to ultra-detailed banking data at your fingertips.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get better support","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Get financial support without visiting a branch. 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This can result in frustration without the right support.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is mobile business banking safe?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While mobile and online banks provide a vast upgrade to the digital banking services of traditional banks, some ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-safe-is-online-banking"},"content":[{"nodeType":"text","value":"wonder if mobile banking is safe.","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, mobile banking is safe. This is because online banks understand security concerns and have measures in place to protect their customers. 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In addition, choose a mobile bank that is FDIC insured* so you can be confident that your money is protected. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*Relay provides FDIC insurance via Thread Bank.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bank with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for mobile business banking, we think you\'ll love banking at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":". Relay is truly built for business owners who want to get on the money and make smarter decisions in their business. 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While they can help you better organize your money, not all sub-accounts are created equal.","popular":false,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/43gdYWSX9XrqijHtXesTPS/839c8f8906b8f0d22215ebff17393de1/what-are-sub-accounts.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just like how dividing a book into chapters makes it more easily digestible, dividing your money into sub-accounts can give you greater clarity into spending habits and help you hit your financial goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you bank with only one business checking account, all your money is in one bucket. 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With Relay, you can open up to 20 individual checking accounts, which can act like sub-accounts (more on this later).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sub-accounts can exist within checking accounts and savings accounts, so depending on your financial goals, you\u2019ll want to take account types into consideration before making your decision.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Advantages of sub-accounts\xa0\ud83d\ude46\ud83c\udffb\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sub-accounts are a great way for small business owners to separate funds for different expenses, so you can better organize, budget and see how money is flowing in and out of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some advantages of using sub-accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can visually separate your money by category and get ","marks":[],"data":{}},{"nodeType":"text","value":"better visibility into your finances","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clearly ","marks":[],"data":{}},{"nodeType":"text","value":"see how each dollar is being allocated","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" in your business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Easily move funds between accounts ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"within one banking dashboard","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Speed up bookkeeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" since you already have expense categories set up within your business bank\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Earmark for taxes right from the start","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" by setting up a dedicated tax sub-account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to organize finances with sub-accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sub-accounts can be used in a variety of ways depending on the specific purpose and needs of your business. The possibilities are really endless, but here are three different scenarios and use cases that are possible.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Scenario 1: Sub-accounts by expense category\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Arguably, the most common setup for sub-accounts is by expense type. In order words, you categorize your business expenses into different categories and create a sub-account for each one. 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Instead of having one account with a long list of financial transactions, you now have 6 different accounts to gauge your business spending habits. This way, you can see exactly how much money you can move into savings each month and how much money you have left over to allocate to travel expenses or emergencies.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Scenario 2: Sub-accounts by department or product vertical\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on your business, sometimes it makes sense to organize your sub-accounts by department instead of by expense type. This scenario may work for an e-commerce company with different online storefronts or product verticals. Using an online clothing store as an example, here\u2019s a possible way you can organize your sub-accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Primary account\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc57 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Women\'s clothing account\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc54 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Men\'s clothing account\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc5f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Shoes and accessories account\xa0","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this example, revenue from each store would flow into the primary account, then filter through to the corresponding sub-account so that each department has better control over its profits and losses. If you want to determine the most profitable department, and how much money you have to re-invest into each department, this setup is a good choice.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Want to level up your e-commerce cash flow management? 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Which in turn, gives you insight when you\u2019re ready to grow your portfolio.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ever feel like you\'re selling yourself short? ","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":"Profit First is an accounting method that secures your profits before expenses. Read how to get started with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-real-estate-investing"},"content":[{"nodeType":"text","value":"Profit First for real estate investing ","marks":[],"data":{}}]},{"nodeType":"text","value":">","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Sub-accounts vs individual checking accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After seeing the different ways you can use sub-accounts, you may be wondering: why use sub-accounts when I can just open individual checking accounts?\xa0\ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The simple answer is: you absolutely can. \u2705 In fact, ","marks":[],"data":{}},{"nodeType":"text","value":"we recommend individual checking accounts because not all sub-accounts are created equal.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, sub-accounts can help you organize your money into different compartments, but depending on the bank, ","marks":[],"data":{}},{"nodeType":"text","value":"not all sub-accounts have individual account numbers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why do account numbers matter? Well, account numbers are a unique string of characters that help identify your bank account from others. When you send money to a payee, it\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"the account number that helps a financial institution figure out where you\u2019re trying to send the money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 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Although they aren\u2019t technically sub-accounts, you can use them just like sub-accounts and organize your money however you like.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, with Relay\u2019s checking accounts, you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account in order to better manage how you spend your money.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Use multiple checking accounts with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple checking accounts \ud83d\udcc1 are powerful tools that can help you keep your money organized. 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You don\'t have to worry about account fees or minimum balances, and Relay integrates directly with accounting and payroll software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create your multiple checking accounts and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"get your finances organized with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" today.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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Not exactly! As a business owner, it\u2019s possible that you\u2019ve run into different types of bank accounts, like checking accounts, savings accounts, and money market accounts. You don\u2019t want to simply turn any of these into your operating account. You need to be strategic with ","marks":[],"data":{}},{"nodeType":"text","value":"which accounts you use","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"how you use them","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to use your checking account as your operating account, there are additional things you\u2019ll want to consider. For example, Relay\u2019s business checking accounts go beyond traditional accounts, as they\u2019re designed to help you manage your financial operations. 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You can even invite multiple users to collaborate \ud83e\udd1d on banking and control their access with role-based permission levels, keeping your banking secure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. 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Your operating account should be the primary ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" that ensures your day-to-day operations run smoothly, and you can make payments and manage deposits without issue.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Operating accounts vs trust accounts in the legal profession","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For context, there\u2019s something called a \u201ctrust account,\u201d which is more common in the legal profession \ud83d\udc69\u200d\u2696\ufe0f specifically. It\u2019s typical for law firms to have both operating accounts and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cosmolex.com/resource-center/trust-retainer-accounting/operating-retainer-vs-trust-retainer/"},"content":[{"nodeType":"text","value":"trust accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". With operating accounts, clients pay money in exchange for the firm\u2019s guarantee that they will be available to the client (also called a retainer). With trust accounts, the money is an advance for future services. Money put into trust accounts does not belong to the firm and should not be commingled with the law firm\u2019s existing operating account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why do law firms do this? Well, one reason is that it\u2019s important for their cash management that they don\u2019t comingle the money within these two accounts. This further highlights why a proper operating account is necessary for your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A quick example of how to set up your account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How exactly you manage your operating account will depend on your business, needs, and goals. You can have one account or several. If your business doesn\u2019t have a ton of transactions, then you might be just fine with a single operating account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, some businesses do better by compartmentalizing their transactions and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"having multiple bank accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". 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(More on this in a minute.)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can compartmentalize your spending in up to 20 accounts per business \u2014 without any account fees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where to keep your business operating account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When setting up your operating account, it\u2019s best to pick a business checking account with no account fees or minimum balances, and one that has multiple payment methods to help you move cash in and out of your business. This will enable you to manage all your day-to-day business banking without having to worry about bank fees or transaction limits.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: A standard savings account won\u2019t be a good fit for an operating account, because they have limits on deposits and withdrawals, and they\u2019re meant to store money you don\u2019t plan on touching for a long time.","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of having multiple operating accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, you can make it work with one account, but keep this in mind: When you only have one operating account, it\u2019s harder to know at a glance how you will eventually need to allocate all of this money toward ","marks":[],"data":{}},{"nodeType":"text","value":"different","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a business owner, you need to earmark enough to pay a number of operating expenses, and having multiple accounts makes this process easier. Here are some of the biggest benefits of having multiple operating accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc2 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s easier to stay within your budget:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Designate and manage your funds when they\u2019re separated into various accounts. For instance, if you have an account designated for your business taxes, you\u2019re not likely to think that\u2019s liquid cash. 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This theory characterized the mechanisms through which beneficial social and economic outcomes may arise from the accumulated self-interested actions of individuals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More simply put, the invisible hand theory helped spark the idea that banking should exist ","marks":[],"data":{}},{"nodeType":"text","value":"without government intervention","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". This free-market banking concept first started being put to use in the United States of America as the country was emerging.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Empowered by these views of a free-market economy, U.S. bankers limited the state\u2019s involvement in the banking sector. However, after the Revolutionary War, Secretary of the Treasury, Alexander Hamilton, created the first central bank in the U.S. and a national currency was born.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The Federal Reserve (1913)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 1913, the U.S. government formed the Federal Reserve Bank (the Fed) to monitor and oversee banking activity. Even so, financial power was concentrated on Wall Street. When World War I broke out, the United States became a global lender and the center of the financial world.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Federal Reserve system began requiring all debtor nations to pay back their war loans before any American institution would extend them further credit. So when the stock market crashed during the Great Depression in 1929, brokers called in bank loans that could not be paid back. Banks began to fail as debtors defaulted and depositors attempted to withdraw their deposits. This led to around 9,000 bank failures in total.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In response, new banking regulations and regulatory agencies emerged to restore the merchant banking sector and repair people\u2019s confidence in the system. The Federal Deposit Insurance Corporation (FDIC) was created to better insure accounts and instill this confidence. Later, in 1944, the World Bank was established to rebuild the economies of postwar Europe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Modern banking (1960)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"World War II saved the banking industry because the war required financial decisions concerning billions of dollars. This massive financing operation created companies with huge credit needs that prompted banks to merge. These massive banks spanned global markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, domestic banking in the United States was more prevalent and lending became available to the average citizen. This gave way to the modern banking system we know today, including deposit insurance and widespread mortgage lending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the revolutionary invention of ATMs in 1967, banking technology has flourished. Now, banking is accessible to all Americans with new technology emerging every day.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The rise of neobanks (late 20th century)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although banks have gone through many major developments throughout the decades, the introduction of digital banks in the late 20th and early 21st centuries is one of the most significant. Today, people need more than just a place to store their money. Since their advent, neobanks have transformed to offer the most powerful digital solutions for banking.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike traditional banking systems, neobanks offer mobile banking features that allow business owners to manage their finances wherever they are. Visiting commercial bank branches is now a thing of the past. Instead, online banks allow you to see your cash flow like never before, from anywhere in the world and at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With neobanks continuing to expand their digital services, there\u2019s no telling what the future of online banking will look like. Now, business owners can make quick financial decisions without the limitations of traditional banking.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understand the differences between ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banking vs. traditional banking","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The future of banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the future of banking services looks bright, the current financial climate will no doubt change the way we manage money \u2014 especially for small business owners and startups. Since the pandemic began, businesses have struggled to deal with the rising costs of hyperinflation and the change in interest rates, increasing the need for digital banking solutions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During this time of economic uncertainty, evolving banking expectations and technological advances are paving the way to a complete transformation of the banking ecosystem. As it stands, it\u2019s unclear exactly what the future holds for banking infrastructure.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What we do know is that digital banking will continue to dominate financial institutions, likely progressing advancements like artificial intelligence (AI) and application programming interface (API) software. 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Relay\u2019s online business banking and money management platform helps small businesses get clarity into their spending and control of their cash.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay goes beyond the everyday banking basics with:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705No account fees, overdraft fees or minimum 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Here are our top 9 picks, including neobanks and traditional banks, that are perfect for any property investor.","popular":false,"category":"Compare Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/79ZSIfiLaESNmu33wC6VQr/4ee67b881590d828f5048df7d5fc5598/Business_Banking_Blog_Header_-_Best_Banks_for_Real_Estate_Investors.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Real estate investment \ud83c\udfd8\ufe0f  is an extremely popular way to build wealth. And for good reason \u2014 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cnbc.com/2019/10/01/real-estate-is-still-the-best-investment-you-can-make-today-millionaires-say.html"},"content":[{"nodeType":"text","value":"90% percent","marks":[],"data":{}}]},{"nodeType":"text","value":" of all millionaires made it big through owning property. When embarking on your real estate investment journey, one of the first things you\u2019ll need to set up is a business bank account.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re researching the best business bank accounts for real estate investors, then you\u2019ve come to the right place. In case you haven\u2019t heard about Relay, we\u2019re a business banking and money management platform that helps business owners, including property owners, stay on the money. So, we\u2019ve compiled this short list of the best banks that will enable you to build financially healthy real estate portfolios.\xa0 ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What should real estate investors look for in a bank account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With over 4,000 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.statista.com/statistics/184536/number-of-fdic-insured-us-commercial-bank-institutions/"},"content":[{"nodeType":"text","value":"FDIC-insured commercial banks","marks":[],"data":{}}]},{"nodeType":"text","value":" in the United States alone, there are a lot of financial institutions to choose from. But not all banks are built equal, and as a real estate investor, there are some banking features that you\u2019ll want at your disposal.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/6-questions-to-ask-when-choosing-a-business-bank-as-a-property-manager/"},"content":[{"nodeType":"text","value":"factors that property investors","marks":[],"data":{}}]},{"nodeType":"text","value":" should consider when choosing a bank for their investment property:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Account fees and minimum balances. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The best banks will allow you to open accounts at no cost and with no monthly maintenance or minimum fees. Some may even allow you to open multiple checking and savings accounts, all without account fees or minimum balances. ","marks":[],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Separation of funds. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When running a real estate business, it\u2019s important to know where your funds are coming from and to ensure that they are being used properly. Multiple checking accounts help to create a separation of funds and prevent money from being used for unintended purposes.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ease of money movement. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"In order to run a real estate business, you\u2019ll need the ability to move money in and out or between accounts efficiently with ACH payments, wires and check deposits at low costs.\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Card services. 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It\u2019s important to look out for transaction limits since these can restrict your growth potential.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2139\ufe0f Data quality","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike with personal finances, where budgeting and cash management fall under your discretion, when you run a business you have ","marks":[],"data":{}},{"nodeType":"text","value":"strict reporting obligations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That means you\'ll need to track your spending and categorize your expenses regularly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bank will either help you do this or make it complicated. It all depends on the quality of data you get about each transaction. 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One way of future-proofing your business is to ensure you can get multiple business debit cards to distribute to your team.\xa0Or, if you\'re hunting for perks and introductory offers, you may want to look at what business credit cards your potential bank offers instead.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of cards each bank offers differs quite significantly, but it\u2019s better to choose an account that offers an abundance of cards rather than too few. With Relay, you get 50 free ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual cards for business spending","marks":[],"data":{}}]},{"nodeType":"text","value":" to issue to your team. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the main banking services entrepreneurs should expect from their business checking account is the ability to make and accept payments. For example, you\'ll want to know that you can send and receive wire transfers and make ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2014 and whether your bank will charge you for this or if the payments are included in a free business account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also consider whether you\'ll need to make multiple cash deposits, or if you\'re running an online business and it\'s not a concern. While digital banks excel in many areas, they typically aren\'t great at accepting cash deposits, which is why some businesses choose to keep an account with both a digital and a traditional financial institution.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Lending and lines of credit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For some businesses, banking equates to managing loans and lines of credit and is mostly about having a lender relationship. Are you planning to fund your business with a bank loan? If so, big traditional banks may be a better choice, as digital banking platforms are still catching up in this area. However, with rising interest rates, many businesses are becoming wary of relying on business loans to fuel growth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll be storing your money in your bank (obviously) \u2014 so you want to make sure it\'s protected. Does your bank offer online access? If so, will your accounts come with two-factor authentication (2FA) enabled? Can you control spending limits? Lock cards or change the PIN number if needed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of this should be on your mind as you decide where to keep your money. 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So make sure your chosen institution has this protection.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd04 Integrations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You probably don\'t want to spend hours manually transcribing transactions from a PDF bank statement into your accounting software. But without integrations, that\'s what some banks still expect business owners to do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To avoid tedious admin work, investigate what ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"accounting software integrations","marks":[],"data":{}}]},{"nodeType":"text","value":" your bank offers. 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After all, banking is one of the most critical parts of your business, so you\'ll want to make sure you have a team that you can rely on. Customer service is deeply important to us here at Relay so we invest there heavily \u2014 and we\'re proud to have a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ca.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"4.6 Trustpilot rating","marks":[],"data":{}}]},{"nodeType":"text","value":" and 1200+ reviews as a result!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Congratulations \u2014 you now have a better understanding of things to consider to future-proof your choice of bank. Next, let\'s briefly touch on why you want a business bank account in the first place, and what you\'ll need to open one.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of choosing a business bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest benefits of choosing a business bank account over just using your personal bank account is that you avoid commingling funds.\xa0In addition to that, most business accounts will come with additional features \u2014 as listed above \u2014 that you usually just don\'t get with personal accounts. To recap, with a business banking account:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your personal and business finances stay separate. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\'re a sole proprietor, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"separating your personal and business bank accounts ","marks":[],"data":{}}]},{"nodeType":"text","value":"will help you with reporting at year-end. And if you run an LLC or a corporation, keeping personal and business finances separate is a requirement.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You get better cash flow visibility: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A business account lets cowillllect income in one place so you can see exactly what you\u2019re working with","marks":[],"data":{}},{"nodeType":"text","value":". ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A crystal-clear picture of your cash flow makes it easy to understand what you\u2019re earning, spending, and saving so you can make the smartest decisions for your business.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bookkeeping is simplified: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When tax season comes around, a business bank account makes it simple to track revenue and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"nodeType":"text","value":"separate business expenses from your personal purchases","marks":[],"data":{}}]},{"nodeType":"text","value":". Additionally, the right bank may offer pers like accounts payable (bill pay) features to streamline payments further.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What you need to open an account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to open a business bank account, you\u2019ll want to prep the necessary information beforehand. If you choose a digital banking platform like Relay, you can apply online in under 10 minutes. On the other hand, if you choose a traditional bank you may need to make a trip to a branch to open an account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The documents needed to open a business bank depend on the type of business you own. 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Unlike with a startup loan or credit account, you shouldn\u2019t need to provide a credit score check to open a business checking account.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choose Relay for your banking needs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the right business bank will grow with you over time. This includes allowing you to open numerous accounts, providing a platform that understands your spending behaviors, and offering unmatched cash flow clarity.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can use up to 20 checking accounts to organize and allocate income for things like day-to-day expenses and payroll. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"In this article:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-budgeting-with-multiple-accounts-work"},"content":[{"nodeType":"text","value":"How does budgeting with multiple accounts 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Taxes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#multiple-bank-accounts-budgeting-example"},"content":[{"nodeType":"text","value":"Multiple bank accounts budgeting example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-benefits-of-using-multiple-bank-accounts-in-relay"},"content":[{"nodeType":"text","value":"Benefits of using multiple bank accounts in Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bank-with-relay"},"content":[{"nodeType":"text","value":"Next steps","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does budgeting with multiple accounts work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a basic level, multiple bank account budgeting works by opening ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated expense and reserve checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and allocating specific amounts of cash to each one. To use this budgeting method, you need a clear understanding of what types of expenses your business has and how to categorize them. \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgeting with multiple bank accounts gives you more clarity into your cash position and your spending habits. It\u2019s like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"budgeting with envelopes","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2014 allocating a set amount of cash for different types of expenses \u2014 only digital. For example, if you\'re concerned about saving enough for taxes and having enough to cover payroll, you might set up three separate accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddd1\u200d\u2696\ufe0f Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc77 Payroll","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Operating expenses (i.e., everything else)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have these accounts set up, all it takes is a glance to know whether you have enough for each expense category.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Compare this to using a single checking account for everything","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Say you have $10,000 in your account. The total sum on its own doesn\'t tell you the complete story. How much of that do you owe to contractors? How much is allocated to taxes? What about rent? When all your cash sits in one account, you have to rely on mental math \ud83e\udd14 and keeping a mental list of accounts receivable and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":" to figure out your cash position.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A stop-gap for reporting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tracking your budget with multiple checking accounts also acts as a reporting stop-gap when your financial reports are late. It\'s not uncommon for financial statements to be prepared once a quarter, late or not AT ALL. But as a business owner, you make financial decisions regularly. ","marks":[],"data":{}},{"nodeType":"text","value":"Can I afford this? Can I invest in this? ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"So you need financial data to make good decisions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when you don\u2019t have good data, ","marks":[],"data":{}},{"nodeType":"text","value":"expense and reserve accounts can act as a \\"stop-gap\\" and provide a wealth of information about your finances","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you put 15% of all income into a checking account nicknamed \\"","marks":[],"data":{}},{"nodeType":"text","value":"Taxes \u2014 do not touch!","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\\", \ud83d\ude45 you KNOW instinctively that this money does not belong to you, so you\'re less likely to misallocate funds. But how many of these reserve and expense accounts do you need to create?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How many bank accounts should your business have?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of bank accounts your business needs will depend on how you organize and categorize your income and expenses. You\u2019ll want dedicated accounts for budget categories that are important to your business. \ud83d\udcdd For example, retailers may want a dedicated ","marks":[],"data":{}},{"nodeType":"text","value":"expense account for paying suppliers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", while marketing agencies may want a ","marks":[],"data":{}},{"nodeType":"text","value":"payroll reserve account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to keep tabs on labor expenses. ","marks":[],"data":{}},{"nodeType":"text","value":"In short: it depends","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While there\u2019s no one-size-fits-all approach to banking with multiple accounts, there are some common things to consider. We dive into examples below, but remember to think through both revenues \ud83d\udce5 and expenses \ud83d\udce4 when setting up your accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you run a YouTube channel with ","marks":[],"data":{}},{"nodeType":"text","value":"three streams of income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and want to track each one? Consider setting up separate accounts for your ","marks":[],"data":{}},{"nodeType":"text","value":"advertiser payouts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"affiliate payouts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"merchandise sales","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Having these accounts will give you greater visibility into each income stream.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business type will also help inform your expense accounts. If you run an e-commerce store, maybe you want to have one dedicated account for ","marks":[],"data":{}},{"nodeType":"text","value":"inventory expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and a separate account for ","marks":[],"data":{}},{"nodeType":"text","value":"software expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you\'re running a short-term rental (Airbnb) business, maybe you want to have ","marks":[],"data":{}},{"nodeType":"text","value":"separate accounts for each property you manage","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and an expense account just for ","marks":[],"data":{}},{"nodeType":"text","value":"paying contractors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want a live walkthrough of how this works in Relay? Join our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://lets.bankwithrelay.com/how-to-manage-cash/"},"content":[{"nodeType":"text","value":"bi-weekly webinar","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are countless ways to set up your business \u2014 below we list some common ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"checking account categories","marks":[],"data":{}}]},{"nodeType":"text","value":" to give you some ideas and get you started.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Primary checking account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business needs a primary checking account to receive and hold incoming payments. \ud83d\udcb0 However, if you choose to organize your cash into dedicated expense and reserve accounts, you won\u2019t be using this account to ","marks":[],"data":{}},{"nodeType":"text","value":"send","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" money to anyone. Instead, you\'ll transfer money from this primary checking account into dedicated expense accounts. Wherever you bank, you\u2019ll want to make sure this account covers all basic financial operations, like direct deposits and withdrawals.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: if you bank with Relay, you can manage up to 20 free checking accounts for each business from a single dashboard.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Operating expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the name implies, you\u2019ll use the funds in your operating expense account to cover monthly expenses. Operating costs generally refer to the day-to-day expenses needed to keep your business running. This can include things like rent, software subscriptions, utility payments and travel expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might make sense to break down operating expenses depending on your situation. For example, if you run an e-commerce business you may want to open a ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated account for software subscriptions","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and issue a dedicated debit card to go along with it.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: you can issue up to 50 virtual or physical Mastercard\xae debit cards with Relay, and assign them to a specific checking account to simplify how you track expenses.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0f Emergency fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We all know what happens when businesses run out of cash \u2014 they have to cut staff, owners have to forego paying themselves, or they\u2019re forced to liquidate assets. These are all absolute last-resort options and should be avoided. One way to create a buffer against this scenario is to save money in an ","marks":[],"data":{}},{"nodeType":"text","value":"account with a dedicated emergency","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" fund for unexpected situations or expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set aside a small percentage of your monthly revenue and reserve it for your emergency fund. You can start small, but as long as you consistently set aside a portion of your income here, eventually, your emergency fund will grow. Having an emergency savings account can also help you avoid credit card debt, a potential hit to your credit score, or even a potential impact on your personal finances.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Relay lets you make percentage- or dollar-based transfers between your checking accounts, which makes setting aside money for an emergency fund much easier!","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc1 Payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For growing businesses, making sure you can cover every payroll cycle can get complicated if you don\u2019t have visibility into ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":". And given that almost 50% of employees begin a new job search after two paycheck errors**, it\'s helpful to track your payroll funds in a dedicated checking account to make sure you never fall short.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicate one of your checking accounts to payroll and regularly fund it with the necessary amount to cover a month worth of payroll. This way, you\u2019ll know at a glance if you have enough to cover employee pay, contractor pay and your own salary and can even fully ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"nodeType":"text","value":"automate your payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"! ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: If you bank with Relay and manage payroll with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":", you can integrate the two platforms and get shortfall alerts if you\u2019re ever at risk of missing payroll. 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It\u2019s one of the most common mistakes that business owners make \u2014 failing to save up enough to pay the IRS. Having a dedicated account just to store your taxes will help you avoid this. If you do nothing else, setting up a second checking account just for tax withholdings \u2014 separate from your spending account \u2014 can give you a lot of financial clarity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if your business brings in $10,000 a month and you pay 15% in taxes, you\u2019ll want to store away $1,500 a month in your tax account. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you own a small service-based business, bringing in $10,000 of revenue each month. 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This should immediately tip you off that something has gone wrong. Maybe you\'re still waiting on a payment from a client, or maybe sales took a hit this month. Either way, when you have multiple accounts for budgeting, you can see and catch this ahead of time and find a strategy to overcome it.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The benefits of using multiple bank accounts in Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simply put, using multiple bank accounts to categorize your cash flow in Relay gives you greater visibility into how you spend your money. And once you have this financial visibility, you can make better strategic decisions about where to allocate resources. Here are the main benefits of using multiple business bank accounts in Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Greater visibility into your current cash position. 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With multiple bank account budgeting, you can isolate categories and prevent cash flow issues in one area from affecting another.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Easier to save for taxes.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Small business taxes can get complicated, but you can make things a little easier on yourself by saving for the tax season in a separate account. When it\u2019s time to pay the IRS, you know you won\u2019t be caught off guard.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Faster bookkeeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". A big advantage of using multiple accounts in Relay is that it can speed up your bookkeeping since you already know which expense categories are associated with which account. Plus, Relay\u2019s direct ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"integrations with your favorite accounting software","marks":[],"data":{}}]},{"nodeType":"text","value":" speed things up further yet.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More secure","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". First, Relay business accounts are FDIC-insured via Thread Bank. But in addition to that, using just one checking account for receivables and allocating your funds to dedicated expense accounts keeps your information private. Better yet, online banking gives you more ways to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-safe-is-online-banking"},"content":[{"nodeType":"text","value":"keep your business secure","marks":[],"data":{}}]},{"nodeType":"text","value":" while banking conveniently.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Bank with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, by now you have a better understanding of how Relay can help you increase financial visibility and help you stay on top of your cash flow. If you don\u2019t yet bank with Relay but want a solution for multiple accounts budgeting, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"apply for a free account here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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What are these forms, and how do they work in conjunction with one another?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", we build business banking that makes your tax season easy. When you bank with Relay, you can collect W-9 forms at the time of payment and generate 1099 reports at year-end. But not everyone is familiar with how W-9s and 1099s work. If that\u2019s you, this guide will help you stay compliant and organized with both forms! 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Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a W-9 form?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-pdf/fw9.pdf"},"content":[{"nodeType":"text","value":"W-9 form","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is an Internal Revenue Service (IRS) tax form that is filled out by independent contractors who complete work for your business. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Think of it as a filing card containing information such as a person\u2019s legal name, address, taxpayer identification number (TIN), and social security number (SSN).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, you should collect this W-9 form from anyone who is not a part-time or full-time employee, such as independent contract workers, freelancers, self-employed individuals and sole proprietors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s best to always ask for a copy of the W-9 form at the onset of a worker\u2019s contract to ensure you have the contractor\u2019s information. (Tip: if you bank with Relay, this process is completely automated for you!)","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a 1099 form?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-pdf/f1099nec.pdf"},"content":[{"nodeType":"text","value":"1099 form","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is a tax form that ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"your business has to send to the IRS during tax season, and it\u2019s used to report any and all ","marks":[],"data":{}},{"nodeType":"text","value":"non-employment","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" income over $600 that you paid out to contractors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0What is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-misc"},"content":[{"nodeType":"text","value":"non-employment income","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" exactly? It includes:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Awards and prizes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Medical and healthcare income payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Crop insurance proceeds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash payments for fish purchased from anyone who makes a living catching fish","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash paid from a notional principal contract to an individual, partnership, or estate","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amounts to an attorney","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any fishing boat proceeds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or any other miscellaneous income.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This also includes income you paid to ","marks":[],"data":{}},{"nodeType":"text","value":"independent contractors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"self-employed individuals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"freelancers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1099 forms must be filed with the IRS","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Additional copies must be given to the payee and the state tax department (if applicable), and your business must keep one for its records.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As always, individuals must report all income earned on their tax return, which includes income reported on a 1099 form.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. 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Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Main difference between W-9 vs 1099\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main difference between a W-9 and a 1099 is that a W-9 is used by a business to collect information about a contractor that does work worth over $600 for the business, whereas a 1099 is used by the business to report to the IRS how much it has paid to contractors. In other words, W-9s flow from contractors to the business and are used to create 1099s at year-end, which then flow from the business to the IRS and other relevant parties.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s illustrate this with an example: you hire a freelance writer for your business blog. Before the writer turns in their first draft, you have them fill out a W-9 and file it away. Then, in January, you see the freelancer earned $1,000 for the current tax year. This freelancer now needs a 1099 so you can report their income to the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"W-9s are filed away by the business, acting almost like a catalog library for contractors. However, 1099s are filed with the IRS and a copy is sent to the contractor so they can file the income on their tax return.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who is considered an independent contractor?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How do you tell the difference between contractors and employees?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contractors provide services without being bound by the requirements of an employee. They can set their hours, use their own tools, refuse work, and complete work in their preferred way. They are also responsible for their health insurance and retirement accounts and submitting their taxes in the form of business taxes or self-employment taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees, on the other hand, must abide by set business hours, use the company\u2019s tools and strategies to do their work, and are usually provided health insurance and retirement accounts. Employees are issued W-2 forms, which report their wages paid with tax withholding for payroll taxes.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Do you need a W-9 to issue a 1099?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No, you do not need to get a W-9 to issue a 1099, as long as you can obtain a tax ID number or SSN from the individual (which ","marks":[],"data":{}},{"nodeType":"text","value":"is","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" required to issue a 1099). However, ","marks":[],"data":{}},{"nodeType":"text","value":"to shield your business from any penalties related to reporting false tax information","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", it is best to ","marks":[],"data":{}},{"nodeType":"text","value":"request that your contractors complete an IRS form W-9 themselves","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and send it back to you. This way the onus falls on them to supply you with accurate and up-to-date information.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Types of 1099s\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are many different types of 1099 forms, each used for a different type of income.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most popular is Form ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-nec"},"content":[{"nodeType":"text","value":"1099-NEC","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":", which is required for all contractors that earn more than $600 in a financial year. As a small business owner, this is likely the form you\u2019ll deal with the most often. But here are some of the other 1099 you may run into:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-int"},"content":[{"nodeType":"text","value":"1099-INT","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to report interest earned in the tax year to the IRS.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-div"},"content":[{"nodeType":"text","value":"1099-DIV","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to report dividend income earned in the tax year to the IRS.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-g"},"content":[{"nodeType":"text","value":"1099-G","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to register money received from governments.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-r"},"content":[{"nodeType":"text","value":"1099-R","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to report distributions or payouts from a pension or retirement account, as well as annuities and life insurance payouts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-b"},"content":[{"nodeType":"text","value":"1099-B","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" reports income from securities or property handled by a broker, such as the sale of stocks, commodities, and other securities.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-s"},"content":[{"nodeType":"text","value":"1099-S","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" reports income from real estate transactions during the tax year.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-misc"},"content":[{"nodeType":"text","value":"1099-MISC","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" form is a catch-all for income that doesn\u2019t fit into any other 1099 category.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Who is responsible for remitting the taxes?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners are responsible for sending a copy of each required 1099 form to the respective entity or individual. However, the business owner is not responsible for tax remittances. The individuals who received payment (and the associated 1099s) are responsible for remitting their own taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, there are some circumstances where the payer (i.e., the business owner that pays the contractor fee) ","marks":[],"data":{}},{"nodeType":"text","value":"is","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" required to withhold 24% of the payment. This is known as \u201cbackup withholding.\u201d In this situation, the backup withholding requirement should be noted on the W-9 form by the payment recipient (i.e., the contractor) so the business owner knows to withhold 24%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\u2019re the payer responsible for backup withholding, you are ","marks":[],"data":{}},{"nodeType":"text","value":"also","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" responsible for reporting that 24% to the IRS on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-945"},"content":[{"nodeType":"text","value":"Form 945","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and sending the withheld money to the IRS. These payments typically follow a schedule similar to payroll taxes (those reported on Form 941), which means you\u2019ll be making monthly or semi-weekly deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Backup withholding comes into play if:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The individual did not provide a correct Taxpayer Identification Number (TIN) on their W-9 form.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The contractor did not certify their TIN.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The TIN is incorrect according to the IRS.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IRS tells the contractor their income payments are subject to backup withholding because they didn\u2019t report interest and dividends on their tax return.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tips for submitting 1099 tax forms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know more about W-9s and 1099s, here you\u2019ll find some helpful tips for submitting 1099 forms to ensure the right ones get to the right people.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you should know that you\u2019ll receive multiple copies of the 1099 form (up to 5), with each one meant for a different recipient.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy A","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is meant for the IRS","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy B","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is meant for the recipient (i.e., the payee)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy C","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" will stay with you for record-keeping","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is meant for the state tax agency","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy 2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is also meant for the recipient","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Here are the steps in which you should approach W-9s and 1099s:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. ","marks":[],"data":{}},{"nodeType":"text","value":"Collect a W-9 from each contractor","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" at the beginning of your relationship. Don\u2019t wait until the end of the year to see if they\u2019ll earn more than $600. ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Relay allows business owners to automatically request a W-9 directly from your banking dashboard. Contractors will get an email and be prompted to input their information, meaning you\u2019ll never have to worry about inputting the wrong information yourself!","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. ","marks":[],"data":{}},{"nodeType":"text","value":"When tax season comes around","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", be sure that you are using the most recent tax year 1099 form, which can be filed by mail or electronically. ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: If you use Relay as your business bank, you can ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360058896132-Requesting-Payment-Information-from-Payees#h.flt8fuyinmmc"},"content":[{"nodeType":"text","value":"export all your 1099 data","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" into a CSV at year-end and bulk upload it into Track1099, Tax1099, QuickBooks or Xero \u2014 saving a ton of time and manual entry during tax season.","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5Oz1l7aAsp6nL0ba4MHKRC","revision":2,"createdAt":"2022-09-16T19:56:31.819Z","updatedAt":"2022-09-16T19:59:20.359Z","publishedAt":"2022-09-16T19:59:20.359Z","firstPublishedAt":"2022-09-16T19:57:07.081Z","publishedVersion":13,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Run W-9 Report Directly in Business Banking to Speed Up Tax Season","description":"Run W-9 Report directly in business banking to speed up tax season.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5Oz1l7aAsp6nL0ba4MHKRC/76419e1af31e1d5a31d5bbaa7bd778a8/Run-W9-Report-Tax-Season.png","details":{"size":355209,"image":{"width":3048,"height":1732}},"fileName":"Run-W9-Report-Tax-Season.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5beUwtneeQ0R6J3HkHYItz","revision":3,"createdAt":"2022-09-16T19:57:18.396Z","updatedAt":"2022-09-16T19:58:52.658Z","publishedAt":"2022-09-16T19:58:52.658Z","firstPublishedAt":"2022-09-16T19:58:42.588Z","publishedVersion":18,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Run W-9 Report In Relay","description":"Easily run W-9 Report In Relay and export all your 1099 data into a single CSV to upload it into your accounting software.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5beUwtneeQ0R6J3HkHYItz/4fcbe2f6d97068a56aef8bf41eb34b76/Run-W9-Report-Relay.png","details":{"size":114728,"image":{"width":1164,"height":780}},"fileName":"Run-W9-Report-Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3.","marks":[],"data":{}},{"nodeType":"text","value":" Fill out each 1099 form","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" using the information from the individual\u2019s W-9 form - their legal name, address, Taxpayer Identification Number or Social Security Number.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. ","marks":[],"data":{}},{"nodeType":"text","value":"Calculate","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" the total income you paid them during the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5. Submit Copy A to the IRS.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6. Submit Copy B and Copy 2 to the taxpayer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"7. Submit Copy 1 to your state tax department (if applicable)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"8. Keep Copy C for your records.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Important IRS dates & penalties","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The due date for sending Form 1099 to the IRS and your contractors is January 31 the following the tax year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If not filed or filed late, the following late penalties can be incurred:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$50 if filed within 30 days","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$100 if filed more than 30 days late but before August 1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$260 if filed on or after August 1, which is the same penalty if you do not file a 1099 at all","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to automatically collect W-9s with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a W-9 on file for everyone you pay non-employment income to is important. With Relay, you can easily collect W-9 information from contractors with just one click.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When\u2019s the best time to collect W-9 forms from your contractors? ","marks":[],"data":{}},{"nodeType":"text","value":"When you\u2019re paying them.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think about it: you\u2019ve just started the relationship, and they\u2019re already eager and excited to get paid, so having to fill out a form alongside getting their pay seems like an easy task. Compare that to sending your contractor a frantic email at the end of the year asking for a W-9 \u2014 it\u2019s much more likely to be ignored or get a delayed, last-minute response.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You completely avoid this tax season stress when you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"bank with Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay lets you automatically request W-9 forms from your contractors at the time of payment. Best of all \u2014 they\u2019ll need to upload their W-9 before they can get paid, making sure that you will actually get those forms back.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And when it comes time for tax season, you can export all of your collected W-9s as a CSV and upload them into ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to generate 1099s for each of your payees. That\u2019s hours of manual data entry work saved and avoided stress.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Get organized for tax season with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a way to simplify contractor payments \u2014 both while you\u2019re making them and at year-end, consider opening a free Relay account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is business banking built to keep you on the money, so you can understand exactly what you\u2019re earning, spending and saving and make the smartest decisions for your business. If you want better business banking, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"apply for a Relay account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" online (it takes 10 minutes).","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1663351436820,"customDate":1663351436820,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"same-day-ach","title":"Same-Day ACH: Everything You\u2019d Ever Want to Know ","description":"Same-day ACH has been a gamechanger for businesses and consumers alike, allowing us to move money and settle payments faster than ever before. But how does it work exactly? Here\u2019s everything you\u2019d need to know. ","metaTitle":"Same-Day ACH: Everything You\u2019d Ever Want to Know | Relay","metaDescription":"From paying your employees to paying your bills online, ACH payments are part of our daily lives. But what is same-day ACH and how does it work exactly? Here\u2019s everything you\u2019d need to know, including how to send same-day ACH with Relay. ","popular":false,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4FMQogwAAE7nqzbKEYI5jx/72cf37d641ec0d055d45e40bd2644dbb/CC_-__Same_Day_ACH_-_1920x1080.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From paying your employees, to paying your bills online \u2014 the Automated Clearing House (ACH) payments are just about everywhere.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And not too long ago, the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/"},"content":[{"nodeType":"text","value":"National Automated Clearing House Association","marks":[],"data":{}}]},{"nodeType":"text","value":" (NACHA) rolled out same-day ACH payments. These payments allow money to flow from one bank account to another with same-day processing, allowing for faster settlement times for payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having the option for faster payments using same-day ACH has drastically improved things for businesses and consumers alike. If you bank with us here at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you have the option of sending either same-day or next-day ACH payments, so we put together an overview of everything you need to know about this payment method.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-ach"},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-ach-work"},"content":[{"nodeType":"text","value":"How does ACH work?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#ach-payment-processing-timelines"},"content":[{"nodeType":"text","value":"ACH payment processing timelines","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-using-ach-over-other-payments"},"content":[{"nodeType":"text","value":"Benefits of using ACH over other payments","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-implementation-of-same-day-ach"},"content":[{"nodeType":"text","value":"The implementation of same-day ACH","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-same-day-ach-processing"},"content":[{"nodeType":"text","value":"Benefits of same-day ACH processing","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#send-same-day-ach-transactions-with-relay"},"content":[{"nodeType":"text","value":"Same-day ACH transactions with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive in. \ud83d\udc47 ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH, or Automated Clearing House, was established to allow different banks to transfer funds electronically. It is ","marks":[],"data":{}},{"nodeType":"text","value":"an electronic batch processing system","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that banks, such as the Federal Reserve banks and other financial institutions, use to bundle transactions for processing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ACH network, governed by the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/"},"content":[{"nodeType":"text","value":"National Automated Clearing House Association","marks":[],"data":{}}]},{"nodeType":"text","value":" (NACHA), is used for many direct deposit and payment transactions, such as payroll and bill payments. However, until same-day ACH was introduced, the funds would take a few days to settle.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cSettling\u201d is the process of banks matching their debits and credits between each other, in bulk. When the numbers match, these financial institutions settle what they owe each other at once. This is done in bulk because matching every single payment individually would make the cost of payment processing prohibitively expensive. Because of this bulk matching, ACH payments are cheaper than other types of transactions.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What\u2019s the difference between ACH and same-day ACH?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same-day ACH simply means that banks settle payments multiple times per day, whereas regular ACH payments are settled at multiple points throughout the week.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does ACH work?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a basic level, a single ACH transaction is simply an electronic file that contains some information. This includes things like the amount, where the transaction comes from, where it\'s going, and other relevant data. Every day, numerous such files are sent from each bank (known as the \\"originating depository financial institution, or ODFI) to the ACH network.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After the ACH network has collected these files, ACH operators then rebundle and transfer them to what are known as \u201creceiving depository financial institutions\u201d or RDFIs. In plain terms, you can think of RDFIs as banks (and other financial institutions) that have agreed to adhere to certain responsibilities when it comes to accepting ACH. These responsibilities include things like ","marks":[],"data":{}},{"nodeType":"text","value":"accepting and validating received ACH entries","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"promptly notifying originators (or ODFIs)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" about any incorrect information on entries.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ACH payment processing timelines\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments can take a few days to process \u2014 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/content/abcs-ach"},"content":[{"nodeType":"text","value":"typically one to two.","marks":[],"data":{}}]},{"nodeType":"text","value":" There are also cut-off times each day when a transfer will not be settled and processed until the next day. This processing window can also be delayed if an error code is returned, such as insufficient funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, \u201csame-day\u201d isn\u2019t instant. There are meticulous schedules for when transactions batch and settle each day. The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.frbservices.org/resources/resource-centers/same-day-ach/fedach-services-settlement-tips.html"},"content":[{"nodeType":"text","value":"Federal Reserve has a same-day ACH resource center","marks":[],"data":{}}]},{"nodeType":"text","value":" that details posting times (when funds move) for various types of ACH transactions. Cut-off times may also vary depending on both the originating and accepting institution.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the cut-off times for different types of payments for Relay customers as an example:","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Outgoing Transaction Type","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cut-Off Time","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Est. Settlement Time","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regular ACH","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3:00 p.m. PST /","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6:00 p.m. EST","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1-2 business days","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same Day ACH","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"12:00 p.m. PST /","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3:00PM EST ","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same business day","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Domestic Wire","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"10:00 a.m. PST /","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1:00 p.m. EST","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"End of same business day if sent ","marks":[],"data":{}},{"nodeType":"text","value":"before","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" cut-off","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"End of next business day is sent ","marks":[],"data":{}},{"nodeType":"text","value":"after","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" cut-off","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"International Wire","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"N/A","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Varies. Approximately 2-5 business days","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check sent by mail","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3:00 p.m PST /","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6:00 p.m. EST","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"8-10 business days","marks":[],"data":{}}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of using ACH over other payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, why would you want to send ACH payments over something else?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower transaction costs ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"Business-to-business ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" payments are one of the most cost-effective payment methods and can help merchants save on their processing fees. ACH payments vary by processor and bank but usually cost under $1, regardless of the amount paid. (Though you pay more for same-day ACH.) In comparison, credit card transactions cost around 2% of the payment amount and wire transactions can cost between $10 to $35 per transaction.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reduced payment failures ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 Credit cards can easily be lost, stolen, or expire, so setting up electronic ACH payments reduces the risk of any payment failure. Once account numbers are set up correctly, all transactions go through except in the event of insufficient funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014ACH payments are more secure than manual transactions due to both parties setting up recurring payments rather than requesting payment information each time. For instance, when you direct deposit employee pay via ACH, instead of a paper check, you save yourself the time and potential error of manually writing a check during each pay period. ACH also mitigates many common security issues such as misused credit card information, wire transfers sent to the wrong recipients, and cash theft.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recurring transactions ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014Recurring transactions are convenient for both parties and can help automate and speed up accounts payable. Customers don\'t have to worry about missing a payment, and businesses don\'t have to constantly remind customers to pay.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The implementation of same-day ACH","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2016, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/content/history-nacha-and-ach-network"},"content":[{"nodeType":"text","value":"NACHA debuted same-day ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" credits and in 2017 introduced same-day ACH debits. Suddenly, businesses were able to send up to $25,000 across the United States in one day.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2020, the same day ACH dollar limit per transaction rose from $25,000 to $100,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fast forward to 2022 and ACH payments are settled four times each business day, with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/same-day-ach-payment-limit-increase-1-million"},"content":[{"nodeType":"text","value":"transaction limit of $1 million","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ACH network keeps getting better to meet the needs for fast and efficient payments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of same-day ACH processing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same-day ACH services haven\u2019t been around for very long, but they\u2019ve already significantly impacted how people manage their finances. You likely regularly use ACH, but how does this same-day transaction method benefit business owners like you further?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve cash flow forecasting and ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"\u2014 Many small businesses rely on fast settlement windows on invoice payments to improve cash on hand. If you\u2019re stuck in net 30-90-day payment terms, liquidity is an issue. Setting up ACH agreements with clients reduces the need for interest-bearing funding (lines of credit, credit cards, etc.). Plus, the money is in the account within 24 business hours.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Faster account-to-account transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 If you use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":", ACH improves reporting accuracy. Companies who move money from a primary account to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-account","marks":[],"data":{}}]},{"nodeType":"text","value":", or pay a credit card bill, want their accounts to reflect these transactions as quickly as possible.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High transaction limit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 Service-based businesses sometimes have 5 and 6-figure transactions, incoming and outgoing. Getting same-day settlement can improve cash flow significantly. And having the option to send same-day payments to your vendors can sometimes help you avoid hurting those vendor relationships.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reduce cost for expedited payments ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 Same-day ACH saves you money when you need a payment to reach someone ASAP. For instance, if you really need to get material headed your way, sending the vendor a same-day ACH is much cheaper than other forms of payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same-day payroll","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 Where would you be without your team? Small business employees who know that money will hit their accounts on payday is an important element of trust and job security. Same-day ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-ach"},"content":[{"nodeType":"text","value":"payroll ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" helps you ensure that your team gets paid on time.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Send same-day ACH transactions with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a business banking solution that lets you send same-day ACH payments and gives you full control over your day-to-day money management, consider trying out ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online banking and money management platform built to keep small business owners on the money, and make sure you understand exactly what you\u2019re spending, earning and saving. You can apply for an account online in as little as 10 minutes: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register?"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1663339337704,"customDate":1663339337704,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":["category-payments"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-safe-is-online-banking","title":"How Safe Is Online Banking?","description":"Online banking is more convenient, gives you more features, and is less expensive compared to traditional banking. 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logins","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#customer-support-that-puts-you-first"},"content":[{"nodeType":"text","value":"\ud83d\ude0a Customer support","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bank-with-relay-for-better-security"},"content":[{"nodeType":"text","value":"Next steps if you\u2019re looking to switch","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When people ask whether online banking is safe, they\u2019re really asking ","marks":[],"data":{}},{"nodeType":"text","value":"two","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" questions:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Is my money safe (i.e., insured) if anything happens to the bank?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Am I safe from being targeted by hackers if I bank online?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll address both questions below. But first, it\u2019s helpful to think about why these questions arise in the first place. To do this, we can use a simple framework.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The convenience-security framework","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security is never black or white \u2014 it exists on a spectrum. And whenever we try to make something more secure, we tend to give up something else. Usually, we give up convenience.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4C3IKPwOOq75mO3vYDoCm4","revision":1,"createdAt":"2022-10-05T18:38:47.753Z","updatedAt":"2022-10-05T18:39:25.672Z","publishedAt":"2022-10-05T18:39:25.672Z","firstPublishedAt":"2022-10-05T18:39:25.672Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Is Online Banking Safe? Security vs Convenience Matrix - Relay","description":"Is Online Banking Safe? Security vs Convenience Matrix - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4C3IKPwOOq75mO3vYDoCm4/1b02e5d25b265ceb0c991dfb73b0c72e/Secury_vs_Convenience_Matrix_-_Relay.jpg","details":{"size":686386,"image":{"width":1920,"height":1972}},"fileName":"Secury vs Convenience Matrix - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We can use passwords to illustrate this. Re-using the same password for every login is very","marks":[],"data":{}},{"nodeType":"text","value":" convenient.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" After all, you only need to remember one thing! But the obvious trade-off is that re-using your password is about as","marks":[],"data":{}},{"nodeType":"text","value":" insecure","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" as you can get. So to improve security, we could start using unique, strong passwords for everything. Or we could turn on two-factor authentication. Each measure would make us more secure, but we would give up some degree of convenience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most people understand this \u201cconvenience vs. security\u201d trade-off ","marks":[],"data":{}},{"nodeType":"text","value":"intuitively","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". So when you consider moving your business banking online \u2014 a much more convenient way of managing money \u2014 it\u2019s natural to wonder if you\u2019re compromising security.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well, are you?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is online banking safe?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, online banking is safe. \ud83d\udd10 Digital banking platforms want to protect your money, and most accounts are FDIC-insured. On top of that, online banking platforms invest heavily in cybersecurity to protect their users. And in many cases, online banking features give you more security than you get with a traditional bank. Let\u2019s briefly touch on why this may be the case.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking at data from the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://2fa.directory/us/#banking"},"content":[{"nodeType":"text","value":"2FA Directory","marks":[],"data":{}}]},{"nodeType":"text","value":", which tracks institutions that offer two-factor authentication (2FA), we can estimate that ","marks":[],"data":{}},{"nodeType":"text","value":"roughly 22% of major US banks don\u2019t yet offer 2FA protection","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So while most major banks have caught up to the importance of 2FA, about a fifth still haven\u2019t. This may mean your bank account is less secure than Gmail.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most online banking platforms ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/9208835879700-Using-SMS-Two-Factor-Authentication-2FA-"},"content":[{"nodeType":"text","value":"come with 2FA","marks":[],"data":{}}]},{"nodeType":"text","value":", which is enabled by default in Relay\u2019s case. But online banking also gives you much greater control and lets you respond to security breaches quickly. We\u2019ll take a look at how this contrasts with traditional banking next.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Comparing online banking security vs. brick-and-mortar bank security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you pit online banking security against traditional bank security head-to-head, digital banking takes the edge. The unfortunate truth is that ","marks":[],"data":{}},{"nodeType":"text","value":"many traditional banks achieve security by inconveniencing their customers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". A typical example is having to physically travel to a branch if your account ever gets locked. (In some cases, this may mean ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/How-banking-with-Relay-helps-Salma\'s-remote-clients-avoid-month-long-delays"},"content":[{"nodeType":"text","value":"flying across the Atlantic","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".) Here\u2019s a high-level overview of how the two types of institutions stack up:","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security feature","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banks*","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FDIC insurance","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liability protection on cards","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multi-factor authentication","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udfe1","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Separate expense and reserve accounts","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26d4","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owner has direct control over cards","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26d4","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaborate on banking securely, without sharing login details","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26d4","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Customer support","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Phone, Email, Chat","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Phone, In-person","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"* Exact features may vary platform-to-platform. For the purpose of this comparison, features available to ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"},{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" customers are used as a stand-in for online banking.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\u2019s take a look at each security feature in more depth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Member FDIC insurance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve probably heard that you should only ever put your money into an FDIC-insured account. It\u2019s good advice. But what does it ","marks":[],"data":{}},{"nodeType":"text","value":"actually","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" mean?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FDIC insurance protects you, the account holder, in the case of a bank failure. If your bank runs out of money or files for Chapter 11 bankruptcy and you cannot withdraw your money, ","marks":[],"data":{}},{"nodeType":"text","value":"the FDIC will reimburse you for any losses up to $250,000","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to understand that FDIC insurance protects you from bank failure, but nothing else. It was established back in 1933 by President Roosevelt \ud83e\uddd1\u200d\u2696\ufe0f to increase the confidence and stability of financial institutions after numerous banks ran out of money during the Great Depression.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most banks nowadays come with FDIC insurance, and most consumers expect it. However, banks are not ","marks":[],"data":{}},{"nodeType":"text","value":"required","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" to have FDIC insurance by law, so it\u2019s best to do your due diligence and check if yours is insured. All Relay accounts, for example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360038850651-Evolve-Bank-Trust"},"content":[{"nodeType":"text","value":"are FDIC insured","marks":[],"data":{}}]},{"nodeType":"text","value":" through our partner institution, Thread Bank \u2014 which means your money is protected if you bank with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Liability protection on cards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If someone steals your debit card and goes on a spending spree \u2014 are you on the hook for the charges? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.mastercard.com/global/en/personal/get-support/zero-liability-terms-conditions.html"},"content":[{"nodeType":"text","value":"Liability protection","marks":[],"data":{}}]},{"nodeType":"text","value":" means you won\u2019t be, as long as you\u2019ve taken reasonable care in protecting your card and promptly notified your financial institution about any loss or theft.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should expect to have liability protection on your cards with most banks, whether traditional or digital. All ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" cards, \ud83d\udcb3 for example, come with Mastercard\xae Zero Liability Protection, which applies to any purchases \u201cmade in the store, over the telephone, online, or via a mobile device and ATM transactions.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Multi-factor authentication","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re likely already familiar with multi-factor authentication (MFA), also known as two-factor authentication (2FA). If you\u2019ve ever been sent a 6-digit code over SMS while logging into your email account, you\u2019ve used 2FA.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2FA is the number one way to protect your account. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.microsoft.com/security/blog/2019/08/20/one-simple-action-you-can-take-to-prevent-99-9-percent-of-account-attacks/#:~:text=By%20providing%20an%20extra%20barrier,percent%20of%20account%20compromise%20attacks."},"content":[{"nodeType":"text","value":"According to Microsoft","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"turning on 2FA can stop over 99% of account compromise attacks","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udcaa  Often, 2FA may be the only thing standing between you and a cyberattack because, in many cases, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://techcommunity.microsoft.com/t5/microsoft-entra-azure-ad-blog/your-pa-word-doesn-t-matter/ba-p/731984"},"content":[{"nodeType":"text","value":"even a strong password isn\u2019t enough to protect you","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is why all Relay accounts come with 2FA by default.","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We hope that by now it\u2019s clear that when it comes to standard protections like FDIC insurance, liability protection on cards and 2FA, ","marks":[],"data":{}},{"nodeType":"text","value":"online banking is just as safe as traditional banking","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". But let\u2019s go beyond the basics to see why online banking might actually be the ","marks":[],"data":{}},{"nodeType":"text","value":"more","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" secure option.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When online banking is more secure than traditional banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital banking platforms like Relay are built to give you complete control of how you manage your money. As a result, you also have more ways to protect your account and respond to potential threats. Let\u2019s dive into each.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Multiple checking accounts keep your information secure","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike most traditional banks, Relay, for example, lets you open up to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"20 free business checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"separate your funds","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" into dedicated income, \ud83d\udce5 expense \ud83d\udce4 and reserve \ud83d\udcb0 accounts. It may not be immediately obvious, but ","marks":[],"data":{}},{"nodeType":"text","value":"one benefit of having multiple checking accounts is increased security","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How is that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Say your account and routing number get exposed, and you are targeted with ACH fraud. If that account number is just one of many and holds a limited amount of funds \u2014 your exposure is minimized. After all, ","marks":[],"data":{}},{"nodeType":"text","value":"the attackers have no idea what your other account and routing numbers might be","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". However, ","marks":[],"data":{}},{"nodeType":"text","value":"everything","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" is compromised if you\u2019re storing all your funds in a single account and your information ends up in the wrong hands.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Full card control helps respond to threats quickly \ud83c\udfc3\ud83d\udca8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banking gives you better control over your cards than traditional banking, which also means better security. Relay, for example, lets you issue multiple cards on the go, \ud83d\uddc2 adjust spending limits in a few clicks, \ud83e\udd33 and instantly freeze a card \ud83d\ude45 if it\u2019s ever compromised.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2757\ufe0f This ability to lock cards instantly can be ","marks":[],"data":{}},{"nodeType":"text","value":"critical","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", as illustrated by the story of Madeline Pratt ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"discovering employee fraud","marks":[],"data":{}}]},{"nodeType":"text","value":" in her business. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"Read more here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below are the key things to know about how Relay cards.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can issue multiple cards. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Assigning cards for dedicated expenses will limit where and how you expose your card numbers. So even if one is compromised, others stay safe.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can change spending limits on the fly.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay lets you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4402294581012-How-to-Set-and-Edit-Debit-Card-Transaction-Limits-in-the-Relay-App"},"content":[{"nodeType":"text","value":"update your card spending limits","marks":[],"data":{}}]},{"nodeType":"text","value":" through the website or mobile app and have the new spending limit take effect instantly.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can change your PIN remotely.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You shouldn\u2019t have to visit a branch or wait on hold with someone to update your PIN code. With Relay, you can do this remotely.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can instantly freeze cards.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you ever need to secure your card for any reason, you can do it instantly using Relay\u2019s web portal or mobile app.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Role-based logins let you collaborate \ud83d\ude4c on banking securely","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, ","marks":[],"data":{}},{"nodeType":"text","value":"you\u2019ll eventually need to give banking access to a team member","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". It might be your accountant, \ud83e\uddd0 your lawyer \ud83e\uddd1\u200d\ud83d\udcbc or your administrative assistant, \ud83e\udd13 but you\u2019ll want to collaborate on banking with someone eventually.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banking platforms like Relay let you do this securely \u2014 with support for multiple users and role-based permission levels you can control. ","marks":[],"data":{}},{"nodeType":"text","value":"Most traditional banks, on the other hand, were built with just one user in mind","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". As a result, they lack collaboration features and leave you in the tough position of having to share your personal login information with anyone who needs access. \ud83d\ude30","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Customer support that puts you first","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fraudsters and security incidents don\u2019t follow a predictable 9 to 5 schedule, and digital-first companies understand this better than anyone. It\u2019s why here at Relay, we provide support through phone, chat and email \u2014 extending support outside regular business hours when needed. And we\u2019re proud to say that our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ca.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"4.5 Trustpilot score","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" reflects this commitment to our users.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bank with Relay for better security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We hope this overview gives you a fresh perspective on the role security plays in online banking, and why online banking is at least as secure as traditional banking \u2014 if not more so.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"6hAispLAA26GzUd3lZgYXY","revision":1,"createdAt":"2022-09-16T19:22:46.319Z","updatedAt":"2022-09-16T19:23:00.492Z","publishedAt":"2022-09-16T19:23:00.492Z","firstPublishedAt":"2022-09-16T19:23:00.492Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Chart comparing online banking safety vs traditional bank safety - Relay","description":"Chart comparing online banking safety vs traditional bank safety - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6hAispLAA26GzUd3lZgYXY/3330a65c4955bc583f4d03d07a0332fb/Chart_comparing_online_banking_safety_vs_traditional_bank_safety.jpg","details":{"size":465091,"image":{"width":1920,"height":1350}},"fileName":"Chart comparing online banking safety vs traditional bank safety.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to switch to online business banking, we\u2019d love to have you at Relay! 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Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. 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Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The changing banking industry","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up until the financial crisis of 2007-2009, it would\u2019ve been hard for customers to distinguish one bank\u2019s services from the next. You might stick with a bank due to better interest rates, or you might be loyal to a local credit union because of great in-person customer service. But for the most part, banks all looked the same to the end user. \ud83e\udd37","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But in the early 2010s, a new type of financial institution showed up: the neobank. Entirely online and powered by software, neobanks were able to offer a much better experience to their customers compared to brick-and-mortar incumbents.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the COVID-19 pandemic hit and communities shut down in early 2020, people were forced to find virtual alternatives to manage their everyday lives. Thus, the adoption of online banks accelerated.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what exactly is and isn\u2019t a \u201cneobank\u201d?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a neobank?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A neobank, or ","marks":[],"data":{}},{"nodeType":"text","value":"digital bank","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", is a bank without branches that operates completely online. Neobanks, sometimes called \u201cchallenger banks,\u201d combine banking services with financial software to deliver a robust yet simple user experience with helpful business integrations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that most neobanks aren\u2019t technically considered full-fledged \u201cbanks\u201d due to the barriers restricting banking licenses. Instead, they partner with \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.finextra.com/blogposting/20099/what-the-hell-is-banking-as-a-service-and-what-is-it-not"},"content":[{"nodeType":"text","value":"Banking as a Service","marks":[],"data":{}}]},{"nodeType":"text","value":"\u201d (BaaS) providers to offer financial services like FDIC-insured checking accounts, money transfers, and withdrawals. For example, Relay partners with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.thread.bank/"},"content":[{"nodeType":"text","value":"Thread Bank","marks":[],"data":{}}]},{"nodeType":"text","value":", enabling every account to be FDIC-insured  so you can be confident that your money is protected.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Neobank FinTech (financial technology for short) gives customers features that traditional banks simply don\u2019t offer. For instance, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" offers free business accounts, \ud83d\udcb0detailed transaction data, \ud83d\udcca direct API integrations into accounting software, \ud83e\uddee mobile banking, \ud83c\udf10 lower fees on currency conversion \ud83d\udcb1, and advanced features that let you manage and pay bills directly from your account. \ud83d\udcb5 Sounds comprehensive, doesn\u2019t it? That\u2019s because it\u2019s built from the ground up to truly serve the needs of business owners.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\u2019s compare this to traditional banking.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a traditional bank?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A traditional bank is a financial institution that primarily operates from a physical location. While some traditional banks offer limited online banking features, most still rely on physical branches to solve your banking needs. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Qualifying for an account\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Qualifying for an account is very different for these two banks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you would expect from such a huge banking institution, Chase offers solutions for virtually every size of business. The options range from sole proprietorships all the way to large corporations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of account minimums, Chase\u2019s lowest balance required is $2000, a solid alternative for the smaller businesses, especially those affected by Brex moving upmarket.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chase also provides clear-cut requirements and online applications, which makes qualifying and applying for an account a reasonable process. However, potential account holders must provide their personal social security number for all business accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex does not aim to serve every small business out there. In fact, they evaluate each application on a one-on-one basis. They don\u2019t require personal identification (in the form of your SSN). ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, Brex\u2019s onboarding team does an evaluation of your spending, account balances and other aspects of your business to see if you\u2019re a fit for them. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d Banking collaboration with accountants","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is an area where Brex has a clear advantage over Chase. Brex offers integration with all major accounting platforms whereas Chase does not.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chase reserves these accounting integrations and other collaborative tools for their medium and large business offerings, so be prepared to send .csv files back and forth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex lets business owners issue read-only access to their financial advisors, accountants and bookkeepers \u2014 making collaboration much more seamless. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5PUoy4Z1r2sJOiEku7PviY","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":3,"createdAt":"2023-10-30T17:41:09.370Z","updatedAt":"2024-03-22T20:40:44.793Z","firstPublishedAt":"2023-10-30T17:43:27.909Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Subscribe to On The Money","ParagraphText":"Monthly newsletter from Relay, covering the latest news for your small business","buttonText":"Subscribe","url":"https://relayfi.com/blog/on-the-money-news","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3PNJFrb9RWlI2sWx9NF8Kj","revision":1,"createdAt":"2024-02-29T15:58:15.045Z","updatedAt":"2024-02-29T15:58:38.356Z","publishedAt":"2024-02-29T15:58:38.356Z","firstPublishedAt":"2024-02-29T15:58:38.356Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Subscribe to On the Money","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3PNJFrb9RWlI2sWx9NF8Kj/9b6787d6c51c7d143b7dfee853a5b222/On_The_Money_News_-_Square_Header.jpg","details":{"size":263351,"image":{"width":675,"height":675}},"fileName":"On The Money News - Square Header.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Cashback and rewards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chase and Brex both offer rewards programs for businesses that spend ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chase does it exclusively through their business credit card products and the type of rewards will vary depending on which card a business chooses. Some offer benefits for travel and others offer more attractive cash back rewards. For instance, most of their small business credit cards have a statement credit bonus of at least $750, when you meet the spending criteria.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another significant difference is that many corporate credit card options from Chase come with an intro offer (e.g. 0% interest for a number of months). Brex doesn\u2019t seem to have intro APR rates.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Typically, Chase uses a rewards points system that is redeemable for cash, travel rewards, dining, and merchandise partnerships (Apple for example).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex rewards also use a point system that allows users to redeem the points they accumulate over a set time period. Businesses earn points on common startup purchases, like 7X points for rideshare companies, 4X points for Brex travel options, and even 2X points on software subscriptions. Their rewards program includes discounts on business apps, software and crypto, as well as cashback and travel points.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd01  Accounting Features","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Brex, startups can create expense policies for employees, and employees can request the ability to make purchases using API access, increase limits or get vendor-specific cards. While Brex does not directly pull unpaid invoices from your accounting system, like Xero or QuickBooks Online, businesses can send their unpaid invoices to Brex by email.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chase doesn\u2019t offer any type of automated or assisted accounting solution for small businesses. These types of integrations are reserved for their commercial banking division that works with larger businesses. If you\'re looking for the ability to set spending limits, issue digital cards, or any sort of expense management \u2014 Chase does not support this.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83c\udd9a Verdict: Which banking alternative is right for you?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So which is the best bank: Brex or Chase? The answer will depend on the size of your business and the banking features you\'re looking for. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chase is a traditional brick-and-mortar bank, complete with slow-moving transactions and fees for nearly every kind of transaction.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you need any sort of automation, spend control, collaboration (with an accountant), or just don\u2019t want to see fees on your statements each month \u2014 Chase is not the small business option.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex, as a neobank, offers a digital banking experience with little to no fees, but only if your business qualifies to bank with them.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If neither Brex nor Chase are a fit for your business, then consider an online banking and money management platform like Relay. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Business banking with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re like most SMBs, you probably don\u2019t fit into the \u201cventure-backed\u201d box. And even though a big bank has account options with low account requirements, it doesn\u2019t mean you want to get charged for every wire or ACH transaction you send. 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Ramp is a business credit card and spend control tool, geared toward small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Brex abandoning the SMB market, many business owners are looking for other banking and corporate card options for their day-to-day banking needs. Is Ramp the right alternative? And are there any other solutions?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article will compare Brex vs Ramp so that you can better understand what alternatives are available for your business. 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that have a significant amount of funding.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To cater to this demographic, they offer a whole suite of products including:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An all-in-one financial platform to help businesses spend smart and grow fast","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unique reward program, with partnerships and providers tailored to startups","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrations with popular accounting 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A simple decision such as clients\u2019 banking can have a profound impact on your own practice, workflows, and tech stack. Which is why you need to be in control of the conversation.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3aKicCmIphhu0C2r6QLPDh/d8d2a59dfb06099a7853425788adb577/Relay_Blog_Cash-Flow_2.jpg","details":{"size":879554,"image":{"width":2000,"height":1125}},"fileName":"Relay_Blog_Cash-Flow_2.jpg","contentType":"image/jpeg"}}},"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow advisory services present one of the top opportunities for firm revenue growth, according to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.xero.com/content/dam/xero/pdf/uk-2018-accounting-bookkeeping-industry-performance-report.pdf"},"content":[{"nodeType":"text","value":"report by Xero","marks":[],"data":{}}]},{"nodeType":"text","value":". The same report shows that firms which offer advisory services in addition to compliance make 66% more revenue per client than their compliance only counterparts. Yet","marks":[],"data":{}},{"nodeType":"text","value":", while 52% of accounting firms say they want to offer advisory services, only 11% actually do","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So if firms that provide advisory services earn significantly more revenue than those that offer only compliance, why isn\u2019t everyone doing it? Time, effort, complexity and confidence \u2014 these are some of the most common reasons firms shy away from advisory services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But for those willing to step into the world of cash flow advisory, key revenue opportunities abound. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Adding value with cash flow advisory","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As well as unlocking new revenue for your firm, cash flow advisory services can truly add value to what you offer your clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://floatapp.com/"},"content":[{"nodeType":"text","value":"Float","marks":[],"data":{}}]},{"nodeType":"text","value":", we asked businesses what more they want from their accountants. 31% said they wanted more business advice, 30% said they wanted their accountant to be more proactive and 27% said they wanted their accountant to provide a cash flow forecast. We also asked business owners where they would focus if they were starting again today \u2014 unsurprisingly, cash flow, budgeting and business planning came out on top.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clients don\u2019t always understand the value of a cash flow forecast straight away, so be prepared to deal with initial objections. Even if you have identified an ideal client, they may be hesitant to pay extra for a service they don\u2019t fully understand. Reframe how you talk about advisory with your clients \u2014 explain how a cash flow forecast can help you make important business decisions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good way to introduce the idea of a cash flow forecast is to ask your client what their plans are. Then you can work with them to create a forecast that maps out the steps they need to take to reach their goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tailor your approach and match it to their needs \u2014 perhaps they are a small company now but looking to grow? Get the building blocks in place before you need them. Explain how a cash flow forecast can help them make better decisions around timing and budgets. Your client may have a small team just now but if they have plans to grow, they\u2019re not going to be able to keep all of their business finances in their head for much longer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Communicate complex matters easily with a cash flow forecast","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think of a cash flow forecast as a communication tool you can use to speak to your clients about their business finances. While technology is important, good old fashioned communication is indispensable. That\u2019s why in Float we\u2019ve created simple, visual reports you can share with your clients that are super easy for them to understand. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Presenting your clients with a visual representation of their cash flow can be a powerful way to add value to your professional relationship. Seeing the data laid out clearly before them will soon turn your clients into cash flow forecasting advocates - not to mention give your revenue a healthy boost.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How to roll out cash flow advisory","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by identifying the ideal client or clients for cash flow advisory services. These prospective clients include those who are:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Asking for cash flow forecasting services","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Struggling to predict cash flow or are aware of an upcoming cash gap","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Growing quickly or undergoing change","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve identified your ideal client, it\u2019s time to roll out a pilot. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meet a handful of clients and create cash flow forecasts that address their business pain points. Meet with them once a month over 3 months to discuss their progress and keep their progress on track. Then, at the end of the three month period, review how it went and what goals it helped them achieve. Getting dates in the diary is good to keep the ball rolling with your clients, but remember it can also help your own business be more balanced in the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://floatapp.com/"},"content":[{"nodeType":"text","value":"Float","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" we take great pride in supporting your learning journey and actively help accounting firms to educate their clients on the merits of cash flow forecasting. We have a library of accountant and bookkeeper resources on our website to help too, and a friendly partner success team always ready to talk at the end of the phone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"Isn\u2019t it time you added ","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://floatapp.com/partners/"},"content":[{"nodeType":"text","value":"cash flow advisory services","marks":[{"type":"bold"},{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" to your offering? 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But with the right plan in place, you can split profits in a small business partnership both fairly and effectively. ","metaTitle":"How to Split Profits in a Small Business Partnership | Relay","metaDescription":"Are you considering a business partnership? Find out how to split profits in a small business partnership both fairly and effectively.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2K5u3MzwmM9UQBmyRIHjZe/06f0f4d1ace55fac96881faf3e1f51cb/Relay_Updates_Blog_Header_-_How_to_Split_Profits_in_a_Small_Business_Partnership.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When starting a business, roughing it alone can sound overwhelming. That\u2019s why many choose to go into business with a partner \ud83e\uddd1\u200d\ud83d\udcbc+\ud83e\uddd1\u200d\ud83d\udcbc. Having a partner means you\u2019re able to share responsibilities, unloading the weight of running an entire business yourself. But with partnerships comes their own challenges. The number one? Deciding how to share profits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deciding how to split profits can be an uncomfortable task. But with the right plan in place, you can be sure your profit-sharing agreement is both fair and simple.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re sharing tips on how to split profits in a small business partnership so you can better take control of your money. After all, we\u2019re in the sharing mood! So whether you\u2019re a new business or a sole proprietorship thinking about switching to a business partnership, let\u2019s dig in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is partnership profit sharing? \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partnership profit sharing is the method of deciding how to split your business profits between partners. In a business partnership, you get to decide how you split the profits but all partners must agree on a profit-sharing ratio. You can choose to split the profits equally, or each partner can receive a different base salary and the remaining profits will be distributed evenly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you form an equal partnership (50/50) between two people, both co-owners must approve the final profit-sharing agreement. But if you have an uneven partnership ratio, the partner with the majority share in the business will make the final decision regarding profit-sharing ratios.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whatever ratio you decide on, you\u2019ll need to create a formal partnership agreement to document everything in writing. But first, let\u2019s look at some aspects to consider when deciding on the right profit-sharing ratio.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to consider when deciding on profit sharing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before making a partnership profit-sharing decision, there are a few components that you should consider in order to ensure the profit split is fair:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider how many partners are involved in your business. Are there two, three, or more people?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What are everyone\'s roles and responsibilities? Do some partners contribute more than others? Are all roles equally compensated?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How are the company\'s shares and ownership distributed? If there are two partners, the profit share is likely to be divided equally. Or, does one person have majority ownership and authority?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Asking yourself these questions will help you understand how each partner contributes to the business which will inform splitting profit fairly. But how exactly can you do that?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to split profits fairly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number one thing to consider when splitting profits is how to do so fairly so all parties involved feel accurately compensated. Each partner must agree on a ratio before documenting it in writing. Follow these four steps to ensure you split profits in a business partnership fairly.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. \ud83d\udcc2 Determine the type of partnership","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before making any business decisions about splitting profits with your partners, you\u2019ll need to create a business partnership agreement. This includes deciding on the type of business you want to create.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business structure affects how you pay taxes, your ability to raise money, the paperwork you file, and, most importantly, your personal liability. The two most likely ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.sba.gov/business-guide/launch-your-business/choose-business-structure"},"content":[{"nodeType":"text","value":"business structures","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" you\u2019ll decide between are a limited partnership or a limited liability partnership.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Limited partnership (LP)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Limited partnerships, also known as general partnerships, have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner \u2014 the partner without limited liability \u2014 must also pay self-employment taxes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Limited liability partnership (LLP)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each limited partner from debts against the partnership, they won\'t be responsible for the actions of other partners.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. \ud83d\udcb8 Agree on a profit-sharing ratio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trickiest part of splitting profits is deciding on a fair ratio for all parties involved. There is no one-size-fits-all answer for what a good profit-sharing ratio is for all businesses. As a general rule, if there are two people in the partnership, it\u2019s 50/50, and if there are three people, it\u2019s a \u2153 split. The biggest thing to remember is that no matter how you split your profits, the percentage must equal 100.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, imagine you have three business partners. Two partners contribute to the day-to-day business, and the third only contributes part of the time. In this case, the partners agreed to split the profits 40/40/20.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How many partners you have, what each partner does, and how much money each partner has invested will all play a factor in how you split up profits. While an equal (50/50) partnership may work for a business with two partners, other partnerships may be slightly more complicated and require that one or two partners receive more profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. \u270d Document your profit-sharing agreement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\u2019ll want to document your profit-sharing agreement in writing. This may require professional help from a lawyer, although it\u2019s not legally required. The written agreement should be finished before any profits are split.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Things to include in the operating agreement include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit sharing ratio","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Include how the profits and losses will be split and how and when each partner will get paid.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contributions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The assets, whether cash, property, or equipment, each partner is contributing to the business.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Decision-making ratio","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The percent of authority each partner has when making decisions. This will likely be the same as your profit-sharing ratio.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Duties","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Outline each partner\u2019s duties and document them in the agreement.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. \u23f0 Revisit the partnership agreement annually","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the agreement is in place, it\u2019s a good idea to revisit the stipulations, at minimum, annually. After all, business dynamics and goals change rapidly. Revisiting it often will ensure that all partners remain on the same page, preventing problems and discrepancies down the road.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Partnership profit sharing example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To give you a better understanding, let\u2019s look at an example of how to split profits in a business partnership.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\u2019s say you started your business yourself as a sole proprietorship. Now, you\u2019re in a position to expand and need two partners, one to run the finances of the business and one to manage the employees. That leaves you to continue managing the daily duties of the business.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you started the business yourself and manage the daily duties, you decide to start a limited partnership. This means you have unlimited liability and majority control over the company, while the other two partners have limited liability. Therefore, the profit sharing ratio is 50, 25, 25.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partner 1","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partner 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Share","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$150,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$75,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$75,000","marks":[],"data":{}}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\\nProfit sharing advantages and disadvantages","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When considering if splitting profits and forming a business partnership is right for you, weighing the pros and cons can help you make the right decision. While the obvious downside is making less money, a partnership offers many great benefits like shared responsibility and labor.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Pros of splitting profits: \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a business partner allows you to share the financial burden for expenses and capital contribution.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business partner can bring both cash and connections to your company.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By sharing the labor, a partner lightens your workload and helps relieve some stress.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With a partnership, you get tax benefits. This is because each partner only pays taxes on their individual share.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cons of splitting profits: \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, the number one con is that you have to split your business profits, potentially cutting your salary significantly.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A partnership means you also share any business losses and debts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Conflict can occur in a business partnership due to profit sharing and decision-making.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you or your partner wish to sell the business or their share down the road, it could be difficult to agree on a decision or buy-out plan.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Compare 11 best Novo alternatives to find the right one for your business.","metaTitle":"11 Best Novo Bank Alternatives | Relay","metaDescription":"Looking for a bank account with robust features and minimal fees? Compare 11 best Novo bank alternatives to find the right one for your business. 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We\u2019ve put together 11 of the most popular business bank options to fit your needs, including neobanks, traditional banks and dedicated expense management platforms.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the best Novo alternatives for 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here are the best Novo alternatives grouped by category:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#neobank-alternatives-to-novo"},"content":[{"nodeType":"text","value":"\u26a1 Best neobank alternatives","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#expense-management-alternatives-to-novo"},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Best expense management 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spend, save and plan more efficiently with unparalleled clarity into operating expenses, cash flow and accounts payable. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Make the switch today","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1659711391014,"customDate":1659711391014,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"accounting-software-guide-for-property-managers","title":"Accounting Software Guide for Property Managers","description":"What do property managers need in an accounting software? Here are some things to consider when choosing an accounting system to use for your rental business.","metaTitle":"Accounting Software Guide for Property Managers | Relay","metaDescription":"What do property managers need in an accounting software? Here are some things to consider when choosing an accounting system to use for your rental business.","popular":false,"category":"Insights","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1QDiJif7PSCZfgp77GLwkC/58ac3b08e10a4c662b39d0182aa07ba2/Relay_Updates_Blog_Header_-_Accounting_Software_Guide_for_Property_Managers.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial documentation is a vital component of property management and real estate. And, choosing the right banking tools and accounting tools is paramount to your business success. \ud83d\ude80 As a new or seasoned property manager, you may be contemplating which type of accounting software to use for your rental business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article will dive into the options available, what property managers need in an accounting program, and a comparison between traditional accounting platforms versus dedicated property management software to see which solution is best and most effective in helping you manage your properties, tenants, and rental business. \ud83c\udfd8\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#available-accounting-tools-on-the-market-for-property-managers"},"content":[{"nodeType":"text","value":"Available accounting tools on the market for property managers","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#choosing-the-right-type-of-accounting-software-for-your-rental-management"},"content":[{"nodeType":"text","value":"The importance of choosing the right type of accounting software\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-about-paper-ledgers-and-spreadsheets"},"content":[{"nodeType":"text","value":"What about paper ledgers and spreadsheets?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-to-look-for-in-an-accounting-software-program"},"content":[{"nodeType":"text","value":"What to look for in an accounting software program","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-to-look-for-in-a-property-management-software-solution"},"content":[{"nodeType":"text","value":"What to look for in a property management software solution","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#tips-for-finding-the-best-property-management-accounting-software"},"content":[{"nodeType":"text","value":"Tips for finding the right program for your accounting needs","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Available accounting tools on the market for property managers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Property managers have many options available to help track financial transactions but the main two are accounting software and property management software.\xa0\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Accounting software options","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the digital world of bookkeeping, accounting software can be categorized into two groups: generic accounting programs or specialized accounting software.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Generic accounting software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is designed to allow you to track income and expenses for any business type.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"General accounting software provides ledgers that track income and expense transactions and provide simple financial reports. There are many companies offering both online and offline options under the general accounting software umbrella.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whereas ","marks":[],"data":{}},{"nodeType":"text","value":"specialized accounting software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" may have components that are more tailored to a specific industry.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within a specialized accounting software, you can track rent payments and property expenses as well as separately track your rental business income and expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many general accounting programs offer upgrades to their specialized versions. For example, QuickBooks offers general accounting software but requires a significant upgrade to get access to a more specialized accounting system for property management professionals that allows the ability to toggle or simultaneously access both the rental income, expense ledgers, and your rental business operating ledgers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To learn more about the nuances of using QuickBooks exclusively for property management, check out the following resource guide.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Resource Guide:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/quickbooks-vs-property-management-software/"},"content":[{"nodeType":"text","value":"QuickBooks vs. Property Management Software","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Property management software choices","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The next level of accounting software is ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated property management software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", also known as landlord or rental management software.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A dedicated property management software has all the same components of a good accounting program but also provides additional management tools specialized for the rental industry\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can find property management software solutions that range from very basic to an integrated full-service suite that integrates all the tools and resources a property manager may need for efficient management.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we go into the similarities and differences between general accounting software programs versus a dedicated rental management software choice, we\u2019ll address why this choice is important and what fundamental components to look for in each.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the right type of accounting software for your rental management\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you need to travel across the country in the most efficient manner, you wouldn\u2019t choose to purchase a bicycle \ud83d\udeb2 for the journey, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead, you\u2019d take into consideration all the different vehicles that would help you make the trip safely and efficiently. You\u2019d not just look at price but also fuel efficiency, vehicle maintenance, cruise control and comfort.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same holds true when you\'re looking for the best property management accounting software for your rental needs. The right tool with the right combination of integrations and resources is vital to help you go the distance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a minimum, good accounting software will not only help you with money management by providing access to key financial reports but should also simplify other tasks like tax reporting and regulatory compliance.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What about paper ledgers and spreadsheets?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These days, hard-bound paper ledgers \ud83d\udcc3 are becoming rarer due to the use of online spreadsheets \ud83d\udcca. It is important to understand that both methods are simplistic and present inherent obstacles to landlords and property managers in tracking income and expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obstacles such as the potential for increased human error, lack of automation and regulatory compliance, difficulty in parsing information, and the like, can hinder business growth and be a source of stress and frustration.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you\u2019re only managing one or two properties, the same obstacles and risks are involved in managing your property\'s finances on paper or simple spreadsheets; especially when dealing with legal matters such as evictions or state or federal audits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because paper ledgers and spreadsheets can be unreliable for meeting the important needs of a property manager, it\u2019s best to consider transitioning to a software program.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0a  Deep Dive:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/spreadsheets-vs-property-management-software-for-rentals/"},"content":[{"nodeType":"text","value":"Spreadsheets vs. Property Management Software for Rentals","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spreadsheets alone are not enough to handle the complexity of property management tasks and responsibilities. As a stand-alone tool to track income and expenses, a spreadsheet could be utilized but as a property management accounting tool, it lacks very important features a landlord will need.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to look for in an accounting software program","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With so many choices, having a clear idea of what to search for is helpful. When evaluating different types of software, here are some important questions to consider:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"When evaluating accounting software make sure you can:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create your own chart of accounts (income and expense categories)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sync your financial institution banking data to your accounting software for reconciliation and bill pay","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create ledgers dedicated for each tenant and each property","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Have ledgers dedicated for owner portfolios if you are managing properties for other owners","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make ledgers that match your real-world financial banking such as ledgers for savings accounts, operating accounts, credit card accounts, mortgages, loans, undeposited funds, unrecorded funds, and petty cash","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Give permission-based user access (such as to office staff, bookkeeper, and accountant)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Perform easy monthly reconciliations\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pull comprehensive and specific financial reports like cash flow statements and balance sheets","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create forms needed for tax reporting such as 1099s\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Access information needed for regulatory compliance (licensing, State Board audits, etc)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll also want to consider the security of your data. Consider using a cloud-based solution \u2601\ufe0f versus a program you load onto your computer. Cloud-based solutions offer network redundancy and additional security measures. In either case, be sure your software provides 2-factor authentication (2-FA) options, customized user permission settings, and other security measures.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to look for in a property management software solution","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to all that was mentioned above, property management software should have the following added functionality\xa0 to meet the unique needs of property managers:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relationship management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relationships are the key to a successful rental business. It\u2019s easy to make your tenants and owners happy with the right tools. Look for property management software that lets you offer your tenants an online portal and mobile app so they can submit work orders, schedule and pay rent online and see their statements at a glance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you manage portfolios for other property owners, look for software that gives owners their own portal as well where they can send owner contributions, see their property and portfolio ledgers and access shared files.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcf1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Communication tools","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good property management software will have text messaging and automated and customizable email templates built into the program to help streamline day-to-day operations.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Maintenance management and tracking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check to ensure the software allows you to assign maintenance requests, send work orders to vendors and owners, prioritize repair requests, and manage all your maintenance needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Marketing vacancies","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many property management software providers let you submit your vacancies to a syndication network to get more exposure and leads. The more syndicated sites the software connects to, the greater odds you\u2019ll fill your vacancies faster. If the software offers syndication, but not lead management, it might not be a good fit for you. You should be able to save and communicate with leads directly from your software.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddc3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Document management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From customizable forms to e-signatures, the best property management software should make document management a piece of cake.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Online payment processing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These days, giving your tenants options on how to pay rent is a must. Your rental software should integrate with a merchant processor and cash payment network so you can accept rent payments. This one tool alone is a game-changer. 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Here are a few tips to help you find the right fit for your rental business needs.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd13 Get expert advice","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may find your accountant has strong opinions about which accounting solution you should use because of their own familiarity and preferences.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember that the program you decide to use should meet your business needs first.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As long as the software has the needed financial reports your accountant may require and allows you to customize or create your chart of accounts (income and expense categories), all accounting and property management software should be able to accommodate your accountants\' needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most landlords track income and expenses with cash-based accounting while some property management track operating expenses with accrual-based accounting. If you don\u2019t already know, ask your accountant about cash-basis versus accrual accounting before shopping for a program so you can discuss your needs with the software provider.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Consider future goals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check to see if the software routinely provides product updates and featured resources. 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Some very low-cost software providers charge much higher prices for screening, data, payment processing, and other ala-cart items. Some very expensive software providers do the same so take care to weigh the total costs against the user experience, customer service, and features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are some great software providers who opt to offer their services at very affordable rates. Additionally, they may offer discounts on tenant screening reports, unlimited data storage, and discounted and/or free payment processing if you use their software. But don\u2019t assume they do, ask about any additional fees you may incur.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that some contract terms can work in your favor. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udd9a Full-stacked vs frontend-focused neobanks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main difference between a full-stack and frontend-focused neobank is that a full-stacked neobank is a bank with its own banking license, whereas a frontend-focused neobank is not a bank, but rather a financial technology (fintech) company that partners with a traditional bank to offer FDIC-insured digital banking services.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monzo (in the UK) and N26 are examples of full-stack neobanks whereas Relay and Mercury are examples of frontend-focused.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What should business owners look for in a digital bank account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we dive into the top picks for the best neobanks, let\u2019s first talk about the common challenges we face with traditional banking and what you ","marks":[],"data":{}},{"nodeType":"text","value":"should","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" look for in a digital banking service.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Common challenges with traditional banking\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 ","marks":[],"data":{}},{"nodeType":"text","value":"High fees or minimums just to hold a bank account. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Many banks will charge monthly fees just to hold an account, require minimum balances to waive fees, and charge multiple fees for making payments such as ACH or wire transfers.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 ","marks":[],"data":{}},{"nodeType":"text","value":"In-person branch visits for basic banking tasks. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Many traditional banks still require you to visit the branch in order to do simple things like change signees on a business credit card or update your personal investment portfolio. Which, in today\u2019s day and age, is quite tedious.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc0c ","marks":[],"data":{}},{"nodeType":"text","value":"Slow and inconsistent customer service. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Traditional banks are notorious for their poor customer service. I\u2019m sure you\u2019ve experienced waiting on hold on the phone \u2014 sometimes for hours \u2014 just to talk to someone at your bank. Or perhaps you\u2019ve been given completely different information about the process of opening a bank account depending on which branch you go to.\xa0\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca ","marks":[],"data":{}},{"nodeType":"text","value":"No real visibility into your day-to-day financials. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Traditional banks tend to offer only one checking account when you open either a business or a personal account. This makes it difficult to compartmentalize cash into separate accounts, identify overspending or practice budgeting methods like the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Benefits of a neobank\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Low fees and minimum balances. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Since neobanks operate entirely online and have no physical branches to maintain, they are able to offer their customers no-fee account options with lower or no minimum balances.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc2 Multiple checking accounts. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The cost-savings of low account fees allow neobanks to offer multiple checking accounts for free to customers, which is an advantage for those of you who like to compartmentalize money into different accounts.\xa0\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b50\ufe0f Opening an account is easy. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With most neobanks, you can easily open an account in minutes in the comfort of your own home without having to visit a physical branch.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfea Convenience. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.statista.com/statistics/1239598/reasons-to-adopt-challenger-banks-us/"},"content":[{"nodeType":"text","value":"According to research from Statista","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"the number one reason US consumers sign up for an online banking account is convenience. With neobanks, you can bank 24/7, online or via mobile app without the need to ever visit a physical branch. And should you have any support requests, neobanks have robust customer support teams that offer dedicated support when you need it.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best neobanks: Our top 20 picks\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that we know what a neobank is and some of the pros and cons of online banking, let\u2019s dive into our shortlist of the best neobanks for business banking, personal banking and some honorable mentions.\xa0\ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe2 Best neobanks for business banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First up, we have the top business banking platforms. Keep in mind, not all businesses are the same, but the right banking partner should help you meet your business needs and set you up for financial success.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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With banking services provided by Thread Bank, Members FDIC, Relay goes above and beyond the everyday banking basics with:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees, overdraft fees or minimum balances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 20 individual checking accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"50 virtual or physical Visa\xae debit cards","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payments and deposits via ACH, wire and 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Having a cash budget helps you understand how much money you have and where you can make adjustments to free up cash.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we want to make it easy to understand precisely what you\u2019re earning, spending and saving so you can make the smartest decisions for your business. But with so many different budgeting methods to choose from, it can be challenging to find the right one for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we put together an entire ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"series about business budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and everything you need to know about cash budgeting, like what it is, why it\u2019s essential and how to create one for your business. Let\u2019s dive in. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"In this article:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-cash-budget"},"content":[{"nodeType":"text","value":"What is a cash budget?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-prepare-a-cash-budget"},"content":[{"nodeType":"text","value":"How to prepare a cash budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#cash-budget-example"},"content":[{"nodeType":"text","value":"Cash budget example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-analyze-your-cash-budget"},"content":[{"nodeType":"text","value":"How to analyze your cash budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-automate-cash-management-for-free"},"content":[{"nodeType":"text","value":"How to automate cash management for free","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-a-cash-budget-right-for-your-business"},"content":[{"nodeType":"text","value":"Is a cash budget right for your business?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a cash budget?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash budgeting involves calculating cash inflows and outflows to determine the cash you aim to have in the bank at the end of each fiscal period. The objective is to give you a clear picture of how much money you have and if it\u2019s enough to cover your expected expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you may forecast $10,000 in revenue this month, but if you offer credit or payment plans to your customers and only 40% of them pay in cash, this only results in $4,000 available to pay your bills this month.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash budgeting differs from other budgets, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"value proposition ","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"envelope budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", because it focuses explicitly on cash flowing in and out of your bank account. Budgets are an opportunity to forecast by estimating future income and expenses, set achievable targets for growth, anticipate your company\u2019s cash position and stick to a long-term plan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And since we all know that cash flow is a critical part of a successful business, it\u2019s essential that you prepare a cash budget effectively (yes, we\u2019re talking about you). Let\u2019s look at how you can do just that.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to prepare a cash budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Have you ever found yourself in a position with insufficient cash to pay your bills? And were you puzzled because you had one of your biggest sales months yet? A cash budget will prevent these cash flow issues from happening by forecasting actual cash transactions, allowing you to prepare ahead of time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With cash budgeting, there are five basic steps you\u2019ll need to follow:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#use-the-right-tool-or-template"},"content":[{"nodeType":"text","value":"\ud83d\udd27 Use the right tool or template","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#decide-on-a-budget-period"},"content":[{"nodeType":"text","value":"\u23f0 Decide on a time period","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#decide-on-a-minimum-cash-balance"},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Decide on a minimum cash balance to have on hand","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#calculate-your-cash-inflows"},"content":[{"nodeType":"text","value":"\u21a9 Calculate your cash inflows for the time period","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#calculate-your-cash-outflows"},"content":[{"nodeType":"text","value":"\u21aa Calculate your cash outflows for the time period","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With each step, you\u2019ll want to ensure you provide realistic numbers and look ahead for any irregular or unexpected expenses. If it sounds challenging, don\u2019t fret! The longer you work on preparing cash budgets, the easier it will be to make them accurate. Let\u2019s break down each of the five budgeting steps.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd27 Use the right tool or template","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no reason to recreate the wheel every time you budget. That just leads to wasted time and money. So if you can, save time by investing in budgeting software or using a template in Excel or Google Sheets.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business banking software with built-in budget management, like Relay, is a great option to free up time looking through financial statements. Relay offers up to 20 free checking accounts to help categorize your cash into multiple categories, making it easy to anticipate expected cash receipts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you use a spreadsheet template, be sure to double-check your formulas\u2014no matter if they\u2019re simple or complex. You don\u2019t want to think you\u2019re in a great financial position, only to fall short because of a miscalculation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or, if you are interested in more in-depth cash flow management and visual forecasting or full-blown ERP systems, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"check out our favorite software here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u23f0 Decide on a budget period","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimate your cash inflows and outflows weekly, monthly, quarterly, or annually. The right period of time between each budget will depend on your company and how granular you need the process to be, though many businesses budget on a short-term, quarterly basis. Regardless of each given period, review the budget regularly to ensure you\u2019re on track.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Decide on a minimum cash balance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How do you stay on track? Well, that will depend on the amount of cash you need to have on hand. Aspects like your monthly bills, seasonal sales fluctuations and irregular bills can all affect cash flow. Be sure to include an additional cash buffer here for unexpected expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u21a9 Calculate your cash inflows","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, calculate your estimated cash inflows which start with sales and your current assets. But remember, not all sales represent cash in hand and will vary depending on your rate of accounts receivable being paid.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, consider the slow times of the year that impact your cash fluctuations. If you\u2019re in your first few years of business, this will be harder to estimate but easier to forecast over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimate the number of credit sales vs. cash sales and how fast you are usually able to collect those credit sales. Stay on top of billing and reminders for outstanding accounts receivable to keep cash flow moving through to the end of the period.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u21aa Calculate your cash outflows","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then list your bills and expenses that you need to pay, such as:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe1 Rent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Insurance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude97 Fuel","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Repairs & maintenance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd87 Supplies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Utilities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Marketing","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbc Payroll","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some outflows will be fixed expenses, such as rent and insurance, while others will be more difficult to estimate as they may vary, such as fuel, depreciation or raw materials. Calculate the average of these irregular expenses, anticipating any increase or variation.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example:","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you travel for business, rising fuel costs across the country will inevitably increase the amount you spend on fuel. You will need to consider this in your budget or look for other ways to decrease this, such as more virtual, rather than in-person, meetings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cash budget example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example of cash budgeting to give you a better understanding.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Take a look at your profit and loss balance sheet to get a general idea of your finances. 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While you can send invoices, Novo doesn\u2019t allow bills or invoices to be imported for payment.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddd1\u200d\ud83d\udcbc Banking experience","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s a good idea to weigh the differences in small business banking experience before making a decision. While both Brex and Novo are digital banks, the experiences are different.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Brex is designed for large fintech startups, the experience is better suited for large teams with complicated finances. On the other hand, Novo is a better experience for small businesses that have simple finance needs. Novo\u2019s mobile app makes it easy for business owners to carry out simple transactions like check deposits, payments, transfers and wires.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f Which is better, Brex or Novo?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time for the million dollar question: which is better, Brex or Novo? The answer to that question largely depends on the size and complexity of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a large venture-backed tech startup with multiple different teams and business expenses, then Brex might be better suited for you. 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And for those that need more advanced cash flow services, consider an online banking and money management platform like Relay. Relay makes it easy to control your cash flow and understand precisely what you\u2019re earning, spending and saving so you can make the smartest decisions for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Take control of your cash flow with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay puts you in control of your finances. Collect income in one place, use up to 20 checking accounts to organize expenses and categorize payments for a crystal-clear picture of your cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay goes beyond the everyday banking basics with:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705No account fees, overdraft fees or minimum balances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705Up to 20 individual checking accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u270550 virtual or physical Mastercard\xae debit cards","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705Payments and deposits via ACH, wire and check","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705Deposits from payment processing providers like PayPal, Stripe and Square\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705Direct integrations with accounting software like QuickBooks Online and Xero","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for an online banking solution that puts you in control of your cash flow, check out Relay\u2014you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1658513485149,"customDate":1658513485149,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"brex-alternatives","title":"9 Brex Alternatives: Options for Small Business Banking Accounts","description":"The recent announcement of Brex firing SMBs has left many business owners wondering, what now? We\u2019ve put together the best Brex alternatives to help you find a solution that better serves your business banking needs.","metaTitle":"9 Brex Alternatives: Options for Small Business Banking Accounts | Relay","metaDescription":"Are you an SMB looking for Brex alternatives? We can help! See how Brex compares against 9 other platforms for serving your business banking needs better.","popular":false,"category":"Compare Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7nsLida3rDXPcLiJuvy7dq/171c7f9b79ae84ec7e0ae992ac686b70/Compare_Blog_Header_-_Brex_Alternatives.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recent ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/to-smbs-fired-by-brex"},"content":[{"nodeType":"text","value":"announcement","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" of Brex firing small and medium-sized businesses has left many business owners wondering, ","marks":[],"data":{}},{"nodeType":"text","value":"what now","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"? Starting August 15, 2022, thousands of Brex SMBs will be left looking for a business banking alternative.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no questioning that small businesses are the backbone of the economy. And our mission at Relay is to build a banking platform that truly serves small businesses from day one. That\u2019s why we\u2019re using this as an opportunity to help SMBs find companies similar to Brex. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve put together ","marks":[],"data":{}},{"nodeType":"text","value":"nine of the most popular business banking and spend management options","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to fit your needs, including neobanks, traditional banks, and dedicated expense management platforms. ","marks":[],"data":{}},{"nodeType":"text","value":"Here are the best Brex alternatives for 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For those that no longer meet Brex\u2019s requirements, we\u2019re here to support you. So let\u2019s go ahead and dive into each platform. \ud83d\udc47 But before we do, let\u2019s get on the same page: what exactly is Brex?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Brex?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.brex.com/"},"content":[{"nodeType":"text","value":"Brex","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is an all-in-one financial management platform that promises to help founders, finance teams, and employees to spend smart and grow fast. Brex offers banking services, charge cards, capital, and spend management all in one place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though Brex previously served businesses of all sizes, including SMBs, it recently announced that starting August 15, 2022, the company will no longer serve ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cnbc.com/2022/06/17/brex-drops-small-business-customers-as-silicon-valley-adjusts-to-new-reality.html?utm_campaign=Brex&utm_medium=email&_hsmi=2&_hsenc=p2ANqtz-9HVVtfDG94N8XtAQclZxDhuZDHmbiVhdW2_25-eq3CLSJuvUZfu7ZjnoB-471pkQ_egCF9os5PAySfty8tZP-MC70NoA"},"content":[{"nodeType":"text","value":"thousands of small business customers","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". This is part of a renewed focus on high-growth tech startups.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Those still eligible to bank with Brex can do so without paying any account fees. But this recent news begs the question, ","marks":[],"data":{}},{"nodeType":"text","value":"what banks are actually serving SMBs","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"? For those that are affected by this change, now\u2019s a great time to consider the financial services your business needs most and which ones have the best pricing.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why do you need a Brex alternative?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Due to the recent decision to fire all small businesses with less than 50 employees, many business owners will no longer qualify for Brex. Because of this, you\u2019ll need to find a Brex alternative for your banking needs. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.brex.com/support/why-am-i-no-longer-qualified-to-be-a-brex-customer/"},"content":[{"nodeType":"text","value":"According to Brex","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", here are the new qualifications to be eligible to use their banking services:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have received an equity investment of any amount (accelerator, angel, VC or web3 token)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have more than $1 million a year in revenue","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have more than 50 employees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have more than $500k in cash","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re a tech startup on a path to meeting the criteria above and are referred by an existing customer or partner","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that if you no longer qualify, now\u2019s a great time to revaluate the banking services your business needs to manage your finances better. Let\u2019s look at how Brex alternatives stack up to your needs.\ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u26a1\ufe0f Neobank alternatives to Brex","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A neobank, also known as a digital bank, is a bank without branches that operates completely online. \ud83c\udf10 Unlike most traditional brick-and-mortar banks, neobanks have a robust online suite of services to help you better manage and take control of your finances. Given that Brex is itself a neobank, choosing one of these alternatives will give you the most similar experience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Neobanks are also more likely to offer continuous improvements to their services to better adapt to the needs of their clients. This makes digital banks an excellent option for businesses of all sizes with a wide range of financial needs. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1HQeWqKbQlY5NB91ZVammx","revision":4,"createdAt":"2022-07-20T02:32:07.993Z","updatedAt":"2022-11-14T22:08:47.498Z","publishedAt":"2022-11-14T22:08:47.498Z","firstPublishedAt":"2022-07-20T02:32:24.306Z","publishedVersion":18,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay \u2014 Best Banking Alternative \u2014 Image","description":"Relay \u2014 Best Banking Alternative \u2014 Image","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1HQeWqKbQlY5NB91ZVammx/5c242acc51b5a7407ff5f93d2f97d854/Relay-New-Homepage3.png","details":{"size":283133,"image":{"width":1483,"height":561}},"fileName":"Relay-New-Homepage3.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform for SMBs that want to stay on top of their money. We know that small businesses continue to be underserved by the banking industry, which is why we\u2019ve built banking that truly helps small businesses get unparalleled clarity into their income and expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike Brex, Relay is truly focused on helping small business owners solve some of the most painful parts of business banking. 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You shouldn\u2019t be working on administrative tasks \ud83d\uddc2 that you can easily delegate, like scheduling meetings \ud83d\uddd3 or organizing your inbox. \ud83d\udce8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider as well those higher-level tasks you work on that are both tedious and necessary, like content creation, social media management, and bookkeeping. \ud83d\udcda How many hours do you spend on these? Hiring a VA means you get an expert to do these tasks while you save money. Let\u2019s look at the reasons why.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How much is your time worth?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Suppose you are a graphic designer \ud83c\udfa8, and your rate for projects is $30 per hour. Ideally, all 2,000 working hours of your year (provided you work 40-hour weeks) would be devoted to graphic design. However, small business owners know that the reality is far from that \u2014 entrepreneurs must take on many tasks that aren\u2019t their forte.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trouble comes when you\u2019re spending too much time on extraneous to-do\u2019s. For example, if it takes you 20 hours a week to do billing and invoicing, that\u2019s $600 of potential earnings lost. Put another way, you\u2019re spending $600 every week on accounting-related tasks.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How much would it cost a VA to complete?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Suppose you were to delegate these financial tasks to a specialist VA whose hourly rate is $10 per hour. If it takes them the same amount of time you do to maintain your books, you would have still saved $400 by hiring them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But since virtual accounting assistants are experts at what they do, it wouldn\u2019t take them 20 hours to maintain books! ","marks":[],"data":{}},{"nodeType":"text","value":"If they do everything in only 10 hours, then the total weekly cost to you would be $100.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this scenario, ","marks":[],"data":{}},{"nodeType":"text","value":"your VA provides a possible ROI of $500 per week. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"In addition, they free up 20 hours of your time for you to devote to other tasks, making the return on investment potentially greater. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your assistant\u2019s ROI can also increase depending on their skill level, how affordable their rates are, and the number of hours they agreed to work for you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5V07A6FyB5BAwr1baQLmPK","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Your VA\u2019s ROI over time","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The time you spend training your assistant at the beginning of your working relationship will result in higher returns over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you hire an assistant with the goal of saving 20 hours per week, you\u2019re not getting all of those back in their first few days with you. It\u2019s because onboarding your VA would take up several hours, and as a result, your ROI will be lower while they\u2019re completing their training.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eventually, your VA will be caught up with their responsibilities, and they\u2019ll start to produce a real return on your time investment. Let\u2019s consider the example below. If your VA saves you 20 hours but takes 40 hours to train, you will have a 0 ROI in their first week with you. By their second week, you still won\u2019t see any returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given 40 training hours and a VA that saves 20 hours/week:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 1: no hours saved, 0% ROI (first half of training hours)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 2: no hours saved, 0% ROI (second half of training hours)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 3: 20 hours saved, 50% ROI","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 4: 40 hours saved, 100% ROI","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 5: 60 hours saved, 150% ROI","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 6: 80 hours saved, 200% ROI","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your investment only pays off by the third week, which is the point at which your assistant would have \u201cpaid back\u201d the 40 training hours you spent. If they consistently work on tasks that take you 20 hours to complete, they would give you a 200% ROI by their sixth week with you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even better, when your VA gets used to their role, they will need less time to complete tasks. It means even more productivity for you since you can ask them to work on other time-consuming tasks you\u2019d rather not handle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note that your ROI will continue to increase as long as you\u2019re working with the same VA. But if they leave, you\u2019ll have to start over. So, hiring from a managed service is your best option. Getting a managed VA means having a vetted and trained professional supported by a team that includes supervisors and customer success managers. \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Hiring a virtual assistant vs a full-time employee","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If we\u2019re talking about return on investment, you might think, isn\u2019t it better to hire a full-time employee? After all, they join you with the intention to be part of your company for the long haul. They\u2019re willing to put in time and effort to help you reach your goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While this is generally true, a full-time employee isn\u2019t always the most cost-effective option for your business. For one, they\u2019re more expensive to hire than VAs. The median salary for administrative assistants in the United States is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bls.gov/ooh/office-and-administrative-support/secretaries-and-administrative-assistants.htm#:~:text=%2438%2C050-,The%20median%20annual%20wage%20for%20secretaries%20and%20administrative%20assistants%20was,amount%20and%20half%20earned%20less."},"content":[{"nodeType":"text","value":"$19.08 per hour","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Meanwhile, you can hire a highly skilled VA for half as much.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Besides salaries, you need to provide other benefits like insurance coverage, overtime pay, holiday bonuses, and the like \u2014 all of which are conditional in a contract with a VA. Since VAs are independent contractors, you aren\u2019t obligated to pay these benefits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, if your full-time assistant will be working at the office, you must also spend on office equipment and supplies for them. Although these are small expenses, they certainly add up. With all of these advantages, it\u2019s easy to see why hiring a VA is a sensible move for an up-and-coming business owner, a startup founder or a busy team working within a tight budget. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3 signs you need a VA","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The things in this list might not register as signs of needing a helping hand. 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Then consider ","marks":[],"data":{}},{"nodeType":"text","value":"Relay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ca.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"rated 4.6 on Trustpilot","marks":[],"data":{}}]},{"nodeType":"text","value":". Compare ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/brex-vs-relay"},"content":[{"nodeType":"text","value":"Brex vs Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-mercury"},"content":[{"nodeType":"text","value":"Mercury vs Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd0e Qualifying for a free business bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex and Mercury differ in how businesses qualify for an account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To qualify for an account with Brex, a business must be incorporated and must meet certain size threshold requirements. To be eligible for an account, a startup must be venture-backed or prove that they are funded. Brex\u2019s thresholds are not publicly available, but the company announced that many small businesses that used to qualify no longer do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In comparison, Mercury\u2019s requirements are not as strict. To bank with Mercury, you must be a U.S. company with a federal employer identification number \u2014 ","marks":[],"data":{}},{"nodeType":"text","value":"however, sole proprietors are not eligible to open a Mercury account.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Small business checking accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While both Brex and Mercury offer free banking with no monthly maintenance fees or minimum balances, they differ in the amount of free checking accounts offered. With a Brex Cash account, you get up to 240 checking accounts per business, each with unique account and routing numbers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mercury is the same but offers fewer checking accounts at 15. If you set up recurring payments or transfers of any kind, unique account numbers are key in automating the movement of money in and out of your individual checking accounts, giving you more control when managing cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Business credit card and rewards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to cashback and rewards, Brex offers a robust rewards program for card spend which includes multiple earning categories, discounts on business apps and supplies, cashback and travel points. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get the best rewards, businesses will need to prove card exclusivity, otherwise, cash back rewards are greatly diminished. While they offer great incentives, their travel rewards are limited when compared to other cards such as American Express\u2019 Platinum or Gold cards.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mercury, on the other hand, only offers a debit card but they do have rewards in the form of \u201cPartner Perks\u201d \u2014 a bundle of tech discounts exclusive to their customers. These include discounts on popular tools like QuickBooks Online, Loom, Oracle, Gusto and so much more.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf31 Startup community\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While both Brex and Mercury serve tech startups, Brex is built for larger, funded startups while Mercury is suited for early stage startups \u2014 and this shows in the way that Mercury has built their community.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mercury has a curated database of active seed and pre-seed investors, a venture-debt program and Mercury Raise, a program that works to connect startups with investor or other founders. Their Series Tea podcast serves to highlight entrepreneurs and investors and further fostering a sense of community amongst entrepreneurs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Verdict: Which is the best bank for your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choosing between Brex vs. Mercury will largely depend on the size of your business and whether you\u2019re an enterprise business or an early-stage startup. If you\u2019re an enterprise business or a funded startup, then Brex offers a more mature suite of banking features, whereas if you\u2019re a smaller startup looking for low fees and a strong community, then Mercury may be the better fit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if you\'re neither \u2014 or if you can\'t find 100% of the features you want? ","marks":[],"data":{}},{"nodeType":"text","value":"Then consider an online banking and money management platform like Relay that puts you in complete control of your cash flow.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We serve businesses of all sizes, but we\u2019re built specifically for small, grassroots employer businesses and early-stage, bootstrapped startups. Relay makes managing cash flow clear as day so you can understand precisely what you\u2019re earning, spending and saving and make the smartest decisions for your business. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay \u2014 Banking that puts you in complete control of your cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is a fee-free, FDIC-insured*, all-in-one banking and money management platform built for America\u2019s grassroots, small businesses. Small businesses are the backbone of the US economy, representing 90% of all companies in the country, yet they continue to be underserved by many traditional banks and neobanks. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*FDIC-insured via Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we believe small businesses deserve the same top-tier financial support and tooling afforded to enterprise companies and venture-backed startups. That\u2019s why we\u2019re committed to helping small business owners reach unparalleled levels of financial clarity so they can build healthy, lasting businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay goes above and beyond the everyday banking basics with:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees, overdraft fees, or minimum balances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 20 individual checking accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"50 virtual or physical Mastercard\xae debit cards","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payments and deposits via ACH, wire, and check","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposits from payment processing providers like PayPal, Stripe, Square and more","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Direct integrations with accounting software like QuickBooks Online and Xero","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a business owner who recently had your Brex account closed because you no longer meet the company\'s requirements, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up for Relay","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1657899609013,"customDate":1657899609013,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"changing-business-banks","title":" Changing Business Banks: What You Absolutely Must Know","description":"As a business owner, switching to a new banking service can feel tedious. But changing business banks isn\u2019t as hard as you might think. Learn the signs it\u2019s time to make the switch and the key steps to open a new account.","metaTitle":"Changing Business Banks: What You Absolutely Must Know | Relay","metaDescription":"Changing business banks is a crucial step in growing your small business. Learn the signs it\u2019s time to switch and the key steps to open a new account. ","popular":true,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4kua97yJR5zuU72S82c4w2/4f015b115e6b5a98e19f13b6503e383e/Business_Banking_Blog_Header_-_Changing_Business_Banks.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a business owner, switching to a new banking service can feel tedious\u2014after all, there are much bigger tasks on your plate. From researching different banks to importing your automated expenses, each step of the transition can make you want to quit before even starting. But considering how much the right banking platform can transform your business finances, it may be time to say goodbye to your old bank. \ud83d\udc4b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Transitioning your current expenses is a critical part of changing business banks. That\u2019s why it\u2019s essential to know the signs that you need to change your bank and the steps you can take to ensure there\u2019s no disruption to your automatic payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Read on to learn if now\u2019s the right time to change business banks, the advantages of doing so and the simple steps you can take to make the switch.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#signs-you-need-to-change-bank-accounts "},"content":[{"nodeType":"text","value":"Signs you need to change bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-hard-is-it-to-switch-banks"},"content":[{"nodeType":"text","value":"How hard is it to switch banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-switch-bank-accounts"},"content":[{"nodeType":"text","value":"How to switch bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-advantages-and-disadvantages-of-switching-banks"},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of switching banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-should-you-do-after-switching-banks"},"content":[{"nodeType":"text","value":"What should you do after switching banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs you need to change bank accounts \u26a0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most challenging steps in changing business banks isn\u2019t switching \u2014 it\u2019s knowing when to do so. As a business owner, you\u2019re likely busy executing multiple initiatives at once, and it\u2019s only when you run into issues with your bank that you decide to look into other options.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, it\u2019s worth looking out for common signs that it\u2019s time to switch, so you can get ahead of any issues before they arise. Let\u2019s take a look at some of the common culprits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You need more banking services","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most frequent complaints we hear from business owners is that their current bank doesn\u2019t offer the services they want. But what are these important services? The right business banking platform will make your finances easier for you. Yes, you heard that right! You don\u2019t need anything slowing you down on your way to the top\u2014especially an outdated bank.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Necessary bank services include organized cash and expenses, dedicated bank accounts, cards\xa0 \ud83d\udcb3 and team spending limits, to name a few.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You\u2019re paying a lot in fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small fees here and there may sound like a necessary evil, but they can stack up before you know it. \ud83d\udcb0And we know that every expense matters when building a business. It\u2019s frustrating, to say the least, when you find a hidden charge or recurring monthly fee. Many banks also have minimum balance requirements, forcing you to always keep a certain amount of money in your account. This can cause a real strain on small businesses and hinder growth, especially if you\u2019re trying to open multiple checking accounts and manage cash using ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right banking solution won\u2019t charge you extra fees. We\u2019re talking about no account overdraft or withdrawal fees. We know what you\u2019re thinking, but it\u2019s not too good to be true. If you\u2019re experiencing these charges, it\u2019s time to ditch the outdated way of banking.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You have to visit a physical location","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re too busy to notice the hidden fees your current bank charges you, you\u2019re certainly too busy to make a trip to a physical branch. Gone are the days when you have to make a withdrawal or get approval at a bank location. \ud83c\udfe6 Now, you can do everything you need as a business owner through an online platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With flexible online banking, you can empower team members to pay bills, issue debit and credit cards and secure spending from anywhere at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Your bank can\u2019t grow with your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With outdated services, your current bank could actually be hindering your growth. We\u2019re talking about a disconnect between banking and accounting services, a limited number of accounts and fees that hijack your savings.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right business bank can grow with you, helping you at every step by giving you clarity and control of operating expenses, cash flow and accounts payable.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You\u2019re experiencing poor customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to your banking relationship, it can be frustrating to experience poor customer service time and time again. This is especially true considering you\u2019re taking time out of your busy schedule to visit a branch location or schedule a call.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, it\u2019s important that your bank provides hassle-free support to help you when you need it most. Whether you\u2019re looking for a simple answer or need help tracking down a charge, the right bank should provide you with the customer service you deserve.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How hard is it to switch banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest misconceptions about switching banks is that the process is hard. But the reason you think that is due to your existing outdated banking systems. In reality, switching business banks is not hard and only takes about 10 minutes with a platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/why-relay"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right online business banking platform should make the process easy for you. This includes offering a simple online onboarding process, outlining key account steps and ensuring your automatic payments are set up so you don\u2019t experience disruptions. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that different banks offer different services, benefits and fees. So one of the most challenging parts of the process is choosing the right banking experience for your needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to switch bank accounts \u2194","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to make the switch, we can help guide you through the process of switching bank accounts. When switching business banks, all you need to do is gather a few key documents to start the process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Research your options","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking to switch banks, chances are you\u2019re looking for something your old bank can\u2019t provide. Consider the top services and features you\u2019re looking for, like an online platform, expense categorization and multiple accounts, then research which banks will meet those needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When comparing different financial institutions, you should consider the features they offer and the fees and rates associated with the bank. A good bank should outline all costs, if any, ahead of time to ensure you don\u2019t get blindsided with charges. Additionally, verifying that your new bank is an FDIC member is also a good idea to protect your money. In the event of a bank failure, this insures deposits up to $250,000.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Apply for an account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve picked the right bank; now it\u2019s time to apply for a new business account. Each bank offers a different application process, so it\u2019s hard to say how exactly to do so. But with online banking platforms, you\u2019ll be able to apply online at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process should be fairly quick but will depend on the bank you choose. At Relay, the online application process takes less than 10 minutes from start to finish.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Provide necessary documents","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The documents needed to open a business bank depend on the type of business you own. In general, you\u2019ll need to provide:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udeaa Photo of Government-issued ID\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd22 Social Security Number (SSN)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Mailing Address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcde Phone Number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce7 Email Address","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For corporations and LLCs, you may need to provide ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360038666931-Required-Documents-and-Information-for-Registration"},"content":[{"nodeType":"text","value":"additional information","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" such as your EIN and Articles of Organization.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Identify all your incoming and outgoing payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When setting up your new account, it\u2019s important that you don\u2019t forget to set up your recurring payments, both the ones you send out as well as any incoming deposits. Don\u2019t close your current account until all recurring monthly expenses are posted to ensure there\u2019s no delay in payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While it may seem tedious to identify and update each recurring payment at the start, if your new banking platform offers recurring payment features, you stand to save a lot of time in the future. With Relay, for example, you can manage bill payments with multi-step approval workflows \ud83d\udd00 and scheduled recurring payments directly from your account. Once you pay a bill, the transaction is auto-synced with accounting software integrations, like QuickBooks Online or Xero, for one-click reconciliation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You wouldn\u2019t want to miss out on any revenue, so it\u2019s also essential you wait until all incoming payments are posted before closing your account. With a platform like Relay, you can rest easy knowing that we can request payee information, W-9 forms and securely store payee information for future use. Now that\u2019s not your traditional banking service!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bank may also provide a \u201cswitch kit.\u201d With a switch kit, the bank will notify providers and suppliers when you transfer automatic transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Close your old business checking account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, it\u2019s time to say adios to your old bank! Once you set up your new account, transition your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"accounts payable","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and all physical checks \ud83d\udce9on your old account have cleared, you can close your old account without looking back.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may be able to call to cancel your account, or you may have to go to a branch to submit a cancellation notice. Additionally, your bank may ask you to fill out certain forms for the account closure. The bank will then release the remaining funds after all transactions are processed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of switching banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When considering if now\u2019s the right time to switch business banks, weighing the pros and cons can help you make the right decision. While the process can be quick and hassle-free with the right bank, there are some drawbacks to consider beforehand.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros of switching business banks: \ud83d\udc81","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take control of your cash with a smarter money management platform","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obtain more comprehensive banking services","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Save money on fees and hidden charges","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ditch the visits to a branch location by choosing an online platform","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize your cash and expenses into separate, single-purpose checking accounts","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons of switching business banks: \ud83d\ude45","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can take time to research the right bank","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"May disrupt automatic payments if not executed correctly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires you to learn how to use the new bank account system","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Will require you to order and wait for new debit cards and checks","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What should you do after switching banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve switched bank accounts, all there\u2019s left to do is get to know your new system. With an online banking platform, you can gain insight into your spending habits, auto-sync your accounting integrations like Quickbooks and categorize your expenses to manage your finances better.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, it may be worth switching banks if you\'re paying too much in fees and missing modern features like mobile banking, no-fee ATM withdrawals \ud83c\udfe7 and automated transaction data. At the end of the day, the choice to make the switch is up to you. Choosing a new bank can better meet your business needs and set your finances up for success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, the right bank will grow with your small business by offering areas for you to expand. This includes allowing you to open numerous accounts and providing a platform that understands your spending behaviors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to make the switch, consider the benefits of choosing Relay. Spend, save and plan more efficiently with unparalleled clarity into operating expenses, cash flow and accounts payable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make the switch to a ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Relay business bank account","marks":[{"type":"underline"},{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" today.","marks":[{"type":"italic"}],"data":{}}]}]},"readingTime":7,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1657898904426,"customDate":1657898904426,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"zero-based-budgeting","title":"Zero-Based Budgeting (ZBB): Small Business Guide","description":"Small and medium-sized businesses need to create and maintain accurate budgets to plan for future growth. In this article, you learn how zero-based budgeting works and why it\u2019s a good approach for cost-conscious businesses. ","metaTitle":"Zero-Based Budgeting (ZBB): Small Business Guide","metaDescription":"Discover what zero-based budgeting is, how it can benefit your business, and how to create your own zero-based budget. ","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4WdRuEjW0F9YLazKgSfONe/eb196924cddabc832781c9c0b7dbd337/Business_Banking_Blog_Header_-_Zero-Based_Budgeting_1.1.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is all about creating a new budget from the ground up every fiscal year. It\u2019s not the easiest way to budget but it helps businesses get a clear view into their operations and identify areas for cost savings. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Should your business adopt zero-based budgeting? It\u2019s not for every business, but it could be just the thing for yours. Embracing zero-based budgeting can affect how you approach your operations and also contribute to your future business success. \ud83d\ude80 ","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#a-short-history-of-zero-based-budgeting"},"content":[{"nodeType":"text","value":"The history of zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-zero-based-budgeting-and-why-is-it-important"},"content":[{"nodeType":"text","value":"What is zero-based budgeting and why is important? 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goals","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-2-project-your-monthly-income"},"content":[{"nodeType":"text","value":"Step 2: Project your monthly income","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-3-calculate-all-business-expenses-from-the-ground-up"},"content":[{"nodeType":"text","value":"Step 3: Calculate expenses","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-4-finalize-the-budget"},"content":[{"nodeType":"text","value":"Step 4: Finalize the budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-5-track-actual-income-and-expenses-and-adjust"},"content":[{"nodeType":"text","value":"Step 5: Track actuals and adjust ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#zero-based-budgeting-an-example"},"content":[{"nodeType":"text","value":"Zero-based budgeting: An example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#zero-based-budgeting-vs-incremental-budgeting"},"content":[{"nodeType":"text","value":"Zero-based budgeting vs. incremental budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#zero-based-budgeting-pros-and-cons"},"content":[{"nodeType":"text","value":"Zero-based budgeting pros and cons","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-stick-to-your-zero-based-budget"},"content":[{"nodeType":"text","value":"How to stick to your zero-based 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profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A short history of zero-based budgeting ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting (ZBB) has been around for about fifty years. It\u2019s arguably the most popular type of budget for personal finance but, also has significant applications in the world of business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The concept of ZBB was first conceived in the 1960s by a young accounting manager at Texas Instruments named Peter Pyhrr. Mr. Pyhrr was looking for ways to help businesses cut costs, and came up with the idea of creating each new year\u2019s budget from scratch, instead of the traditional method of starting with last year\u2019s budget and making adjustments from there, known as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/incremental-budgeting"},"content":[{"nodeType":"text","value":"incremental budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ZBB garnered attention in the 1970s when President Jimmy Carter, elected on a promise to balance the nation\u2019s budget during his first year in office \u2696\ufe0f, introduced ZBB to the federal budget process. He had used zero-based budgeting while he was the governor of Georgia and liked the idea of justifying and approving each line item from scratch every year. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the use of zero-based budgeting fell out of favor after Carter left office, it never went away. ZBB is frequently used for household budgeting and remains popular among small and medium-sized businesses (SMBs). Used along with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope money management system","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2709\ufe0f, a ZBB can help businesses get expenses under control and establish a foothold for future growth. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And it\u2019s not just SMBs that can benefit from zero-based budgeting. According to a Gartner survey of global finance executives, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.gartner.com/en/documents/3990212"},"content":[{"nodeType":"text","value":"26% intend to use ZBB","marks":[],"data":{}}]},{"nodeType":"text","value":" to help cut costs. \\n","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is popular among small and medium-sized businesses looking to get expenses under control.","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is zero-based budgeting \u2014 and why is it important?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting essentially creates a brand-new budget each year, independent of any prior year\'s budget. Instead of basing a new budget on incremental changes from the previous year\'s budget or actuals, ZBB starts each new budget from zero and builds it up from there.\xa0\ud83c\udf31","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ZBB forces a company to reassess its business \u2014 especially its expenses. There are no expectations or assumptions based on past budgets or performance. Instead, every new budget is developed from the ground up, justifying each individual line item anew. Each new budget, then, is a new opportunity to right-size expenses and reevaluate the company\u2019s overall progress. \ud83d\udd03","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to create a zero-based budget, step by step","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Creating a zero-based budget isn\u2019t that much different from any other ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"budgeting process","marks":[],"data":{}}]},{"nodeType":"text","value":", you just have to start from zero every year. Even though creating a zero-based budget is simple in concept, however, it takes more time and effort than just incrementally adapting the previous year\u2019s budget \u2014 which may be more work than you\u2019re able or willing to do. With an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/incremental-budgeting"},"content":[{"nodeType":"text","value":"incremental budget","marks":[],"data":{}}]},{"nodeType":"text","value":", a company must rethink every single expense and build the budget from scratch, line by line. ","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2bj8aqQ0d24Z7GEatkQA5r","revision":4,"createdAt":"2022-07-06T19:38:22.848Z","updatedAt":"2022-08-23T01:02:46.528Z","publishedAt":"2022-08-23T01:02:46.528Z","firstPublishedAt":"2022-07-06T19:38:49.369Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Steps in the zero-based budgeting process","description":"The steps in the zero-based budgeting process include identifying goals, projecting income, calculating expenses, finalizing budgets, and tracking and adjusting actuals.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2bj8aqQ0d24Z7GEatkQA5r/09771e963b80df1ca006152c9bea7921/Business_Banking_Blog_Header_-_Zero-Based_Budgeting_1.2.jpg","details":{"size":331159,"image":{"width":1920,"height":978}},"fileName":"Business Banking Blog Header - Zero-Based Budgeting 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at how to create a zero-based budget, step by step. \ud83d\udc47 ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Identify sales goals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A zero-based budget is a budget created from the bottom up. Instead of basing revenue projection on a percentage increase (or decrease) from the previous year, each revenue source needs to be broken out separately. Then, for each source, projected sales need to be built from the bottom up, based on identifiable and achievable sales goals.\xa0\ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These sales projections should be done on a department-by-department (or location-by-location) basis, as granularly as possible. Forget what you sold last year. Instead, your sales team has to determine what is reasonable for each revenue stream in the coming year, factoring in customer needs, market conditions, competitors\u2019 efforts, and overall economic conditions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2: Project your monthly income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The sales goals for each revenue stream now need to be combined and apportioned over a twelve-month period. Don\u2019t forget to include additional or miscellaneous revenue\u2014and recognize any seasonality in your monthly projections.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 3: Calculate all business expenses, from the ground up","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step three is the hard part. Every department in your organization needs to calculate \ud83e\uddeeexpected business expenses for the coming year. They shouldn\u2019t just look at prior-year expenses and bump the number up a bit. Instead, this calculation needs to be zero-based, identifying all expenses from the ground up. Just because you budgeted a line item last year doesn\u2019t mean it still needs to be budgeted in the coming year. Every expense needs to be justified and assigned to the current pricing. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Finalize the budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ideally, your projected income should equal or exceed your projected expenses. If not, you\u2019re planning to run your business at a loss.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If, after the first round of a zero-based budget, you show too big a differential between revenues and expenses, you need to go back and reevaluate all of your assumptions and recalculate all of your numbers. In some larger organizations, the budget may go through several rounds before it\u2019s finalized.\xa0\ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 5: Track actual income and expenses and adjust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With your budget complete, compare your actual income and expenses with your budget projections. If your projections differ too much from the developing reality, you may need to make some mid-stream adjustments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If expenses are running ahead of plan or if sales are running behind, you may need to trim \u2702\ufe0f upcoming expenses to compensate. If sales are running ahead of plan or expenses are lower than expected \u2014 well, that\u2019s a very good thing and it means your business is going to be more profitable than expected. Just make sure you\u2019re tracking every actual expense and booking all actual income, so you have a proper accounting of how things are going.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 6: Start all over again next year","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of the year (or, actually, a few months before year\u2019s end), start the entire cycle all over again. Starting with step 1, you and your staff will create a new budget for the following year.\xa0\ud83d\udd02","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting: An example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a quick look at what a zero-based budget might look like. You can use this example as a ","marks":[],"data":{}},{"nodeType":"text","value":"zero-based budgeting template for your business","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". (For simplicity\u2019s sake we\u2019ll create an annual budget, not monthly budgets.)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the facts. Last year, Company A had the following revenues and expenses:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenues hit $600,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On those revenues, the company averaged 50% margins, so costs of goods sold (COGS) were $300,000\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company paid $60,000 in rent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Utilities ran $9,500 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll and benefits ran $180,000 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Maintenance and repair costs were $48,000","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total expenses ran $597,500. Against revenues of $600,000, the company showed a profit of just $2,500.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23e9 Looking forward to next year, the company has prepared a zero-based budget based on these estimates:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenues from all channels, projected from the bottom up, are expected to remain flat, at $600,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Margins are expected to remain steady, resulting in COGS of $300,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no increase in rent ($5,000 per month), so it\u2019s still $60,000 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Higher energy costs will cause utilities to increase to $11,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recognizing the high cost of outsourcing repairs and maintenance, the company is adding a new in-house maintenance position, at $35,000 per year, so payroll and benefits are budgeted at $215,000 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By moving that maintenance in-house, outside maintenance and repair costs are zeroed out","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note that none of these items increased or decreased by a fixed percentage. ","marks":[],"data":{}},{"nodeType":"text","value":"Each line item is estimated from the ground up, based on current costs and conditions.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each line item is estimated from the ground up, based on current costs and conditions. ","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you can see in the following profit and loss (P/L) comparison, the company\u2019s total expenses are now expected to run at $586,000. Against steady revenues of $600,000, that means that the company should generate a profit of $14,000. ","marks":[],"data":{}},{"nodeType":"text","value":"By using zero-based budgeting to recognize areas of potential cost savings, the company can dramatically increase its profit over the prior year.\xa0\ud83d\udcb0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2pJDKyXAnJ9m7cCroDS95l","revision":5,"createdAt":"2022-07-05T18:58:04.043Z","updatedAt":"2022-08-23T01:06:05.605Z","publishedAt":"2022-08-23T01:06:05.605Z","firstPublishedAt":"2022-07-05T18:58:34.208Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Zero-based Budgeting (ZBB) profit and loss statement comparison","description":"Zero-based Budgeting (ZBB) profit and loss statement comparison","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2pJDKyXAnJ9m7cCroDS95l/9d5e3356550df280a7210d8a92d82d01/Business_Banking_Blog_Header_-_Zero-Based_Budgeting_1.3.jpg","details":{"size":164750,"image":{"width":1800,"height":1688}},"fileName":"Business Banking Blog Header - Zero-Based Budgeting 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting vs. incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies typically have the choice between zero-based budgeting and the more traditional incremental budgeting. Both approaches have their merits and issues.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Understanding incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods#1-incremental-budgeting"},"content":[{"nodeType":"text","value":"Incremental budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" doesn\u2019t start from zero. \u274c New budgets are based on prior-year budgets or actuals, with percentage increases or decreases factored in, depending on market factors. For example, a company might anticipate all expenses to increase by 10%, and create a budget with an overall 10% in expenses. This ignores any potential savings that could be applied to individual expenses \u2014 but it\u2019s a lot easier to budget.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Comparing zero-based and incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Where traditional incremental budgeting is based on incremental changes to the prior year\u2019s budget, zero-based budgeting does not look at that previous year\u2019s budget or actuals. It creates a new ground-up budget each year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, ZBB is much more time-consuming \u23f1 than incremental budgeting. It\u2019s easy to take an existing budget and change individual line items by a given percentage. It\u2019s much more difficult to create a new budget from scratch.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, ZBB is much better for getting a handle on the important details of a business, and for identifying areas where expenses can be reduced. According to Deloitte, companies using ZBB are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www2.deloitte.com/us/en/pages/operations/articles/zero-based-budgeting.html"},"content":[{"nodeType":"text","value":"more successful at meeting their cost targets","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Incremental budgeting doesn\u2019t provide the same granular look at expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is much better for getting a handle on the important details of a business.","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting pros and cons","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing all this, what are the zero-based budgeting advantages and disadvantages? There are both pros and cons to moving to a ZBB.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Pros of ZBB \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most significant benefits of zero-based budgeting include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identifying and decreasing wasteful spending","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Holding managers and department heads accountable for costs","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helping to bring costs under control within the minimal negative impact on the business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Providing a more granular window into the entire business\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cons of ZBB \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most significant limitations of zero-based budgeting include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Takes a long time to prepare","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires significant resources, company-wide","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires multiple iterations based on management review","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Encourages short-term thinking (next-year only) instead of longer-term strategic planning","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stick to your zero-based budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve created your company\u2019s zero-based budget, how do you ensure you stick to it? Here are a few tips to make sure your entire company adheres to the budget you set\u2014and doesn\u2019t exceed planned expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Track your spending \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s essential that you diligently track your spending versus the budget. Look at both month-to-date and year-to-date expenses, and if year-to-date expenses are veering too far from your budget, take action. You may need to cut spending for the balance of the year if you exceed your expense budget early.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Avoid unplanned expenses \u274c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even the most detailed ZBB is useless if you spend money you didn\u2019t plan to. Some unplanned expenses can\u2019t be helped (repairing broken equipment or facilities, for example), but try not to spend money on items or services you don\u2019t need and weren\u2019t in your budget.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Watch your revenues \ud83d\udc40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You also need to watch your revenues versus your plan. If revenues are consistently falling short, you\u2019ll need to adjust your spending accordingly to avoid running in the red.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Use budgeting software \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sticking to a zero-based budget is easier if you use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"small business budgeting software","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Budgeting software, or money management platforms such as Relay, provide the tools you need to track performance and stay on budget. Relay\u2019s cash management features, for example, help you spend, save, and plan more effectively \u2014 and provide unparalleled clarity into your expenses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting can help build a successful business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The many advantages of zero-based budgeting far outweigh the additional time and resources required to build a budget from the ground up, \ud83d\udc4f especially for small and medium-sized businesses. When combined with Relay\u2019s money management platform, you can not only create a zero-based budget but also successfully manage your performance to budget throughout the year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get started today to stay on track with your zero-based budget using ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1657043697367,"customDate":1657043697367,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"budgeting-tips-and-strategies-for-property-managers","title":"Budgeting Tips and Strategies for Property Managers","description":"Whether you have one rental or are managing a large property portfolio, a well-planned budget  will help you effectively manage your cash flow and help you prepare for future expenditures with an eye towards growth potential and profits. ","metaTitle":"Budgeting Tips and Strategies for Property Managers","metaDescription":"Whether you\'re a property manager with one rental or a large portfolio, a well-planned budget will help you effectively manage your cash while balancing growth and profits.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5XtaFMqgBSBohdOr8TAYMV/3a359a25aea7324167ddf52e86292933/Business_Banking_Blog_Header_-_Budgeting_Tips_and_Strategies_for_Property_Managers.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you have one rental or are managing a large property portfolio while juggling ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-banks-real-estate-investors"},"content":[{"nodeType":"text","value":"multiple bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" for each property \ud83c\udfe1, a well-planned budget will help you effectively manage your cash flow and help you prepare for future expenditures with an eye towards growth potential and profits. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve never thought about budgets or budgeting for your rental business, you may feel like you\u2019re floating adrift at sea with no direction \u2014 this article will help you navigate those waters with some budgeting tips and strategies to help you back to solid ground. \ud83e\udded ","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-purpose-of-budgeting-for-property-managers"},"content":[{"nodeType":"text","value":"What is the purpose of budgeting for property managers?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#comprehensive-budget-basics-for-landlords"},"content":[{"nodeType":"text","value":"Comprehensive budget basics for landlords","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#budgeting-tips-for-property-managers"},"content":[{"nodeType":"text","value":"Budgeting tips for property managers","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-other-ways-can-property-managers-create-monitor-and-improve-a-budget"},"content":[{"nodeType":"text","value":"How to create, monitor and improve a budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#common-budgeting-mistakes"},"content":[{"nodeType":"text","value":"Common budgeting 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Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the purpose of budgeting for property managers? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A well executed budget for your rental business will help you:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecast rental income, property upkeep expenditures, and business expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify and set attainable financial goals for growth and investment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Predict fluctuations to help you pivot towards profitability ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What signifies success when you think about your property management activities? Is it pure profit? \ud83d\udcb0 Perhaps you count success by growth from adding to your portfolio of properties, taking on clients, health and safety of your tenants, maintaining and improving on your properties, or the satisfaction of providing much needed housing. \ud83d\udcc8  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Likely, it\u2019s all the above and then some. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But how do you know if you can sustain profitability, have the resources to maintain your assets, and have funds available for growth? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is budgeting! \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve never looked at budgeting for your rentals, let\u2019s start with the basics.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Comprehensive budget basics for landlords","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are two main areas to consider when budgeting for your rental business: the day-to-day operations and your long term goals. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If we go back to the analogy of navigating waters, your ","marks":[],"data":{}},{"nodeType":"text","value":"operating budget","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" represents the day-to-day care for your ship and the actions you take today to navigate the current conditions. Your ","marks":[],"data":{}},{"nodeType":"text","value":"capital budget","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" would be the equivalent of long term planning for the maintenance of the ship, adding to the fleet of ships, or planning for your next big adventure. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, an operating budget is made up of ","marks":[],"data":{}},{"nodeType":"text","value":"out-of-pocket expenses (OPEX)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that are necessary to maintain your real estate property day-to-day. These expenses typically include: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Rent and maintenance of an office ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca7 Utilities: internet, phone, electricity, water, etc.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Financial fees associated with banking, including credit card transaction fees and bank account service fees.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Insurance","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, the above isn\'t an exhaustive list. You may have other operating expenses that are more varied and depend on your situation, such as the cost of gas if you need to travel, commissions to real estate agents and brokers, and professional fees (CPA, bookkeeper, attorney).  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital budgets help you forecast and plan for ","marks":[],"data":{}},{"nodeType":"text","value":"capital expenditures (CAPEX)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Here, you will account for funds needed to maintain, build and acquire physical assets, as well as any major purchases or multi-year use items. Common CAPEX items include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rental property acquisition","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HVAC systems","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New rental construction","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security systems","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multi-family property fixtures and lighting","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Preventative maintenance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New or improved amenities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"and other items you can depreciate over time","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, an ","marks":[],"data":{}},{"nodeType":"text","value":"operating budget","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" tells you what you\u2019ll need on hand to cover the cost of operating your rental business. Whereas a ","marks":[],"data":{}},{"nodeType":"text","value":"capital expenditures","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" budget plans for future growth, improvements, new projects and big ticket items. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you work for a property management company, the capital budget will likely be taken care of by the head office \u2014 while property managers will need to put together operating budgets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Private landlords, on the other hand, ","marks":[],"data":{}},{"nodeType":"text","value":"need to consider both budgets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In some cases, both an operating budget and a capital budget are bundled together under a ","marks":[],"data":{}},{"nodeType":"text","value":"master budget plan","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This would include things like historic financial reports, vendor contracts, and other important information. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Combined, information from both the OPEX and CAPEX can help you acquire loans for larger capital expenses, renegotiate mortgages, and lower your insurance premiums.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Property manager\u2019s guide to budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The only way to see where you are going is to know where you\u2019ve been and where you are right now. When budgeting, that means identifying what has financially occurred and what is happening currently with your rental income and expenses. \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a look at the tasks needed to put together a budget and some tips and tricks to help you through the process. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Budgeting tips for property managers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process of budgeting doesn\u2019t have to be difficult or complicated. Here are some strategies to make budgeting for property managers easier.  Your first step is the planning session. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Make a plan \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgeting as a property manager is an ongoing process much like many landlord endeavors. It\u2019s easy to get caught up in the day-to-day hustle and bustle of property management and push off this important task. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To keep your budget top-of-mind, schedule times into your calendar \ud83d\udcc5 to:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gather data","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a budget","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review ongoing income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monitor ongoing expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review and conduct contract negotiations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Look at efficiencies and cost cutting opportunities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And periodic budget reviews","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Research and review data points \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To draft a budget, you\u2019ll want to grab these common property management reports. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Rent roll \ud83c\udfe0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A rent roll is a ","marks":[],"data":{}},{"nodeType":"text","value":"snapshot of your tenants\u2019 balance","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". It shows you market rents, current rental rates, and any delinquent tenant ledger amounts. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Property performance \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A property performance report (also known and occupancy rate reports) will give you a snapshot of each property\'s performance over a period of time. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Expense reports \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can pull expense reports that consolidate all the expenditures from a time period by property or by bank ledger. If you have a large portfolio or want to dive deeper into your expenses, you could pull category ledger reports that line item expenses paid under specific categories. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other information to have on hand would be salary information and any expected changes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember to look at your contracts for details indicating future price changes such as upcoming office rent increase, utility price increases, lawn care, advertising, etc. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Calculate rental income \ud83e\uddee","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grab those income and rent roll reports to get a picture of what you can expect to come in for the year. In most cases, look at the average over time (ie: a 12 month period) to consider expected revenue. Use your monthly average as your guide. Remember to factor in upcoming rent increases. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But if income varies greatly due to seasonal tenant turnover, use a longer period of time to find your monthly average to get a clear picture of expected income. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rental income comes in the form of rents received by electronic payment options like ACH or credit cards, cash, checks, money orders, and cash payment alternatives. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But it doesn\u2019t stop there, you could also be collecting: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pet fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Late fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Appliance rental fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Applications fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Credit card transaction fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Storage rental income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Laundry coins","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vending machine income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue from selling ad space in your newsletter and website","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And more!","marks":[],"data":{}}]}]}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Insider tip:","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" If you have considered alternative income streams, take a moment to think about how you can add these and other income generating ideas to your rental business to help your bottom line. ","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Remember to budget for ongoing and one-time expenses \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In your budget, you\u2019ll want to account for those items that come up periodically or perhaps only once a year such as: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Property inspections","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tenant turnover","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":" Paying someone to check your fire extinguishers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Power washing","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HVAC seasonal maintenance","marks":[],"data":{}}]}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Budgeting for the unexpected ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s hard to anticipate the unexpected but a good rule of thumb is to plan for the worst but hope for the best when it comes to the unknowns of property management. So, try to think about what could go wrong and add a line item in your budget for a contingency fund. Unanticipated large expenses that can catch you off guard include: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Large plumbing issues (broken pipes, burst water heaters, septic failures)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Natural disasters \u2013 think what you\u2019ll need while you wait for insurance to provide resources","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Structural issues like roof repairs and replacing garage doors","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Repaving after ground shifts and earthquakes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tree concerns such as falling limbs and root damage","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Changes in inflation and consumer price index (CPI)","marks":[],"data":{}}]}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Identify new budget categories \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgets include goal planning for your rental business. You\u2019ll want to budget for new amenities and future upgrades like adding pet facilities or a playground, switching from traditional keys to a smart lock system, and upgrading security systems and features. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What other ways can property managers create, monitor and improve a budget? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have a clear picture of your income and expenses, plan for the unexpected and for your future goals, it\u2019s time to see how you can influence your budget with time and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/landlords-maximize-profits-revenue-streams-cost-cutting/"},"content":[{"nodeType":"text","value":"cost saving measures to maximize profits","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money saved is money earned right? Budgeting your time and finding efficiencies can help bring down costs. Here are some more budgeting tips:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Allocate time to building great tenant, owner, and vendor relationships. \ud83e\udd1d Great relationships can save you both time and money. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review services annually such as trash removal, cleaning, landscaping and lawn care, property and business insurance, as well as internet and phone service contracts for ways to capitalize on renewal or unadvertised discounts. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Speaking of service providers, don\u2019t be shy to ask them for their expert advice on cost-cutting ideas! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If it makes sense for your business, invest in energy-efficient appliances, lighting, and engage in energy-efficient practices to help keep costs down. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set performance goals for tenant turnover timeframes and lease renewal rates. The faster you are able to fill a vacancy, or better yet, have a good tenant renew their lease, the better! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lean into automating many of your tasks. \ud83e\udd16  Invest in property management software that has robust features that free up your time. Most property management software providers all have common features like communication tools, integrated tenant screening, financial reports, and more. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A property management software \ud83d\udcbb  can help by simplifying your budgeting process. The only way to get accurate financial data is through reliable financial reports and a great property management software makes tracking income and expenses and pulling those financial reports a breeze. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/best-property-management-software/"},"content":[{"nodeType":"text","value":"evaluating property management software","marks":[],"data":{}}]},{"nodeType":"text","value":", be sure to look for one that has the best customer service and client support, is easy to learn, and has all the robust features you want. Remember, software tools don\u2019t have to be expensive to be efficient and helpful. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Common budgeting mistakes ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing what to look out for in budgeting for your rental business will help you keep on track. \ud83c\udfaf ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first and biggest mistake is to not budget at all and simply hope for the best. \ud83e\udd37\ud83c\udffb\u200d\u2640\ufe0f Too many property managers still operate with this mindset. If that\u2019s you, imagine how much healthier your profit margins could be if you spent a little time on budgeting. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Being on autopilot can blind you from possibilities of new revenue streams, cost savings, discounts, efficiencies for time savings, and more. If you prioritize budgeting habits you\u2019ll be set up for greater success because it will force you to evaluate all your systems, processes, and business relationships.  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another common mistake is to let the fear of the unknown get in the way of creating and maintaining your budget. You might feel like this is a daunting task, and you\u2019re not alone. A study from the Certified Financial Planner Board of Standards (CFP Board) found that 59% of Americans surveyed are not tracking their spending and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cfp.net/news/2019/01/new-survey-shows-consumers-no-matter-their-income-or-assets-need-support-with-spending-household"},"content":[{"nodeType":"text","value":"two-in-five have never had a budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd2f ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it\u2019s likely many property managers and landlords haven\u2019t started down the path of budgeting for their rental properties. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that you have resources to help you get started. You can find expert advice on finances and budgeting \ud83e\udd13 plus other educational resources provided by your financial institution, property management blogs, and local or state real estate boards, housing commissions, and rental associations. 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And that\u2019s precisely why managing your cash and expenses accurately is so important.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One way to keep your costs under control (and maximize your profits \ud83d\udcc8) is to use a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"business budgeting method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" like activity-based budgeting. This method gives you insights into your operating costs and helps you identify which expenses are directly responsible for bringing in money \ud83d\udcb0 and which don\u2019t contribute to your bottom line.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what exactly is activity-based budgeting? How does it work and how is it different from other methods? 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Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is activity-based budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting is a system that documents, researches and examines cost drivers for a business. A \u201ccost driver\u201d is the direct cause of an expense. For instance, if you have hourly employees, labor cost is determined by the total hours worked. This makes the number of hours that employees work your cost driver.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When executing an activity-based budget, start by analyzing all activities that have costs associated with them (which should be most of them). Then, look for potential ways to reduce those costs. For example, imagine implementing budgeting software that reduces the hours your accounting team spends on categorizing expenses. Not only did you discover a more effective solution, but you also reduced an important cost driver!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you finish analyzing all activities, you end up with a budget.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What does activity-based budgeting analyze?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But how do you know which activities to analyze when using the ABB method, and how? \ud83e\udd14 First, you need to understand the difference between ","marks":[],"data":{}},{"nodeType":"text","value":"direct ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"and ","marks":[],"data":{}},{"nodeType":"text","value":"indirect costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Direct costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Direct costs are costs that directly contribute to the production of your products or services. In other words, the product or service could not exist without incurring these costs. Consider the labor costs of engineers building your product, for example. Your product wouldn\u2019t exist without their help, making it a direct cost.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Indirect costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": On the other hand, indirect costs refer to expenses that are not directly related to creating a product or service. Indirect costs are expenses incurred by your business operations as a whole. These may include rent, legal fees, utilities, phone and internet bills, or security costs.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting only focuses on indirect costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that don\u2019t directly contribute to your products or services. But how do you know which indirect costs to reduce? To answer this question, you need to use a method known as activity-based costing.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is activity-based costing (ABC)?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://smallbusiness.chron.com/disadvantages-advantages-activitybased-costing-45096.html"},"content":[{"nodeType":"text","value":"Activity-based costing","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (ABC) is a process that allows you to allocate overhead costs by assigning indirect expenses to activities more precisely. The objective of the ABC method is to reduce or eliminate overhead costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To illustrate this further, suppose you lease a small factory you use as a manufacturing facility. The rent you pay for the factory is an ","marks":[],"data":{}},{"nodeType":"text","value":"indirect expense","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". Becoming aware of this cost allows you to eliminate it if you choose to outsource manufacturing instead of renting your own facility. This would help lower your overhead costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All businesses want to minimize their costs and maximize profits (after all, you need to make money at the end of the day). 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Identify and prioritize your cost drivers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by identifying items that result in expenses for your business, known as \u201ccost drivers.\u201d For instance, a manufacturing facility\'s \ud83c\udfed main cost driver is machine hours. Think about it this way: a machine must run longer to manufacture more goods. And as it runs, the costs increase. These costs may include the electricity required to run the machine, the salaries of the people who manage it, and any other supplies needed to maintain it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then rank the cost drivers from the most to the least important, allowing you to allocate resources to essential activities first.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An example of an essential activity","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is the production of goods. After all, you can\u2019t sell what you don\u2019t have.\xa0","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An example of a secondary activity","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is a subscription payment for your point of sale system. It\u2019s not necessary, but it adds value by ensuring smooth business operations.\xa0","marks":[{"type":"italic"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, some activities are neither necessary nor value-adding, and you should remove them. Imagine the cost savings you would see by eliminating the office rent and operating remotely. \ud83e\udd2f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Forecast what you\u2019ll spend on each cost driver","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each activity can be measured in units, such as the number of orders or labor hours. You\u2019ll need to forecast how many of these units each activity will need to allocate a budget.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you have two virtual assistants who spend six hours a day, five days a week, doing data entry for your business, their total labor hours will be 60 hours per week (2x6x5).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Calculate the cost per unit of activity\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, calculate \ud83e\udd13the cost per unit to determine a budget. For instance, if your office uses 30 units of water every month, and the water company charges you $4 per water unit, your budgeted water cost would be $120 (30x4).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The outcome is a budget that identifies the basic needs of every cost driver. You can then use it to determine future costs by reducing or eliminating activities.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Difference between zero-based budgeting and activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the name suggests, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/z/zbb.asp"},"content":[{"nodeType":"text","value":"zero-based budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" doesn\u2019t use the current budget as a base. You don\u2019t use historical information, and all business costs are justified and approved at the beginning of the fiscal year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In zero-based budgeting, each company division is assessed for needs and expenses. Let\'s highlight some of the top differences:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In zero-based budgeting, resource allocation depends on the importance of the needs and costs of every department. On the other hand, resource allocation in activity-based budgeting is done by assessing activities that incur costs and finding ways to reduce overhead costs.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting determines potential business profits, while zero-based budgeting doesn\'t. In activity-based budgeting, costs are linked to business revenue, ensuring that only sales-generating expenses are considered. This helps you accurately forecast profit. Zero-based budgeting only considers the costs necessary for every department instead of the overall business revenue goals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In activity-based budgeting, costs are eliminated based on alignment with business objectives. On the contrary, zero-based budgeting eliminates costs based on whether the individual departments can justify them.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s use a content marketing business as an example. The activities that generate the highest costs are content production and content editing. So, the cost drivers are the number of written articles and the number of edited articles. The business owner sells 200 articles monthly. But he just got five new clients and will deliver 250 articles in the coming month. Assuming he pays $200/article to a freelance writer and $100/article to a freelance editor, what will the budget look like the following month?","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Production","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Editing","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost Driver","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of written articles","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of edited articles","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of Units","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost per Unit","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$200","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$100","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Cost","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$50,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$25,000","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve figured out the activities and cost drivers, then predicted the number of units within the cost drivers. Seems easy enough, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost per unit, in this case, is determined before hiring writers and editors for the job. You set the rate you\u2019re willing to pay for outsourcing written and edited content and then hire the writers and editors. But here\u2019s the magic question: can activity-based budgeting help you ","marks":[],"data":{}},{"nodeType":"text","value":"reduce","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" production costs without sacrificing output or quality? The answer is yes!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using the above example, you might realize that you can save 25% of the cost by hiring salaried in-house writers and editors. Say you hire ten writers and five editors at a salary of $3750/month each. How does this change the unit costs?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"new unit cost","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" per written article is the Total Salaries to Writers / Number of Articles = $150 (3750*10/250), while the unit cost per edited article is Total Salaries to Editors / Number of Articles = $75 (3750*5/250).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The budget would now look like this:","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Production","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Editing","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost Driver","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of written articles","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of edited articles","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of Units","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost per Unit","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$150","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$75","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Cost","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$37,500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$18,750","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this new model, we wouldn\u2019t need to determine the unit cost again the following months unless we hire new writers and editors.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Pros and cons of activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Advantages of activity-based budgeting \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"1. Better cost control","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since all revenue-generating activities are examined during the activity-based budgeting process, you\u2019re able to exercise more control over costs as you look for efficient ways to cut expenses.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"2. Competitive advantage","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower operational costs allow you to sell products at a better price than your competitors, giving you a competitive edge \ud83c\udfc6in the market.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"3. Effective resource allocation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All businesses have limited resources. Therefore, the activity-based budgeting method allows you to allocate resources to only those activities that generate revenue, eliminating non-profitable activities.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Disadvantages of Activity-Based Budgeting \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"1. More costly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting works on a macro level by collecting data from multiple departments, making it more costly to implement and maintain than ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.wallstreetmojo.com/traditional-budgeting/"},"content":[{"nodeType":"text","value":"traditional budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"2. Time-consuming","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You need to dot your i\u2019s and cross your t\u2019s when analyzing business activities and how they impact profitability, which can be time-consuming. \u23f0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"3. Complex","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The budgeting team needs to understand all the functional areas of the business before determining cost drivers. The process is complex, especially for a company doing it for the first time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stick to your ABB budget once you\u2019ve created it","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have your budget. Now what? Sticking to an ABB budget can be challenging without the right help. That\u2019s where ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" comes in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay allows you to deposit budgeted amounts for multiple expense accounts (like payroll, vendor fees, and delivery costs) to help you stick to your budget. Now that\u2019s proactive budgeting done right.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It has never been easier than now.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Happy budgeting! \ud83d\ude09","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":" Elton Mwangi","jobTitle":"Founder & Writer","company":"Papyrus Texts","slug":"elton-mwangi","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/20bHVvnF92pifRIUeXYBEU/4295f960cc6fa14e450c5b1b598c9028/Elton_Mwangi.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1656625560957,"customDate":1656625560957,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"incremental-budgeting","title":"Incremental Budgeting: Everything You Ever Wanted to Know","description":"Incremental budgeting is the idea that a new budget can become better by making small changes to current allocations. 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It sounds simple enough, but how do you put this idea to the test? \ud83e\udd14The answer lies in your budgeting practices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting is a method where you make incremental changes to your current budget to inform future allocations. These incremental changes include adjustments for inflation, sales prices, or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"software tools","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". If you\u2019re looking for a simple budgeting method to help you achieve financial consistency, incremental budgeting might be right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-incremental-budgeting"},"content":[{"nodeType":"text","value":"What is incremental budgeting?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#incremental-budgeting-steps"},"content":[{"nodeType":"text","value":"Incremental budgeting steps","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#incremental-budgeting-example"},"content":[{"nodeType":"text","value":"Incremental budgeting example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#pros-and-cons-of-incremental-budgeting"},"content":[{"nodeType":"text","value":"Pros and cons of incremental budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-stick-to-your-incremental-budget"},"content":[{"nodeType":"text","value":"How to stick to your incremental budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We want to help improve your business\'s success, which is why we put together an entire series about the top ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"business budgeting methods","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to give you complete control over your finances. If you\u2019re ready to get serious about budgeting, let\u2019s dive \ud83c\udfca into the basics of incremental budgeting to determine if it\u2019s right for your business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is incremental budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting is a method where you prepare a new budget by making small changes to your current budget amounts for a given period. This method is one of the most commonly used, as it\u2019s simple and can be utilized for a variety of different budgets (\ud83e\udde0 think departmental budgets, project budgets, and payroll).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s based on the idea that a new budget can become better by making only marginal changes to the current allocations. But let\u2019s take a second to consider other scenarios where this same idea is at play.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think back to when you learned how to ride a bike. Did you learn how to balance, pedal, and come to a stop all in one day? Of course not! You took days, weeks, and maybe even months of making small improvements to become a cycling whiz. \ud83d\udeb4 This is the same concept used for incremental budgeting.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting is achieved by starting with your historical allocations as a baseline and making minor adjustments until your new budget is complete. Then, assumptions are added or subtracted from the original amounts to determine the new budget.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Incremental vs. zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is a method where you must explain all earnings and expenses for each fiscal period. So, how does this differ from incremental budgeting? The answer is straightforward, actually.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While incremental budgeting starts with your current budget and makes adjustments to the existing numbers, zero-based budgeting starts with a completely clean slate for each period, without making any reference to previous budget years. With zero-based budgeting, you start from scratch to allocate budgeting needs. As you can see, incremental budgeting is much quicker and often simpler than zero-based budgeting.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting steps","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most noteworthy advantages of incremental budgeting is that it\u2019s less difficult\u2014not to mention less time-consuming\u2014because your fixed expenses have already been budgeted.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed expenses may include:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Rent\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca7 Utilities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Payroll","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Business loan payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Software","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So when it comes to building an incremental budget, all you\u2019ll need to do is follow a couple of simple steps. These steps include understanding, adjusting and forecasting your fixed expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1. Adjust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step in creating any well-executed budget is understanding your finances. \ud83d\udcca\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll need to review each line item of your current budget to understand your fixed expenses and make incremental adjustments. You should base these adjustments on factors like inflation, sales prices, cost of goods, or other important aspects that could help improve your bottom dollar. Your resources will ultimately be adjusted up or down depending on the factors at play.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Continue this step until you\u2019ve adjusted all line items on your current budget.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2. Forecast","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve adjusted all fixed expenses, you\u2019ll need to forecast your expenses based on the new allocations. You can do this by using the incremental budgeting formula: (new expense [-] [+] old expense = budget change). \ud83e\udd13\ud83d\udcda","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Add or subtract the adjusted expenses from the old ones to show the change in budget for the upcoming fiscal year. It\u2019s pretty simple, though it never seems that simple when you sit down to do it. Your new budget will largely be similar to your old one, with minor cost differences.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example of incremental budgeting in action to give you a better understanding.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You\u2019re working on a new payroll budget for the upcoming fiscal year. You look at your current budget to base next year\u2019s allocations on and make changes based on new hire support and inflation.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Current Payroll Budget","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New Payroll Budget","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Percent Change","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operations: $20,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operations: $15,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"- 25%","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Human Resources: $25,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Human Resources: $30,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"+ 20%","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Administration: $15,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Administration: $35,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"+ 133%","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing: $20,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing: $35,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"+ 75%","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounting: $10,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounting: $15,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"+ 50%","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: $5,400","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: $7,800","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"+ 44%","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budget: $95,400","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budget: $137,800","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"+ 44%","marks":[{"type":"bold"}],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After making small adjustments to allocations, your new payroll budget is complete! Naturally, your new budget is bigger this year because of inflation and payroll changes. Thankfully, you\u2019ve outlined these payroll adjustments ahead of time to prevent cash flow roadblocks. \ud83d\udea7","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"italic"}],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Pros and cons of incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While one of the most simple budgeting methods, incremental budgeting is also one of the most controversial practices to follow. This is because many believe it can cause unnecessary spending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, there are many advantages of using the incremental budgeting method. From its simplicity to its consistency, it can offer a lot of benefits for the right business. Here are some of the top incremental budgeting advantages and disadvantages.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting pros: \ud83d\udc4d","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Uses your current budget to save time.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires only simple calculations.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remains fairly consistent over time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses are easy to predict.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fewer internal challenges are needed.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting cons: \ud83d\udc4e","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can lead to overspending vs. being conservative with cash fluctuations. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doesn\u2019t account for unforeseen changes or factors outside of last year\u2019s budget.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Could discourage leadership from looking more in-depth into expenses.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stick to your incremental budget\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now comes the hard part; ","marks":[],"data":{}},{"nodeType":"text","value":"actually sticking to your budget","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". If we\u2019re being honest, learning how incremental budgets are implemented doesn\u2019t just happen overnight. It takes time to perfect and improve your budgeting practices. While maybe not the most exciting part of being a business owner, it\u2019s all part of the process.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, how can you stick to your budget once you\u2019ve created it? Here are a few tips to help you stay consistent with your incremental budgeting practices.","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stick to a schedule","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The best way to budget effectively is to stick to a schedule. \ud83d\uddd3 Given that the incremental budgeting method depends on the current budget to inform changes, it\u2019s essential to keep your budget up-to-date. Schedule time in your calendar to budget every quarter or, at minimum, yearly.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review and adjust:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Budgets are fluid and can change depending on your goals or financial circumstances. Because your business changes rapidly, continually reviewing and adjusting your budgets where needed is essential. A rule of thumb is that the more frequently you reevaluate budgets, the more accurate they\u2019ll be. You should make adjustments regularly to keep up with industry changes, staff, and the cost of goods. Additionally, you can utilize the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to stick to your budget and categorize each type of business expense. This will help you portion your revenue out, ensuring you can\u2019t spend more than what you have.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Utilize money management software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" As an entrepreneur, you may feel driven to roll up your sleeves and do the manual work yourself. But, the key to being a successful entrepreneur is to know how to utilize productivity to your advantage. Money management software takes the manual work out of the equation, leaving you to focus on the work that matters most to your business. A banking platform like Relay allows you to categorize your budget, get visibility into your cash flow, and automate your payments. \ud83d\ude80","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}},{"nodeType":"text","value":"Don\u2019t wait to start budgeting. If you\u2019re looking for an online banking and money management platform that helps you perform an incremental budget, ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"try Relay","marks":[{"type":"underline"},{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" today.","marks":[{"type":"italic"}],"data":{}}]}]},"readingTime":4,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1656624306499,"customDate":1656624306499,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-move-clients-from-a-manual-accounting-process-to-your-preferred-tech","title":"How to move clients from a manual accounting process to your preferred tech stack","description":"Here\'s how Garrett Alexander, Co-Founder of Orsini & Associates, saved one of his clients $12K by convincing them to switch to his preferred tech stack.","metaTitle":"How to convince clients to move to your preferred tech stack | Gearing Up","metaDescription":"If you work with clients that have outdated, manual accounting workflows \u2014 here\'s how to convince them to switch to your preferred tech stack.\xa0","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3AdPsatAyMIKtfhshO5nPF/8d1ff8c5f161636ee38808139cd0387d/GU_-_move-manual-tech-stack.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you work with clients that have outdated, manual accounting workflows \u2014 tune in to this episode of Gearing Up to learn how to convince them to switch to your preferred tech stack.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This week, we speak to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.linkedin.com/in/garrett-alexander-cpa-190b88b7/"},"content":[{"nodeType":"text","value":"Garrett Alexander, CPA","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", who juggles his work between two firms. First, he\u2019s the owner and Co-Founder of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://orsiniandassociates.com"},"content":[{"nodeType":"text","value":"Orsini & Associates","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", a traditional accounting firm, and he also runs ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.linkedin.com/company/game-on-financial/"},"content":[{"nodeType":"text","value":"Game On Financial","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", a tax, finance, and business firm for gamers and content creators.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett\u2019s experience serving two vastly different types of business owners has taught him how to get clients to buy into his preferred tools no matter their background.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, he\u2019s not only improved his own workflow and efficiency, but ","marks":[],"data":{}},{"nodeType":"text","value":"he\u2019s also saved his clients a lot of money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In fact, thanks to Garrett\u2019s in-depth client conversations, he saved one logistics and shipping client over ","marks":[],"data":{}},{"nodeType":"text","value":"$12,000 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"just by changing banking over to Relay. Talk about a significant sum money! ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A modern, integrated technology stack is key to efficiency ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett often comes across clients who have an outdated, manual accounting process. They use QuickBooks Desktop, process payroll manually and work with a local bank with no integrations. For a modern accounting firm \u2014 this is unsustainable.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Watch to see how Garrett presents a clear vision to his clients through in-depth conversations and demonstrates how much time and money they can save with a modern, integrated technology stack.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Watch the full episode now to learn\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 How Relay helped save one client over $12K\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d Garrett\u2019s approach to working with clients from various backgrounds\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd14 His \u201chub and spoke\u201d model for accounting tech\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 How to convince your clients to switch their tech\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/1tDnbmfAD5o"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/1tDnbmfAD5o","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019d like to share your knowledge on an upcoming episode of Gearing Up,\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"nodeType":"text","value":"submit your challenge + solution using the form","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ydCEJxujEE26ZZH1xOcw1","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2022-04-25T18:51:29.084Z","updatedAt":"2022-12-16T17:31:32.530Z","publishedAt":"2022-12-16T17:31:32.530Z","firstPublishedAt":"2022-04-25T19:12:05.497Z","publishedVersion":44,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode transcript","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Most of them, if you talk to them as a business owner and say like, this doesn\'t make sense to do, they\'re okay with that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You\'re talking to them business owner to business owner. Hello, Blake Oliver here, and this is Gearing up, a series by Relay. Relay is business banking, designed for accountants and their clients, just like me, they\'re obsessed with making firms more effective and efficient. So in each episode I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Garrett Alexander of Orsini & Associates on the show. Thank you for joining me, Garrett.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, great to be here. glad you\'re having me.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So, tell me about your firm, where you\'re located, what do you do, who do you serve?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, yeah, so we\'re located in Savannah, Georgia, we serve, right now a multitude of industries, Orsini & Associates is more of our brick and mortar practice, we actually just recently bought a firm, and so we\'ve kind of inherited a good mix of industries in there, bunch of real estate, bunch of, you know, naturally we\'re on the port, we have some shipping stuff, stuff like that, and then we have Game On Financial which is more of our outreach to content creators, gamers, and that is obviously nationwide, they\'re located everywhere.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So when you say content creators, I hear that the name Game On, are you talking about like Twitch streamers and YouTubers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Oh, yes, yeah, Twitch streamers, YouTubers, Instagram, I mean, you name it, whatever the platform of choice, TikTok, big one, but yeah, yeah, not just gamers, I know, Game On Financial, obviously you guys kind of leading, but at the same time a lot of these content creators that we have as clients, they actually don\'t stream on Twitch at all, most of them do, but yeah, yeah.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So, how do you find them? Do you go on their like channels on Twitch and do you like subscribe?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, yeah, yeah. So I\'ve been in the industry, at that specific industry for quite a while now, so I have a lot of creators that I\'ve subscribed to previously before we kind of decided this was what we wanted to do, but, yeah, yeah, I\'m just kind of in the, you know, like we have our communities within the tax world, they have their own specific communities, so I try and stay pretty involved in those, and honestly it\'s happened pretty organically just being in the space.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So when you get these clients, I mean, they\'ve probably never worked with an accountant before, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"No. most of the time, the bigger ones have, I mean, they\'re coming from other CPA firms a lot of times, but yeah, most of them haven\'t.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When they come to you from other CPA firms, like why do they leave?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I think it\'s a communication thing, I mean, I\'m a little bit younger and I think there\'s obviously the disconnect between the millennial and the boomer generations, I mean, that\'s a big thing in and of itself, but, you know, it\'s just, I\'m in the space, I can talk metrics with them that they understand, you know, CCVs, concurrent viewers, stuff like that, that I don\'t think other people really grasp, I think they just drop their stuff off at their accountant and that\'s it, and most of them use their parents\' accountant, versus with me I think that\'s, kind of, you know, they\'re independent, they wanna get with somebody that can speak their language, so to speak, and I think that\'s a big hit with them, or I know it is.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I mean, it\'s got to be kind of strange to be working with a CPA that like doesn\'t know what Twitch is, right? And that\'s your main source of income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, yeah, exactly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Explain the concept to them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\'s an easy sale for me, that\'s why I said it was organic, I mean, it\'s not like I\'m out there hard selling anything, you know, I just love the space, and I think people see that, I think there\'s an authenticity to it, and so when I speak with these folks, it just kind of flows, I don\'t know","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"How\'d you get into it?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We just got into it, we just decided we wanted to, like I said, Orsini & Associates, we kind of have the traditional firm backbone, we have an office in Savannah, Georgia, you know, anybody, almost anybody local can look us up, they can step into our office, all that stuff, and we decided we wanted more, to kind of niche down into a specific space, and that one was just a passion of mine, my partner, when we started the firm, she was bringing a lot of clients with her from her previous firm, I was not, again, I\'m younger, so the firm I was leaving I didn\'t have just a client base, so I brought nothing, and so I thought it was a good idea just to, you know, go out there and start building my book of business that way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So, that\'s fascinating, because you really have two different firms going on, you\'ve got this Game on Financial, bringing in new clients, who probably have not worked extensively with accountants in the past. So the onboarding process, you know, you have a chance to educate them as to how this relationship should work. Then on the traditional side, you\'ve got a whole book of business that you\'ve acquired. Like, how is it different?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The content creators we\'re getting a lot of them, we can go to them with any tech stack and make recommendations, and there\'s an inherent level of trust I think, again, built based on just, honestly me being able to speak their language, and so they\'ll do, honestly whatever I recommend, I truly feel like I am the expert in their eyes, and then the traditional client base, they\'ve been working with somebody for 40 years and their motto is more of, we\'ve never done it this way before why should we change, right? It\'s always worked in the past. So it\'s difficult when something is not working very well, they don\'t see the behind the scenes of it, and presenting that to them has been difficult, it\'s been great experience honestly, great learning opportunity for me and my partner, but, yeah, one is definitely easier to pitch to than the other one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I\'m sure many of our viewers have been in that situation where, you get this client that\'s been doing things a certain way, for five, 10, hey, maybe 20 years, and now you\'re coming in with new technology, cloud based technology often, trying to get them to switch. How do you make that pitch to them?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I have to be, so what helps me with the content creators of being younger and recommending these items, I have to actually, it flips on me the other way, so now I\'m all of a sudden the young kid that\'s coming in to change everything, so I have to have it down to a science, I have to be able to communicate the value almost immediately, right? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And I do that with, I mean, a multitude of ways, but the most consistent way I\'ve found is with, I have a slide deck, and I have a set process of, you know, once we evaluate the client file, usually all of them, you\'ve got payroll, you\'ve got bookkeeping, and then, I mean, you\'ve got banking and stuff like that, so, you can kind of tailor your tech stack to what the client needs, and present it to them in a slide deck, something they understand, make it bite size for them, and show the value immediately, I mean, you have to, \'cause otherwise, again, I\'m just the new kid coming in to change everything and they don\'t like that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So they come to you on desktop, QuickBooks Desktop, they\'re doing manual payroll, they\'re going into a branch to go to the bank. What are you moving them on to?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, good question. So we\'ve tested a lot of things, QuickBooks Online predominantly, that\'s gonna be the hub of everything, and then you kind of, from the hub, you go to the spokes and so, I like Gusto, in fact, I love Gusto, big proponent of Gusto, I think I have one client on ADP, and all the rest are on Gusto, and then I still have a few that are manual that we are converting, we\'ve been doing this over a period of time and had good success but, so Gusto and then Relay, obviously for the banking needs, we are pushing Relay as hard as we can, and we\'ve had, you know, good success with QuickBooks Online, Gusto, Relay, and, I don\'t like changing it up too much, \'cause again, I have to have something set and I need to know what I\'m doing when I\'m making, \'cause once I get past the pitch I have to do the conversion and I need to know kind of what\'s going on, and it\'s easier when I have that defined tech stack to take to them. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I try to give the carrot before I give the stick, right? I try and give you the good reason, the good reasons for doing it, and then for Relay that\'s actually, probably one of the, I wanna say easier ones because the benefits are obviously numerous, I can pull that up online and walk them through, but for, you know, if they\'re hard set on talking to a person, I would actually tell them, you can keep the local branch, you know, you\'re depositing cash, you\'re gonna need the local branch anyway, keep that, let\'s just move all of your actual, true operating your activity into Relay, and that\'s gonna save us a lot of time with the data entry, everything like that, the data coming over to QuickBooks Online is gonna be cleaner than you\'ve ever seen it, it\'ll give us, the accountant on our end, it\'ll give us so many more options as far as like, how to do things, \'cause we\'ll actually be able to see the data, and I think at the end of the day, when I tell them I need to be able to see the data and advise you, and I can\'t do that on the system you\'re currently on, that\'s what they\'re after, they want that advice, and I tell them I can\'t do it without this model. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banking with Relay has helped in unexpected ways, I\'ve for example, talked to a client about switching to Relay, but they said do you charge for incoming wire fees? And there it is a shipping company, \'cause we\'re, again, we\'re in Savannah, so big port in Savannah, and I said, that\'s a great question, you know, I haven\'t been asked that before, let\'s pull it up, pulled it up online, right then, incoming wire fee, zero dollars, that right there saved them $12,000, give or take, I mean, right just above $12,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Wow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And I was very upset, \'cause I was like, I didn\'t bill enough, right away, you know, I knew right away.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your minimum price could have been $12,000 a year, right? Just for that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, all of their business, all of their customers pay them incoming wires, and so that right there, that was a chunk of change for them, I mean, this is, small business now not massive, not a lot of business here, so that 12,000 means a lot to them, and that, right then they were like, okay, we\'re done, yep, that\'s all we need to see, and so it\'s been different.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, and you learned, you took the time to learn a little bit about their business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And the other thing I love that you said is that, you say to your clients or your prospects that this is what\'s gonna allow me to advise you, because I can access all of these tools, so, if they\'re all in your office on a desktop, I can\'t do that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, I think the technology these days, I don\'t try and compete with the technology itself, I mean, most of our clients want the advice, most of them, if you talk to them as a business owner and say like, this doesn\'t make sense to do, they\'re okay with that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You\'re talking to them business owner to business owner. Garrett, thank you so much for sharing your sales tips with us, your insights, we\'re not calling it sales though. Whatever we call it, the way that you get your clients onto the cloud tech stack, thank you for sharing that with us. If people wanna learn more about you, connect with you online, where should they do that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Oh yeah, absolutely, so I am your local tax guy on Twitter, follow me there, I am on Facebook, I\'m gonna be completely honest, I\'m not as involved there, but yeah, you can go to our website, orsiniandassociates.com. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Find more about just Melanie and I, my partner Melanie give a little bit of background on the website and all so you can get to know us, but yeah, Twitter is probably the main space if you wanna interact, DM me, let me know, you know, any questions you may have.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And let us know when you get up your Twitch channel for, you know, doing tax returns or reconciling.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, on Twitch, livestream tax returns, that\'s right.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Or bank recs, livestream at bank rec in QuickBooks Online.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Relay. 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With Relay, you can create up to 50 physical and virtual Visa\xae debit cards per business to organize spending and track expenses. If your business has a lot of software subscriptions, you can create a virtual card just to manage monthly subscriptions, and set up recurring payments so you never forget to pay off the expense. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mercury offers all the essential banking features you\u2019d need, but many of their bells and whistles are geared toward building a startup.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is a stronger fit for a wider range of industries and the smaller, grassroots and bootstrapped businesses that are super serious about cash flow. 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","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1656097795445,"customDate":1656097795445,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"to-smbs-fired-by-brex","title":"To SMBs fired by Brex: We\'re here for you","description":"On Thursday, June 16, 2022, Brex announced that it\'s firing thousands of SMBs. 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Little explanation was given as to why, or what makes a business qualified.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No doubt a difficult decision by Brex. But in my view, the wrong way to treat your customers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses are the backbone of the economy and represent more than 90% of all US businesses \u2014 yet they are chronically underserved.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We already know they\u2019re underserved by traditional brick-and-mortar banks. Banking with these institutions usually means endless hidden fees, outdated infrastructure, and non-existent customer service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Which is why it\u2019s so saddening to see SMBs get overlooked yet again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a business takes guts. It tests you. Small business owners put everything on the line to grow and sustain their companies. And they need partners who can support them along the way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we\u2019ve been committed to building banking that *truly* serves small businesses from day one, and we\'re here to stay. Because when we look at this landscape, we see endless opportunities to equip SMBs with tools that help them grow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This news only energizes us to serve small businesses more deeply.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve been fired by Brex as a customer, we would love to have you. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that helps you stay on top of cash flow, get unparalleled clarity into operating expenses, and manage your team\u2019s spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is here to support your businesses, no matter how big or small. 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Here\'s to use VPB to analyze and prioritize expenses to that drive the most strategic value for your business.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2eUiCz9KtARVZOcr51DcA9/948bbee96eedda7fbe6dc678f5aaa078/Business_Banking_Blog_Header_-_Value_Proposition_Budgeting.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to business obstacles, what separates the companies that thrive from the ones that just barely get by? Knowing how to budget effectively. If you\u2019re ready to make sure your business thrives under pressure, we can help!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our advice? 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This way, you can restructure your financial practices and use your cash more wisely.\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-value-proposition-budgeting"},"content":[{"nodeType":"text","value":"What is value proposition budgeting (VPB)?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-value-proposition-budgeting-works"},"content":[{"nodeType":"text","value":"How value proposition budgeting works","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#value-proposition-budgeting-example"},"content":[{"nodeType":"text","value":"Value proposition budgeting example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-advantages-and-disadvantages-of-value-proposition-budgeting"},"content":[{"nodeType":"text","value":"Advantages and disadvantages of VPB","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-stick-to-your-value-proposition-budget"},"content":[{"nodeType":"text","value":"How to stick to your VPB once you\'ve created it","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With multiple budgeting methods to choose from, like zero-based and activity-based budgeting, it can be challenging to find the right system for your business. At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our mission is to improve the rate of small business success by giving you full visibility into finances and control over your cash flow. That\u2019s why we put together an entire ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"series about business budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? Let\u2019s dig into everything you need to know about value proposition budgeting.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is value proposition budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting, otherwise known as priority-based budgeting, involves analyzing and explaining a business\u2019 expenses for a given fiscal period. At its core, value proposition budgeting aims to find out where a business should spend money based on how much value each expense brings in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But let\u2019s take a minute to discuss what \u2018value\u2019 actually means","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83e\udd14 Since value is subjective, it\u2019s often measured in different ways. Consider the best way to achieve profitability for your business. Is it through product development? Customer service?\xa0Something else altogether?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting illustration: Amazon vs. Apple","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at how some of the most well-known companies prioritize their expenses based on their value. For example, ","marks":[],"data":{}},{"nodeType":"text","value":"Amazon","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" offers competitive shipping options \u2014 a major advantage for its business \u2014 which means it likely places a lot of value on its shipping and logistics expenses. \ud83d\ude9a On the other hand, the visual aesthetic of Amazon\'s website probably doesn\'t have as much of an impact on the company\'s bottom line \u2014 which is likely reflected in its design budget. However, design is a core brand pillar for a company like ","marks":[],"data":{}},{"nodeType":"text","value":"Apple","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \u2728 This likely means design is a key value for the business, and its budget undoubtedly reflects this.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what does this all suggest? Simply put, ","marks":[],"data":{}},{"nodeType":"text","value":"financial statements alone don\u2019t always show how certain investments lead to higher profits","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Instead, you need to figure out the highest value for your business holistically \u2014 beyond just studying your financial statement.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What a value proposition includes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value-based budgeting should include revenue and expense estimates based on historical results. You can then use this data to make profitable decisions in the future. For example, if you know an expense brought it a lot of value previously, you may want to continue investing in it.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since financial forecasting is a priority \u2014 or, at least, it should be \u2014 it\u2019s essential to run accurate budgets to ensure consistent growth. Let\'s say your business is in a crisis. You\u2019ll need to get strict about where to spend your money to ensure profitability. VPB is the perfect approach as it helps prioritize the most important expenses. It keeps you focused, helps you eliminate unnecessary spending and drives growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How value proposition budgeting works","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ever wish you could take back an expense that hurt your cash flow? \ud83d\ude13 Now you can prevent those incidents from happening in the first place! At a basic level, ","marks":[],"data":{}},{"nodeType":"text","value":"VPB works by prioritizing the expenses that bring in the most financial return and eliminating expenses that don\u2019t provide significant value","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within a value proposition budgeting process, there are three basic steps you\u2019ll need to follow:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determine your company\u2019s vision, \ud83d\udc41 goals and ideal results","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify the programs, products and services you spend capital on","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Allocate resources to the programs that drive the highest value","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sounds simple, right? Of course, when you actually sit down to do this, you realize that determining the value of each expense is a ","marks":[],"data":{}},{"nodeType":"text","value":"challenge","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". To implement the three VPB steps, consider the ","marks":[],"data":{}},{"nodeType":"text","value":"what","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"why,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"how","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" of each expense. Ask yourself:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What value (monetary, customer-driven, or other) are we getting in return for this expense?\xa0","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why is our spending up in this category?","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How will this expense contribute to our operating profit?\xa0","marks":[{"type":"italic"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These questions emphasize how a given expense will result in value: hence the purpose of value proposition budgeting. But don\u2019t forget to consider your business\u2019 goals when measuring value! The importance of a given expense will be completely unique for each business.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" To take your budgeting method one step further, learn how to use the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"envelope budgeting system","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to ensure you don\'t spend more than what you earn. \ud83d\ude4c","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example of value proposition budgeting in action to give you a better understanding.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You own a product-based company that sells bicycles. This year, you decided that attracting new customers to your store is the most important measure of value to increase net profit. But, you recently ran a profit and loss report and noticed that your net profit was down.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You need to get to the bottom of the issue, so you use the value proposition budget method and list out all of the different expenses that you believe drove value in your business.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Previous Month","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Current Month","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $2,500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $2,500","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $3,500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $3,500","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supplies","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supplies","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $500","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":": $2,500","marks":[{"type":"underline"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":": $500","marks":[{"type":"underline"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$1,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$1,000","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$30,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$20,000","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NET Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$20,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NET Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$12,000","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After looking into this month\u2019s expenses, you realize that profit and marketing spend were both down. Since you know that you just ended a marketing campaign that saw a high return, \ud83d\udc4f\ud83c\udffd you realize that you\u2019ll need to continue investing in marketing expenses to see growth.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this example, you can see that you were able to identify the importance of marketing expenses because you decided that attracting new customers to your store was the best way to measure value. Without analyzing the value and priority of the expense, you may have continued to see a decline in profit.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":"Revenue vs. Profit: The Difference in Plain English","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The advantages and disadvantages of value proposition budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting is best suited for businesses that need to restructure their finances and reduce excess spending. To determine if value proposition budgeting is right for you, you\u2019ll need to consider the top pros and cons of VPB:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros of value proposition budgeting:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can quickly eliminate excess spending.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"VPB makes it easy to see where your cash flow is going.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It allows you to focus spending on areas that you find have the highest value.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When performed frequently, it provides greater clarity around expenses.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you have greater clarity, you can more easily prioritize future expenses.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons of value proposition budgeting:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expense value can be challenging to gauge as you can\u2019t quantify everything by a dollar amount.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The value of an expense could change depending on industry trends.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Only focusing on existing expenses could cause you to miss out on valuable opportunities you\u2019re not currently executing.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stick to your value proposition budget \ud83d\udcdd\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With today\u2019s competitive landscape and fast-paced markets, it\u2019s essential for business owners to develop more intelligent \ud83e\udde0 ways to budget and forecast for the future. 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You can streamline this process by:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determining a budgeting schedule: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"To keep up with your value proposition budget, you\u2019ll need to continually re-evaluate your expenses. How often you do this will depend on the type of business you own, such as service-based vs. product-based, your expense list, and your goals. When in doubt, it\u2019s better to be on top of your expenses and budget more frequently rather than wait too long. Try monthly or quarterly budgeting to start. 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When using the VPB method, having an organized list of your transactions at your fingertips at any given moment can make the budget process much quicker.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding your transactions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s not enough to just track your transactions; it\u2019s also essential to understand and interpret those transactions. Expenses can stack up, and it can become increasingly difficult to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/Workflows-for-managing-client-cash-flow"},"content":[{"nodeType":"text","value":"manage cash flow","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Using a tool that auto-categorizes your expenses can create visibility into the different types of expenses your business has\u2014allowing you to see spending trends more easily. \ud83d\udcc8\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By following these steps, you\u2019ll be able to not just set up a value proposition budget, but ensure that you stick to it. 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As your business grows and changes, so will your goals and objectives. There is no one-size-fits-all approach, but with a solid understanding of the different budgeting methods, you\u2019ll be able to find one that\u2019s unique to your pain points.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we strive to educate and support business owners when it comes to the complexities of business banking. With a banking and money management platform like Relay\'s, you can better categorize expenses with separate checking accounts (like one for taxes and one for payroll) and better stick to your budget.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t wait to start budgeting. If you\u2019re looking for an online banking and money management platform that helps you implement a value proposition budget, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"try Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" today.\\n","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1655306620167,"customDate":1655306620167,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-manage-accounting-client-expectations-using-visuals","title":"How to manage accounting client expectations using visuals","description":"Megan Justice, owner, Crayon Advisory, LLC, uses infographics to help clients understand the tax preparation process and ensure a positive client experience. ","metaTitle":"How to manage client expectations using visuals from Canva","metaDescription":"Megan Justice, owner, Crayon Advisory, LLC, uses infographics to help clients understand the tax preparation process and ensure a positive client experience. ","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2cccAhhIfF0d7oxoxwvWyU/3a2106e5033e6f5f3c727c4e981b694d/Gearing_Up_Blog_Header_-_How_to_manage_accounting_client_expectations_using_visuals.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Before ","nodeType":"text"},{"data":{"uri":"https://www.linkedin.com/in/meganajustice/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Megan Justice","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" started ","nodeType":"text"},{"data":{"uri":"https://crayonadvisory.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Crayon Advisory, LLC","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", she worked in-house at accounting firms that wanted her to pay close attention to managing client expectations.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Setting up client expectations was something she was told to do in her career for years, but was never really given the tools or permissions to effectively do so, she says in the episode. \ud83d\ude16","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now, at Crayon Advisory, she\u2019s developed a creative and unique way to keep clients on track while ensuring they know exactly what to expect from her services. Those services include tax planning and preparation, account software and system design (or repair \ud83e\ude9a) and accounting tours for business owners who are new to managing the money side of a business. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Using visuals to help clients understand the tax preparation process\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Advisors know it can take two to three weeks to complete a tax return \u2014 once you have all of a client\u2019s information. So if a client takes weeks to send in all of their documents, a tax return won\u2019t be ready for weeks after. But many clients don\u2019t realize these timelines, says Megan, and if that\u2019s not communicated clearly it creates a bad experience for everyone involved.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To address this, Megan uses ","nodeType":"text"},{"data":{"uri":"https://www.canva.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Canva","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", an online graphic design tool, to create infographics that outline the steps and timelines involved in her services. Every client receives the relevant infographics when onboarded to ensure there are no surprises on when documents are due and tasks are completed.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/FXRmNzQzePI"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/FXRmNzQzePI","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Watch the full episode to learn:\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83e\udd1d Why Megan started her own firm and who she serves\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udee0 Her robust tech stack\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udc95 Why Megan loves Relay","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udc69\u200d\ud83c\udfa8 How she created the visuals she sends to clients ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Learn more about Megan at ","nodeType":"text"},{"data":{"uri":"https://crayonadvisory.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"CrayonAdvisory.com","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019d like to share your knowledge on an upcoming episode of Gearing Up,\xa0","nodeType":"text"},{"data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?usp=sf_link&utm_campaign=Gearing%20Up&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"data":{},"marks":[],"value":"submit your challenge + solution using the form","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ydCEJxujEE26ZZH1xOcw1","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2022-04-25T18:51:29.084Z","updatedAt":"2022-12-16T17:31:32.530Z","publishedAt":"2022-12-16T17:31:32.530Z","firstPublishedAt":"2022-04-25T19:12:05.497Z","publishedVersion":44,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up episode transcript:\\n","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" I may need to borrow that term that you just taught me, the firm-i-ness of firms. Hello, Blake Oliver here, and this is \\"Gearing Up,\\" a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today, we have Megan Justice of Crayon Advisory on the show. Thank you so much for joining me, Megan.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"Thanks for having me Blake.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So tell us a little bit about you and your firm.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"So my firm, I stepped out on my own because I really wanted to not deal with the firm-i-ness of firms. I wanted to just work with clients and be able to interact with them and help and support them through their accounting and tax needs and concerns. So I stepped out on my own and really wanted to bring a level of support and help and acknowledgement to these people as well as being able to meet them wherever they\'re currently at, whether they\'re highly sophisticated and have quality accounting systems or they\'re just graduating from scratching some things on paper into maybe thinking about a spreadsheet, but no we\'re gonna put \'em into some accounting software.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"I may need to borrow that term that you just taught me, the firm-i-ness of firms. So you\'re out on your own. What kind of technology tools are you using in your practice?\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"I use Ultratax for my tax planning and preparation, through their virtual office. It works out really well. And then all of the other things are completely independent and don\'t talk directly together. So I rely on Zapier a lot to make those connections for me and to bring information from one place to another. I use ClickUp for my project management. I use Google Workspace as kind of my home base. I use Superhuman for my email. I actually get to inbox Xero more often than not with...\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Wow.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"And it\'s absolutely amazing. It\'s a great feeling. I use TechSplay\'s a lot and I really lean on TechSplay. It\'s part of what really helped solve some problems that I was having this last fall and making things happen easier. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I rely on Proposify for all my engagement letters and proposals. They look pretty, they\'re easy to access and it puts everything all in one spot for me, which is really lovely. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I use Suralink and Onvio as my portals. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I lean on FreshBooks as my primary accounting system. That\'s what I use within my firm. My clients are mostly on either FreshBooks or Xero. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I use Relay a ton and I try and get as many clients into Relay as absolutely possible. Yes, because it is amazing bank software. It\'s an amazing bank. It\'s super easy to work with. I can go in and I see all of my clients right there. If there\'s ever a problem, which with Relay, I\'ve never had a problem, but if there\'s ever a problem, I know I\'m going to have a human to connect with somehow very, very quickly. And it\'s because Relay is constantly sending me information. My account manager reaches out to me on a regular basis in a non-annoying fashion. Like I know that they\'re there for me. Everyone is there. There\'s the network. There\'s the support.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"What is the one challenge that you have had in your firm and how can you tell us to solve it?\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"So I end up working with a lot of brand new clients who have never used a tax preparer before. They\'ve never used an accountant before. A lot of them are pandemic sole proprietors that they either lost their job or decided not to go back to their job during the pandemic, and now they\'re out there doing the solo thing but they\'ve never thought about this before and never been in business. And they don\'t actually know even the processes. We all know that it takes two to three weeks to turn a tax tax return around if not longer, depending upon all the other things that are happening. That just because a client has sent 90% of the information, that last 10% is crucial for the tax return or the project, whatever it is and it absolutely has to happen. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then on top of that, when you send that information in later and the client sends that information in later, everything gets back logged and it takes longer. They send it back in the next couple of days, it\'s usually pretty easy to pick it right back up. The client doesn\'t send it in for two to three weeks later, you\'re not picking that return up for another two to three weeks after the client has sent it in. It creates a bad customer experience. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So I started relying more and more on infographics and I built up some infographics that communicate all of this in one little card, one little spot, and just kind of walk the client through what happens and including those with an email as I onboard these clients, as to what to expect is really about setting up client expectations which is something that I was told in my career for years but then not actually given the tools or the per permissions to really set up those expectations. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But this is really the 1040 estimated delivery windows that this is when we expect to be able to deliver tax returns, whatever time period it is, when you actually need to send information, what it is that\'s happening behind the scenes. So I\'m reviewing the information that\'s been received, hopefully with one within one to five days receipt but sometimes a little bit longer, right? I\'m not even starting tax return preparation until I have everything and it\'s not getting started until three to 10 days from receipt of information, and that\'s pretty normal. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then finalizing and deliver the tax return and invoice. It\'s again, another three to 10 days from receipt of any additional information, so that last 10%, it\'s not getting done until here. So I\'ve also done it for businesses. It\'s the same infographic with different dates and different colors. There\'s really not a very big difference. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I used Canva to do all of this, Canva normalized the space between all of these things for me. I set up guides inside of there to drop this down and I can pull Canva up as well.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Oh yeah, that\'d be great. Yeah, I\'ve used cam myself, super easy to create graphics without having to be a designer.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"And it\'s really, non-designer friendly. Other thing that I did to really communicate with clients was I built out this season\'s graphic. This is another one. And I pull up this one...\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There you go because it\'s gonna show you kind of the iterations of what I\'ve done. It\'s the same kind of thing. The months of the year are all kind of normalized by Canva itself. Even though we\'re in this grab bag period, if we\'re talking to a new client in July about tax planning and then they send their information in the middle of August, I\'ve moved on to extension season in here. And that\'s kind of what my focus is. And I\'m not really gonna be able to pick up tax planning again until October, November. So I built this out to really try and show that activity to my clients. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Did this for advisory clients as well for accounting and bookkeeping and that sort of thing. I need information by a certain time in order to deliver things that if you want your stuff on the 15th, I\'ve gotta get it in the door. I can\'t turn it around in a day. It\'s just not possible. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A lot of people don\'t realize that and they don\'t they don\'t like it. But when they start to understand that there\'s already things booked into my calendar to work on, even if I have a standing date of I work on your project or on your your activity on the fifth of every month, if I don\'t have that information already in, I can\'t work on it when it\'s scheduled to be worked on.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" Well, Megan, this is really interesting. Thank you for sharing this. I love the idea of using visuals to communicate information that people might not read in an email. We all know that people get way too much email and visuals give you a much better shot at communicating the information. And then it\'s a resource they can go back to and look at or maybe copy to their desktop, whatever they like to do. Are you looking to connect with anyone online? What are your social media handles?\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"I\'m out there on Twitter, meganajustice. I sometimes am on Instagram. It\'s the same thing. I think there\'s some dots in there, Megan.a.justice. I also exist as Crayon Advisory on Facebook and Instagram. And I exist as myself on Facebook as well.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Megan, thank you so much for joining me today and sharing your knowledge. We really appreciate it.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"Absolutely.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":8,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1655135166735,"customDate":1655135166735,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"budgeting-process-steps","title":"How to Create a Business Budget: 9 Simple Steps","description":"Small businesses need budgets \u2014 they put you in control of your money and give you a clearer picture into the state of your business. Gain clarity into your cash flow with these simple budgeting process steps.","metaTitle":"Small Business Budgeting Process: A How-To In 9 Simple Steps | Relay ","metaDescription":"Take control of your money and gain clarity into your cash flow with these simple budgeting process steps.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/64WJ69YZALEFTh7gLkq54F/8b163290af313f1c261ad76ca6175d2b/Business_Banking_Blog_Header_-_How_to_Create_a_Business_Budget.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses need budgets \u2014 they put you in control of your money and give you a clearer picture into the state of your business.\ud83d\udcdd Gain clarity into your cash flow with these simple budgeting process steps in this article.\ud83d\udca1 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But first, let\u2019s talk about what a budget is and how it can help your business be profitable. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a business budget? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business budget is a detailed plan that outlines your company\u2019s future spending based on business goals. Budgets track your cash and help business owners estimate exactly how much money is moving in and out of their business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are many different ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"types of business budgets","marks":[],"data":{}}]},{"nodeType":"text","value":" available, each with its own pros and cons, but at the end of the day, each budget has similar components. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Common components of a budget ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Income (or revenue) ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue is the total amount of income generated by your business from the sales of goods or services before any expenses. If you add up the total sales generated by your company, that is your company\u2019s total revenue for the year.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Fixed costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed costs are recurring expenses that don\u2019t change from month to month, regardless of sales or production volume. Some common examples include rent or mortgage payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed costs are easiest to budget for because they\u2019re predictable and regular.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Variable costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs are recurring expenses that change depending on sales volume of goods and services. Common examples of variable costs include direct materials and labor, shipping costs, and sales commissions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs are difficult to budget because they can fluctuate on a weekly or daily basis. As a small business owner, it\u2019s important to budget for variable costs with an annual buffer of 5% to 10% to cover for any increases in the cost of materials, labor, or inflation.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why do you need a business budget anyway? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgets are an essential planning tool for any organization to ensure that money is being spent and invested correctly. A well-planned budget will help you:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecast earnings and expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". A budget sets targets for revenues and costs, which helps your team work to achieve them.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anticipate business fluctuations and keep your business profitable. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your budget can help you identify where to decrease your spending or if you need to increase your revenue, which will help increase your profitability in the process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grow your business and obtain a loan. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When you can prove you have a handle on your cash flow, you also increase your chances of winning over investors or obtaining a bank loan.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Achieve your financial goals. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your business budget is a financial road map \u2014 it evaluates the status of your finances and outlines what you need to do to hit your goals.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you understand the why, you\u2019re ready to dive right in and apply that knowledge!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to create a business budget: 9 key budgeting process steps ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re in the process of budget planning, just follow these 9 simple steps to create your business budget. \ud83d\ude0c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-1-review-previous-financial-period"},"content":[{"nodeType":"text","value":"Step 1: Review your previous financial period ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-2-calculate-your-revenue"},"content":[{"nodeType":"text","value":"Step 2: Calculate your revenue","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-3-create-a-list-of-your-fixed-costs"},"content":[{"nodeType":"text","value":"Step 3: List your fixed costs","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-4-create-a-list-of-your-variable-costs"},"content":[{"nodeType":"text","value":"Step 4: Add up variable costs","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-5-forecast-extra-spending"},"content":[{"nodeType":"text","value":"Step 5: Forecast extra spending","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-6-analyze-cash-flow"},"content":[{"nodeType":"text","value":"Step 6: Analyze cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-7-determine-your-budget"},"content":[{"nodeType":"text","value":"Step 7: Determine your budget ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-8-apply-budget-and-stick-to-it"},"content":[{"nodeType":"text","value":"Step 8: Apply budget and stick to it","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-9-review-and-adjust-for-the-future"},"content":[{"nodeType":"text","value":"Step 9: Review and adjust for the future","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 1: Review previous financial period\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step in creating a well-planned budget is understanding your business finances. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udcca\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you already have an existing budget, then a good starting point is to look at your previous budget and ask yourself these questions:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Did you spend more or less than anticipated?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Were your assumptions about the industry and your own business growth accurate?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Were there unexpected challenges you faced? What caused these?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Was the budget easy to enforce? Did your team members follow it?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on the answers to these questions, you\u2019ll likely get an idea of how accurate your previous budget was, and from there, make adjustments for this next fiscal year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you don\u2019t already have a business budget \u2014 don\u2019t worry \u2014 you\u2019ll have a few more things to consider, but you can still easily create a forward-looking budget. You\u2019ll want to check your spending from the previous year to get an idea of what your business expenses are and ensure that you work that into your budget. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 2: Calculate your revenue\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to know how much money you have to budget, you need to first understand how much revenue your business makes \u2014 after all, you can\u2019t spend the money you don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a list of all your products or services and forecast how much you anticipate you\u2019ll make in the next year. \u270d\ufe0f If your business has additional income streams, such as affiliate commission, make sure to include them in your total revenue number as well.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 3: Create a list of your fixed costs ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve calculated your revenue, the next step is to determine your expenses.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good place to start is with fixed expenses, as they are ","marks":[],"data":{}},{"nodeType":"text","value":"necessary expenses that every business incurs and stay the same month over month","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". More importantly, fixed expenses are not impacted by sales, so whether you have a knock-out sales month or see an unexpected dip, these expenses will remain constant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed expenses ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"differ for each business and industry, but often include:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Rent (if you have an office, studio, or warehouse space)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca7 Utilities such as electricity, hydro, and internet\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Salaries for employees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Business loan payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Software that is essential for business operations\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Assuming your company doesn\u2019t move offices or plans to add additional staff, your fixed expenses should remain similar each month.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 4: Create a list of your variable costs ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable expenses \u2014 as their name suggests \u2014 are not the same each month, they ","marks":[],"data":{}},{"nodeType":"text","value":"vary depending on business performance","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Typically, the higher the sales volume, the higher the variable costs as you\u2019ll need to produce more products or dedicate more resources to running a service.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs include:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating costs such as costs of goods sold","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", which depend on sales volume. For example, if your business sells widgets, and you sell more widgets one month, the cost of producing those widgets will go up.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sales commission\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing expenses such as advertising spend or public relations\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate investments or donations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Team perks","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Office snacks and coffee\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs are often also called ","marks":[],"data":{}},{"nodeType":"text","value":"discretionary expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", but some may be necessary to run a business. What one business considers as discretionary, may not be the case for another business. It all depends on what kind of business you run, the industry you\u2019re in and how customers find you.\xa0However, for most small businesses, you can consider things like team perks, corporate donations, and office snacks as non-essential if the budget is tight.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 5: Forecast extra spending","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have an idea of both your fixed and variable costs, it\u2019s important to plan for unexpected expenses that may occur. For example, are you planning an office renovation? Are you going to hire new employees who will need additional computers and desks? 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","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Understanding","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":" will allow you to easily predict if you\'ll go over budget or if revenue dips. Identify particular areas or departments of your business that may impact the budget most heavily, and be prepared to adjust accordingly if needed. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 7: Determine your budget\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you get started, determine which ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"business budgeting model","marks":[],"data":{}}]},{"nodeType":"text","value":" will work best for your business. Once you have all the numbers available to you, use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"business budgeting software","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udcbb to help put your budget together! It can be as simple as using an Excel spreadsheet or you can explore a more sophisticated tool that will automate your budgeting process.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 8: Apply your budget and stick to it","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A critical step in budgeting is to share the budget with your teams for transparency so they can help ensure that you stay on budget. It\'s likely that you\'ll depend on your team to handle their own costs, and they need to have the tools and expectations to do this well.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ensure that everyone involved knows how much they\u2019re allowed to spend and is able to track and report that amount. 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Let\u2019s be real, budgeting doesn\u2019t just happen overnight, and learning how to stick to a budget takes practice. Relay is an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"online banking and money management platform","marks":[],"data":{}}]},{"nodeType":"text","value":" that helps you stay on budget once you\'ve figured out what it is.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay offers up to 20 free, no-fee checking accounts that allow you to compartmentalize your budget and categorize your expenses by team or by category. Get visibility into your cash flow with detailed transaction data and advanced features to help automate your payments. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Hiring for a 100% remote accounting and bookkeeping firm","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Nancy\u2019s firm grew, she realized that building her accounting firm in a traditional way was re-creating working conditions she and her staff didn\u2019t love. 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","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode transcript:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hello, Blake Oliver here. And this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today, we have Nancy McClelland of the Dancing Accountant on the show. Thank you for joining Nancy. Are we gonna get to see any of your dance moves today?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Not today Blake, I\'m so sorry. I hope that\'s not a huge disappointment but I\'m very glad to be here regardless.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And I am glad to see you there and it looks like you are in just a lovely place right now. Where are you located?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We are in Merida, Mexico, which is in the Yucatan peninsula. It\'s pretty much straight south of Peoria, Illinois.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And how did you get there? Is that your normal location? Is this a pandemic related thing?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Every year we spend the worst of tax season somewhere sunny in Mexico, because when I\'m working that many hours, it\'s just nice to be working that many hours and have the sun shining on you. And so we were actually here in Merida when the pandemic hit. We came with two carry-on bags planned to stay for two and a half weeks and ended up not coming home for 16 months. So, now we live here four months out of the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The Dancing Accountant. What is the reason for that name for your firm? Where does that come from?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So I was dressed up for an event that was, at actually a pro bono client of mine, Unity Park in the neighborhood. And we were, it was an event where we were like teaching little kids dance moves. And I walked up in full costume, mini skirt, tall boots, all of that. And I saw not one but two clients that were hanging out, picnicking with their kids. And one of them said, \\"Hey, kids, look, it\'s the dancing accountant.\\" And I was like done, renaming. There it is. I wanted something that would reflect me and it would reflect the fact that I\'m a fun, colorful person. And I wanna have personal relationships with my clients. And so it kind of keeps the folks away that I\'m probably not so interested in working with.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" My second question is, you said we, is that your team, is that your family? Who is the dancing accountant?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We, the Dancing Accountant is bigger than that. There are nine of us, my husband and myself. I\'m the only full-time person now which we\'ll talk about a little bit more later. And then I have an amazing team of folks that I work with all over the country.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So Nancy, tell me about your technology stack. What kind of tech are you using at the Dancing Accountant?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Well, our tech stack definitely reflects the remote nature of our firm. We\'re a hundred percent remote. So we use Dropbox Business Advance for a file server and secure document transfers which I love, it works great for us. We use Zoom for meetings. We\'ve actually been using Zoom for years but only amongst ourselves. And I was honestly sure that clients would never, ever get on board with remote meetings until the pandemic hit. Of course, at which point they all realized that even if I\'m in Mexico, in a sense I\'m like closer and more accessible than ever before. We use Airtable for our database and we use ATX and then for clients, we recommend QuickBooks Online for bookkeeping, Gusto for payroll and Guideline for retirement. We really love those solutions, partially because they have that like client dashboard concept where you can access all of your clients from one list, which is actually how I got involved with Relay in the first place, is that we\'re starting to transition clients to Relay as their banking solution so that we have a dashboard that\'s similar to those other programs for banking. And then, and this feels very important to me. I would say it\'s my favorite piece of our technology. If we\'re syncing Point of Sale data, we actually have, we have a lot of shops and restaurants. So for POS, we\'ve actually been using Shogo for years. This year, we transitioned to Bookkeep for some of our clients. And both of those programs, you map the accounts in QuickBooks Online, and they post automatically as a daily journal entry summary. This was a game changer for us and our clients \'cause we have so many different Point of Sale systems.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I imagine that when you pick people to join your team, it\'s not just a, can you do the job kind of thing. There\'s gotta be more to it. And everyone\'s having trouble finding talent, retaining talent. Do you have any tips for us, advice for us on how you have built your team? How do you do it?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I had a full-time employee who, it wasn\'t working out and I was trying to figure out how to replace her. And that really started the gears turning in my head about how to hire an accounting and bookkeeping staff so that you love working with your team. In accounting, there\'s so much education required. There\'s such long grueling hours. You add the pandemic and you\'ve got people really reprioritizing. And so when growing your firm, you can follow the traditional path of hiring full-time employees based on this long list of standard requirements, they have to come into the office and sit in a cubicle and work just horrible hours especially during tax season or when you\'re getting 1099s out. You can do it that way, but you may find yourself building a firm that you don\'t necessarily love working in. And in my case, as I was saying, I had this amazing employee, she was highly efficient, capable, but she really alienated the rest of us. And when you have a small firm, like you can\'t have one person who doesn\'t like working with anybody else, it can\'t work. We have to be a team. We have to lean on each other. When the time came, I found myself thinking a lot about, how can I prevent that from happening again? And whether I could brainstorm some more creative ways to build and grow a firm that was more focused on personal relationship.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We wanna get along with our clients. We all know, I think anybody who\'s a decent rainmaker in this profession knows that the relationships with the clients are super important. But we tend to forget that the relationships with the staff and among the staff and the team, let\'s just call it the team is equally, if not more important, because even if somebody\'s really productive, if they make everybody else feel bad, then it\'s gonna limit the productivity of the whole team.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Absolutely. And I mean, we have as a mission for our organization, it\'s to provide affordable bookkeeping, accounting and tax services to local business owners. But it\'s not just, and the reason that that\'s our mission is that it\'s an attempt to keep small businesses healthy and preserve the character of our communities. So that the chains don\'t come in, they don\'t take over. And so, like my clients, they all know each other, they all shop at each other\'s stores and eat at each other\'s restaurants. Like it\'s really neighborly, but we don\'t think about, at least I never had really thought about how essential that would be for my team, for my daily work.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Did you end up transitioning this full-time employee out?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yep.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" How did you change up the way that you recruited the person that came in to replace them?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I know we\'re all watching a lot of like, HR webinars and that kind of thing. Like how can you recruit a team? And I am gonna reiterate some of what you\'re hearing over and over and over, which is flexible schedules and remote work options. Those are the two perks most wanted by workers. But the part that you don\'t hear in all of those webinars is that meaningful work is the number one surveyed cultural quality that people are looking for. So yeah, people are reprioritizing but they\'re not just saying, \\"I want a job that has, where I\'m gonna make more money or have better benefits.\\" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I mean, that\'s part of it but they want a job where they have flexible schedules, remote work options, and meaningful work. Even though I may not be able to offer the highest pay grade or the biggest benefits package. Like I know I have other valuable perks we\'re a hundred percent remote, we offer flexible schedules. We offer remote work options and what is more meaningful to me than like making sure that our small businesses in our communities are staying healthy. Like they\'re the fabric of our communities. Their uniqueness is what makes our communities livable. And so that\'s pretty meaningful work. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And so I first had to get it in my head that I have something to offer that was really important but I also have a great network of colleagues in the bookkeeping world that I\'ve been able to work with and mentor in various ways through a professional association I think you know Cindy Schroeder, right? She runs BookkeepingBuds.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"That group is just amazing. So like they were so helpful to me in this. So in talking through as a group, how to solve this or that problem or helping them with like CPA or firm level questions, that\'s one of the things that I bring to the group. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I got a sense of their like individual personalities and processes and kind of determined a few folks that I\'d be excited to have on the team. And so rather than replace the full-time employee with another one, I went a totally non-traditional route. I came up with the idea of, I separated the levels of work and hired just a ton of part-time people. So now I have two part-time junior bookkeepers as employees. And those are for like regular recurring bookkeeping tasks and billing and entry level tax work. They\'re awesome. I love them, they both came through word of mouth, personal recommendations and they were specifically looking for part-time, remote, bookkeeping work. So people were like, \\"Oh, I know somebody who might be a good fit for you.\\" And they both came through clients, word of mouth through clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And then I connected with other advanced level pro advisors from Buds who might have extra capacity. So these are people who already run their own bookkeeping firms. This is what they do for a living. And I reached out to them and was just like, even if it\'s just a few hours a week, and I decided to contract specific types of work out to them like QuickBooks Online reviews, conversions, app integration, other special projects. And so they get to learn new apps and skills and tax knowledge, which they might not have, that they can then use in their own firms. So it\'s like the best on-the-job training that you can imagine because you already run your firm. And then I get their QuickBooks Online expertise as well as the experience of hands-on client work because they already run their own firms. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now I\'m the only full-time employee. My husband\'s part-time. Got another CPA who\'s part-time and focuses on tax. She\'s been with me for a while, she\'s amazing. And her husband is actually one of my part-time bookkeeping contractors. So they\'re in Indiana. And then we have two part-time bookkeepers that are employees, one in Indiana and one in Iowa. And then I have these three part-time advanced bookkeeping contractors. One\'s in Montana, one\'s in North Carolina and one\'s in Pittsburgh. So we\'re really all over the place.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It seems very much to me like you are choosing to work with fellow partners in the business, as opposed to, I\'m hiring you as an employee to do work for me.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You know, I try not to use staff or employee or contractor words as much even though things are true. They are team members, we are on a team together helping each other. It\'s one thing to change the language. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We talk a lot about inclusive language these days, which is great. So it\'s one thing to change the language and have people\'s perspectives change along with it. It\'s another thing to simultaneously start from the opposite perspective and say, \\"Let\'s treat each other like team members.\\" And then you\'re gonna be more inclined to use that language because I know that I can\'t get through a day without all of them, like, I need them. I\'m not their boss in the way that they need me because they need a job. Like, no, I need them on my team so that we can fulfill our mission.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, Nancy, this has been wonderful and eye opening. If folks watching or listening would like to connect with you online, learn more about what you\'re up to. Where\'s the best place for them to do that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, I have one labor of love that I really want to share. And it\'s also the best place to find out more about me or connect with me. I write an award-winning blog, at thedancingaccountant.com. It\'s non-monetized. It\'s just a passion project where I share news and tips and resources for small business owners and their advisors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it\'s definitely a place where you could go if you\'re a small business owner, but also if you are a bookkeeper or a tax preparer, it\'s basically who I want to share these things with. Sometimes its tax, sometimes its bookkeeping, a ton of financial relief info over the past couple years, free webinars, YouTube clips, things like that. I actually started it for myself as a way to just organize my thoughts into a searchable format. And then I began using certain posts as a way to communicate with clients. And I was shocked to find one day that I had like thousands of readers. I was like, where do these people come from? How did you even find me.\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Thank you. Thank you so much. I\'ve learned so much from talking with you today. I hope we get to do it again sometime soon.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, me too. This was a lot of fun. Thank you so much for inviting me to come in, to come out, to be here. It\'s been wonderful.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Thanks again, Nancy. We\'ll see you soon.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Take care. Bye, bye.","marks":[],"data":{}}]}]},"readingTime":11,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"Author","postedDate":1654002917377,"customDate":1654002917377,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"operating-profit-formula","title":"Understanding the Operating Profit Formula & How to Calculate it","description":" Operating profit tells you how efficiently you\u2019re running your business. How much money do you have left over after all the necessary expenses of running your business are deducted? The operating profit formula helps you figure out this number. ","metaTitle":"Understanding the Operating Profit Formula & How to Calculate it","metaDescription":" The operating profit formula helps you determine if your business is successful from an operations standpoint, and is arguably one of the most important accounting formulas a small business owner should understand.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/51j0WS1USHBmoXEOk1H8dl/ae2b8d6333b2f58f3434295ec597f3eb/Business_Banking_Blog_Header_-_Operating_Profit_Formula_1.1.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You may have heard the term \u201chealth is wealth\u201d \ud83d\udcb5 \u2014 well, in the context of a small business, operating profit is key to business health. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How so? ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit","nodeType":"text"},{"data":{},"marks":[],"value":" tells you how efficiently you\u2019re running your business. How much money do you have left over after all the ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"necessary","nodeType":"text"},{"data":{},"marks":[],"value":" expenses of running your business are deducted? The operating profit formula helps you figure out this number. It\u2019s arguably one of the most important accounting formulas a small business owner should understand. Let\u2019s explain why.\ud83d\udc47 ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is operating profit?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit","nodeType":"text"},{"data":{},"marks":[],"value":", or operating income, is the amount of money your business earns after you deduct all the costs required to keep your business running. This includes the direct costs to create the goods or services that you sell, operating costs (for example, the salaries you pay your productions staff), and any long term investment expenses (for example, heavy machinery) that show up as depreciation and amortization on your income statement. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Simply put, operating profit is the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"money that your business makes from running the business","nodeType":"text"},{"data":{},"marks":[],"value":". That means it excludes money made from other sources such as stock investments or real estate. A positive operating profit means that you\u2019re running your business efficiently. \ud83d\udcc8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit is often mistakenly called ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"earnings before interest and taxes or EBIT,","nodeType":"text"},{"data":{},"marks":[],"value":" but it\u2019s important to note that the two are not synonymous. \ud83d\ude45 The main difference between operating profit and EBIT is that operating profit only takes into account earnings generated from business operations, whereas EBIT includes non-operating income such as dividends and capital investments. Operating profit is a generally accepted accounting principle whereas EBIT is not.  ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The operating profit formula and how to calculate it ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit is calculated using the following formula: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3tuPRERxRUzixfoefbOvOM","revision":2,"createdAt":"2022-05-20T19:48:56.298Z","updatedAt":"2022-08-23T01:03:44.730Z","publishedAt":"2022-08-23T01:03:44.730Z","firstPublishedAt":"2022-05-20T19:50:12.847Z","publishedVersion":8,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Operating Profit Formula","description":"Operating Profit = Gross Profit (Revenue - Cost of Goods Sold) - Operating Costs - Depreciation - Amortization ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3tuPRERxRUzixfoefbOvOM/74bd6cdd9a68fbffbd244fb4a7a99e72/Business_Banking_Blog_Header_-_Operating_Profit_Formula_1.2.jpg","details":{"size":152342,"image":{"width":1920,"height":400}},"fileName":"Business Banking Blog Header - Operating Profit Formula 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating Profit = Gross Profit (Revenue - Cost of Goods Sold) - Operating Costs - Depreciation - Amortization ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now what ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"exactly","nodeType":"text"},{"data":{},"marks":[],"value":" does each variable in this formula mean? Let\u2019s break it down. \ud83d\udd0d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gross profit","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gross profit","nodeType":"text"},{"data":{},"marks":[],"value":" is total ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"data":{},"marks":[],"value":"revenue","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" minus the cost of goods sold. It\u2019s the total profit your company keeps after subtracting the cost of materials \ud83e\udea8 and labor directly associated with producing a product.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cost of goods sold ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cost of goods sold","nodeType":"text"},{"data":{},"marks":[],"value":" (COGS) are expenses related to the cost of producing goods or services. They are also commonly referred to as ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"direct costs","nodeType":"text"},{"data":{},"marks":[],"value":" as they are expenses that relate directly to the creation and production of a product or service.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Examples of COGS or direct expenses include:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83e\udea8 Raw materials, parts, supplies","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcaa Labor employed to directly manufacture a product, such as factory workers or machine operators\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca7 Utilities associated with the production of products or services\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udea2 Shipping costs for sending product or service to market\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcc3 Commissions or professional fees \u2014 specifically in service-oriented businesses such as insurance, real estate, consultancies and law firms","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating costs ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating costs or ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"indirect costs","nodeType":"text"},{"data":{},"marks":[],"value":" are expenses associated with critical operational activities, but not directly related to the manufacturing or purchasing of goods or services.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Examples of operating or indirect costs include:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 Salaries and wages (other than direct labor for production employees)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udfe2 Rent and maintenance for offices\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca7 Utilities\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udfe6 Banking or accounting fees","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcda Office supplies\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcbb Software or technology subscriptions\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcca Marketing expenses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb2 Insurance\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udf0e Travel costs\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\ude97 Vehicle expenses\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Depreciation ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Depreciation is used to spread the cost of an asset over a specific period of time and is commonly used for large fixed assets such as buildings \ud83c\udfe2, offices, equipment, machinery, vehicles \ud83d\ude97 and furniture.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s illustrate this with an example. Imagine your business buys a company vehicle for $100,000 and plans to use it over the course of 10 years. Instead of paying for the car in one month at $100,000 and potentially plunging the company into the red for that month, you can depreciate the cost of the car over its useful life and pay it off over 10 years at $10,000 annually.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re a small business, depreciation is an annual tax deduction that allows you to recover the cost of these large expenses. The reason assets are depreciated over a long-term period is to help better match the cost of the equipment with the revenue generated from that equipment over a given period of time. This helps give you not only track the usage of your physical assets but also gives you a heads up of when you need to replace it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amortization ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amortization is a method used to spread the cost of intangible assets like trademarks, patents or other forms of intellectual property over time","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your company applies for a patent and the entire process costs $150,000, given the current 20-year patent term in the United States, the annual amortization would cost $7,500. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What to exclude when calculating operating profit ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Alright, so we\u2019ve covered what\u2019s included in the operating profit formula, now here are some things to ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"exclude ","nodeType":"text"},{"data":{},"marks":[],"value":"\ud83d\udeab:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Income from the sale of physical assets such as real estate\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Debt obligations\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Investment income from stakes in other organizations\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Gains or losses due to changes in accounting strategies\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Taxes\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Interest\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Since operating profit represents the profit of your business without the impact of taxes, debt or capital, they are all excluded from the formula.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating Profit vs. Gross Profit vs. Net Profit","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit differs from gross profit and net profit, but it can be derived from them and vice versa \u2014 here\u2019s how they\u2019re related to one another.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Gross profit ","nodeType":"text"},{"data":{},"marks":[],"value":"is revenue minus the cost of goods sold.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit ","nodeType":"text"},{"data":{},"marks":[],"value":"is the money you make after paying for all expenses except for interest. A positive operating profit shows that your business is well run from an operational perspective, and is a good indication of whether your company is able to pay its debt and earn money.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Net profit ","nodeType":"text"},{"data":{},"marks":[],"value":"is the money you make after paying all expenses and taxes. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What does the operating profit formula tell you? ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit is an accurate indicator of a business\u2019 health because it only includes expenses that are necessary to keep a business running. It measures the demand for the company\u2019s products or services (sales) and how efficiently a company can deliver those products or services (costs).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your business turns a positive ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"operating","nodeType":"text"},{"data":{},"marks":[],"value":" profit, it means you\u2019re efficient at controlling costs and you\u2019re likely to turn a positive ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"net","nodeType":"text"},{"data":{},"marks":[],"value":" profit as well. Generally, when operating profit increases, the operating profit margin rises with it. \ud83d\udcc8 ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The relationship between operating profit and operating profit margin ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit margin","nodeType":"text"},{"data":{},"marks":[],"value":" is a profitability ratio that measures a company\u2019s ability to generate profit. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can calculate operating profit margin with the following formula:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating Profit Margin = [Operating Profit/ Sales Revenue] x 100","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"lLgIyAZNWXxdEqNbsZcEN","revision":2,"createdAt":"2022-05-20T20:04:14.636Z","updatedAt":"2022-08-23T01:50:28.862Z","publishedAt":"2022-08-23T01:50:28.862Z","firstPublishedAt":"2022-05-20T20:04:41.347Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Operating Profit Margin","description":"Operating Profit Margin = [Operating Profit/ Sales Revenue] x 100","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/lLgIyAZNWXxdEqNbsZcEN/dff3111a8005d5cf9fa1aca0e18bbd82/Business_Banking_Blog_Header_-_Operating_Profit_Formula_1.3.jpg","details":{"size":157164,"image":{"width":1920,"height":608}},"fileName":"Business Banking Blog Header - Operating Profit Formula 1.3.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your company\u2019s operating profit margin is a good indicator of how well it\u2019s being managed and how efficient it is at generating profits from sales. \ud83d\udc4f A downward trend in operating profit margin is a healthy sign as it shows that costs and expenses are rising faster than sales. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Looking at your past operating margins is a good way to gauge whether your business\u2019 performance has been getting better or worst. \ud83d\udcca Calculate your operating profit margin for previous reporting periods, and you\u2019ll see both the direction of change (positive or negative) as well as how great a change it was.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"_________________________","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And there you have it! \u2728 The not-so-secret operating profit formula is a key metric that can help your business gain better insight \ud83d\udc40 into your profitability. You should have a better understanding of all the variables in it and how to calculate operating profit for your own business needs.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you are a business owner looking to learn more about ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"data":{},"marks":[],"value":"business budgeting","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", check out our ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog"},"content":[{"data":{},"marks":[],"value":"blog","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to learn more.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"Author","postedDate":1653057743111,"customDate":1653057743111,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-grow-your-bookkeeping-business-with-one-app","title":"How to grow your bookkeeping business with one app","description":"When a firm is rapidly growing, staying on top of monthly bookkeeping tasks, reporting and communicating with clients can add up to endless hours of work. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}},{"nodeType":"text","value":"Watch the full episode now to learn\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n\ud83d\udca1  Why Dave named his firm Capovario\\n\ud83d\udcbb  The tech stack he uses to streamline his business\\n\u23f0  How Dave uses Keeper to save hours doing bookkeeping tasks \\n\ud83d\udcc8  How he delivers custom insights with the reporting feature\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/mmecuyyMBm4"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/mmecuyyMBm4","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nTo learn more about Dave and his firm, visit ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.Capovario.com"},"content":[{"nodeType":"text","value":"Capovario.com","marks":[],"data":{}}]},{"nodeType":"text","value":".\\n\\nGearing Up is published every two weeks! 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","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode transcript","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\'s huge on time savings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I mean, you just blew my mind here. I have never seen anything like this that lets you do this work to close the books without having to go into QuickBooks. Hello, Blake Oliver here, and this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me they\'re obsessed with making firms more effective and efficient. So in each episode I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Dave Kersting of Capovario on the show. Thanks for joining me, Dave.\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Dave: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Thank you, it\'s great to be here.\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So Capovario, that\'s a great name for a firm. What led you to use a name like Capovario?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, in our rebranding process, we really wanted to hone in on, on who we really are. And so Capovario is loosely translated in Italian as diverse leaders. And we hope that at Capovario that is what we bring to the plate for our customers.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So tell me a bit about your firm. Where are you located? Who do you serve? Who works at Capovario?\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So Capovario we are concierge consultants that have a basis in accounting and bookkeeping. We like to say, we get you and we\'ve got you. We call that the Capovario advantage, because we have a network of professionals that we work with to help us solve and assist any opportunities that our clients might have. We are coast to coast in the United States, working in different business verticals to include construction, roofing restaurants, bars, just to name a few.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So tell me about your Tech Stack. You are ahead of the game when it comes to the way you think about your firm, what are you using for the latest technology\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Right now we want to make sure that we\'re offering options for our customers so we use Relay and Melio for our payment solutions. We use Keeper.App for all of our monthly closed procedures as well as a ton of other things. And then Liscio is our customer facing communication software, and of course QuickBooks.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So you mentioned that you are nationwide you serve a variety of different businesses. That must be a lot to keep track of. So as you grow, how do you handle that? Is that a challenge for you? What are you doing around managing all the work?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It has been an extreme challenge and I think that\'s kind of what we\'re talking about today is what is our biggest challenge or problem that we needed to solve in our firm as my firm is growing substantially across the country in many different types of business verticals. So I think that when we look at keeper.app that became our solution to our problem it really has helped us hone in not only what we\'re doing for each customer but it also allows us to specialize reports and metrics and really understand what our client needs in one area.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" How is it different than your typical CRM or project management software, task management software? There\'s a lot of options out there, why would I use this? Why did you decide to use this instead of something else?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I think for me, what really brought it home for us was that Keeper organizes everything and it has all the same data that QuickBooks has. So it export and inputs that all in one place and it allows us to make adjustments or changes within Keeper that automatically change in QuickBooks as well. It gives us the opportunity as well to kind of put down a list of tasks that are special for each customer because you know, when you\'re work working in a roofing industry versus a restaurant they\'re gonna have different things that they need done. They might have a loan in a roofing company whereas in the restaurant, they may not. This allows us to kind of put it in visual standpoint for us, and it allows us to kind of manage my own staff on what we\'re doing and kind of know where we\'re at on our solutions for our customers.\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Could you give us a peak of what it looks like, a visual I think would really help us understand what you\'re talking about.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So this is Keeper, Keeper we\'re using a sample company called Dave\'s Flooring because obviously we wanna protect our client\'s data. What this does is it allows you to create a non closing task, so things that you need to do that aren\'t necessarily related to a month, end close, then you have your pre-close information. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like, hey, I need to collect some bank statements, of course, if we\'re using Relay we already have that information. So I can check those boxes off really quick. It provides us with reconciliation data. So last reconcile transaction would show here if it wasn\'t a test company. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of the highlights that I can provide you is, you can see over here, I can assign it to a task, the task to a member, I can set up a deadline date, so if I wanna make sure that my clients are consistently receiving what they need in a timely fashion, I know that I can manage across the board, across the country all of my clients at the same time, important pieces for people to know on why I love this program and how much time it\'s saved for me to provide the exceptional customer service is understanding the transaction reviews and the PE entity reviews. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So just diving in real quick, under expense inconsistency you can see it pulls up all of these different items. This is right out of QuickBooks and it says what are these they\'re different. So let\'s just look at rippling for example, if I click on this little button over here, it breaks down, it says this is everything that we\'ve done with rippling. So you can see that it\'s 53% of the time been in software 47% of the time in payroll processing. We can say, okay, is that correct? Or is that not? If it\'s not correct, then we can click right on here and we can change it to any category that we wanna change it to. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once I hit Save in this area, it automatically goes back into QuickBooks and changes it for me there as well. That\'s huge on time savings.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I mean, you just blew my mind here. I have never seen anything like this that lets you do this work to close the books without having to go into QuickBooks.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah and what\'s nice is that although my company uses Liscio as our customer facing software, if you wanted to you could also connect and chat or ask your client directly right outta Keeper. And then as the client responds, so let\'s say the client says this actually belongs in software, that\'s where it belongs. The client\'s information comes in and the client actually just made that change for you in Keeper that then changes it in QuickBooks. So it reduces the amount of time of the back and forth with your clients and then going in and making some of those changes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It it\'s phenomenal on how much time it saves, you know, in when you\'re thinking how many times that a bookkeeper might not remember, oh this goes here or this goes there. This allows us to kind of have an overview of it on a monthly basis meaning that I can keep track of it every month, so that as I go throughout the year, it\'s solved by the end of the year, I can say, hey, books are ready for the tax professionals because we\'ve already done the work. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some other important key pieces is, you know a lot of people are we just pushed it through \'cause we were busy on payees. I forgot to put in somebody\'s name. Here\'s rippling again that we just went through. This is a vendor that\'s in here that doesn\'t have the vendor payee. So what do I wanna do? I\'m just gonna click here, I\'m gonna put in rippling and guess what? It\'s now fixed and QuickBooks as well.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \'Cause once you\'ve closed the books you need to report to clients, does Keeper help with that?\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It does, so if we go up here in the top portion, you can click on reporting and reporting is gonna give you any type of management reporting that you wanna see. And it\'s gonna give you a three month profit and loss statement, a balance sheet, another nice part. This is all customizable, so we can create what we want because the customers to see or what the customers need to see. That includes being able to create up here a metric and a metric is like a KPI. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So I wanna know that my roofing salesperson received 20% commission on whatever job, and I can set up a customized report that shows that for the owner to see yep these, did I pay them their percentage? Yes I did, here\'s all the data that I might need.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"That\'s great, the variance analysis is something that\'s really hard to do well in QuickBooks which is always surprised me because it\'s one of the most important things we do as accountants. And so the fact that you can do it here is great that somebody solved that.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"What\'s nice is that down here under the final review section we can also look at the profit loss here. And what\'s really cool about the profit and loss in this area is it\'s interactive. Meaning that if I click down on wages, it\'s gonna show that rippling is here. I can click down one more step and now it\'s gonna bring up\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Oh wow.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Transaction in rippling that helps us identify. So if I\'m looking at the profit and loss and it\'s wrong because this doesn\'t belong there I can make the change right now in here and put it wherever it needs to go. And then it\'s done and it\'s changed in QuickBooks as well.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\'s so much better than the old way of doing it where I\'d have the report on one screen, and I\'d have the transaction detail on the other screen. Yes and I have to try to do it that way and constantly refreshing, you\'re doing it right here.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah and it allows you, like I said to kind of see like if you look at sales income and you wanna see where things are coming from they\'ll run the report and say, hey, this is you know, where I might have received this income, or hey, I\'m down in this subscription sales area, what am I down in? But I really love that right now you\'re also seeing it in a three month view. Versus I can change it to be quarter, I can change these custom dates, I can rerun this. However I wanna rerun it, and it\'s not just the profit or loss as you\'ve seen it is. I can do AP, I can do AR, I can do balance sheet, any of the things that we need to look at before we send it off to the client, here\'s your final review. And that\'s when you go into the reporting area and pull out and be able to directly send any report that they want.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Now you mentioned earlier that you\'re a Relay customer or you use Relay on behalf of your clients. How does all that tie into what you\'re doing here?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" What\'s nice is that Relay has the information that I need to get from my clients. So as I set up in the top area where we had the you know, verify all banks or coded collect statements I don\'t necessarily need to collect the statements because I\'ve already got access to that information. So what it does is it provides that seamless Relay to QuickBooks, QuickBooks to Keeper, all the information I need, and I\'ve already probably have reconciled because it\'s so seamless for us.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Got it, yeah that\'s my favorite thing about Relay too is that the bank feed is clean. I\'ve got all the data I need. So you\'re saying data goes from Relay into QuickBooks, QuickBooks, into Keeper, you process it in Keeper, get the reports to where they need to be and then send \'em to the client all in those three apps.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah and you can send it just from those. And if you compare looking at like QuickBooks online reporting versus Keeper reporting, again customization is what our clients want today. They want to know what they want to know. And QuickBooks doesn\'t necessarily allow that. Whereas Keeper gives you the ability to do just about anything. So I\'m gonna highlight one more point for you that I think is gonna just absolutely blow your mind. We just finished January, and what did we do in January 10 99, and what is the scramble December and January? Everybody in every company is begging people for their nine S or updated information, or did we put it in QuickBooks correctly? What Keeper has done is they\'ve created a prepared 1099s. So it\'s not necessarily like I\'m gonna create 1099s out of Keeper, it is, I\'m creating the process the preparation of 1099s. So when I click down here, you can see that I have excluded all credit card spends right now I\'ve got it sorted by 1099 thresholds.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So you can exclude all the vendors that didn\'t get more than $600, you can include any transactions that were on credit cards. So you just, this is like the 1099 report that really should exist in everything in every other software.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes and think about like, do I have their information? Did I finish the information? Do I even need to send it to them? You know, in QuickBooks online it doesn\'t necessarily give you the chance to say I don\'t need to send a 1099 to this person because they\'re an corp or because they\'re incorporated. This gives us the ability to not only decide if we need to do it or not, by default it\'s always unknown. Now, if I click, no, I don\'t need one, it\'s gonna change this and it\'ll drop it off the report. If I click yes now I know is I need one and it\'s gonna say, hey I need to enter an address, I need an email address over here, It\'s gonna ask, you know, did I file 2022? So obviously 2021 one\'s out where we\'re done with 2021. Now we\'re working on 2022. If I were to click this, it would say, yes I filed this one already, do I have their w nine on file? Right now it\'s defaulted at no. If I click Yes now I know I have it, and here\'s even more fun right over here. Oh, that would be stored.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\'s the holy grail save the W-9 right there.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And you can save everything. So think about a certificate of insurances or any other specific items that you wanna store for this vendor, you can put all of that in here.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, thank you so much for sharing this with us Dave, really appreciate it, if the viewers want to get in touch with you online, follow you, learn more about your firm. Maybe come work at Capovario as you grow, where can they learn more?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, I can find us on all social medias and it\'s gonna be at Capovario, you can also go to our website at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://capovario.com/"},"content":[{"nodeType":"text","value":"capovario.com","marks":[],"data":{}}]},{"nodeType":"text","value":". We\'re real excited to be in the community and have a relationship with Relay financial as well as our big partners like Keeper and Liscio the best thing I can say is Keeper is once you start using Keeper, you\'re gonna realize that it is the most valuable software you have outside of your QuickBooks and your communication software.\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Thanks, Dave, great talking with you.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Awesome thank you so much.","marks":[],"data":{}}]}]},"readingTime":13,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1661367944972,"customDate":1652760000000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-qualify-bookkeeping-prospects-using-acuity-scheduling","title":"How to qualify bookkeeping prospects using Acuity Scheduling ","description":"Cindy Schroeder, owner of Bright Bookkeeping and founder of the community Bookkeeping Buds, used automation to reduce the number of free consulting calls with prospects that go nowhere by 50%.","metaTitle":"How to qualify bookkeeping prospects using Acuity Scheduling | Gearing Up","metaDescription":"If you want to turn more discovery calls into actual clients, here\'s a simple, automated way to cut down on go-nowhere calls.","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2GqqkThECyxflPBVpBGDAf/5e7be287f277547833c3b7e10a0dcac0/Gearing_Up_Blog_Header_-_Cindy.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Remember when you first started your firm and you\u2019d take every call \u2014 it\u2019s a potential client after all! \u2014 but many didn\u2019t lead to any real revenue?\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Or maybe you\u2019re still dealing with intro calls that turn into free consulting calls too often. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this episode of ","nodeType":"text"},{"data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Gearing Up","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":", ","nodeType":"text"},{"data":{},"marks":[],"value":"we speak to a bookkeeper who cut her dead end calls by 50%. \ud83e\udd2f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.linkedin.com/in/brightbooks/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Cindy Schroeder","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", owner of ","nodeType":"text"},{"data":{"uri":"https://brightbookkeeping.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bright Bookkeeping","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and founder of the community ","nodeType":"text"},{"data":{"uri":"https://www.bookkeepingbuds.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bookkeeping Buds","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", shares in this episode how her lack of a process for qualifying clients was causing her major frustration and wasting a lot of time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How to qualify prospects faster using Acuity Scheduling\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cindy runs a cloud-based bookkeeping firm that focuses primarily on residential painters across the country. 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It allows her to ask each potential client a series of questions that help her qualify them before she even gets on the phone. \ud83d\udcf2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Watch the full episode to learn:\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udff0 \xa0How she fulfilled one of her lifelong Mouseketeer dreams\xa0\\n\ud83d\uddd3\xa0 How \u2014 and why \u2014 she uses Acuity Scheduling to qualify prospects\xa0\\n\ud83d\ude4b\u200d\u2642\ufe0f\xa0 The qualifying questions Cindy asks when they schedule an intro call with her\\n\ud83e\udd1d\xa0 What she does when a potential client isn\u2019t the right fit","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/QuVNdA97AxQ"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/QuVNdA97AxQ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Visit ","nodeType":"text"},{"data":{"uri":"https://brightbookkeeping.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bright Bookkeeping","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to learn more about Cindy\u2019s firm and be sure to check out her bookkeeping community, ","nodeType":"text"},{"data":{"uri":"https://www.bookkeepingbuds.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bookkeeping Buds","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019d like to share your knowledge on an upcoming episode of Gearing Up,\xa0","nodeType":"text"},{"data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"data":{},"marks":[],"value":"submit your challenge + solution using the form","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ydCEJxujEE26ZZH1xOcw1","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2022-04-25T18:51:29.084Z","updatedAt":"2022-12-16T17:31:32.530Z","publishedAt":"2022-12-16T17:31:32.530Z","firstPublishedAt":"2022-04-25T19:12:05.497Z","publishedVersion":44,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up episode transcript","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Did I hear you correctly that you moved to Orlando to be near Disney World?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Yes, that was my dream when I started my business in 2007 was to create a business where my husband who\'s also an accountant, could quit his nine to five job.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Hello, Blake Oliver here and this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Cindy Schroeder of Bright Bookkeeping and founder of Bookkeeping Buds on the show. Thanks for joining Cindy.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Thanks for having me. It\'s wonderful to be here.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Tell us a bit about yourself and your firm.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"So my name\'s Cindy Schroeder. My company is, I have two companies, Bright Bookkeeping, where we help small businesses primarily residential painters across the country with QuickBooks Online. And I also run a bookkeeping community called Bookkeeping Buds.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" So what\'s your tech stack look like?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"So we have two different tech stacks. We have one tech stack that we use primarily with our clients and then we have another one for our business. So I\'ll tell you about both of them. So our business is it\'s me and my husband out of Orlando, Florida. We moved here from Chicago because I wanted to live right next to Disney World. Thanks to being a remote bookkeeper, I was able to do that. Our main client base is all residential painters. Although we do help other service businesses as well. And we have about 30 to 40 clients that we help annually. So our app stack for our clients is fairly simple. We are primarily QuickBooks Online. We use a combination of Hubdoc, bill.com, and then ShareFile to help the clients. And then for our personal business tech stack, we also use, we use Acuity, which we\'ll talk a little bit more about. We use 17hats for quotes. We use Active Collab for our project management. We use SendOutCards for marketing, and then we use kind of a combination of Google Suite and Office 365 for everything else.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" Did I hear you correctly that you moved to Orlando to be near Disney World?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yes, that was my dream when I started my business in 2007 was to create a business where my husband who\'s also an accountant could quit his nine-to-five job, come on board to our business, and we could move to Walt Disney World.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Well, that\'s great. So you\'ve been able to work completely remote. You\'ve built this practice that allows you to live the lifestyle you wanna live, but it can\'t all be you know, what would I say, Mickey Mouse ears. There\'s gotta be some, and fireworks. There\'s gotta be some challenges too.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"When I first started out, I didn\'t really know what I was doing. I was, you know, taking every call from every client, and you know, trying to get business. And so it just led me to just talking to a lot of people that I didn\'t necessarily need to be talking to that didn\'t result in any income. You know consulting calls or introduction calls that turned into consulting calls for no pay. So I was getting very frustrated and like, you know running out of time of doing the actual work. \'Cause I\'m spending all this extra time talking to clients, or potential clients I didn\'t need. So I needed to come up with some way to reduce that stress and anxiety of talking to all these people that weren\'t my ideal client.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So it\'s a good problem to have, right. It\'s better than not having the phone ring, but the phone is ringing too much. And now you don\'t have time to serve the clients. How do you, how do you reduce that volume of calls while still getting the right clients on board?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Right, yeah. And especially where we I was a one-woman show. So I didn\'t have anybody to be the, you know the gatekeeper of the calls and all that. So I had to figure out how to do it all on my own.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So what do you do?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" So what I did was I created a system where I wanted to put up kind of barriers or tests for clients to jump through to make sure that they\'re gonna be a good fit for us. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So the first thing I did was started using a program called Acuity. And it\'s similar to, I think there\'s Calendly. There\'s some other calendar programs like that as well where you can ask specific questions to the potential lead before you take them on as a client. So when I get an email from a client, I say the first thing you know, great to meet you, blah, blah, blah. I\'d love to have a 15 minute introduction call with you. Here\'s a link to my calendar. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So it\'s kind of the first test that they have to know how to click a link and then pick time and pick a date. And if they can\'t even do that, like that kind of eliminated a lot of people right there just because they weren\'t really serious about wanting a bookkeeper, they just wanted to you know, reach out. So that\'s the first barrier. So that got rid of a bunch of calls that I didn\'t need to take. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then on the Acuity site, I asked questions like you know, what type of software are you using? Because we\'re QuickBooks Online primarily, we didn\'t want people that used other programs. Did you want somebody on site? What industry you\'re in? Because we have specific industries that I call my anti-niche. So I don\'t help lawyers and I don\'t help POS, I don\'t help restaurants. So wanted to make that I didn\'t have to talk to those people. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then I just have a very open ended question of what what help is needed. And so for that question, a lot of times they\'ll put exactly what they\'re contacting you for. So you can look at this pretty quickly, this form, and decide like is it gonna be worth having an introductory call with them or not? If they\'re using a different software or an industry that I don\'t handle, I just send them an email and say you know, sorry, it\'s not gonna be a good fit for me. And I either send them to like the pro-advisor site or send them to somebody else in our Bookkeeping Buds community that does help, you know, help that type of client.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"That\'s great. So, and it\'s simple, right? You just get an email once they\'ve booked the appointment and it has the answers to the questions. And then if it\'s not a good fit, you just reply and cancel it. Is that- Or make a referral.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"If it is a good fit, then they have already scheduled a 15 minute introductory call. So then I feel comfortable talking to them, and it puts that parameters around there that the call is 15 minutes. So if they do start to kind of start asking consulting type questions, you can quickly, you have a way out to say oh, this is only a 15 minute call. I have another call. Even if you didn\'t. I have another call I need to get on and continue like that.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So when you think back to before you had this in place and now after having this in place, how many calls do you think it filtered out that weren\'t productive?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Oh, tons. I would say yeah, more, probably more than half. So I\'m, and now I\'m pretty particular in who I talk to just because I\'m fortunate enough that I\'m able to, but I think that it\'s something to, it\'s something that I like to teach the Buds about is that even if you are just starting out, it\'s your business, you get to decide who you work with. And so you kind of have to change your mindset from being an employee, to being an owner, and you get to make the rules.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"If the client can\'t use a calendar booking link, they\'re probably not gonna be a good fit for you as a tech savvy bookkeeper, right?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Right, yeah. \'Cause if they can\'t pick a calendar link, then you know how are they gonna use Hubdoc or be able to, you know, manage bill.com or-\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"That\'s great, thanks. This is like super actionable, super helpful. If folks wanna get in touch with you online, learn about your community, where should they go? And tell us a bit about the community.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yes, absolutely. So my community\'s called Bookkeeping Buds. So it\'s made up of bookkeeper owners. We connect through, we have a private Slack channel because a lot of our buds aren\'t on social media. And so, and when they ask questions about clients, or you know, things like that, you might not wanna post those on social media. So it\'s a really safe environment to ask your questions and basically have a whole team of mentors to help with the answers. So we have private Slack channel. We have member calls. We had a in person retreat that we have every year, which Cloud Podcast is a sponsor of. And Relay, like we got to meet Relay last year.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Everyone take a look at Bookkeeping Buds if you need a bookkeeping community, and Cindy thanks so much for joining me today. It\'s been a real pleasure chatting with you.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Thank you so much. 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The ultimate goal is happy clients. \u201cWe want to make it as easy as possible for clients to understand what our system is and participate in it, so we can get them in and out the door as quickly as possible and satisfied,\u201d he says in the episode.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Watch the full episode for a deep dive where you\u2019ll see:\xa0","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u26d3 The tech stack Phil uses for his crypto clients\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udda5\xa0 How standard operating procedures \u2014 or SOPs \u2014 support firm growth","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udd26\xa0 A look at how Phil uses Karbon to ensure clients get the same experience from his firm\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1\xa0 How SOPs can make you better at capacity planning for your firm.\xa0\xa0\xa0\\n","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/zL5png5bw6M"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/zL5png5bw6M","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nTo learn more about Phil and his firm visit ","nodeType":"text"},{"data":{"uri":"https://www.polygonadvisory.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"PolygonAdvisory.com","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". 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","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gearing Up episode 4 transcript:","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Hello, Blake Oliver here. And this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Phil Gaudiano of Polygon Advisory Group, on the show. Thanks for joining, Phil.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Phil Gaudiano","nodeType":"text"},{"data":{},"marks":[],"value":": Thanks for having me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": So tell us a little bit about yourself and your firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"I\'m a CPA, we\'re based in Virginia. Polygon is a CPA firm, full-service. We do a lot of tax work and the majority of our clients are crypto investors, crypto companies. We do a lot of work in the crypto space, that\'s kind of the niche that we are involved in right now. So we\'re relatively young. We started as a bonafide firm in October of 2020 and we just exploded throughout last year through the crypto boom. We kind of got caught up in all of that and in terms of what it did for our firm. And so we\'ve been together for a little over a year now, expanding rapidly and just doing a lot of crypto tax work.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" So what\'s your tech stack look like? I imagine you must have some interesting solutions for those crypto clients.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yeah, well, on the crypto side, we use CoinTracking, that\'s our preferred software. But on, on the, the regular kind of more attuned to your everyday accounting side, we\'ve got a lot of the traditional stuff. We use Practice Ignition for engagement letters and payments. We use Relay, obviously, for our banking. We\'ve got Karbon for workflow. We\'ve got Liscio for client communications. We use Drake Tax Software, but it\'s third-party hosted by a company called BuyOnCloud out of Arizona, they do really good work. And then a lot of the traditional stuff, Slack, Gmail you know, Google, things like that.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" So what\'s the challenge that you\'re gonna share with us today?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano:","nodeType":"text"},{"data":{},"marks":[],"value":" The challenge that we wanna talk about is standardizing procedures. We grew a lot in the last year and my partner and I originally are both from solo practices. We\'ve both been solo operators for a number of years. And then when we came together and we started expanding all of a sudden we started hiring people. We had all these staff that we had to manage and we realized that, you know, one of the, one of the treats and also one of the traps of being a solo practitioner is since you\'re doing everything yourself you never really write anything down and you don\'t really have a good idea of of what your process is. You just know that when you get a new job in the door, when you get a new client in the door, you kind of have that, that thing in your head that tells you the steps to go through. But that thing in your head doesn\'t really translate when you\'ve got a bunch of other people now doing the work and you\'re expecting them to do it in, in a way similar to what you\'re used to. So really it\'s the importance of documenting procedures and having standard operating procedures that can apply to everyone, that can be understood by everyone, and that you could use to scale.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"And when you say standard procedures, well, give me an example. What does that mean to you?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"So what we try to do is kind of delineate each individual thing that happens in our firm so that anybody who comes into our firm can, you know, just kind of step into the shoes of somebody who\'s been there for a long time. And then part of that is also that if you hire experienced accountants, people who\'ve been around the block a couple times, everybody\'s kind of got their own unique way of doing a tax return. You know, some people start document space first, some people dive right into the complicated stuff, on schedule A, or schedule E, or something like that. And so we don\'t really care from our perspective how the return gets done when you\'re actually in the in the meat of it, doing the actual tax return, but it\'s all the kind of peripheral stuff that happens around the meat of the work that makes the difference and makes the work flow either smooth or not smooth. And so that\'s kind of what we\'ve focused on.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"What was your solution for this? I mean, I know people have been documenting for years and word documents and paper often, binders.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano:","nodeType":"text"},{"data":{},"marks":[],"value":" We use Karbon for our workflow. And the great thing about Karbon is they give you all these standard templates for basic procedures, for kind of the traditional accounting task. And one of those is the basic workflow for a tax return client. And so right off the bat that was a huge step in the right direction, just based off of what they already had laid out for us. And then of course, we took it and kind of modified it to fit our process a little bit better. But this is, this is our basic individual tax return template. So every tax return that we do, that\'s a 1040 tax return, will work through this process, regardless of who\'s working on it. It\'ll start here and it\'ll end at the bottom and they\'ll all come out looking the same and look like roses, basically.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"So every time you get a 1040 client in the door or you get somebody coming back from previous year, you apply this checklist template to the work, the project and start checking things off.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"Exactly. And a big part of the process here is just making it a set process. So you\'ll see the first step is to invite the client to Liscio, if they\'re not on Liscio. Liscio is the app that we use to communicate with our clients. It functions as both a secure file sharing portal and also a secure messaging center. From there we go into the basic stuff which is sending the client task that says, basically, hey we need your tax stuff, upload all your document stuff so we can get started on your tax return. We confirm that that\'s done. Then we kick off the actual prep and then you\'ll see here, it looks simplified in this, but if you actually expand, this is the actual preparation part of the job, and we\'ve got numerous kinds of sub tasks in here. Say, go ahead and do the draft tax return. Remember to prepare, prepare and analyze based on last year, look for any sort of red flags, run diagnostics, things like that. Follow up with clients on open items. And this is very standard stuff that you\'ll find in any CPA firm, in any, in any tax prep firm. Everybody does this because this is how you do a tax return. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, although this is where the bulk of the work is, really the bread and butter of the whole process system is all the stuff that happens around it. Because at the end of the day, what we\'re really trying to do here is create the same client experience for every client. And we wanna make it as easy as possible for clients to understand what our system is, accept it, and participate in it, so that we can get them in the door and out the door as quickly as possible and satisfied. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you understand that any business is just a set of processes, it kind of frees you up to think about how you can refine your process to make it easy on the end user, which in our case is the client. We have everything standardized in terms of the messages we send. When we say: hey, we need some more information about a dependent, or we\'re missing your 1098 from your mortgage, things like that. It\'s all very standardized. And so anybody can jumpin and send that message to the client and they feel comfortable talking to whoever sent it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" So, it\'s not just a checklist but it\'s also the templates or the snippets of communication that you need to have with the client already prepared for you. That way, everything that comes from the firm has a similar tone, similar feel.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano:","nodeType":"text"},{"data":{},"marks":[],"value":" Exactly. So, if you look at this, when we send the client task, \u201csend document request T2\u201d. T2 is a standardized task in Liscio that has wording that says, \\"hey you forgot something on your tax return. We need to see such and such document.\\" And it\'s the same for every client that we send. The only thing we change is what those documents are, what that information is. But the actual template of the message stays the same. So a client in our firm gets the same exact communications dependent on where they are in the process, regardless of who they are. And, and that\'s important to us because we\'re trying to standardize everything and it\'s just processes work a lot better when they\'re standardized and when everybody\'s on the same page about how they need to work. And so doing things like this allows us to do a much larger volume of tax returns than we could do if we didn\'t have the set process in place and didn\'t have the set communications in place. And just kind of answered emails as they came in. If you can standardize everything and be proactive about the communications that you\'re sending to clients it becomes a lot easier to know when that information is gonna come in. So you can plan better. At the end of the day it\'s all about standardization and just capacity planning.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"The business is just a process. I really, yeah, it is. When you boil it down, that\'s what a business is: it\'s a set of processes. Well, thanks so much for sharing this with us, Phil. Is there anything else that you would like to share with us today, such as where people can find you?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yeah, you can find us on the internet Polygonadvisory.com. We\'ve got a pretty active blog. I write on Medium about crypto and tax issues.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Phil Gaudiano of Polygon Advisory Group. So great talking with you. Thanks for your time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano","nodeType":"text"},{"data":{},"marks":[],"value":": Thanks. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is Gearing Up? It\'s our video interview series that asks ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"a real, practicing accountant or bookkeeper to share one challenge in their firm and how they solved it.","nodeType":"text"},{"data":{},"marks":[],"value":"\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The challenge: ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Andrea realized two things in her business. The first was that she spent a lot of time writing out email instructions for her clients. The second was that her client communications were missing a personal touch and that this could be preventing would-be and existing clients from truly feeling comfortable with her virtual bookkeeping services.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The solution: ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Andrea avoids writing email instructions and helps her clients feel heard and seen by using ","nodeType":"text"},{"data":{"uri":"https://www.loom.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Loom","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \u2014 a video messaging tool that records your camera, microphone, and desktop simultaneously.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Watch the ","nodeType":"text"},{"data":{"uri":"https://youtu.be/KvPyrkAvRfI"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"full episode","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" now to learn:\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u270d\ufe0f\xa0 How to stop writing emails full of step-by-step instructions for clients\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u2728\xa0 Why video communication can improve your client communication and service\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udfa5 \xa0 How she uses Loom to save time while making things easier for clients\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udc81\ud83c\udffb\u200d\u2640\ufe0f\xa0 Tips for getting started with Loom \u2014 especially if you\u2019re nervous about being on video\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/KvPyrkAvRfI"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/KvPyrkAvRfI","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Connect with ","nodeType":"text"},{"data":{"uri":"https://www.linkedin.com/in/andrearotondo1/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Andrea on LinkedIn","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and check out her firm ","nodeType":"text"},{"data":{"uri":"https://www.liquidcentsbookkeeping.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Liquid Cents Bookkeeping","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" for more.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Remember, Gearing Up is published every two weeks, ","nodeType":"text"},{"data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"data":{},"marks":[],"value":"subscribe","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to get the next episode.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re ready to share your knowledge on an upcoming episode of Gearing Up, get in touch, ","nodeType":"text"},{"data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?usp=sf_link&utm_campaign=Gearing%20Up&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"submit your challenge + solution using the form","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not sure if your firm is a good fit? Don\'t worry \u2014 we want to hear from everyone. The solo practitioners, the firms with 30+ staff, the bookkeepers, the CPAs, those who just got started, those who have sold their firms, and everyone in between! \ud83d\ude0a","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ydCEJxujEE26ZZH1xOcw1","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2022-04-25T18:51:29.084Z","updatedAt":"2022-12-16T17:31:32.530Z","publishedAt":"2022-12-16T17:31:32.530Z","firstPublishedAt":"2022-04-25T19:12:05.497Z","publishedVersion":44,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"4y5E1ITVFmwq6IviyuqUi6","revision":2,"createdAt":"2022-12-06T21:58:33.841Z","updatedAt":"2022-12-07T15:57:36.424Z","publishedAt":"2022-12-07T15:57:36.424Z","firstPublishedAt":"2022-12-06T21:58:59.327Z","publishedVersion":10,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gearing Up episode 3 transcript: ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Hello, Blake Oliver here, and this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, Italk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today, we have Andrea Rotondo of Liquid Cents Bookkeeping on the show. Andrea, thanks for joining me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Andrea Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Hi Blake. Thank you so much for having me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": So tell me a little bit about yourself and your firm. Where are you located? What\'s your firm like? We\'d love to hear all about you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo","nodeType":"text"},{"data":{},"marks":[],"value":": Awesome, yes. Well, like Blake said I am Andrea Rotondo. My firm is Liquid Cents Bookkeeping. I\'m currently, well, and for a while, we\'re gonna be in South Florida. I was a little bit all over the place before this \'cause my husband was in the military, but we\'re finally home. My firm offers bookkeeping services, and at the moment it\'s just me. I\'m doing all the actual bookkeeping work, and I also help another firm for keeping up with their books as well. So I have 10 of my clients, and I keep up with 10 other of their clients. I like to work specifically with women who basically are in the business of helping other people. And that usually falls under the category of therapists, coaches, and consultants.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": All right, well, it sounds like you\'re keeping busy there, and I love the focus. I got my start as a bookkeeper, and I think one of my challenges was I didn\'t have a lot of focus. And so, I did all sorts of different kinds of businesses, and I learned a lot, but it was really a challenge.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo","nodeType":"text"},{"data":{},"marks":[],"value":": Yeah, definitely. And I started my focus on that because I wanted to make it a little bit more relational more than just the actual books And I feel like I connect with people in that aspect, and I know that that\'s, like, oh, connecting and let\'s have a meeting to see if we click with each other. That\'s a big thing now. So I wanted to make it easy for them and for me to, let\'s narrow down to this.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Yeah, it\'s good to be working with people who you like and who you get along with. That\'s probably more important than anything else.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Right, exactly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Well, tell me a little bit about your tech stack. What are you using at Liquid Cents?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" So for my tech stack, I use both Xero and QuickBooks Online. It gives me the flexibility to put my clients where they need to be and where they like to be, also where their accountants are working. So it flows well in that way. I use HelloSign to sign all of the engagement letters and all of those things. I use Google Workspace to keep a shared documents for the back and forth and eliminating a lot of emails, in that aspect, and I use Loom, which we\'re gonna talk about today.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Well, let\'s talk about that. You said Loom is what we\'re gonna talk about today. I mean, what is the challenge that you were facing in your firm, and how did you solve it?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Yeah, so the main thing that I realized is that people were a little bit hesitant to outsource their books or their accounting in general, although it is one of the first things that they actually outsource. They have that fear of who is going to have access to my accounts and they\'re gonna see absolutely everything coming in and coming out, and they feel judged. So there was that personal connection that was missing and I realized that that was something that I wanted to tackle with my business. I wanted to not just provide the numbers and just hand off a report, but also create a relationship that my clients would feel comfortable with throughout the whole year. And at the same time, that also led me to think the whole balance of, \u201cthis could have been an email\u201d, and \u201cI really need to book a meeting for this\u201d, and how it\'s kind of tough sometimes to book a meeting when you need something right now, but also you don\'t want to write out a whole entire email to your clients telling them terminology from QuickBooks or Xero, or account names and things like that that they\'re necessarily, not necessarily going to know, or at the same time, you might not be getting the right answer. And I realized that that was going to be a big issue as well with timing, with getting things done in time, and would also push back a little bit the whole interaction and feeling that one-on-one attention if everything just got stuck to an email.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": So rather than writing all these directions out in email, which unfortunately, that\'s what I had to do when I started my career. And the problem is the client, they might get the email, but then they\'re reading it on their phone. They don\'t get to it. It\'s long, it\'s complicated. Maybe they didn\'t understand something, and then you have to go back and forth. It\'s a problem for all of us. So what do you do instead?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" So instead what I do is I record Loom videos. I try to make them as short as possible, maybe two minutes, three minutes. And if you\'re not familiar with Loom, it\'s basically just a software that I can share my screen and you see my little tiny face in a corner, but that helps with my clients feeling heard and seen, although it\'s just a video,they get to see me and hear me because all of my clients love all over the place. I don\'t live in the same state where they live, I don\'t have an office where they can come in and out. So that definitely create that sense of, \u201cokay, I know this person. I like this person. I\'m listening to what she\'s saying\u201d. And at the same time, I\'m able to get my point across because I\'m literally sharing my screen, telling them, for example, if I want to show somebody how to upload receipts to Hubdoc, something that is, for us, very simple, but for somebody that has never done that before, I would have to write out a whole entire, \u201cstep number one, step number two, step number three\u201d. But if I just share it with them and tell them how to do it, it\'s a lot easier for them to understand it, and it doesn\'t feel as complicated as looking at a whole list of steps.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": You\'re saving lots of time \'cause you\'re doing it in a few minutes. And then I love the video in the corner, the picture of your face that you see in Loom, so important in the sense of the personal relationship.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" I\'ve had a few clients tell me, \u201cI never knew about this\u201d, but literally the day after, there\'s a Loom transaction, that they just bought the subscription and they\'re doing the same thing with their clients in whatever way it is they needed. So it\'s very flexible. It\'s super easy. And I also like the fact that I get a notification when they see the video. It\'s easier for me to keep track of who has seen it. I can put passwords in there, obviously, \'cause I\'m sharing some of their information in there. So it\'s practical in that aspect, on my end, and on their end it feels like I\'m doing them a favor by not writing everything down.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Andrea, I think a lot of people get nervous about making videos. It\'s not exactly the easiest thing for us accountants or bookkeepers. Do you have any recommendations for people? Were you nervous when you first started? How do we get over this hurdle?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Yeah, for sure. I was super nervous in the beginning. I was so hesitant and I pushed it off for a while, but if you try to put yourself in the other position, you are going to feel the need, in a way, of establishing that connection, and that\'s something that only you can do. And I know that there\'s firms, for example, that have different team members. I would even have or ask them to do that as well, or if you wanna do it yourself as the firm owner. Establishing some kind of personal relationship, it\'s not only going to be beneficial for your client, but you are also going to feel better. You\'re also going to feel that connection as well. And as you continue to do it,it definitely gets easier, just like everybody in social media says that, but I would say the first thing is, if you don\'t feel comfortable with the actual video piece, you can just put your headshot in the little circle where your video or your screen is supposed to be, your face, and just put your picture and you can startrecording with your voice. And then once you feel like you wanna give it a try, just do it. And remember that most of the time, people are not actually looking at your face because your face is tiny on the corner. It\'s mostly your screen. So they\'re not necessarily going to be focused on your face the whole time. And that also takes the pressure a little bit off.\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": That\'s a great point. Well, then there\'s no excuse not to get started. So thank you for those tips. Well, thank you so much for sharing that with us. Is there anything else you\'d like to share with our audience, how to contact you, learn more about you online.\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yeah, I really like to hang out in LinkedIn. So if you find, just look it up, Andrea Rotondo in LinkedIn, you\'ll find me there. And my website isliquidcentsbookkeeping.com. You\'re happy to come around and learn a little bit more about me, my background, what I like to do for fun, and obviously, my firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Well, Andrea I\'m gonna send that connection request right now. It\'s been great speaking with you. Thanks so much for sharing that challenge and solution with the audience for Gearing Up.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Yeah, thank you so much for having me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n\\n","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":8,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1650483434560,"customDate":1650483434560,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"gearing-up-build-a-nonprofit-donor-dashboard-with-google-sheets-and-kindful","title":"Build a nonprofit donor dashboard with Google Sheets and Kindful","description":"In this episode of Gearing Up, Clay Sandoz shares the interactive nonprofit financial dashboard he built with Google Sheets and data from Kindful.","metaTitle":"Build a nonprofit donor dashboard with Google Sheets and Kindful","metaDescription":"In this episode of Gearing Up, Clay Sandoz shares the interactive nonprofit financial dashboard he built with Google Sheets and data from Kindful.","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7razEEXVCQemIh9kvDGQ5P/cebf3f99a2e50b7ae403b7b662bef121/Gearing_Up_Blog_Header_-_Build_a_nonprofit_donor_dashboard_with_Google_Sheets.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"When you consider the people that start a nonprofit, they\'re not the bookkeepers or accountants. They\'re people with big visions and big hearts. Usually spreadsheets are too much for them. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The challenge: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Donor management platforms provide robust information on fundraising and individual donors, but Clay wanted a way to quickly surface organization-wide financial trends and insights \u2014 and he wanted an approach that scaled. \ud83d\ude80\ud83d\ude80\ud83d\ude80\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The solution: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clay developed a user-friendly, interactive dashboard in Google Sheets using data from ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://kindful.com/"},"content":[{"nodeType":"text","value":"Kindful","marks":[],"data":{}}]},{"nodeType":"text","value":". It sorts data by different criteria and presents it by month or over the life of the organization. This makes it easier for nonprofit leaders to engage with their financial information and see where they need to take action. 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Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode 2 transcript: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hello, Blake Oliver here. And this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today we have Clay Sandoz of Wellstead Solutions on the show. Thanks for joining me, Clay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clay Sandoz:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hey, Blake, it\'s good to be here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So tell me a bit about you and your firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz: Sure, so my name\'s Clay and I operate Wellstead Solutions and to put it simply, we are simplifying financial operations for small businesses and nonprofits, focusing primarily on nonprofits. It all really began as an employee of a nonprofit who was overseeing financial operations, as with one organization as my full-time job and realizing just some of the needs that were not unique to one organization but I was seeing across the entire industry and I worked really hard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I got to joke that I would almost hate to total up the number of hours I put into time saving techniques because if you think about how much time you spend trying to save time, it can be a little overwhelming.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, you spend eight hours to automate a 15 minute task.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Oh, man, it\'s such a relief, yeah exactly. But through doing that, I Developed a lot of good systems and practices that I was able to then branch off and scale and allow me to serve a number of nonprofits, basically offering what in their experience feels like a full-time business manager, but I\'m able to scale an offer in multiple places because from their standpoint it\'s less than the cost of like a part-time employee. So it\'s a really good fit for me, for the clients that I serve, and allows the directors and the leadership of the nonprofits to really just focus their energy on their mission, their vision, focus on what they are there to do and not worry about all the messy backend stuff of processing checks and online donations and dealing with donors and that kinda stuff.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Well, I\'m sure you\'re automating as much as possible, going cloud as much as possible. So let\'s talk about the technology that you\'re using in your practice. Can you give me an outline of your tech stack?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sure thing. So from a financial standpoint, I really like to use Kindful, it\'s a great donor management platform. I\'ve experimented and used a number of others with different clients. But when I have new clients that come along, I really like to point them toward Kindful. It\'s really very user friendly, it\'s very donor friendly, it\'s a really good platform. So that\'s primarily where we process online donations. And then for physical checks that come in, we also log them there. So it\'s the main data center for all of our donations that come in. It\'s also what allows us to send out receipts at the end of the year, because again, all of our donation data is in one place. That doesn\'t mean that all of our organizational financial data is there, but just the donation side of things. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In some cases we use Jotform as well, not necessarily to process donations but they do allow for some of that. I have a couple of clients who within the guidelines of what\'s allowable for a nonprofit have some things that they sell, like selling donated items and things like that. So we\'ve set up some online shops where they can sell. I really like Jotform because of the way it integrates so easily with Google Sheets and things like that. So as you can see here, my Kindful and Jotform is the input side of things.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And then the things go in two directions, the money goes straight to the bank over to Relay. So all that kind of stuff is on auto deposit. And then the information, the data side of all the donations that come in, I send a Google Sheets first, almost everything can integrate directly into QuickBooks online but I find sometimes when you send it directly there, there\'s a little bit of a loss of intentionality and being able to send that data exactly where you want it to go. So I send everything first to Google Sheets where I\'m able to then reorganize it, retool it in a way that\'s gonna be most clear to me as the bookkeeper, to my clients who are viewing it, for the CPA at the end of the year who\'s gonna be preparing the 990, which is the nonprofit tax return. So I like to clean up the data in Google Sheets and then have some ways to push that up into QuickBooks, which then of course syncs with the bank as well. So it all comes full circle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Can we take a peek at your spreadsheet?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Absolutely. So I approach it a couple of different ways for each client. But this is the baseline. So what we wanna end up with is a user-friendly dashboard here that a client can look at and say, \\"This is what month we had.\\" and then go on to compare it to other months. I\'ll give you a quick look through first inside of Kindful just to show, it\'s not that Kindful is insufficient or falls short. This is the main activity feed inside of Kindful. And so you can see this is actual live or it\'s real data from one of my clients but you can see on Monday that little circle symbol there shows that it\'s a recurring donation. So that was on Monday the 20th, we had one, two, three, four, five recurring donations hit and they\'ve got some large recurring donors that were giving. Then on Sunday, the day before, you can see that little check mark, that just means a check was manually logged into the system for $500.00, below that we had a PayPal donation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you can see a nice feed of activity, but it doesn\'t give you a lot to compare it to or to really help you interpret it. Kindful does a great job giving you information on specific donors. So looking at this donor, you can see their lifetime donation, you got these nice charts of when they were giving and things like that. But the thing I find about it is you have to know that you want information about that donor and you have to go looking for it. But what I\'d like to provide my clients is a broader look at how their organization is doing financially so that maybe they could, some of these trends would stand out and then they could go dig into it and maybe go look at this donor\'s profile in Kindful to get a little bit more granular information but this is not usually, they\'re not gonna go combing through each donor\'s profile to see where are the irregularities and things like that. The thing is what comes from Kindful is a CSV file. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it\'s not very helpful, that\'s not something I\'m gonna hand over to a client to say, \\"Here\'s your donation data for the month or the year or whatever, this is gonna make.\\" A lot of people go blurry in the eyes especially when you consider in the nonprofit world, typically the people that go out and start a nonprofit, especially the small nonprofits, like the ones I deal with, they\'re not the bookkeepers, they\'re not accountants, they\'re not the nerdy back office folks, they\'re people with big visions, big hearts, they wanna be with people, they wanna be out there with a big vision and this kind of stuff. Usually spreadsheets in general are a lot of times too much for the people with those big visions. So I try to make it as painless as possible.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So this is where we deal with this raw data, we start here. So what I do is I\'ve got this note to my clients here, \u201cplease don\'t modify anything to the right of this. This is all my territory.\u201d A lot of the stuff I end up hiding but I make this note, just \u201cplease don\'t mess with it.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": That\'s a good tactic, I like that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah and then I put it up here too. \u201cPlease don\'t edit or modify the sheet in any way.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": I\'m sure it still happens sometimes.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Exactly, it has happened a few times. Thankfully with Google though, you can roll back edits pretty easily, I\'ve had to do that a few times. So what I do is I just drop in the CSV, I formatted everything to be ready for the data even down to calculating. This is a formula that\'s gonna give us all of our fees based on whether there was an ACH donation, a check that came in, cash, credit card, that kind of stuff. So I\'ll just go to File, Import, and I\'m gonna upload thatCSV there and replace data-","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": See, I didn\'t even know you could do that. I just learnt something today.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": And it\'s invaluable. I use it all the time because once you\'ve built the framework for it, and you know the parameters of what you\'re bringing, it takes some testing. But once you can trust the parameters of what you\'re bringing in, you can just overwrite. And so what that means is next month I\'m gonna have by design more donations on the list, but it\'s gonna also include the ones here, that\'s why this is red, I click here and I say, \u201creplace starting at this cell\u201d and it overwrites everything with new data, but also the old data. And so what we have is now this is all the donation data, we have each fee.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": And can you bring this in from the beginning of their...","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, so I use some dummy data here just starting in June. But yeah, I mean, I have organizations that I do this for and it\'s years of data. I mean, it\'s a little probably overkill but it\'s worth it again, in the case of historical updates or modifications to the records. And with the CSV file, it\'s not like we\'re talking gigs of data, it\'s pretty manageable.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So we\'re bringing in all the important information here, including this note that allows us to, it doesn\'t really matter that, okay, this is monthly on the first, monthly on the fifth. I don\'t do much with that date but what I\'m able to use is this and use a formula that says, \u201cit doesn\'t matter when but just note that this is a recurring donation\u201d, because we\'re gonna note that to the client later so that this will stand out to them, that this is not just a one time donation but this is a standing recurring donation. So all this stuff and we won\'t go into all the details, but I mean, this gets pushed out into a pivot table which I didn\'t show you, but I mean, there was nothing here before, but now this gets automatically populated. We\'ve got this pivot table is leading building queries, which is building other pivot tables. So there\'s like all these nested formulas that go deep back here which come back to our summary sheet where we started which was blank but now we\'ve got a lot of data that we can deal with.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So the donor lists, if this was at the end of the month of August, now they\'re looking at August of 2021. And here\'s all their donors who gave in that month, the date, their donation amount, the fee. And here\'s that note to say, \u201cand this was a recurring donation\u201d. So good old Jeff Bezos, he\'s donating $100.00 a month and he\'s agreed to Kindful offers, you can cover the fee. So he paid an extra three bucks. The actual fee was $3.28, but it more or less came closer to $100 donation rather than us paying the fee on it. So this is just a helpful way month-to-month that clients can see this where it\'s really helpful.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say we\'re in the month of November and we\'re looking now at all this information we wanna see, we wanna go back. So now we can click this drop down and we can keep flipping back through the months and see we can watch these totals. \u201cHow much are we paying in processing fees?\u201d If this number is off the charts, we can say, maybe we would like to have some of our bigger donors give by check because we\'re paying out the nose, paying 3% on a $10,000.00 credit card donation or something like that. So just again, I offer tiered services to my clients. Some I serve as an operations director where I will help interpret the data and help make decisions and help guide in some of these directions. In a lot of cases though, I leave that up to them, but I provide all the information for them to make the best decisions that they can. And to me, this is a really critical part of it.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What we didn\'t have is, this is just a running total of all the donors to this organization and their grand total. So we\'ve got the Human Fund, there\'s their grand total, we\'ve got all these different individual donors and just their running totals. This gives us a good bird\'s eye view of \u201cwho are our big donors\u201d and \u201cwhere is most of our money coming from\u201d over the life of the organization. It\'s not a time-based report, it doesn\'t give us this year or this month or anything like that. It just gives us big picture stuff. And then each of these, we can sort by different criteria. So right now it\'s chronological, show me the month and show me just in order. But we could also say, \u201cI wanna see it by donation amount\u201d and \u201cI wanna see my biggest donors of last month.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Okay, so we got this Working Nine to Five LLC donated $10,000, no fee, so that tells us it\'s probably a check. So we can see in a descending order who are our big donors and we can do the same thing here with, we\'ve got this already now sorted by our donation amount. We could sort by last name if we just wanna see all of our donors in that order.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it gives the client a lot of ways to interact with their big picture donation information as well as the monthly stuff. But then, in cases where we have recurring donors who are giving over time, it\'s one of the most common issues, people will get their credit card hacked or stolen. Somebody uses it fraudulently, card gets canceled and they\'ve got a million updates to make. They have to update their Netflix and Amazon and all the services that they have on this card. A lot of times they forget their charitable donations and those get lagged, then their donations get canceled and it falls off. Well, we wanna know that and I will say, Kindful does an amazing job with that. One of the things they even do is they\'ll monitor your expiration date and the donor will get an email two months ahead of the expiration date and say, \\"Hey, it looks like a card is about to expire. If and when it does, here\'s how to update it.\\" Really nice, makes my life a lot easier.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Super helpful.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": But it still happens, yeah. So what we wanna do is then be able to see this information spread out over time so that\'s our donor monthly details. So now we have this same as this summary here. It\'s our master list of donors but it is broken out over time. So now we can see June, July, August and all the way through the year, who\'s donating how much. And we can now look for the trends that we saw in Kindful, we saw that chart but we can see it all at one glance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So in this case Michael Bluth donated $26.00 a month, which is really, $25.00 plus the fee. So okay, great, it looks like he\'s a standing donor and then, oh, it looks like something had happened between October and November. It looks like his card dropped off, it\'s been a month and a half. He probably should have already donated by this point in December, we should probably reach out to him and say, \\"Hey, it looks like your card got canceled. Can we help you reconnect it?\\" So again, this is the stuff with some clients that might be my job to go find that, pursue that person, track them down, get it done. In some cases, it\'s just my job to provide that information. So the client can have that so they can make contact and do what they need to do.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So then in this case, we\'ve got again, the donor, now we can see their history over time with their grand total over here. And we can do the same thing, sort it by all the same criteria depending on what the client really wants and needs out of the information.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So that\'s about it, that\'s a tour of the basics of the dashboard. And then what\'s nice is from there I can actually use a lot of this data to then build custom journal entries that I can then push right out into QuickBooks. But again, all the information is here so that I can begin working with it just in one place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Well, that is really neat,thank you for showing us that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Absolutely.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, so can you quantify how much time you think this has saved you over the years compared to the old way you used to do it now with a single client?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": I mean, it used to be, I\'ll say it this way, it used to be a full-time job for one organization. And now I do it for eight or nine different organizations and have space to accommodate quite a few more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": That\'s amazing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, I mean, it saved me, I mean, hours and hours and hours a week, spread out over years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But again, it was a lot of upfront investment and I mean, it\'s fortunate that I enjoy it. So it was grueling to spend the time investing to figure this out and play with it and experiment with it. But it was a lot of upfront time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": I think I saw one of your formulas had eight or nine nested parentheses in there. It was a pretty advanced function there. How long do you think it took you to make this? I mean, obviously you\'ve iterated on it over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sure, yeah, yeah, oof, man. Well from scratch I made a similar dashboard. It was very customized for a client. I wanna say it took me about 40 or 50 hours maybe, over a month or two.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": But well worth it when you compare that to now I can have not just one client but I think you said eight, nine and with room for more, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Eight, nine and room for more, yeah.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Well Clay, thank you again for showing us this. I learned a lot and I\'m sure our viewers did as well. Is there anything else you\'d like to share with us today? For instance, where folks can get in touch with you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sure, you can find meat wellsteadsolutions.com. You can contact me there if you ever have any questions about nonprofit needs. And a quick overview if I can of some of the things I offer. Everything turnkey really for nonprofits. Again, we work as well with small businesses but our focus is really on nonprofits. I\'ve got several clients who came to me just with an idea. They had nothing more than just, \u201chere\'s what I have in mind and I have some backing financially.\u201d So we walked them through that entire process working with the IRS, working with the state to get everything formed, setting up bank accounts and donation processing and mailing addresses and all that kind of stuff. Just turning it into a legal organization. Process development, setting up online donation systems,\xa0 processing paper checks, which can just be a real hassle, being the face of donor relations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I was on the fundraising side of the nonprofit world for a long time and my income relied solely upon it. So I know how critical it is to maintain good relationships with donors and so has my staff. So we bring that into our relationships as we operate on behalf of our clients. If anybody has any questions,I usually offer a consultation just to get started and can have a conversation for nothing and then see where things go from there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sounds good. Well, I\'m sure a bunch of folks will be reaching out about your spreadsheet. I think you could offer a lot of insight on that regard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, great.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": So thank you, Clay. I am Blake Oliver and you have been watching Gearing Up. We\'ll see you again next time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]},"readingTime":16,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1650480918186,"customDate":1650480918186,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":["category-nonprofits"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"business-budgeting-methods","title":"5 Business Budgeting Methods: How to choose the right one?","description":"Budgeting for your business can be done in more than one way. Learn how to choose the best budgeting method to keep your business on the road to success.  ","metaTitle":"5 Business Budgeting Methods: How to choose the right one? | Relay","metaDescription":"Budgeting for your business can be done in more than one way. Learn how to choose the best budgeting method to keep your business on the road to success.  ","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7IVAor3k79p0dAQW1WKOW2/e2d879be64a5ab5fdde167d39038e030/Business_Banking_Blog_Header_-_Business_Budgeting_Methods.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to stay on top of your cash flow and make a healthy profit, you need a business budget. \ud83d\udcdd Running a business without a budget is like traveling overseas without a map. You might get to where you need with help from strangers and sheer luck \u2014 but it\u2019s not likely. There are ","marks":[],"data":{}},{"nodeType":"text","value":"different types of business budgeting methods, and in this article, we\u2019ll help you choose the right one","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But first \u2014 what are the exact benefits of having a budget?","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-your-business-needs-a-budget"},"content":[{"nodeType":"text","value":"Why your business needs a budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#5-business-budgeting-methods"},"content":[{"nodeType":"text","value":"5 business budgeting methods","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-choose-a-budgeting-method"},"content":[{"nodeType":"text","value":"How to choose a budgeting method","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-role-of-bookkeeping-and-technology-in-budgeting"},"content":[{"nodeType":"text","value":"Bookkeeping and technology in budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why your business needs a budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A budget is a plan that guides your spending throughout the year. It lets you track your cash and shows you where you want it to go. A budget can help you eliminate wasteful spending. \ud83d\udcb0 And it can help you make important financial decisions, like increasing marketing and advertising spending, hiring staff or buying equipment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In particular, a well-planned business budget will help you: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecast earnings and expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set achievable financial goals","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Predict fluctuations and keep you profitable ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you can prove you have a handle on your cash flow, you also increase your chances of winning over investors or obtaining a bank loan. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgets may seem like table stakes, but not every business owner thinks they\u2019re necessary. One industry survey found ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://clutch.co/accounting/resources/why-small-businesses-need-budgets"},"content":[{"nodeType":"text","value":"half of the small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" didn\u2019t create a formal budget in 2020. By skipping one, you may create more ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://clutch.co/accounting/resources/financial-challenges"},"content":[{"nodeType":"text","value":"challenges","marks":[],"data":{}}]},{"nodeType":"text","value":" for yourself, like missed revenue targets, unforeseen expenses or limited access to capital, which can hurt your business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The better you can \u201cread\u201d where your dollars and cents end up each month, the more likely you are to succeed. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here, we\u2019ve broken down the five most common types of budgets in business and their pros and cons. Read on to learn which one is best for your business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 business budgeting methods","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most commonly used business budgeting methods are:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#incremental-budgeting"},"content":[{"nodeType":"text","value":"Incremental budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#activity-based-budgeting"},"content":[{"nodeType":"text","value":"Activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#zero-based-budgeting"},"content":[{"nodeType":"text","value":"Zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#value-proposition-budgeting"},"content":[{"nodeType":"text","value":"Value proposition budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#envelope-budgeting"},"content":[{"nodeType":"text","value":"Envelope budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each has its pros and cons, which we\u2019ll discuss in more detail. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/incremental-budgeting"},"content":[{"nodeType":"text","value":"incremental budgeting method","marks":[],"data":{}}]},{"nodeType":"text","value":" is perhaps the most commonly used. It\u2019s simple and can be used for almost anything \u2014 departmental budgets, project budgets, salaries \u2014 as long as that activity has been performed in the past.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting involves adding to or deducting from the previous year\u2019s actuals by an increment or percentage to create the new or current year\u2019s budget. \u2195\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example: The total salary bill for five gardeners at ABC Landscaping in 2021 was $150,000. In 2021, ABC Landscaping had more work than it could handle, and its revenues were 20% above budget. ABC Landscaping now wants to prepare a salary budget for 2022. Given the increased revenue, the company plans to raise its salary spending by the same percentage. It\u2019ll do this by hiring an additional, part-time gardener at $22,500/year and giving all the current gardeners incremental raises of $1,500. These moves will raise the total salary budget by 20%, or $30,000.  ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of incremental budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An incremental budget is most helpful if your business is established and you\u2019re confident the budget will remain stable in the long term, with only slight changes. \ud83d\udd2d ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you a start-up in a fairly new industry looking to create or disrupt a category? Then you may want to consider another budgeting model, as your costs may fluctuate annually while you find the fit between the market and your product.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires no complex calculations. Uses current numbers and adjusts them to account for inflation or revenue growth.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saves time because of how simple it is to create and calculate.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The budget can remain fairly consistent over time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps with funding stability because expenses are easy to predict annually.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fewer internal challenges between departments, as the budget usually assigns equal incremental changes across the board. ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This can lead to overspending versus being cash efficient.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doesn\u2019t account for unforeseen changes or external factors.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could discourage management from looking deeper into expenses and savings.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. 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Every activity that incurs a cost is examined for possible ways to create efficiencies and enhance profitability. A business can do this by cutting back on activities, eliminating unnecessary activities, or reducing costs for relevant cost-drivers.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting example:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s an example: Let\u2019s say ABC Landscaping is expanding into interior painting, a new service that\u2019ll require extensive marketing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ABC Landscaping\u2019s goal is to generate $400,000 in revenue from this new service in the coming year. To do so, they\u2019ll require a dedicated marketing person to generate business. They\u2019ll also need trained and experienced painters to provide the new service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because there\u2019s no historical data on this service, the activity-based budget will use a top-down approach. It will work backwards from the revenue goal of $400,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ABC Landscaping management will have to determine how many painting contracts they need to complete, how many sales pitches they need to make to get that many contracts, and what other marketing activities they can do to drum up business. \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Basically, what will it take to make their revenue goal of $400,000? Budget items will include the cost of staffing, training, equipment and supplies, advertising and other key resources.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of activity-based budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a new company or start-up, activity-based budgeting could be a great choice since you don\u2019t have the historical data required for other methods, like incremental budgeting.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, established companies that don\u2019t have significant changes in their business activity each year may prefer traditional budgeting as it requires less time, effort, money and is often easier to calculate than activity-based budgeting. \ud83d\ude0c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Apart from newer companies, activity-based budgeting is also suitable for companies undergoing material operational changes. These could include changes to the customer base or business lines, a big shift in the locations of prominent exporters and importers, or expansion in a new business line.  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better insights into operational costs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Focuses on value-added activities. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eliminates unnecessary activities to save costs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better decision-making, as costs will be more defined.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stays goal-focused due to a top-down approach that assigns resources based on a final result or goal.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lengthy and time-consuming process where too much time can be spent on analysis.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires experts in budgeting and fiscal planning to find gaps and/or overlaps.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This may lead to short-term thinking, leaving the overall big picture lost in the process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecasting may be unreliable if the results aren\u2019t as planned. This can lead to serious cash flow issues if the budget isn\u2019t well thought out.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/zero-based-budgeting"},"content":[{"nodeType":"text","value":"Zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" is starting your budget with a clean slate each year. With this budgeting approach, managers must generate their budget categories and items and justify each expense without reference to the previous year\u2019s numbers. \ud83d\udcc3 ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say last year, ABC Landscaping purchased plant material wholesale from a supplier for $40,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While listing expenses for the upcoming year, management realizes they can grow their plant material for cheaper than the supplier\u2019s price. Making their products will save them $31,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When creating its zero-based budget, ABC Landscaping would only mark $9,000 ($40,000 \u2013 $31,000) as the expense budget for the plant material.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company also realizes it can cut back on ads. Instead of spending $8,000 in this example of zero-based budgeting, they only need to spend $3,000. They would mark $3,000 for ads.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of zero-based budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is time-consuming because budget owners must explain every single proposed expense. For example, if an IT department wants to spend $25,000 on software for the year, they have to explain what software they plan to buy and why they need it. \ud83d\udcac","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But it\u2019s a great way to remove unnecessary costs and determine key expenses that the company needs. Companies can also use zero-based budgeting when they urgently have to contain costs. For example, your business is going through a financial restructuring that requires you to dramatically reduce the budget.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting pros: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An excellent way to remove wasteful spending.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Holds managers accountable for costs and aggressively streamlines inflated budgets.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps bring costs under control while minimizing any negative impact on operations.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A time-consuming method that requires time, resources and review.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rewards short-term thinking rather than long-term, big-picture thinking. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some managers may try to squeeze more resources into their departments.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting (VPB)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also called priority-based budgeting, this method aims to ensure that everything that\u2019s included in the budget delivers value for the business and avoids unnecessary expenses.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get an in-depth look at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/value-proposition-budgeting"},"content":[{"nodeType":"text","value":"value proposition budgeting here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting involves three steps: ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1.     Determine the company\u2019s vision or preferred results","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2.     Identify the programs and services","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3.     Allocate resources to the programs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting example: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s an example: ABC Landscaping has to prioritize which of its services are most profitable for the company. \u2696\ufe0f With a priority-based budget, management can see that mowing and mulching are the company\u2019s two least lucrative services\u2014and may actually be unprofitable. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at the cost of mowing five lawns in a day. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ABC Landscaping charges $30 for each property, so mowing five lawns generates $150 in revenue. By the time ABC Landscaping pays its employee $105 for seven hours of labor, $25 for lawn mower gas, and $20 to cover gas mileage, the balance is $0. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on the company\u2019s vision, ABC Landscaping may then decide to allocate resources to increase profitability of existing services, axe unprofitable services or introduce new ones. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whatever the course of action, the high-level vision will be set first and will dictate the budgeting decisions.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of value proposition budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The value proposition budgeting method works well for businesses or organizations that are more conscious of their budget. They want to eliminate unproductive expenses and focus on creating what customers want most.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting is commonly seen in government spending. For instance, a city government may use this approach to decide which city services are most valuable for the community. \ud83c\udfd9\ufe0f It\u2019ll then decide to continue funding those services while reducing other lower-value services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps leaders identify items that bring the most value and the ones that don\u2019t.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps to differentiate your business from your competitors by focusing on your company\u2019s key value points.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps your business stay more customer-centered by showing how you can add value to your customers, employees and other stakeholders. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Concentrate your efforts on the activities that\u2019ll deliver the best results. ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting cons: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value can be difficult to quantify. This can lead to potentially important items being cut.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can lead to thinking more short-term rather than long-term. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The perceived value may not always be stable and can change based on social, cultural or economic factors.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting is more like a spending-control method than an actual budgeting method. First, you use whichever method you prefer to prepare your budget. Then, you use the envelope method to keep control of your spending and stay within that budget. \u2611\ufe0f","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Get an in-depth overview of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"envelope budgeting system here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We don\u2019t mean using actual, physical envelopes in the business context, as people often did with their household budgets. (One envelope for grocery money, one for rent, one for pocket money, etc.) ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead, it means creating separate accounts or \u201cenvelopes\u201d for major line items. \u2709\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With envelope budgeting, you get a very clear picture of your cash position, and how each major line item is performing against the plan, in real-time. You can digitize and automate this process with tools like the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" money management platform. (More on that below.) ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s very easy to see where your money is going.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because you have to review each \u201cenvelope\u201d every time you need to spend, you can spot problems quickly and move to nip them in the bud.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can often isolate problem areas and prevent issues in one department from affecting another.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":" You can focus too closely on one problem area, without seeing the bigger picture.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There isn\u2019t a lot of room for creativity or innovation.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":" How to choose a budgeting method ","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a budgeting method ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With so many budgeting methods at your disposal, which one should you use? While each method has its pros and cons, your choice will depend on the unique needs of your business, and your goals for each budget period.  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, no rule says you must use only one budgeting method. This year, you may not anticipate much change and can use the incremental budgeting method. Next year, you may launch a new product and ramp up marketing spending. In that case, the activity-based budgeting method is more ideal for that period. \ud83e\udde0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Creating a budget is an involved process. The more time you put into it, the more accurate and beneficial the budget will be. And that means the better the chances are that your business will stay on track for success. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The role of bookkeeping and technology in budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, many businesses look to harness technology, especially automation, to develop smarter ways to budget and forecast. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An online bookkeeper, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://bench.co/partner/relay-financial/?utm_campaign=5+business+budgeting+methods"},"content":[{"nodeType":"text","value":"Bench","marks":[],"data":{}}]},{"nodeType":"text","value":", and a banking and money management platform, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", can help by simplifying this entire process. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The only way to get accurate financial data is through reliable bookkeeping. If your business is growing and you don\u2019t have time to learn bookkeeping essentials, try Bench. As North America\u2019s largest bookkeeping service, they\u2019ll ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://bench.co/partner/relay-financial/?utm_campaign=5+business+budgeting+methods"},"content":[{"nodeType":"text","value":"do your books for you","marks":[],"data":{}}]},{"nodeType":"text","value":", all online. \ud83d\udcd2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to compiling your business transactions for you, they\u2019ll also give you easy-to-use software to produce financial statements, track expenses, and help make tax time a breeze.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"s7IYguf671jHbmZcDK1nt","revision":1,"createdAt":"2022-04-20T18:54:20.964Z","updatedAt":"2022-04-20T19:38:26.596Z","publishedAt":"2022-04-20T18:56:53.411Z","firstPublishedAt":"2022-04-20T18:56:53.411Z","publishedVersion":6,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Bench Dashboard","description":"Bench Accounting product dashboard","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/s7IYguf671jHbmZcDK1nt/120e092e534e4096939b59ddff12bf3a/bench-dashboard.png","details":{"size":96482,"image":{"width":755,"height":652}},"fileName":"bench-dashboard.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay makes your business spending more transparent by letting you create up to 20 individual checking accounts. The accounts have the same purpose as old-fashioned housekeeping envelopes, but they\u2019re assigned to business items instead of household spending. Want a dedicated account for taxes? Done. Perhaps you want to allocate your budget per account. Do that, too. Want an account for payroll? All possible on Relay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay can also auto-sync your banking data with your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"accounts payable software","marks":[],"data":{}}]},{"nodeType":"text","value":" to make paying bills and reconciling accounts fast, easy, and reliable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A solid budget can help boost your business success","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today\u2019s business practices have come a long way from the days of ledgers and adding machines. Today, a solid, well-crafted business budget can put you firmly on the road to business success. And powerful, versatile digital tools like online money management platforms and bookkeeping services will help your business stay on that road.","marks":[],"data":{}}]}]},"readingTime":8,"author":{"name":"Paula Kehoe","jobTitle":"Senior Writer","company":"Red Rock Communications","slug":"paula-kehoe","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6cU6LmvrZsKoLmJ1YVHtvy/494463f57686676af0f77a01f410e8e6/paula_kehoe.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1650384434925,"customDate":1650384434925,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"test-page-for-inline-ctas","title":"Test Page for Inline CTAs","description":"Do Not Publish! This page is only for testing. 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And this is Gearing Up, our series where we talk to real accountants and bookkeepers about real challenges they\'re facing in their practices. In each episode, we\'ll talk about one challenge of running a firm and how to solve it. Today we have Safi Russell of SDR Consulting Inc on the show. Thanks so much for joining me, Safie.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safietou Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You\'re welcome, thanks so much for having me Blake. It\'s definitely a privilege to be here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Can you tell us a little bit about yourself and your firm?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Sure, sure, so Safi is my nickname. Safietou is my full name and I\'m the founder and CEO of SDR Consulting Inc. I\'ve been in the industry about 19 years, and I\'m a CPA and an Enrolled Agent, and also have my Masters in taxation. And here at SDR Consulting, we mostly work with small business owners helping them from business formation all the way through the tax preparation and all that fun stuff in between.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Where are you located?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I\'m located in New York.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Gotcha.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what kind of tech stack do you use in your firm?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Well, you know, the list is extensive but I\'ll name some of the top ones for sure. In terms of intake forms and my process I use Cognito Forms. It\'s pretty much allowed me to custom build forms and ask information upfront and collect documents securely to streamline the process. As a virtual firm, I found that very important. Also QuickBooks Online in terms of bookkeeping, we pretty much use that almost exclusively. And for banking, Relay Financial is something new that we have dived into and exploring how it works well with QuickBooks Online, and being in a virtual environment with banking. And then lastly having an all in one portal. I\'ve been able to kind of cut my tech stack down a little bit because I have a portal that I was able to pretty much custom build and handle a lot of my workflow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So what are you using for that portal? You said it\'s custom.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes it\'s a white label product, and custom built by me for now. And so yes, enjoying that one a lot.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You\'re not just a CPA, you\'re also a developer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I have a little techy in me. I wouldn\'t say developer, but definitely with some learning curves, and I had help from other colleagues in the field. But it was important for me because it was custom. So a lot of the ready made portals out there they just didn\'t do everything I needed, or they were really like tax specific only. Whereas, we offer so many services for business owners that I needed something more well rounded.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Well, as I mentioned at the beginning of this show it\'s about one challenge that you have faced in your firm. And I know that\'s probably a challenge to even narrow it down to just one, but I\'d love to hear about a challenge that you had recently.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Sure, so over time, once I started developing a practice I noticed that, let\'s say taxes for example, you get basic information from a client and then you to keep going back and forth for more information or missing documents, so you didn\'t send this, so you did send this. So that\'s why I developed the intake forms through Cognito. So now every service we have is attached to an intake. So whether it be tax prep, bookkeeping, payroll set up, general business consulting setting up your entity all the questions that I found myself asking I put \'em in a form. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And so Cognito Forms is what I use for that. You know, it has encryption and security behind it, which is really important. And it allows me to ask all the questions on the front end, get all the documents. And then this way, there may be some back and forth, of course, but it minimizes the time spent on that, which is not efficient at all. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And so for me, that was the biggest challenge I had that I used that main tech stack to solve, and I continue to build on it. I must be up to like 30 forms by now. So that was really important. And even year to year information changes. So even if I have clients that I prepare taxes for last year, they fill out a new organizer every year. And the questions are a little less because there\'s a question saying, did we prepare your return last year? Okay so I don\'t need your full address again unless it changed, and I don\'t need your dependence information unless it changed. However things change. And so they fill our questionnaire out every year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what were you doing before you put in Cognito?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, so I would have different organizers like through my website or AICPA, and they would be more in a PDF format. I\'ve tried that. I\'ve also tried, I don\'t really have many non virtual clients but I had one or two. So I had like a paper organizer. And then there was organizers that came with the tax programs. So I\'ve used that in the past. So it was kinda a little bit of everything but nothing really solved the issue.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Got it, so you would send out a PDF or you\'d collect this information via email and then, I mean, anyone who\'s done this knows that getting that all back into your systems is really challenging.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah a lot of data entry, and then I had to get away from email which thankfully I wasn\'t really using as much. I was using different things like Dropbox.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With the portal?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes the portal I didn\'t have yet but I was using Dropbox previously which I still use internally, but not everyone had Dropbox and then they couldn\'t get access. And so then I had another program for file transmission only. That was simple, which I still have. But even though we\'re a virtual firm, because we\'re a virtual firm, there\'s some technology involved. So there\'s certain clients who just may have challenges with that. So I did this to really simplify it. So yes, the portal definitely made it easier to streamline and not have this program for that, and this program for that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So for those who aren\'t familiar with online forms or anything like that, can you describe for me what it\'s like for me as a client, when you need to reengage me or onboard me, or whatever example you\'d like to use? Like how would it work for me? Let\'s say I\'m a new SDR Consulting client.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Perfect, so all of my clients generally start out with my free intro call. So we have a 15 minute call just to talk a little bit about your issues, what\'s your concern, and what kind of services you may need. And from that, I will invite you to the client portal and let you know which intake forms would apply. So if let\'s say tax season is coming up, and you need your taxes done, then I\'m gonna direct you to the organizer for taxes, one for personal, one for business if you\'re in business. And you\'re going to upload your prior returns, and all your current year documents and answer all the question. From that I then...","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And I can do that in Cognito. I can upload files in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes, yes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Okay got it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah so like, okay, I have W2s, I have three W2s upload them right here, like really straightforward.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Where does that go? Do the files go into your portal or do they go somewhere? Like do you have to organize them later? How does it work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, some integration would be great but right now it\'s dated on, I have it set up with a Zapier, a Zap, I guess you can call it where it the documents go from Cognito into Dropbox. And so Dropbox is my internal file storage. And from there they\'re organized into one file my tax square paper file. Prior to that, I send a quote. So once I get the intake form, then a quote is sent out through the portal. If it\'s accepted an invoice generates, payment is made up front, then we set up the project and we start communicating.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And you send them whatever forms they need to provide for that project, whatever it is. Like you said, I think you, you said you had 30 form. Can you give us some examples again of like what would be a unique form that you\'ve made?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So generally, for example, with due diligence for claiming child tax credit and things of that nature. So I have an intake form for that. So once I see that they qualify for that with a tuition credit, then they get that link to fill that form and upload the documents for the due diligence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, that\'s great because I could see how the forms for say just general tax preparation could get enormous. And then that\'s not a good customer experience because then they\'re having to go through and answer 200 questions. You\'ve broken it up. So if they qualify or you think they qualify for this deduction, then you send that form.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Correct and if they have like a foreign bank account there\'s a basic question on an organizer but if they answer, yes. Okay now here\'s the intake form for that? How much was it? You know, what country, et cetera.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what if they have a question when they\'re filling out the form, how do you deal with that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" In most cases, when they\'re filling out the form they are in my portal. So they can send a message right through the portal, or set up a call with me.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Okay so the forms are embedded into the portal.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"How do you achieve that? Is that something that was like built into Cognito or the portal or?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, interestingly enough, I\'m in the process of reformatting some of that. So yes, it can be embedded in my portal, but currently because my tax organizer, for example, has so many questions, it\'s a little longer than the page. So right now I just have it where the link is in the tab. So I have tabs for different takes, and then the link for Cognito is there, and it just opens in a separate window.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Got it and if they have a question, they just go back to the portal, they chat with you","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Get the message.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: \u2026","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"in the portal.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Exactly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And it\'s all secure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And you can save it along the way so they can answer as much as they can, save the link for where they left off, and then send me the message.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Wow, that is really great. I mean, you\'ve basically solved the problem of using email for all of these client questions and onboarding, and I\'m sure you\'re saving yourself a ton of time to having to ask the same questions over and over again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Absolutely, every time I think of a new question or I ask any question, I\'m like, hmm, put a little note, is that in my form, my current forms, and then if not, do I need a new form? And I don\'t inundate clients. I mean, honestly someone needs multiple types of services, they\'re probably only filling out one or two forms a year. But all those different forms are just different services that have come about over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So I know this may be difficult to quantify, but what\'s the impact for you if you had to look back and think how I did it before versus how I\'m doing it now how much time is it you saved? Is it more than just peace of mind or the security? Like what\'s been the big change for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Wow, definitely I know it saved me time. The biggest impact I would say is just it helps me with my organization. In this industry, the deadlines are so compressed, and you\'re working overtime and you\'re not getting a lot of sleep it helped me have everything in place where I could revert back to it. So for example, client ABC, what are we doing for them again? Oh, I can just go back to the intake form. I go back to my intro call notes. I go back to the quote, and puts me right right back at where we need to be.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Wow, well, Safi, I learned a lot today. I learned about a new app that I didn\'t know about. And I think your process is just fantastic. I hope our listeners and anyone watching this video can take something away from that. I\'m sure they will.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Thank you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, do you have anything you\'d like to share with our viewers or where can people contact you? What are you up to?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Sure yeah, absolutely. So being that we work with a lot of small business owners, if it\'s something new for them in terms of the tax and accounting space they just don\'t know where to start. So I\'m working on creating more courses. But one of the free ones that we have right now is called common business deductions. Many business owners don\'t know what they can deduct, and how to deduct it. So that\'s a free course available right now. And you can click the link for more details on that. Also we have monthly newsletter that goes out which may have some helpful tax and accounting tips in there. And you can sign up for the newsletter by going to our website, www.sdrconsultinginc.com. And lastly, we always have 15 minute intro calls available for potential new clients just to see if it\'s a good fit, and get some basic information about each other. And you can call to schedule that. Or you can also go to the site. And the best number is 516-255-6603.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Safi thanks so much for your time, and for joining me today.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Thanks for having me again, Blake. And it\'s been a pleasure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":11,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1648236175191,"customDate":1648236175191,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"accounts-payable-ebook","title":"Offering accounts payable as a service","description":"Managing a client\u2019s accounts payable (AP) can seem like a manual, expensive, complicated process. 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You should now have a much better understanding of your available options and be one step closer to making the best decision for your business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if fast payment settlement times are important to you, make sure to check out Relay! 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This is done by implementing ","marks":[],"data":{}},{"nodeType":"text","value":"accounts payable internal controls","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": a way to ensure that your AP process runs smoothly and that your business doesn\u2019t suffer financial losses. \u270b\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP internal controls take the form of policies, procedures, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"software","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" that ensures all money movement is accounted for. \ud83d\udcb8 Here at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", we work with small businesses and their accounting firms to integrate AP directly into online banking. 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Without strong ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://www.cpestore.com/pdf_courses/AA148502/AA148502_1411064960_book.pdf"},"content":[{"nodeType":"text","value":"AP internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":" in place, your business faces an increased risk of fraud, a higher likelihood of payment errors, and a higher potential for regulatory non-compliance. \ud83d\udeab\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a look at how things can go wrong with accounts payable in more depth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lack of AP controls can lead to fraud","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your AP process lacks internal controls, bad actors will have an easier time targeting your company. The source of fraud can be either internal \u2014 employees embezzling funds \u2014 or external, like fraudulent invoices being sent to your company. ","marks":[],"data":{}},{"nodeType":"text","value":"Internal controls help you put a stop to this","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd75\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\'s a common thread in almost all employee fraud stories: it\'s usually the person you trust the most. A maintenance man who uses the company card to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ap-now.com/public/Embezzlement-Pink-Collar-Crime-Kelly-Paxton-billing-scheme.cfm"},"content":[{"nodeType":"text","value":"spend $40,000","marks":[],"data":{}}]},{"nodeType":"text","value":" on personal items. A trusted marketing executive ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"engaged in a billing scheme","marks":[],"data":{}}]},{"nodeType":"text","value":". A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hiscox.com/sites/default/files/documents/2017/10/14537-US-2016-Hiscox-Embezzlement-Study.pdf"},"content":[{"nodeType":"text","value":"bookkeeper who embezzles $155,460","marks":[],"data":{}}]},{"nodeType":"text","value":" from a Kansas nursing center. Sometimes, ","marks":[],"data":{}},{"nodeType":"text","value":"the financial loss can be so significant that the business is forced to shut down.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With proper controls in place, you can rely on strong processes rather than blind trust.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"AP without internal controls leads to duplicate payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mistakes due to human error are commonplace in many companies. But when those mistakes happen in your AP process, they can become very costly. \ud83d\udcb0 This usually takes the form of duplicate payments \u2014 someone paying a vendor twice or even more times for the same invoice. 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For example, you may be required to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-pdf/iw9.pdf"},"content":[{"nodeType":"text","value":"collect W-9 forms from certain payees","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you fail to collect them due to poor internal controls, you may be on the hook for fines from the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In short, a poor AP process exposes your business to potential compliance risks. \ud83e\uddd1\u200d\u2696\ufe0f With better internal controls in place, you can ensure your business is compliant.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Internal controls are critical for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Too many small businesses fail to consider the security risks associated with AP. But think about it \u2014 AP is how cash leaves your company. If things go wrong, you could be faced with tremendous financial loss, not to mention frustration and a drain of your time. \ud83d\ude14 Next, we\u2019ll take a look at exactly what internal controls are and how you can implement them.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are internal controls for accounts payable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable internal controls are a ","marks":[],"data":{}},{"nodeType":"text","value":"system of internal practices and measures that help a business manage and limit the risks of financial damage","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The AP control process can be broken down into three parts:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obligation to pay controls.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Data entry controls.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payment controls.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s explore these ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.accountingtools.com/articles/2017/5/5/accounts-payable-controls"},"content":[{"nodeType":"text","value":"key elements","marks":[],"data":{}}]},{"nodeType":"text","value":" in more depth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are obligation to pay controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obligation to pay controls are measures you take to verify that your business is actually required to pay an invoice that has been received from a vendor. This is the first step in the AP process and can be done by your internal team or an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-outsourcing"},"content":[{"nodeType":"text","value":"outsourced AP department","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udd0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In short, do you actually owe the creditor the amount listed on the invoice?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obligation to pay controls can either be weak \ud83d\udc4e or strong, \ud83d\udc4d depending on how your business processes unpaid bills.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Weak obligation to pay controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The person approving the bill is only given the supplier invoice and has ","marks":[],"data":{}},{"nodeType":"text","value":"no way of verifying that the goods or services were actually provided","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". They also have no way of knowing which account the payment is going to be taken from.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Stronger obligation to pay controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"person approving the bill has access to the purchase order","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (even better if the purchase order was previously approved by the purchasing department), the supplier invoice, and information about the account that will be charged.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are data entry controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Data entry controls ensure that all the relevant information from a supplier\'s invoice has been correctly entered into the accounts payable system. \ud83d\uddc2\ufe0f AP automation can help ensure both the efficiency and accuracy of this step, supporting internal controls.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Data entry controls will either be weak \ud83d\udc4e or strong. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Weak data entry controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The business has no specific coding standards, which means ","marks":[],"data":{}},{"nodeType":"text","value":"there will be inconsistencies in how invoices are recorded","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". As a result, invoices may be processed more than once, leading to duplicate payments.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Stronger data entry controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To have stronger data entry controls, the business should ","marks":[],"data":{}},{"nodeType":"text","value":"ensure that your data entry process always follows the same format","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \u2611\ufe0f This could mean recording leading zeros or dashes of an invoice number the exact same way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, a total of 6 digits for every invoice, with zeros always filling in the blanks before the first invoice digit. This helps the AP department actively scan for and detect duplicate invoices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are payment controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The purpose of invoice payment controls is to ensure that funds are only accessed for legitimate payments. \ud83d\udcb3 And that those payments are then reconciled accurately within your general ledger. \ud83d\udcd2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As with all others, invoice payment controls can either be weak \ud83d\udc4e or strong. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Weak invoice payment controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Weak invoice payment controls are usually the result of a business having no payment approval process, check payments, and ","marks":[],"data":{}},{"nodeType":"text","value":"no permission model for the team members who are making payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if the same person is responsible for both printing checks and signing them, this opens up the payment process to human error or abuse. \ud83d\ude35\u200d\ud83d\udcab","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Stronger invoice payment controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To have strong payment controls, you should","marks":[],"data":{}},{"nodeType":"text","value":" require a cross-check or additional check signer before cash is released from your business account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better yet, eliminate checks from your payments process altogether. One example for doing this would be to use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/Introducing-Relay-Pro"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", which allows for AP automation, approval workflows, and same-day ACH.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best practices for your AP process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are three tried and true approaches to accounts payable internal controls:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Establishing a separation of duties.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing your approval process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Implementing strong payments solutions.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond the three, investing in AP automation \ud83d\udd04 is another strategy to tighten up AP controls in your business and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"comes with other benefits","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the AP best practices in more detail:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Establish separation of duties","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You reduce the risk of fraud when you ","marks":[],"data":{}},{"nodeType":"text","value":"assign different elements of the AP process to different parties","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude46","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://blink.ucsd.edu/finance/accountability/controls/practices.html#Accounts-Payable"},"content":[{"nodeType":"text","value":"UC San Diego","marks":[],"data":{}}]},{"nodeType":"text","value":", which pays out around $2 million USD to vendors every day, suggests that the following tasks should all be overseen by a different person:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Purchase approvals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipt of ordered materials or services.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Invoice approvals for payment.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review and reconciliation of financial records.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When duties are separated and you have multiple people cross-referencing the process, you","marks":[],"data":{}},{"nodeType":"text","value":" reduce the risk of unauthorized payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Review your approvals strategy\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you take a look at your approvals strategy you may find there are holes in your current approach that would allow unscrupulous parties to commit fraud. \ud83d\udc40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To start, the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cpapracticeadvisor.com/accounting-audit/news/21235640/5-ways-to-prevent-accounts-payable-fraud"},"content":[{"nodeType":"text","value":"CPA practice advisor","marks":[],"data":{}}]},{"nodeType":"text","value":" recommends you ","marks":[],"data":{}},{"nodeType":"text","value":"avoid paper or even emails for approvals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \u2709\ufe0f Automation is helpful here if you use tools that have built-in approval options (more on this later).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can implement a lot of best practices for your approval strategy:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Different people should be approving your invoices and payments.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whoever ordered a product or service should be involved in approving the expense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Senior management approval should be required for purchases over a certain amount.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Assign ","marks":[],"data":{}},{"nodeType":"text","value":"more than one person to approve payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", increasing accountability in your AP process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure invoices are matched based on price, quantity, and terms to an approved purchase order (PO) before they are paid (also known as the \\"three-way match\\").","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Consider payment alternatives","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.pymnts.com/wp-content/uploads/2021/06/PYMNTS-The-Strategic-Role-Of-The-CFO-June-2021.pdf"},"content":[{"nodeType":"text","value":"24.7% of all B2B payments are made by check","marks":[],"data":{}}]},{"nodeType":"text","value":", other options are not only more efficient but can enable better internal controls.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://www.cpestore.com/pdf_courses/AA148502/AA148502_1411064960_book.pdf"},"content":[{"nodeType":"text","value":"The CPE Store","marks":[],"data":{}}]},{"nodeType":"text","value":", a registered accounting and tax educator lists ","marks":[],"data":{}},{"nodeType":"text","value":"wire transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"electronic payments made via ACH","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" as two alternative payment methods that are both ","marks":[],"data":{}},{"nodeType":"text","value":"safer and faster than sending a check","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude97\ud83d\udca8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some internal control best practices associated with ACH payments include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you are using other payment methods besides ACH, ","marks":[],"data":{}},{"nodeType":"text","value":"double-check for duplicate payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Ideally, every vendor should be paid using just one payment method.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On accounts where ACH debits are allowed, ","marks":[],"data":{}},{"nodeType":"text","value":"reconcile banks accounts daily with accounting daily","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If possible, use a separate device for your online banking activities.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Automating AP internal controls","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Implementing best practices is a great idea, but it can get cumbersome to execute. \ud83d\ude2a\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can rely on automation instead. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/Introducing-Relay-Pro"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is one accounts payable solution that can help your small business implement best practices and put internal controls on autopilot.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay Pro, your AP process is built directly into banking and comes with ","marks":[],"data":{}},{"nodeType":"text","value":"role-based permissions for users","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", automated single- and multi-step ","marks":[],"data":{}},{"nodeType":"text","value":"approval workflows","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"same-day ACH payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"automatic reconciliation","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" with QuickBooks Online and Xero. \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"67OmL79toRDJM7KZOfcYaZ","revision":3,"createdAt":"2021-07-14T12:47:53.027Z","updatedAt":"2022-08-23T01:19:42.067Z","publishedAt":"2022-08-23T01:19:42.067Z","firstPublishedAt":"2021-07-14T12:48:53.725Z","publishedVersion":22,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"AP Internal Controls with Relay Pro - Approval Rules","description":"AP Internal Controls with Relay Pro: How to create single- or multi-step approval rules for all of your bills","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/67OmL79toRDJM7KZOfcYaZ/1985a7ac6826e4936721926ba3df4da9/AP_Blog_Header_-_Accounts_Payable_Internal_Controls__A_Simple_Checklist_1.2.jpg","details":{"size":92629,"image":{"width":1800,"height":1013}},"fileName":"AP Blog Header - Accounts Payable Internal Controls_ A Simple Checklist 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Platforms like Relay can help you implement internal controls \u2014 but they also help you respond quickly in the event of fraud. In ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"one case study involving employee fraud","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"Relay helped a business secure its funds in days \u2014 while other institutions took 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","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"damaging vendor relationships","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here at Relay, we work with business owners and their outsourced accountants to ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"automate accounts payable","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" inside banking \u2014 so we\u2019ve seen a lot of scenarios of AP outsourcing going right and going wrong. \ud83d\udc40 We\u2019re sharing our learnings below, so you can learn about some of the common AP pitfalls and how to avoid them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"IN THIS 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AP","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#going-further-automate-accounts-payable-with-relay"},"content":[{"data":{},"marks":[],"value":"Going further: Automating accounts payable","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"What it means to outsource accounts payable","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourcing accounts payable means hiring a third party to handle all of the bills inside your business. \ud83e\udd1d The scope of work here can vary widely. An outsourced AP department could take on ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"just one part of the AP cycle","nodeType":"text"},{"data":{},"marks":[],"value":" (e.g.: invoice intake, invoice processing, approval workflows, or payments), or they can ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"take everything off your plate","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It all depends on what your goals and approach to AP outsourcing. Let\u2019s take a closer look at your options.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What are your AP outsourcing options?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"First, let\u2019s clear up a common misconception:","nodeType":"text"},{"data":{},"marks":[],"value":" \u201cAP outsourcing\u201d doesn\u2019t just mean sending the work overseas! While this might be common practice for some enterprise companies, it\u2019s far from the best option for small businesses.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For a small business with a lot of moving parts, it\u2019s actually preferable to outsource accounts payable to an accounting or bookkeeping firm \u2014 often the same one that already manages monthly bookkeeping. \ud83d\udcd2 In fact, ","nodeType":"text"},{"data":{"uri":"https://onpay.com/hr/basics/2019-small-business-finance-hr"},"content":[{"data":{},"marks":[],"value":"37% of small businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" are actively seeking their accountant\u2019s help managing bill payments.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With that out of the way, here are your options for AP outsourcing:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Overseas companies. ","nodeType":"text"},{"data":{},"marks":[],"value":"A lot of companies promise to streamline your AP with low-cost overseas labor. Lower overhead is an attractive selling point \u2014 but it\u2019s also risky, especially if you have critical vendor relationships.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Technology.","nodeType":"text"},{"data":{},"marks":[],"value":" As long as the AP work gets done, what difference does it make if it\u2019s done by a robot? \ud83e\udd16 The trick here is finding ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"AP software","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" that fits your needs and budget.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"An accountant or bookkeeper.","nodeType":"text"},{"data":{},"marks":[],"value":" As mentioned above, this is","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" ","nodeType":"text"},{"data":{},"marks":[],"value":"likely the best approach for small businesses \u2014 especially if you already have a trusted relationship with an accounting or bookkeeping firm. Their experience managing your finances means they\u2019ll be able to expand services to AP much faster. \ud83d\ude97\ud83d\udca8","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"In summary, if you\u2019re a small business, you want to look for an accountant or bookkeeper to outsource your AP \u2014 whereas enterprise businesses should try to send that work overseas. \ud83d\uddfa\ufe0f In both cases though, you will want to incorporate technology into your AP process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now, let\u2019s take a look at some of the things that can go wrong \ud83d\ude31 (and how to avoid them).","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4 pitfalls when outsourcing AP","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before you engage your next outsourcing partner, here are the problems you\u2019re most likely to face. Knowing these potential pitfalls will help you avoid them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. Failing to document your current process","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"worst","nodeType":"text"},{"data":{},"marks":[],"value":" ways to outsource AP is to simply dump the entire process onto your vendor and let them run with it. \ud83d\ude45 After all \u2014 they\u2019re the experts, so they\u2019ll fix what\u2019s broken and keep what\u2019s working, right?\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The reality is that ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"outsourced AP vendors need your help understanding exactly what\u2019s working and what isn\u2019t","nodeType":"text"},{"data":{},"marks":[],"value":". Nobody except you understands the nuances behind each vendor relationship. Once outsourced, critical details may get lost and relationships may be damaged.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To get around this, clearly document your entire AP process before you outsource. In fact, your outsourced AP partner should be actively helping you do this before taking on any of the work. \ud83d\udd0d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Not vetting your AP service vendor","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\u2019ve all been there. You get sold on someone who looks great on paper, even has good references, but you still somehow end up with low-quality work. \ud83d\ude24","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Apart from doing your due diligence, there are a few additional ways to avoid low service quality:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Start with a pilot project that\u2019s limited in scope and time.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have the vendor take over ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"just one part","nodeType":"text"},{"data":{},"marks":[],"value":" of the AP process.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have the AP vendor start with just a portion of invoices at first.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most importantly, you should never start an engagement without a clear Service Level Agreement (SLA) in place. \u270d\ufe0f Your SLA should outline things like ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"expected processing times","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"response times","nodeType":"text"},{"data":{},"marks":[],"value":" and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"what happens when there are disputes","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. Failing to set communication expectations","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you reach out to an external vendor, you\u2019re not always going to get an ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"immediate","nodeType":"text"},{"data":{},"marks":[],"value":" response. \u231a\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But sometimes payables can be time-sensitive. So a lag in communication could impact how quickly you address AP concerns or mistakes. An SLA that outlines response times can help here \u2014 but it may be even better to set regular, recurring meetings to review the AP process and raise issues ahead of time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. Sensitive payment data leaks","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you outsource AP, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"you give away a lot of highly sensitive information to a 3rd party","nodeType":"text"},{"data":{},"marks":[],"value":": payment details, vendor information and behavior patterns. \ud83d\uddc4\ufe0f If any of that data is breached, it can be used to damage your business \u2014 fraudsters can use it to impersonate your business or your vendors.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To minimize this risk, you should go out of your way to get clarity from your outsourced AP service vendor about how they\u2019re protecting your data, and what ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-internal-controls"},"content":[{"data":{},"marks":[],"value":"internal controls","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" they have in place to prevent breaches.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Biggest underlying mistake: outsourcing for the wrong reasons","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A lot of issues with AP arise when outsourcing is done for the wrong reasons or without clear goals in mind. So below, we\u2019ll help you determine if it\u2019s a good option by looking at some of the best reasons to outsource AP.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Benefits of outsourcing accounts payable","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The biggest benefits of outsourcing AP include taking administrative work off your plate, improving financial processes and getting more clarity into your cash flow. Let\u2019s take a closer look at some of the best reasons to outsource.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourced AP frees up time to focus on strategic work","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"It isn\u2019t unusual for the person who manages your bill payments \u2014 whether it\u2019s you or your office administrator \u2014 to be overwhelmed with administrative AP tasks. \ud83d\udcda And whenever new vendors are added or AP mistakes happen, your attention is taken away from mission-critical work.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"By outsourcing, you entrust the process to experts who can deal with AP more efficiently, freeing you to focus on more strategic work. \ud83d\udca1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourced AP lowers your invoice processing costs","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With manual AP, the average cost of an invoice is ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"$15, with an average processing time of 45 days","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\udc0c A slow and inefficient process can negatively impact your vendor relationships \u2014 which are crucial for small businesses \u2014 and put a strain on their service levels.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On the other hand, by combining AP outsourcing with AP automation, you can make significant improvements to your process. Done right, you can ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"bring down AP costs by as much as 6x","nodeType":"text"},{"data":{},"marks":[],"value":" \u2014 ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"down to $2.56","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" per invoice.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your vendors can recommend a better AP process","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"For many smaller companies that run AP in-house, the team managing that process also juggled other responsibilities. \ud83e\udd39 This usually means that nobody dedicates their full, undivided attention to improving the AP process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A third-party team that manages AP for other companies will have the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"tools to make the process faster and more efficient","nodeType":"text"},{"data":{},"marks":[],"value":". If you\u2019re a small business that works with an accounting or bookkeeping firm, chances are that your firm has a deep understanding of the latest technologies and best practices when it comes to AP.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relying on their expertise leads to big gains in efficiency, faster.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You get better reporting with outsourced AP","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is not to say that you can\u2019t get great reporting while managing AP in-house. However, you\u2019re more likely to get good reports in place because many AP outsourcing providers will offer reporting as part of their management fee. \ud83d\udcca\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These reports can give you a clearer picture of how much you\u2019re spending per invoice, how long it takes to make payments, and other important vendor management metrics that you can use to optimize your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tips for outsourcing AP","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re feeling like outsourcing your AP process is the right way to go, there are a number of things you can do to find the right partner.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Take time to research your options","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re truly struggling in your AP process, you may be tempted to rush into signing on with a new vendor. ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Don\u2019t be too hasty!","nodeType":"text"},{"data":{},"marks":[],"value":" There are a lot of vendors out there that are more than willing to take on your AP function, but not all of them are going to make sense for your business. It\u2019s worth spending all the time you need to find a partner that really delivers on the benefits we outlined above. \ud83e\uddd0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Prepare yourself for the change","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you\u2019ve chosen the right vendor for your business, make sure you\u2019re ready to work with them. Get a sense of what their process will look like, talk to anyone on your team that may also need to be involved, and makes sure you\u2019re available when needed to keep the process moving. \ud83d\udd01 A few things to keep in mind:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Map out your existing AP process.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have a Service Level Agreement in place.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Establish communication expectations ahead of time.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Start with a pilot project.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Align expectations and scope of work\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Have early conversations with your vendor to set expectations around what parts of the AP workflow they can take on \u2014 and whether this includes ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"invoice receipt","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"invoice processing","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"invoice approvals","nodeType":"text"},{"data":{},"marks":[],"value":", and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"payment processing","nodeType":"text"},{"data":{},"marks":[],"value":". This scope of work should be outlined clearly in their statement of work and will help you understand what your role is in the relationship. \ud83d\udcdd It will also help you keep them accountable and help you connect the dots between their performance and what they\u2019re billing you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Going further: Automate accounts payable with Relay","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourcing and automation go hand-in-hand. Chances are that whatever outsourcing vendor you choose, they will aim to implement technology to increase efficiency overall. \u23e9","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As you narrow down your selection, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"consider automating AP with ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"underline"}],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Relay\u2019s money management platform can help you collaborate with your outsourced AP team, while also streamlining the administrative work of paying bills. 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So we put together this list to outline the biggest AP automation benefits in detail.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8 accounts payable automation benefits","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automating accounts payable benefits your business in the following eight ways:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-ap-automation-is-faster-than-doing-it-manually"},"content":[{"data":{},"marks":[],"value":"Speeds up bill pay process","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#2-ap-automation-lowers-the-average-cost-of-invoices"},"content":[{"data":{},"marks":[],"value":"Saves you money","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#3-ap-automation-makes-your-other-software-more-impactful"},"content":[{"data":{},"marks":[],"value":"Makes your other software more effective","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#4-ap-automation-minimizes-risk-by-improving-accuracy"},"content":[{"data":{},"marks":[],"value":"Minimizes risk by improving accuracy","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#5-automated-ap-streamlines-audits"},"content":[{"data":{},"marks":[],"value":"Improves auditing workflow","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#6-ap-automation-tools-give-you-clearer-visibility-into-cash-flow"},"content":[{"data":{},"marks":[],"value":"Provides additional cash flow insight","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#7-ap-automation-helps-you-avoid-payment-fraud"},"content":[{"data":{},"marks":[],"value":"Helps you avoid fraudulent transactions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#8-automating-your-ap-function-gives-you-a-competitive-advantage"},"content":[{"data":{},"marks":[],"value":"Gives you a competitive advantage","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s get started!\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. AP automation is faster than doing it manually \ud83c\udfc3\ud83d\udca8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"The average time to process an invoice manually is ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"45 days","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". In a manual AP process, an invoice has to be received, processed, approved by the right stakeholder, and then paid with a paper check (if you\u2019re one of the ","nodeType":"text"},{"data":{"uri":"https://www.goldmansachs.com/insights/pages/from_briefings_08-oct-2018.html"},"content":[{"data":{},"marks":[],"value":"80% of small businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" that still use paper checks).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Each step takes a lot of time, and any additional delays can negatively impact your vendor relationships. That\u2019s not great. \ud83d\ude16","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"AP automation ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"speeds things up by as much as 6x","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". An AP platform automates the receipt and storage of your vendor invoices, centralizes invoice reviews and approvals, helps you keep track of payments and stores your vendor information. Collectively, these automated processes save you a ton of time on invoicing.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automated bill pay example","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"marks":[],"value":"To illustrate the benefits of AP automation, here\'s an example of how ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/Introducing-Relay-Pro"},"content":[{"data":{},"marks":[],"value":"Relay Pro","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" streamlines bill management. All unpaid invoices are imported from the accounting software (QuickBooks Online or Xero) and then get automatically organized into a central dashboard. Now, all bills can be tracked and managed in one place, giving you clearer visibility into your company\u2019s cash flow.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2wcb4ZX5rAdXlscrWp0MS9","revision":5,"createdAt":"2021-07-14T12:44:59.846Z","updatedAt":"2022-08-23T01:27:41.135Z","publishedAt":"2022-08-23T01:27:41.135Z","firstPublishedAt":"2021-07-14T12:46:25.837Z","publishedVersion":33,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Accounts Payable Automation with Relay Pro - Bills Dashboard","description":"Accounts Payable Automation with Relay Pro: Integrate with accounting software, view the status of unpaid bills, and centralize all your AP","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2wcb4ZX5rAdXlscrWp0MS9/320cef872d833a8a5e664139f1d5f00a/AP_Blog_Header_-_8_Accounts_Payable_Automation_Benefits_for_Your_Small_Business_1.2.jpg","details":{"size":109865,"image":{"width":1800,"height":1013}},"fileName":"AP Blog Header - 8 Accounts Payable Automation Benefits for Your Small Business 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. AP automation lowers the average cost of invoices \ud83d\udcb0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Processing an invoice manually can cost up to ","nodeType":"text"},{"data":{"uri":"https://www.financialexecutives.org/FEI-Daily/June-2019/Dollars-and-Sense-Examining-the-True-ROI-of-Invoi.aspx"},"content":[{"data":{},"marks":[],"value":"$15 per invoice","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". That means every time you add a vendor to your network, you have to account for an additional $180 per year \u2014 and that\u2019s only if they invoice you once a month \u2014 on top of their fees.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Meanwhile, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"an automated process can ","nodeType":"text"},{"data":{"uri":"https://iofmms-static.s3.amazonaws.com/uploads/sites/4/2018/11/AP-Benchmarking-Study-Jess.pdf"},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"underline"}],"value":"reduce","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":" the cost of an invoice to just $1.77","nodeType":"text"},{"data":{},"marks":[],"value":". How? You save on the labor costs associated with data entry and dealing with discrepancies and the hard costs of document storage, printing checks, and postage.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. AP automation makes your other software more impactful \ud83d\udd04","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A common concern with onboarding new software is that it won\u2019t talk to the tools you\u2019re already using. You can imagine just how much of a headache it would be if you had to input the same data multiple times. \ud83d\ude13 Likely, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"today\u2019s AP automation solutions have been designed to easily share information with accounting software like QuickBooks and Xero","nodeType":"text"},{"data":{},"marks":[],"value":", connecting the dots across your financial tech stack.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. AP automation minimizes risk by improving accuracy \ud83d\udcc8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the right ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-internal-controls"},"content":[{"data":{},"marks":[],"value":"accounts payable internal controls","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" in place, automated AP reduces the risk of errors and fraud. Every AP process should have well-defined internal controls: how invoices get processed, who approves them, who is allowed to initiate payments and how vendor information is stored. \ud83d\udd75\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When these processes are clearly laid out and controlled by AP software, there is ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"less room for human error and better protection against fraud","nodeType":"text"},{"data":{},"marks":[],"value":". Achieving an equivalent level of internal controls with no software is near impossible.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automated internal controls example","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/pricing"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay Pro","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", for example, lets you create single-step or multi-step approval workflows and completely customize them based on your needs. Every time an invoice is submitted for approval, notifications are kicked off to anyone involved in the approval process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"67OmL79toRDJM7KZOfcYaZ","revision":3,"createdAt":"2021-07-14T12:47:53.027Z","updatedAt":"2022-08-23T01:19:42.067Z","publishedAt":"2022-08-23T01:19:42.067Z","firstPublishedAt":"2021-07-14T12:48:53.725Z","publishedVersion":22,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"AP Internal Controls with Relay Pro - Approval Rules","description":"AP Internal Controls with Relay Pro: How to create single- or multi-step approval rules for all of your bills","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/67OmL79toRDJM7KZOfcYaZ/1985a7ac6826e4936721926ba3df4da9/AP_Blog_Header_-_Accounts_Payable_Internal_Controls__A_Simple_Checklist_1.2.jpg","details":{"size":92629,"image":{"width":1800,"height":1013}},"fileName":"AP Blog Header - Accounts Payable Internal Controls_ A Simple Checklist 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Automated AP streamlines audits \ud83d\udcd1","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"biggest benefits of AP automation is a better auditing process","nodeType":"text"},{"data":{},"marks":[],"value":". With detailed data accompanying every transaction, an auditor can easily follow the trail from invoice receipt to payment.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When your AP process is manual, audits can drag on for months \u2014 ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"especially","nodeType":"text"},{"data":{},"marks":[],"value":" when paper invoices, receipts, or checks are involved. \ud83d\udcc6 This difference can have huge implications for businesses. In one ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"data":{},"marks":[],"value":"case study concerning employee fraud","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", Relay\'s automated payment solution was shown to ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"dramatically speed up the audit and security response","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With AP software, you don\u2019t have to worry about keeping boxes full of papers for an auditor to sort through \u2014 and you can save yourself from an agonizing wait while the audit is completed.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"6. AP automation tools give you clearer visibility into cash flow \ud83d\udcca","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With a digitized AP workflow, you get a birds-eye view of all processed and outstanding bills \u2014 as well as what you need to do to get remaining payments out the door. \ud83d\udd0d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Some AP platforms will also give you data about your accounts payable KPIs. This can give you greater insight into ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"how much you\u2019re spending on your vendors, whether there are any redundancies in your spending","nodeType":"text"},{"data":{},"marks":[],"value":" (e.g. if you have two vendors doing the same thing), and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"if there are any significant variations in your spending","nodeType":"text"},{"data":{},"marks":[],"value":" from month over month.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This information gives you deeper insight into what impacts your cash flow and can help you make better business decisions.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"7. AP automation helps you avoid payment fraud \ud83d\udd14","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"According to the ","nodeType":"text"},{"data":{"uri":"https://www.jpmorgan.com/content/dam/jpm/commercial-banking/documents/fraud-protection/afp-fraud-survey-2020-report-highlights.pdf"},"content":[{"data":{},"marks":[],"value":"2020 AFP Payments Fraud and Control Survey","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", approximately 81% of companies were targets of payments fraud in 2019. When using a manual AP process, it can be difficult to spot fake invoices or fraudulent email payment requests.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automated systems can help here by identifying and flagging suspicious requests before you approve payments. As your team grows, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"you can also limit who has the ability to approve payments by setting customized permissions, thereby reducing risk and the chance of fraud","nodeType":"text"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8. Automating your AP function gives you a competitive advantage \ud83d\udc4a","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most importantly, AP automation empowers small business owners to grow their firms. Introducing a more efficient, speedy, and error-free way to manage accounts payable ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"ultimately saves your business time","nodeType":"text"},{"data":{},"marks":[],"value":" (and time is money\ud83d\udcb0).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Say goodbye to the piles of paper, filing cabinets and the possibility of human error associated with manual AP. By automating your AP and using a transparent money management platform like Relay, you can track your invoices and records every step of the way. That means a better handle on your cash and, and that\u2019s a win in our books.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Is AP automation the right call for your business? Get started with Relay Pro","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If the above accounts payable automation advantages resonate with you, then it may be time to invest in an AP platform. \ud83d\udc4b ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/Introducing-Relay-Pro"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"A great place to start is Relay Pro","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \u2014 an accounts payable platform integrated directly into business banking.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Unlike enterprise AP solutions, Relay Pro is ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"designed specifically with small businesses in mind","nodeType":"text"},{"data":{},"marks":[],"value":", is ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"easy to set up","nodeType":"text"},{"data":{},"marks":[],"value":", and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"integrates directly with Xero and Quickbooks Online","nodeType":"text"},{"data":{},"marks":[],"value":". So if you\u2019re considering AP automation, make sure to check out Relay. We host a biweekly webinar that takes you through the ins and outs of the platform \u2014 ","nodeType":"text"},{"data":{"uri":"https://join.relayfi.com/demo-webinar"},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"underline"}],"value":"you can sign up here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1639756799103,"customDate":1639756799103,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"what-is-ap-automation","title":"What is AP Automation? (With Workflow Example)","description":"What is accounts payable (AP) automation? \u2699\ufe0f Understand the four steps of the AP process, including an example of an automated AP workflow.","metaTitle":"What is AP Automation? (With Workflow Example) | Relay","metaDescription":"What is accounts payable (AP) automation? \u2699\ufe0f Understand the four steps of the AP process, including an example of an automated AP workflow.","popular":false,"category":"Accounts Payable","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1PxG2b9St5nZ6bkmcPHAtW/30cf6287b1cf2d729d4e490e4450b058/AP_Blog_Header_-_What_is_AP_Automation_.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable (AP) automation is the process of simplifying, speeding up, or ","marks":[],"data":{}},{"nodeType":"text","value":"completely replacing","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" all the manual work that goes into paying bills and vendor invoices with the use of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"AP software","marks":[],"data":{}}]},{"nodeType":"text","value":". It removes a huge chunk of administrative work from your day, while ensuring that bills are paid accurately and on time. \ud83d\udc4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", we simplify online bill pay for small businesses by","marks":[],"data":{}},{"nodeType":"text","value":" integrating AP directly into online banking","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd04 It\'s the right approach for businesses who want ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"benefits","marks":[],"data":{}}]},{"nodeType":"text","value":" like faster settlement times or the option to manage all payments from one place.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this guide, we\'ll share a real workflow example of how you can use Relay together with an accounting platform called ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://dext.com/"},"content":[{"nodeType":"text","value":"Dext","marks":[],"data":{}}]},{"nodeType":"text","value":" to completely automate your bill pay. Let\'s dive in!","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is accounts payable (AP)?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable (AP) is the process of managing outstanding debts owed to creditors for goods or services rendered. For example, ","marks":[],"data":{}},{"nodeType":"text","value":"when a vendor agrees to be paid later instead of right away, the money you now owe them becomes an outstanding bill, part of \u201caccounts payable\u201d","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The process of managing those bills is also known as AP and may include contractor wages, inventory costs, rent, and everything else in between.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Go deeper:","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Understand the difference between ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/ach-vs-wire-transfer"},"content":[{"nodeType":"text","value":"ACH vs wire transfers","marks":[],"data":{}}]},{"nodeType":"text","value":" >","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP is how money leaves your business, so it\u2019s important to maintain strong ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-internal-controls"},"content":[{"nodeType":"text","value":"internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":" to eliminate the risk of errors or fraudulent activity.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the steps in accounts payable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The accounts payable process can be broken down into five (5) steps:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receiving invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and making sure they are entered into your system correctly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organizing, reviewing, and ","marks":[],"data":{}},{"nodeType":"text","value":"processing invoices","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Approving invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" through the right channels","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paying the invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on time","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reconciling paid invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" in your accounting system","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When managed correctly, a strong AP process can help you unlock access to cash and ","marks":[],"data":{}},{"nodeType":"text","value":"give you more visibility into ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udd0d For example, consider the impact on a business\'s cash flow if a vendor agrees to receive payment 30 days later than usual. By unlocking that cash for another month, a business can add an entire sales cycle before it has to cover inventory costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, ","marks":[],"data":{}},{"nodeType":"text","value":"optimizing your cash flow is challenging when you have a manual AP process","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This becomes clear once you take a closer look at each step of processing an invoice. In the next section, we\u2019ll do just that. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What can go wrong with a manual accounts payable process?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A manual AP process creates three main issues for a business: ","marks":[],"data":{}},{"nodeType":"text","value":"it increases the potential for payment errors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", results in ","marks":[],"data":{}},{"nodeType":"text","value":"more time wasted on administrative tasks","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and it can ","marks":[],"data":{}},{"nodeType":"text","value":"damage relationships with vendors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP automation is an opportunity for businesses to streamline this process and gain clearer cash flow visibility, reduce administrative work, and minimize AP errors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s how AP is handled when it\'s done ","marks":[],"data":{}},{"nodeType":"text","value":"manually","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":":","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Invoices are received through email or paper","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With most manual processes, there is no set process in place, and vendors choose how to send you their invoices. That means you receive invoices through multiple channels \u2014 emails, faxes, maybe even physical copies.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7xMTbEREZX6bYYKa40Kgza","revision":3,"createdAt":"2022-04-25T17:19:39.955Z","updatedAt":"2022-08-23T01:22:34.684Z","publishedAt":"2022-08-23T01:22:34.684Z","firstPublishedAt":"2022-04-25T17:21:05.438Z","publishedVersion":12,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"AP Automation Step One \u2014 Receiving Invoices","description":"AP Automation Step One \u2014 Receiving Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7xMTbEREZX6bYYKa40Kgza/5ec83f597693058613afe5bf4cdb9cee/AP_Blog_Header_-_What_is_AP_Automation__1.2.jpg","details":{"size":151691,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Invoice data is manually transcribed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once an invoice reaches your business, someone on your team has to verify its accuracy. Next, invoice data must be manually entered into the internal payment processing system. \ud83d\udcdd\xa0 After payment has been made, the invoice codes need to be manually inputted into the general ledger.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2aJLidUnnEvzNoIFZRFv5S","revision":3,"createdAt":"2022-04-25T17:22:29.647Z","updatedAt":"2022-08-23T01:24:10.074Z","publishedAt":"2022-08-23T01:24:10.074Z","firstPublishedAt":"2022-04-25T17:22:39.760Z","publishedVersion":12,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"AP Automation Step Two \u2014 Processing Invoices","description":"AP Automation Step Two \u2014 Processing Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2aJLidUnnEvzNoIFZRFv5S/240526e9aff9483644ec144dc5d55d64/AP_Blog_Header_-_What_is_AP_Automation__1.3.jpg","details":{"size":169737,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When businesses have to enter invoice data manually, deal with varying invoice formats, juggle multiple due dates, and follow up with multiple approvers internally, the risk of lost invoices and payment errors increases.\u2757","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. No formal invoice approval process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before an invoice is paid, it needs to be approved. But in most small businesses, there\'s no formal invoice approval process. As a result, the AP process requires manual follow-up and takes much longer than necessary. Or worse, invoices may get paid without going through any approval process at all, potentially leading to costly errors. \ud83d\ude45","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"nJPnAyFrHKxAzwzcU7V7H","revision":3,"createdAt":"2022-04-25T17:22:52.261Z","updatedAt":"2022-08-23T01:24:58.833Z","publishedAt":"2022-08-23T01:24:58.833Z","firstPublishedAt":"2022-04-25T17:23:02.622Z","publishedVersion":15,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"AP Automation Step Three \u2014 Approving Invoices","description":"AP Automation Step Three \u2014 Approving Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/nJPnAyFrHKxAzwzcU7V7H/d9009a5b1a18e88e61fb2591f532e661/AP_Blog_Header_-_What_is_AP_Automation__1.4.jpg","details":{"size":195671,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you factor in manual data entry, follow-ups with vendors, and informal or non-digitized approval workflows (i.e. paper invoices being reviewed by an approver \u2014 or approvers \u2014 in person), it\'s easy to understand why traditional invoice processing is slower and easily delayed. \ud83d\udc0c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Invoices paid by writing a check","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For many small businesses, AP involves a staff member physically preparing a check. Then, they must track down someone (like the business owner) to get that check signed. The check is then mailed \ud83d\udce8\xa0 to the vendor, and the books are manually reconciled.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1oAnoCDjFgmhads6kOAFmx","revision":3,"createdAt":"2022-04-25T17:23:20.080Z","updatedAt":"2022-08-23T01:25:16.712Z","publishedAt":"2022-08-23T01:25:16.712Z","firstPublishedAt":"2022-04-25T17:23:30.638Z","publishedVersion":12,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"AP Automation Step Four \u2014 Paying Invoices","description":"AP Automation Step Four \u2014 Paying Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1oAnoCDjFgmhads6kOAFmx/f415a9bd2cc6b9cfd093574a05c69d46/AP_Blog_Header_-_What_is_AP_Automation__1.4-1.jpg","details":{"size":184499,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.4-1.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you manage invoices manually, the risk of delays and human errors \u274c can make it difficult to set appropriate expectations for vendors and stick to them. This may damage your vendor relationships, and you may miss out on favorable payment terms as a result.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does manual AP cost a business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One study reveals that the average processing cost for a single invoice can be ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.levvel.io/resource-library/mature-accounts-payable-for-the-small-and-mid-size-enterprise"},"content":[{"nodeType":"text","value":"up to $15","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude2e\xa0 And the average processing time \u2014 from when the business receives an invoice to when payment approval and submission takes place \u2014 can be as long as 45 days. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is AP automation?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP automation is the process of streamlining accounts payable to significantly enhance productivity and free up cash. \ud83d\ude4c\xa0 When your business payments are automated, a digital tool can simplify or even completely take over the accounts payable tasks on your behalf.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP automation can address one or more steps of the accounts payable cycle, like ","marks":[],"data":{}},{"nodeType":"text","value":"processing, approvals, or payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In most cases, while certain AP processes are automated and streamlined, the entire system is still managed by a team member, accountant, or bookkeeper. \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some of the most common types of accounts payable technologies available to small businesses:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Automated invoice processing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of logging information from a paper invoice manually, you can have vendors submit their bills electronically \ud83c\udf10 to an ","marks":[],"data":{}},{"nodeType":"text","value":"invoicing platform","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" which then sorts out those bills automatically. Alternatively, you can also use a tool to scan invoices, extract key information (like amounts and vendor information), and automatically sync that information with your accounting system","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Automated approval workflows","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Those responsible for invoice approvals can receive ","marks":[],"data":{}},{"nodeType":"text","value":"automated emails","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" \ud83d\udce7\xa0 and reminders to \ud83d\udd14 ","marks":[],"data":{}},{"nodeType":"text","value":"review and approve bills electronically","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" rather than in person, saving everyone from unnecessary follow-ups.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Digital payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paying invoices by wire, ACH, or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" (rather than by check) drastically shortens the payment timeframe. What\'s more, if you use an AP platform that syncs with your accounting software (think: QuickBooks Online or Xero), you can save time on bookkeeping by ","marks":[],"data":{}},{"nodeType":"text","value":"automatically marking those invoices as paid ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in your system. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Key benefits of AP automation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.levvel.io/resource-library/mature-accounts-payable-for-the-small-and-mid-size-enterprise"},"content":[{"nodeType":"text","value":"Research shows","marks":[],"data":{}}]},{"nodeType":"text","value":" that automation creates both immediate and long-term ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"advantages","marks":[],"data":{}}]},{"nodeType":"text","value":" for your business. 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Accountants and bookkeepers can also\xa0","nodeType":"text"},{"data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo?__hstc=261155474.d69125c8dd6a1aad04ab1f3721a615d5.1618837100204.1639514133852.1639525335416.608&__hssc=261155474.1.1639525335416&__hsfp=4051722266"},"content":[{"data":{},"marks":[],"value":"book a demo","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\xa0with our team\u2014you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":4,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1639168536778,"customDate":1639168536778,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"Why-I\'m-joining-Relay-as-the-Accounting-Community-Advocate","title":"Why I\'m joining Relay as the Accounting Community Advocate","description":"I\'m excited to join Relay\'s team as their Accounting Community Advocate and help build better banking for accountants and bookkeepers.","metaTitle":"Why I\'m joining Relay as the Accounting Community Advocate","metaDescription":"It\'s Blake Oliver, CPA here. 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You might recognize me as the Co-Host of the ","nodeType":"text"},{"data":{"uri":"https://www.cloudaccountingpodcast.com/?utm_source=relay&utm_medium=blog_post&utm_campaign=blake_oliver_announcement"},"content":[{"data":{},"marks":[],"value":"Cloud Accounting Podcast","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", remember me from a CPE webinar you once took, or you might even know me as the Founder & CEO of ","nodeType":"text"},{"data":{"uri":"https://earmarkcpe.com/?utm_source=relay&utm_medium=blog_post&utm_campaign=blake_oliver_announcement"},"content":[{"data":{},"marks":[],"value":"Earmark","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Today, I\'m excited to introduce myself as Relay\'s Accounting Community Advocate!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I\'m thrilled to take on this role and to work with Relay\'s community of accountants and bookkeepers. 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Back then, our approach to bookkeeping services may have seemed new and unusual \u2014 maybe even a little bold. We served clients 100% remotely, insisted on working with a specific \\"stack\\" of cloud apps, and were one of the first Xero bookkeeping partners in the United States. Back then, it felt like breaking new ground. Today, it\'s a standard way to run a practice.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A similar change is taking place in business banking. And it\'s long overdue.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s easy to forget just how bad the state of business banking today actually is \u2014 it\'s been so bad for so long, we just begrudgingly accept it. During the pandemic, I went through a terrible banking saga of trying to open a traditional bank account without visiting a branch. It took me almost two months \u2014 and the bank eventually just admitted that they basically don\'t have a way to serve me. But advisors deal with even more issues. As accountants and bookkeepers, we chase clients for bank logins and 2FA codes. We constantly deal with broken bank feeds. And we spend so much time cleaning up poor-quality bank data.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relay has set out to solve everything you hate about your client\'s traditional bank, and I\'m very excited to join them on this mission.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I\'ve been a Relay customer for a long time. I opened up a Relay account when I started Earmark. David Leary and I use it for the Cloud Accounting Podcast. And I\'ve moved a client away from an overwhelming enterprise AP solution to Relay\'s integrated bill pay. 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But while Nikole was automating accounting and scaling her firm through cloud software, banking was a \u201ccomplete nightmare\u201d \u2014 until she found Relay.","nodeType":"text"}],"nodeType":"heading-6"},{"data":{},"content":[{"data":{},"marks":[],"value":"Five years into running Momentum Accounting, Nikole has long passed the initial challenges of starting up a firm. Nowadays, she is zeroed in on eliminating accounting bottlenecks and introducing more standardization throughout her practice. It\u2019s part of her strategy to keep scaling Momentum Accounting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe\u2019re thinking about how we scale, how we standardize our chart of accounts, our app stack, and also how we work with clients. 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She was introduced to Xero and saw how cloud technology was transforming the industry. But Nikole thought that the firm where she worked could\u2019ve done things differently. \u201cI didn\u2019t like how the firm was run like a traditional CPA firm. I thought that there was a better way to run an outsourced accounting department. So I left.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"She started on her own. Committed to running a modern firm, Nikole dove deep into accounting automation in her first year of operations. \u201cI went to Xerocon, and that\u2019s when I got introduced to this world of having Xero and QuickBooks Online as the general ledger with an open API and all of these applications that integrate with it. I saw this immense opportunity to automate many accounting tasks that historically were done very manually.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Leveraging automation would make her more competitive. If Nikole eliminated manual processes, she could focus on advisory, deliver more value to her clients, and reduce her operating costs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole wanted to use best-in-class technology to achieve this. \u201cIn the first couple of years, I probably tried out a hundred different apps. I was like an app addict,\u201d she jokes. \u201cI\u2019ve toned it down since.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The firm\u2019s toolset became more standardized as it grew. Momentum Accounting now works with a \u201ccore app stack,\u201d and all of the firm\u2019s team members are deeply knowledgeable about each app.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The last barrier to standardization and automation was business banking.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Challenges with managing and administering each client\u2019s business bank","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nNikole insists on building standardized processes because it makes her firm more cost-effective.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe run into issues when we can\u2019t make decisions about the client\u2019s processes and technology. Our team then has to stumble through, change our documented workflows, uncover things from scratch, and try to adapt to a new process.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having to develop a new process for a new tool with every new client obstructs you from scaling. And business banks were forcing Momentum Accounting into precisely that situation. \u201cWe usually discover that a client has issues with their bank immediately because we run into friction right away \u2014 during the onboarding process.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3H5V9fydKWXueyhskq3HL7","revision":3,"createdAt":"2021-09-23T12:11:13.329Z","updatedAt":"2022-08-23T01:11:10.752Z","publishedAt":"2022-08-23T01:11:10.752Z","firstPublishedAt":"2021-09-23T12:13:10.712Z","publishedVersion":16,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Friction from Banks","description":"Relay case study with Momentum Accounting. Why banks create administrative work for firms: no access to client\'s bank, poor data quality, and lack of flexibility.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3H5V9fydKWXueyhskq3HL7/0e6c5bfc0ca9206f934f415b5494f901/Case_Study_-_Nikole_Mackenzie_1.3.jpg","details":{"size":119843,"image":{"width":1800,"height":825}},"fileName":"Case Study - Nikole Mackenzie 1.3.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"The three most significant points of friction: lack of access to client banking, poor data quality, and lack of flexibility. Here\u2019s what these issues meant for the firm:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"No access to banking","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting access to client banking has always been a challenge for firms, Momentum Accounting included. \u201cWe\'ll be trying to get view-only access to the client\u2019s bank account, and the client is frustrated because they can\'t get it to us,\u201d Nikole explains. \u201cAnd we can\'t start doing our job until they give it to us.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a result, clients either share bank logins with their advisor, or the advisor has to chase clients for bank statements. In the first scenario, the firm takes on liability risks; in the second, it\u2019s stuck with a lot of back-and-forths.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This initial friction point usually starts surfacing other problems. Nikole explains: \u201cNormally during this time, the client goes, \u2018Oh, I hate this bank,\u2019 and they\'ll start describing other issues they\'re having.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Poor data quality","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the other issues clients describe: incomplete or unreliable data. Connecting the bank feed to your accounting system is typically pitched as a timesaver, yet it can create more work in practice. \u201cThere\u2019s a lot of friction in the bank feed not working,\u201d says Nikole.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Often, banks send incomplete or inaccurate data into the accounting system.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cIt will just be some random transaction description. We have no idea what the transaction is. We\'ll have this long list of transactions to send to the client and ask, \u2018Hey, what was this?\u2019 Then when it comes to filling out the vendor information in accounting, that\u2019s a very manual process, because again, the description fields are inconsistent.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Lack of banking flexibility","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Perhaps the biggest problem for Momentum Accounting was that traditional business banks lack flexibility and rarely \u2014 if ever \u2014 make it easy to delegate banking tasks.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole plays Golden Gate Australian Rules Football (GGAFL) and works as a treasurer for the league. Since the team, the board, and the leadership team changes every year, everyone loses access to their cards after each change. \u201cNobody would know how to access the bank account. People were paying things out of pocket and then trying to get reimbursed for it. It would take me hours to do these reimbursements.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On top of that, the old president \u2014 who no longer lived in the United States \u2014 was still the only person with full access to banking. \u201cWe would try to log into the bank account. It would send a two-factor authentication code to him. He\'s in Australia, so we\u2019re juggling time zones while I\'m trying to log in. If we want to send out a credit card to someone, he has to physically be at the bank to do it. The mail would go to his old address, which we weren\u2019t able to update. It was just a complete nightmare where nobody could get access to anything or use the funds because it was all contingent on him.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In other words, the way traditional banks worked was poles apart from how Nikole wanted to run her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding Relay and speeding up the reconciliation process up to 5x","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having accelerated her success thanks to emerging technology and automation, Nikole was always looking for tools to streamline her accounting process further. Then in 2019, she met Relay\u2019s Co-Founder & CEO Yoseph West at Xerocon San Diego.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole tried out Relay herself first. \u201cEvery app I roll out for my clients, I always try myself first. I opened a Relay account for myself and put a few thousand dollars in there. The very first thing that I was focused on and was really impressed with was just how cleanly the data came into Xero.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole explains why getting clean banking data was such a game-changer:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWhen transactions come from Relay to the accounting system, you get to see the transaction type. So you know it was a restaurant, home goods, or whatever without having to call the client and track things down. You can also see which team member made the transaction, so you can go directly to them if you have a question. Then, it comes through with the vendor filled out. It will say: \u2018Starbucks. Restaurant. Spent by Nikole Mackenzie.\u2019 So you can sort transactions by \u201cRestaurant\u201d and then mass code all of those to meals.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"At scale \u2014 when you\u2019re dealing with hundreds or thousands of transactions per month \u2014 having rich and accurate banking data is a huge time-saver. By Nikole\u2019s estimation, \u201creconciling bank transactions when the bank is Relay is up to five times faster compared to a traditional bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2dHO3BGJzwMnz5WLcGZwqu","revision":3,"createdAt":"2021-09-23T12:18:22.267Z","updatedAt":"2022-08-23T01:11:40.696Z","publishedAt":"2022-08-23T01:11:40.696Z","firstPublishedAt":"2021-09-23T12:22:01.325Z","publishedVersion":21,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Data Comparison","description":"Relay case study with Momentum Accounting. Comparing data quality of most banks vs. Relay. While the majority of banks provide you with limited and incomplete data, Relay sends enriched data to your accounting system.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2dHO3BGJzwMnz5WLcGZwqu/1445a6e99aa4b92fee9f43624e4cdfd1/Case_Study_-_Nikole_Mackenzie_1.4.jpg","details":{"size":110429,"image":{"width":1800,"height":1118}},"fileName":"Case Study - Nikole Mackenzie 1.4.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"While Nikole\u2019s initial focus was on data quality, she soon found other advantages to using Relay. It was easy to add new accounts. She could manage multiple clients from a single dashboard. Issuing cards was a breeze and simplified expenses for her teams.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now a Relay power user, Nikole is more aware of how much time traditional banks cost her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting clients to switch to Relay by putting a cost on inefficient processes","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of the administrative work created by traditional banks adds up to a noticeable increase in operating costs. So Nikole prefers that clients use Relay as an operating account for business banking. And when they don\u2019t, Nikole has to assess the potential costs this incurs on her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe have a conversation with clients that use inefficient banks or apps. We explain that their bank feed doesn\'t work, that it\'s a manual process for us, and that this is reflected in pricing. But if we get you on a bank that integrates with the accounting software, then the price will go down.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"As Nikole tells it, many clients don\u2019t like their bank as it is \u2014 but putting a cost to the inefficient process motivates them to switch. \u201cWe had a client that switched banks because we went through this exercise with them. They were on a really old bank that didn\'t integrate with Xero. We had to call the bank constantly. The client was frustrated with the bank as well, but nobody would make the change. There was no catalyst for that change until we raised their prices \u2014 then it was like, \u2018Okay, I should do this now.\u2019\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole\u2019s advice to firms who want to streamline accounting","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Of course, not everyone is ready to switch banks right away. Some businesses, Nikole finds, hesitate to open a digital-first banking account.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But Nikole sees it differently. \u201cI think some people are hesitant to move because they want to know that there\'s a bank they can physically walk into. But we explain that if a bank is good, you should never need to talk to anyone or go into the bank. Technology allows you to do everything seamlessly.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"2m36ZFMMtrnve2ChJhXX37","revision":3,"createdAt":"2021-09-23T12:24:55.029Z","updatedAt":"2022-08-23T01:12:06.209Z","publishedAt":"2022-08-23T01:12:06.209Z","firstPublishedAt":"2021-09-23T12:25:54.844Z","publishedVersion":17,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Nikole Quote","description":"Relay case study with Momentum Accounting. \\"Reconciling bank transactions with Relay is up to 5x faster compared to a traditional bank. There\'s no reason a business shouldn\'t be on Relay \u2014 it just makes everything so much faster.\\"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2m36ZFMMtrnve2ChJhXX37/650e0874464d3a911aeed035c6ea52a8/Case_Study_-_Madeline_Pratt_1.5-1.jpg","details":{"size":135499,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Madeline Pratt 1.5-1.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"As for those that have a loan with their existing bank, Nikole tells them to keep it. \u201cYou can keep that line of credit, we explain, but let\'s use Relay for all your operating expenses. So we can use features like virtual debit cards and the ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[],"value":"bill pay module","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". But, you can still keep the relationship with your existing bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For those on the fence, Nikole suggests starting with a small deposit just to get the hang of it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cI would say move $500 to your Relay account for your own business, or a side hustle you have. Issue yourself a physical debit card. Issue yourself a virtual debit card. Pay a bill through the bill pay module. Integrate it with your accounting software, and just try it out.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"There\u2019s no reason a business shouldn\u2019t be on Relay, Nikole explains, because \u201cit just makes everything so much faster.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Want to try Relay?","nodeType":"text"},{"data":{},"marks":[],"value":"\xa0","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"Sign up for a free account","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Accountants and bookkeepers can also\xa0","nodeType":"text"},{"data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo"},"content":[{"data":{},"marks":[],"value":"book a demo","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\xa0with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","nodeType":"text"}],"nodeType":"heading-6"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":6,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1632314026116,"customDate":1632314026116,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"How-banking-with-Relay-helps-Salma\'s-remote-clients-avoid-month-long-delays","title":"How banking with Relay helps Salma\u2019s remote clients avoid month-long delays","description":"Salma started her advisory firm remotely. She soon learned that no access to a physical bank branch also meant no service \u2014 until she found Relay.","metaTitle":"How banking with Relay helps Salma\u2019s remote clients avoid month-long delays","metaDescription":"Relay case study with Salma Hatim, Founder & Managing Director at PROKONECT. Salma started her advisory firm remotely. She quickly learned that no access to a physical branch also meant no service from her bank \u2014 until she found Relay.","popular":false,"category":"Case Study","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/55s00DFSV0lMoQd9PjMS5N/0d54854d60edcaa13c41b343b08d44ef/Case_Study_-_Salma_Hatim_1.1.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"A Texas-licensed CPA, Salma Hatim started her remote advisory firm, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prokonect.com/"},"content":[{"nodeType":"text","value":"PROKONECT","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", while residing in Morocco. She quickly learned that no access to a physical branch also meant no service from her traditional bank, even when she needed it most.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s drive to help small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s decision to pursue accounting came early in life, while she was still in high school. She had witnessed her parents struggle financially as they tried to start and keep multiple small businesses afloat \u2014 only to run into cash flow challenges. Salma recalls walking into one of these businesses, a medical supply dealership, and coming into contact with an accountant for the first time in her life.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI knew that my parents were struggling with their finances. One day I walked in and saw this guy with a stack of invoices and a calculator. My dad explained that this man was an accountant, that he was working on fixing our numbers. And immediately, I saw this accountant as a hero who was going to save my parents\u2019 business. And that day, I swear, I decided that this was what I wanted to do, to be an accountant.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma went on to become a CPA, working at PwC for seven years. The nature of her work directed her focus to enterprise clients, and eventually, Salma started to feel that she\u2019d have a bigger impact helping small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A 100% remote, tech-enabled advisory firm","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Salma decided to start her business, she had two goals. First, find a way to operate in both of the countries she calls home: Morocco, where Salma spent her childhood, and The United States, where she earned her CPA and spent years working. And second, Salma wanted to work on something that would let her directly impact clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At first, Salma considered starting a traditional outsourcing business. But as she was exploring how to set up her operations, Salma discovered a world of accounting apps and tools that she had never been exposed to during her time at PwC.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI started looking at what I needed to manage my business and to serve clients, and I realized that there were all of these tools that I didn\u2019t know about. As I dug deeper reading, watching videos, and connecting with people on LinkedIn, I realized that there was this big opportunity to provide accounting and financial strategy services remotely.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s how Salma landed on the idea behind PROKONECT: a 100% remote, tech-enabled accounting and advisory firm. The firm provides monthly accounting, advises clients on financial strategy, and streamlines financial operations.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"No process with a single point of failure","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One year in, PROKONECT has grown from a solo operation to a team of five. The firm works primarily with tech startups and eCommerce businesses, and much like the firm itself, many of PROKONECT\u2019s clients are remote.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe started right at the beginning of the Covid-19 era, so we basically didn\'t have to convince companies that working with a remote accounting firm was strategic, something that could add value to their business.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the core of Salma\u2019s strategy is the idea that no process should have a single failure point or be reliant on a single team member. \u201cA firm needs people, but it shouldn\u2019t need a specific person,\u201d says Salma. \u201cAt PROKONECT, this means everything is well-documented, and anyone can pick up a job and do it just as well as the next person.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"bWF6t7kMdsRSJGGppN8dl","revision":3,"createdAt":"2021-09-02T22:07:47.063Z","updatedAt":"2022-08-23T01:16:30.233Z","publishedAt":"2022-08-23T01:16:30.233Z","firstPublishedAt":"2021-09-02T22:08:53.553Z","publishedVersion":19,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"PROKONECT Firm Profile","description":"PROKONECT is an advisory firm launched in 2020. Services include monthly accounting, financial strategy, and financial operations.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/bWF6t7kMdsRSJGGppN8dl/53cf957814e35d2a21b972e889d7c0f5/Case_Study_-_Salma_Hatim_1.2.jpg","details":{"size":69281,"image":{"width":1800,"height":825}},"fileName":"Case Study - Salma Hatim 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But no matter how well-documented your process is, it\u2019s hard to stick to it when your tools actively work against you \u2014 especially when one of those tools is unreliable banking.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma learned this early on. \u201cI wanted to work on my business, not in it. And our traditional bank made that a big challenge for us.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Starting with a traditional bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma spent six months preparing before signing her first client. She\u2019s a Texas-licensed CPA but was starting her business remotely from Morocco. Registering PROKONECT in the US posed no problems, despite being remote. Issues began when Salma tried to open a bank account. She picked a traditional bank, expecting that it would welcome her business. Instead, she was met with delays.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was expecting to go to the bank, say, \'Hey, I want a bank account,\' and that a bank would be happy to welcome me, and that\'s it! But it took a month of back-and-forths before my firm had an account.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And once set up, Salma started running into day-to-day banking issues.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere was always some sort of challenge. Whether I was sending an ACH or a wire transfer, I always had to pick up the phone and call the bank. And when you call a traditional bank, you wait for an hour on the phone, and then you don\'t even know if you\u2019ll be lucky to get somebody on the other line.\u201d","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Getting locked out of banking completely","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Soon after opening her account, Salma needed to change her phone number. Doing this, it turns out, would lock her out of her business account completely, with no options to unlock the account remotely.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you get locked out of a traditional bank \u2014 say you don\'t remember your password, or you change your phone number and can\u2019t verify your account, the bank will not resolve this for you remotely. That\u2019s what happened to me. I changed my phone number, wasn\'t able to verify my account, and wasn\'t able to log in and access my funds.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite countless phone calls and emails to the bank, her account stayed locked. Now, she had to forego payments from her clients while also using her personal funds to cover invoices. \u201cI ended up paying for invoices from my personal account,\\" Salma explains. \\"We practice what we preach, and that\'s not something you\'re supposed to do as a business owner. But the bank put us in this situation where we had no other choice.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"All other options exhausted, Salma had to fly from Morocco to the United States to unlock her funds.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma was without a bank account for another month before it was unlocked. And even after the bank unlocked her account, fixing the mess created by mixing personal and business banking added another month to Salma\u2019s timeline.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Switching to Relay for fast remote onboarding and personalized customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Realizing that a traditional bank would continue slowing her down, Salma wasted no time finding an alternative.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI had heard about Relay from someone at a Xero networking event. We have a small Houston community \u2014 I recall someone mentioning it, and that\'s how it all started.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She reached out to Relay\'s team. From there, Relay streamlined Salma\u2019s onboarding process and she had a new account before getting back to the United States to close her old one.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was approved the same day at Relay. Then, I went to Houston and closed my traditional bank account. That was the first thing I did after my flight landed. I\'ve been with Relay ever since, and it has been the best banking experience I could\'ve asked for.\u201d","marks":[],"data":{}}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"5pWmFqtT9YwwTluyXdq9Aj","revision":3,"createdAt":"2021-09-02T22:11:29.734Z","updatedAt":"2022-08-23T01:13:53.050Z","publishedAt":"2022-08-23T01:13:53.050Z","firstPublishedAt":"2021-09-02T22:13:18.515Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Remote Banking Timeline vs Traditional Bank","description":"Using a traditional bank delayed the firm by 3 months \u2014 whereas with Relay, PROKONECT was able to set up in a few business days.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5pWmFqtT9YwwTluyXdq9Aj/52c02db09230dc2cc9b4221f9c89588f/Case_Study_-_Salma_Hatim_1.3.jpg","details":{"size":125252,"image":{"width":1800,"height":1541}},"fileName":"Case Study - Salma Hatim 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma considered other digital banks as well but found them as unresponsive as their traditional counterparts. \u201cI wasn\'t getting any responses from their customer support. In contrast, Relay was a complete lifesaver. I struggled with multiple different options, and Relay was the only one that delivered,\u201d says Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having experienced banking challenges while starting PROKONECT, Salma has a more in-depth understanding of her client\u2019s pain points and the potential risks they take with traditional banks.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI\'m glad I\'m out of it, and I will never go back to a traditional banking system.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, she helps her clients understand those risks and avoid banking pitfalls.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Taking clients from chaos to clarity and confidence","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma designed her firm\u2019s onboarding process to take clients from what is often a state of chaos toward clarity and confidence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe work with a lot of startups, which are often chaotic. One of our huge differentiators is how we optimize systems for our clients.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every client is unique, facing challenges specific to their industry and their business. Before pitching anything, PROKONECT takes the time to dive deep and build a complete picture of the client\u2019s business.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe first thing we do is understand the client\u2019s pain points in terms of systems and processes. Once we get to know their business model and see their pain points, we craft an accounting process to fit their needs. We identify the right technology and how everything should integrate.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Salma, streamlining the client\u2019s financial operations is always step one. The accounting work follows after. Not only does this simplify her team\u2019s work \u2014 it also sets the client up for success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cOnly once this is done do we start thinking about accounting, bookkeeping, financial reporting, financial strategy, budgets, forecasts, KPI measurements, and everything else.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Introducing Relay in the client\'s \u201capps map\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To present their recommendations to clients, PROKONECT puts together an applications map. \u201cThis \u2018apps map\u2019 shows the client what their accounting system will look like,\u201d explains Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma then connects the dots for her clients. \u201cWhen we present the client their apps map, the typical response is, \u2018Oh, I didn\'t know about that. That\'s interesting. Oh, wow. Oh, okay.\u2019 Light bulb, light bulb, light bulb.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3GWwXgPVaWlelv8GRqvp3A","revision":3,"createdAt":"2021-09-02T22:14:25.125Z","updatedAt":"2022-08-23T01:14:18.357Z","publishedAt":"2022-08-23T01:14:18.357Z","firstPublishedAt":"2021-09-02T22:16:46.672Z","publishedVersion":23,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Sample apps map by PROKONECT","description":"Apps map by PROKONECT, showing how different software integrates with Xero. Includes Relay, Hubdoc, Gusto, Fathom, PayPal, GoCardless.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3GWwXgPVaWlelv8GRqvp3A/e5c5e8c2a4f321970699729caa83bf3d/Case_Study_-_Salma_Hatim_1.4.jpg","details":{"size":76324,"image":{"width":1800,"height":825}},"fileName":"Case Study - Salma Hatim 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma includes Relay in her apps map to address specific problems or risks. For PROKONECT, these typically include:","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Remote businesses with distributed teams or ","marks":[],"data":{}},{"nodeType":"text","value":"no access to a nearby branch","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Companies that require ","marks":[],"data":{}},{"nodeType":"text","value":"multiple checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to manage cash flow","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Clients that want to ","marks":[],"data":{}},{"nodeType":"text","value":"outsource their AP management","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to PROKONECT","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Clients looking to equip their employees with ","marks":[],"data":{}},{"nodeType":"text","value":"business debit cards","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Salma presents the map to the client, she explains exactly how each application fits into the larger picture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Salma positions Relay when speaking to clients","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In Salma\u2019s view, you must always do what is best for your client. Because of this, Salma pitches solutions only when she knows that there\u2019s a real need. \u201cIf you can articulate how something will save the client time and money, how it will make things stress-free, or why it\u2019s a good foundation for growth,\u201d Salma explains, \u201cthen clients are ecstatic to change to something more digital.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not everyone buys into the pitch right away. \u201cSome people maybe have trust issues when they hear about an online bank,\u201d says Salma. But what counts is advising clients correctly, even if they\u2019re hesitant. Some may change their minds later, \u201cWe had a client message us saying that they want to move to Relay, that they\u2019re tired of going to Houston to unlock their account.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She\u2019s explicit about the trade-offs with her clients. \u201cWhen clients need banking, they have two choices: go with the hassle of a traditional bank and expect long wait times and a lot of back-and-forths to get an account \u2014 especially if you\'re not physically in the US \u2014 or go with Relay. I recommend Relay because it will take a day to get an account, and you will get outstanding customer support from day one.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"1xtJ1I55UHUW9nbsK1hFgp","revision":3,"createdAt":"2021-09-02T22:17:54.116Z","updatedAt":"2022-08-23T01:14:41.762Z","publishedAt":"2022-08-23T01:14:41.762Z","firstPublishedAt":"2021-09-02T22:18:54.011Z","publishedVersion":20,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Salma Hatim on Relay","description":"Relay\'s long-term vision is perfectly aligned with a tech-driven accounting firm.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1xtJ1I55UHUW9nbsK1hFgp/b9714cf0d54f9f0669d383d63448bff7/Case_Study_-_Salma_Hatim_1.5.jpg","details":{"size":133114,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Salma Hatim 1.5.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond enabling PROKONECT and their clients to bank remotely, Salma sees Relay as a way to run a more efficient firm.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Putting advisors at the center of banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Salma sees it, the real value of Relay is working with a banking partner that understands the needs of accountants and bookkeepers.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cRelay has done something critical in building for accountants and financial advisors. ","marks":[],"data":{}},{"nodeType":"text","value":"We already do so many things manually with other banks \u2014 and Relay automates all that administrative work","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". And when you provide easy access to the accountant, you\u2019re in effect saying to the business: accountants are the ones that you need to trust to handle these transactions.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As her business grows, Salma is thinking long-term. And that means partnering with apps that share the same long-term vision and enable her firm\u2019s growth. \u201cRelay\'s long-term vision is perfectly aligned with a tech-driven accounting firm. You are going to grow alongside the tools you use, and with Relay, it\'s like working with a partner, not just an app.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"Want to try Relay?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for a free account here","marks":[],"data":{}}]},{"nodeType":"text","value":". Accountants and bookkeepers can also ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo"},"content":[{"nodeType":"text","value":"book a demo","marks":[],"data":{}}]},{"nodeType":"text","value":" with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1630618812489,"customDate":1630618812489,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"Introducing-Relay-Pro","title":"Introducing Relay Pro ","description":"Today, we\u2019re launching Relay Pro \u2014 a powerful, intuitive way for SMBs to automate bill payments.","metaTitle":"Introducing Relay Pro | Relay","metaDescription":"Today, we\u2019re launching Relay Pro \u2014 a powerful, intuitive way to automate SMB accounts payable. Pro makes it easy to collaborate on AP with your team, complete all approvals and payments from one hub, and process 50 same-day ACH payments each month.","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1O1ROZRPXnHPnxgHQCalzv/8c61cda8c1a3ce69a79aac2a9943d578/Relay_Updates_Blog_Header_-_Introducing_Relay_Pro_1.1.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here at Relay, our vision is to","marks":[],"data":{}},{"nodeType":"text","value":" increase the success rate of small business by","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"fully automating financial management","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Time and again, we\u2019ve heard from business owners that their banks don\u2019t actually do anything to ","marks":[],"data":{}},{"nodeType":"text","value":"enable ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"their business.\xa0In fact, banks are often a limiter on business growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re changing that. From a product perspective, we\u2019re building deep integrations into the tools business owners rely on, enhanced collaboration with both internal team members and external advisors, and robust banking functionality that takes the admin out of banking, saving teams time and money.","marks":[],"data":{}},{"nodeType":"text","value":" And we\u2019re offering this","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"core banking functionality free of the account fees that can be so burdensome for business owners.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we\u2019ve learned more about our market and the needs of growing businesses, we\u2019ve also encountered users who need more than core banking.\xa0Users at growing businesses who require deeper tooling to alleviate the administrative burden of their increasingly complex day-to-day operations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"2ub48BYrxuYqnf0PJ8kMNa","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":17,"createdAt":"2022-05-27T15:43:16.493Z","updatedAt":"2024-06-05T03:28:32.638Z","publishedAt":"2024-06-05T03:28:32.638Z","firstPublishedAt":"2022-05-27T15:48:10.933Z","publishedVersion":123,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3UVlUICjurwSDnrOfV5YxV","revision":4,"createdAt":"2022-05-27T15:46:29.248Z","updatedAt":"2024-02-29T21:41:38.633Z","publishedAt":"2024-02-29T21:41:38.633Z","firstPublishedAt":"2022-05-27T15:48:03.719Z","publishedVersion":28,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why today we\u2019re launching Relay Pro,\xa0an enhanced feature set initially focused on ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"automating accounts payable","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":". Relay Pro was designed for growing businesses requiring more comprehensive functionality to streamline their back-office. Starting with accounts payable automation, this Pro plan will integrate key financial processes directly into banking \u2014\xa0so you never have to switch tabs or tools.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay Pro can be added to your Relay account at a cost of $30/business per month. (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":"See our Pricing Page for full specs","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".) We\u2019re also offering incremental discounts to advisors who want to use Relay Pro with their clients \u2014 see below for more details on advisor rates.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In an ecosystem where the average business owner relies on 30+ tools to run their business, we\u2019re building banking that both centralizes back-office workflows and integrates directly into a team\u2019s existing stack. Read on for more details on today\u2019s Relay Pro launch.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay Pro: Accounts payable automation for SMBs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve met many SMBs stuck in a \u201cmiddle zone\u201d when it comes to accounts payable. Growing businesses with enough complexity that paying bills \u2014\xa0a seemingly simple task \u2014\xa0has become a big pain. Tracking down invoices (physical and digital), chasing approvals, and even making the payments themselves (raise your hand if you\u2019re still cutting paper checks...) can accumulate into a big time sink. (Not to mention the fact that average processing costs have been shown to reach $15 per invoice...) 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With Relay Pro, you can not only streamline the accounts payable process, but also gain confidence and control over your financial situation.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Here are the most valuable reasons to upgrade to Pro:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"Centralize your bills","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know how hard it is to get a clear picture of your business\u2019 finances \u2014\xa0including understanding what bills you have outstanding. We also know that you and your team have more impactful things to do than chase invoices and approvals for bill payments. 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Yet the manual work, cost, and security challenges associated with accessing and making payments from a client\u2019s bank often deter advisors from offering this service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Firms using Relay can leverage Relay Pro as a cost-effective, efficient and secure way to offer AP services to clients. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"Ready to try Pro?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Get your free trial started here","marks":[],"data":{}}]},{"nodeType":"text","value":". Accountants and bookkeepers can also ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/relay-pro-demo"},"content":[{"nodeType":"text","value":"book a demo","marks":[],"data":{}}]},{"nodeType":"text","value":" with our team for a comprehensive walkthrough of how to use Relay Pro to manage client payables.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Yoseph West","jobTitle":"Co-Founder & CEO","company":"Relay","slug":"yoseph-west","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5ofsSd4EJva91zN9tYqprY/e191c808e72a492cc8512fe715609097/Yoseph_West_Headshot_-_1k.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1626265258579,"customDate":1626265258579,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"We-raised-USD-dollar19.4-million-to-increase-the-success-rate-of-small-business","title":"We raised USD $19.4 million to increase the success rate of small business","description":"We\u2019re on a mission to build a banking platform that not only saves business owners time and money, but actually makes their businesses more successful.","metaTitle":"We raised USD $19.4 million to increase the success rate of small business | Relay","metaDescription":"Relay has raised USD $19.4 million in funding, including a $15 million Series A from Bain Capital Ventures. 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We\u2019re on a mission to build a banking platform that not only saves business owners time and money, but actually makes their businesses more successful.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"We\u2019re building banking to help small businesses succeed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"82% of small businesses fail due to cash-flow issues, and traditional banking is a big part of this problem. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any small business owner knows the pain of simply trying to open a bank account for their business \u2014 the paperwork, the lineups at the branch, the time spent on hold waiting to speak to a human. And even once your account is set up, your bank doesn\u2019t do anything to actually enable your business to succeed. Traditional business accounts are expensive \u2014 often charging steep, unnecessary fees \u2014 and are disconnected from the other systems your business relies on. This, coupled with the lack of support, can make it really difficult for business owners to understand their own financial status.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These are pains we\u2019ve heard time and again from the many business owners we\u2019ve talked to over the years. In the early days of Relay, I went door-to-door in Toronto to talk to small business owners. It was clear that the day-to-day challenges of trying to grow their business caused financial management to take a back seat. One conversation that has always stood out was with Wanda, founder of Wanda\u2019s Pie in the Sky \u2014 a truly iconic Kensington Market business! \u2014 who candidly shared the sacrifices she\u2019d made to keep her business afloat over the last 20 years. There was an obvious opportunity to create banking that would give business owners like Wanda increased financial visibility and confidence in their standing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we serve an extremely wide range of customers, from countless main street businesses like Wanda\u2019s, to one of Shopify\u2019s fastest-growing ecommerce stores, to real estate and property management firms, to marketing agencies and consultancies. One thing they all have in common is a desire to create security and clarity in their business finances.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re building a banking platform that gives small business owners more visibility into their financial standing. Cash flow shouldn\u2019t be confusing. The only way that happens is if the tools that power the SMB back office are truly integrated \u2014 and that includes your bank. Our vision is to automate financial management so small business owners can always have clarity and confidence around every dollar in their account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5PUoy4Z1r2sJOiEku7PviY","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":3,"createdAt":"2023-10-30T17:41:09.370Z","updatedAt":"2024-03-22T20:40:44.793Z","firstPublishedAt":"2023-10-30T17:43:27.909Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Subscribe to On The Money","ParagraphText":"Monthly newsletter from Relay, covering the latest news for your small business","buttonText":"Subscribe","url":"https://relayfi.com/blog/on-the-money-news","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3PNJFrb9RWlI2sWx9NF8Kj","revision":1,"createdAt":"2024-02-29T15:58:15.045Z","updatedAt":"2024-02-29T15:58:38.356Z","publishedAt":"2024-02-29T15:58:38.356Z","firstPublishedAt":"2024-02-29T15:58:38.356Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Subscribe to On the Money","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3PNJFrb9RWlI2sWx9NF8Kj/9b6787d6c51c7d143b7dfee853a5b222/On_The_Money_News_-_Square_Header.jpg","details":{"size":263351,"image":{"width":675,"height":675}},"fileName":"On The Money News - Square Header.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How we\u2019re doing it: by deeply integrating into how small businesses ","marks":[],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" operate","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe banking can and should be the financial nerve centre of your business, with integrations that reach into every part of the back-office. Countless times, small business owners have told us that they either dislike their bank, or simply never think about it. We want Relay to be a true value-add for small business owners. And we\u2019re doing it in a few ways: ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Convenience:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Any time, anywhere, you should be able to do the banking you need to do and get the support you need to get. Opening accounts, issuing cards, making payments\u2026 we know these \u201csmall things\u201d can be huge pains \u2014\xa0so we\u2019re making them easy, accessible and affordable. 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With this funding, we\u2019re going to meaningfully expand our portfolio of market-leading integrations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Enriched, reliable data: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We\u2019re on a mission to build the world\u2019s most comprehensive transaction data set. This means always knowing, at a glance, what each transaction in your account was for.\xa0Without clear financial data, cash flow visibility just isn\u2019t possible.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaboration: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Relay, internal team members and external advisors (like accountants and bookkeepers) can seamlessly and safely access the parts of your banking required to do their jobs. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This all adds up to a single mission: reducing the financial admin burden on small business owners, allowing them to spend less time ","marks":[],"data":{}},{"nodeType":"text","value":"in ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"the weeds of their business, and more time focused ","marks":[],"data":{}},{"nodeType":"text","value":"on ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"the growth of their business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Building for business owners ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"their advisors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Growing businesses almost always rely on accountants and bookkeepers, whether as part of their internal team or by employing outside firms. These are crucial (often make-or-break) relationships and we want to make those relationships as solid and efficient as they can be.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During my four years at Hubdoc, I had the chance to get to know and deeply work with the accounting and bookkeeping community. They are a group of incredibly passionate, dedicated individuals who are 100% committed to helping their small-business clients succeed. Here at Relay, we believe that a strong relationship between business owners and advisors is essential to helping businesses succeed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants and bookkeepers are all too familiar with the time-sink of broken bank feeds, the hassle of trying to access client banking, and how challenging it is for their clients and themselves \u2014\xa0business owners in their own right \u2014\xa0to simply get the support and functionality they need from their traditional bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not only does Relay\u2019s permissioning model make it easy for business owners to collaborate with their advisors on banking, we\u2019re making accounting and bookkeeping simpler \u2014\xa0full stop. Today, we\u2019re doing that with direct bank feeds into Xero and QuickBooks Online, a client portal where advisors can access multiple client accounts from their own login, and a clear audit trail that tracks every single transaction.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The relationship between advisors and business owners will continue to be central to our mission as we grow here at Relay. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What\u2019s next","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We wouldn\u2019t be here if it wasn\u2019t for our incredible team, who have pushed to get Relay where it is today. It\u2019s my commitment to build a collaborative, high-trust, high-performing culture here at Relay. If this sounds like you, and you\u2019re interested in helping scale a product with the potential to impact millions of employer businesses across the United States, we\u2019ve got roles open on every team.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":">> ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://jobs.lever.co/relayfi"},"content":[{"nodeType":"text","value":"You can check out our job board here.","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last but not least, thank you again to our customers and partners for supporting us and going on this journey with us. There is so much more to come.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Onwards and upwards,","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yoseph West, Co-Founder & CEO @ Relay ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5aN2V4kHU4Pz2HXZfN5Jz8","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":6,"createdAt":"2022-11-28T15:58:31.307Z","updatedAt":"2024-06-05T03:28:10.023Z","publishedAt":"2024-06-05T03:28:10.023Z","firstPublishedAt":"2022-11-28T16:00:44.493Z","publishedVersion":34,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Yoseph West","jobTitle":"Co-Founder & CEO","company":"Relay","slug":"yoseph-west","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5ofsSd4EJva91zN9tYqprY/e191c808e72a492cc8512fe715609097/Yoseph_West_Headshot_-_1k.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1620905984893,"customDate":1620905984893,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"we-raised-usd-usd19-4-million-to-increase-the-success-rate-of-small-business","title":"We raised USD $19.4 million to increase the success rate of small business","description":"We\u2019re on a mission to build a banking platform that not only saves business owners time and money, but actually makes their businesses more successful.","metaTitle":"We raised USD $19.4 million to increase the success rate of small business","metaDescription":"Relay has raised USD $19.4 million in funding, including a $15 million Series A from Bain Capital Ventures. ","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/OsAk4BfUrLSGK1C7xcSiI/2a08a681cb4f599b609edbf1979778af/Relay_TeamPhoto_Serious_Edited-2.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we\u2019re announcing that Relay has raised a total of USD $19.4 million, including a $15 million Series A led by Bain Capital Ventures with participation from Better Tomorrow Ventures, Garage Capital, Tribe Capital, Panache and Amaranthine.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re so proud of the work our team has put in to get here, and motivated by the vote of confidence from our investors. And most importantly, we\u2019re excited about how this funding will allow us to more deeply serve our customers. We\u2019re on a mission to build a banking platform that not only saves business owners time and money, but actually makes their businesses more successful.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"We\u2019re building banking to help small businesses succeed","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"82% of small businesses fail due to cash-flow issues, and traditional banking is a big part of this problem. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any small business owner knows the pain of simply trying to open a bank account for their business \u2014 the paperwork, the lineups at the branch, the time spent on hold waiting to speak to a human. And even once your account is set up, your bank doesn\u2019t do anything to actually enable your business to succeed. Traditional business accounts are expensive \u2014 often charging steep, unnecessary fees \u2014 and disconnected from the other systems your business relies on. This, coupled with the lack of support, can make it really difficult for business owners to understand their own financial status.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These are pains we\u2019ve heard time and again from the many business owners we\u2019ve talked to over the years. In the early days of Relay, I went door-to-door in Toronto to talk to small business owners. It was clear that the day-to-day challenges of just trying to grow their business caused financial management to take a back seat. One conversation that has always stood out was with Wanda, founder of Wanda\u2019s Pie in the Sky \u2014 a truly iconic Kensington Market business! \u2014 who candidly shared the sacrifices she\u2019d made to keep her business afloat over the last 20 years. There was an obvious opportunity to create banking that would give business owners like Wanda increased financial visibility and confidence in their standing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we serve an extremely wide range of customers, from countless main street businesses like Wanda\u2019s, to one of Shopify\u2019s fastest-growing ecommerce stores, to real estate and property management firms, to marketing agencies and consultancies. One thing they all have in common is a desire to create security and clarity in their business finances.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re building a banking platform that gives small business owners more visibility into their financial standing. Cash flow shouldn\u2019t be confusing. The only way that happens is if the tools that power the SMB back office are truly integrated \u2014 and that includes your bank. Our vision is to automate financial management so small business owners can always have clarity and confidence around every dollar in their account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How we\u2019re doing it: by deeply integrating into how small businesses ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" operate","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe banking can and should be the financial nerve centre of your business, with integrations that reach into every part of the back-office. Countless times, small business owners have told us that they either dislike their bank, or simply never think about it. We want Relay to be a true value-add for small business owners. And we\u2019re doing it in a few ways: ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Convenience","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Any time, anywhere, you should be able to do the banking you need to do and get the support you need to get. Opening accounts, issuing cards, making payments\u2026 we know these \u201csmall things\u201d can be huge pains \u2014\xa0so we\u2019re making them easy, accessible and affordable. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrations","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We\u2019re ","marks":[],"data":{}},{"nodeType":"text","value":"really ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"serious about building comprehensive integrations that truly automate the small-business back office. This includes having direct, reliable bank feeds into Xero and QuickBooks Online. We were also the first banking platform to integrate AP automation into banking workflows. With this funding, we\u2019re going to meaningfully expand our portfolio of market-leading integrations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Enriched, reliable data","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We\u2019re on a mission to build the world\u2019s most comprehensive transaction data set. This means always knowing, at a glance, what each transaction in your account was for.\xa0Without clear financial data, cash flow visibility just isn\u2019t possible.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaboration","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Relay, internal team members and external advisors (like accountants and bookkeepers) can seamlessly and safely access the parts of your banking required to do their jobs. 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These are crucial (often make-or-break) relationships and we want to make those relationships as solid and efficient as they can be.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During my four years at Hubdoc, I had the chance to get to know and deeply work with the accounting and bookkeeping community. They are a group of incredibly passionate, dedicated individuals who are 100% committed to helping their small-business clients succeed. 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If this sounds like you, and you\u2019re interested in helping scale a product with the potential to impact millions of employer businesses across the United States, we\u2019ve got roles open on every team.\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://jobs.lever.co/relayfi"},"content":[{"nodeType":"text","value":"You can check out our job board here.","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last but not least, thank you again to our customers and partners for supporting us and being willing to go on this journey with us. 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Get started with this guide.","popular":false,"category":"Insights","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4duFf8VbA4SG8cDj2KFKeS/29095bb8d889c40f8939b1f2937f2f17/Insights_Blog_Header_-_How_to_use_cash_flow_advisory_to_unlock_revenue_growth.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow advisory services present one of the top opportunities for firm revenue growth, according to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.xero.com/content/dam/xero/pdf/uk-2018-accounting-bookkeeping-industry-performance-report.pdf"},"content":[{"nodeType":"text","value":"report by Xero","marks":[],"data":{}}]},{"nodeType":"text","value":". The same report shows that firms which offer advisory services in addition to compliance make 66% more revenue per client than their compliance only counterparts. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Adding value with cash flow advisory","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As well as unlocking new revenue for your firm, cash flow advisory services can truly add value to what you offer your clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://floatapp.com/"},"content":[{"nodeType":"text","value":"Float","marks":[],"data":{}}]},{"nodeType":"text","value":", we asked businesses what more they want from their accountants. 31% said they wanted more business advice, 30% said they wanted their accountant to be more proactive and 27% said they wanted their accountant to provide a cash flow forecast. We also asked business owners where they would focus if they were starting again today \u2014 unsurprisingly, cash flow, budgeting and business planning came out on top.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clients don\u2019t always understand the value of a cash flow forecast straight away, so be prepared to deal with initial objections. Even if you have identified an ideal client, they may be hesitant to pay extra for a service they don\u2019t fully understand. Reframe how you talk about advisory with your clients \u2014 explain how a cash flow forecast can help you make important business decisions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good way to introduce the idea of a cash flow forecast is to ask your client what their plans are. Then you can work with them to create a forecast that maps out the steps they need to take to reach their goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tailor your approach and match it to their needs \u2014 perhaps they are a small company now but looking to grow? Get the building blocks in place before you need them. Explain how a cash flow forecast can help them make better decisions around timing and budgets. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Presenting your clients with a visual representation of their cash flow can be a powerful way to add value to your professional relationship. Seeing the data laid out clearly before them will soon turn your clients into cash flow forecasting advocates - not to mention give your revenue a healthy boost.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How to roll out cash flow advisory","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by identifying the ideal client or clients for cash flow advisory services. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":2,"author":{"name":"Henry Fuz","jobTitle":"Head of Product","company":"Relay","slug":"henry-fuz","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/2W23aiBhXmXKJTIsCDmuB7/d879daf8a0321500e31c50fb00cb7f0b/henry.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1611853122210,"customDate":1611853122210,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"Interview-with-Michael-Ly-CEO-and-Founder-of-Reconciled-It-Relay-Trailblazers-Series","title":"Interview with Michael Ly, CEO & Founder of Reconciled It - Relay Trailblazers Series","description":"Our guest for this interview is Michael Ly. Michael is the founder and CEO of Reconciled It, a cloud accounting firm recognized as a \\"Firm of the Future\\" by Intuit. Reconciled It employs over 30 staff and has grown 100% year on year for several years. ","metaTitle":"Interview with Michael Ly, CEO & Founder of Reconciled It - Relay Trailblazers Series","metaDescription":"Our guest for this interview is Michael Ly. Michael is the founder and CEO of Reconciled It, a cloud accounting firm recognized as a \\"Firm of the Future\\" by Intuit. Reconciled It employs over 30 staff and has grown 100% year on year for several years. ","popular":false,"category":"Insights","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/64H0dKdoxJleUEIcC4i6eh/24aba505e8fd7345ac43ce0e852fc861/Insights_Blog_Header_-_Interview_with_Michael_Ly.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"On this installment of our Trailblazers interview series, we interview Michael Ly. Michael is the founder and CEO of Reconciled It, a cloud accounting firm recognized as a \\"Firm of the Future\\" by Intuit. Reconciled It employs over 30 staff and has grown 100% year on year for several years. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amazingly, that only takes up 50% of Michael\'s day. The rest of his time is spread between two other ventures and coaching other firm owners. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this conversation, we speak with Michael about: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The recent Expensify announcement ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Building a scalable growth engine for his firm ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"His learnings from coaching dozens of other firm owners, and so much more!","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Read or watch the full interview below.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/xeVTbc_Koiw"},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"https://www.youtube.com/embed/xeVTbc_Koiw","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Michael, do you want to quickly introduce yourself?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I\'m Michael Ly, I\'m CEO and founder of Reconciled, and we\'re an online bookkeeping and CFO advisory practice, based out of Burlington, Vermont with a national presence in the U.S and we have over 40 employees now scattered in about nine States I think, working with hundreds of entrepreneurs and customers across the country. I\'m married with three young kids, I married a Vermonter. That\'s why I live here.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I would probably fashion myself to be a serial entrepreneur. I don\'t really think of myself as an accountant. I started two other companies in the past two years. One of which is more in the HR space and is run by a separate CEO, my business partner. A separate CEO, Laura Pillsbury. And then, I started a financial reporting application called Saasable last October.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And we launched this year in the QuickBooks online store now. And that\'s an analytics platform for a recurring revenue company. So, I have a lot going on in my life. But I enjoy food. I enjoy people, I enjoy Yosef and I love talking and sharing, and so happy to be here and happy to talk with anybody and I love meeting new people all the time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amazing. And that\'s really the goal of this series, is to talk to people like Michael Ly, who blaze their own trail as it is. And really, I think everyone when they\'re starting their own business, they have a unique perspective. And every business is different, and the way that they go about to solve problems and grow their business is often unique. And they\'re often lessons that we can all learn whether we\'re talking about a SAAS business or an accounting business. There\'s a lot of parallels 100%.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think perhaps the most interesting thing that happened in the last 30 days from an accounting industry perspective, and it had national press talking about it, which is hilarious in its own way, was the expense by human.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There was a lot of strong opinions, a lot of strong opinions, a lot of negative opinions. When you\'re an expense by customer at least work at the expense by customer. What was your initial reaction when David Barrett\'s email hit your inbox?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I read it, and whenever I read something that gives me a strong reaction, I always take time to process, well, why did I have a strong reaction? And I thought it was an inappropriate email. I think that what they wanted to write and their opinion about it, they could have written and posted somewhere that was probably more personal to David, or maybe a venue that didn\'t feel so intrusive to both myself, but also to the customers that we\'ve put on Expensify.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And the fact that they really didn\'t solicit feedback from the accounting partners or permission that we would want an email like this sent to our customer base. So, I really took the weekend to think about it. And I thought it was inappropriate. I thought the venue was inappropriate, whether or not I agreed with the actual message itself is a completely different, I just thought that the way they did it and the way they tried to communicate it really alienated a whole group of people, a large group of people in a large segment of their customer base in partner channel, that they could have really avoided if they did it a different and more tactful way.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And did you get clients of yours reaching out about the email?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, we had a few come reach out, and we had some obviously that ignore expensive vice emails, because they go to the spam or they go to promotions folder or whatever, which is great. I\'m glad. We luckily didn\'t have any that were so upset that they wanted to leave us or leave, or have to create damage control for us, which was helpful. But we definitely had employees as well as customers who had strong negative reactions to it. And so he really helped me think through how I would want to respond, and ended up writing a post on our Reconcile blog about it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And almost as a different perspective, also a different way of approaching it and communicating a more inclusive message than what Expensify was communicating.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I tend to agree. The medium and the channel chosen is not great especially when you\'re relying on a channel too, and relying on a channel social capital to introduce your product, you want to maintain that as a high trust relationship, and asking for permission is generally the way you want to do it for sure. I read your post, I thought it was great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Thank you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s like both sides of America, I\'m based in Canada, so I\'m going to speak in that way about our country it\'s a bit divided, but it\'s probably maybe just, it\'s louder in a certain respect and there\'s lots of reasons to vote on both sides of the aisle. And you don\'t need to come out from a place that articulates it in such a strong manner perhaps, it\'s the way to say it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Exactly. And there\'s a variety of reasons why people choose to vote. And there\'s a lot of reasons why people don\'t choose to vote, or can\'t vote. And that\'s what I felt the email did not address at all. It was not inclusive in that sense at all. And so, I talked a little bit about, and you can go to the Reconciled blog and read about it. I talked a little bit about my family history.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That if my parents had received an email like that they\'re entrepreneurs, they received the email like that when they weren\'t citizens and unable to vote at the time, that is a reminder of exactly what they escaped and came to this country for, that messaging, that rhetoric of, you must do it this way or our way, or you don\'t believe in the values of American life or democracy or whatever.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, I talk about those that I felt it was poorly communicated, that the medium was wrong. And that there\'s a better more inclusive messages that include more people. And it counts in general. I\'ve met accounts, and you\'ve met accounts from all walks of life in the U.S and in Canada, that come from a variety of political backgrounds, a huge variety from different States and stuff.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But in general, when you go to County conferences, there\'s a lot of unity. There\'s a lot of inclusiveness. There\'s a lot of sharing, open doors, friendship, that are not divisive like that email was. So, I think for the County community, it wasn\'t that people in the community didn\'t necessarily agree or disagree with the message itself, it\'s that it didn\'t come off inclusive and welcoming like the community is and has become, and continues to become.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I think our conferences and when we get together and things like this, where we talk and share or an example of none of us care about your voting background or mine, or whether you did decide to vote or not, because we\'re going to be inclusive and share what matters to us in our business, and in our life. And so, that\'s really what I cared about when writing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And that\'s what we\'re promoting at Reconciled, and all the companies have started is inclusive environment that accepts and embraces people from all backgrounds and opinions, because that\'s the diversity of entrepreneurs and accountants, is all backgrounds and opinions and cultures, and walks of life, and religion and faith, and whether they choose to vote or not, it\'s their choice. And that\'s the beauty of being in a free country. So yeah. Yeah, hopefully that makes sense.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Absolutely. I remember, now I guess it\'s been many years, but when I first entered the accounting industry and saw the way that people did collaborate and shared, \\"Hey, this is what\'s working for me, here\'s what\'s not.\\" With people that would seemingly be almost competitive, just from the outsider\'s perspective. And it was amazing. And I was like, \\"Oh, this is just a totally different mindset.\\" Where there\'s just so much business to get that it doesn\'t matter, and everyone\'s going to have their own cut on this.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So yeah, it\'s really an amazing inclusive community, 100%. As we look at 2020, and I guess it\'s coming to a close, I think most people are probably overall happy about it. I\'ve talked to a couple people recently. They\'re like, \\"Yeah, looking forward to 2021.\\" I\'m like, \\"Why?\\" They are like, \\"It\'s a fresh start.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\'s just reset everything.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For Reconciled It, how has your business adapted this year?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say that, because of the nature of how we were set up already, there wasn\'t really much adaptation that was needed. There were a few internal changes that we made. For example, we had a number of part-time employees. We began transitioning part-time employees out to only focus on hiring full-time employees and offered all our part-time employees full-time roles, or help them find other roles, or gave them contractor positions with us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That was an internal change, but from an operation standpoint, nothing really changed much. We continued to serve customers, we tried to make sure we operate as efficiently as possible in our operations team or client delivery team. And we continued to grow our sales and marketing team to continue to acquire customers throughout the country. We\'ve had record months. So COVID really has not impacted us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We had a small blip in the first month maybe in March or April, but then everything was unknown to everybody. And probably most firm owners maybe went, \\"Whoa, are we going to be out of business, or are more businesses going to closed or be adjusted?\\" And the reality was, because we focus on online companies, because we focus on consulting firms, digital marketing agencies, all of those industries grew and did very well. Alcohol and breweries, they all did very well during COVID so we were benefits.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And it\'s funny, we benefited from the fact that we didn\'t niche, which is a big, big, big conversation in the past five years in accounting, as button niching into verticals, we didn\'t niche into any verticals that were brick and mortar. We didn\'t niche into restaurants, retail stores, cafes, small coffee shops.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And those were the industries that were decimated or mostly impacted. We didn\'t niche into travel hotels. We really niched with no strategy, really. It was just luck. So, the only other I think big change this year was, I began the year before COVID and then entered into COVID really testing out the thesis with a roll-up strategy and acquisition strategy that we wanted to roll out this year.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And we\'re very successful at talking to the right capital partners, and firm owners that were interested in selling to us and merging into Reconciled, so that they could have more growth opportunity both for their employees and their customers. That was a great exciting thing this year. We were able to wrap up our first acquisition a week and a half ago, in beginning of November. And we\'re hoping to do a next one by February 1st. And so, that\'s on top of our just organic growth path that we already have going on with ourselves. So, that\'s been very exciting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nice. And was there anything that surprised you this year? Assuming coronavirus global pandemic, ignoring that huge elephant in the room for a second, what were the surprises that came up as a result of all this change?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say, well, one was, I was surprised the government rolled out the PPP loans. I was very surprised and the EIDL loans, they basically gave the equivalent of a cheap mortgage to small businesses across the country and two and a half months worth of payroll for free. I mean, now it\'s obviously taxpayer dollars ultimately are going to be paying for this. It all obviously rolls into taxpayer dollars, but I was very surprised.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I was very surprised that there wasn\'t stronger requirements to get those funds. So those were a big deal, but for the companies who took advantage of those and leveraged it both to keep staff and talent, which is in accounting, I would estimate, I don\'t know official numbers. I would estimate that in accounting, there wasn\'t as big of an impact in unemployment, as we probably imagined because most accounts were able to work from home.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So talent, I think continued to be the big, big, big, big challenge. Talent and finding great talent. It continued to be a challenge before and after COVID, and during COVID. We double down on talent, we continue to hire, we continue to find the right people. We continue to have massive amounts of people apply, but I was surprised at the stimulus and the amount of stimulus, and then how resilient it made some industries, and the exponential growth that digital marketing and e-commerce, and some of these industries online SAS companies were just having, it was just gangbusters.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then, where the stock market\'s been at has probably been super surprising that it\'s basically fully recovered on the stock market level. And so, all those are signals going, \\"This is just odd and surprising and completely different than the messaging of what the impact of COVID should have been to our country, and to our economy.\\" It tells you about the resilience of people, the resilience of entrepreneurs, the resilience of accountants.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I know many County offices that did not shut down at all, and honestly doubled their workload because of how long the tax season went this year. I know many that did not, and I know many accountants who said, \\"I still want to go into the office. I still want to see my coworkers, I still want to work hard.\\" That was very surprising, but speaks to how amazing the accounting community is and how dedicated they are to their clients, even though it\'s grueling and the hours can be grueling. It\'s pretty amazing to watch.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. The number of conversations we\'ve had with partners about them leaning into their client\'s businesses to help them get through this, it\'s inspiring. It really is. And so, as you look ahead to that fresh start in 2021, what are the areas of investment for your firm?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Well, we are definitely making investments in people operations, HR area. We\'ll be adding team members. We are in the early phases of building out our own technology solutions internally for Reconciled, mainly around workflow, task management. We really want a solid tool that can scale with us, and not have to rely on the tools made for smaller teams, because we expect to probably be somewhere between double or triple the size within the next year, from both revenue as well as in people perspective.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We want to make a better process for our contractors. We have about 20 contractors that work with us in a variety of other roles like CFO work, or controller work, or projects. And we want their experience to be a lot better than it is right now. We\'ve really focused so much on our employees that our contractors have less ideal experience than we would like, so we\'re investing in that, and then acquisitions. We\'ll be doing hopefully three to four acquisitions next year, if not more.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, finding those right firm owners that are ready to exit, or maybe are wanting something bigger and better for their team, and they want a partner that can carry on their legacy. So we\'re excited about that. And of course, it\'s always looking at new apps and seeing which app partners have upgraded themselves and are going to be a better solution for us than our current ones. We\'re always evaluating those every year, whether that\'s payroll partner, app partners like Relay, app partners like Expense Reimbursement.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\'re re-looking at everything all the time to make sure it\'s serving our customers the best, and there\'s new platforms coming out every year. And there\'s better platforms. It\'s very interesting, our space, the accounting and FinTech space is so hot that it seems everybody is able to start something and is coming out with something. So, finding those right partners that best serve Reconciles\' customers, I think is an area we\'re going to be investing as well.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s funny how times change.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Is that funny?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Oh man, that just makes me want to share so many stories. Okay, let\'s keep going. As we did our research to get ready for this interview, one of the themes that came out about how you\'ve grown your firm is really around experimentation. You\'ve just tried a lot of stuff. Is that a cultural talent that you\'ve embraced as a company? How do you think about experimentation in the context of running an accounting firm?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. One of our team rules is always be learning. So, literally this is what we tell every employee, always be learning. You need to be learning. And I don\'t necessarily care if just accounting related. I think it comes from the fact that I\'ve spent my whole life learning. I had to learn after my parents came to the country and I was born. I had to learn how to grow up in a home that wasn\'t very American, surrounded by Americans.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I had to learn how to navigate what it was to be a kid of refugee parents and then how to eventually become my own person in my own identity. I had to learn how to meet my wife and have kids and raise kids. So all those things we do learn, but then in business, I was always willing to say yes to even the hardest things, even the things I knew I didn\'t know how to do, both in accounting and finance and too often than not, I meet more than enough people that are willing to say no very fast.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Early on in life, willing to say yes when you\'re young and you\'re dumb, and you\'re willing to learn, and you have confidence to find out where the answers are, I think is very beneficial. And so, early on with Reconciled, and I think with every firm owner there at this places, you don\'t know what you don\'t know as you\'re building your firm. So you say yes to everything and you figure it out. And as you begin to find new processes, and standards, and systems, and the types of customers you want to work with, you can slowly start saying yes and no to the right things and the wrong things.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I definitely always experimented, in the beginning experimenting, do we go desktop hosted? Do we do QuickBooks online? Do we do zero? What do we do? And then quickly based on what the market feedback was solely focusing on that, how do you price? Focusing on that. And then, I think for a lot of Vermonters as you grow, one of the biggest obstacles I hear and see is that a Vermonter is generally the owner is their own problem. They\'re their own limiting factor. Because, they become pretty good at everything in their firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But when you\'re pretty good at everything, you\'re not great at anything. You\'re just pretty good at everything. And you need to be great. You need each area of business to have somebody great leading it that\'s great at that area. So I early on, as I began to build a firm, I wrote down what is the area that I believe that I\'m really great at, out of all the rest and how do I slowly replace myself in those areas, and not be afraid to let the person that coming in to make mistakes so that they can prove out the great model that needs to take place.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, I\'ve always told employees and team members who have become leaders at Reconciled, make mistakes. If you\'re not making mistakes, you\'re not trying hard enough, you\'re taking it too easy. So make some mistakes. Accounting is accounting, but most of it is fixable. It\'s not surgery. We\'re not in a operating room, we\'re in a set of books that we can change and fix. And we can correct errors. So, give room for people to do that. You can make a bad decision on a higher, it\'s okay, it\'s not the end of the world.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can let the person go and find another person. So, there\'s all this iteration. And then the same thing with apps is trying multiple apps and seeing which one works itself out best and has the best customer service. So yeah.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I hear customer service is always the key part. I can do the stuff, but if I can\'t email them or call them, cool. And then, what was the craziest experiment you ran to find new clients,","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The craziest experiment?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I wanted to ask a general question and then thought \\"No, let\'s amp this question up, and let\'s find something exciting!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s really, really funny. What\'s the crazy experiment? Well, I am a person that likes learning, and I love putting myself in situations where I feel odd. I feel like the odd man out, because I\'ve always felt that way my whole life. I grew up in Arizona, I was one of the only Asian kids at my school. I grew up as a refugee kid, I was one of the only refugees immigrant kids that I knew, besides my brother and my cousin.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, putting myself in situations make me feel at home. It makes me feel like, \\"Oh, I\'m familiar with feeling left out.\\" I was always the shortest kid in the room and in the class photos, I was always in the front row with all the little girls, that was me and I was like sitting down and then all the tall boys were behind me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, I always felt left out. Probably two of the most fun ones, I would say risky as well, is I went to an e-commerce conference for Jewish people. So it was it\'s called JCON. It happens every year in Brooklyn, in New York, and it\'s for the Jewish community primarily, but anybody can go, but it\'s targeted the Jewish community. And the Jewish community has a huge e-commerce multi-channel seller community. They sell products online, and sometimes products and services to just their community, but also to Jews around the world and also to people around the world.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so I was there, I was one of the few non-Jewish people there. I had a booth as Reconcile, I brought an employee, and if you know anything about the Jewish community, they spend the spectrum of both liberal to very conservative religious communities. And so, it was a risk for me. I remember accidentally bringing non-kosher candy because I didn\'t know, I didn\'t know. I had a whole bowl of candy. I got from target at my booth to pass out.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I luckily had somebody kind come my and tell me, \\"Hey, you can\'t serve that candy here. It\'s not kosher, but here\'s some bags of candy that are,\\" so they were really kind about it and forgiving. But that was risky, right? Because, it\'s a community I was very unfamiliar with. I wasn\'t dressed the part. I was just myself. S, that was one. And then I also attended in booth the black entrepreneur summit. And so, I remember calling and saying, \\"Do I have to be black to attend?\\" Because I didn\'t know, I was an idiot. I didn\'t know.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And they said, \\"No, of course anybody can attend. It\'s just targeted to black entrepreneurs, but anybody can attend.\\" So, we were one of the only, or maybe not the only non-black vendors that was within, I had a biracial employee which was half black that worked with me. And she came with me because she happened to live in the area. But other than that, we had a great time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I loved just learning about entrepreneurs in that community, and having a booth there and dealt with my own interesting racial conversations while I was there at the conference. So, you just don\'t know what you\'re going to get into. But I learned a ton and also continue to benefit from the fact that we engage there, and we become known as Reconciled as a company tat\'s very inclusive.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so we welcome people from all walks of life and backgrounds, and are very intentional about our hiring in those areas as well. We have a diverse workforce in an industry that\'s generally not diverse. And especially I really value promoting and upgrading people of color, women, people with different backgrounds or different countries to come work for Reconciled. I\'d say that was the two, probably the riskiest and fun.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That sounds great. That sounds really fun. As you\'ve run different experiments, I\'m guessing you figured out how to make something work. And then you do it manually, I\'m guessing with the first time, and then you figure out how to leverage automation along the way. What\'s that mix for you, as your firm is trying things and probably different now than it was a year ago or two years ago.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I remember taking on an e-commerce customer once they were using BigCommerce as their e-commerce platform. I never touched BigCommerce before and they wanted to integrate it with QuickBooks online. And I went, \\"Okay, well, I\'ll figure it out if you let me charge you for it, I\'ll figure it out.\\" I did that and it was a pain of a project, and I did it and was able to leverage a tool like Zapier to do it. I\'d never used Zapier until then. And so I figured it out, and now it\'s processing hundreds, if not thousands of transactions a month for this customer. And I\'ve been able to do that process now more automated way over and over and over again for more customers on BigCommerce.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, that\'s an example where I wasn\'t afraid to try it out, set up a template, a process, document how it works and now allowing other people to take over and do a similar process. That\'s an example, another one was sales and marketing is, I figured out email marketing. I learned, \\"Hey, what would differentiate us? Oh, email.\\" Now everyone goes, \\"Well, email. Email has been around for a long time.\\" Yeah, but not in accounting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Marketing is not something accountants do, it\'s something generally minority of accounting firms do it. Software companies do it all the time, and so do companies from India and other places, development companies, IT companies, but accounting firms? When was the last time you got an email from an accounting firm offering you services. So, I figured that out early on in Reconciled\'s journey and then began experimenting with two different email marketing engines and Aby tested them side by side, and then ended up with one primary partner that we use till today.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And that\'s probably the largest and fastest reason why we grow organically so fast, is because of this email marketing engine, which is a huge surprise to people when they hear like, how are you going? Email, people respond to our emails. I don\'t understand why. It\'s not for the weak, it\'s definitely a slog, but it works. And we are very successful at it. If you give it time and patience and the right thing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now we\'re trying to jump into more inbound. We\'re actually not heavily driven by inbound marketing as a company. I don\'t think accounting industry in general is, it\'s my opinion, but I think most of the accounting industry is driven by referrals and old school networking. But, there is more and more of a segment of the small business market looking for accountants through online channels.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\'re experimenting with that to see if we can get better at that. But we\'ve differentiated ourself enough through sales and stuff. That\'s the process I usually jump in, figure something out manually, then try to document it, and then pass it onto somebody, watch them do it, show them how to do it, watch them do it, and then let them take over. So, a lot of the stuff I don\'t even oversee a lot of the automated processes. We have some other team members overseeing it to make sure it doesn\'t break and make sure it just keeps running.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One person that I\'ve met on your team is Mary, director of accounting and operations, If I remember that correctly. She helps taking these projects, operationalizing them, making sure they\'re documented, helping drive automation across the firm. Number one, how did you meet Mary? Because, it sounds like he\'s a unicorn basically. And then two, when did you realize that it was time to find someone like Mary and bring them into Reconciled?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For reconciled, when you start out as a firm owner, you have all this hats you\'re wearing, and you generally can define them in different buckets. One is, the big hat is client delivery, operations, client delivery, providing the accounting service to your customers. And generally, most accountants that start firms they\'re comfortable in that lane. They\'re comfortable in this lane, and they\'re comfortable managing people in that lane because they come from other accounting firms, or in accounting department or that\'s what they love doing, serving customers.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I knew that lane early on would be one of the first lanes I would want to let somebody take over, although I would consider myself a pretty good controller or a pretty good CFO. I would not consider myself the best manager. I would consider myself a good leader, pretty good leader, but not the best manager. So, I knew the team that did client delivery, the bookkeepers. We call them cloud accounting specialists.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The accounting professors would need a really good manager. So early on in Reconciled growth, I think when we were about a dozen people, I hired a manager and probably a little too early than I needed, but it was at the time when I knew if I didn\'t, it would get too late and I would be hurting by the time I was ready to hire somebody. And often what happens is, people hire too late, not early enough. I erred on the side of hiring earlier than I needed. So, I hired her and it wasn\'t Mary at the time. It was a [inaudible 00:31:33] and she was great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And she took us to the next stage. And then we had a manager that came in and took us to the next stage, and then there\'s Mary who\'s been with us for a year and a half now. And has taken us this far and continues to take us farther. Because she came from a more traditional accounting firm, but that was three times our size. So, she understood where we wanted to go. And she understood that we wanted to get there, but to do it with technology and with operational efficiency.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So she\'s been great. And so finding them is a matter of getting your message out there in the marketplace. I\'ve been very intentional about taking interviews, even with the smallest of audiences, even with early podcasts or early webinars, anybody that would talk and let me share, I do that because I can take these information, these videos, this audio, and send it to people, and people can find us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When we put out a job post for any role, because so many people are following us, so many accounting professionals, one of the number one visitors to our website are accounting professionals that are looking at us and evaluating and hoping that they can find a job with us. So it makes it easy when we put up a new role that a Mary finds us, or somebody else finds us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I feel not only are you working on branding yourself to get new customers, you got to brand yourself to get new employees, your future talent. And that\'s one advice I give to firm owners is always be interviewing. Regardless if you\'re hiring tomorrow, just interview people all the time, because you never know when you\'re going to need somebody. And you never know when they\'re ready, interview people, even people you know are in other firms or other companies, you do not know when they\'re ready to leave, you don\'t know the situations going on. You don\'t know if COVID is going to hit and they\'re going lose a job. You don\'t know anything.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, always be talking to people and building those relationships. And you\'re going to meet people that are going to just love what you\'re doing and will think about you the moment they want another job and want another career or a partner. So, that\'s what we did. And Mary came through that route and we continue to do that everywhere I can. And we have other people in our company that are doing that too, doing webinars and podcasts being interviewed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We had our head of HR, she did a podcast on VirtForce. VirtForce is a virtual job search for military spouses. People in the military that are leaving or people that are on reserve, they need jobs, and we\'ve had a really good luck hiring spouses of military, or people in the military. So, we\'re really proud of that. And we wanted to get in front of that audience more, so even giving your team permission to be on these forums, to talk so that people see other faces outside of just you as the firm owner. I think it\'s important too.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s wicked. I remember having a conversation with Mary about operational efficiency, but also delivering great customer experiences. And the thing that stood out was she cited a chewy. I want to deliver chewy experiences. And I was like, \\"Okay, I\'m from Canada. Can you please explain to me what chewy is?\\" And she was like, \\"It\'s a dog product company, an e-commerce company.\\" Am I remembering that correctly?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. It\'s basically think of it. They\'re like the Zappos, Zappos is a shoe company here, if you\'re familiar with them. They\'re like the Zappos of the pet world, they are loved. Their customers love them. You don\'t just like chewy, you love chewy. You go there to buy pet food, and buy pet stuff if you have pets, I don\'t have any pets. Mary introduced me to this website. But what it is, is they make you feel the pets you\'re buying for are part of your family, and part of their family.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, Mary brought that concept in this, \\"Hey, we want to be chewy to our customers. We want to be Zappos to our customers. We want to create a Disney experience.\\" And so, we use that language internally a lot is what\'s something chewy you\'ve done with customers this week, or this month, or this year? What are the ways you\'ve over-delivered and given and gone the extra mile.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That culture is definitely been a huge, positive benefit from having Mary here and contributing that to the company and that language. And some oftentimes you just need the language to talk that way, that helps people remember. But then it all starts seeping into people\'s lives because now they\'re like, \\"Well, how do I be chewy with my family, and with my spouse, and with my kids?\\" It\'s been really, really cool to see.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And as you think about those two experiences you\'ve been able to deliver for your customers, what stands out? What was one that you were like, \\"Oh, that was actually really amazing, that we\'re able to do that. And they reacted really positively.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think there\'s just so many different examples. And we recently did a customer survey, where I\'m just blown away by the amount of positive testimonials that our customers have for the bookkeeping team, for the county accounting team they work with. It has nothing to do with me, I\'m not servicing customers anymore like that. They are doing all of the hard work and the amount of positive feedback people are getting anywhere from, you were attentive during COVID and you helped me, you really helped alleviate my anxiety, that my business wasn\'t going to fall apart, or you helped us make sure the data and the numbers for the PPP loan were right and accurate and made that process seamless when our banker wouldn\'t respond to us. And so, we have so many different examples of that, and I\'m just super proud of the team who slugged through this season.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Because they were prepared for it already, they weren\'t having to deal with, \\"Oh, how do I transition to work from home?\\" They were already working from home. \\"How do I operate the way Reconciled operate?\\" They already operated this way. \\"How do I be chewy?\\" We were already talking about that. So it came second nature to our team, which was awesome. But the feedback was just tremendous from majority of our customers.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s just been amazing to watch. And it\'s weird because you never think you\'d hear in your life. \\"Oh, I love my accountant. I love my bookkeeper.\\" You don\'t expect words like that to be sent to you from a customer, but they do. And it\'s just so cool. It\'s just really, really cool to watch.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\'re delivering a high quality set of books that as a business owner you don\'t have to touch, and you are saying [inaudible 00:38:09]. It\'s like, \\"This is great, this is awesome.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I don\'t have to touch, I don\'t have to worry. That\'s great. Yeah. That\'s been amazing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cool. And then, from an operational perspective, what say in the last 12 months, what\'s an improvement you made that\'s had the biggest impact on Reconciled?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say we have in our onboarding team, we\'ve really defined how customers come into the company and how they\'re set up and the experience they get in the first 30 days. It\'s probably second to none. It is the experience our customers talk about, because it\'s not what they expect with an accounting firm. And the fact that it\'s technology driven, it\'s very guided and it gets you to the finish line to win and to be successful with the Reconciled.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s really, really great. And we get a lot of great feedback about that. Probably one of the best experiences our customers can have, because that onboarding team is made of two rockstars right now that really make our customers feel like VIP\'s. And so, I always tell people, in accounting you\'ve got just a few weeks to make the best first impression possible, and that\'s where you want to strike while the iron is hot, because whatever happens there, if you do really well then you\'re okay for the rest of the time, they will remember that really well for a long time, if you do poorly and then you hit it out of the park the rest of the time, they will remember how poor you did.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s all about that experience in the beginning. And so, we really made that and hone that in and made that run really smoothly. And then the Ops team, we\'ve had some changes in the Ops in the way we structured, how we work. And the way we did teams has shifted this year. We started out in the beginning of the year with a specific pod model. And then we shifted that pod model to operate a little differently this year. And that\'s worked a lot better. That\'s helped, I think alleviate some confusion for our team internally and also some more growth opportunities for everybody on the team, which has been great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nice. As you rolled out that onboarding process, what were the biggest challenges that you ran into?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think it\'s helping people understand, the customers come with such a variety of needs and what sales has sold them and what the customer agree to in the sales contract. A customer will almost inevitably bring up something that they want or expect it that was not communicated in sales, was not brought up, was not even in the agreement that onboarding has to figure out either how to upsell them on, refer them back to sales or provide an experience temporarily to say, \\"Okay. Hey, we can do that. But just so you know, this is a one-time thing we\'re going to do for you.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, it\'s getting that flexibility in onboarding to be able to do that and give that customer experience that still feels really chewy, even though it\'s something that wasn\'t promised or wasn\'t agreed to. And that comes up a lot in accounting in general. It\'s just an expectation of your customers are going to ask for stuff that aren\'t really in accounting. And they really didn\'t say, but in their minds they thought it was.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so they bring stuff up that is just so random and they bring it to onboarding like, \\"Oh, I have to register my business in this other state or country next month. Is there something that you guys can do right now?\\" Stuff like that where it\'s like, \\"Well, we don\'t really do that, and\\" It\'s just providing that flexibility in the onboarding experience that I think has really improved our customer experience.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Got it. And so really empowering those team members to make a judgment call about how to handle this, and training them about how to handle it?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, exactly. You don\'t want all questions and scenarios to come up to you as the owner or the firm owner, or even to your manager, to your leaders. You don\'t want every question coming. Because then, your employees don\'t feel empowered or they don\'t learn the consequences of making the right and wrong decisions. So you want to empower them to say, \\"Hey, here\'s certain scenarios where, yes just make a decision, decide what\'s best your judgements. And you\'re going to make a mistake and that\'s okay. You\'re not going to get slapped on the hand for it. You tried your best to serve the customer. And if it results in mistake, that\'s fine. That\'s the risk we take, we\'re human beings, that\'s fine.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You don\'t want to be the bottleneck, it slows your growth down. I would say empowering your employees with the ability to do things like that is really important. And that\'s what the best companies with best customer service like Zappos, chewy, Southwest airlines, that\'s what they do. They empower their employees to be able to offer refunds and do things at the drop of the hat without needing permission. Because they know it\'s a better customer experience and better retention in the process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s awesome 100%. Now, I know you do some business coaching with entrepreneurs and teams and you also mentioned earlier, that often the biggest limiting factor on a firm\'s growth is actually the owners. What do you see are the areas that accountants struggle with most, in terms of building and growing the business?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think two things, one is accounts identities generally are, I\'m an accountant. And that identity is limiting to the true identity you have as a firm owner. I mean, you\'re a business owner and then if you\'re trying to grow, you\'re an entrepreneur. Entrepreneurs in general are growth oriented, and they\'re trying to grow an enterprise. They\'re trying to grow something. So entrepreneur, small business owner, those identities are something that most accountants don\'t resonate with. Many don\'t, they know technically they are a small business owner, but if you ask them first, what do you do?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most accounts you meet they say, \\"I\'m an accountant.\\" They don\'t say, \\"Hey, I\'m a small business owner, or I am an entrepreneur.\\" So, you could see where they\'re coming from. And I think it\'s limiting, or basically limits the way they think about how to build their business. And because accounts are primarily accountant identity, they are more comfortable in the client service role than anything else.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, when you talk about HR or you talk about sales, or you talk about customer service, IT, other functional areas of a business, they just may not be as comfortable to grow that. And so they\'re willing to put up with, \\"Well, I\'ll just do what I can because we\'re just going to keep serving clients.\\" And because accounting firms are just overwhelmed with customers generally, there\'s just so much work out there.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can generally grow a practice, even a small one pretty quickly and get full with work. And so, I think that\'s a big challenge for accountants, is their own identity, thinking about their own identity, how do they view themselves? And then, how do they want to present themselves to customers? I\'ll give you an example for me, even though early on the Reconciled name was nothing because it was new so I was building brand recognition into it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It does take a mix of people trusting my ability to deliver. But as we continue to grow, I continue to push every customer and every sales opportunity down to the brand of Reconciled, pushing them to, \\"You\'re not buying Michael, you\'re not buying me, I\'m part of the team, but you\'re buying this brand and the team behind it, and the people behind it.\\" So I think the other thing is, as accountants not only selling who they are, but selling the brand and the processes they built, and that\'s I think a flip that\'s hard for a lot of accountants, because they\'re used to selling themselves and selling their expertise, their knowledge.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I would say that, if you do a good job growing and documenting your knowledge actually, doesn\'t really matter, at some point your knowledge will be surpassed by your teams and the people in your company. And it\'s better that way if you\'re trying to build and scale up business, if you\'re trying to stay small and stay as a small team and you be the center of the expertise, then yeah, you\'re doing a great job by just selling yourself as an accountant and limiting your growth to what you can handle or what you have expertise on.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But I think if you do it right, your team will outgrow your knowledge and your abilities and they should, and you should be happy they do, and give them opportunities to grow in the firm because of that.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But it sounds like there\'s a couple of stages there. So, it\'s one, taking off your accountant hat for a second and thinking about it as like, \\"How do I build process and how do I bacon resiliency in my business effectively?\\" That\'s step one. And then step two, is thinking about, \\"How do I abstract myself from actual service that\'s being delivered.\\" Is that the two parts of it, that switch?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. And for some accounting firm owners, they don\'t extract themselves. Because if you find the most joy in that piece, then you shouldn\'t extract yourself. You should say, \\"Hey, if you find the most joy in being a client delivery person, we\'ll go find a CEO to run the company, go find a sales person, go find a HR person.\\" You don\'t have to be the CEO. You don\'t have to be. You can still own the company and not be the CEO, that\'s actually a reality. And there\'s a lot of examples of that, where you have two founders who do not run the company. They\'re the founders, but they found sophisticated CEOs or people who were just better suited at the business side of the operations, or at the sales side of it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And you can go and be happy and serve clients, and help operations teams. And so, I think accountants may think like, \\"Oh, I need to be at the head of it. I need to be the face. I need to be the one in charge.\\" Well, you actually don\'t have to, you could be the owner and be directly and indirectly in charge of everything, but you can also give it to the hands of a trusted person that knows how to build a business and operate the things you\'re not passionate about. So you can focus on what you are passionate about.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For a lot of accountants it may be like, \\"No, don\'t extract yourself from operations, go ahead and stay in it. Just find other team members to leave the rest and give them the keys to run the company.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Or you could always just sell to Reconciled It.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Well, you can sell to us or come do accounting work for us. We\'re happy to talk to you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Sweet. Actually, before we wrap up and move to Q&A, where can people find you?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, they can find me on LinkedIn or Twitter. I\'m easily reachable. Just look at Michael Ly, I\'m probably the first one that pops up, with L-Y. Last name is spelled L-Y. So Michael Ly, Reconciled. Or you reach out on Twitter, I love connecting with people, especially firm owners, happy to chat about anything and everything. You name it, doesn\'t have to be about accounting either. It could be about life, anything in life. I love chatting and learning and meeting new people.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Love it. Thank you so much for spending your time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, definitely.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cool. So, if people have questions, please either add them in the Q&A, or add them in the chat. I might have one or two more as backups just in case.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"All right. I have a question about the M&A strategy. At what point were you like, \\"Okay. It makes sense for us to now start doing these firm roll-ups and build and grow that way?\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I love this. I love talking about this, I was talking about this with our employees in Reconciled because they had lot of questions about it and how it would impact them. In the business terminology, we call it M&A, we call it acquisitions. We have these very businessy terms. Well, before the pandemic, when I entered into 2020, I said to myself, \\"My team and I have built a really great culture in a business.\\" And it\'s a place that a lot of accounting firm owners really wish they could build and really wish they could be a part of. But recognizing that not all accounting firm owners are geared towards building something like this, but they want it. They want it for their employees. They want it for their customers. They want it for themselves.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But I\'m not going to lie, a lot of people can\'t do it as accountants. They just can\'t, maybe they came straight from an accounting firm with a really bad culture, or maybe they have no experience being a CFO in a growing company. Well, then what examples do you have for building a great culture? The last company I was an employee at before starting Reconciled, when I was living in Seattle was one of the best cultures I\'d ever been at. And it\'s called the Mosaic company. I was there, I eventually became the VP of finance there before I left. And if I had stayed in Seattle, I would have probably retired with them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I loved that company. I\'d loved the CEO, loved the leaders there. So I just said to myself, \\"We\'ve built this thing that many people want and in the world of accounting few people get to, so why don\'t we invite people to come join us? That\'s the way I look at it, because at the end of the day, I\'m actually inviting a firm owner to come join us if they want to, but at minimum for their employees and their customers to come join us and to come experience the culture that we\'ve built, and the team that we built, and the service we built.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s really an invitation, it\'s an invitation to build something great together. So I entered the year realizing that, thinking through that and putting together basically the thesis around that, presenting that to my team and then presenting it to outside interested parties and to firm owners that I knew personally. So, everyone I\'m talking to and we\'re talking to, they\'re not really publicly for sale. They\'re people that I\'ve met in the industry. People I\'ve met at conferences, people I know who have great firms, but I could tell they\'re maybe at next stage in their life, or next stage for the firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And if they\'re at a crossroad where they don\'t want to invest all that it takes to go to the next level, they can just really skip that by coming to join us and give that to their team and their company. And if that aligns with the goals aligned there, then it works great. That\'s the way I look at it. And it helps us reach our goals a little faster, helps us get some great leaders and some great employees. But also, ultimately helps us serve our customers better. Because if talent is the number one limiting factor to growth outside of customer acquisition, which I think has been something that we\'ve been able to take care of, then finding great people, those great people are already working at great accounting firms. And that\'s why we\'re inviting them to come join us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just while we wait for a question or two to pop in, come on guys, I see you there, I know you\'re there. Come on ask something. Otherwise, my curiosity is going to fill up the rest of the time. When you make the decision to acquire a company, how do you onboard those folks? How do you make them feel part of the team? What\'s that process look like?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I wouldn\'t say it\'s a walk in the park. It\'s not a walk in the park, it\'s definitely challenging as it takes a lot of planning, you want to make sure your leadership team\'s involved and on the seller side, just so you know how it works in generally in the industry is, and this is not just in accounting, but just any M&A transaction is generally unless it\'s a public company, most of the time when it\'s two private companies, the selling firm and the selling employees, generally only one person, if not a few people know that the selling firm\'s going to sell, and you as the buying firm, you usually don\'t meet the employees until the absolute last minute, the absolute last minute. So, you have to basically plan a process of like, \\"Hey, we\'re going to do an...\\" Just you would hire new employees.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\'re going to do offer letters. We\'re going to do an invitation. We\'re going to cast a vision of what we want to offer and invite you to come. And just because of the dynamics and the risks that are involved in selling your business, that\'s normally how to operate. So, people would love to imagine like, \\"Oh, I\'d love to be able to just slowly go into this and that I can give the employees a 30 day notice and give them off or all this stuff.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It just doesn\'t work that way with private companies, because the risks are too high. And the chances for success are challenging. You want a plan and you want to make offers and usually you\'re having to win people over very, very quickly and set a process that\'s predictable and standardized for people, so that they know clearly at what the path looks like to be a part of Reconciled and to transition over.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I love that language around invitations, and we did get a couple of questions. Thank you. Angela asked, \\"When you were just starting out, what were the two events that you attended?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"QuickBooks online was the first event, and I\'m a religious attending since then. I think my first one was until the 15 or 16. And so, I attended every year since then. And it was a big eye opener, before that I did not know a community existed. I did not know there was a thing called the accounting community, because I had previous just been a CFO at different companies, and controller at different companies. So, you don\'t attend these conferences generally, as somebody who\'s just inside a company, huge, huge eye opener for me, it was great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say that that was a big one. And then another great event, is Thrivers event. And Thrivers event that they do in Greenville, South Carolina that Jason Blummer does and his team, great event. I Love it. Absolutely love it. Second to none in many ways. If you\'re a small firm that\'s trying to become very advisory focused, second to none.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Awesome. Oh, I think Angela was referring to, I think it was JCON.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Oh, yeah JCON and then the black entrepreneur summit. Yeah. Those were two events I attended in early 2019, I believe, or 18. But those were the events that were... And Yosef was asking, \\"What\'s the craziest thing you\'ve done to get customers.\\" I said, \\"Yeah, well, I went to two events where I\'m not part of that population of people, but I was able to go and be booth at them.\\" So, JCON conference and then black entrepreneurs summit.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cool. And then Sonia asked, she said number one this is great. And then two, have you ever considered doing training for accountants and how to grow a firm?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Well I guess this is a training right here. I have not considered doing formal training. Frankly, I\'m just busy, I\'m busy with running Reconciled and the other companies that I have to start. So, I\'m busy. That\'s where I make my primary money and I do love teaching and training, and I speak at conferences and I do webinars and stuff like this. And basically what I\'m going to teach you there is what I\'m saying here. I\'m very transparent and open. I don\'t think any of the stuff I\'m talking about is rocket science, it\'s stuff I stole from other people and stuff I learned on the way and then got mentored on. So, big advice is join a peer group, either a mentoring group, coaching group, peer group.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I\'m part of one it\'s called Vistage. You can look at Vistage online. V-I-S-T-A-G-E. It\'s the world\'s largest CEO and peer mentoring group in the world. So I\'ve been in one since 2014 and I pay a pretty penny per month to be a part of it, but it is a huge key to my success. Huge, huge key, because I\'m surrounded by other entrepreneurs and CEOs that have also built great businesses. So it\'s who you\'re surrounded with and get coaching from, and peer coaching from is really a big deal in my opinion. So I invest in myself every year a lot of money for my own personal and professional growth. So, I would highly recommend a peer coaching group for anybody.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Perfect. And then Misa, hopefully I pronounced that correctly. So this has been a great insight to grow a firm, that is definitely my goal. That\'s awesome, thank you for joining us. Sweet. So, we are now at time. Michael, thank you so much for joining us, everyone else. Thank you for making time out of your busy day.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":41,"author":{"name":"Yoseph West","jobTitle":"Co-Founder & CEO","company":"Relay","slug":"yoseph-west","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5ofsSd4EJva91zN9tYqprY/e191c808e72a492cc8512fe715609097/Yoseph_West_Headshot_-_1k.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1611853099861,"customDate":1611853099861,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"Interview-with-Nayo-Carter-Gray-Relay-Trailblazers-Series","title":"Interview with Nayo Carter-Gray - Relay Trailblazers Series","description":"An interview with Nayo Carter-Gray, Founder of 1st Step Accounting. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"55% of SMBs changed banks in 2019","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"- 2019 PACE Findings: U.S. SMB Results ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As business banking churn rates increase, you have the opportunity to take control of the narrative and get your clients standardized on a bank that works for them and your firm. Take Lance CPA Group as an example:","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cAt Lance CPA Group, Relay is our business bank account of choice. With Relay, it\u2019s finally easy to collaborate with our clients on their banking.\\n\\nBetween the direct feed with Xero and having access to our clients\u2019 banking data, we save up to an hour a month per client. Using Relay gives us reliable bank feeds, access to bank statements and it accelerates reconciliation. It\u2019s made life super easy for our practice!\u201d - Josh Lance, Lance CPA Group","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The flip side is that if you\u2019re not in control, given the pace at which clients are changing banks, your whole portfolio could adopt new banks in the next 12-18 months. Those decisions could introduce more broken bank feeds, messy data, and login issues.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how do you get your clients on the bank that works best for them and your practice?","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Uncover the pain","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The key to steering this conversation is to help surface the pain points your clients are dealing with. They have likely gotten used to these challenges and accepted them as reality without realizing there are alternatives. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify the 2-3 meaningful challenges your clients are facing and highlight that they don\u2019t need to continue dealing with these issues. We always find that firms have a higher success rate starting the conversation with the challenges for the business owner, rather than the potential solutions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below, we share the most common reasons we\u2019ve seen for small businesses changing or adding a new bank. Most of your customers are likely to fall into one or more of these buckets.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Fees & Customer Service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2019, the top two reasons businesses changed banks were unwanted fees, and poor customer service. If you identify a business bank with strong service and no fees, you\u2019ll quickly strike a chord with most of your clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is proud to be an industry leader in Net Promoter Score (NPS) and offer entirely no-fee business banking.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"3RZpWzLK0TSCsqJ2CAJ9Zj","revision":1,"createdAt":"2021-01-27T14:23:19.612Z","updatedAt":"2021-01-27T14:26:13.783Z","publishedAt":"2021-01-27T14:26:13.783Z","firstPublishedAt":"2021-01-27T14:26:13.783Z","publishedVersion":5,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Relay NPS Score","description":"Relay NPS Score","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3RZpWzLK0TSCsqJ2CAJ9Zj/0e809d8fef0c0904f44808eef6760b6f/Relay_NPS.png","details":{"size":61087,"image":{"width":1000,"height":616}},"fileName":"Relay+NPS.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Financial Visibility & Cash Flow Surprises","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bank balance is not your financial position. Yet for many business owners, it\u2019s often the only indicator they rely on to understand their business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Poor data leads to poor decision making. Consider a bank that lets your clients open as many checking accounts as they need, for free. They\'ll be able to put money aside for tax withholding, upcoming expenses, or re-investing in the business. These decisions shouldn\'t be guesswork. Unlimited free checking accounts make it real.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How are your clients managing expenses? What about bill pay? Often small businesses employ manual processes which can lead to cash flow surprises. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify banking options that provide out of the box expense management or automated bill pay. That way you\u2019ll cut down on costly 3rd party solutions. The less steps a small business needs to take in order to get from A to B the better.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Look for a business banking option that can replace these clunky 3rd party solutions and solve multiple challenges for your clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some helpful questions that may put this into focus for your clients:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much of your bank balance is really available?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much has your business spent this week?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What bills are outstanding vs paid?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Will your outstanding checks clear?","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Technology & remote banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most of your clients can run their day to day operations from anywhere. Banking tends to be one of the few exceptions. Your clients are ready to embrace alternatives to visiting their local branch or using dated banking portals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thankfully, more modern banks have placed a renewed emphasis on enabling entrepreneurs to manage all their finances on the go.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Moreover, with more businesses moving all their operations entirely online, going to a bank branch has never felt so antiquated. Your clients will thank you when you help them move to a bank that never requires them to set foot in a branch.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5Yi6fNhwY7dkbra0UxJLJw","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":4,"createdAt":"2024-06-04T20:53:04.189Z","updatedAt":"2024-09-05T15:24:17.057Z","firstPublishedAt":"2024-06-04T21:04:43.619Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Off White"],"title":"June 27: Master your marketing budget","ParagraphText":"Free virtual event. Hear from certified experts. Maximize your profits.","buttonText":"Save Your Spot","url":"https://relayfi.com/blog/master-your-marketing-budget-for-maximum-profit","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7r9n5zPikbCb4jTZBQyv9v","revision":1,"createdAt":"2024-06-25T00:49:17.994Z","updatedAt":"2024-06-25T00:50:41.241Z","publishedAt":"2024-06-25T00:50:41.241Z","firstPublishedAt":"2024-06-25T00:50:41.241Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Live Event: Master Your Marketing Budget","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7r9n5zPikbCb4jTZBQyv9v/8c7e78cb4107c34c419589c0bd63d51e/Live_Event_-_Master_Your_Marketing_Budget.jpg","details":{"size":290619,"image":{"width":1080,"height":1080}},"fileName":"Live Event - Master Your Marketing Budget.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Collaboration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaboration is another common banking challenge. Most business banking is siloed to a couple of co-signers on the account. This means that tasks, big or small, can only be done by the business owner.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thankfully, some business banks are now designed with simple user permissions. Entrepreneurs can grant their team members the exact banking permissions they need to deposit checks, pay bills, or move funds. Paired with an audit trail, business owners are able to delegate with peace of mind.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When considering a banking upgrade, be sure to evaluate the collaboration features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay allows businesses to seamlessly add staff and advisors to their business banking. Simply enter an email address, determine the level of access a staff member should have, and assign them to specific accounts.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Automating Payables","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payables can be one of the most stressful parts of running a small business. Manual processes can be time intensive and contribute to poor financial visibility. Automated solutions are often expensive and need more software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, we continue to see SMBs rely on time consuming and error prone manual processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay has automated bill pay built right in. You can automatically import unpaid bills from QuickBooks Online & Xero and set up approval workflows.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A simple banking upgrade could automate bill pay without enterprise 3rd party software.","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Position the value\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By now, you may have already identified the right clients to upgrade first. The next step is to understand how to best communicate the value of this change.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"First, reframe the bank account\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banking can","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Be more than a holding account for your funds.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Be the versatile core of a flexible and streamlined back office.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Enable collaboration and integrations.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve financial visibility.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Centralize and automate bill pay with approval workflows and a robust audit trail.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simplify expense management and employee spending.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Second, make it tangible for customers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business bank can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Provide a real-time understanding of your available funds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make it easy to collaborate with your team and financial advisor","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Help you go from reactive to proactive","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Increase forecasting visibility","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Third, consider the downsides of not changing","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Segregation of funds and up to date financials are key","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banking can create financial blind spots","marks":[],"data":{}}]}]}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Keep it simple","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Changing banks can feel daunting. The best way to appease client concerns is with a simple checklist to detail the transition.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5 Steps to Upgrade your Banking and Never Look Back","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Open new business checking account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While setting up a bank account originally may have required stacks of paperwork and a 45 minute meeting, times have changed. Today, you\u2019ll be able to set up your business with online banking in less than 10 minutes.\\n","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stop the use of the old business account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep the old account open and funded just enough to cover outstanding checks and any automatic payments that are in progress\\n","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Switch any recurring payment activity","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incoming deposits:","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" put together a list of the vendors and merchants who send you automatic payments and update your account information for them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Outgoing payments: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"make a quick list of the utility bills, vendor payments, or subscription services that are automatically debited. Switch each of these over.\xa0\\n","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Notify any key professional service providers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \\nA safe practice is always to update any lawyers, insurance agents, etc. that your clients are using a new financial institution.\xa0\\n","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Close your old business account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \\nOnce the checks have cleared and your automatic payments and direct deposits are fully updated.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Entry","id":"5qdcoavT6oK1xTtxyS8FUK","contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"revision":8,"createdAt":"2024-06-04T21:05:06.931Z","updatedAt":"2025-02-24T15:03:07.388Z","publishedAt":"2025-02-24T15:03:07.388Z","firstPublishedAt":"2024-06-04T21:05:35.198Z","publishedVersion":46,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"type":"Asset","id":"7jqFHPMKmrR2nPonjEQ2A2","revision":1,"createdAt":"2025-01-21T15:06:46.312Z","updatedAt":"2025-01-21T15:07:20.882Z","publishedAt":"2025-01-21T15:07:20.882Z","firstPublishedAt":"2025-01-21T15:07:20.882Z","publishedVersion":7,"environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Start with the low hanging fruit","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start with clients who are actively looking for a switch. \\n","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"More small businesses are feeling pain around banking than you may realize. Just raising the conversation with clients you may find clients that are ready to make a change. \\n\\nIn 2019, the most common reasons for a switch were poor customer service and fees. There\'s a good chance a few of your customers are tired of those issues and ready for something new. \\n","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For clients that may be on the fence, start with a wedge\\n","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You will find that you can pick one use case to use as a wedge to initiate the change with your clients. \\n\\nOnce they start to have a great experience on the new platform, they\u2019ll move everything over quickly. \\n\\nFor example, if you are helping upgrade to Relay, you can start the transition by focusing on one of these key solutions:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve expense management and financial visibility with Relay debit cards","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Centralize bill pay in Relay with an audit trail and robust approval workflows.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manage cash more easily with Relay as the hub for your finances. Open up to 20 checking accounts, all with no monthly fees or minimum balances.\xa0","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Make the change","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your clients are changing banks more than ever. Not only do they have a wealth of options, but switching has never been easier.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is both a core risk for your firm and a unique opportunity. Pick the right business bank and you could streamline workflows, differentiate your firm, and empower your clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are your clients ready to make a change that matters?","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Henry Fuz","jobTitle":"Head of Product","company":"Relay","slug":"henry-fuz","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/2W23aiBhXmXKJTIsCDmuB7/d879daf8a0321500e31c50fb00cb7f0b/henry.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1611756420160,"customDate":1611756420160,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}}]')},Nq8p:function(e,a,t){"use strict";t.d(a,"d",(function(){return 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This scattered approach is frustrating, hard to manage, and risks important payments falling through the cracks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we\'re transforming how small businesses handle their bills by eliminating the need to juggle multiple systems and giving business owners more control over their outgoing payments and cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Bills, you can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Upload or email bills directly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" into Relay with automatic extraction of vendor details, due dates, and amounts\u2014all your bills in one place","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Categorize bills effortlessly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" by matching line items to your chart of accounts and sync everything with QuickBooks Online or Xero","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create approval workflows","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to maintain control over spending (Grow & Scale plans)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schedule payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" for immediate processing or future dates using ACH, wire, or check","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Combined with our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-expense-management"},"content":[{"nodeType":"text","value":"Expenses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" feature, Bills creates a comprehensive spend management solution for your business. 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Together, they give you unprecedented control over every dollar flowing out of your business, past and future.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s the Relay difference: an all-in-one money management platform that brings banking and all your financial workflows together in one place, so you can get back to doing what you do best\u2014running your business.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3gcVuj6IUS9xKT7XXYA3HK","type":"Asset","createdAt":"2025-05-09T18:50:46.691Z","updatedAt":"2025-05-09T18:50:46.691Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"locale":"en-US"},"fields":{"title":"Bills Dashboard","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3gcVuj6IUS9xKT7XXYA3HK/d475a6091eee713aa86530fae40eb153/Bills__Dashboard.png","details":{"size":1010945,"image":{"width":1200,"height":675}},"fileName":"Bills_ Dashboard.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choose the Relay plan that fits your needs","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bills is available across all of our plans, with features tailored to businesses at different stages:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starter Plan:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Perfect for solopreneurs and businesses getting started. 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Looking ahead, Grow plan users will soon enjoy even more approval workflows by vendor and GL code, plus custom categorization rules, and partial bill payments for better cash flow management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Scale Plan:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Designed for businesses with bigger teams and more complex needs. You get all the features in the Grow plan, and (coming soon) enhancements like a bills dashboard to reveal spending trends, streamlined bulk payments, and customizable CSV exports for your accounting team. 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You can categorize each line item of a bill separately.\xa0 For example: fabric purchases as \\"Materials & Supplies\u201d and design consultation as \\"Design Services\\".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep meticulously detailed books, without having to email your accountant to explain all the context, so that you always know where your money is going.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"hhJiIhlOE83BrnFETmYMz","type":"Asset","createdAt":"2025-05-09T18:52:45.915Z","updatedAt":"2025-05-09T18:52:45.915Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"locale":"en-US"},"fields":{"title":"Bills Categorize Line Items","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/hhJiIhlOE83BrnFETmYMz/4f6569f254e5b50343306eeae1fc7aaa/Bills__Categorize_Line_Items.png","details":{"size":1000461,"image":{"width":1200,"height":675}},"fileName":"Bills_ Categorize Line Items.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Export to accounting software","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Approve the bill in order to sync it with QBO or Xero, creating a seamless connection between your banking and accounting system. 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Meanwhile larger expenses might need multiple approvers and a final go-ahead from the firm owners\u2014maintaining financial control without creating bottlenecks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additional advanced approval rules are coming soon, including vendor-based and GL code-based approvals. 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Pay the bill","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choose when and how to pay each bill: via ACH, domestic or international wire, or check.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the payment is complete, watch as the status updates to \\"paid\\" in both Relay and your accounting software. No need to manually mark bills as paid or reconcile systems.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grow & Scale plans only:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Enjoy the added efficiency of batch vendor payments. If two or more of your bills have the same payee (like multiple fabric invoices from the same supplier), you\'ll be prompted to ","marks":[],"data":{}},{"nodeType":"text","value":"combine payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" into a single outgoing transaction\u2014saving time and potentially reducing transaction fees.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"Xl7a8ZscgCDvvG80g0cUH","type":"Asset","createdAt":"2025-05-09T18:54:10.395Z","updatedAt":"2025-05-09T18:54:10.395Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"locale":"en-US"},"fields":{"title":"Bills Pay by Any Method","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/Xl7a8ZscgCDvvG80g0cUH/d24a648f30a8ca4479702381e95b7157/Bills__Pay_by_Any_Method.png","details":{"size":1121077,"image":{"width":1200,"height":675}},"fileName":"Bills_ Pay by Any Method.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A win-win for businesses and their accountants","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Bills in Relay, business owners categorize invoices themselves, providing accountants with clean, organized data. No more endless back-and-forth emails asking, \\"What was this charge for?\\" or \\"Which expense category should this go under?\\"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners get back precious time to focus on growing their company and serving their customers. They gain peace of mind knowing bills won\'t be lost or late, and they can easily plan for upcoming expenses with better cash flow visibility.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meanwhile, accountants and bookkeepers can shift their focus from tedious data entry to providing higher-value services like financial analysis and strategic advice. Month-end closing becomes dramatically faster when transactions are already properly categorized and reconciled.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This collaborative approach creates a true win-win: business owners feel more in control of their finances, accountants receive cleaner data, and both sides enjoy better cash flow visibility with significantly less admin work.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready for all-in-one money management?\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bills is the latest addition to Relay\'s all-in-one platform for small businesses, combining essential banking services, financial tools, perks, and strategic partnerships tailored to every phase of your business\'s cash flow journey.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When combined with Relay\'s other features\u2014like multiple checking accounts to keep your cash organized, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-expense-management"},"content":[{"nodeType":"text","value":"Expenses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" for tracking purchases, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payment-requests"},"content":[{"nodeType":"text","value":"Payment Requests","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" for getting paid fast\u2014Bills completes the picture, giving you unprecedented clarity and control over your entire financial landscape in one place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/v3/register"},"content":[{"nodeType":"text","value":"Sign up","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" or log in to your Relay account today to start experiencing the benefits of streamlined bill management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Lianne Fonseca","jobTitle":"Senior Product Marketing Manager","company":"Relay","slug":"lianne-fonseca","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/bOziAvdati3iQK31R2leY/63d83f62e928fd80727663ec9799ba74/TCL16PP9B-U07RRAD4YJJ-9d61d9fc858b-512.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1747771659614,"customDate":1747800000000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"stop-leaking-profit","title":"Stop Leaking Profit: 7 Signs Your Business Needs a Cash Flow Clean-Up","description":"Learn how to spot the signs of messy business finances and how cleaning up your cash flow can boost profitability, clarity, and control.","metaTitle":"Stop Leaking Profit: 7 Signs Your Business Needs a Cash Flow Clean-Up","metaDescription":"Learn how to spot the signs of messy business finances and how cleaning up your cash flow can boost profitability, clarity, and control.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4CaSED385DUKhFlMIcBG96/3135ee684ed1a0ed11f901ba5048a1b9/Untitled_design__10_.png","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business is growing. Revenue\u2019s up, clients are happy, your team is expanding. But behind the scenes, things might be a little... chaotic.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial complexity grows with your business. And the tools or habits that once worked can start to fall apart\u2014fast. If you\u2019re constantly guessing at your cash position or dreading month-end, it might be time for a financial reset.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But not to worry \u2014 we\u2019ve got your back. In this post, we\u2019ll walk you through the signs it\u2019s time for a cash flow clean-up\u2014because even thriving businesses can quietly leak profit. From recognizing the red flags to reclaiming clarity and control, you\u2019ll walk away with real strategies to protect your margin and scale with confidence.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why does clean cash flow matter?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a certain stage of business, messy finances aren\u2019t just inconvenient\u2014they\u2019re dangerous. Poor visibility, bloated expenses, and slow systems make it easy to overspend and hard to grow. And they eat into what matters most: your margin.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clean cash flow gives you the clarity, control, and confidence to scale profitably.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udea9 7 signs you need a cash flow clean-up","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. You\u2019re not sure what\u2019s actually safe to spend","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re second-guessing a purchase because you\u2019re unsure how much is \u201cactually available\u201d amidst upcoming bills, payroll, taxes and other expenses, it\u2019s a sign of unclear cash flow. Even if you\u2019re profitable on paper, you might be running into cash flow surprises that leave you feeling uncertain. That hesitation? It costs time, confidence, and sometimes opportunity. Clean systems eliminate the guesswork.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. You\u2019re running everything from one main account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If every dollar your business earns and spends flows through the same account, you\u2019re in one big bucket\u2014and it\u2019s easy to lose track of what\u2019s already spoken for. As your business grows, this approach becomes more risky and chaotic. A clean system separates your funds by purpose, giving you clarity at a glance and ensuring you always know what\u2019s safe to use.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Your profit margin is shrinking\u2014and you don\u2019t know why","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re making more money than ever, but your bank account doesn\u2019t reflect it. Messy financial workflows and untracked spending could be to blame. If expenses are ballooning without explanation, and you don\u2019t have clear visibility into where the money is going, it\u2019s time for a clean-up. Organizing your finances lets you plug the leaks and protect your profit.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. You\u2019re flying blind with outdated data","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your books are always two or three weeks behind, you\u2019re forced to make critical decisions based on outdated information. That delay can cost you in overspending, missed opportunities, or preventable errors. Clean systems show you what\u2019s happening in real-time\u2014so you can take action with confidence, not caution.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Admin work is eating your day","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You didn\u2019t build your business to babysit spreadsheets or chase receipts. But when your systems are messy, you\u2019re stuck doing just that. A clean financial foundation automates repetitive tasks, keeps your data organized, and frees you up to focus on growing the business, not managing the mess.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Spending is growing\u2014but controls aren\u2019t","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More team members, more cards, more transactions\u2014it all adds up. Without limits, policies, and approvals in place, spending can spiral fast. A clean setup includes built-in controls to manage spending without micromanaging people\u2014so your profit stays protected. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"Learn how one team used Relay to spot and stop suspicious spending.","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7. You don\u2019t feel confident in your cash flow","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s hiring, investing in new tools, or just planning ahead\u2014if you\u2019re hesitating because you don\u2019t feel clear on your financial footing, that\u2019s a sign. A clean cash flow system gives you peace of mind. You\u2019ll know exactly what you can afford, what\u2019s already allocated, and what\u2019s available to fuel growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When your finances are clean, your business runs lighter, faster, and more profitably.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2705 What clean cash flow actually looks like","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So what does a clean system ","marks":[],"data":{}},{"nodeType":"text","value":"actually","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" look like in practice? Here\u2019s how high-performing businesses manage cash flow without the chaos:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Segmented Accounts with a Clear Purpose:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Organize your funds into multiple checking accounts like operating expenses, taxes, payroll, profit\u2014so you always know what\u2019s safe to spend. Using a money management methodology like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-accounts?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is a great framework for this. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-percentages?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"Explore how to tailor Profit First for your business.","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Real-Time Financial Visibility:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Get a live look at where your money is\u2014no waiting for your books to catch up. This helps you make smart decisions as the numbers happen.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smart Spending Controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Issue cards with built-in budgets, vendor restrictions, and team limits. Empower your team to spend responsibly while protecting your margins.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit as a Non-Negotiable:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Instead of hoping there\u2019s money left over at month-end, build profit into your process. Allocate a percentage of revenue to profit first\u2014then run your business on what\u2019s left.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the right system in place, your finances stop being a stressor\u2014and start becoming a source of strength.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why it\u2019s worth it: the payoff of clean cash flow","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cleaning your cash flow isn\u2019t just about tidying up\u2014it\u2019s a strategic move that unlocks real business results","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More visibility:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Stop guessing and start seeing exactly where your money is going\u2014live, not weeks later.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More profit:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" By organizing your systems and trimming waste, more of your revenue goes where it should: your bottom line.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Automate routine tasks so you can focus on what actually grows your business\u2014not reconciling receipts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More control:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Build confidence in every decision by knowing exactly what\u2019s available, what\u2019s already allocated, and what\u2019s fueling your growth.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More peace of mind:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When your finances are clean, you\'re not constantly playing catch-up. You\u2019re in the driver\u2019s seat\u2014with a system that works for you, not against you. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/why-thanks-for-visiting-switched-to-relay?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"See how one business finally found relief from messy banking.","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Real-world example","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere were a few times where we bounced a check and once we bounced payroll. It wasn\'t like we were out of money and broke. It was that a check hadn\'t cleared, or we haven\'t gotten paid by clients. We should have had the money. It was a cash flow problem, not a profitability problem.\u201d Then Dan connected with a bookkeeper who introduced him to the Profit First system. \u201cI\'m never going to go back to one account. Even when margins were thinner, the Profit First system and the way that Relay makes it easy to manage reduces a ton of worry.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2014 Dan Novalis, owner of 2Novas - ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/2novas-case-study?referralcode=scalingbeyond1m&utm_source=blog&utm_campaign=stop-leaking-profit"},"content":[{"nodeType":"text","value":"read how he regained control with Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Quick Recap: The Case for Clean Finances","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clean cash flow isn\u2019t about being perfect\u2014it\u2019s about being intentional and in control.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, so does financial complexity. What used to work may now be costing you profit.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When your money is organized, automated, and visible in real time, you stop leaking margin and start scaling with confidence.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The sooner you clean up your cash flow, the faster you can get back to what matters: running and growing your business.\u2014it\u2019s about being intentional.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Systems that worked when you were small might now be holding you back.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial clarity and control help you scale faster\u2014and with less stress.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to See What Clean Cash Flow Looks Like in Action?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Watch our free webinar ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://join.relayfi.com/webinars/scaling-beyond-1m-spring-cleaning?utm_source=blog&utm_medium=stop-leaking-profit"},"content":[{"nodeType":"text","value":"Cash Flow Cleaning for 7-Figure Businesses","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":", to hear how one founder went from $200K in debt to $100K in profit with a cleaner, smarter financial setup.\\n","marks":[],"data":{}}]}]},"readingTime":3,"author":{"name":"Taylor Caldwell","jobTitle":null,"company":null,"slug":"taylor-caldwell","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/3irta7S17H9JMzDrBC60GH/5c3f0b3701fb84f01f783858a41b11df/TCL16PP9B-U0776GREEEA-4717deba3c4d-512.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1747422292243,"customDate":1747422292243,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-we-20xd-so-far-our-deploys-to-production","title":"How We 20x\u2019d (so far) Our Deploys To Production","description":"We transformed our engineering workflow by embracing trunk-based development, automation, and feature flags\u2014unlocking a 20x boost in deployment speed without compromising safety or control. This shift empowered our team to ship faster, innovate quicker, and build with confidence.","metaTitle":"How We 20x\u2019d (so far) Our Deploys To Production","metaDescription":"We overhauled our engineering practices by implementing trunk-based development, automated deployments, and feature flags to dramatically increase deployment frequency while maintaining safety and flexibility.","popular":false,"category":"Life at Relay","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/JXB5RzWk0jhzyzTIbA44g/778a6ac5ed461c60784f5b4e361fef01/Blog_Post_Header-NAIM__1_.png","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"There was a time at Relay when shipping to production used to be a deliberate and time-consuming process. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\u2019d deploy 5\u20137 times a week, carefully coordinating across teams, resolving merge conflicts, and waiting for QA to give the green light. While it worked, there was plenty of room to make it faster, smoother, and less stressful. Today, we\u2019re shipping over 100 times a week, a massive leap from our old pace. We\u2019re not bundling huge features; we\u2019re delivering small, independently shippable pieces that let us test, iterate, and learn without piling on risk. This transformation didn\u2019t happen overnight. It took a deliberate effort to accelerate our learning by changing how we work and levelling up our deployment machinery, making continuous delivery not just possible, but sustainable.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this article, we\u2019ll explore:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The mindset shift: ","nodeType":"text"},{"data":{},"marks":[],"value":"how we moved from big, risky releases to fast, iterative deployments.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The technical upgrades: ","nodeType":"text"},{"data":{},"marks":[],"value":"from automation to observability, the systems that power our speed.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"How this played out with a real release ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s dive in and share what we learned along the way.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Where we started: Just over 6 deployments per week before we transformed our process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4g4UdUe4LhnJq30mnBqBSl","type":"Asset","createdAt":"2025-05-15T14:54:04.939Z","updatedAt":"2025-05-15T14:54:04.939Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Naim Article 2","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4g4UdUe4LhnJq30mnBqBSl/b2fc3d84b64753379eb29e728b347016/Blog_Image.png","details":{"size":202886,"image":{"width":2400,"height":1350}},"fileName":"Blog Image.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"italic"}],"value":"(September 2024 \u2013 5 deployments per week)","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our current deployment frequency: Shipping at scale with over 95 deploys per week.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7h6XqBaDNpYLP5W6Zhdx8V","type":"Asset","createdAt":"2025-05-15T14:53:31.129Z","updatedAt":"2025-05-15T14:53:31.129Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Naim Article","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7h6XqBaDNpYLP5W6Zhdx8V/1b79ba7cda6e4c02df8e8bbdf79e0b1e/Blog_Image-1.png","details":{"size":205646,"image":{"width":2400,"height":1350}},"fileName":"Blog Image-1.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"italic"}],"value":"After (February 2025\u2013101 deployments per week)","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"The Mindset Shift - Changing How We Work: Smaller, Smarter, Faster","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"From \u201cBig Bang\u201d Releases to Vertical Slices","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Previously, we\u2019d batch features into massive, all-or-nothing releases. One bug could hold everything hostage, delaying launches and impacting multiple teams. Merge conflicts ran rampant, QA cycles dragged on, and by the time we shipped, we were already behind on our next milestone.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now, we work in small, independently deployable slices, each gated by a feature flag. This lets us merge to production early and often, reducing risk while increasing flexibility. This shift has led to shorter release cycles, fewer merge conflicts, and Faster, real-world feedback so we can validate through usage rather than assumptions.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This required a shift in how we collaborate. Engineers and PMs now focus on defining the smallest valuable slice, iterating rapidly instead of over-planning. Deployments are no longer treated as major events but as part of our daily engineering rhythm. Each engineer integrates code at least once every 24 hours, keeping everything in sync.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This isn\u2019t just a process change; it\u2019s a cultural shift. We think in deployable units, embrace iterative improvements, and trust that shipping frequently is actually safer than shipping rarely.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It could feel daunting for members of the team who were previously going through a longer cycle to one where they are shipping multiple times a day. As we continue to expand our test automation, the automated safety net for every deploy gets stronger and stronger. As each change hitting production is smaller in scope, the levels of risk ultimately fall. A small, well focused PR is much easier to review and get confidence that the change is safe to immediately deploy.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4fS2LNo7SziAyi2tIZ2Y3O","type":"Asset","createdAt":"2025-05-15T14:56:20.892Z","updatedAt":"2025-05-15T14:56:20.892Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Naim article 3","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4fS2LNo7SziAyi2tIZ2Y3O/d61476df6c13a8f74fcbf1a0bc0e265b/Blog_Image-3.png","details":{"size":171699,"image":{"width":2400,"height":800}},"fileName":"Blog Image-3.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"Before: large batch releases with hundreds of changes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"69fgMTJ4ZYvroEuvNn9QWt","type":"Asset","createdAt":"2025-05-15T14:57:00.896Z","updatedAt":"2025-05-15T14:57:00.896Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Naim article 4","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/69fgMTJ4ZYvroEuvNn9QWt/c08ddceab74d7fa66eb114caf84ae1c2/Blog_Image-2.png","details":{"size":285626,"image":{"width":2400,"height":800}},"fileName":"Blog Image-2.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"After: small, focused, and quickly merged.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"The Technical Upgrades - Enhancing Our Delivery Machinery","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. Trunk-Based Development, the PR template, and the Merge Queue","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We moved away from long-lived feature branches to a trunk-based model, merging small changes into the trunk branch early and often. Each PR follows a standardize template acting like a checklist that ensures we cover all the essentials: the type of change, what changed, why it matters, how it was tested. Then spins up an ephemeral preview environment, a sandbox for quick QA and smoke tests. Once validated, the PR heads to our Merge Queue, which acts like a traffic controller where only changes that pass automated checks get merged, ensuring our trunk stays stable and release-ready.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Fully Automated Deployments","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once a PR is merged, our pipeline does the heavy lifting:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Builds a fresh container image.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Runs all tests in parallel to confirm nothing\u2019s broken.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Rolls Out the updated pods to our Kubernetes cluster if everything looks good.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. Feature Flags","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"When we need to ship a feature before it\u2019s entirely ready, or gradually release it to a fraction of your user base. That\u2019s where feature flags shine. We deploy code in a dormant state and flip the switch only when we\u2019re confident. If there\u2019s a hiccup, we flip it right back off without the need to block or roll back the entire release.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. Post-Deployment Monitoring & Observability","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Shipping faster means spotting issues faster. Our observability stack includes real-time dashboards for performance metrics, error rates, and more. We also use automated alerts to instantly notify the right teams in Slack, often before customers notice any hiccup. This setup ensures we maintain our speed without sacrificing reliability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Streamlined Database Migration Process","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Databases can be a sticking point in continuous delivery, so we overhauled our migration process. By automating each step and ensuring backward compatibility, we can release schema updates independently of application changes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"Changes in Action","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The team applied these new ways of working while building out a more comprehensive spend management product for our users. A key factor in the smooth GA release was the team\u2019s shift towards shipping smaller, more frequent changes, which was enabled by a stronger trunk-based development approach. Because we weren\u2019t blocked by staging freezes, we could continuously merge and deploy updates, reducing bottlenecks and enable to iterate quickly. Standardizing ticket descriptions improved clarity, and stronger alignment between engineering and product meant we had a clear understanding of what we were shipping and when. This kept momentum and morale high. Rather than working towards a single, large release, we made steady progress with multiple, well-defined milestones.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Another important aspect was keeping the scope in check. With a stable goalpost, the team could stay focused and systematically review remaining work every day. A bug bash in the end also played a big role in raising confidence and reducing risk ahead of GA, and having embedded QA helped accelerate testing while maintaining quality. Altogether, these practices made our release process more predictable and efficient. All on the shoulders of our drive to accelerate learning.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"Key Takeaways","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"This wasn\u2019t about going fast just for the sake of it. We focused on real impact, measuring DORA metrics to track improvements and continuously refine our approach.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"More than anything, this was about learning faster. By deploying in small, safe increments and automating everything we could, we gave ourselves the freedom to experiment, gather feedback, and improve.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We didn\u2019t flip a switch overnight. Just like we aimed to ship faster and learn from users, we took the same approach internally. Starting small, gathering feedback, and refining as we went.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Along the way, we had some challenges, as well as some existing support pushing us forward:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Our CI/CD pipeline wasn\u2019t built for this pace. \\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Fix: ","nodeType":"text"},{"data":{},"marks":[],"value":"We optimized builds, parallelized tests, and introduced a merge queue.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Some team members were worried that daily deploys would be risky.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Fix: ","nodeType":"text"},{"data":{},"marks":[],"value":"We shared data, ran training sessions, and gradually rolled it out.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"More deployments meant faster failures.\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Fix: ","nodeType":"text"},{"data":{},"marks":[],"value":"We improved observability with real-time alerts and log aggregation.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"We had an existing set of automated tests which we could rely upon as a safety net, but we also ensured each team had a dedicated QA team member, as we also increased our automated safety net.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Each step made the next one easier. Now, shipping daily feels normal and safer than waiting weeks. We\u2019re always improving, and looking to implement deeper automation and smarter observability to make deployments even smoother.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As we continue to refine and iterate, we expect within a few months that we\u2019ll be shipping well over 200 times per week, with safety.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If this sounds like the kind of engineering culture you want to be part of, ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/careers"},"content":[{"data":{},"marks":[],"value":"come join us","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":5,"author":{"name":"Naim Sakaamini","jobTitle":"Engineering Manager","company":"Relay","slug":"naim-sakaamini","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/3mtHsImROhtwcsDUfeBE1f/30b21eb9558b3dbc04e290d851e5a91f/Naim_Sakaamini_1140__1_.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1747409121288,"customDate":1747409121288,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"relays-new-pricing-plans","title":"Relay\u2019s new plans bundle banking & software for every stage of the cash flow journey","description":"From your first dollar to your first million, Relay\u2019s new plans give you the right banking and software solutions to get from break even to sustainable profit. ","metaTitle":"Relay\u2019s new plans bundle banking & software for every stage of the cash flow journey","metaDescription":"From your first dollar to your first million, Relay\u2019s new plans give you the right banking and software solutions to get from break even to sustainable profit. ","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6jTL2VEDLQeFTTPx4BZyNz/080634072cf9aaf013d084b095669d8e/Blog_Post_Header_2__1_.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"From your first dollar to your first million, Relay\u2019s new plans give you the right banking and software solutions to get from break even to sustainable profit. Bring all your financial workflows into Relay\u2014including expense management, bill payments, invoicing, and more\u2014for an all-in-one money management solution that gets you off the cash flow tightrope for good.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Relay is a financial technology company and is not a bank. Banking services provided by Thread Bank","nodeType":"text"},{"data":{},"marks":[],"value":"\xb2","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":". Member FDIC.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Today, we\'re launching new plans and pricing that are designed for each stage of your cash flow journey, along with exciting accounts payable features to create, approve, categorize, and pay your bills.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Core banking services at Relay will remain the same; however, our new plans deliver powerful financial software that grows with your business\u2014helping you gain clarity, control, and ultimately, greater profitability.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"At Relay, we set out to solve a fundamental problem: traditional banking isn\u2019t always built for small businesses and may not help them stay on the money.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But as we\'ve grown alongside our customers, we\'ve learned that banking alone isn\'t enough. The real challenge for small business owners goes beyond a place to store and organize cash\u2014it\'s managing the constant flow of funds in and out while trying to build sustainable profit.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s why we\'re evolving from a banking platform to an all-in-one money management platform that eliminates the need for multiple disconnected tools and all their expensive individual fees.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our new plans reflect this evolution, bundling the right banking, financial software, perks, and partnerships for each stage of your cash flow journey. Introducing:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The Starter plan ","nodeType":"text"},{"data":{},"marks":[],"value":"for a banking solution with no monthly fees, and core financial workflows","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Perfect for: ","nodeType":"text"},{"data":{},"marks":[],"value":"Solopreneurs and new business owners","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Who care about:","nodeType":"text"},{"data":{},"marks":[],"value":" Building a great foundation for cash flow clarity and breaking even","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Includes:","nodeType":"text"},{"data":{},"marks":[],"value":" Multiple checking and savings accounts, cards, receipt and expense management, payment processing, and accounting integrations","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The Grow plan ","nodeType":"text"},{"data":{},"marks":[],"value":"for advanced financial workflows and customization\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Perfect for: ","nodeType":"text"},{"data":{},"marks":[],"value":"Growing businesses with small teams\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Who care about: ","nodeType":"text"},{"data":{},"marks":[],"value":"Achieving consistent profit, without losing control of team spending","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Includes: ","nodeType":"text"},{"data":{},"marks":[],"value":"Everything in Starter, plus advanced features to manage every detail of your cash flow, including approval workflows, split line-item categorization, and customizable bookkeeping rules","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"And: ","nodeType":"text"},{"data":{},"marks":[],"value":"Better APY, cash back, and reduced fees on incoming and outgoing payments ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The Scale plan ","nodeType":"text"},{"data":{},"marks":[],"value":"for more automation and financial insights","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Perfect for: ","nodeType":"text"},{"data":{},"marks":[],"value":"Bigger teams with six figures in annual revenue\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Who care about: ","nodeType":"text"},{"data":{},"marks":[],"value":"Hitting peak profit by maximizing margins and improving financial decision-making","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Includes: ","nodeType":"text"},{"data":{},"marks":[],"value":"Everything in Grow, plus AI-powered automation, dashboards, and real-time insights\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"And: ","nodeType":"text"},{"data":{},"marks":[],"value":"The best APY, cash back, and payment fees we offer, exclusive partnership perks, and skip-the-line support\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\u2019re excited to share these new features, which represent our ongoing commitment to supporting small businesses throughout their profit journey. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3F2LYD1pVU68WIBvR9ccFB/4df261ad555db9dcf87c5137e30c43d9/Fees_Table__3_.png","details":{"size":79523,"image":{"width":1200,"height":578}},"fileName":"Fees Table (3).png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"FAQs\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"When will these changes take effect?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"For new customers: The new plans will be available starting April 29, 2025.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"For existing Standard users: You will be migrated to the Starter plan on May 30, 2025.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"For existing Pro users: You will be migrated to the Grow plan on June 30, 2025.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\u2019ll migrate you automatically on the appropriate date, but you can choose to opt-in earlier if you prefer.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Will I lose any software I currently use?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"No. We\'ve designed the new plans to ensure all existing customers maintain access to the software features they currently rely on. In fact, you\'ll gain access to several new capabilities with the transition.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Can I switch between plans after the transition?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Absolutely. You can upgrade or downgrade your plan at any time through your account settings.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How do the new plans compare to Relay\'s current offerings?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The Starter plan replaces our current Standard plan with additional features.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The Grow plan enhances our current Pro plan with new capabilities for growing businesses.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The Scale plan is brand new, designed specifically for businesses with $1M+ in revenue that need more advanced features.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Will this change my monthly cost?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you\'re currently on our Standard plan, you\'ll move to the Starter plan which remains a $0/monthly subscription fee","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you\'re currently on our Pro plan, you\'ll move to the Grow plan at the same monthly rate.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you currently have an active discount, it will remain the same.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"While your monthly subscription cost remains the same, there will be some adjustments to per-transaction fees for certain payment types. For example, same-day ACH and wire transfers will have updated pricing in the new plan structure. We\'ve carefully balanced these changes by adding new value through enhanced features and perks that can help offset these adjustments for most customers.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For a detailed comparison of the specific transaction fees, please visit our","nodeType":"text"},{"data":{"uri":"https://relayfi.com/pricing"},"content":[{"data":{},"marks":[],"value":" ","nodeType":"text"},{"data":{},"marks":[{"type":"underline"}],"value":"pricing page","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" where you can see exactly how each payment type is priced across plans.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"What if I need help deciding which plan is right for my business?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/contact"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"support team","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is available to provide personalized guidance about which plan best fits your business needs. They can walk you through specific features, answer questions about the transition, and help you make the right choice for your situation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Where can I learn more about the new features?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\'ve created comprehensive documentation that explains every aspect of the new plans and feature set. 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Whether you\'re just starting out, actively expanding, or optimizing an established operation, we\'ve designed a solution that fits your specific needs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The journey of building a business is filled with challenges and triumphs. Through it all, your banking shouldn\'t be another hurdle\u2014it should be a powerful ally that gives you clarity, control, and confidence. That\'s what Relay is committed to delivering.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started with Relay? 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Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5NOELHkDpY02ccKBO0lFD/3e01e1bca4d6914265b20ae8a42be7d4/header-1.jpeg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'ve recently searched Relay online, you might have noticed some negative reviews. I want to clear the air.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since founding Relay in 2018, our mission has been to enable anyone to build a profitable small business. That mission holds true today, and it informs everything we do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bad reviews of Relay that I\'ve seen often talk about account freezes, requests for additional documents, or challenges with our customer support. User experiences like this are antithetical to our mission, and I can understand how these reviews could make you uncertain about choosing Relay as your banking platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I\u2019d like to address these reviews head-on, and share some first-ever key datapoints to be completely transparent about these online critiques and why they come up.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In almost all cases, these reviews come from experiences relating to our account protection and fraud prevention measures. Some things I\u2019d like to point out:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most negative reviews are sparked by our fraud prevention measures, which exist to protect our users, and are required of all financial institutions by U.S. law.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When we detect fraud signals, we immediately reach out to the affected business owner to get the details we need to clear the case. We also have a direct phone line for impacted users to contact us directly and speak to a real person (1-888-205-9304).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, users navigating these moments represent a very small fraction of our customers; fewer than one percent of all transactions on Relay ever receive a request for information as part of our fraud prevention measures.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re giving you the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/safety-and-security"},"content":[{"nodeType":"text","value":"full, clear and data-backed picture","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" of our account protection and fraud prevention because you deserve to understand the actions of your banking provider and feel confident in your business banking.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Behind these reviews, there\u2019s a deeper story to tell. It\u2019s one that\u2014up until now\u2014Relay hasn\u2019t done a great job of explaining. That\u2019s on us. So, I understand why some folks are frustrated and skeptical. When it comes to your business, you\u2019re smart to be cautious in the face of uncertainty. I would be too. Today, I\u2019m going to clear this up.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s one thing for me to say, \u201cRegulatory compliance is important to Relay!\u201d And while that\u2019s true\u2014and it\u2019s something ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/sites/jeffkauflin/2024/09/30/after-synapse-disaster-stripe-block-and-other-fintech-heavyweights-join-new-compliance-coalition/"},"content":[{"nodeType":"text","value":"we\u2019ve always been vocal about","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\u2014it means way more if I actually show you the data behind our account protection and fraud prevention steps.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Diving into the bad reviews","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, Relay\u2019s online reviews are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ca.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"some of the best","marks":[{"type":"underline"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"text","value":"in business banking. This is something we\u2019ve worked hard to achieve.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even still, like any platform, we also receive negative reviews by a small number of frustrated users. Several of these reviews even accuse Relay of \u201cscamming\u201d or \u201cscrewing over\u201d small businesses, withholding customer funds for no reason, and even ghosting users. It sucks to read reviews like this because they\u2019re opposite of what Relay stands for: we enable small businesses to grow. While these review claims are untrue, I understand where their frustration comes from.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These are the most common situations that lead to the bad reviews:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. Requests for more information or documents","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to process a transaction or open an account","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This review could look like: \u201cI wired money into my Relay account and then wired a portion to my business partner. Relay flagged BOTH wires!\u201d","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Account freezes or closures ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"resulting from a review by our Compliance Team","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This review could look like: \u201cRelay froze my account until I sent them information to prove my business was real!\u201d","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Customer support ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"to help customers navigate these moments","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This review could look like: \u201cRelay\'s customer service is unhelpful and slow to respond!\u201d","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the spirit of transparency, I\u2019ll go through each of these to clarify our approach, why we take it, and how it helps our users.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why does Relay ask for additional verification documents?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We take steps to verify our users (e.g. requesting additional documents or details) to comply with the federal ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.occ.treas.gov/topics/supervision-and-examination/bsa/index-bsa.html"},"content":[{"nodeType":"text","value":"Bank Secrecy Act (BSA)","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a law requiring financial institutions (including Relay) to uphold strict reporting so that the federal government can detect and prevent money laundering. It requires financial institutions to verify that their customers are who they say they are; this is called the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fdic.gov/news/financial-institution-letters/2024/fil24015.html"},"content":[{"nodeType":"text","value":"Customer Identification Program","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For a brick and mortar bank branch, a customer walks into the bank, hands over their photo ID, and the teller can verify them by looking at them. At Relay, we do this digitally. When new customers sign up, we request information during the application process to verify their identity before their account is approved. This includes:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Personal information (e.g. name, date of birth and contact details)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business information (e.g. business address, size and ownership details)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ID verification data (e.g. government-issued ID, Social Security Number and Employer Identification Number)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could sound like several steps. To put it into perspective, ","marks":[],"data":{}},{"nodeType":"text","value":"92% of all complete account applications submitted to Relay are approved.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"50eDWC7n6pBxupz7DfU5RO","type":"Asset","createdAt":"2025-03-18T14:48:27.929Z","updatedAt":"2025-03-18T14:48:27.929Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"relay account approval rate","description":"92% of applications are approved","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/50eDWC7n6pBxupz7DfU5RO/d73143dff18d828bec2360decffba537/stat-1.jpg","details":{"size":446268,"image":{"width":3200,"height":1400}},"fileName":"stat-1.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We only approve applications that include the necessary information requested so that we can verify them and confirm they are non-fraudulent. The takeaway here is that legitimate businesses considering Relay have nothing to worry about.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Will Relay freeze my account?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another topic I\u2019ve seen in online reviews is Relay freezing or closing accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To be clear, Relay will not close an account without first warning the account holder or requesting more information. The idea that we shut off access without warning is not accurate.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the steps that come before an account freeze, which is our last resort:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monitoring for fraud signals: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay\u2019s always-on fraud detection monitors for signals of illegitimate activity on our platform. ","marks":[],"data":{}},{"nodeType":"text","value":"When we pick up on fraud signals, we act immediately","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Issuing an RFI: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Next we put out a Request for Information (RFI). This is an industry-wide protocol whereby a financial institution asks for more transaction details to verify its legitimacy. RFIs protect consumers from fraud by giving them the chance to validate legitimate transactions, or dispute fraudulent ones.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"RFIs at Relay: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"RFIs at Relay are issued via email. 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","marks":[],"data":{}},{"nodeType":"text","value":"Under no circumstances will Relay keep the outstanding balance of a closed account.","marks":[{"type":"underline"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"RFIs exist to protect you, your money and your Relay account. 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It has sharpened our fraud detection accuracy, and enabled faster turnaround times to investigate and clear non-fraudulent cases.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Trust is everything","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I can\u2019t promise Relay will never make mistakes when it comes to fraud detection; no banking provider can honestly say this. The truth is that risk prevention isn\u2019t black and white. No one gets it right 100% of the time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What I can promise is that Relay will bring transparency to this process. 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Learn how non-residents can legally form a US LLC, open a business bank account, and access the American market\u2014without needing a US address or citizenship.","metaTitle":"How to Incorporate a US LLC as a Non-Resident","metaDescription":"Thinking of starting a US business from abroad? Learn how non-residents can legally form a US LLC, open a business bank account, and access the American market\u2014without needing a US address or citizenship.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2K5u3MzwmM9UQBmyRIHjZe/06f0f4d1ace55fac96881faf3e1f51cb/Relay_Updates_Blog_Header_-_How_to_Split_Profits_in_a_Small_Business_Partnership.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Setting up a US LLC offers many benefits, especially for international entrepreneurs. It gives you access to the US market, financial services, payment providers, and banking options. This makes doing business in the US much easier.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One common misconception is that US citizenship or residency is required to form an LLC. However, non-residents, called non-resident aliens by the IRS, can set up an LLC too without needing a Green Card or a US residential address.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re thinking about opening a US LLC, make sure you understand the rules, steps, and ongoing tax and legal requirements. 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It gives you credibility, and opens the door for your business to have customers in one of the world\u2019s largest economies.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"However, an LLC might not always be the best fit. If you want to attract venture capital or angel investors, a C Corporation might be a better choice. As such, seek professional assistance when considering what might be the most suitable business structure depending on your goals.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Choosing the right state to register your US LLC as a non-resident","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Picking the right state to register your US LLC matters, especially when you\u2019re a non-resident. You can choose any state, but some offer better perks than others.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most non-residents look for ease of set up, low setup costs, low or no state taxes, and minimal ongoing reporting requirements. Wyoming is a top pick because of its low taxes, affordable upkeep, privacy protections, and business-friendly laws. Nevada and Delaware are also popular among international entrepreneurs who value privacy protections.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Sometimes, a specific state makes sense for your LLC. If you already own property, have an office, or do business there, or have other significant ties, it can make sense to register in that state. In partnership with an advisor, always weigh your options based on your unique situation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to form a US LLC","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Setting up an LLC in the US isn\u2019t difficult. Though steps can vary by state, here\u2019s a general guide:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Choose a Registered Agent: ","nodeType":"text"},{"data":{},"marks":[],"value":"A registered agent is a third-party responsible for receiving official legal documents on behalf of your LLC. This agent must be based in the same state where your LLC is registered. If you are not a resident of the state where your LLC is incorporated, you\u2019ll need to hire a registered agent service to meet this requirement. The registered agent\u2019s address can also be used as the business address.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"File Articles of Organization: ","nodeType":"text"},{"data":{},"marks":[],"value":"When you form an LLC, the state will create a document known as the LLC\u2019s Articles of Organization. This contains the company details - the company name and address, the founding date, and the registered agent details. When forming an LLC, you or the registered agent will need to fill out a form providing this information.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Get Licenses and Permits: ","nodeType":"text"},{"data":{},"marks":[],"value":"Depending on your business and the state, you may need certain licenses or permits. For example, New York requires LLCs to publish a formation notice in local newspapers. You will also need to file annual reports and renew your registered agent service to keep your LLC in good standing.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Get an EIN (Employer Identification Number): ","nodeType":"text"},{"data":{},"marks":[],"value":"An EIN acts as your LLC\u2019s tax ID. You\u2019ll need it to open a business bank account, file taxes, and hire employees. To apply, provide your business name, a US address, and details about your activities. It\u2019s also wise to have backup names ready in case your first choice is taken. You\u2019ll also need to provide information about the LLC\u2019s responsible party.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Opening a US bank account","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"A US bank account is a major benefit and incentive for non-residents starting a US LLC, as it facilitates and simplifies payment processing from US sales and clients. It also separates your business and personal finances, protecting your LLC\u2019s liability, as well as simplifying your company tax filing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That said, opening a US bank account as a non-resident can be a complex process. Traditional banks may require you to visit the US in person to complete the process, which may not be convenient or possible if you live overseas. 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Create a payment request","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Click the ","marks":[],"data":{}},{"nodeType":"text","value":"Request a payment button","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and enter your customer\u2019s contact info, amount owed, and due date. Attach an invoice and add a message if needed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Choose payment methods","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Offer your customers the option of ACH, wire, credit card, debit card, or all of the above","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Send it your way","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay can send an email for you. 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They must then open their bank\u2019s website or app, and manually initiate the ACH or wire payment. This transaction happens outside Relay. It allows you to avoid fees, while still centralizing and tracking all your payments in one place\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to Relay business:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" $0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost to paying customer:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Determined by sender\u2019s bank","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimated settlement time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Determined by sender\u2019s bank","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What\u2019s next: Invoicing in Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payment Requests are just the beginning. 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Relay gave them the tools they needed to keep up.","metaTitle":"How Relay\'s unparalleled delivery on cash clarity helps Dance Motion marketing play a bigger game","metaDescription":"When their pandemic project took off, the team behind Dance Motion Marketing found themselves unequipped to deal with their sudden success. Relay gave them the tools they needed to keep up.","popular":false,"category":"Case Study","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3mkQyFZEZGwy5Nvq6fjtR1/1b8eaed2075cb2d31a8f3cb2fedd0106/Dance_Motion_Case_Study.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When what started as a pandemic project quickly took off, the team behind\xa0 Dance Motion Marketing found themselves unequipped to manage the financial demands of their sudden success. Bryce Conlan and Kristian Altuve needed banking tools that would help them keep up.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bryce Conlan is one half of the founding team behind Dance Motion Marketing. The multi-service firm produces promotional content for dance studios, and offers strategic coaching and digital tools to help their clients pursue business leads. Bryce and his business partner, Kristian Altuve, come from the film production world\u2014neither one of them are dancers. But when the pandemic hit and film production came to a halt, the pair wanted to keep busy and direct their energy and skills towards a temporary enterprise.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2QNR5GH56oqcsdMfHIyIeu","type":"Asset","createdAt":"2024-08-13T19:34:41.300Z","updatedAt":"2024-08-13T19:34:41.300Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Case Study - Dance Motion Marketing - Business Info","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2QNR5GH56oqcsdMfHIyIeu/03873c839e66e626457ca7643c7b29bd/Header_Image__2_.jpg","details":{"size":767034,"image":{"width":3840,"height":2160}},"fileName":"Header Image (2).jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Altuve had worked with dance studios in the past, and recognized a potential opportunity to support them in their marketing efforts. \u201cWe took on a 90-day project just to test the market, to see if there was something there,\u201d recalls Bryce. \u201cThere was. By the end of that 90 days, we committed to actually building a business and taking it as far as it would go while we waited to get back to our video production. By the time we could start shooting again, neither one of us really wanted to.\u201d ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Wanted: a partner in Profit First","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Early on, the two co-founders developed an affinity for their dance studio clients and a drive to help them succeed. \u201cAs small business owners ourselves, we know what it\'s like to struggle. We know what it\'s like to have a to-do list that has more things on it than there are hours in the day,\u201d Bryce says. \u201cWe\'re pretty particular about who we work with and we have a different business philosophy than I think a lot of people do, which is to just show up and make money. That\'s just not how we\'re playing the game. We\'re looking for partners.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The partnership that ","marks":[],"data":{}},{"nodeType":"text","value":"wasn\u2019t","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" working for them was the one they had with their bank. With all of their income and expenses flowing through a single business account, cash flow issues began to creep into their lives. \u201cWe had a couple of bad months, truthfully, where revenue dipped and expenses went up, and we didn\'t catch it because we just weren\'t looking at our numbers closely enough,\u201d Bryce says. \u201cWe\u2019d miss bills all the time. A commitment shows up, or someone delivers on a project that you signed a contract on five months ago and you forgot about it\u2014that bill comes due and you\'re like, \u2018We don\'t have that, we didn\'t plan for that, we lost sight of it.\u2019\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In search of a solution to their cash flow crunch woes, Bryce decided to implement ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"the Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\u2014but quickly found that his bank was the biggest roadblock. \u201cIt was such a pain to set up multiple accounts. We just started to do it ourselves and manually track all this crap, which is a massive headache. That\'s really where we failed to implement it, initially.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Banking with a can-do attitude","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding a straightforward banking system that offered clarity, while keeping his business a step ahead of financial obligations, began to seem impossible. Then Bryce discovered Relay. \u201cI don\'t think anything really seemed possible before Relay. And that\'s not hyperbole. Truthfully, we always felt like we were coming up short when we were using a different bank. When cash was all going into one cash pool, we\'d get to the end of the month and go, \u2018There\'s just not enough.\u2019 And it didn\'t matter how careful we were with our spending, or how diligent we were with our budget. It always just got spent.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s multiple free checking accounts make it easy to set up the Profit First method, and easily allocate funds for different purposes. \u201cWith Relay it was really easy to say, \u2018Okay, I understand that we need money for this, but you can\'t take it from that account.\u2019 In a very real way, it made us more nimble, more agile, more creative. A lot of outside the box solutions started coming to the surface because cash was now earmarked and it was off limits. Everybody on our team could see it very clearly.\u201d","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"[Relay] made us more nimble, more agile, more creative. A lot of outside the box solutions started coming to the surface, because cash was now earmarked and it was off limits. Everybody on our team could see it very clearly.\\" - Bryce Conlan","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That kind of clarity and transparency, says Bryce, is crucial to building trust in a business relationship\u2014something that he and Kristian struggled with during their early days of working together. \u201cWhen you\'re building a business, trust is paramount,\u201d he says. \u201cHad we had Relay back in those early days, we both would have had access, we both would have had logins\u2026 and it would have just created a lot more ease and trust in how we built the business.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Playing the pro game","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bryce says that he and Kristian felt the impact of using Relay at the end of their very first month on the platform. \u201cFeeling a sense of peace and relief for the first time in my entrepreneurial life was huge.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since then, Dance Motion Marketing\u2019s profits have been consistently on an upward trend. \u201cNot only that,\u201d adds Bryce, \u201cour ability to hire and scale has been clear. That has allowed us to hire a couple of additional people who have been super helpful and we\'ve been able to take on some expenses that, truthfully, we should have taken on earlier, but we just didn\'t because we were scared that we didn\'t have the cash flow for it. I just feel like we\'re playing more of a pro game than we were before.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Switching to Relay has allowed the firm to open and close accounts as needed, earmark funds and set them aside, and begin to make plans for big moves in the future. Setting money aside today is creating an opportunity for Bryce and his team to hire more staff, employ freelancers and consultants, and engage with coaches who will support the business\u2019s future growth. What Bryce means when he says that the firm was able to play a pro game is that they\u2019re able to predict their next move and imagine a bigger future.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6rB1FxdhG4sCeMCsDXHOqH","type":"Asset","createdAt":"2024-08-13T19:33:55.261Z","updatedAt":"2024-08-13T19:33:55.261Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Case Study - Dance Motion Marketing - Pull Quote","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6rB1FxdhG4sCeMCsDXHOqH/0c082657cd6ae45dfd798f83a86d2a8a/Header_Image__3_.jpg","details":{"size":1391807,"image":{"width":3840,"height":2160}},"fileName":"Header Image (3).jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe were actually able to look down the line in a way that we hadn\'t been able to in the past,\u201d he explains. \u201cWe were able to get into the arena where we could almost see around corners, where it\'s like, \u2018Cool, we know this is going to be a problem in six months\' time, let\'s start putting cash aside and planning for it today,\u2019 in a way that we were never able to do when we were just using one bank account and a spreadsheet. That money always got spent, but pulling it out and pushing it to the side allowed us to really start playing the game like a big corporate business.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Simple, better business banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWorking with Relay has been a game changer for us, because we have visibility into where we are and where we need to be,\u201d says Bryce. \u201cIt makes it so simple to manage finances. One of the biggest challenges that I\'ve had is actually keeping tabs on my finances, because it\'s scary and I don\'t want to look at it. The way that Relay lays everything out is unbelievably simple. Just log in and at a glance, you understand the health of individual accounts and the overall health of the business. It\'s my absolutely favorite part of banking with Relay.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s the ease of opening new accounts or the availability of ultra-detailed banking data, Relay is designed from the ground up to serve the needs of small businesses with big goals. The platform is purpose-built with small business needs in mind: like saving time, skipping bank branch lines, and taking the headache out of end-of-month bookkeeping. From receipt capture tools to team spending that always stays under your control, Relay offers features that truly support the small business owner\u2014and helps drive their success.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI tell everybody I meet who\'s in business, \u2018You\'ve got to be doing this.\u2019 I\u2019ve run my own shop since I was 17 years old. Running my own businesses has always been a struggle. Switching to Relay and incorporating Profit First was the easiest decision I ever made\u2014and one of the best,\u201d says Bryce.\u201cIf you\'re an entrepreneur and you really want to build your business, you need to be partnering with Relay.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re here to help you keep your business on the money. With a Relay account you have:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 20 free checking accounts, with no hidden account fee or minimum balance requirements\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Auto-transfer rules for Profit First allocations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Free check payments, mobile check deposits, ACH, and wires","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to open an account online in just 10 minutes\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safe and secure banking without having to visit a physical branch\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seamless accounting software integrations with Xero and QuickBooks Online","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And SO much more\u2026\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time to see what banking that supports small business entrepreneurs looks like. In just ten minutes you can sign up for your own free business banking account with Relay. Click ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and get started today.\xa0","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Corrina Allen","jobTitle":"Technology and Finance Writer","company":null,"slug":"corrina-allen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/cJdBfUlDYhdpJwqLobxK1/f73fe261795448624f507c93149dc7ce/Corrina_Allen_-_Round.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1740672884227,"customDate":1740672884227,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"relay-expense-management","title":"Tame your expenses with Relay","description":"Ultra-detailed, yet super speedy. With Expense Management in Relay, you\u2019ll tame the receipt chaos and unleash the fastest month-end reconciliation ever. ","metaTitle":"Expense management in Relay | Everything you need to know","metaDescription":"Meet Relay\u2019s improved expense management feature, helping business owners, accountants, and bookkeepers track every expense and get through monthly reconciliation up to 10x faster. ","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2zebsaabD5pR68fC31DEV9/ceacc0dfed74cf4c2baead722346e6fe/cat-expenses-tamed.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you own a small business, banking and expense management go hand-in-hand, because you need to know exactly where your hard-earned cash is going. If your bank and expense tools aren\u2019t connected, your month-end turns into a scavenger hunt: chasing receipts, categorizing expenses, and trying to piece together where your team spent money and why.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a business owner, your checklist at the end of the month can seem never ending:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f Gather all your statements, payments, and receipts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b1c Ask Sarah and Cam to submit their missing receipts ","marks":[],"data":{}},{"nodeType":"text","value":"again","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b1c Figure out what that weird charge on your card was actually for","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b1c Answer all your bookkeeper\u2019s questions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What if your banking platform could handle all of this\u2014so you never have to chase down receipts or manually categorize expenses again?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Expense Management in Relay, your bank account isn\u2019t just where your money sits\u2014it\u2019s where your entire team\u2019s spending is:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 captured (and matched with a receipt)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 automatically categorized (by AI and your own custom rules)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 synced with your accounting software (Xero or Quickbooks Online).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All this comes together into a huge win for you (and your bookkeeper!). You both have to do ","marks":[],"data":{}},{"nodeType":"text","value":"less","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" admin and data-entry, and yet you get meticulously detailed, audit-ready, and crystal-clear financial records.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The magic starts with the ","marks":[],"data":{}},{"nodeType":"text","value":"Expenses ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"page in your Relay account.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1NhAshpu7yc81d3WpevF5Q","type":"Asset","createdAt":"2025-02-13T18:06:57.149Z","updatedAt":"2025-02-13T18:06:57.149Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"locale":"en-US"},"fields":{"title":"Expenses Table, Cat","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1NhAshpu7yc81d3WpevF5Q/94ffcbead126ce5692c1a5397b917488/Expenses_Table__Cat.png","details":{"size":866540,"image":{"width":1200,"height":674}},"fileName":"Expenses Table, Cat.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is where Relay pulls in every single expense across your business\u2014all card purchases and outgoing payments (including ACH, wires, and checks).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now you can make sure every cent is accounted for. Here\u2019s how:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay chases receipts\u2014so you don\u2019t have to","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\u2019s built-in receipt policy and reminders, you\u2019ll never have to worry about pinging your team to submit their receipts. \\n\\nWhenever an employee buys something on a Relay card that matches your receipt collection policy, they get an instant text or email reminder to submit the receipt.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For non-card transactions or digital invoices, you can forward receipts to your dedicated receipt email address. Relay automatically matches it to the correct transaction\u2014no manual work needed.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"missing receipts, even after all that? No problem. With a couple of clicks, you can bulk-send a friendly nudge about all outstanding receipts. Each cardholder will get nudged by Relay to submit each missing receipt.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve got all receipts in\u2014cue Relay\u2019s improved receipt inbox. Match receipts to transactions instantly. Filter and search with ease. And say \u201cno thanks, never again\u201d to that graveyard of crumpled paper at the bottom of your work bag.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3qUAol1YXVYENhrpiquFsP","type":"Asset","createdAt":"2025-02-13T20:55:22.301Z","updatedAt":"2025-02-13T20:55:22.301Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"locale":"en-US"},"fields":{"title":"Nudge","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3qUAol1YXVYENhrpiquFsP/0a2ac738ed38e34ee4c8d73121c21cac/Nudge.png","details":{"size":1025299,"image":{"width":1200,"height":674}},"fileName":"Nudge.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Scrupulously categorize your expenses down to every dollar and detail","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nWhen you first started your business, you were probably making most of the purchases yourself and you knew all the projects and vendors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, your business has grown and you\u2019ve got amazing team members who are trying to get their jobs done. You want to empower your team to do and spend what they need to, but you don\u2019t want to lose your insight into where the money\u2019s going.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you find yourself trying to make sense of expenses after the fact. Deciphering receipts. Trying to figure out how much was spent in which category this month. This lack of clarity makes it hard to make decisions about what\u2019s right for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\u2019s Expense Management, this complex process becomes something you can do in a few clicks on a single page, right within your banking platform.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it Works","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by integrating Xero or Quickbooks Online and importing your chart of accounts. Follow the guided set up process in your account. This usually takes under 10 minutes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now you\u2019re ready to review and reconcile your spending for the month:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All your transactions appear in the ","marks":[],"data":{}},{"nodeType":"text","value":"Expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" section of your Relay account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your team has already uploaded receipts, which have been matched to each transaction","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay AI will automatically detect and input the GL code for each transaction","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set up custom accounting rules to automate the rest of the categorization","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review your transactions. Most of the data-entry will already be done, but you can make nuanced changes, such as splitting up a single receipt into multiple categories ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hit the Sync button. Your expenses, now neatly categorized, will flow from Relay into your accounting software","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s how Relay helps you complete your month-end reconciliation in a fraction of the time. Ready to deep dive? Let\u2019s go!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Integrate your accounting software\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nRelay\u2019s two-way integration with QuickBooks Online and Xero means that you can import the accounting fields (think expense categories, vendors, and GL codes) that are relevant to your month-end reconciliation workflow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This allows you to categorize your expenses in Relay, where you\u2019ve already got all the context handy, and then sync with your accounting system. \\n\\nNo more switching back and forth between programs. Relay becomes the command center at the heart of your financial workflow. \\n\\nPlus this integration ensures your accounting books stay audit-ready at all times. With all transactions accurately categorized and up-to-date, you can confidently hand over your financial records when it\u2019s time for an audit, knowing everything is in order.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Split one receipt into multiple categories","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nBusiness spending isn\u2019t always neatly categorized. That $317.93 Target receipt? It could include a new monitor, lunch for the team, and office supplies\u2014all of which need to be categorized separately in your books.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"split transaction","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" feature, you can easily break down a single purchase into multiple expense categories. 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Using the Swift Network is more expensive, but it does have important benefits. 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","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You get detailed end-to-end tracking via a ","nodeType":"text"},{"data":{"uri":"https://support.relayfi.com/hc/en-us/articles/22090423811604-Downloading-an-MT103"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"MT103 report","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", which makes it perfect for sending larger transactions that you want to follow every step of the way","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Your payment, your choice","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"When sending an international wire in Relay, you\u2019ll now see the option to select ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Local Network","nodeType":"text"},{"data":{},"marks":[],"value":" or ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Swift Network\u2014","nodeType":"text"},{"data":{},"marks":[],"value":"along with helpful tips to guide your choice based on your cost, speed, and tracking preferences.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Both methods of sending international wires will get your funds where they need to go","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":". ","nodeType":"text"},{"data":{},"marks":[],"value":"Each of them has their pros and cons. \\n\\nNo matter which wire option you choose, Relay remains one of the most simple, transparently-priced, and competitive options for sending international payments. 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Learn more about MT103s ","nodeType":"text"},{"data":{"uri":"https://support.relayfi.com/hc/en-us/articles/22090423811604-Downloading-an-MT103"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Best for","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Faster and more affordable wires, perfect for small and frequent transactions.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Sending large wires that require detailed end-to-end tracking.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"}],"nodeType":"table"},{"data":{},"content":[{"data":{},"marks":[],"value":"There are also slight differences in the payment cutoff times and transaction limits for each wire type. Please visit the ","nodeType":"text"},{"data":{"uri":"https://support.relayfi.com/hc/en-us/articles/34365386691092-How-to-send-International-Wires-on-Relay"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Help Center","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" for a detailed breakdown by currency.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How currency conversion impacts your wire transfer","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a small business based in the U.S., you probably operate your business in US dollars. When sending money abroad, should you convert USD to the local currency?\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The choice is yours, and here\u2019s what you should consider:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you send your wire via the Local Network, you ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"must convert","nodeType":"text"},{"data":{},"marks":[],"value":" to your payee\u2019s local currency.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Whenever you choose to convert your currency within Relay\u2014whether sending via Swift Network or Local Network\u2014a currency conversion fee of 1% to 1.5% of the payment applies.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You\u2019ll be able to see this fee in your Relay account before you hit send. That way, you know exactly what you\u2019re paying and exactly how much your payee will receive.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you send your wire via the Swift Network, you can choose ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"whether or not","nodeType":"text"},{"data":{},"marks":[],"value":" to convert from USD to any currency (your payee\u2019s local currency or any other currency).\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you choose to keep your transaction in USD, you avoid paying currency conversion fees at the moment of sending, but you risk incurring surprise handling & exchange fees upon arrival. Your payee\u2019s receiving bank may charge additional fees for receiving USD. They may also charge exchange rates of up to 10% when converting USD to another currency.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nThese costs can add up quickly\u2014and banks don\u2019t always clearly explain how the fees are calculated. It can be hard to know how much money your payee will actually receive and, as the sender, the risk falls on you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The bottom line is: it\u2019s only a good idea to send USD to your payee if you have explicitly agreed upon it or if they have a USD account themselves. 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","nodeType":"text"},{"data":{},"marks":[],"value":"A solopreneur\u2019s bookkeeping needs are different from a national firm\u2019s needs. And a freelance bookkeeper may be perfect when your business is small, but they can\'t support you after you grow to a certain stage.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Consider a professional bookkeeper\u2019s expertise, flexibility, and growth opportunity ","nodeType":"text"},{"data":{},"marks":[],"value":"before hiring them. 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","metaTitle":"Accountant vs. Bookkeeper: Key Differences and When to Hire","metaDescription":"Confused about whether to hire an accountant or bookkeeper? Learn the key differences between bookkeeping and accounting, how each helps your business, and when to hire these financial experts for maximum impact.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5T2wfcMKtE4S0jn5WEu0q5/bd051b474448db2ba4dc78c86f0f2842/accountant_vs_bookkeeper_thumbnail.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants and bookkeepers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" are essential for helping small business owners manage business finances successfully. But it\u2019s hard to know who to call about what because of how accountants vs. bookkeepers overlap.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding these key differences will save you valuable time, money, and stress. You\u2019ll know exactly which expert to consult about payroll, financial reporting, forecasting, and everything in between. (You\u2019ll also avoid unnecessary expenses if you only need to talk with one of these number crunchers! \ud83d\udcb8)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, you\u2019ll learn the difference between accounting and bookkeeping, how certified public accountants and bookkeepers help you, and how to know when it\u2019s time to hire one or the other (or both!). ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What\u2019s the difference between accounting and bookkeeping?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounting and bookkeeping are essential parts of your business\u2019s financial management. They help you track expenses, process","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"payroll","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", reconcile bank statements, and file tax returns accurately (what\u2019s up, IRS? \ud83d\udc4b). Both functions boost your financial health and longevity. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why it\u2019s important to understand each field\u2019s key differences and unique role in your operations. Sure, you can track financial data yourself for a while, but eventually you\u2019ll scale such that your time is worth more than the cost of outsourcing tasks. Understanding accounting vs. bookkeeping will help you find and hire the right expert.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The role of bookkeeping in a business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping is your business\u2019s record-keeping process. \ud83d\udcd5This is where you\u2019ll dot every \u201ci\u201d and cross every \u201ct\u201d to ensure accurate daily financial records. 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This work lays the solid foundation you need to have a smooth, stress-free tax season.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The role of accounting in a business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If bookkeeping is the building of your financial data library, accounting is the deep dive into the stacks. It\'s where you draw conclusions, draft plans, and take the next best steps for your business based on the big picture. \ud83d\udcda","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping focuses on your business\'s day-to-day operations, while accounting is comprehensive and oriented toward decision-making. 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Bookkeepers track every tiny scrap of financial data you need to stay on track and organized. CPAs leverage this data to help you stay on top of tax-related tasks. They safeguard your business\'s financial health and provide the insights you need to grow.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Bookkeeper qualifications","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bookkeeper is the steward of your business\u2019s financial filing system. Since they\u2019ll be responsible for tracking every last decimal, you want someone who\u2019s meticulous. Attention to detail should be second nature. (Think Hermione Granger, but finance. \u2728) You shouldn\u2019t have to fact check the very person who\u2019s acting as your human encyclopedia!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Who you choose as your bookkeeper depends on your bookkeeping needs. Is your business new? Are you doing most of the bookkeeping yourself and trying to keep costs down while you grow? A high-level bookkeeper can answer your questions and double-check your work for accuracy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business is more established, you\'ll benefit from increased hands-on support. 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(Gone are the days of recording purchases in massive paper ledgers! \ud83d\udcdc)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clearly communicate answers to your questions and explain tricky concepts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offer the availability you need, whether that\'s year-round support or tax-season assistance.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaborate with accountants. This will ensure they know exactly what to prepare come tax season.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Accountant qualifications","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounting professionals are the masterminds who keep you on the IRS\'s good side and guide you through tax filing. They also give financial advice that informs strategic business decisions and usually have an accounting certification. Thoughtful, knowledgeable, and creative problem-solvers are great fits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just like with a bookkeeper, who you choose depends on your accounting needs. If your business is still in its early stages, you may only need tax preparation support and general tax advice. But as your business grows, you\u2019ll need to increase your interactions from annual to year-round.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business accounting needs increase, look for an accountant who has:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to run in-depth financial reports ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"(profit and loss reports, cash flow management, business financing, etc.). 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(Have they consistently helped small businesses save money and boost financial health? \ud83e\udd14)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Awareness of tax laws and regulations for your biz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That way you\u2019re prepared for tax planning, stay on the IRS\u2019s good side, and avoid potential fees and penalties.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Strong communication skills with regular availability","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". When you have a question, you probably don\u2019t want to wait weeks for an answer. Review an accountant\u2019s testimonials or references to see if they communicate promptly.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High comfort level with your preferred accounting software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you don\u2019t have specific software in mind, ask what your accountant prefers\u2014and why.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right temperament","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Are you a new business owner who is sometimes overwhelmed by the amount of tasks you carry? Someone who\u2019s patient and friendly may be the best fit for you. Alternatively, if you\'re experienced and move fast, an efficient and direct accountant might be your unicorn. \ud83e\udd84","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When to hire a bookkeeper vs. accountant","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you understand the difference between bookkeeping vs accounting and what each professional does, you may be wondering when to hire one (or both!). It all comes down to what you and your business needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business is new and you\'re keeping costs down, high-level support is all you need. You can track your daily transactions and financial information while your bookkeeper acts as a support resource. They\'ll answer questions, check your work, and provide monthly feedback to position you well for tax season. Your accountant will then guide you through tax filing and answer questions as-needed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\'re managing full-time equivalents (FTEs) and multiple income streams, it\'s time to bring on the experts. Delegate financial transaction recording and organizing to a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/when-to-hire-a-bookkeeper"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"part- or full-time bookkeeper","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". They\u2019ll keep you on track and record and calculate every detail. Similarly,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-an-accountant"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"your accountant","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" should conduct a regular financial analysis through reports and utilize more advanced tax strategies so your business can grow. \ud83d\udcc8Your accountant will also streamline your company\u2019s financial operations and reporting, saving you time and stress.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Tip","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some accounting firms also offer bookkeeping services. If you want one person to handle both functions, look for this type of professional.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounting and bookkeeping help with more than just surviving tax planning. They ensure your business\' financial health and set you up for sustainable success.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you team up with a bookkeeper and accountant, you\'re not only freeing up time and relieving stress. You\'re partnering with experts who will help you make confident decisions for your business, every day. \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to start your search? Check out Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"free accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to find the best-fit financial professionals near you.","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1734125697300,"customDate":1734125697300,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"financial-statements-llc","title":"What Important Financial Reports Should I Keep for My LLC?","description":"Discover the key, most important financials you should keep for your LLC, so you\u2019re prepared for tax season and beyond.","metaTitle":"What important financials should I keep for my LLC? ","metaDescription":"Discover the key, most important financials you should keep for your LLC, so you\u2019re prepared for tax season and beyond.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4EwPiEPk4cGQVfVUaRNVY2/857ee8a221cd57b463254d559e154ff1/financial_statements_llc.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If running a business was easy, everyone would do it. \ud83d\ude09Setting up and maintaining a successful company requires business savvy, management skills, and a firm understanding of your financial landscape. The last of these skills, effective bookkeeping, can make or break small businesses, including those with limited liability companies (LLCs).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this guide, we\u2019ll examine the why behind financial reporting for your LLC and discuss the types of financial statements you will encounter, best practices, common pitfalls, and additional advice for small business owners. \ud83c\udf89","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Key Financial Reports Every LLC Should Keep","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you currently have an LLC or are in the process of setting one up, familiarize yourself with the types of reports you\u2019ll need for your business:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Income Statement (Profit and Loss Statement)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Income statements, also known as Profit and Loss statements, are used to track your business revenue, expenses, and profitability over time. Your income statement is one of the first places you can go to identify common themes and financial trends for your business. Identifying these trends in your net income statement will inform your decision-making strategies and protect your bottom line. \ud83e\udd11","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Balance Sheet","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your business\u2019s balance sheet allows you to see your broader financial position and net worth, offering a big-picture view. Like individuals, the net worth of a business is not only determined by its revenue month-over-month or year-over-year but also by its other investments, debts, and depreciation. A balance sheet will display your LLC\u2019s assets, liabilities, and equity during a specific period. \u2696\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cash Flow Statement","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A cash flow statement is a detailed record of your LLC\u2019s cash inflow and outflow. According to a ","nodeType":"text"},{"data":{"uri":"https://www.mybluefield.org/post/why-small-business-fail"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"study","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" by Jessie Hagan with U.S. Bank, 82% of businesses fail due to poor cash flow management.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Understanding your business\u2019s cash flow statement helps you maintain liquidity. Liquidity is a business\u2019s ability to convert assets into cash to fulfill short-term business obligations, such as paying debt and bills. \ud83e\udee1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accounts Receivable and Accounts Payable Reports","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"These two types of financial statements are two sides of the same coin, and both are essential to understanding your cash flow, assets, and liabilities. Larger companies often have dedicated departments for each. \ud83e\uddd0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accounts Receivable","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accounts receivable is the money owed to you and your LLC from customers, in exchange for the goods or services you provide. Accounts receivable is considered an asset since it is money your business has made, although not yet received.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"An accounts receivable aging report provides an in-depth view of a company\u2019s open invoices, tracking overdue payments and the speed at which clients complete payments. This detailed data on client payment trends helps you evaluate client risk and project potential financial losses. Strategic knowledge like this improves cash flow and allows you to maintain liquidity.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accounts Payable","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"marks":[],"value":"Conversely, accounts payable is the money your business owes to others, such as creditors, contractors, and suppliers. It\u2019s considered a liability.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"An accounts payable aging report keeps track of your outgoing payments and bills, categorizing them so your business stays organized and avoids fees for late payments. This report is a useful reference when communicating with future lenders on credit amounts, interest rates, repayment timelines, and other investing activities. \ud83d\udcb5","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Budget vs. Actual Report","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just like you need a personal budget, you should also create a planned budget for your LLC. You can base estimates for expenses and revenue on past spending and earnings. Planned budgets help you strategize for future periods and specific events.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Also like a personal budget, your organizational budget is eventually compared to your company\u2019s actual financial performance. While comparing these two documents side by side, you can identify areas of overspending, underperformance, or unexpected net profit. \ud83d\udcc8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tax Records and Supporting Documents","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"All businesses, including LLCs, are subject to tax laws and the organizations that enforce them. Businesses maintain an organized collection of tax documents, such as tax filings, receipts, and deductions.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How long should an LLC hold on to pertinent tax documents for past years? ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"According to the IRS","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", \u201cKeep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.\u201d This is the generally recommended time frame, but there are some exceptions, which you can explore further on the IRS website. \ud83d\udcc6","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Industry-Specific Financial Reports (Optional)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"In addition to the main types of financial reports outlined above, certain industries require specific types of financial reports:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Retail","nodeType":"text"},{"data":{},"marks":[],"value":": In the retail industry, those in charge of financials use retail accounting techniques and reporting. These techniques help business owners estimate their current inventory and its value without constant manual inventory. Retailers may use special reports to track ongoing pricing discounts and sales. \ud83d\udc55","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Manufacturing","nodeType":"text"},{"data":{},"marks":[],"value":": Manufacturers also have certain variables they report and record, including inventory. Manufacturers must keep records of the cost of raw materials before they become finished goods, and many manufacturers experience significant operating expenses. \ud83c\udfed","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Technology","nodeType":"text"},{"data":{},"marks":[],"value":": The tech landscape is complex and fast-paced, which requires organized accounting techniques and reporting. Tech companies must keep accurate reports when it comes to regulatory requirements and tax purposes. They keep specific financial records as well for potential mergers and acquisitions. \ud83d\udcf1","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Healthcare:","nodeType":"text"},{"data":{},"marks":[],"value":" Healthcare companies have different financial reporting depending on their type and status, such as nonprofit, for-profit, and government-run, as well as the specific types of services they provide. Healthcare providers must keep records on both insurance and patient payments and have a strict regulatory landscape. \ud83e\ude7a","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Why Keeping Financial Reports Is Essential for Your LLC","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Legal and Compliance Requirements","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As discussed earlier, keeping accurate financial reports ensures you comply with federal and state regulations. Through your LLC, you have a degree of protection for your personal finances through its limited liability status. But this is only protected if you maintain clear reporting distinctions for your personal and business finances. \ud83d\udc69\ud83c\udffc\u200d\u2696\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Supporting Tax Filings","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Producing correct tax documentation is essential for your legal success as an LLC. You must maintain accurate records for your tax returns and deductions. If you\u2019re ever audited, you\u2019ll have the evidence to support a clean audit.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Informing Business Decisions","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Data is a key tool you can use to grow your LLC. Financial data from key metrics allows you to streamline to improve your growth, profitability, and your business\u2019s financial health.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Best Practices for Managing Your LLC\u2019s Financial Reports","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Follow these best practices as you develop and maintain your reports:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Use Digital Tools for Efficiency","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Modern technology has made it easier than ever to maintain records for your LLC. For example, you can take advantage of cloud accounting software for managing reports. Depending on your subscription, you can manage records from multiple devices and accounts, create automation, analysis, and more. \ud83d\udda5\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Set Up a Consistent Record-Keeping Schedule \u23f0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"To stay organized, you should create a schedule for your financial statements. Depending on your industry and business type, you\u2019ll want to update reports on either a monthly or quarterly basis. The process for both starts by collecting your data and organizing it. This is usually followed by analysis, depending on your business objectives.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Maintain Backups of All Financial Records","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"The last thing you need as a small business owner is lost documentation. You must maintain a secure accounting environment and store both physical and digital copies of your reports (that you back up regularly).","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Common Mistakes to Avoid with LLC Financial Reports","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Avoid these common pitfalls in your financial reporting:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Failing to reconcile bank accounts regularly.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Neglecting to review financial reports before tax filings.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Not consulting a professional when handling complex finances.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you do encounter any of these mistakes, it may be time to seek expert advice.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When to Seek Help From an Accountant or Financial Expert","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not sure if it\u2019s time to seek professional financial help? \ud83d\ude35\u200d\ud83d\udcab Look out for these signs:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Signs Your LLC May Need an Accountant","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Difficulty tracking your finances","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Struggling to prepare for upcoming taxes","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Trouble scaling business operations","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Issues in managing payroll","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Benefits of Hiring an Accountant for Your LLC","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Although accounting services aren\u2019t free, hiring a specialized accountant can save your small business both time and money in the long run. An accountant helps you make informed business decisions that will contribute to future growth and improved efficiency.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Find an Accountant Who Specializes in Small Businesses","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"When searching for an accountant, look for someone who specializes in small businesses and if possible, your industry:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to Get Started","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"First, determine the financial areas you\u2019re currently struggling in. Then, ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"research accountants in your area","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and their specialties. You can even utilize tools that match you with an accountant based on your business needs. Try our free tool to connect with a small business accountant today! \ud83d\ude0c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"FAQs About Financial Reports for LLCs","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"What are the minimum financial reporting requirements for LLCs?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"At a minimum, LLCs must submit an annual report in their registered state that contains the basic required information. LLCs must also file all necessary tax documents that apply to them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How often should LLCs review their financial reports?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"To preserve accuracy and find financial insights, LLCs should review their financial reports monthly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Do I need special software to maintain financial records for my LLC?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"It is generally encouraged to use a cloud-based accounting software to maintain your financial records, in addition to physical backups.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1734730846154,"customDate":1733979600000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"ebook-five-rules-to-thrive-in-2025","title":"Ebook: Five Rules to Thrive in 2025","description":"We asked 15,000+ accountants, CPAs and advisors for their #1 tip for small businesses heading into 2025. 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That\u2019s why it\u2019s so important to treat the interview process like you would when hiring any other employee. \ud83d\udcdd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"During the interview process, you can determine if your accountant\u2026\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Communicates well and is available when you need them.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Understands what your business does and the industry you\u2019re in.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Will be proactive about finding opportunities for tax breaks\u2014or identifying potential risks before they pop up.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Has the experience and certifications to support you as your business grows.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Can offer personalized financial advice that aligns with your specific goals, including financial planning and growth strategies.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ultimately, asking the right questions during the interview process can help you find the best accountant for your business\u2014and avoid the costly mistake of hiring the wrong person.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"Still looking for accountants and/or CPAs to interview?","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":" Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"},{"type":"italic"}],"value":"accountant and bookkeeper directory here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"italic"}],"value":" to find verified professionals near you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"10 questions to ask before hiring a CPA or accountant","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you\u2019re hiring a CPA or an accountant, it\u2019s important to ask open-ended questions. Your goal should be to gain deeper insight into their experience, approach, communication style, and compatibility with your business\u2019s needs.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tip: ","nodeType":"text"},{"data":{},"marks":[],"value":"Remember that the specific questions you ask a potential accountant or CPA depend on what services you need. For example, not every accountant specializes in taxes\u2014and you might not be looking for complex tax help. If that\u2019s the case, you might consider skipping the tax questions.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started? Here are 10 questions to ask before hiring an accountant or CPA for your small business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. How long have you worked in this industry, and what common mistakes do you often see small businesses make?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having industry-specific experience can greatly enhance the insights and guidance a CPA or accountant can provide. By asking how long they\u2019ve worked with businesses like yours and what common missteps they\u2019ve seen, you\u2019ll gain a sense of their familiarity with the particular financial challenges your business may face. \ud83d\udd0e","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question also highlights their approach to proactive support; a seasoned accountant who regularly identifies patterns and recurring issues is better equipped to spot potential risks early, helping you steer clear of problems before they arise.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tip: ","nodeType":"text"},{"data":{},"marks":[],"value":"Find qualified accountants and bookkeepers near you with ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay\u2019s free accountant directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". At a glance, you can see what certifications they have, which industries they specialize in, and more!\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. What financial metrics should I pay attention to, and how can you help track them?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your CPA should help you stay on top of important financial metrics like profit margins, debt ratios, and cash flow. \ud83d\udccaThis question digs into their understanding of the financial metrics that matter most for small businesses and the efforts they\u2019ll put into monitoring them to keep your finances on track.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. How would you tailor your services to fit my business?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Every small business is unique. A CPA who offers one-size-fits-all accounting services may not deliver what you truly need. By asking how they\u2019d customize their services specifically to your business type and business size, you\u2019ll understand if they can successfully handle the various growth stages your business will go through \u2013 from the startup life to a more mature company. \ud83c\udfe2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question also highlights whether they\u2019ll adjust services for things like changes in business structure, expansion to additional locations, or other changes to your accounting needs.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. How will you find growth opportunities from my financial data?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A great CPA isn\u2019t just reactive\u2014they\u2019re proactive and opportunistic, with an eye for spotting potential opportunities that may not be apparent to you or the average small business owner.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Asking this question helps you find out if your CPA can effectively analyze your financial statements for insights that lead to strategic business decisions. Whether it\u2019s suggesting a new revenue stream, examining profitability, or identifying tax-saving opportunities, this shows if they\u2019ll actively contribute to your business\u2019s success\u2014or if they\u2019ll be more of a passive bystander. \ud83e\udd14","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. How do you handle tax planning for the long term, not just tax season?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Long-term thinking and planning are the name of the game for an effective CPA. \ud83d\udcc8This question uncovers if your CPA can go beyond tax preparation and tax filing to offer ongoing tax planning that aligns with your business\u2019s future.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Are they keeping an eye on changing tax codes and tax laws and how these might impact your tax situation? A forward-thinking CPA will help you lower your tax liabilities over time, not just on a yearly basis.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"6. Can you help me choose the right accounting software, and will you teach me how to use it?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Today\u2019s business world relies on accounting software like QuickBooks Online to track finances efficiently. A CPA who knows how to implement and optimize these tools can save you time and money. This question ensures that your CPA is well-versed in the software you\u2019re using or can recommend the best tool for your business, streamlining your operations and giving you real-time visibility into your cash flow. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"7. How will we communicate if we\u2019re working remotely, and how often will we meet?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the rise of remote work, it\u2019s important to understand how a CPA manages their responsibilities and relationships when they\u2019re not in the same building as you. \ud83d\udcbb\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question also helps you figure out how frequently they\u2019ll be available for in-person or virtual meetings. The goal is to see if they can maintain a consistent, proactive approach to communication, whether that\u2019s through webinars, phone calls, or video meetings.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8. How do you make sure I\u2019m getting all the tax credits and deductions I\u2019m eligible for?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most tax experts can handle a tax return, but the real value comes in finding ways to save your business money. This question allows you to see if your CPA will go beyond the basics to make sure you\u2019re leveraging every tax deduction and credit possible. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It also highlights their knowledge of niche tax benefits specific to your industry, ensuring you can benefit from all cost savings opportunities available to you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"9. What steps do you take to keep my financial information secure?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your CPA will handle some of the most sensitive data related to your business, including bank account details, business structure documents, and payroll information.\xa0 \ud83d\udcb8 Asking about their security measures will give you peace of mind that they\u2019re using best practices\u2014such as encryption, secure servers, and confidentiality protocols\u2014to protect your data.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"10. How do you help clients prepare for potential audits?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"While an audit isn\u2019t something that you\u2019ll be excited about doing, it\u2019s best to always be well-prepared for one. A good CPA will not only ensure your financial records are accurate and compliant with tax regulations but also guide you through the audit preparation process.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This question reveals their approach to keeping your books audit-ready and how they would support you if the IRS comes knocking. \ud83d\udeaa Knowing your CPA is proactive about this can save you from stress and potential penalties in the future.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Hire a CPA for your business with confidence\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Interviewing potential CPAs and accountants thoroughly is one of the most important steps you can take to ensure you find someone who aligns with your business needs and values.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The right financial partner can make a big difference when it comes to managing cash flow, planning for growth, and navigating tax complexities. By asking open-ended questions that go beyond the basics, you\u2019ll gain a deeper understanding of how well they can support your business and help you reach your goals.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Use these questions as a guide when interviewing candidates to ensure you\u2019re selecting the best fit for your business. And when you\u2019re ready to connect with qualified professionals, don\u2019t forget to check out Relay\u2019s","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":" accountants and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\udcbb","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"FAQs about hiring a CPA for your business\xa0\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Is a CPA the same thing as an accountant?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"While both accountants and CPAs handle business accounting, there are some important distinctions between the two:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"An accountant","nodeType":"text"},{"data":{},"marks":[],"value":" typically holds a degree in accounting and may offer general accounting services like bookkeeping, preparing financial statements, and managing payroll.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"A certified public accountant (CPA) ","nodeType":"text"},{"data":{},"marks":[],"value":"has passed rigorous certifications, meets state licensing requirements, and often specializes in more complex tasks like tax planning, financial planning, and representing clients before the IRS.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"At the most basic level, you can remember the difference this way:","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" every CPA is an accountant, but not every accountant is a CPA","nodeType":"text"},{"data":{},"marks":[],"value":". Learn more about different types of accounting certifications and what they mean for your business here.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Do I need a bookkeeper, a CPA, or an accountant?\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Some business owners choose to have one CPA for all their business accounting needs, while others may rely on an accountant for ongoing financial tasks, a bookkeeper for bookkeeping, and a CPA for their taxes.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A good rule of thumb for this: the less complex your business is, the less complex your financial team needs to be. Here\u2019s a quick guide for you:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you only need an accountant for your annual tax return, stick with a CPA.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you need help keeping your books organized and categorizing transactions monthly or quarterly, it might be time to hire a bookkeeper, as well.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you need to hire a financial professional in-house to manage payroll, reconcile a large volume of monthly transactions, and handle other tasks, then it\u2019s time to add an accountant to your team.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"No matter who you need to hire, be sure to check out ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay\u2019s accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to connect with local professionals who fit your business\u2019s unique needs. \ud83d\udcdd ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":6,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1733143226507,"customDate":1732856400000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"master-the-behaviors-that-drive-maximum-profits","title":"Master the Behaviors That Drive Maximum Profits","description":"On December 17 at 2 p.m. ET, join Certified Profit First Professional Michelle Scribner for a deep dive on the habits that drive small business success. ","metaTitle":"Master the Habits That Drive Maximum Profits","metaDescription":"On December 17 at 2 p.m. ET, join Certified Profit First Professional Michelle Scribner for a deep dive on the habits that drive small business success. ","popular":false,"category":"How to Cash Flow","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1CMNx7ilaGkKq05WuE4DMx/d96efbd67d8f1fd5daf80379e6299de9/BLOG_Webinar-Banner_O1920W-Optimized.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What has the biggest impact on small business profit?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Note: this webinar has already aired. You can now watch the on-demand recording!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You might think it comes down to sales volume, cost management, or market trends. And yes, all of those things play a major role in your success. But there\'s another, equally important factor that can make or break a small business: ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"your behaviors as a business owner","nodeType":"text"},{"data":{},"marks":[],"value":". From how you approach decision-making to your appetite for risk, there are certain behaviors that directly influence profitability\u2014and you can ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"learn to leverage the ones that will set your business up for long-term success","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tuesday, December 17 at 2 p.m. ET","nodeType":"text"},{"data":{},"marks":[],"value":", join Certified Profit First Professional ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Michelle Scribner","nodeType":"text"},{"data":{},"marks":[],"value":", CEO of ","nodeType":"text"},{"data":{"uri":"https://sumofallnumbers.com/"},"content":[{"data":{},"marks":[],"value":"Sum of All Numbers","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", for an exclusive webinar on ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Mastering the Behaviors That Drive Maximum Profits","nodeType":"text"},{"data":{},"marks":[],"value":". Michelle will share actionable insights and practical strategies to help you harness your natural tendencies and turn profit into a repeatable habit.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1CMNx7ilaGkKq05WuE4DMx","type":"Asset","createdAt":"2024-11-27T18:11:03.264Z","updatedAt":"2024-11-27T18:11:03.264Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Blog header - Master the Behaviors That Drive Maximum Profits","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1CMNx7ilaGkKq05WuE4DMx/d96efbd67d8f1fd5daf80379e6299de9/BLOG_Webinar-Banner_O1920W-Optimized.jpg","details":{"size":371040,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Banner_O1920W-Optimized.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"In the webinar:","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"How to identify and understand your unique behaviors as a business owner","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Strategies to leverage your natural tendencies to maximize success","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Proven methods for turning profit into a consistent, sustainable habit","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"A live Q&A to tackle all your questions","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"About Michelle Scribner","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Michelle Scribner is the ","nodeType":"text"},{"data":{"uri":"https://sumofallnumbers.com/"},"content":[{"data":{},"marks":[],"value":"CEO of Sum of All Numbers","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", a leading financial analysis and planning company with full charge bookkeeping services. Her passion is working directly with entrepreneurial business owners helping them to achieve greater profitability as well as working through the ongoing challenges and stresses of running a business.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"About How to Cash Flow","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/category/how-to-cash-flow"},"content":[{"data":{},"marks":[],"value":"How to Cash Flow","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is a webinar series, by Relay and ","nodeType":"text"},{"data":{"uri":"https://profitfirstprofessionals.com/"},"content":[{"data":{},"marks":[],"value":"Profit First Professionals","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", that helps small businesses get equipped with the knowledge, tooling and support needed to get cash flow clarity and learn to run a sustainable, profitable business.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":1,"author":{"name":"David White","jobTitle":"Senior Content Marketing Manager","company":"Relay","slug":"david-white","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5lSllui4nzNL1rcPw6Wj3e/840a7a8590f92c5991924ba29ea83fe6/1632946263390.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732731086113,"customDate":1732731086113,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":["category-webinar","webinar"],"moreReads":null,"formEmbed":{"name":"[2024- 12 - Webinar] - HTCF - Master the Behaviors That Drive Maximum Profits","formId":"1053","thankYouMessage":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Thanks for your interest in our webinar! 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It may be time to bring in some professional support\u2014here\'s what you need to know (and the signs you might need the support). ","metaTitle":"When (and How) to Outsource Accounting and Bookkeeping","metaDescription":"Is it time to outsource your small business\u2019s accounting and bookkeeping needs? If you\u2019re falling behind on these financial tasks, it might be time to hire an expert. ","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/67ZQb22h8UKVUwETHDk308/96c3de90d5db2c56599533ea62020a87/Copy_of_Copy_of_Copy_of_Untitled_Design.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Managing finances can be one of the most challenging aspects of running a small business. For many business owners, tasks like bookkeeping services, payroll, and tax preparation can quickly become overwhelming. If you\u2019re struggling to keep up with these things, it might be time to invest in outsourced accounting and bookkeeping services. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not only can it save you valuable time\u2014these services can reduce the risk of costly errors and give you access to the expert financial insights you need to take your business to the next level.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started? In this article, we\u2019ll explore the signs that it\u2019s time to outsource, the benefits of doing so, and practical tips for how to outsource both accounting and bookkeeping services effectively.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5 signs it\u2019s time to outsource your accounting\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a small business owner, you\u2019ve got a ton of responsibilities to juggle\u2014from managing your company\u2019s day-to-day operations to keeping your customers happy and trying to grow your business on top of it all.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With so much going on, it\u2019s easy for something as important as your company\u2019s financial management to feel like a huge time drain.\ud83d\udcb0Unless you have a passion for numbers, tasks like reconciling a balance sheet and managing financial data probably aren\u2019t your favorite ways to spend your time. That\u2019s where outsourced accounting services can be a game-changer.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But how do you know if it\u2019s the right time to hand things over to an expert? Here are 5 signs that it might be time to find a professional accountant for your small business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. You\u2019re spending too much time on financial tasks \u231b","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Time is one of your most precious resources, especially when you\u2019re balancing all the tasks you face as a business owner. As your business grows, you should be focusing on high-level strategy, not managing day-to-day financial operations.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re spending more time on accounting tasks than running your business, it\u2019s a serious sign you\u2019d benefit from additional help. An accounting service provider can take over those overwhelming financial tasks, letting you focus on growing your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Financial errors are becoming common \u274c","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Mistakes can always happen, but if you find yourself making accounting errors on a regular basis\u2014forgetting to pay invoices, incorrect payroll calculations, or trouble balancing the books\u2014don\u2019t be too proud to ask for help. Accounting mistakes can lead to financial losses, compliance issues, or even IRS audits. There\u2019s no good reason to suffer those consequences when it\u2019s easy enough to hire an accountant to do things the right way.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Accountants are skilled at managing complex financial information, staying on top of deadlines, and following the latest tax regulations\u2014so you can avoid making any more costly mistakes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re ready to find an accountant and outsource your accounting and bookkeeping needs, look no further. Check out ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay\u2019s free accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to discover highly rated, verified professionals passionate about helping you take these tasks off your plate.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. You struggle to keep up with tax deadlines \ud83d\ude31","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tax season is the annual elephant in the room that can cause stress for any business owner. Between keeping track of tax deadlines, deductible expenses, calculating quarterly taxes, and ensuring compliance with ever-changing tax codes, it\u2019s a lot to handle.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You may already have an accountant you go to each year to help with your taxes, but additional accounting help throughout the year can help you stay on top of quarterly tax payments, payroll, and other pesky financial tasks\u2014which all ultimately affect your tax return.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So if you\u2019re struggling to keep up with everything in between your annual tax filing, it\u2019s a sign that you should outsource your small business accounting\u2014when you do, you\u2019ll find the partner you need to face your tax-time fears with confidence. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. You\u2019re unsure of your business\u2019s financial health \ud83d\udcc9","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If managing your money feels like an uphill battle, it might be time to bring in an expert. Many small business owners and startups find it challenging to balance the money that is flowing in and out. If you don\u2019t stay on top of it, things can get messy quickly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"An outsourced accountant can help you manage your cash flow by setting up a system that tracks incoming and outgoing money, forecasts future cash needs, and ensures you have enough liquidity to keep your business running smoothly. With an expert guiding your financial decisions, you\u2019ll have a clearer picture of your business\u2019s financial health.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. You\u2019re growing and need advanced financial insights \ud83d\udd0d","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As your business grows, your financial needs naturally become more complex. Expanding operations, hiring employees, or launching new product lines all add layers to your financial responsibilities as a business owner. To make informed decisions, you\u2019ll need a clear understanding of key financial metrics, like your gross profit margin and break-even point\u2014but many small business owners struggle to get this clarity. \ud83d\ude2c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourcing your accounting during growth phases can help you maintain control over your finances with confidence. An outsourced accountant provides valuable insights, detailed reports, forecasts, and analysis to support your decisions. With their expertise, you can build a financial strategy that supports your business\u2019s long-term growth and ensures tax compliance, giving you peace of mind.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The benefits of outsourcing accounting and bookkeeping","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re wondering why outsourcing accounting and bookkeeping is a smart move for your small business, the benefits are pretty simple: it can save you time, prevent mistakes, and give you access to professional insights that can position your business for success. \ud83d\udcc8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re still not sure, though, here are a few more benefits of outsourcing your small business\u2019s accounting and bookkeeping needs:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"More time for what matters:","nodeType":"text"},{"data":{},"marks":[],"value":" Outsourcing your accounting and bookkeeping frees you up to focus on core business tasks, whether that\u2019s growing your business, finding new clients, or simply spending less time working on spreadsheets. Let a professional handle the hassle of balancing your books.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Fewer errors:","nodeType":"text"},{"data":{},"marks":[],"value":" You\u2019re much more likely to make a mistake like missing a transaction or making an incorrect entry than a professional account is. When you remove yourself from such a high-pressure situation, you remove the risk of costly mistakes down the road.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Stay on top of taxes","nodeType":"text"},{"data":{},"marks":[],"value":": Tax season doesn\u2019t have to be a nightmare. With outsourced help, you\u2019ll know that everything\u2019s compliant and on time, and you won\u2019t miss out on deductions you might not even know exist.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Expert advice when you need it","nodeType":"text"},{"data":{},"marks":[],"value":": Hiring an outsourced accountant lets you tap into financial expertise when you need it. Whether it\u2019s budgeting, forecasting, or financial strategy, you\u2019ll have access to real-time insights that can guide your decision-making.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Save money","nodeType":"text"},{"data":{},"marks":[],"value":": Outsourcing is often cheaper than having a full-time, in-house team. You get the help you need, but only when you need it, which leads to cost savings in the long run.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Grow at your own pace","nodeType":"text"},{"data":{},"marks":[],"value":": As your business expands, so do your financial needs. The good thing about outsourcing is that it\u2019s flexible and cost-effective. You go up or down depending on where the scalability of your business is at.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Valuable insights, smarter decisions","nodeType":"text"},{"data":{},"marks":[],"value":": Want to know exactly how your business is doing? 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With professionals handling the details, you can focus on what you do best.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to outsource accounting as a small business owner \ud83e\uddd1\u200d\ud83d\udcbc","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019ve decided it\u2019s time to outsource your accounting, the next step is figuring out how to find the right accountant for your business. Here\u2019s a quick guide to help you through the process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 1: Determine your accounting needs","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before you begin your search for an accountant, it\u2019s important to know what specific accounting tasks you need help with. Do you need someone to handle tax preparation, manage payroll, or provide financial reporting? \ud83d\udcca Maybe you need help with cash flow management or long-term financial planning. Having a clear understanding of your needs will help you find an accountant with the right skills for your business.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 2: Look for specialized expertise\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not all small business accounting firms specialize in the same area or have the same experience doing specific tasks. Finding one with expertise in your industry can make a big difference. Every industry has its own unique financial needs, so make sure the accountant you hire understands the financial nuances of your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Need help finding the right person for your business? Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to find local, professional support.\ud83d\udccd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 3: Evaluate potential accountants","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you\u2019ve narrowed down your list, it\u2019s time to interview potential accountants. Ask about their credentials (like CPA certification), read client reviews, and check their experience. Make sure they\u2019re familiar with the accounting software you use and that they\u2019re responsive and easy to communicate with. \ud83d\udde3\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to outsource bookkeeping as a small business owner","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Remember, not all accountants offer bookkeeping\u2014so if you\u2019re looking specifically for a bookkeeper to help manage your daily financial records, the steps below will help. Here\u2019s how to approach outsourcing your bookkeeping tasks effectively. \ud83d\udcd1\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 1: Identify what bookkeeping tasks to outsource\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Start by listing out the day-to-day tasks you\u2019d like to delegate. This could include invoicing, managing accounts payable and receivable, keeping records of financial transactions, and bank reconciliations. Knowing exactly what you need will help you find the right bookkeeper to handle the work.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 2: Set clear expectations\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Be clear about how often you expect updates, the types of reports you need (like monthly financial statements), and how frequently you want to review the books. Establishing these processes, in addition to the pricing level you\u2019d ideally be around, early on will ensure everything runs smoothly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 3: Remember that fit and reliability are important","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just like with accountants, you\u2019ll want to evaluate bookkeepers based on their experience and accuracy. Look for someone with strong attention to detail, good reviews, and experience working with businesses like yours. Reliability is crucial when it comes to keeping your financial records up to date.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Looking for a reliable bookkeeper? Check out Relay\u2019s ","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to find outsourced bookkeeping services that can streamline your accounting processes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When is the best time to outsource accounting and bookkeeping?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Everyone is different - there isn\u2019t a singular \u201cright answer\u201d to when a small business owner should outsource their accounting and bookkeeping. But there are certain times or situations that make it especially worth considering.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\uddd3\ufe0f During tax season","nodeType":"text"},{"data":{},"marks":[],"value":": If the thought of handling taxes is overwhelming, outsourcing can ensure everything is accurate and compliant, helping you avoid costly mistakes.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udcc8Periods of rapid growth","nodeType":"text"},{"data":{},"marks":[],"value":": When your business is hiring, opening new locations, or increasing sales, outsourcing can help manage the added complexity and keep your finances in order.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83d\udda5\ufe0fWhen upgrading to new accounting software","nodeType":"text"},{"data":{},"marks":[],"value":": Transitioning to more advanced accounting systems, like QuickBooks Online, can be tricky. An accounting professional can handle the setup and ensure everything runs smoothly.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\ud83e\udd71When financial tasks become too time-consuming","nodeType":"text"},{"data":{},"marks":[],"value":": If bookkeeping and accounting are taking up too much of your time, outsourcing can free you up to focus on other areas of your business.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"The bottom line: why outsourcing is key","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourcing accounting and bookkeeping is more than just lightening your workload. It\u2019s about making your business run stronger and more smoothly.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you bring in experts, you\u2019re freeing up time and ensuring accuracy, staying compliant with tax laws, and gaining valuable financial insights that will help you make better strategic decisions. \ud83d\udd12\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to get started? Check out Relay\u2019s","nodeType":"text"},{"data":{"uri":"https://directory.relayfi.com/"},"content":[{"data":{},"marks":[],"value":" ","nodeType":"text"},{"data":{},"marks":[{"type":"underline"}],"value":"accountant and bookkeeper directory","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to find professionals worth contacting in your area. \ud83d\ude4c\\n","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":6,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1733143267950,"customDate":1732597200000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"randy-lau-case-study","title":"How Randy Lau relies on Relay\u2019s cash flow clarity to navigate the ups and downs of the content creator economy","description":"The cash flow highs and lows of the creator economy can seem daunting, but Randy Lau makes it look easy with Relay.","metaTitle":"How Randy Lau relies on Relay\u2019s cash flow clarity to navigate the ups and downs of the content creator economy","metaDescription":"As a successful content creator, Randy had to navigate the ups and downs of fluctuating income. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content creators like Randy are faced with the challenge of building, growing, and holding onto the attention of an audience in a competitive industry that\u2019s always moving towards the next \u201cbig thing.\u201d This meant the right tools to help manage cash flow highs and lows was key, so Randy could continue to grow a profitable business that he could pass onto his three young kids. Cue Relay, a banking solution that gave Randy the cash flow clarity he needed to run his business with ease, all while knowing exactly where every dollar went. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inspired by Randy\u2019s dad and his decades-long history as a talented chef and restaurateur,\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.madewithlau.com/"},"content":[{"nodeType":"text","value":"Made With Lau","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" launched on YouTube in September 2020. \u201cIt\'s all about preserving my dad\'s Chinese recipes,\u201d he says. \u201cHe\'s cooked Chinese food for 50 years and I grew up spoiled by his food. I wanted to have them for myself and my kids.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It turned out, however, that the project resonated with a huge community of followers stretching far beyond the Lau family. \u201cWe\'ve really taken off. It grew very quickly. We hit a million subscribers a little over two years in,\u201d says Randy, adding that his content, which now publishes across multiple platforms including his own website, recently won two James Beard Awards. \u201cIt\u2019s like the Oscars for the food world. I think it\'s exceeded even my wildest dreams.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Creator economy meets cash flow control","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It may not be immediately obvious, but content creation can come with seasonal income ups and downs. \u201cWe can project that Q4 will be strong for most businesses,\u201d says Randy. \u201cBut for creators in general, Q4 is when a lot of companies are dumping ad spend into every advertising platform out there. So Q4 is usually pretty strong. Then, for us specifically, a lot of people are more on [the site] during Lunar New Year, which is usually February or March. The summer has historically seen kind of a dearth in viewership.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fluctuations in viewership and revenue streams subject to the whims of the algorithm gods make for a challenging economic landscape. Creators in this industry need to be nimble and make money moves that keep them ahead of the cash flow crunch.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Randy, who was also among our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/reasons-to-be-profitable-winners-2023"},"content":[{"nodeType":"text","value":"2023 Reasons to be Profitable contest winners","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", already has his next Made With Lau project lined up: he\u2019s landed a deal to write and produce his first cookbook. \u201cThat\'s our next focus. It\'s a two year effort [and] a huge creative focus.\u201d The job of juggling cookbook production with content creation, all while being a dad to three young kids, isn\u2019t easy. And of course, Made With Lau is a business\u2014one that Randy is determined to keep profitable. In order to do so, managing his cash flow is one of his top priorities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Made With Lau book deal throws additional financial variables into the mix: there\u2019s an advance coming in and production expenses going out. \u201cYou really have to manage that process from a logistical financial standpoint while keeping the business that got you there afloat. So that\'ll be interesting to navigate,\u201d Randy says. ","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6yconaV9FUhzTk6wnY82rW","type":"Asset","createdAt":"2024-11-29T17:14:52.637Z","updatedAt":"2024-11-29T17:14:52.637Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Randy lau inset 1","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6yconaV9FUhzTk6wnY82rW/d670eea27927fcc4576ffe4b27391186/Copy_of_randy_inset__1600_x_900_px_.jpg","details":{"size":226439,"image":{"width":1600,"height":900}},"fileName":"Copy of randy inset (1600 x 900 px).jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Surfing the variable revenue wave","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As so many entrepreneurs know, success doesn\u2019t mean simplicity. And while Randy\u2019s is not exactly a \u201cmore money, more problems\u201d situation, he ","marks":[],"data":{}},{"nodeType":"text","value":"is","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" having to do the work of managing more money from multiple revenue streams while contending with the increasing number of demands that success can bring. As a result, when it comes to budgeting, planning, and providing peace of mind, cash flow clarity is more important to his business than ever.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What Randy wanted from his business banking were the tools to organize his fluctuating income in a way that gave him a big picture view of his financial position. For him, Relay\u2019s small business-centric platform and suite of features work to offer a sense of stability and security while helping him map out a future for his business and his family.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" practitioner, Randy says that he appreciates the ability to open up to 20 Relay checking accounts so that he can separate and organize funds in a way that keeps his cash flow under control. \u201cI love the buckets. It\'s just really helpful to see, like, \u2018These are for taxes. This is for owners\' compensation\u2026\u2019\xa0 and having that awareness of where money is going for all these different situations,\u201d he explains. \u201cLast tax season, because I had money flowing into my tax accounts, I actually covered it. It\u2019s not a persistent fear, but other years I\'ve been in business I\'m like, \u2018Am I covering taxes this year?\u2019 I don\'t know. Now I know I am.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online ad revenue is one of the biggest variables Randy needs to oversee. \u201cIt\'s been interesting to navigate that,\u201d he says. \u201cLike, how do we make sure that we have enough cash coming in because our revenue is so variable? It\'s based on algorithms and advertisers and seasonality and viewership.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\u2019s banking platform, clients have access to detailed transaction information and clear, simple to understand vendor data that leaves no question about where money is coming from (or where it\u2019s going to). This allows business owners to easily track and monitor multiple revenue streams and see where potential cash crunches could occur. Relay recognizes that business banking shouldn\u2019t bury the lead. The platform is designed to deliver the top-line financial data that many online banking services make their clients dig for. \u201cAs far as other banking experiences I\'ve had,\u201d says Randy, \u201cit\'s one monolithic checking account.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In our books, that\u2019s grounds for an unfollow.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1ePV6AiyehIT01E2TblxMe","type":"Asset","createdAt":"2024-11-29T17:15:47.925Z","updatedAt":"2024-11-29T17:15:47.925Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Randy lau asset","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1ePV6AiyehIT01E2TblxMe/774e46f099141ffe2facc73ac0ab405d/randy_inset.jpg","details":{"size":205003,"image":{"width":1600,"height":700}},"fileName":"randy inset.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Automation for the win","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Randy, there\u2019s a sense of security that comes with this level of financial oversight and cash flow clarity that\u2019s reinforced by the feeling that, as a small business owner, Relay has his back. In order to lighten his workload, he takes advantage of Relays\' integrated automations that transfer money from one account to another according to rules (based on dollar amounts or percentages) that he decides on.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI love automation,\u201d he says. \u201cThere\'s a lot of automations I can do to make sure that we have money flowing from the top into all these various accounts. It gives you peace of mind. It\'s like, \u2018Okay, that\'s one less thing I have to think about.\u2019 Your bases are covered.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Randy\u2019s experience illustrates, there\u2019s a big difference between keeping your money top of mind and non-stop worrying about individual banking transactions. Automation isn\u2019t about not knowing or caring where your money is going, it\u2019s about having control over it.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI used to do all that manually,\u201d says Randy. \u201cCertain weeks I still do, given we\'ve been in cash crunches. But for the most part, I can just rely on the automatic transfers and have it based on percentages. It does the math on your behalf, which is nice. On other platforms I had to do a lot more thinking. You have to watch it more. And as an entrepreneur, you are already dealing with 50 other things.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automation and easy-to-set-up auto-categorization for card purchases work to offer an extra layer of cash flow clarity. \u201cIt gives you a better bird\'s eye view of where your cash is at. And not just that, but it\'ll move money around on your behalf, based on a system that you can set and change when things change for your business.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Growing family, growing family business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Made With Lau is a family business so, since having his third child, Randy has begun to pay each of them for their involvement. \u201cThey\'re in the videos, so it\'s justifiable,\u201d he says. \u201c[And] one really nice thing is that you can send checks\u2014Relay will send checks on your behalf.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Right now, Made with Lau is a three-generation business that draws on the skills and expertise of Randy, his parents, his sister, and his wife and kids (even the family dog, Bernie, gets a shout out on the website). The entire Lau family is invested in the business\u2014and so is their community of viewers and followers. \u201cI want this to persist for decades,\u201d says Randy, \u201cand not just for my kids. What we\'re doing resonates with so many people.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Randy cites the emotional feedback he receives from viewers, including stories about how his videos play a role in preserving Chinese culture and building family connections, as being among the core reasons he continues to produce this kind of content.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf we\'re not able to be profitable we can\'t do those things. In order to continue to do the work that we do and scale and tell different types of stories, there\'s an engine that needs to keep running,\u201d Randy says. \u201cThere\'s a lot that we have to share. So in order to continue sharing these stories, we have to figure out how we do that and how we do it profitably.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Your invitation to like, share, and subscribe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, entrepreneurs have what they need to manage their cash flow with unparalleled clarity and control. Relay\u2019s platform offers:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 20 free checking accounts, with no account fee or minimum balance requirements\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Auto-transfer rules for Profit First allocations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Free check payments, mobile cheque deposits, ACH and wires","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No hidden banking fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to open an account online in just 10 mins\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safe and secure banking without having to visit a physical branch\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seamless accounting software like Xero and QuickBooks Online","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Got ten minutes to spare? Use them to stay on the money with Relay. Sign up for a free business banking account right ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0\\n","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Corrina Allen","jobTitle":"Technology and Finance Writer","company":null,"slug":"corrina-allen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/cJdBfUlDYhdpJwqLobxK1/f73fe261795448624f507c93149dc7ce/Corrina_Allen_-_Round.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732494914870,"customDate":1732165200000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-find-an-accountant-for-your-small-business","title":"How to Find an Accountant for Your Small Business","description":"Finding an accountant has just been made easier with Relay\'s accountant and bookkeeper directory. Use this guide for tips to find the perfect one for your business. ","metaTitle":"How to Find an Accountant \u2013 Tips for Small Business Owners","metaDescription":"Learn how to find the right accountant or bookkeeper for your small business. Discover important qualifications, interview questions to ask, and more.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6GfsCSiQeLtoSxV7BiqIFV/37c8026b0c25d1e5cb33aaae5be10641/temporary_finding_an_accountant_thumbnail.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, managing your finances and staying on top of financial records and income tax can quickly become overwhelming. Whether you\u2019re handling payroll, filing your tax return, or planning for growth, having a reliable accountant can make a big difference. But how do you know when to hire one? And more importantly, how do you find the right accountant for your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this guide, we\u2019ll walk you through the key steps to finding an accountant, what to look for, and how to ensure they\u2019re the right fit for your needs.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs it\u2019s time to find an accountant for your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, managing finances can become more complicated. Here are some signs that you\u2019d benefit from hiring an accountant to take those tasks off your plate:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude2cYou\u2019re spending too much time on bookkeeping instead of growing your business","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If most of your focus is on organizing and tracking financial records instead of activities that bring in more business, like marketing or customer outreach, you could use some additional support.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd14You\u2019re unsure of IRS tax laws, regulations, and deadlines","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you\u2019re not an expert at something, it\u2019s best to ask for help \u2013 especially when it comes to important things like tax code, tax preparation, deadlines, and deductions. Avoid making mistakes by bringing on a tax professional who knows what they\u2019re doing, so you can make sure your business taxes are paid correctly and on time.\xa0 ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Your business is expanding and finances are becoming more complex","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": As you grow your business\u2019s revenue, you\u2019ll probably want to increase your headcount. Suddenly, the need to manage business accounting, payroll, and financial reporting becomes even more complicated. The guidance of an accounting professional can allow you to manage these moving parts with confidence. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude80You\u2019re planning for a significant event","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Whether you\u2019re applying for a loan, seeking investments, or planning to expand your operations, an accountant can help prepare financial statements and projections. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude29Tax season is stressful","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Tax regulations are one thing that most business owners need help with\u2014but so is the regular process of filing your personal and business taxes. Unless you truly understand how deductions, credits, and the process of securing a tax refund work, it\u2019d be nice to have a tax accountant making sure you\u2019re handling those responsibilities correctly.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Professional help goes a long way in helping you stay on top of your financial situation and compliance needs without sacrificing the other important areas of your business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where to find the right accountant for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you decide to hire an accountant, it\u2019s important to find one who understands your business and its unique needs. \ud83d\udd0d Here are a two places to start your search:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce3Ask peers, mentors, or other business owners for recommendations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Referrals from fellow entrepreneurs \u2013 especially those in your industry \u2013 can help you find an accountant who\u2019s already proven their value. These business owners know the specific challenges you face and can point you toward a good accountant. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1dLeverage networking events, online communities, or industry-specific groups","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Local business meetups and online message boards can be great opportunities for discovering accountants who understand your industry. An accountant familiar with the specifics of your industry can provide more personalized tax advice and solutions. Using Relay\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":"accountant directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can streamline this process by connecting you with trusted professionals.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, every accountant is different. Not everyone specializes in small business accounting or financial planning. It\u2019s important to your time and perform due diligence when choosing the right person for your business.","marks":[],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\u2019s talk about what to look for once you start meeting potential accountants. \ud83e\udd1d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to look for when choosing an accountant","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you choose an accountant for your small business, you\'re not just picking someone to crunch your numbers. \ud83d\udcca You\u2019re forming a strategic partnership with a financial advisor who will hopefully help your business grow, become more profitable, and avoid costly mistakes \ud83d\udeab.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This person will have access to your sensitive financial records and provide guidance on your biggest financial decisions. That\u2019s why it\u2019s important to find an accountant you can trust and who suits your business\'s unique needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you begin your search, be sure to keep these important factors in mind:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Areas of specialization\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding an accountant with expertise in your industry and business size or stage is important. \ud83d\udd0dFor example, an accountant who specializes in mid-sized startups will understand the unique challenges that these entrepreneurs face. Others may focus on self-employed individuals who are still in the beginning stages of their business journey.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Location, location, location\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you choose a local accountant, versus one on the other side of the country, you can be more certain that they are familiar with your state\u2019s income tax laws, business regulations, and financial requirements. If you need help finding a match in your state or city, check out Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" accountant directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\u2014it allows you to filter your search by specialization and location to find a great match. \u2705\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Credentials and experience","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Verifying an accountant\u2019s credentials and years of experience is key. Look for certifications like Certified Public Accountant (CPA) or Chartered Accountant (CA). If you\u2019re hiring someone to help with your taxes, be sure that they have a Preparer Tax Identification Number (PTIN), too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These qualifications indicate that they meet high ethical standards and have the knowledge to navigate complex situations. It\'s also a nice bonus to pick someone who has experience navigating different tax situations in your industry, specifically.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to conduct interviews with potential accountants","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve narrowed down your list of candidates, it\u2019s time to interview them. Just like hiring an employee in any other area of your business, take your time here. This is one of the most important decisions you might ever make for your business, so avoid rushing the process.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Questions to ask before hiring an accountant\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few interview questions to ask any potential accountant you meet with.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udccbWhat services do you offer?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" In addition to basic accounting tasks, see if they provide services like tax planning, tax preparation, financial analysis, or advisory support. A well-rounded accountant can bring extra value to your business. Remember that not all accountants also offer bookkeeping, too, so if you need that service, be sure to ask about it. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udcde ","marks":[],"data":{}},{"nodeType":"text","value":"How do you typically work with clients?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It\u2019s good to know their preferred communication methods and frequency. Ask if potential accountants prefer email, phone calls, video calls, or an in-person meeting to chat face-to-face. Find out how often they would provide updates on your financial information.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc2Can you provide examples of clients in a similar industry?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Ask if they have experience with businesses like yours. Relevant experience ensures they understand industry-specific challenges and tax requirements, making them better suited to meet your needs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0How do you charge for your services?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Find out whether they charge flat fees, hourly rates, or project-based pricing. Clarifying this helps you understand their billing approach and any additional costs you may have to pay.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddd1\u200d\ud83d\udcbbWhat tools or software do you use?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Compatibility with your existing accounting software is crucial. Whether you use QuickBooks, Xero, or another system, ensure they are familiar with it to make sure they integrate smoothly with your business operations.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you\u2019re interviewing accounts, don\u2019t overlook the importance of checking an accountant\u2019s background. Ask for references from previous clients and look for online reviews.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Speaking with past clients can also give you valuable insights into their work quality and reliability. \ud83d\udcdeAnd if you want to speed up the process, Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" accountant directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can give you access to pre-vetted accountants with verified reviews. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Know what you\u2019re paying for: accountant fees\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before signing an agreement with an accountant, make sure you understand an accountant\u2019s fee structure and what services are included. Here\u2019s what you need to know about the different ways that accountants charge for their services.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Understanding accountants\u2019 fee structures","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants often offer various pricing models, and knowing which model best suits your business can lead to a more cost-effective partnership. Here are the common fee structures:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f3Hourly Rates","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some accountants charge an hourly rate, which is a good scenario if you only need assistance periodically or for specific issues. You only pay for the time needed to accomplish what you need. However, for ongoing services, this fee structure can become unpredictable.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0Flat Fee: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Alternatively, a flat fee provides a set price for a defined scope of services, offering more budgeting stability for year-round support. Small businesses may benefit from flat fees, especially if they need continuous support with clear boundaries, such as monthly bookkeeping or annual tax filings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce6Packages and Retainer Models","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some accountants offer tiered packages or retainer agreements that bundle several services, which can be beneficial if you have multiple needs, such as payroll, tax filing, and financial planning. These packages often come at a discounted rate compared to selecting services individually.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When discussing fees, ask exactly what services are included. \ud83d\udcacFor instance, a monthly flat fee may cover bookkeeping, basic tax support, and financial reporting, but might exclude advisory services or additional filings. \ud83d\udccbThis clarity helps ensure you\u2019re getting the support you need without surprise charges.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How to find an accountant that fits your budget\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You don\u2019t need to sacrifice quality to find an accountant who fits into your preferred budget. First, assess what accounting support you truly need and then determine what level of service those needs require.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a couple of tips to help you find an accountant within your budget:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0Compare pricing and fee structures","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": It\u2019s always smart to shop around and make comparisons. Meet with multiple accountants and compare their pricing models and what they include. This approach allows you to understand market rates and evaluate who offers the best value for the services your business needs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Plan for flexibility","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you anticipate growth, it may be worth investing in an accountant who offers scalability, meaning their services can expand as your business does. This may involve a higher initial cost but can save you from switching providers as your needs evolve.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf81Ask about package deals:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Some accountants may offer a bundle of services at a discount price, such as combining tax preparation, bookkeeping, and financial advice. Ask about bundled packages to possibly get more services for a lower overall cost.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost matters, but so does compatibility and communication\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding an accountant who is not only skilled but also a good fit for your business is a big part of your long-term success. In addition to their financial expertise, an accountant\'s communication and working style can significantly impact your business relationship and growth. Here\u2019s how to evaluate these aspects.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Assessing communication style","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A great accountant does more than just crunch numbers. They also communicate clearly and are responsive to your needs, especially if you lack financial expertise.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, an effective accountant should explain financial terms and concepts in simple language, ensuring you\u2019re comfortable with your business\u2019s financial picture. Clear communication fosters confidence and prevents misunderstandings. \ud83d\udde3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reliable accountants should also maintain regular contact with you and respond in a timely manner to questions and concerns. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udcc5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Their responsiveness helps you stay informed and prepared for any important financial developments or deadlines.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you ask the interview questions outlined above, you\u2019ll be on your way to properly assessing your accountant\u2019s communication skills\u2014before you sign the dotted line. \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Assessing long-term compatibility\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An accountant\u2019s working style also matters. Consider what you personally need from your accountant, and how you like to operate in your business. Then, look for an accountant to complement you, so you can collaborate closely to grow your business. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, do you prefer proactive or reactive communication? Some accountants are very proactive, offering insights and recommendations for improvement even when not explicitly asked. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udd0d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Others may be more reactive, waiting for issues to arise before acting. Determine which approach aligns better with your business style and needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to find the right accountant for your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding the right accountant for your small business can make a world of difference in managing your finances and fuelling your growth. \ud83c\udf1f As we\u2019ve discussed, it\u2019s important to recognize when you need help, know where to start looking and understand what to prioritize in your search.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, an accountant who understands your goals and shares your growth vision can offer valuable, ongoing advice that can transform your business. This type of alignment can enhance financial planning, improve cash flow management, and support sustainable growth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to find the perfect accountant for your small business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to connect with professionals who have the right experience, are nearby, and offer the services you need. \ud83d\udcc8","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732494809115,"customDate":1731992400000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-much-will-an-accountant-cost","title":"How Much Will an Accountant Cost? Why the Costs May Be Worth It for Your Small Business","description":"Having a pulse on the money is key for your business\u2014and leveraging experts in this area can help. But how much will an accountant cost? Is the professional help worth it. Let\'s dive in.","metaTitle":"How Much Will an Accountant Cost? Why the Costs May Be Worth It for Your Small Business","metaDescription":"Wondering how much an accountant will cost for your small business? Understanding what goes into the cost\u2014and how to find an accountant that\'s worth the price tag\u2014will help.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6GhCGgz8yMKIcgNJ29vBTY/1ea27634f133f7aee34fce3a9beb19ff/temporary_accountant_cost_thumbnail.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Curious about the cost of hiring an accountant in 2025? Whether you\u2019re just getting started or aiming for serious growth, knowing what to expect can help you find the right fit for your business\u2014and make sure you get the support you need to succeed. \ud83d\udcbc\ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll break down the average cost of hiring an accountant, the services they provide, and how to make sure you\u2019re getting the right support without breaking the bank.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much does an accountant cost in 2025?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountant pricing isn\u2019t one-size-fits-all; it depends on a few key factors like location, service type, and experience. Whether you\u2019re after monthly bookkeeping, annual tax filing, or high-level financial strategy, here\u2019s what will influence the cost of an accountant in 2025:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Location","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": An accountant based in New York City will naturally cost more than one based in a rural town. Some accountants also offer services remotely, which can have an impact on cost.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Type of service:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" For example, full-time financial management for a growing business will cost more than hiring someone once a year to file your small business taxes.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Experience Level: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A seasoned certified public accountant (CPA) generally charges more than a bookkeeper or junior accountant.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The best way to evaluate accounting costs for your unique needs is to ask potential accountants directly. Check out Relay\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":"accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to contact multiple accountants and ask the experts questions about your specific situation. \ud83d\udde3\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Types of accounting services and their costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The cost of hiring an accountant depends on the services you need\u2014and those needs often change as your business grows. Here\u2019s a look at the most common accounting tasks businesses need help with at different stages, and how much they may cost.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: We always recommend seeking a financial professional\u2019s advice when it comes to managing your business\u2019s money. Relay is here to provide recommendations and general guidelines only. If you need help finding an accountant for your business, check out our guide here. ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"For businesses just getting started","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you only recently started your business or you\u2019re not bringing in much revenue yet, you can likely keep your accounting costs low. Here are a couple of accounting services you may need in the early days of business:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd5Bookkeeping:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you hire an accountant, they might provide bookkeeping services like recording transactions, reconciling accounts, and preparing simple financial reports. If not, you can also hire a bookkeeper to focus on these tasks. Generally speaking, a freelance bookkeeper can cost $25-$50 per hour, while going through an accounting firm may cost $200-$400 per month.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc4Basic tax preparation and filing:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" For startups, taxes are an essential but relatively straightforward task. According to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://connect.nsacct.org/nsacctwww/knowledgecenter/income-fees-survey"},"content":[{"nodeType":"text","value":"National Society of Accountants","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", accountants charge on average $220 for a personal tax return (Form 1040), $903 for an S-Corp tax return, and $913 for a Corporation tax return.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s also worth mentioning that many small business owners use accounting software like QuickBooks or Xero to manage their finances. These platforms are budget-friendly, with subscription fees ranging from $20 to $150 per month, depending on the features you need.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"For growing businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, your financial situation becomes more complex, and the need for accounting support increases. Here are some accounting services you may need and the general costs associated:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc3Financial statement preparation and analysis:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" An accountant can prepare and analyze your financial statements on a one-time or ongoing basis. The cost largely depends on the size and complexity of your business, but it\u2019s worth the investment\u2014this service will you stay on top of cash flow, identify financial trends, and make strategic decisions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Payroll services: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When you start hiring employees, managing payroll becomes an important responsibility. You can either hire an accountant to help (with costs varying largely across accountants) or use payroll services like Gusto or ADP, which typically cost $50 to $250 per month, plus a small per-employee fee.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd9Tax planning and strategy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" As your business grows, ongoing tax planning becomes more important to maximize your tax savings and ensure that you remain compliant with tax laws. This service generally costs between $500 to $5,000 per year, depending on the complexity of your tax situation.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"For established businesses with more complex needs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Larger businesses or those with more complex financial structures may require full-service accounting. Here\u2019s what you need to know about these potential accounting costs:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5\ufe0fFull-service accounting and CFO services:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hiring a fractional Chief Financial Officer (CFO) or a full-service accounting firm for strategic financial planning can generally cost $2,000 to $10,000 or more per month. This is ideal for businesses that need long-term projections, growth strategies, and high-level financial advice.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In-house accounting hire: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"At a certain point, it might make sense for your business to hire an accountant full-time. According to ZipRecruiter, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ziprecruiter.com/Salaries/In-House-Accountant-Salary"},"content":[{"nodeType":"text","value":"the average salary for an accountant is $68,236 per year","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" but keep in mind that this will vary by location and experience.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Audit preparation and support: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If your business is audited by the IRS, you\u2019ll need the expertise of a CPA or another tax professional. 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Accounting services offer value far beyond just balancing your books, often helping you save both time and money in the long run.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few benefits of paying for small business accounting services:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0Saves time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Trying to handle your own bookkeeping can take up valuable time that could be spent doing other tasks to grow your business. 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If you\u2019re in the early stages of running your business, you might only need basic bookkeeping services or tax preparation, rather than a full-service accounting package. Aligning your accounting fees to your business needs is the best way to get the right support without overspending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Ready to find an accountant for your business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":"accountant and bookkeeper directory","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to contact qualified accountants near you.\ud83d\udccd","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose the right accounting service for your budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choosing the right accounting services doesn\u2019t need to be overwhelming. Here are some tips to help you make the right choice for your business needs:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbcStart small:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your business is new, you may only need basic bookkeeping services and accounting software. As your business grows, you can always add more complex services.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbbConsider outsourcing:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Subcontracting a bookkeeper for day-to-day tasks while using a CPA for specialized services like tax returns and financial strategy can effectively balance cost and value.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1dLook for free consultations:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Many accountants offer a free consultation, giving you a chance to discuss their services, fee structure, and certifications before making a decision.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to add an accountant to your 2025 budget?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bottom line is that accounting is a smart investment for small business owners looking to grow their business, maintain compliance, and more effectively manage their finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the average cost of an accountant in 2025 can vary based on factors like location and specialization, it\u2019s important to choose an option that aligns with your business needs. 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If you\u2019re debating this, you\u2019re not alone.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"New cash flow avenues can be huge when a business is in a growth area, but the idea of taking on debt and worrying about repayments is daunting. You can feel stuck\u2014you really need to invest in additional space or tools to take your small business to the next level, but your bank account balance may make you second guess.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Depending on your stage of growth, leveraging short-term loans can be a great way to get you to that next stage of growth.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is cash flow financing?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cash flow financing (also known as cash flow lending) is a specific form of financing that bases your loan on your ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"future","nodeType":"text"},{"data":{},"marks":[],"value":" cash flow, versus using any current physical assets as collateral. 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However, there are also some key differences to be aware of when looking at this world of financing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Approval times: ","nodeType":"text"},{"data":{},"marks":[],"value":"In a pinch, look no further! You can typically expect a quicker approval time with a cash flow loan.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Focus:","nodeType":"text"},{"data":{},"marks":[],"value":" Cash flow loans are quite focused on your future. Don\u2019t worry if your balance sheets or cash flow forecasting isn\u2019t painting the best picture of the last year. If you can show that you have a plan to make money in the future, you have a higher likelihood of success with this lending/","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Terms:","nodeType":"text"},{"data":{},"marks":[],"value":" Larger loans are typically meant to keep you afloat for a longer period of time. Cash flow loans are meant for short-term success (keeping you afloat for a seasonal slow time at winter, for example). Leverage these loans for short-term needs, and explore more traditional loans for long-term needs.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Interest rates:","nodeType":"text"},{"data":{},"marks":[],"value":" Given the risks for a lender associated with cash flow loans, you have to prepare for a higher interest rate (versus a traditional loan). Have a plan for paying down these loans in a timely manner, or you may struggle with the growing interest.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"How does cash flow financing work and help your business finances?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Have you ever looked at your business cash flow and felt a pit in your stomach? You know you\u2019re profitable, but you\u2019re waiting for three huge clients to pay your overdue invoices ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"and ","nodeType":"text"},{"data":{},"marks":[],"value":"you just went on a hiring spree for headcount to support said three large clients.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These types of loans are a good solution for businesses that:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Don\u2019t have an extensive credit history that traditional bank loans require","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Lack collateral required for asset-based loans (after all, asset based lending is tricky without assets!)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Don\u2019t have a large history of profitability and are looking for financing options that will help deal with current costs (like staying afloat during the slow season of a seasonal business, or floating payroll until you receive pay fro clients)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Because of this, you can typically expect higher interest rates on cash flow financing loans. After all, the lenders are taking on a bit more risk. It\u2019s important to have a plan to pay back the loan efficiently and avoid hefty interest rates.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How do you find lenders for cash flow financing?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding a lender for any loan is where things can get overwhelming. The application process can look different for everybody, and the eligibility for the same loan can vary between lenders.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And there is also a bit of legwork required to find a lender. Here are some ways to look.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Check online:","nodeType":"text"},{"data":{},"marks":[],"value":" Everything is online nowadays, and loans are no different. Some online lenders can grant you loans right from your computer or phone. Search online and see what online lenders you can find.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Chat with your bank or banking solution:","nodeType":"text"},{"data":{},"marks":[],"value":" Your bank or banking solution may either offer cash flow funding ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"or ","nodeType":"text"},{"data":{},"marks":[],"value":"have a direction to point you in.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Look on government websites:","nodeType":"text"},{"data":{},"marks":[],"value":" There are no federal grants for starting a business, according to the","nodeType":"text"},{"data":{"uri":"https://www.usa.gov/start-business"},"content":[{"data":{},"marks":[],"value":" United States government website,","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" but the","nodeType":"text"},{"data":{"uri":"https://www.sba.gov/"},"content":[{"data":{},"marks":[],"value":" Small Business Administration (SBA)","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" offers loans and funding approaches. They have specifically funding for women-owned businesses, minority-owned businesses, Native American owned-businesses, veteran-owned businesses, military spouse-owned businesses, rural businesses, and LGBTQ+-owned businesses.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Source information from other business owners:","nodeType":"text"},{"data":{},"marks":[],"value":" Chances are, your network has more information than you think around this. Chat with other small business owners about where they are getting cash flow loans or more traditional loans, where they\u2019ve had a good experience, and where they feel like it was a rocky partnership. Take advantage of research and experience your community has already been through!","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Questions to ask lenders\u2014and questions that lenders will ask small business owners","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Naturally, you can expect there to be questions involved when it comes to somebody giving you access to a large sum of money. 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Any cash flow statements?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Can we see your cash flow projections for the future? Any forecasts are valuable.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Do you have any other financing activities we should know about?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Do you expect future revenue?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Can we review your financial statements?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of these questions help lenders to understand your business operations and the chances for your success. After all, your success is what they need to get paid back.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Questions small business owners should ask lenders","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Think of cash flow funding lenders (or lenders of any loans, really) as a business partner. You\u2019ll be working with them for a decent amount of time, so you need to feel good about that. Here are some of the questions you should be asking lenders upfront.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What do you recommend, based on my needs?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What are the repayment terms of my loan?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"With interest, what is the total loan amount?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Do you offer different types of cash flow loans?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"What traditional loans do you offer?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have you worked with other small businesses/entrepreneurs/startups in my position? How was that partnership?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Is there ongoing support of my loan or business needs change throughout the term?","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Lenders should be able to answer most of these to give you confidence in your decision!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keep in mind, you don\u2019t have to ask all of these questions, and you also won\u2019t be asked all of these. This list isn\u2019t a guarantee, nor is it fully expansive. These are just samples of what to expect as you are chatting with different providers, and how to prepare yourself for the conversations.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What are other ways to unlock more cash at your business?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cash flow lending isn\u2019t the only way to get your hands on additional working capital for your business. Other options include:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Lines of credit: ","nodeType":"text"},{"data":{},"marks":[],"value":"A line of credit is a great way to unlock cash . Pro tip: Make sure you have a business line of credit. Using a personal line of credit for business will messy your accounting ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"and ","nodeType":"text"},{"data":{},"marks":[],"value":"potentially impact your credit score.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Credit cards:","nodeType":"text"},{"data":{},"marks":[],"value":" Credit cards are a fantastic way to increase your day-to-day access to cash\u2014if you\u2019re using them strategically. Typically, credit cards give you access to money you don\u2019t have in an account that moment, which is huge when you need to make bigger business purchases or surprise expenses come up. Another bonus is the benefits you can reap from a reward credit card, like cash back or points. Like a line of credit, ensure you are using a business credit card specifically to keep your finances clear.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Unsecured loans: ","nodeType":"text"},{"data":{},"marks":[],"value":"Once you\u2019ve established yourself with a lender and built a good rapport (plus have a run of positive cash flow to show for your business success) unsecured loans can be a great way to keep cash flowing. With an unsecured loan, the lender can\u2019t take claim of any of your assets. Because of the personal guarantee with these loans, you can often see this between family or friends.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Stay ahead of your financing with cash flow funding","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Loans can be daunting, but when used correctly, cash flow funding can be a way to boost your growth. With extra funding, you can invest in team growth, have the budget to create bigger projects, or even just keep rent payments up-to-date while you wait for those big checks to clear.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Want to stay on top of all of your payments? ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" can help. With next-level cash flow clarity, you\u2019ll know exactly where every dollar is going, ensuring you have the cash on hand to avoid any late payments. ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"Sign up today","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" for cash flow clarity\u2014and so many other perks.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":3,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1731707696104,"customDate":1731560400000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"negative-cash-flow","title":"Negative Cash Flow: Causes and (More Importantly) How To Recover","description":"Negative cash flow sounds scary, but it isn\'t always. Here\'s what you need to know. ","metaTitle":"Negative Cash Flow: Causes & (More Importantly) How To Recover","metaDescription":"Negative cash flow can be scary as a business owner\u2014but it\'s not always worst case scenario. Review causes and how to conquer negative cash flow. ","popular":false,"category":"Cash Flow","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/27dTVFvcUs4iwfLIg1ApIo/a43ac142c8fc9203664ea7d86f3e0e40/Copy_of_Untitled_Design.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Negative anything isn\u2019t fun for a business (negative reviews, negative customer experiences, just to name a few) but negative cash flow can be detrimental. More money going out of your business than is coming in can mean a lot of things, but it\u2019s definitely something to keep an eye on.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You\u2019re reviewing your ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/cash-flow-forecasting"},"content":[{"data":{},"marks":[],"value":"cash flow statement","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and see profit is ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"booming ","nodeType":"text"},{"data":{},"marks":[],"value":"this month. The holiday rush has people shopping, you run some great email marketing campaigns in the backend, and you\u2019re benefiting as a result.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you look at your money going out? You see you\u2019re still in the red, with more going out than came in. Rent was raised, you had to have extra staff come in to support the rush, and of course you needed more material to meet demand. But the result is a negative cash flow.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Scary, right? Not always\u2014but most definitely something you need to keep a pulse on.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"What is negative cash flow?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Negative cash flow when you have more money going out of your business than you have coming in, resulting in ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"negative cash.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For the sake of simple math, say you make $500 at a bake sale. Awesome, right?\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But the cost of the materials was $300 (the cost of butter got you good), you spent 8+ hours baking everything (so at the federal minimum wage at $7.25/hour that\u2019s around $58), you spent $75 on packaging for the cookies, and pay $100 for a booth at the bake sale. With operating expenses that high, you actually spent $533 to accomplish $500 in sales.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\u2019s a ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"negative cash flow\u2014","nodeType":"text"},{"data":{},"marks":[],"value":"of $33, to be exact.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How do you discover negative cash flow?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The best way to discover if you have a negative cash flow (and get closer to creating a positive cash flow) is by staying on top of your cash flow forecasting. This can be done in different intervals\u2014weekly, monthly, quarterly, or annually. The best method is combining these views so you can see patterns or weaknesses in your cash flow that may be contributing to negative cash flow.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Complete your financial statements by taking all of your money coming in and subtracting all of your money going out. The leftovers are cold, hard cash. If this number is positive, then you have positive cash flow. If this number is negative\u2014you guessed it\u2014you have negative cash flow.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Want to do your cash flow forecasts yourself but spreadsheets and formulas aren\u2019t your strong suit? No problem. Download a copy of our","nodeType":"text"},{"data":{"uri":"https://docs.google.com/spreadsheets/d/1LbDUzPB-KqzZNtjJvXmDARfPgYUojDXxQDfF8m9-f54/copy"},"content":[{"data":{},"marks":[],"value":" free cash flow forecasting spreadsheet","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" here and make cash flow management a breeze.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Looking for a more detailed guide on ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/cash-flow-forecasting"},"content":[{"data":{},"marks":[],"value":"cash flow forecasting?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" We have you covered here. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Is negative cash flow bad?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"You would think negative is negative, right? And in a lot of cases it can be.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But you have to look at the circumstances surrounding your negative cash flow to determine if it\u2019s truly bad. Of course, a positive cash flow is always ideal, but there are a lot of cases where the amount of cash you have on hand (or lack thereof, in this case) isn\u2019t the worst thing to happen.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So let\u2019s look at some of these causes, and we\u2019ll let you be the judge of whether they\u2019re good or bad.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"What are the causes of negative cash flow for small businesses?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"It may seem simple: the cause of negative cash flow is spending too much and not making enough.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And technically, yeah. That is the cause of negative cash flow. But there\u2019s a lot of situations in a business that  explain negative cash flow\u2014and like we mentioned above, they may not always be bad.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"1. Starting new businesses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"\\n","nodeType":"text"},{"data":{},"marks":[],"value":"Believe it or not, starting your business is actually an example of negative cash flow that is not necessarily bad. The cost of starting a business is steep, and you\u2019re likely to see negative cash flow as you begin to get everything off the ground. Think of all the upfront costs\u2014","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/how-much-does-it-cost-to-start-an-LLC"},"content":[{"data":{},"marks":[],"value":"licensing an LLC","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" (which can cost hundreds), staff hiring, getting your hand on product, running your marketing efforts\u2026 and this all has to happen before you make your first sale!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of this will likely result in fairly low profit. It\u2019s natural, and not something you should be alarmed about when you\u2019re getting up and running. However, you need to re-evaluate if it continues for months with no end in sight.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"2. Investment into growth\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019s not cheap to grow your business, whether it\u2019s hiring more staff, investing in new hardware, or finally biting the bullet to sign a lease on a large warehouse space. All of these, while good problems to have, will put a dent in your cash, and therefore your cash flow. In these cases, it\u2019s short term negative cash flow for long term positive cash flow.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"3. Poor spending habits","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We said the causes are not ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"always ","nodeType":"text"},{"data":{},"marks":[],"value":"bad, but some are. Poor spending habits for your business can be make or break\u2014and a huge negative cash flow cause. If you aren\u2019t understanding your incoming cash, you may overspend (and put yourself into the red). Think springing for ergonomic office equipment before your team is in office,\xa0treating clients to lunches at Michelin star restaurants every time you take somebody out, or high-cost team bonding efforts. There are cheaper and equal alternatives that won\'t rack up your credit cards as much. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6gAmwZqQUiPI2Ov6AOK9R1","type":"Asset","createdAt":"2024-11-15T20:30:18.175Z","updatedAt":"2024-11-15T20:30:18.175Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":1,"locale":"en-US"},"fields":{"title":"Negative cash flow inset ","description":"An image of a female shopping. She is admiring a new hat and posing in the mirror. A design shows she has been shopping, with -$238 coming out of her business checking account. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6gAmwZqQUiPI2Ov6AOK9R1/6a01e656bc85007904e8632c0d78a97d/Inset.jpg","details":{"size":975702,"image":{"width":1600,"height":700}},"fileName":"Inset.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"4. Late payments","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This can be detrimental for invoice-based businesses that typically start the work and share an invoice with the client. Think agency businesses, construction companies, or individual freelancers, for example. When you\u2019re not paid upfront in your work, you can (unfortunately) assume that you\u2019ll experience at least a few late payments from clients. And these late payments mean your cash flow will be off for the month.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"5. Emergencies you aren\u2019t prepared for","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You may have heard of the importance of having a personal emergency fund for a rainy day, but did you know that you should do the same for your business?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Picture this. You\u2019ve landed some big clients for your construction business, which will be ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"huge ","nodeType":"text"},{"data":{},"marks":[],"value":"in\xa0making up some profit. The day before the gigs, you give your employees their assignments, divide materials, and everybody is ready to go\u2014until the check engine light comes on in one of your trucks.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now you\u2019re paying for an emergency stop at the mechanic ($) and dealing with labor costs on their end ($$) only to find out you need the engine replaced ($$$) and you ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"need ","nodeType":"text"},{"data":{},"marks":[],"value":"this truck to complete the jobs ($$$$).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you don\u2019t have enough cash aside for unexpected expenses like this, you\u2019re going to throw your cash flow further off course to keep things going. In this case, without an emergency account, where do you take the money from? Max out credit cards? Look into a business loan?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of those options will impact your cash flow further, maybe even pushing you into a larger deficit that\u2019s harder to get out of. But if you have money aside for emergencies, you don\u2019t have to worry about the cash flow issues that follow unexpected emergencies.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Tips for managing negative cash flow at your small business","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"So we know what negative cash flow is, if it\u2019s good or bad, and what causes it. But how are business owners managing negative cash flow?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are tips for keeping your cash flow problems at bay.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. Keep a pulse on your financial planning","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Understanding the financial health of your business is the first step on staying on top of your cash flow. This can mean:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Reviewing your income statements","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Reviewing balance sheets","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Completing cash flow forecasting","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Making sure bookkeeping is up to date","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Going through these exercises will ensure you actually know what your company\u2019s cash is currently at\u2014and what you can spend without going into the red.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is made even easier with a banking solution that makes cash flow clear. When you know exactly what you have to spend on what, being aware of your planning\u2014and if you\'re on track or not\u2014is simpler. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Minimize payment friction","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a business owner, you know the pain of chasing down an invoice (and the financial headache that comes with waiting for that check to hit your account). Late payments are a thing of nightmares, so trying to minimize the friction when it comes to your customers paying can help reduce late payments.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Try changing your payment terms (offer discounts if they pay early, or add a fee for payment later than 30, 60, or 90 days overdue), review your accounts receivable process, or work with a banking partner that lets checks clear faster. Waiting for \u201cpending\u201d money, even just a few days, can completely throw you off.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. Build a cash reserve","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This can seem daunting, especially when your business is in its startup days. There\u2019s better places for your cash, right?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Wrong! Building a cash reserve is essentially betting on your future success. If you find yourself future-proofing issues, it\u2019s because you believe you\u2019ll still be around to face those future issues. And the future issues are a lot less scary when you\u2019re prepared for them. Having liquidity in the form of cash is key to keeping things smoothly in the face of a financial scare.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. Review your costs\u2014and see what you can cut ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This may seem obvious, but you would be surprised how quickly your operating costs can grow. As your business grows, it\u2019s safe to assume your overhead costs will grow with it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Revisit your loans and interest rates","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Haven\u2019t you heard the glorious news? Interest rates are (finally!) starting to decline. Now is the time to revisit your interest rates on your loans. See where you\u2019ll be saving on loans, and re-allocate those savings accordingly.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The other thing you can do is re-evaluate if you want to leverage loans. You may have been avoiding it before with high interest rates, but with the change, it may be the time. Loans can seem scary, but small business owners can benefit from them when used strategically. Unlocking working capital early in your business can help with business growth, letting you scale with ease and get ahead.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Get cash flow clarity with Relay","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Sick of seeing a negative in your bank account? Cash flow confusion got you down? Get clarity into your cash flow and business operations with Relay today.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relay\u2019s business checking features will keep you and your team on the money all of the time\u2014cash flow clarity at your fingertips without fees, paperwork, or branch visits.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Want to say hello to healthy cash flow? You can ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"sign up here.","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":7,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1732028564493,"customDate":1731387600000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"grow-your-business-without-chasing-more-clients","title":"How to Grow Your Business Without Chasing More Clients","description":"On Tuesday, November 26 at 2 p.m. ET, join Certified Profit First Professional Debbie Deknight to discover how to boost your business\u2019s growth without the constant scramble for new clients.","metaTitle":"How to Grow Your Business Without Chasing More Clients","metaDescription":"On Tuesday, November 26 at 2 p.m. ET, join Certified Profit First Professional Debbie Deknight to discover how to boost your business\u2019s growth without the constant scramble for new clients.","popular":false,"category":"How to Cash Flow","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2BRPtG95MsLbz0qW59BZXL/c74021cafce9c997aef752212e2106ff/BLOG_Webinar-Banner_YB1920W.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"For most small businesses, growth seems to hinge on the next new customer. But constantly chasing fresh leads can leave you stretched thin, overworked, and still barely meeting your financial goals. What if there was a smarter, more profitable way to grow?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Note: this webinar has already aired. You can now watch the on-demand recording!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Instead of spending all your time and energy on finding new clients, imagine a business where your current customers become the foundation of your growth\u2014where simple, intentional changes lead to steady revenue and less financial stress. 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Using these five Profit First accounts can help.","metaTitle":"Mastering Profit First Accounts for Success","metaDescription":"Implement Profit First accounts to boost profitability and manage cash flow effectively in your business.","popular":false,"category":"Profit First","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4EURChG7Xeq1e4LJxUh2Od/ed88d2abcd501fd197f3d69e572c5a6c/Blog_Images_ProfitFirst_OperatingExpenses.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you\u2019re going for it with Profit First\u2014fantastic! But hearing that there are five bank accounts can feel a bit daunting. What accounts do you need to set up and why ?What actually counts as an operating expense? How much should you compensate yourself? And do you need any additional Profit First accounts for your specific industry? Fear not, we have you covered with answers to all your Profit First account questions (and the solution to make them easy to stand up\u2026 more on that later.)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The cornerstone of a successful Profit First setup for your business is setting up the right accounts. These accounts allow you to separate your money for different purposes. and see at a glance how much you have on hand to run each area of your business (and which areas may need a little more money contributed towards them).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what are the accounts? And does your business need more than these five? We\u2019re glad you asked!","marks":[],"data":{}}]},{"nodeType":"embedded-entry-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5u7WqtT2JStC96vVI8AzCB","type":"Entry","createdAt":"2023-01-12T18:58:27.522Z","updatedAt":"2023-01-13T20:34:26.436Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":47,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"Transform your business with Profit First","ParagraphText":"If you need help implementing Profit First, find a certified Profit First Professional today. ","buttonText":"Find a Profit First Professional","url":"https://profitfirstprofessionals.com/hire-pfp-form/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1wWMIZIVtAclMJl8ymUVA2","type":"Asset","createdAt":"2023-01-13T17:08:51.667Z","updatedAt":"2023-03-20T14:25:02.202Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":4,"locale":"en-US"},"fields":{"title":"Relay: Official banking partner of Profit First Professionals","description":"Relay: Official banking partner of Profit First Professionals","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1wWMIZIVtAclMJl8ymUVA2/1c991bdd3cf2efae1786d31a8cd9b589/PF_inline_CTA__3_.png","details":{"size":1740556,"image":{"width":1080,"height":1080}},"fileName":"PF inline CTA (3).png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The five main Profit First Accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are typically five main accounts you want to leverage as a business choosing the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Having the five accounts makes it easier to prioritize profit by giving you a clear picture of what you have available for each area of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But why do you need so many accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The five Profit First accounts make it easier to approach accounting in a new way. Think of it this way; your typical accounting method usually looks like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sales - expenses = profit","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, whatever you have left over after covering all of your expenses is what you keep as profit. But using the Profit First method and Profit First accounts means you\u2019re flipping the script, and tackling accounting like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sales - profit = expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your profit goes directly into your profit account ","marks":[],"data":{}},{"nodeType":"text","value":"first","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and whatever is left over is what you have to run every other aspect of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So what five accounts are you starting with? Let\u2019s break down the five accounts, how much goes into each, and what they should be used for.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(Pro tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"These aren\u2019t in any particular order. Each of these five accounts have a very important role, and work together to make Profit First such a powerful system. Teamwork!).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you determine how much money you should put into each Profit First account?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determining the exact percentages can be tricky. Every business is different and has unique needs, but there are ranges you can look to as a starting point for what to put into each account. The table below will give you an idea of how to allocate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-percentages"},"content":[{"nodeType":"text","value":"Profit First percentages","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", based on the amount of revenue you\u2019re bringing in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at each account in depth.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"1. Income account\xa0\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think of your income account as a holding tank where all of your money will initially start. Everything in your business will go into the income account\u2014sales, wire transfers, check deposits, and any other way money comes in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s from here that you will start to divide up your money into the other accounts, based on the percentages you establish.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re more of a visual learner, check out the visual below that ","marks":[],"data":{}},{"nodeType":"text","value":"shows ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you how your income account works (and remember, the percentages shown here are just an example\u2014your ideal allocations may be different!).\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2i7tPesdvQ5qzOt37vMRFc","type":"Asset","createdAt":"2024-10-28T13:33:00.257Z","updatedAt":"2024-10-28T13:33:00.257Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Profit first accounts","description":"A visual showing the five profit first accounts and how they divide into percentages ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2i7tPesdvQ5qzOt37vMRFc/465d145a5a4349b9230fae040c26c2bd/Blog_Images_Profit_First_Accounts_1600x700_Pink.png","details":{"size":36261,"image":{"width":1600,"height":700}},"fileName":"Blog Images_Profit First Accounts_1600x700_Pink.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"2. Profit Account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"5-20% of your income","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name may be a giveaway, but this account is where you are going to put your profit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The money you put into this account has to go here before any other expense is paid out, and should be set aside completely and not touched (unless you\u2019re reinvesting in the business or participating in profit distribution with your team).\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3. Owner Pay ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"5-50% of your income","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can be hard to fairly compensate yourself as a business owner. There are so many other areas that pull money in your business, and you may be tempted to give yourself less of a salary to keep the business running and growing.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Profit First, say goodbye to the \u201cgoing with less salary\u201d mindset and hello to an account dedicated to owners\' pay. Allocate a percentage of your income for your salary, and that salary automatically goes into an owner\'s pay account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re struggling with what to pay yourself, ask yourself this: What would somebody doing your role somewhere else make? That gives you a great and objective idea of what you need to be putting aside into your owners pay account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you aren\u2019t paying yourself fairly, enough, or at all, you\u2019re going to grow resentful of your business. And that\u2019s going to make it hard to want to put the work in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"4. Tax Account ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"15% of your income","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ah, tax season. The least stressful time of year, right? Getting your bill at the end of the year and spending a few weeks scrambling to get together a large chunk of money for the taxes you owe. It\u2019s every business owner\u2019s dream!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Okay, we can hear you rolling your eyes (rightfully so). Tax season can be an absolute nightmare. Searching through pockets for receipts, countless hours with your accountant or bookkeeper, trying to find a large chunk of money to settle up\u2014it\u2019s a headache. But your Profit First tax account ensures you\u2019ll at least have enough to cover the bill when the time comes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This account is where you safely put aside money for your taxes. Allocate roughly 15% of your income to this account. When tax season comes around, you\u2019ll be ready to face it head-on\u2014no Advil required.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5. Operating Expenses ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"30-65% of your income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re probably reading through these accounts and wondering about the money it takes to actually run your business. Cue your operating expenses, or OpEx, account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anything that\u2019s leftover after your other allocations are deposited into the above accounts go towards your OpEx. This is the money you have left to run your business\u2014rent, supplies, payroll, and everything in between.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll be honest: it\u2019s going to be uncomfortable to operate this way at first. Many businesses wait to see what\u2019s left over ","marks":[],"data":{}},{"nodeType":"text","value":"after ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"their operating expenses, and use that to deal with everything else outlined above. But when you distribute your money into accounts like this, you become more disciplined with your spending and shift into a profit-focused mindset.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s also important to note that the percentage ranges for the Profit First accounts above don\'t add up to 100% if you use the maximum of each range. To increase the percentage you put into operating expenses, for example, you need to decrease the percentage going into owner\'s pay. You need your percentage allocations to add up to 100%. ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-entry-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are there any additional Profit First accounts?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The key to Profit First is using these five Profit First accounts, but the ","marks":[],"data":{}},{"nodeType":"text","value":"fun ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"of Profit First\u2014outside the fun of seeing your profit begin to grow\u2014is that you can tailor it to your specific business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some examples of additional Profit First accounts that you may want to add.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Materials/Inventory: This account is great for businesses that spend a large part of their operating expenses on inventory or materials. Think ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-contractors"},"content":[{"nodeType":"text","value":"construction","marks":[],"data":{}}]},{"nodeType":"text","value":", where you can spend literally tens of thousands of dollars a month on raw supplies. In these cases, it may be helpful to have a separate account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing: So many ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/marketing-agency-profit-margin"},"content":[{"nodeType":"text","value":"agencies","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" are using Profit First. Separate accounts that pull money for marketing spend for clients can be hugely helpful for keeping the money clients send you organized, especially if you\u2019re trying to deal with numerous clients.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll: Payroll is typically a large chunk of any business\u2019 operating expenses. Depending on your setup or workforce, having a separate payroll account can help you stay organized.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"COGS: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-ecommerce"},"content":[{"nodeType":"text","value":"E-commerce","marks":[],"data":{}}]},{"nodeType":"text","value":" or other product-based businesses need to have cash set aside to manufacture or purchase get their goods that they sell. Without it, there\u2019s no business! As e-commerce and product-based businesses scale, having an account dedicated to COGS can help you see exactly how much is going towards this area of your business.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, the additional accounts aren\u2019t mandatory. It\u2019s meant to be what works for you! If having additional accounts and division helps you, great. If keeping it simple with the initial five accounts is best for you, that\u2019s great too.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you set up Profit First accounts?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up doesn\u2019t have to be tricky. Here are the steps for setting up your Profit First accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. Work with your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-banks-for-profit-first"},"content":[{"nodeType":"text","value":"bank or banking platform","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to set up your Profit First accounts. You\u2019ll need at least five accounts set up to use this method effectively.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pro tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Traditional banks may tie up your cash flow in these accounts by making you hold a minimum balance to avoid fees. Work with low-fee or no-fee banking platforms, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", for the easiest way to set up multiple accounts that won\u2019t cost you an arm and a leg.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Determine your Profit First percentages. This will determine what percentage of your cash that lands in the Income account goes to each of the other accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Set an allocation schedule. This can be every payday, the first and last day of each month, or whatever works for you. This date is when you will allocate the money to each of your separate Profit First accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. Now, run your business based on the funds in your OpEx account. By using your expense account ","marks":[],"data":{}},{"nodeType":"text","value":"only, ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you know your business is running at a profit. Even if it\u2019s just a dollar, having that money in your profit account is a huge win!\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Easily implement Profit First with Relay","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are tons of reasons small business owners are using Relay to implement Profit First, but here are some of our favorites:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Up to 20 free checking accounts: With no fees or minimum balances on any of your accounts, you have the ability to set up deposit-only accounts, as well as operating expense accounts. This gives you greater clarity into cash flow.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Earn 1% to 3% APY1 on your savings: Open two savings accounts with Relay and watch your money grow. Plus, our auto-transfer rules help you consistently move excess cash out of operating accounts and into savings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Percentage-based transfers: Make your Profit First transfers easily thanks to Relay\u2019s percentage-based transfer feature. Plus, you can automate your percentage-based transfers when you\u2019re ready.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Streamline bookkeeping with accounting integrations: No more tax season headaches. Relay\u2019s integrations with QuickBooks Online and Xero help you waste less time deciphering transactions, and more time growing your business.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 physical or virtual debit cards: Relay offers up to 50 debit cards that can be assigned spending limits, so you can get a clear picture of where your money is going.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Katie McCann","jobTitle":"Content Marketing Manager","company":"Relay","slug":"katie-mccann","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/4qanA9C1pzm4xao6btnWe1/b169b8be2e5f6a48d72dbfc923929282/TCL16PP9B-U07H09874UC-ab5b6b93ce7d-512-1.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1730131763136,"customDate":1729828800000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"cash-flow-forecasting","title":"Cash Flow Forecasting: A Complete Guide (+ Free Cash Flow Spreadsheet)","description":"Ready to get into cash flow forecasting? We dive into everything you need to know\u2014plus get your free cash flow forecasting spreadsheet to make it easier than ever!","metaTitle":"Cash Flow Forecasting: Complete Guide (+ Free Cash Flow Spreadsheet)","metaDescription":"Master cash flow forecast techniques to ensure your business\'s financial health and growth.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3obm3SUeNxIYB5A2Xjn1Wf/675745556e65c0dc04b290132f5d4206/Blog_Images_Budgeting.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"They say that cash is king, and that sentiment could not be more true for small business owners. Cash is everything. And it\u2019s why creating an accurate cash flow forecast is critical for success.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But this level of importance is why it\u2019s alarming that ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/cash-flow-compass"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"91% of small businesses face serious cash flow challenges","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\u2014and most never see them coming. Cash flow forecasting is an exercise that can help you avoid cash flow problems (or at least see them coming). ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So make a copy of our ","nodeType":"text"},{"data":{"uri":"https://docs.google.com/spreadsheets/d/1LbDUzPB-KqzZNtjJvXmDARfPgYUojDXxQDfF8m9-f54/copy"},"content":[{"data":{},"marks":[],"value":"free cash flow forecasting template (no email required)","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and let\'s dive in for cash flow forecasting. \\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"What is a cash flow forecast?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your cash flow forecast is an estimate of the amount of cash moving in and out of your business across all areas of the business during a set period. Cash flow forecasting is huge because it can be used to identify potential cash shortfalls and reveal areas where you need to tighten your budget.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Armed with information from your cash flow forecast, business owners can make more informed decisions around spending, investing, and financing\u2014and ideally avoid those cash flow challenges so many businesses face.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Why is cash flow forecasting so important?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Understanding your cash flow is one of the best ways to understand the overall health of your business and, more importantly, set yourself up for long-term success.. Cash flow forecasting helps:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Prevent cash flow shortages:","nodeType":"text"},{"data":{},"marks":[],"value":" Knowing how much cash you have allocated to each part of your business helps protect you against unexpected shortfalls. If you know you have $5,000 allocated to purchasing new product, for example, you won\u2019t spend $7,000 and then wonder how you ended up $2,000 in the red.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Build a growth plan:","nodeType":"text"},{"data":{},"marks":[],"value":" Have you heard the saying \u201cwhen you fail to plan, you plan to fail\u201d? Cash flow forecasting forces you to make a plan and gives you a clear understanding of your cash position, all with the future in mind.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Ensure liquidity:","nodeType":"text"},{"data":{},"marks":[],"value":" If you\u2019re aware of what your cash situation is, you can prepare for leaner periods (think seasonality). Plan ahead for things like securing loans or making spending adjustments to stay afloat no matter what.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Improve decision making: Having a clear view of future cash positions allows you to make better decisions around expenses, investments, and pricing.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The recipe to success: components of a cash flow forecast","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just like your family\u2019s famous pumpkin pie recipe, your cash flow forecast is made up of certain essential ingredients. Get them right, and you\u2019ve got a recipe for success.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before we get too hungry, let\u2019s get more technical. There are certain components that make up your cash flow forecast, and numbers that you need to know before getting started.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Typically, a cash forecast will contain some or all of the following components:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"1. Cash inflow (aka. money coming in)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nSimply put, cash inflow is what you expect to make during the period of time that you are building your cash flow forecast for, and the areas where this money is coming from. Some categories of cash income you could include on your cash flow forecast are:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Sales: This is arguably the most common area of incoming cash. This includes all expected income during a set period of time, whether that\u2019s goods or services.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Loans: Account for any loans or financing you have coming in. That cash is technically money coming in that you can spend (but remember you have to pay it back!).\xa0\\n","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"2. Cash outflow (aka. money going out)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your cash outflow is the opposite of your cash inflow. This is where you break down what it\u2019s going to cost you to run your business in the same period of time. Some expenses you have to account for could be:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Operating expenses: Think payment for rent, utilities, payroll, and other day-to-day expenses that stay relatively consistent.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Loan repayments: This is the other side of getting loans or financing. You have to account for paying them back month over month.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Taxes: Start putting money aside every month to avoid wanting to pull your hair out when a fat bill comes around at tax season. Divide up your typical annual taxes by twelve, and put that amount aside every month to avoid stress in April.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"3. Net cash flow (aka. your money in minus your money out)","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is where you have to break out the calculator and do some math. Take all of your money in and subtract your money out. If you want to get detailed, you can do this exercise for three different scenarios\u2014 best case scenario for your business, the \u201caverage\u201d or expected case, and worst case scenario if everything goes wrong. Take those scenarios and run the same calculation.\xa0\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Types of cash flow forecasts","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before we dive into ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"how ","nodeType":"text"},{"data":{},"marks":[],"value":"you complete a cash flow forecast, it\'s key to understand the different types of cash flow forecasting exercises you can go through for your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can splice and dice a cash flow forecast in so many ways, so we\u2019re going to focus on three different versions\u2014short-term, medium-term, and long-term\u2014and the benefits of each.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Short-term cash flow forecasts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A short term cash flow forecast focuses on the short-term cash flow vision of your business\u2014maybe a quarter or a year. This is used to guide your day-to-day business decisions, helping you identify more immediate cash flow needs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Medium-term cash flow forecasts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Medium-term forecasts typically look at a period from one to three years. These forecasts help you look at your cash position more broadly, especially as you look towards more growth-focused business goals.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Long-term cash flow forecasts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You guessed it\u2014it\u2019s time to look at your long-term cash flow forecast! This covers a period of three to five years (or more, depending on your business model), focusing on more long-term cash needs, growth plans, and any financing you may need.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How do you do cash flow forecasting?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cash flow forecasting is objectively important\u2014as you know. But performing a cash flow forecast isn\u2019t always easy.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s break down cash flow forecasting step-by-step.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 0. Download the cash flow template","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Do you want to follow along with the steps we\u2019re about to go through? You can download your free cash flow forecast here before diving into the steps to make things even easier. Just open the spreadsheet and make your own free copy that you can use for your forecast. The format, formulas, and list of what you need is done for you!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Get your copy of your ","nodeType":"text"},{"data":{"uri":"https://docs.google.com/spreadsheets/d/1LbDUzPB-KqzZNtjJvXmDARfPgYUojDXxQDfF8m9-f54/copy"},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"FREE cash flow forecasting template here.","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":" ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 1. Set your forecast period","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You need to decide on a timeframe to focus your cash flow forecasting on. After all, if you\u2019re comparing a month from 2022 to all of 2023, you\u2019re going to confuse yourself. Setting your cash flow forecasts to the same time period can make things easier and give you clearer business insights.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can do a cash flow forecast annually, quarterly, monthly, or even weekly. The key is to review your business and see what works best for you.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There is also a use case for different periods. Annual cash flow statements can give you a great overview of performance, while monthly helps you strategically plan each year.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 2. Gather historical data","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Whether you\u2019ve been in business for a week or 10 years, historical data is key when it comes to cash flow forecasting.\xa0Reviewing your financial data will arm you with the data you need to make accurate estimates for your cash flow forecast. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is especially important because if you build a budget or financial plan when severely overestimating your money in our out, you can set yourself up to end up with a negative cash flow. When you fail to plan, you plan to fail.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Step 3. Gather data on money in","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"These numbers are what you base your income on for your cash flow forecast. Include sales revenue, accounts receivable, or any other streams of income.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Step 4. Gather data on money out\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This will be a bit easier if you have historical data you can refer to. You can use income statements from years before to estimate your cash going out. Look at your rent contracts, past labor costs, and COGS from years previous to estimate cash going out.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re a relatively new business or don\u2019t have this information handy, things will be a bit trickier. You\u2019re going to want to estimate as accurately as possible. See if there are businesses in your area you can use to base your expenses on. \\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Step 5. Calculate your net cash flow","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have your spreadsheet handy, Excel or Google Sheets can take care of the math for you. 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","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can ","nodeType":"text"},{"data":{"uri":"https://relayfi.zoom.us/rec/share/-W0zad9RwI1KVfvaiiPFe0YxlPXwFXVwUG2HQGMs8kQW-qDN17uoks52kGRz4tzP.fEjyfABSTLhjx4KJ"},"content":[{"data":{},"marks":[],"value":"watch the recording here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}}},{"id":"how-to-choose-an-accountant","title":"How to Choose an Accountant: 5 Steps for Small Business Owners","description":"Learn how to find and choose the right accountant for your small business, whether you\'re just getting started or growing fast. ","metaTitle":"How to Choose an Accountant: 5 Steps for Small Business Owners","metaDescription":"Learn how to find and choose the right accountant for your small business, whether you\'re just getting started or growing fast. ","popular":false,"category":"Insights","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3hyF0EMT0kE5Ese5JQpNC8/5a2ce043c309063f8b215214829c0e01/How_to_Choose_an_Accountant_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you choose an accountant for your small business, you\'re not just choosing someone to crunch numbers\u2014you\'re entering a long-term partnership that can help your business become more profitable, sustainable, and strategic.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In fact, the experts we interviewed for this article agree that the relationship you have with your accountant is a lot like a marriage. \ud83d\udc8d You\'ll be sharing sensitive financial information, relying on their advice to make decisions, and working together to achieve common goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why it\'s important to take your search for an accountant seriously\u2014and it\'s also why we asked multiple experts to help us put together this complete guide to finding and choosing an accountant.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", we\'ve worked for years with accountants, bookkeepers, and other financial professionals to design our","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" online banking platform","marks":[],"data":{}}]},{"nodeType":"text","value":" for small businesses. Now, we\u2019re excited to help you choose the right accountant for your small business, whether you\u2019re just starting out or growing fast. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s dive in! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. 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\ud83d\udc4d","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line-on-choosing-an-accountant"},"content":[{"nodeType":"text","value":"The bottom line on choosing an accountant","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#online-business-banking-with-relay"},"content":[{"nodeType":"text","value":"Online business banking with Relay\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step #1: Get clear on your accounting needs \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re brand new to business, you might only need an accountant to help you with your taxes. But if you\u2019re a seasoned entrepreneur with employees and multiple streams of income, you\u2019re going to need a lot more support from your accountant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what business stage you\u2019re at, though, one thing is for sure: to choose the right accountant for your small business, you need to know what you want that accountant to ","marks":[],"data":{}},{"nodeType":"text","value":"do.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s break down what kind of accounting support the experts recommend for businesses at different stages. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Tax returns, tax planning, and beyond \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kate Johnson is an experienced bookkeeper and owner of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://heritagebusinessservices.com/"},"content":[{"nodeType":"text","value":" Heritage Business Services","marks":[],"data":{}}]},{"nodeType":"text","value":". She helps small business owners and solopreneurs build a strong financial foundation through her virtual bookkeeping services.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Based on her years of experience working with entrepreneurs, Kate told us that ","marks":[],"data":{}},{"nodeType":"text","value":"from the beginning, \u201call business owners should invest in tax help","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\u201d\ud83d\udcb0 A tax professional is important because they can help you avoid trouble with the IRS and speed up the tax filing process, giving you more time to focus on your business.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"There are many different types of accountants out there, and not all of them specialize in business taxes. If your only accounting need is tax preparation, be sure to look for a ","marks":[],"data":{}},{"nodeType":"text","value":"tax accountant ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"specifically.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, Kate says your accountant can offer valuable tax advice and help you utilize more advanced tax strategies (AKA,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/tax-loopholes-for-small-businesses"},"content":[{"nodeType":"text","value":" tax loopholes","marks":[],"data":{}}]},{"nodeType":"text","value":"). \ud83e\udd11 For example, an accountant can help you decide if it\u2019s worth it to have your LLC taxed as an S-corporation.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Kate recommends that a business owner \u201cbaby step\u201d their way into a stronger relationship with a tax professional. At first, you might talk to your accountant once a year\u2014but over time, they\u2019ll get more involved in your business and help you make smart financial decisions year-round.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Financial planning, reporting, and planning \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants can do a lot more than file your taxes. They can also help you understand your business\u2019s projected income and expenses, prepare financial reports, and streamline your business processes. \ud83d\udee0\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some more services you might want to look for in a small business accountant:  ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prepare and analyze financial statements like profit and loss (P&L) reports, balance sheets, and cash flow statements\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advise you on pricing,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":" cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":", inventory, and business financing\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Help you prepare a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":" business budget","marks":[],"data":{}}]},{"nodeType":"text","value":" and/or business plan","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify cost-saving opportunities and help you understand where your money is going\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Streamline accounting processes like payroll, invoicing, and expense tracking","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re not sure how much accounting support you need, consider your business stage","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Are you juggling full-time employees, multiple streams of income, and hundreds or thousands of transactions per month? If so, hiring an accountant to help with financial operations and reporting could save you a lot of time, money, and headaches in the long run. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, if you\u2019re a freelancer with only a few business transactions each month, you may not need as much accounting support. You might be able to manage your finances on your own or with the help of a bookkeeper (more on that below!).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What about bookkeeping?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping is the process of recording and organizing financial transactions like purchases, sales, receipts, and payments. While it\u2019s crucial to your business\'s financial health, it doesn\u2019t necessarily require an accountant\u2019s expertise. Instead, you might want to hire a bookkeeper (or do it yourself). \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, some accountants do offer bookkeeping services as well. If you prefer to have one person handle both your accounting and bookkeeping needs, be sure to ask potential accountants if they provide these services.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1\ud83c\udfa5 ","marks":[],"data":{}},{"nodeType":"text","value":"Wondering when to hire a bookkeeper?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/when-to-hire-a-bookkeeper"},"content":[{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out this 7-minute video to learn everything you need to know before hiring a bookkeeper","marks":[],"data":{}}]},{"nodeType":"text","value":", featuring Blake Oliver, CPA.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step #2: Create your accountant wishlist \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know what services you need, it\u2019s time to identify what the qualifications and personality traits you\u2019d like your accountant to have.\xa0 \ud83d\udcad","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some things to look for in a prospective accountant: \xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Years of experience with businesses and industries similar to yours\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A strong track record of helping clients save money or improve their financial health\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Familiarity with current tax laws and regulations for small businesses\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Good communication skills and availability to answer questions or provide support throughout the year (not just during tax season)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Technology-savvy and able to work with your preferred accounting software (like QuickBooks Online or Freshbooks)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Don\'t forget to consider what personality traits you want in an accountant. If you\u2019re new to business, you might want an accountant who is patient and approachable. If you\u2019re a busy CEO, you might prefer someone efficient, direct, and highly organized. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Does industry expertise matter?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering if you need an accountant who understands your industry. It\u2019s a good question\u2014so we asked Steven Brown, Chief Operating Officer of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ledgergurus.com/"},"content":[{"nodeType":"text","value":" LedgerGurus","marks":[],"data":{}}]},{"nodeType":"text","value":". Steven\u2019s accounting firm focuses on e-commerce businesses, so he knows a thing or two about industry-specific accounting needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Steven says \u201cBusiness is business, but there are so many nuances from industry to industry.\u201d For example, e-commerce businesses have to manage inventory and collect sales tax. An accountant who truly understands those complexities might be able to give you more customized tax and financial advice. \ud83d\udde3\ufe0f","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"73zuojEx6Bxy98axmOJtdG","type":"Asset","createdAt":"2024-07-02T21:59:04.779Z","updatedAt":"2024-07-02T21:59:04.779Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"What matters most in an accountant survey - Relay","description":"What matters most in an accountant survey - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/73zuojEx6Bxy98axmOJtdG/06b689e277323022f245ef8be3a19606/What_matters_most_in_an_accountant_survey_-_Relay.jpg","details":{"size":224083,"image":{"width":1920,"height":1080}},"fileName":"What matters most in an accountant survey - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to choosing an accountant, many small business owners think industry-specific knowledge is ","marks":[],"data":{}},{"nodeType":"text","value":"very ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"important. In fact, we surveyed Relay\u2019s community of small business owners and ","marks":[],"data":{}},{"nodeType":"text","value":"38% said industry experience is the most important thing to look for in an accountant.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, only 26% of accountants and bookkeepers agreed. Most of these small business advisors (38%) instead believe that ","marks":[],"data":{}},{"nodeType":"text","value":"prompt and proactive communication matters most.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless of which qualities you prioritize, it\u2019s crucial to have a clear idea of what you want (and need) from your future accountant. This will help you choose the right person for your business, faster. \ud83c\udfc3\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step #3: Find the right fit \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know ","marks":[],"data":{}},{"nodeType":"text","value":"what ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"services you need and ","marks":[],"data":{}},{"nodeType":"text","value":"who ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you\u2019re looking for, it\u2019s time to find your accountant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that there are approximately","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.statista.com/statistics/317587/number-of-accountants-and-auditors-employed-us"},"content":[{"nodeType":"text","value":" 1.4 million accountants","marks":[],"data":{}}]},{"nodeType":"text","value":" to choose from in the United States. 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This can give you a great starting point for your search, as well as peace of mind knowing that someone in your network trusts this person\u2019s services.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Local business groups and events \ud83d\udc68\u200d\ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another great way to find an accountant is by getting involved with local business groups and attending events, like those hosted by your local Chamber of Commerce or Small Business Development Center (SBDC).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These organizations usually have tons of resources for entrepreneurs and can connect you with accountants who understand small business needs. Plus, their events are perfect for networking\u2014you can meet accounting professionals in person, ask questions, and see if they\'d be a good fit for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Online directories \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, there are several online directories where you can search for accountants based on location and specific services offered. For example, Relay has an","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directory.relayfi.com/"},"content":[{"nodeType":"text","value":" Advisor Directory","marks":[],"data":{}}]},{"nodeType":"text","value":" designed to help small business owners find trusted accountants and bookkeepers. 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Getting your expenses right isn\'t just about staying organized; it\'s crucial for keeping your finances straight, making smart decisions, and staying on the right side of tax laws.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\u2019s why we\u2019re to help small business owners (like you!) navigate the nitty-gritty of business expense categories. 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With a virtual filing cabinet at the ready, any small business owner can ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"own ","nodeType":"text"},{"data":{},"marks":[],"value":"the next tax season. \ud83d\udcaa","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can divide business expenses into two major types: operating expenses and non-operating expenses. Some of these expenses may also be tax-deductible.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating expenses (commonly referred to as OpEx) are the essential, unavoidable costs of doing business. \ud83d\udcbc","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Take, for example, a self-employed dress designer. The fabric they need to buy to design dresses is core to their professional services. \ud83d\udc57","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That one might be a no-brainer, but not all operating expenses are that obvious.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s say this dress designer is frequently having to travel to their clients around the state to provide dress alterations. The cost of gas to travel to those appointments is an operating expense because it\u2019s required to keep business going as usual. \ud83d\ude97","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And maybe their business is doing so well that they can move out of their garage office and start renting an office space. The rent for that space would also be an OpEx.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Non-operating expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Non-operating expenses (or NOPEX) are costs you might rack up that aren\u2019t directly tied to your business operations. \ud83d\udeab","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For example, let\u2019s say that the same dress designer got a small business loan to source and fabricate matching purses. Every month, they pay interest on that loan. That interest isn\u2019t at the heart of their fashion operation, and therefore, is a non-operating expense.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Other common examples of non-operating expenses are:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Income tax","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Asset depreciation\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Lawsuit fees","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Investment losses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tax-deductible business expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tax-deductible business expenses (or tax write-offs) are expenses that you can record and deduct from your taxable income. As a small business owner, you might want to start looking into these obvious\u2014and not-so-obvious!\u2014tax write-offs. \ud83e\udde0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To get a tax write-off, the IRS says your expense must be \u201c","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"ordinary\u201d and \u201cnecessary","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\u201d to your business. It has to be a common cost in your line of work that benefits your business. In other words, you can\u2019t expect reimbursement for personal expenses.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For example, most hair salon owners have to buy tools and supplies, like special scissors, for business use. These are an ordinary and necessary cost to perform their service. Some salon owners also ","nodeType":"text"},{"data":{"uri":"https://www.relayfi.com/blog/meals-and-entertainment-deduction-rules"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"provide client refreshments","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", which they can deduct since this service enhances the salon experience and therefore can bring in more profit. This means that the next glass of wine you accept from your hairstylist is part of their boss\u2019s next tax deduction. \ud83c\udf77","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"25 of the most common business expense categories for small businesses","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"But what if you want to organize your business spending ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"beyond ","nodeType":"text"},{"data":{},"marks":[],"value":"the categories mentioned above? Well, there are all sorts of different ways to divvy up your expense categories.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are 25 of the most common business expense categories small businesses run into. \ud83d\udcbb You can use these expense categories to keep your spending organized in your ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"budgeting software","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", accounting software, and beyond.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. Startup expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Startup costs add up, ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"fast. ","nodeType":"text"},{"data":{},"marks":[],"value":"For example, ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/how-much-does-it-cost-to-start-an-LLC"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"LLC filing fees","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" can get up to $520 if you live in Massachusetts. And that\u2019s not even counting all the other license or permit fees you might run into\u2014or costs like business planning software. \ud83d\udcbf","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Setting these fees aside in an easy place to refer back to can paint a clearer picture of your expenditures.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Bank fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"It feels like you\u2019re paying extra for just about everything these days, even for your business checking account. When you get these fees, immediately file them into your bank fee expense category. Eventually, you might just be able to score a tax credit. \ud83c\udfe6","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Other examples of bank fees that you can rack up are cash deposit fees, ATM fees, excess transaction fees, and overdraft fees.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re looking for a no-fee business banking platform, you might want to consider ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" (that\u2019s us!). Relay is an online business banking and money management platform designed for small businesses like yours.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The best part? You can open multiple business checking and savings accounts to keep your money organized\u2014without worrying about monthly maintenance fees, overdraft fees, or minimum opening deposits. \ud83d\ude4c You can ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"apply for a Relay account entirely online here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. Credit and collection fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"After opening a business line of credit, you might run into credit and collection fees. These are fees that might accumulate when paying back your debt\u2014for example, late fees or expenses a collection agency might pay to recover unpaid money. These are common for small business owners, but that doesn\'t make them any harder to swallow. \ud83d\udcb3","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One way to stay on top of these payments is simply to log them all. That way you can also avoid the cost of collections on your business credit cards.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. Internet-related fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A common recurring cost most small businesses face is Wi-Fi! Who in the modern age can live without it?\xa0 Website hosting fees are similar\u2014you probably need a website to keep your business afloat.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keep track of these fees to always pay them on time and avoid the chaos of waking up without Wi-Fi one day. And (hopefully!) to get a higher tax refund. \ud83d\ude09","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Membership & subscription fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Memberships to affiliate groups and subscriptions to business-related publications are eligible for tax deductions. \ud83d\udca5","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"While these memberships are not cheap, many consider them a worthy investment. For example, a subscription to the SD Times can help software developers stay on top of their game, or membership to the National Society of Accountants (or the NSA) can provide a valuable platform for networking.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"6. Software fees","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding the right software can take forever sometimes, and that means you\u2019re always paying for some new license or subscription. Whether it\'s accounting software or ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"payroll software","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", create an expense category to track how much you can write off your tax filing at the end of the year. \ud83d\udcbe","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"7. Shipping costs","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re in the business of selling material goods, you have to know how much shipping is costing you. How else are you going to maximize your profits? \ud83d\udce4","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Between packaging and the actual postal costs, this can significantly affect your pricing packages. Track these expenditures carefully so you know how much to charge customers in the future.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8. Insurance","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not only will business insurance or health insurance help you sleep better at night, but you can usually write off your insurance premiums by the end of the tax year. That\u2019s called a win-win. \ud83e\udd73","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Bonus: The premiums you pay for liability insurance and life insurance are also write-offs. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"9. Inventory-related buys","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A quintessential example of an operating expense is the cost of raw materials. And because it\u2019s such a core operating expense, you\u2019re probably clicking ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"add to cart ","nodeType":"text"},{"data":{},"marks":[],"value":"a lot. \ud83d\udecd\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Avoid going overboard by reviewing your inventory expenses regularly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"10. Meal and entertainment expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We often wine, dine, and delight in any line of work. \ud83c\udf7d\ufe0f That\u2019s why the IRS offers a ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/meals-and-entertainment-deduction-rules"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"meal and entertainment dedication for businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\u2014but this one can get complicated fast, so make sure you talk to your accountant before writing just anything off.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019s also especially important to keep receipts for this type of business expense. If you feel overwhelmed by a drawer full of paper receipts, you can always try a ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/best-receipt-scanner-app-small-business"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"receipt-scanning app","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Or, you can use Relay\u2014our online banking platform comes with ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/receipt-management"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"integrated receipt management ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"so you can easily digitize, store, and manage all your receipts.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"11. Office supplies","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is another classic example of a core business expense. \ud83d\udd87\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Office supplies range from your printer down to your very last staple. Tracking office expenses can help you set up a schedule to know when to replenish your stock and keep your spending under control.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"12. Payroll expenses","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Payroll expenses are difficult to manage\u2014there\u2019s no question about that. Between the salary you pay employees or even yourself, accounting for all these cash movements is key to a successful business. \ud83d\udd11","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"13. Research & Development","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Researching and developing new products, services, or packages helps you stay competitive. Regardless, you get no tax write-off for them following a ","nodeType":"text"},{"data":{"uri":"https://www.hklaw.com/en/insights/publications/2023/01/rd-considerations-in-the-time-of-nondeductibility#:~:text=Highlights,Tax%20Cuts%20and%20Jobs%20Act."},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"2022 tax law revision","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\ude33So, plan accordingly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"14. Taxes","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You\u2019re paying lots of taxes. Payroll taxes. State taxes. Maybe even real estate taxes. But, these expenses don\u2019t have to be sunken costs. Any taxes paid to your state or your local government can be claimed as a business deduction.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\u2019s why it\u2019s so important to include taxes as a bookkeeping category. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"15. Business travel\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Any travel expenses you incur for business purposes are considered operating expenses. For example, you can save on any flights or vehicle expenses during your business trip. \ud83d\udeeb","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"16. Utilities\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have a home office or office space, you can deduct the necessary utilities for your business. That\u2019s right\u2014we\u2019re talking the whole gambit\u2014water, electricity, and gas. \u26fd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"17. Employee benefits","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"You might be paying for certain employee benefits like health insurance or a gym membership. Good news\u2014the premium you pay is tax-deductible, so go chase that write-off. \ud83c\udfc3","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"18. Advertising/marketing campaigns\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Any campaigns you run are deductible business expenses because they can help grow your customer base. So, if that\u2019s not a sign to get started on the next big ad campaign to hit social media, I don\u2019t know what is. \ud83d\udce2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"19. Charitable contributions\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Being good pays off \u2014\xa0literally. You get write-offs for any qualified donation. In fact, according to the IRS, ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions#:~:text=Individuals%20may%20deduct%20qualified%20contributions,percent%20of%20its%20taxable%20income."},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"a company can deduct up to 25% of its taxable income","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83e\uddee","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"20. Retirement contributions","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Moving funds to a retirement account (like your classic 401K) can lower your taxable income. Note how much you\u2019re contributing to your retirement plans to make sure that you\u2019re never short of cash on hand. \ud83e\uddd3","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"21. Client gifts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/client-gifts"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Client gifts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" are a common way to build that necessary relationship with your audience. Did you know you can ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses-8"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"deduct up to $25 a gift","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", according to the IRS? \ud83c\udf81","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keep track of how much each gift costs and how much you might be saving after that deduction.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"22. Rent / real estate taxes","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"The cost of rent or property taxes for your home office can\u2019t necessarily be written off as an expense. However, these are high ticket costs. 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That\u2019s why we built a banking platform specifically for small business owners, including an ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"easy-to-use receipt management tool","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" specifically for small businesses that don\u2019t have extra cash or hands on deck.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the right tools and strategies, you can make the whole process a breeze, freeing you up to concentrate on what you\u2019re best at\u2014taking your business to new heights. \ud83e\uddb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Receipts + business banking = \u2665\ufe0f","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ready to centralize your receipt workflow in Relay, and put an end to the month-end reconciliation scramble once and for all? ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Apply for a Relay account entirely online here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you have a Relay account, ","nodeType":"text"},{"data":{"uri":"https://support.relayfi.com/hc/en-us/articles/22077869638676-Setting-up-a-receipt-policy-in-Relay"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"click here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to learn how to set up your own receipt capture policy, or head to the Settings tab from your Relay account to get started.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Here\u2019s how to get started.","metaTitle":"Introducing third-party check books | Relay","metaDescription":"We\u2019re rolling out support for third-party check printing, giving you the (much-requested) ability to write paper checks from your Relay account. Here\u2019s how to get started.","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6lJq5JgOnOEbPQ3ckdpJaO/9622e8b353dad5070e19aef5dbdc3bea/Blog_-_Header_Image_-_1920_x_1080_-_Opt1A_-_Optimized.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we\u2019re rolling out support for third-party check printing, giving you the (much-requested)\xa0ability to write paper checks from your Relay account. Here\u2019s how to get started.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The year is 2077. Artificial intelligence has impacted every aspect of daily life. Advanced neural implants have replaced smartphones. Humans have colonized Mars. And your property taxes can still only be paid by check.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\'re big fans of all things digital here at Relay. That should go without saying, given our commitment to online banking that puts you in complete control of your cash flow from anywhere. But as much as we love our online account management, virtual cards, and digital collaboration features, there are some situations that still demand a good old analog option\u2014like when you really, ","marks":[],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" need to write a physical check.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s a vendor that only accepts payment by check, or a utility bill that doesn\u2019t provide a digital payment option, paper checks are a reality we just can\u2019t seem to shake. In fact, 40% of business-to-business payments in the US still happen via check. So it should come as no surprise that one of the most common requests we receive is \u201clet us write paper checks!\u201d So today, after much thoughtful deliberation and careful planning, we\'re finally ready to share our meticulously crafted response: \\"Ok!\\"\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"You bring the book, we\u2019ll do the rest","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sending checks from your Relay account is nothing new; you can already create checks from our web or mobile apps, and we\u2019ll print and send them on your behalf. But sometimes you need to actually hand over that little slip of paper, on the spot, ","marks":[],"data":{}},{"nodeType":"text","value":"right now","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2014there\u2019s just no way around it. It may not happen all the time, but when it does, it\u2019s a comfort to know you\u2019ve got a check book on standby, ready for your John Hancock. To make that a reality from your Relay account, we\u2019re introducing ","marks":[],"data":{}},{"nodeType":"text","value":"support for third-party check books","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In other words, you can now purchase a check book from an external vendor (think Staples, Costco, Walmart\u2014our personal favorite is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ts-direct.com/line.aspx?lineid=20191"},"content":[{"nodeType":"text","value":"TS Direct","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":") with your Relay account and routing number printed on them.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A more secure way to write checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks are handy when you need them, but they\u2019re not exactly known for security. That\u2019s why we\u2019re rolling out a set of security enhancements to protect your business from the risk of check fraud. Here\u2019s how:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Designate a check-writing account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To enable third-party check writing in Relay, you\u2019ll first need to designate a single ","marks":[],"data":{}},{"nodeType":"text","value":"check-writing account. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This will be the account where all of your check transactions take place, with the account number you\u2019ll use when ordering check books. Any check that uses a different account number will automatically be blocked from being deposited (sorry fraudsters, no funny business allowed).","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1LDj4KtlnPsl61OkTO4MEB","type":"Asset","createdAt":"2024-06-20T18:36:53.752Z","updatedAt":"2024-06-20T18:36:53.752Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Check book launch - Approvals","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1LDj4KtlnPsl61OkTO4MEB/be43c1ee6aa79fd9e63dcd19328ecfaa/Blog_-_In-line_Image_-_1600_x_700_-_Opt2_-_Optimized.jpg","details":{"size":256606,"image":{"width":1600,"height":700}},"fileName":"Blog - In-line Image - 1600 x 700 - Opt2 - Optimized.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay in control of which checks clear","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposited checks will have an automatic approval threshold of $2,000. In other words, if a check is deposited that\u2019s below the threshold, it will automatically clear unless you choose to reject it (you\u2019ll have until 11:50 a.m. ET the following day to decide). But if it\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"above","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" the threshold, we\u2019ll immediately let you know\u2014and wait for you to give us the thumbs-up before letting the transaction proceed. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Assign check admins to your account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, you don\u2019t have to be the only one tasked with approving or denying checks (nobody wants that level of responsibility, am I right?). From your account, you can assign members of your team\u2014like your AP clerk or bookkeeper\u2014to be check admins. When a check is deposited that exceeds the automatic deposit threshold, they\u2019ll receive a notification\u2014via email or SMS\u2014that a new check is awaiting approval. They\u2019ll then have until 11:50 a.m. ET the following business day to approve or deny the deposited check. Checks that aren\u2019t approved\u2014or that go past the approval window\u2014will be rejected, and no funds will be drawn from the account. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Keep tabs on it all from your check dashboard","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Check Dashboard, within the Payments tab in your Relay account, houses everything you\u2019ll need to manage third-party checks. 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You can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/login"},"content":[{"nodeType":"text","value":"log in to Relay to get started","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Happy check writing!\\n","marks":[],"data":{}}]}]},"readingTime":3,"author":{"name":"David White","jobTitle":"Senior Content Marketing Manager","company":"Relay","slug":"david-white","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5lSllui4nzNL1rcPw6Wj3e/840a7a8590f92c5991924ba29ea83fe6/1632946263390.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1719410722565,"customDate":1719410722565,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"master-your-marketing-budget-for-maximum-profit","title":"Master your marketing budget for maximum profit","description":"Join Certified Profit First Professional Christian Brim to learn the financial information you need to unlock marketing success.","metaTitle":"Master your marketing budget for maximum profit","metaDescription":"Join Certified Profit First Professional Christian Brim to learn the financial information you need to unlock marketing success.","popular":false,"category":"How to Cash Flow","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3mKruMNrlKLh1E0IOtbzTg/7f58861d34852106d2a89d3a1a7c9c13/BLOG_Webinar-Banner_G1920W_REVISED.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"There\u2019s a common question that stumps a lot of business owners: how much should I spend on marketing?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Note: this webinar has already aired. 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Here are a few of the most attractive services and incentives:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d Loans and Lines of Credit:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Apply for credit lines and SBA loans from the Capital One platform to keep your liquidity in check.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfec Merchant Services:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Capital One offers diversified payment options via Worldpay with next-day payouts. You can also set up or update an online store and access reporting tools.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Escrow Express: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This is a 24-7 self-service escrow platform that enables you to view your business bank account, create and close subaccounts, and execute transfers or allocations online.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2709\ufe0f Remote deposits: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Scan on your mobile app or use a remote deposit scanner to drop cash into your accounts remotely. Capital One will deposit the funds as quickly as if you were in-branch.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"Capital management solutions:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" From payable-related services to automated receivables solutions, Capital One makes it simple for its users to receive and send cash quickly.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Vault Services: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\u2019ve got cash in physical locations, Elect Capital One Vault Services will help you move cash securely with an armored car service.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddd2\ufe0f Return check solutions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Capital One offers return services to deposit checks, including online pictures for same and previous-day returned checks and customizable return notifications, and redeposit instructions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Business Rewards Credit Cards:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Access quick cash with Capital One\u2019s Spark business cards. Each Credit card also comes with reward points, redeemable on travel goods, and more.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd11 Security controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Capital One offers security features like dual control authorization on accounts. You\u2019ll set up users on an account or card and have them approve or decline each other\u2019s transactions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce0 Remote scanning device:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The Unlimited Checking account has advanced tools like a remote scanner service for check deposits and free online bill pay.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"More banking platform features from Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay holds its own in the Relay vs. Capital One comparison with additional features and services tailored to growing small businesses. These services get to the crux of managing small business finances intelligently. Let\u2019s take a look at a few:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Detailed transaction data: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay empowers you to control your cash flow through enriched data. We\u2019re talking specific vendor details for transactions, payment information, and customer stats to help you clarify purchases and reconcile accounts quicker and easier.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0e Flexible domestic and international payment options:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Get same-day ACH payments with the Relay Pro account and unlimited international and domestic transfer wires with transparent fees. Also, Relay lets you send wires in the recipient\'s destination currency, giving you clarity and saving you money on international exchange fees.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcdc FDIC Insurance and Visa\xae Zero Liability Protection:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" While Relay itself is a technology platform, not an FDIC-insured bank, your money is safe with Relay. That\'s because each business is FDIC insured through our partner bank, Thread Bank. Plus, thanks for Visa\'s Zero Liability Protection, you\'re also protected in the event that your card is ever stolen.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc68\u200d\ud83d\udcbb Branch-free account setup:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With Relay, you can complete the entire setup process online, which is especially handy if you have a remote team or executives in different states or abroad.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Accounting and bookkeeping integrations:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay\u2019s integration with technology like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" will empower your bookkeepers and accounts to reconcile accounts accurately without breaking a sweat.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Easy account management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay makes it easy to manage multiple businesses with one login. Simply toggle between the accounts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb7 Profit First focus:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay makes implementing","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" the Profit First methodology","marks":[],"data":{}}]},{"nodeType":"text","value":" a breeze, especially its nil-balance approach. Relay leans into the reality that most business owners manage their daily finances with spreadsheets, guesswork, and mental math\u2014and equips you with the tools to flip the script. So, Relay equips you to get the lowdown on your business\u2019 money in seconds rather than minutes or hours.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5\ufe0f Auto transfer rules and percent-based transfers: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay offers automation for sending money to various accounts. You can set up rules so that cash is automatically transferred out of an account once it reaches a set threshold. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd12 Security features:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Set up different permissions to assignees on an account or card, control who sees what and when, set spend limits, and create and terminate accounts\u2014all remotely.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Capital One: Wire transfer options and incidental fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital One offers outgoing and incoming wire transfer options. The monthly fees vary, and so do the incidental fees, depending on your account. For example, with the Basic Business Checking, the first five outgoing domestic wires every month are free, after which they cost $15, and outgoing domestic wires are $25.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With an Unlimited Business Checking account, you\u2019ll get free incoming domestic wires, and five of the first outgoing wires in a month are gratis. Outgoing wires over this limit cost $25.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For international wires on both accounts, Capital One bills incoming international wires at $15 and $40 for outgoing international wires. As for incidental fees, the costs can be steep, like a $35 overdraft or insufficient funds fee.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The downside of Capital One\u2019s transfer fees isn\u2019t just the service cost. The cloudy pricing structure makes it difficult to predict end costs. Especially when you consider currency exchange differences settle on your accounts only after the transaction is complete. These pitfalls may make Capital One\u2019s transfer wires expensive if your business","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments"},"content":[{"nodeType":"text","value":" operates cross-border","marks":[],"data":{}}]},{"nodeType":"text","value":" or has vendors overseas. \ud83d\ude1e","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay: No monthly incidental fees and ATM fees \ud83d\ude45","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay, on the other hand, has","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":" transparent and cost-effective pricing","marks":[],"data":{}}]},{"nodeType":"text","value":" for wire transfers. Relay charges a $5 fee for outgoing domestic wires and a $10 fee to send an international wire transfer. Receiving a domestic or international wire transfer is free. You can also complete currency exchange in your Relay account, and there are no hidden fees, making calculating the end cost fuss-free.\ud83d\udc4d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay and Capital One: Customer Support and ATM fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Capital One and Relay offer extensive customer support, FAQs, and fee-free ATM access as perks.\ud83e\udef6\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital One\u2019s customer service varies from phone, email, and in the branch.\xa0 Also, Capital One has joined forces with the MoneyPass and Allpoint ATM networks. This lets its Small Business Checking customers to use over 70,000 machines without ATM fees. 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Learn how","marks":[],"data":{}}]},{"nodeType":"text","value":". 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Then, she discovered Relay and Profit First, and is on track to turn her business around in less than 6 months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or like the Missouri-based marketing agency owner who found himself missing bills and coming short on payroll\u2014despite being profitable\u2014because he was stuck with an outdated system. Today, he banks with Relay and has even saved up cash for a new venture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small business owners face existential threats every single day, and most of the time, they have to brave it alone. 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Then, you set a budget for each expense based on your monthly income. \ud83d\udcb2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fundamental idea behind envelope budgeting is simple: since you are taking your revenue and portioning it out, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"you cannot spend more than what you earn","nodeType":"text"},{"data":{},"marks":[],"value":" \ud83d\ude45\u200d\u2640\ufe0f (or what your business already has in its checking account).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Physical cash envelopes vs. digital cash envelopes \ud83d\udcbb","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the rise of debit cards, credit cards, and payment apps, it\u2019s no surprise that society is slowly moving toward more digital methods of money management. This makes the traditional cash envelope system outdated, especially for business owners who move large sums of cash for monthly expenses. \ud83d\udcb8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Thankfully, the idea behind envelope budgeting can also work without physical cash. Today, there are countless digital envelope systems available in the form of online banking platforms or budgeting apps that help keep track of your spending in real time. \ud83d\udd70","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to set up your digital envelope system \ud83d\udcd2","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now that you know what envelope budgeting is and the tools available to you to implement it, let\u2019s talk about how you can actually start using this system! ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 1: Determine your monthly business revenue \ud83d\udcb5","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a business owner, you should have an idea of how much revenue your business brings in monthly. Make sure you review your financial statements carefully. Once you understand your revenue, you\u2019ll have a much better idea of how much cash you have available to use in your digital envelope system.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 2: Create a list of fixed expenses \ud83d\udd28","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you know how much revenue your business generates each month, the next step is to create a list of fixed expenses that are associated with operating your business. Fixed expenses are the ones that don\u2019t change from month to month. This may include rent, payroll, and inventory costs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 3: Allocate money for each expense category \ud83d\udcd6","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Determine how much cash you\u2019ll allocate (by percentage or by dollar amount) into each fixed expense type and how much you\u2019ll have left over to go into accounts like emergency funds, investment accounts, and ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"data":{},"marks":[],"value":"savings accounts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You\'ll also want to set aside some money for variable expenses, like travel, special events, and business-related meals and entertainment. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 4: Use a digital envelope system to track expenses online \u2709\ufe0f","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Divide your business\'s cash into ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"data":{},"marks":[],"value":"multiple bank accounts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", based on the amount of money you plan to allocate to each expense. You can also use an envelope budgeting app to help you with this process (we\'ve listed a few in this article below!).","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":" Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", you can open up to 20 individual checking accounts to organize your money. The best part? This digital envelope system is totally free\u2014Relay is an online banking platform that doesn\'t charge monthly maintenance fees and overdraft fees. There\'s also no minimum balance requirement. \ud83e\udd73","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Step 5: Stick to your envelope budget \ud83d\udce8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you\u2019ve determined your budgets and set up your digital envelope system, it\'s important to keep track of your monthly expenses. This will allow you to anticipate budget constraints and move money around if necessary.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Why does the digital envelope budgeting system work? \ud83e\udd14","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fundamental idea behind envelope budgeting is simple: since you are taking your revenue and portioning it out, you cannot spend more than what you earn (or what your business already has in its checking account). This means the envelope system works for personal finance, savings goals, and business finance.\ud83d\ude2e\u200d\ud83d\udca8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Physical envelope budgeting worked so well because you could see the amount of cash you had and where it was going. In the digital age, envelope budgeting works just the same, except the numbers are on a screen rather than on bills. You\u2019re able to track your spending habits with digital bank statements, credit card statements, and more.\ud83d\udcf1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Although envelope budgeting has been around for decades, finance guru","nodeType":"text"},{"data":{"uri":"https://www.ramseysolutions.com/budgeting/envelope-system-explained"},"content":[{"data":{},"marks":[],"value":" Dave Ramsey","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is credited for its popularity and resurgence. Nowadays, the system is less time-consuming due to its digitization! \u231b\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Pros and cons of the digital envelope system for small business \ud83d\udc4d","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Digital envelopes are great ways to help your spending and savings levels, but that doesn\u2019t mean they\u2019re perfect for everyone!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Pro: Brings awareness to your spending \ud83d\udc40","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With envelope budgeting, you can see exactly how much cash you have left in each envelope, which forces you to plan out your budget every month. It holds you accountable to your planned budget by making it very difficult to overspend.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Con: Can feel constrictive \u26d3","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re not used to this kind of budgeting system, you may feel constricted by it. Occasionally, you\u2019ll have to spend out of budget or significantly under budget, and either can make you feel like you \u201cfailed\u201d the envelope budgeting system.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Pro: Easily identify overspending \ud83d\udcc8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With envelope budgeting, you can isolate problem areas and prevent issues in one department from affecting another. It\u2019s easy to adjust the budget to account for unplanned circumstances by moving money between envelopes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Con: Time-consuming \u23f0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Even though the digitization of envelope budgeting has helped reduce the hassle, some still consider the practice to be too time-consuming to be valuable. It depends on your timeframe and what tool you use to budget to determine whether an envelope budgeting system will work for you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5u7WqtT2JStC96vVI8AzCB","type":"Entry","createdAt":"2023-01-12T18:58:27.522Z","updatedAt":"2023-01-13T20:34:26.436Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":47,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"Transform your business with Profit First","ParagraphText":"If you need help implementing Profit First, find a certified Profit First Professional today. ","buttonText":"Find a Profit First Professional","url":"https://profitfirstprofessionals.com/hire-pfp-form/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1wWMIZIVtAclMJl8ymUVA2","type":"Asset","createdAt":"2023-01-13T17:08:51.667Z","updatedAt":"2023-03-20T14:25:02.202Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":4,"locale":"en-US"},"fields":{"title":"Relay: Official banking partner of Profit First Professionals","description":"Relay: Official banking partner of Profit First Professionals","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1wWMIZIVtAclMJl8ymUVA2/1c991bdd3cf2efae1786d31a8cd9b589/PF_inline_CTA__3_.png","details":{"size":1740556,"image":{"width":1080,"height":1080}},"fileName":"PF inline CTA (3).png","contentType":"image/png"}}}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Banking and apps built for envelope budgeting \ud83c\udfe6","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"One way to integrate a digital envelope system into your finances is by using a no-fee online banking platform that allows you to create envelopes or checking accounts for different categories of business expenses. \ud83d\udcda","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Multiple bank account budgeting makes it easy to allocate the appropriate amount of funds into each envelope or checking account, track your spending, and make sure that you don\u2019t go over budget. \ud83d\udcd1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relay: an online banking platform with 20 individual checking accounts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re a small business looking for a banking solution that allows you to create multiple envelopes (AKA, business checking accounts) without the extra fees, then","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":" Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is the best option for you. \ud83d\udc9a","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With Relay, users can compartmentalize their cash with up to 20 free checking accounts. Better yet, these are all true checking accounts with unique account and routing numbers\u2014not just abstract envelopes. \ud83d\ude0d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/6WPlGbIbjrQ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Why does this matter? Unique account and routing numbers allow you to keep your cash organized. You can set up and schedule different transactions to come out of specific accounts\u2014from internal transfers to contractor payments and software subscriptions. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Plus, Relay\u2019s features go a step further. With Relay, you can issue 50 physical or ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"data":{},"marks":[],"value":"virtual debit cards","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" for your checking accounts. That means you can organize your spending even further\u2014team members, projects, and even special events can get their own dedicated debit cards. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1 ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"Curious about where to stash your savings?","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":" ","nodeType":"text"},{"data":{},"marks":[],"value":"Read our guide to the","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"data":{},"marks":[],"value":" best small business savings accounts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"NorthOne: an online banking platform with sub-accounts","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Many small business owners and freelancers have also heard of NorthOne when it comes to banking platforms that might be right for them. What\u2019s the difference ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/relay-vs-northone"},"content":[{"data":{},"marks":[],"value":"between Relay and NorthOne","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"? \ud83e\udd14","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The biggest difference is that while Relay allows business owners to open up to 20 real, individual checking accounts, NorthOne only offers ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"data":{},"marks":[],"value":"sub-accounts","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". These sub-accounts can operate as a digital envelope system, but there are limitations. The biggest one is that not all sub-accounts have their own unique routing and account numbers, making it difficult to organize your spending across your accounts. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Unlike Relay, NorthOne also charges monthly fees and requires you to have a minimum deposit. And while Relay provides integrations with Gusto and Xero, NorthOne doesn\u2019t. NorthOne also doesn\u2019t allow for collaboration permissions, while Relay does. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Overall, while both platforms are very similar, Relay comes out on top with its individual checking accounts (vs. sub-accounts) and its fee-free, easy, and well-integrated features. \ud83d\udcaa ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Qube Money: a cash envelope system without the physical cash\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://qubemoney.com/"},"content":[{"data":{},"marks":[],"value":"Qube Money","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is a mobile banking and budgeting app that makes managing money and sticking to a budget easy. They offer an FDIC-insured bank account that allows you to create sub-accounts, called Qubes\u2014their version of envelopes. 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Unlike traditional banks, Relay focuses on providing a seamless online banking experience tailored to the unique challenges and requirements of today\'s entrepreneurs and small businesses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With features such as Profit First integration, multiple free checking accounts, and integrations with popular accounting tools, Relay aims to simplify and enhance the banking process. 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Our platform is designed to seamlessly integrate with the Profit First system. With the ability to create up to 20 individual checking accounts with unique account and routing numbers, businesses can easily allocate funds to different accounts, such as profit, owner\'s pay, tax, and operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This feature simplifies the process of managing and distributing funds according to the Profit First percentages, ensuring businesses can effortlessly prioritize their profits and maintain financial discipline.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u200b\u200bWhile Falcon International Bank offers a range of banking services tailored to businesses, there isn\'t specific information available about their adoption or implementation of the Profit First methodology. Businesses interested in this approach might need to set up and manage their Profit First system manually when banking with Falcon International Bank.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Monthly fees and balance requirements","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay believes in transparent and straightforward banking. That\'s why our platform does not charge monthly account fees. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the standout features of Falcon International Bank is its no-fee policy for business accounts. This means businesses don\'t have to worry about monthly maintenance fees eating into their funds. 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You\u2019re so excited for that big first day, and you want everyone else to be too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After all, a first impression can make all the difference when it comes to your business\u2019s success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lucky for you, we\u2019ve compiled 8 grand opening ideas and outlined the steps you\u2019ll need to take to make them happen. We\u2019ve organized the amount of effort and cash you\u2019d have to invest into each idea below. \u2728 (And don\'t worry, we\'ll take a closer look at each idea below, too!) 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But, we\u2019re going to walk you through the following to help you get this grand opening done right:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-you-should-host-a-grand-opening"},"content":[{"nodeType":"text","value":"Why you should host a grand opening \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-makes-a-great-grand-opening"},"content":[{"nodeType":"text","value":"What makes a great grand opening 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\ud83e\ude82","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line-on-grand-opening-ideas"},"content":[{"nodeType":"text","value":"The bottom line on grand opening ideas","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why you should host a grand opening\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could always not host a grand opening...but that\'s only if you don\u2019t want to excite your neighborhood and lower your chances of foot traffic. \ud83d\udca5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a fan of smart business decisions, you should host a grand opening for your retail store. It\u2019ll get potential customers excited about what you might have to offer. And it\u2019ll get people to hear your name without just having to pass by or stumble upon it on social media.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not to mention, celebrating the opening of your new business is also a celebration of all the hard work that led you to this moment! At your grand opening, you can go and have fun, and then continue to buckle down the way everyone knows you\u2019re so good at.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What makes a great grand opening","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no bona-fide way to guarantee a successful grand opening. But there are certainly some tips that can get you close to that 100% guarantee. \ud83d\udcaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It all comes down to this\u2014you\u2019ve got to generate excitement. The goal is to generate so much excitement that it gives your future customer base a reason to come to your store besides just buying your goods. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A grand opening should also make it easy for customers to check out your products. From samples to coupons to altruistic intentions, your grand opening ideas should elevate the shopping experience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"8 grand opening ideas to choose from","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, where do you get started? Start by seeing if any of these ideas align just right with the path you see your business going on. \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #1: Block party","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most obvious answer to catch everybody\u2019s attention and get people talking is to just throw the biggest grand opening party possible. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could hire local musicians to sing their hearts out\u2014everyone loves live music. You could even have food trucks supply lunch and invite local artists to sell their wares in booths along the street. What better way to generate joy?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want people to have keepsakes of your store forever? Get a photo booth that commemorates the date of your grand opening on the photo strip that gets printed out. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re located in a hustling and bustling spot, you can even look into shutting the street down so your party can extend around the block. You and other local businesses can have the time of your lives.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, to throw the party of the century, make sure you give it the advertising it deserves.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #2: Raffles","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"People love to win. You\u2019d love to have people there on opening day. Give them a chance to win something at your grand opening, and it\u2019s a win-win. So what other option do you have but to host a raffle on your big day? \ud83c\udf9f\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As far as the raffle prize goes, you can raffle off several of your products or service. You can even create an assortment of prizes by partnering with your potential future neighbors. This way your winners can become walking advertisements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can sell tickets for as much as you want\u2014from five cents to fifty dollars. Or, you can even offer free entry and let attendees be eligible for a prize just for showing up. It\u2019s all about what your goal is here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are no do\u2019s or don\'ts for raffles. You can even have all the funds go to a cause of your choosing just because.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One thing to keep in mind\u2014check your state\u2019s raffle laws. Some states like Hawaii and Florida consider a raffle a game of chance (i.e. gambling), and have made it illegal to host raffles. Meanwhile, in states like Georgia and Kentucky, it\u2019s fine to host a raffle as long as you get the necessary raffle license.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #3: Grand opening coupons","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s nothing people love more than a good deal. The thrill of saving money might outweigh just about everything else for our savvy shoppers. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To attract them, offer a special event coupon or discount of your choice and advertise that it\u2019s only going to be available for the first 100 or so guests. Then, watch the people roll in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(Make sure the coupon isn\u2019t so good that it totally busts your bottom line for the month though).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also make this work for your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/maximizing-profits-ecommerce"},"content":[{"nodeType":"text","value":"e-commerce storefront","marks":[],"data":{}}]},{"nodeType":"text","value":"! You can have a \u201ccoming soon\u201d signup list, and offer a promo code for people to receive on your big day if they join your email list.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #4: Promotional giveaways","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Two words: goodie bags. Because none of us have outgrown the thrill of getting a little treat in elementary school. \ud83d\ude0b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can hand out your own products as promo or branded swag like matchboxes. Or, you can just get a bowl of candy and hand it out. Handing out free samples is always going to stir up some buzz around potential new customers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And the budget for an idea like this can be super flexible. You can give away a couple of promotional products you could have sold or give out swag bags worth $50+!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another perk? This sort of thing is a marketer\'s dream. You can ask people to follow for a goodie bag or tag a friend in a post on social media to get free items. And free stuff is always so much fun to share!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the giveaway is valuable, you also want to make sure to quantify it in your marketing promo.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #5: Try to break a world record","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes you\u2019ve got to do the craziest thing in the world to get people\u2019s attention. So why don\u2019t you just try to break a world record? \ud83e\udd2a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not all of them require feats of strength\u2014some just require effort. Or can just be fun for people to try. For example, there\u2019s a world record for eating a 12-inch pizza in record time. If you\u2019re a brand-new pizzeria, why not go for it? \ud83e\udd37","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, even if you don\u2019t beat it, you\u2019ll catch people\u2019s eye. It\u2019ll be different. You\u2019ll be remembered. And that\u2019s what you need more than a world record title.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"P.S. Apply for the title early or you could spend up to $1,000 to get the Guinness World Record to rush review your entry.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #6: Soft launch\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Put those influencer filters to work with an invite-only soft launch. This is especially a good idea for luxury businesses getting off the ground (and a little nervous to start off with a big event). \ud83d\udc85","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inviting local influencers to a soft opening is the way to build that trust that you might need. Let\u2019s say you\u2019re a new facial service. Word of mouth might be the only thing to convince someone who already has a preferred spot.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, if you\u2019ve got a super gorgeous layout, you should show it off and get those pictures out so when the general public can come, they\u2019re going to eat it up and start booking your services way before you even open your doors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is also a great opportunity to get feedback on your products and location before your grand opening. So, if you do a soft launch, you end up feeling more practiced and ready to seize the day.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #7: Ribbon-cutting ceremony","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This one is a classic. And for good reason. \ud83c\udf80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ribbon-cutting ceremony can help you cultivate a feeling of accomplishment within. Like we said earlier, a lot of work went into just getting those doors to open. And that should be celebrated.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not to mention, it\u2019s a great photo op for a big day that you\'ll cherish forever. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Grand opening event idea #8: Host a fundraiser event","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get foot traffic over to your store by appealing to people\u2019s hearts. Because it\u2019s not just about the sale. It\u2019s about the local community you\u2019re connecting to. \u2665\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Community building is something that most grand openings don\u2019t cover. And that\u2019s exactly why you should consider focusing on it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to share something about your backstory and a charity that connects to it, this can be a heartfelt way to bring people together. Who knows, you might meet some of your new best friends.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, once people feel like they know you, they\u2019re probably more likely to buy from you. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to host the best grand opening","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, one of these grand opening event ideas jumped out at you or inspired one of your own. So, where do you go from here? 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(PS: don\u2019t forget to get a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-receipt-scanner-app-small-business"},"content":[{"nodeType":"text","value":"receipt scanner","marks":[],"data":{}}]},{"nodeType":"text","value":" to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"organize and store your receipts","marks":[],"data":{}}]},{"nodeType":"text","value":"!).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re planning on offering discounts, make sure to factor into how that might cut into your bottom line. You want to plan a day no one will ever forget, but you also don\u2019t want run into cash flow problems down the line. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step three: Book the date","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could be where things start getting real. But turn those nervous jitters into feelings of excitement!\xa0 \ud83e\udd73 Pick a day of the week for your grand opening day. For starters, think of the day of the week.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Believe it or not, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://mobilechamber.com/wp-content/uploads/2022/11/Ribbon-Cutting-Guide.pdf"},"content":[{"nodeType":"text","value":"the weekend is not the best day for a grand opening","marks":[],"data":{}}]},{"nodeType":"text","value":". There can be too much competition. And Mondays are no good because everyone\u2019s so exhausted from the weekend.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tuesdays or Wednesdays are your best bet for a midweek pick-me-up. From there, pick a date, get all your supplies ready, and we\u2019re about to get into business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step four: Promote, promote, promote","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right marketing strategy is everything for your big day. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can post countdowns on your social media to build up buzz. Tag other local neighborhood personalities in yours. You can encourage people in the comments to interact and hint at what might be in store for them. Or you can even create hashtags to associate with your grand opening party.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also create partnerships with your local neighborhood businesses. They can give you social media shoutouts on their story or even post about your upcoming grand opening. This can be especially fun if you ask them to play a role in your grand opening like having their own booth or having some of their items given away as part of a promotional campaign.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step five: Invite the press\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is the time for PR statements, media advisories, and big smiles. \ud83d\udcf7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Work on your PR release until you feel like what you\u2019ve written is the best reflection of who you are. And the day of, make sure to release a PR statement about your grand opening.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, work on your media advisory. 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Discover everything you need to know about the meals and entertainment deduction rules from 2023 onwards here.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/o4ZHXHPhfuWPItyfBqJQD/1f4043e2d36270b8db864df416464b04/Meals_and_Entertainment_Deduction_Rules_for_2023_Onwards_-_Relay.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You might be wondering where you stand on your small business\u2019 meals and entertainment tax deductions in 2023 and beyond\u2014especially if you\u2019re","nodeType":"text"},{"data":{"uri":"https://www.relayfi.com/blog/tax-tips-for-small-business"},"content":[{"data":{},"marks":[],"value":" unfamiliar with tax best practices.","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\xa0\ud83d\ude35\u200d\ud83d\udcab","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There has been lots of back and forth with tax deduction requirements between the Tax Cuts and Jobs Act (TCJA) of 2018 and the Consolidated Appropriations Act (CAA) of 2021. And you just want to make sure that as you\u2019re paying for all these different meal and entertainment expenses, you\u2019re not leaving any deductible business expense on the table.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this blog, we\u2019ll cover the following to help you ","nodeType":"text"},{"data":{"uri":"https://www.relayfi.com/blog/maximize-your-tax-deductions"},"content":[{"data":{},"marks":[],"value":"maximize your tax deductions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":":","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#overview-meals-and-entertainment-deductions-for-2023-onwards "},"content":[{"data":{},"marks":[],"value":"Overview: Meals and entertainment deductions for 2023 onwards ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#fully-deductible-expenses-rules-and-examples \xa0"},"content":[{"data":{},"marks":[],"value":"Fully deductible expenses: rules and examples \xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\ud83e\udd73","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#50-percent-deductible-expenses-rules-and-examples"},"content":[{"data":{},"marks":[],"value":"50% deductible expenses: rules and examples","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83e\uddd0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#expenses-that-arent-deductible-rules-and-examples"},"content":[{"data":{},"marks":[],"value":"Expenses that aren\u2019t deductible: rules and examples","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83d\ude45","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#record-keeping-101-stay-on-top-of-your-meals-and-entertainment-deductions"},"content":[{"data":{},"marks":[],"value":"Record keeping 101: stay on top of your meals and entertainment deductions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \ud83e\uddfe","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s time to get tax-ready. Let\'s dive in! ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u27a1\ufe0f ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Disclaimer: ","nodeType":"text"},{"data":{},"marks":[],"value":"The content in this article has been reviewed by a licensed Certified Public Accountant (CPA). However, before writing off any expenses on your tax return this year, it\u2019s always a good idea to consult with a tax professional who can review your unique situation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Overview: Meals and entertainment deductions for 2023 onwards  ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Business tax deductions can be confusing. That\'s why we put together this quick overview to help you understand which meals (and what kind of entertainment) are able to be written-off in your business tax return: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Type of expenses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Percent deduction","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Food for company parties","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"100% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Client meals","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible (100% for tax years 2021 and 2022)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Food for charitable causes","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"100% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Meals for in-office meetings","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Snacks for employees\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Renting out an entertainment facility\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"0% deductible","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Membership club dues for an entertainment facility","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"0% deductible\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Entertaining clients","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"0% deductible\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"}],"nodeType":"table"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now let\'s take a closer look at these different types of meals and entertainment tax deductions. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Fully deductible expenses: rules and examples \xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Whether you\u2019re newly self-employed or an seasoned small business owner, you won\u2019t want to forget any fully deductible expenses on your tax return this year. \ud83c\udf81","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You get fully covered meal deductions if you can reasonably prove that the food was going towards at least half your employees. For example, if you throw a company holiday party (or a team-wide summer picnic) or have a business meeting where you provide lunch for your employees, the meal expenses would be 100% deductible.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can also claim a 100% meal deduction when you\u2019re dealing with the public. Refreshments or snacks for the public can be fully deductible if you can ","nodeType":"text"},{"data":{"uri":"https://www.law.cornell.edu/cfr/text/26/1.274-12"},"content":[{"data":{},"marks":[],"value":"reasonably estimate they were eaten by at least 50% of clients","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\xa0 This includes restaurants and caf\xe9s offering sidewalk samples. \ud83c\udf6c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Donating food to qualifying nonprofit causes can be fully deductible as a charitable contribution.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keep in mind, that there are important rules to follow to ensure those credit card charges are fully deductible:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Meal expenses can only be deducted when the taxpayer (i.e. you) is present. \ud83d\udc81\u200d\u2640\ufe0f","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Any food-related expense bought at a grocery or convenience store is nondeductible \ud83d\udecd\ufe0f","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Unnecessarily extravagant food items cannot be deducted. \ud83c\udf77","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"50% deductible expenses: rules and example","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"There are a lot more 50% deductible expenses available to help you reduce your tax liability, compared to the fully deductible expenses discussed above. \ud83d\udcb2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For example, any meal with a client is 50% deductible. But, If you invite friends or relatives, they can\u2019t be included in the business meal deduction. This is one of those tricky moments where you\u2019re going to ","nodeType":"text"},{"data":{"uri":"https://www.relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"data":{},"marks":[],"value":"have to separate your business taxes from your personal taxes","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" because you can still write off the business meal expenses that you paid for your employees, clients, or yourself.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Other things that would be 50% deductible are office snacks for employees as well as the cost of meals for employees who are working through meal time (like emergency workers who might man a hotline during dinner hours). \ud83c\udf5c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And while you can\u2019t get a tax deduction for entertainment events, if you can separate your receipts for any food in a business entertainment setting, ","nodeType":"text"},{"data":{"uri":"https://www.law.cornell.edu/cfr/text/26/1.274-11"},"content":[{"data":{},"marks":[],"value":"you can claim that as a 50% deductible","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Expenses that aren\u2019t deductible: rules and examples","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"In 2023 and beyond, the general rule of thumb is that ","nodeType":"text"},{"data":{"uri":"https://www.irs.gov/newsroom/irs-issues-final-regulations-on-the-deduction-for-meals-and-entertainment"},"content":[{"data":{},"marks":[],"value":"no entertainment expense is going to be deductible","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". That means there\u2019s going to be no wiggle room around writing off the cost of a ticket to take your favorite client to any sporting event or concert.\xa0 \ud83e\udee2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Other examples of non-covered entertainment costs include the following:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Renting out an entertainment facility\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Membership dues for an entertainment facility (ex: country club)\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"And if you get food as part of one bulk cost at an entertainment venue and can\u2019t separate the cost of it, it won\u2019t be deductible.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Record keeping 101: Stay on top of your meals and entertainment deductions","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"To take advantage of any of the deductions above, keep track of all meals regardless of cost and keep the receipts for any meal over $75. 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With Relay, you can open up to 20 individual business checking accounts and issue 50 virtual or physical debit cards.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That means you won\u2019t have to comb through one messy bank statement to remember which meals you paid for\u2014instead, you can dedicate one debit card or bank account to meals with business associates, another for travel expenses, and yet another for special events (like that company picnic you\u2019ve been planning).","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Then, Relay will help you stay tax-ready with our ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"data":{},"marks":[],"value":"new receipt management feature","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". We\u2019ll send you (and your team members) reminders to upload your receipts\u2014and then after you upload the receipt, we\u2019ll automatically attach it the matching transaction.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Say goodbye to that overflowing desk full of receipts and hello to tax savings. \ud83d\ude0e ","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"Sign up for Relay today in as little as ten minutes here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But that doesn\u2019t mean you can write off ","marks":[],"data":{}},{"nodeType":"text","value":"everything. ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"If you write off something that isn\u2019t truly a business expense, you could quickly end up in hot water with the IRS\u2014and no one wants that. \ud83d\ude33","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we\u2019re here to give you expert-informed advice about your gym membership. 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Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll walk you through the steps to determine if your fitness costs are deductible as a self-employed person:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-a-gym-membership-tax-deductible"},"content":[{"nodeType":"text","value":"Is a gym membership tax deductible?","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\uddd0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-ordinary-and-necessary-expenses"},"content":[{"nodeType":"text","value":"What are \u201cordinary\u201d and \u201cnecessary\u201d expenses?","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\udd37","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#cases-when-a-gym-membership-would-be-tax-deductible"},"content":[{"nodeType":"text","value":"Cases when a gym membership would be tax deductible \ud83c\udfcb\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#when-is-a-gym-membership-tax-deductible-for-medical-reasons"},"content":[{"nodeType":"text","value":"When a gym membership can be tax deductible for medical reasons \ud83e\uddd1\u200d\u2695\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-claim-a-gym-membership-tax-write-off"},"content":[{"nodeType":"text","value":"How to claim a gym membership tax write-off \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#tldr-gym-memberships-are-sometimes-tax-deductible "},"content":[{"nodeType":"text","value":"TLDR: gym memberships are (sometimes) tax-deductible ","marks":[],"data":{}}]},{"nodeType":"text","value":"\ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#frequently-asked-questions\xa0"},"content":[{"nodeType":"text","value":"Frequently asked questions\xa0about taxes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Disclaimer: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The content in this article has been reviewed by a licensed Certified Public Accountant (CPA). However, before writing off any expenses on your tax return this year, it\u2019s always a good idea to consult with a tax professional who can review your unique situation.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is a gym membership tax deductible?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is in most cases, no. According to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-news/fs-07-17.pdf"},"content":[{"nodeType":"text","value":"IRS","marks":[],"data":{}}]},{"nodeType":"text","value":", you can write off your gym membership fees if they are considered an \u201cordinary\u201d and \u201cnecessary\u201d expense for your business (i.e. common and beneficial). A gym membership can also be claimed as tax deductible on your personal tax return if it\u2019s a documented necessary medical expense.\xa0 \ud83e\udd13","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes these two things can be a real pain to prove and limited based on your income bracket, but it can be done if you meet the criteria and have the right paperwork. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are \u201cordinary\u201d and \u201cnecessary\u201d expenses?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An \u201cordinary\u201d expense is an expense that professionals in your industry run into regularly. For example, photographers often have to buy photo editing software. \ud83d\udcf7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/o/oandne.asp"},"content":[{"nodeType":"text","value":" \u201cnecessary\u201d expense","marks":[],"data":{}}]},{"nodeType":"text","value":" is something that can benefit your job but is avoidable. If we\u2019re using the same photographer\u2019s example, we can think of studio lights. They aren\u2019t not necessary, but they can certainly lead to a higher caliber photoshoot, meaning more revenue and profit for your business. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a lot of business owners out there who don\u2019t need a gym membership to function, and therefore, they can\u2019t claim a tax deduction for a gym membership.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a reminder, for your gym membership to be tax deductible, it has to be both ordinary ","marks":[],"data":{}},{"nodeType":"text","value":"and","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" necessary.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cases when a gym membership would be tax deductible","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s a handful of cases where gym memberships are both common and beneficial in a line of business. If you fall into any of the following categories, make sure to claim that tax deduction:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Personal trainer: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You need a","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"gym membership because that\u2019s where you need to go to train your clients. \ud83d\ude0e","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Coach: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Like a personal trainer, you might need a gym membership to meet and coach your teams. \u26f9\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bodybuilder:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You might need a gym membership because bulking is the name of the game when it comes to your line of work \u2013 especially if you\u2019re expected to look a certain way \u2013\xa0and you can\u2019t do that without a gym\u2019s machines. \ud83d\udd74\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Actor/Actress:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your upcoming role requires you to build a certain physique, all of a sudden it\u2019s your business to get up in the gym (and sometimes even get personal training). \ud83c\udfad","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Model: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\u2019re required to look a certain way for a business event (which in your case could be a photoshoot or runway event), then your membership might be tax deductible. \ud83d\udc57","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Athlete: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If your career hinges on your athletic ability, your gym membership is likely tax deductible","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83c\udfc4","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your membership cost is reduced, comped, or included for free, you can\u2019t deduct the full price of the benefit. In other words, you can\u2019t double-dip.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When is a gym membership tax deductible for medical reasons?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-drop/rr-02-19.pdf"},"content":[{"nodeType":"text","value":"IRS in Rev. Rul. 2002-19","marks":[],"data":{}}]},{"nodeType":"text","value":", to get a gym membership filed as a medical expense, you need a recorded medical condition and action plan from a physician or medical professional that specifically calls out a program at the gym. Otherwise, a gym membership will be seen as just a personal expense. \ud83d\udc85","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Imagine someone is classified with obesity and hypertension by their doctor. To heal their condition, the doctor writes that they need to join a weight loss program. Therefore, the weight loss program would be considered as healthcare and a deductible expense.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, the gym membership itself would not be. It\u2019s not the gym that\u2019s considered curative\u2014it\u2019s the weight loss class. So, the gym membership would be just for your general wellness. \ud83e\ude7b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(We know, this is the tricky part of tax laws).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now say your weight loss class provider offers a meal program for an additional cost. That additional cost of the meal program would not be considered a deductible medical expense because it wasn\u2019t required by your physician.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to claim a gym membership tax write-off","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most important thing to claim gym membership as a business expense is that you document everything. And I mean everything. \ud83d\udcdc  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"Keep your receipts organized","marks":[],"data":{}}]},{"nodeType":"text","value":" and maintain a record of every single fee and the purpose of it related to your business. And if you\u2019re trying to claim your gym membership as a medical expense, make sure you\u2019re following your doctor\u2019s notes to the letter and have them easily organized. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need help with your receipts? 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These small business write-offs can save you hundreds to thousands in taxes a year if you play your cards right.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One type of personal expense that can be a business write-off is your rent, in the form of a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/newsroom/how-small-business-owners-can-deduct-their-home-office-from-their-taxes"},"content":[{"nodeType":"text","value":" home office deduction.","marks":[],"data":{}}]},{"nodeType":"text","value":" This deduction is for those who regularly use part of their home or property as their primary place of business or for business purposes, including both renters and homeowners, and including home types such as traditional homes, condominiums, and apartments. \ud83c\udfe0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another expense that can be deducted is","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/taxtopics/tc511"},"content":[{"nodeType":"text","value":" business travel expenses","marks":[],"data":{}}]},{"nodeType":"text","value":". If you take a trip where most of your time is spent on business activities, your flights, hotel stay, and even meals are considered business tax deductions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember that the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/newsroom/understanding-business-travel-deductions"},"content":[{"nodeType":"text","value":" tax deductions for travel expenses","marks":[],"data":{}}]},{"nodeType":"text","value":" must be ordinary and necessary and can\u2019t be for primarily personal purposes. You can read more about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"nodeType":"text","value":"personal taxes versus business taxes here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your phone, internet bill, and other technology like laptops and computers can be tax deductible too if you need them for business purposes! Again, they must be ordinary and necessary and used for your business. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What can\u2019t you deduct? \u274c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/is-a-gym-membership-tax-deductible"},"content":[{"nodeType":"text","value":"gym fees are generally never deductible","marks":[],"data":{}}]},{"nodeType":"text","value":" for tax purposes. Capital gains may have to do with your taxes, but muscle gains don\u2019t! \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition, business bank account fees are deductible if you have a business checking or savings account\u2014but not for your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"personal bank account","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news? With","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://xn--ms8h/"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us!), you won\u2019t have to worry about business bank account fees. Relay\u2019s fee-free checking accounts and banking platform are perfect for small business owners, freelancers, and entrepreneurs alike. \ud83e\udef6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #2: Elect as an S-corp \ud83e\udd35","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An S-corporation (S-corp) is a company that passes corporate income, losses, deductions, and credits to its shareholders for tax purposes. There are several","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations"},"content":[{"nodeType":"text","value":" requirements for becoming an S-corp","marks":[],"data":{}}]},{"nodeType":"text","value":", and it\u2019s different than being a sole proprietor or limited liability company (LLC). Make sure to do your research and talk to your accountant before you file to become an S-corp.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The S-corp business structure comes with several tax benefits. Qualifying S-corps don\u2019t pay federal taxes at the corporate level and shareholders of the company can be employees of the business and draw salaries as employees. You\u2019ll also avoid paying self-employment tax on all earnings when you make this corporate tax election, and pay them only on salaries. \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #3: Shelter income in retirement accounts \ud83d\udc75","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax shelters are legal ways to reduce your taxable income and tax liabilities. Tax shelter groups include retirement accounts and investment accounts\u2014so if you haven\u2019t had motivation to save for retirement, this small business tax loophole could provide it. \ud83c\udfdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A traditional 401k or Individual Retirement Account (IRA) has funds that aren\u2019t taxable until the owner of the account retires. That means money that would have normally been taxed by the IRS will instead accrue earnings and interest until the funds are drawn.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, a Roth IRA or Roth 401k is a good option for individuals expecting a higher income. The money that goes into these accounts is taxed at the time of contribution, but not when the funds are withdrawn. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #4: Claiming the QBI deduction \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Qualified Business Income (QBI) deduction is a complex deduction that allows several 20% deductions on QBI, real estate investment trust (REIT) dividends, and publicly traded partnership (PTP) income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your QBI is made up of qualified items of income, gain, deduction, and loss from business or trade, and is inclusive of S-corps, partnerships, and sole proprietorships. For more information on the QBI deduction, read the relevant","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/newsroom/qualified-business-income-deduction"},"content":[{"nodeType":"text","value":" IRS article on QBI deductions","marks":[],"data":{}}]},{"nodeType":"text","value":" or speak to a tax professional.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #5: Business vehicle deductions \ud83d\ude97","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/taxtopics/tc510"},"content":[{"nodeType":"text","value":" car\u2019s costs can be deducted from your taxes","marks":[],"data":{}}]},{"nodeType":"text","value":" if you use it for business purposes, even if it\u2019s also partially used for personal purposes! These costs include gas, oil, repairs, tires, insurance, fees, licenses, and depreciation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, it\u2019s important to note that proper bookkeeping is incredibly important for this kind of deduction. The law requires that you substantiate your expenses with adequate records to qualify\u2014that means ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"keeping your receipts organized","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Luckily, Relay has your back! With Relay\u2019s new ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"nodeType":"text","value":"receipt management feature","marks":[],"data":{}}]},{"nodeType":"text","value":", you can keep track of all your expenses in one place. We\u2019ll send you automatic reminders to upload your receipts after you pay for something with a Relay debit card (like gas) and automatically link your receipts to the matching transaction.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Normally, you have to account for depreciation when deducting your business vehicle. But, thanks to viral posts on TikTok and other social media platforms, the \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/what-is-the-g-wagon-tax-write-off"},"content":[{"nodeType":"text","value":"G-Wagon Tax Write-off","marks":[],"data":{}}]},{"nodeType":"text","value":"\u201d has come to light. Also known as the Section 179 Tax Write-Off, this idea allows you to deduct the full business purchase price of qualifying assets in the year that they were purchased, rather than depreciating them over time. \ud83d\ude90","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #6: Business meal deductions \ud83c\udf7d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re paying for business meals without using the deductions, it\u2019s time to get some money back! If you as the business owner or an employee of the business are present during the food and drinks being provided, and the meals are from legitimate restaurants, they are 50% deductible*. \ud83c\udf74","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure that your expenses are 100% related to your business. This includes dinners at hotels during conferences, fancy restaurants during overnight business travel, and year-end parties for employees. \ud83c\udf89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*For a brief period, business meals were 100% deductible. In 2024, they are now back to where they were pre-2021 at 50% deductible.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #7: Deduct medical expenses via a medical reimbursement plan \ud83e\ude7a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Medical reimbursement plans, or MERPs, are employer-sponsored benefit plans that help to cover employee medical expenses. Not only are MERPs customizable for the employer, but they also provide tax benefits to both employees and employers. \ud83e\ude79","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees can contribute to MERPs tax-free, and MERP payments made by employers are deductible. This means that in addition to providing for your employees\u2019 health, you\u2019re also getting a tax break. \ud83d\udc89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that MERPs are only viable for C-corporations (C-corps). If your LLC is taxed as a C-corps, you\u2019ll also qualify. To","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/forming-a-corporation"},"content":[{"nodeType":"text","value":" become a C-corp","marks":[],"data":{}}]},{"nodeType":"text","value":", you must pay some fees, file articles of incorporation, offer stock to shareholders, obtain an employer identification number (EIN), and establish a board of directors. This isn\u2019t the right tax strategy for every business, but it\u2019s worth investigating if you think it might make sense for your company.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tax Loophole #8: Hire family members to save on payroll taxes \ud83d\udc68\u200d\ud83d\udc69\u200d\ud83d\udc66","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some small business owners have considered hiring family members to save on payroll taxes. However, this tax loophole only works if you\u2019re hiring children. The goal isn\u2019t necessarily to save on payroll taxes, but rather to create earned income to contribute to a retirement account or IRA. \ud83d\udc67","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the family member you\u2019re hiring is, in fact, a minor (under 18), their wages are exempt from payroll taxes, but not likely from State Unemployment Insurance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bonus tip: Take advantage of small business tax credits \ud83e\ude84","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax credits are another way to save money during tax season. They differ from tax deductions; instead of lowering your taxable income, they are directly subtracted from the amount of money that taxpayers owe. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/business-tax-credits"},"content":[{"nodeType":"text","value":" dozens of business tax credits","marks":[],"data":{}}]},{"nodeType":"text","value":" available, so talk to your tax professional or accountant to determine which ones you may qualify for when tax season comes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line on small business tax loopholes \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best tip we have for small business owners who want utilize tax loopholes? Talk to a professional!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"CPAs and other money pros know how to help you leverage these small business tax loopholes. While this article covered many of the most-used ways to get tax benefits, every business is different\u2014to make sure you take advantage of every tax savings opportunity available, it\u2019s always wise to discuss your unique situation with an expert.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on the money with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for other ways to save money as a small business, have you considered Relay?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s online banking platform is designed for small business owners. 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With up to 20 free checking accounts, SMBs can easily consolidate payments in one place. Instead of breaking up banking accounts based on functions, Relay keeps customers\u2019 needs in mind and gives you the flexibility to decide how you use your account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay\'s business savings accounts, your money is always working for you. Businesses can also save for larger expenses or future goals by opening up to two savings accounts that earn 1-3% APY1.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automated transfer rules ensure surplus funds are moved out of your operating accounts. You can enjoy effortless banking without worrying about monthly fees, hidden charges, or minimum balance requirements.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Broadway Bank business checking accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Broadway Bank offers a selection of business checking accounts designed to suit different businesses, from those with minimal activity to those with high transaction volumes. Depending on your banking needs, you could get a checking account with minimum opening deposits and minimum balances as low as $0.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business needs become more complex, there are more advanced checking accounts that allow higher transaction activities. 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Both Relay and Broadway Bank offer unique features tailored to support business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for digital convenience, Relay provides a digital-first approach with seamless integrations and no monthly fees. Broadway Bank provides traditional banking services with a local touch to fit customer\u2019s needs. If you value in-person banking and a bank that specializes in the Texas market, a community bank like Broadway Bank is a good choice.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To find the right fit for your business, consider your goals and the type of support you need. Then, choose the banking platform that aligns with your business plan. 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If you send amounts over 100,000 GBP \ud83c\uddec\ud83c\udde7 per month, you\u2019ll receive a volume discount for transfers of any size.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When receiving funds, Wise accepts money in one of 17 currencies. You can convert it into any supported currency once the funds are in your account. It costs $4.14 for each incoming wire transfer.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb1 Exchange fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s exchange rate fees refresh every 60 seconds based on the foreign exchange market. Currency conversion rates start as low as 1% of the transaction amount. 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It\u2019s worth exploring Relay if you\u2019re looking for an online banking solution that has transparent, flat-fee pricing for international payments.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Get started entirely online here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1711144387979,"customDate":1711144387979,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-relay"},"content":[{"data":{},"marks":[],"value":"What is Relay? 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While these things are similar to and related to PLR, it\'s important to know the difference before you dive into selling PLR content online. ","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Master Resell Rights/Resale Rights (MRR)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Buyers and anyone they sell this to can resell this product all they want, but they can\u2019t edit it. 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This is content that\'s already been created by someone else\u2014so you just need to add your own \\"spice\\" to it using an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/top-ten-AI-tools-for-business"},"content":[{"nodeType":"text","value":"AI-powered design tool","marks":[],"data":{}}]},{"nodeType":"text","value":" like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.canva.com/"},"content":[{"nodeType":"text","value":"Canva","marks":[],"data":{}}]},{"nodeType":"text","value":", and then you can start selling right away. 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Especially\xa0with the advent of AI-powered tools like the ones mentioned above, it\u2019s easy to whip out high-quality content in record time. \ud83d\udd70\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you choose how much you want to work. You\u2019ll never have to create more content if you stop feeling like it. All you have to do is make sure you\'re never creating content that is low quality.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s good news especially if you\u2019re working a full-time job on top of this new PLR venture.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Endless idea library\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re never going to be an expert on every subject. With PLR content, you don\u2019t have\xa0to be. \ud83e\udde0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If there is any niche that you are particularly skilled in or have developed insights for, your buyer can benefit from your expertise. Or, if you\u2019re looking to reach a new audience quickly and don\u2019t have time to get into the nitty-gritty of it, quality PLR content can save the day.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The cons of PLR","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While PLR content is easy to create and sell, there are some negative factors that you should keep in mind before you take this new business for a test drive. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. It can take time to build your revenue ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are lots of false promises that people make when it comes to driving profit from\xa0PLR. Implying that it\u2019s light work for extremely lucrative sales is simply untrue. \ud83d\ude4a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most PLR gets sold at a rather low price, and on top of that, it can be hard to get noticed (as we mentioned). It\u2019s not impossible to get rich fast with PLR, but it\'s definitely not guaranteed. You will need to put in some time and effort to build a thriving PLR business. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. 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PLR provides a shortcut\u2014you don\'t have to start entirely from scratch\u2014but you\'re unlikely to be successful if you try to sell that content as-is, with no changes. 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","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember to experiment with different strategies and be patient as you get started! You can also learn from PLR experts on YouTube and other social media platforms\u2014these creators have seen success firsthand and can provide plenty of guidance to help you build a thriving PLR business. 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Make sure to create a compelling, unique brand to boost your sales and leverage social media, Etsy, and other platforms to get the word out about your exciting new content. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ve got this! We\'re cheering you on. \ud83e\udd73 ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on the money with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that lets small business owners open multiple no-fee business checking and savings accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business owner, you won\'t want to miss our","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"On the Money newsletter","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". 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It\u2019s practically part of the job description.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why we thought female entrepreneurs could benefit from hearing about mindset from other women in business: like the Former First Lady of the United States, Eleanor Roosevelt, or the co-founder of Flickr, Caterina Fake. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cYou can often change your circumstances by changing your attitude.\u201d \u2013\xa0Eleanor Roosevelt, Former First Lady of the United States","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cDon\'t sit down and wait for the opportunities to come. Get up and make them.\u201d \u2013 Madam C. J. 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No worries though\u2014","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" has you covered! \ud83d\udc9a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve pulled together a list of the best unique corporate gifts under $50, gifts for the holiday season, thank-you gifts, and other gifts to show your appreciation. These perfect gifts won\u2019t break the bank but will show your clients how thankful you are for them. 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Meaning ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider the meaning of your gift. For a large amount of people, gift cards are a really easy way to make sure everyone is accounted for. But for a single person, a more personalized gift may be the better way to go to make sure they feel appreciated.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Recipient \ud83e\udd35","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll want to think about your recipient when giving client gifts. Even if you\u2019ve only interacted professionally, they may have mentioned a hobby or interest that you can use to personalize their gift. We\u2019ve also included well-rounded gifts on this list that can appeal to everyone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Budget \ud83d\udcb5","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, think about your budget. You want to budget enough money for gifts so that they are of high quality and taste, but at a certain point, more money spent on gifts doesn\u2019t give you an advantage. Balance a thoughtful gift with your budget and think about the return on investment: you\u2019re making a business decision and an interpersonal decision at the same time.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best client gifts under $50 \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These gifts are all $50 or less, making them a great lower-budget option. We\u2019ve included a variety of different generalized gifts here, with more ways to personalize them and where to purchase them.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Themed subscription box","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscription boxes combine the best of hobbies, interests, and mystery! If you know some of what your client loves, consider purchasing a themed subscription box for them. It could be a one-time subscription or a subscription that lasts several months.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless of the timeline, there are hundreds of boxes to explore on CrateJoy. You can also find them on sites like Etsy for even more options. Box themes range from self-care to crafting to puzzles, making this option an inexpensive way to easily personalize a gift.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $15-$50","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cratejoy.com/"},"content":[{"nodeType":"text","value":" Find boxes through CrateJoy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Bluetooth headphones or earbuds","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve got a client who works from home and/or enjoys music, a good pair of Bluetooth headphones can be life-changing. They give clients the ability to walk around untethered while listening to music or taking a call, which feels like so much freedom!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $49.95","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://a.co/d/gcwHXyO"},"content":[{"nodeType":"text","value":" Purchase here from Amazon","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Blind date with a book gift set","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reading is one of life\u2019s greatest simple pleasures, and if you know your client\u2019s favorite genre, you can surprise them with a blind date with a book! The mystery of what book you\u2019ll get combined with the great treats included in the box (like caramels, a bookmark, and annotation stickers) makes for a great reading session for avid readers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can personalize the genre and box options with the Etsy listing above. There are plenty of different sellers of blind book dates online, so make sure to pick your favorite!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $31-$47","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.etsy.com/listing/1564459980/personalized-blind-date-with-a-book-gift"},"content":[{"nodeType":"text","value":" Purchase here from Etsy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Around-the-world snack gift box","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each month, Universal Yums releases a set of snacks and candy from a different country. Take your client\u2019s taste buds through a country\u2019s most interesting and tasty flavors with trivia and facts included with the snacks in every box!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can choose between three sizes of boxes, containing between 5-18 different snacks. Each box comes with a 12-page booklet of trivia and games for all ages.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $16-$41","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.universalyums.com/gift"},"content":[{"nodeType":"text","value":" Purchase here at Universal Yums","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Eco-friendly gift set","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For clients who care deeply about the environment, this eco-friendly gift set is a perfect way to honor their care for the environment and show appreciation for their business. The one above is a zero-waste starter kit and can include a bamboo cutlery set, reusable bamboo cotton swabs, and more eco-friendly products.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $36-$43.20","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.etsy.com/listing/892009909/zero-waste-starter-kit-sustainable-eco?gpla=1&gao=1&"},"content":[{"nodeType":"text","value":" Purchase here on Etsy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Client gifts for the holiday season \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The holiday season is a joyful time of year, but it can also be stressful! After all, with so many options for gifts and the potential of receiving a gift also on the horizon, there are a lot of things to consider. Here are some great holiday gift and Christmas gift ideas for the festive season.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Unique advent calendars","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advent calendars are an exciting way to count down to Christmas Day, and there are so many out there for so many different personalities! You could have a food-themed calendar or a candle-themed calendar\u2014the possibilities are endless! Choose a calendar that resonates with your client\u2019s hobbies or business to make an impact.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $30-$150","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.southernliving.com/best-advent-calendars-8363552"},"content":[{"nodeType":"text","value":" Find ideas here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Fancy tree ornaments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many people keep their Christmas ornaments as priceless treasures and traditions for years to come, and you can help your client keep a tradition with an ornament from the Old World Christmas collection. There are dozens of these classic ornaments to choose from, adding a personal touch to your gift.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $5-$100","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://oldworldchristmas.com/collections/christmas-ornaments"},"content":[{"nodeType":"text","value":" Choose an ornament from the Old World Christmas collection","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Personalized scented candles","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many holidays during the holiday season celebrate joy with candlelight, and you can personalize scented candles from their scent to the jar, making candles an excellent custom gift for the holidays. Yankee Candle allows you to choose the type of candle, the scent (from about a dozen options), and the custom photo or message.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $36-$50","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.yankeecandle.com/personalized-candles.html"},"content":[{"nodeType":"text","value":" Purchase here from Yankee Candle","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Photography session","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Family photos are a great way to ensure lasting memories of your client and their family for the holidays. Give your client a voucher for a local photographer. Your client can use the photos for holiday cards, celebration announcements, and as keepsakes. Alternatively, you can offer your client a personal photoshoot for headshots and professional photos to use for years to come.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $250-$500","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.findaphotographer.com/"},"content":[{"nodeType":"text","value":" Find a photographer near you","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Holiday team building","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could host a holiday team-building activity for you, your employees, your client, and even your client\u2019s employees. You could even offer to invite your client\u2019s friends and families! Host a Secret Santa, an ornament decorating contest, or an ugly sweater contest to build some great memories for years to come.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $50-$150","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.intoo.com/us/blog/christmas-teambuilding-activities/"},"content":[{"nodeType":"text","value":" See ideas here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Client thank-you gifts \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a quick way to thank a client, whether it be for a small gesture or a big project, these kinds of gifts are easy to curate and personalize for any client.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Handwritten note","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for an easy way to thank a client, consider a handwritten note or thank-you card. It\u2019s a perfectly simple and classic way to tell a client how you truly feel. Written notes from the heart often mean a great deal, especially in the digital age. You can always include handwritten notes with other gifts as well.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $8.49","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.vistaprint.com/stationery/thank-you-cards"},"content":[{"nodeType":"text","value":" Purchase custom stationery here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Photo frame","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a photo of yourself and the client from a big project or important event, give the gift of a memory! A professional photo printed and put in a nice frame is a great way to celebrate big moments in you and your client\u2019s careers.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $19.99","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://a.co/d/goIoWAy"},"content":[{"nodeType":"text","value":" Purchase here from Amazon","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Charitable donation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If there\u2019s something you know your client is passionate about, you could make a charitable donation in their name or honor a charity of your choice. This could be just a simple donation, but there are other options, too! Many animal-related charities and nonprofit organizations will allow you to \u201cadopt\u201d an animal there. Check your local aquariums, zoos, and rescues for options.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: Any","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.givingwhatwecan.org/best-charities-to-donate-to-2024"},"content":[{"nodeType":"text","value":" Find great charities here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Handmade gifts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A handmade gift can show that you put time and effort into your client\u2019s gift, and it can be really fun to make, too! From custom tile coasters to mason jar planters, there are so many crafts that even beginner or novice crafters can complete.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $15-$50","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://modpodgerocksblog.com/handmade-gift-ideas/"},"content":[{"nodeType":"text","value":" Find craft ideas here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Gratitude video","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Assemble your team and your client\u2019s team for a gratitude video! You can combine thankful videos and mini speeches from multiple people into one video montage for a very special gift that can be watched again and again. All you need is to record the people you want to include in the video, including family, friends, and employees - which could be made with just your phone!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: Free!","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Appreciation gifts for clients \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re super appreciative of a client, consider these gifts! They are slightly higher in price, but the best clients are deserving of something amazing. Show client appreciation with these beautiful ideas.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Charcuterie board","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Charcuterie boards made of gourmet meats and cheeses are delicious and gorgeous, and a perfect way to show your appreciation to a client. Boarderie assembles charcuterie boards for corporate gifting specifically, and they look delicious!","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $129-$289","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://boarderie.com/pages/corporate-gifting"},"content":[{"nodeType":"text","value":" Purchase here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Flight ticket gift card","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you know your client flies often or you want to give them the ability to travel, a flight ticket gift card can be a great way to help out or inspire a client. FlightGift allows you to customize the amount on the gift card (anywhere from $25 to $10,000) and the card can be redeemed on airlines from Spirit Airlines to American Airlines.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $25+","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.flightgift.com/"},"content":[{"nodeType":"text","value":" Purchase a FlightGift","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Truffle gift box","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Truffles are expensive ways to elevate food to the next level, and this truffle gift box from Williams-Sonoma will give your client a new love for them! For both truffle lovers and adventurous cooks, this box includes truffle butter, olive oils, and honey.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $129.95","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.williams-sonoma.com/products/williams-sonoma-truffle-pantry-gift-crate/"},"content":[{"nodeType":"text","value":" Purchase here at Williams-Sonoma","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Custom champagne bottles and glasses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pop a bottle and celebrate your hard work! This custom champagne bottle and metal glasses case is super luxurious and elevates your client\u2019s tastes to the next level. There\u2019s a non-alcohol option for non-drinkers, too, and you can choose your custom message to be engraved on the bottle.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $250","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://coupchampagne.com/products/client-gift-metal-flutes-case"},"content":[{"nodeType":"text","value":" Purchase here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Le Creuset Dutch oven","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any cooking fanatic has probably had their eyes on Le Creuset\u2019s brilliantly-colored sets and Dutch ovens. If you know your client loves to cook and bake and you want to show your appreciation (and knowledge of great brands!), any Le Creuset product will be perfect. They come in so many amazing colors and sizes, perfect for any established chef.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 Price: $260-$625","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.lecreuset.com/cookware/dutch-ovens"},"content":[{"nodeType":"text","value":" Purchase here","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Client gifting apps \ud83d\udcf2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re stuck on what to give a client, or you don\u2019t know a client particularly well, don\u2019t panic! There are great solutions for you. \ud83d\ude2e\u200d\ud83d\udca8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate and client gifting websites exist for this very purpose. They allow clients to pick their gifts from a broad selection within your price range, which can eliminate the decision paralysis you may face when trying to pick a great client or employee gift. \ud83d\ude01","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Goody","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Goody is a corporate gift-giving platform where all you need is an employee or client\u2019s name and email to give gifts. No address needed! They have a large catalog of great gifts, with everything from tumblers and water bottles to home decor and cooking supplies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can find Goody","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ongoody.com/"},"content":[{"nodeType":"text","value":" here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Snappy Gifts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Snappy is another website where you can send gift choices to your clients and have them choose from any number of gift options. Gifts can even be branded swag and you can customize the gifting experience with your company logo and a personalized message!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can find Snappy Gifts","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.snappy.com/"},"content":[{"nodeType":"text","value":" here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Looking for more small business insights? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s \u201cOn The Money\u201d small business newsletter is perfect for entrepreneurs, freelancers, and small business owners. You\u2019ll learn all about what\u2019s happening in the finance world, top news for small businesses, and tips to maintain a successful business, all in one newsletter!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":"Subscribe to \u201cOn The Money\u201d","marks":[],"data":{}}]},{"nodeType":"text","value":" and watch your knowledge blast off! \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also have articles that can help you learn more about leadership and entrepreneurship. If you love leadership and listening to expert advice, check out the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-leadership-podcasts"},"content":[{"nodeType":"text","value":" best leadership podcasts of 2024","marks":[],"data":{}}]},{"nodeType":"text","value":". If reading is more your thing, we also have a list of the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-entrepreneur-books"},"content":[{"nodeType":"text","value":" best entrepreneur books of 2024","marks":[],"data":{}}]},{"nodeType":"text","value":"! \ud83d\udcd7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what kind of business you own, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is here to help. 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And get this\u2014these crafting supplies have generated over 630K Etsy sales. \ud83d\ude31","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If there\u2019s a craft activity that you particularly enjoy, selling craft supplies might be a great idea for an Etsy storefront.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This might be one of the more unique Etsy shop ideas out there, but when you look at the numbers mentioned above, it\'s easy to see that hobbyists don\u2019t mess around when it comes to their craft supplies!  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main thing to remember is that you shouldn\u2019t just resell supplies you buy in bulk. Instead, you\'re likely to find more success by curating supplies that help your buyers become the hobbyists they\'ve always wanted to be. 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And it\u2019s another one of those shop ideas where the only prerequisite is a healthy imagination. \ud83e\udde0 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can make creative templates on Canva, upload them to your Etsy store, and mark them available for digital download. After that, there\u2019s little work to be done on your part.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A few popular digital products would be things like social media templates, meal plan templates, and even lesson plan templates for teachers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seasonal details and themes are also always welcome\u2014like Christmas or Halloween word searches! 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Whether you want to handmake a jacket or crochet a hat, a lot of families specifically seek out handmade gifts for their little ones to make them feel extra special.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lot of families also appreciate a sense of humor when it comes to baby apparel. So, get those cogs turning to get a feature on that next Facebook post.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Category:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Handmade products\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Hard","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium-High","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Etsy shop idea #6: Home decor","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because the world has enough \u201clive, laugh, love\u201d home decor. \ud83d\uddbc\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Everyone wants to stand out with eclectic and unique home decor. And if you\u2019re skilled with your hands, the moment when your Etsy shop takes off is in sight.\xa0 \ud83d\udecb\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can get as intense with this idea as you\u2019d like. You can join a woodworking shop and start a personalized charcuterie board business (that\u2019s bound to get lots of hits during the gifting season).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or you can go down the DIY route and make things like chainlink pillows from stuffing and fabric (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.tiktok.com/t/ZPR3XSbn7/"},"content":[{"nodeType":"text","value":"like this creative TikTok user","marks":[],"data":{}}]},{"nodeType":"text","value":"). 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Especially if you make a breathtaking original. \ud83e\uddd1\u200d\ud83c\udfa8","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Category:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Handmade products","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Hard","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" High","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Etsy shop idea #7: Natural homemade goods","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lot of people opt into Etsy to opt out of large corporations like Amazon. And those same people also tend to prefer all-natural alternatives or handmade items when it comes to their products. \ud83c\udf3f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t believe us? One of the top five best-selling stores on Etsy (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.etsy.com/shop/SeedGeeks#about"},"content":[{"nodeType":"text","value":"SeedGeeks","marks":[],"data":{}}]},{"nodeType":"text","value":") is an heirloom seed store that also sells other homemade natural products like lip balms and soaps. And they have made over 850K sales.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But not all of us have a farm in our backyard to take advantage of for an Etsy venture. But that doesn\u2019t mean you can\u2019t make homemade natural goods! \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To start simple, you can perfect your own","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.eatingbyelaine.com/easy-homemade-sugar-scrub/"},"content":[{"nodeType":"text","value":" sugar scrub ","marks":[],"data":{}}]},{"nodeType":"text","value":"and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://inspiredbycharm.com/diy-bath-bombs/"},"content":[{"nodeType":"text","value":"bath bomb recipes ","marks":[],"data":{}}]},{"nodeType":"text","value":"(which require minimal ingredients). All you\u2019d have to do next is package them adorably and maybe even add a logo on them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some more advanced options might involve ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.savvyhomemade.com/natural-organic-soap-recipes/"},"content":[{"nodeType":"text","value":"making your own organic soaps","marks":[],"data":{}}]},{"nodeType":"text","value":" or even ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/watch?v=4WixApRok0k"},"content":[{"nodeType":"text","value":"solid deodorant","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Category:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Handmade products","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Easy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Etsy shop idea #8: Vintage clothing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nothing ever truly goes out of style. At least, not on Etsy. \ud83d\udd7a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s a huge resale market for curated vintage items making this a great place for beginners to start their first Etsy shop.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have to find a niche,\xa0whether it\u2019s a decade or aesthetic\u2014that\u2019s up to you! And then go hunting all across different thrift stores to find whatever lines up with your vision. Eventually, if you\u2019ve got a good eye and a passion for fashion, you\u2019re likely to build up quite a following.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Category:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Personalized products ","marks":[],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Low","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Etsy shop idea #9: Crocheted items","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time to get hooked on crochet, and make it your side hustle on Etsy. \ud83e\uddf5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right crocheted item can send people into a frenzy. 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Their whole niche is curated silver jewelry.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to join in on the high demand for handcrafted fun, you do need to have some ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.thecrucible.org/guides/jewelry-making/#:~:text=Some%20basic%20tools%20that%20will,fabricating%20your%20piece%20in%20silver."},"content":[{"nodeType":"text","value":"beginner jeweler\'s tools","marks":[],"data":{}}]},{"nodeType":"text","value":" on hand like metal chains, clasps, pliers, and more.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd1Category: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Handmade products","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Hard\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 keys to opening a successful Etsy shop \ud83e\udd47","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Have you chosen the perfect Etsy shop idea yet? 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Just don\u2019t tell your 9-5.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.about.pangea.app/blog/10-freelancing-memes-that-are-sure-to-hit-home"},"content":[{"nodeType":"text","value":" From Pangea","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"9. 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Clients when \u201cIt\u2019s only a little change!\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4MSL9SaGvcYK7Zngfj0Bg","type":"Asset","createdAt":"2024-02-29T05:18:12.946Z","updatedAt":"2024-02-29T05:18:12.946Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Clients when It\u2019s only a little change - Meme","description":"Clients when It\u2019s only a little change - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4MSL9SaGvcYK7Zngfj0Bg/aa04b4ee81ee149af2cde3e626cf9041/Clients_when_It_s_only_a_little_change_-_Meme.png","details":{"size":219860,"image":{"width":500,"height":672}},"fileName":"Clients when It\u2019s only a little change - Meme.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That hefty client payment is so close, yet so far... they only want a \u201csmall fix\u201d, is that okay?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.flux-academy.com/blog/21-of-the-best-freelance-memes"},"content":[{"nodeType":"text","value":" By Monica Galvan at Flux Academy","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Memes about entrepreneurship and startups \ud83d\ude38","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Startup culture is often hyper-competitive and ultra-tiring. 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(And if you\'re looking for some inspiration, learn what to do when you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/i-want-to-start-a-business-but-have-no-ideas"},"content":[{"nodeType":"text","value":"want to start a business but have no ideas","marks":[],"data":{}}]},{"nodeType":"text","value":".)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.foundersbeta.com/inspiration/best-memes-for-entrepreneurs/"},"content":[{"nodeType":"text","value":" From FoundersBeta","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"12. When those \u201cBe an entrepreneur in 5 minutes\u201d courses catch up to you","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6doTFP93GVYEsOd55XACOb","type":"Asset","createdAt":"2024-02-29T05:24:22.033Z","updatedAt":"2024-02-29T05:24:22.033Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"When those Be an entrepreneur in 5 minutes courses catch up to you - Meme","description":"When those Be an entrepreneur in 5 minutes courses catch up to you - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6doTFP93GVYEsOd55XACOb/079794d9df31ccd5a702d86229fec462/When_those_Be_an_entrepreneur_in_5_minutes_courses_catch_up_to_you_-_Meme.jpeg","details":{"size":36073,"image":{"width":500,"height":709}},"fileName":"When those Be an entrepreneur in 5 minutes courses catch up to you - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Truthfully, becoming an entrepreneur is never as easy as learning to do it in one online course, but we\u2019ve all been there. 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Yay! Now it\u2019s time to market that feature to your customers.. right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.foundersbeta.com/inspiration/best-memes-for-entrepreneurs/"},"content":[{"nodeType":"text","value":" From FoundersBeta","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"14. 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Those 40-hour workweek days seem so far away...","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"64oDXq2G9armDPUlOC6yvV","type":"Asset","createdAt":"2024-02-29T05:29:50.405Z","updatedAt":"2024-02-29T05:29:50.405Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Those 40-hour workweek days seem so far away - Meme","description":"Those 40-hour workweek days seem so far away - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/64oDXq2G9armDPUlOC6yvV/36cdf4c6e7c48809fb2b8ed7dc326101/Those_40-hour_workweek_days_seem_so_far_away_-_Meme.jpeg","details":{"size":105948,"image":{"width":1125,"height":1113}},"fileName":"Those 40-hour workweek days seem so far away - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Especially as your business is in its beginning stages, working ","marks":[],"data":{}},{"nodeType":"text","value":"only ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"40 hours a week may seem like a dream!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ewomennetwork.com/blog/ewomennetwork-1/post/entrepreneur-memes-to-brighten-your-day-1760"},"content":[{"nodeType":"text","value":" From eWomen Network","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Memes about 9-5 jobs \ud83d\ude38","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re still stuck in your corporate job or if you\u2019ve recently left and you\u2019re looking back, you\u2019ll love these memes about the 9-5 office life.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"16. When the hours struggle to go by","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1ajVNyZRtdBWnvCwmLHUdE","type":"Asset","createdAt":"2024-02-29T05:31:51.243Z","updatedAt":"2024-02-29T05:31:51.243Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"When the hours struggle to go by - Meme","description":"When the hours struggle to go by - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1ajVNyZRtdBWnvCwmLHUdE/ea69c5d4e818bb9a0efed34a54712139/When_the_hours_struggle_to_go_by_-_Meme.jpeg","details":{"size":75451,"image":{"width":700,"height":658}},"fileName":"When the hours struggle to go by - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ring the bells! Hear the angels sing! The day is almost over!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.boredpanda.com/9-to-5-life-work-memes/"},"content":[{"nodeType":"text","value":" From BoredPanda","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"17. Why is it always so cold in the office?!","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6C6RMJM2PmXq6kD5jeyU7p","type":"Asset","createdAt":"2024-02-29T05:34:33.970Z","updatedAt":"2024-02-29T05:34:33.970Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Why is it always so cold in the office - Meme","description":"Why is it always so cold in the office - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6C6RMJM2PmXq6kD5jeyU7p/9e9ed34fb2304db43435d632bb807773/Why_is_it_always_so_cold_in_the_office_-_Meme.jpeg","details":{"size":156570,"image":{"width":800,"height":800}},"fileName":"Why is it always so cold in the office - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you work from home, you probably don\u2019t realize the luxury you have since you get to adjust your surroundings to your liking - the office is either too hot or too cold!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://cheezburger.com/4274693/18-depressingly-real-memes-for-the-9-5-squad"},"content":[{"nodeType":"text","value":" From Ada Elder on Cheezburger","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"18. Realizing that a 9-5 job is actually kinda rare","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2m7o5Xia03kYgIY0EIO8Op","type":"Asset","createdAt":"2024-02-29T05:35:35.819Z","updatedAt":"2024-02-29T05:35:35.819Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Realizing that a 9-5 job is actually kinda rare - Meme","description":"Realizing that a 9-5 job is actually kinda rare - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2m7o5Xia03kYgIY0EIO8Op/38f7a427aec88bf958b794431740bb81/Realizing_that_a_9-5_job_is_actually_kinda_rare_-_Meme.jpeg","details":{"size":77785,"image":{"width":716,"height":607}},"fileName":"Realizing that a 9-5 job is actually kinda rare - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Between your commute and the not-so-occasional \u201cCan you stay later?\u201d request from your boss, you\u2019re quickly realizing that your 9-5 is a bit of a lie.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd17","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://knowyourmeme.com/photos/2734739"},"content":[{"nodeType":"text","value":" From Know Your Meme","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"19. Times have changed!","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3sohLOUDDQY5RzpLM5DaDQ","type":"Asset","createdAt":"2024-02-29T05:36:39.939Z","updatedAt":"2024-02-29T05:36:39.939Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Times have changed - Meme","description":"Times have changed - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3sohLOUDDQY5RzpLM5DaDQ/c9ffb2feb11ddabbe49495bfac11e83a/Times_have_changed_-_Meme.jpeg","details":{"size":207513,"image":{"width":625,"height":918}},"fileName":"Times have changed - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cBack then\u201d, a 9-5 could feed a family of four. 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When you need to remember your needs","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3K7ahgY6cmyickFIMYqLCz","type":"Asset","createdAt":"2024-02-29T05:39:54.144Z","updatedAt":"2024-02-29T05:39:54.144Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"When you need to remember your needs - Meme","description":"When you need to remember your needs - Meme","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3K7ahgY6cmyickFIMYqLCz/4d07abd49265f538c5e981d438c6af51/When_you_need_to_remember_your_needs_-_Meme.jpeg","details":{"size":61656,"image":{"width":700,"height":747}},"fileName":"When you need to remember your needs - Meme.jpeg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a 9-5, you only get so much of a break - so make sure to take your full lunch break! 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Our","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":" \u201cOn The Money\u201d newsletter","marks":[],"data":{}}]},{"nodeType":"text","value":" is perfect for those aiming to learn more about the small business world\u2014from finance news to marketing strategies. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/on-the-money-news"},"content":[{"nodeType":"text","value":"Subscribe to the newsletter here","marks":[],"data":{}}]},{"nodeType":"text","value":".  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, Relay has compiled some more fun resources for entrepreneurs and leaders. Check out the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-entrepreneur-podcasts"},"content":[{"nodeType":"text","value":" best entrepreneurship podcasts of 2024","marks":[],"data":{}}]},{"nodeType":"text","value":", or if you\u2019re more into reading, we\u2019ve got the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-entrepreneur-books"},"content":[{"nodeType":"text","value":" best leadership books of 2024","marks":[],"data":{}}]},{"nodeType":"text","value":" too! \ud83d\udcd7","marks":[],"data":{}}]}]},"readingTime":3,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1709184406550,"customDate":1709184406550,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#memes-for-small-business-owners"},"content":[{"data":{},"marks":[],"value":"Memes for small business owners","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#memes-about-freelancing"},"content":[{"data":{},"marks":[],"value":"Memes about freelancing","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#memes-about-entrepreneurship-and-startups"},"content":[{"data":{},"marks":[],"value":"Memes about entrepreneurship and startups","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#memes-about-9-5-jobs"},"content":[{"data":{},"marks":[],"value":"Memes about 9-5 jobs","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#want-more-business-insights"},"content":[{"data":{},"marks":[],"value":"Want more business insights?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"receipt-management","title":"Introducing receipt management in Relay","description":"Today we\u2019re introducing receipt management to Relay, giving you the tools to capture and store receipts right within your existing business banking platform.","metaTitle":"Receipt management tools for small businesses | Relay","metaDescription":"Today we\u2019re introducing receipt management to Relay, giving you the tools to capture and store receipts right within your existing business banking platform.","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6VQ7nG0xUsy0KbITfefjeM/3e76d7864419e79da10a06a7aaf2cb1e/Receipts-Blog-Hero-REV1.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today we\u2019re introducing receipt management to Relay, giving you the tools to capture and store receipts right within your existing business banking platform. Here\u2019s how to save time, streamline your workflows, and stay audit-ready by centralizing receipt collection in Relay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Searching through empty pockets. Rummaging through overflowing drawers. Picking crumpled papers out of wastebaskets. Hoping that maybe, ","marks":[],"data":{}},{"nodeType":"text","value":"just maybe, ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you\u2019ll find the receipt your bookkeeper has been emailing you about all week.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s not just you. Collecting, organizing, and reconciling receipts is a ","marks":[],"data":{}},{"nodeType":"text","value":"pain","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". Add in a handful of employees charging business expenses to company cards (because let\u2019s face it, the reimbursement rigmarole is no better), and staying on top of those receipts goes from painful to downright agonizing. You\u2019d be forgiven for wanting to ignore the problem entirely\u2014why save receipts when you can just convince yourself they\u2019re not actually that important? But you can\u2019t escape one undeniable fact: capturing receipts is one of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"most important things","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" you can do to protect the financial health of your business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we\u2019ve launched a suite of receipt management tools that will save you time, put an end to chaotic and inefficient receipt \u201csystems\u201d (so long, shoebox!), and eliminate an expensive extra tool from your swelling list of subscriptions. It\u2019s all part of our mission to keep you in control of your money with an unparalleled level of insight into your spending. 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You can now ensure that every expense is accounted for by setting a ","marks":[],"data":{}},{"nodeType":"text","value":"receipt collection policy","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" for your Relay debit cards. Simply decide which transactions you want a receipt collected for, and we\u2019ll enforce the policy for you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Account admins have two options when setting a receipt collection policy:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requiring a receipt for ","marks":[],"data":{}},{"nodeType":"text","value":"all purchases","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requiring a receipt only for purchases","marks":[],"data":{}},{"nodeType":"text","value":" over $75","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (IRS rules stipulate that travel and vehicle expenses under $75 don\u2019t require a receipt to claim\u2014but it\u2019s still good practice to hang on to your proof anyway!)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With a receipt collection policy turned on, team members who make a qualifying in-person purchase with their Relay card will immediately receive a text message informing them that a receipt is required. In other words, you can stop hounding your employees to keep all their receipts for business expenses\u2026","marks":[],"data":{}},{"nodeType":"text","value":"because we\u2019ll do it for you","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emily Ubered uptown to catch up with a client over coffee? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcf3 ","marks":[],"data":{}},{"nodeType":"text","value":"RECEIPT REMINDER!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tony topped up the tank of his truck while on his way to the worksite? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcf3 ","marks":[],"data":{}},{"nodeType":"text","value":"RECEIPT REMINDER!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You get the idea. After all, the best time to collect receipts is right when a purchase happens, not in a mad scramble at the end of the month. Our reminders help make that happen\u2014and you and your team build better financial habits along the way.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4l7Oq4Qdi8asxjbKYZhO7l","type":"Asset","createdAt":"2024-02-20T21:09:38.349Z","updatedAt":"2024-02-21T16:37:31.709Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":4,"locale":"en-US"},"fields":{"title":"Receipt management - 2","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4l7Oq4Qdi8asxjbKYZhO7l/04dda76908e8621f66c397613fb5f57e/RM_Image2_B.jpg","details":{"size":399068,"image":{"width":1600,"height":700}},"fileName":"RM_Image2_B.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Upload receipts in a snap for safe storage and easy access (forever)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, a receipt collection policy is only as good as your ability to capture them. That\u2019s why we\u2019ve made it a snap for you and your team to add receipts to Relay. For in-person purchases, cardholders can take a photo of their paper receipt and upload it in one of three ways:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Right from their phone using the Relay app","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dragged and dropped to the desktop version of Relay from a PC","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emailed to a dedicated receipt upload email address (think \u2018","marks":[],"data":{}},{"nodeType":"text","value":"yourbiz@receipts.relayfi.com","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2019)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Email forward receipts to make digital collection a breeze","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We haven\u2019t forgotten about digital invoices, either; they can be forwarded to your dedicated receipt email address as well, ensuring they\u2019re safely stored with all your other receipts instead of forgotten in the depths of your inbox. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Do your research and discover your purpose \ud83d\udca1","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The absolute first step to starting an Airbnb business is to do some market research. You\u2019ll also want to research successful Airbnb properties in the area where you\u2019re looking to host your Airbnb. See how much hosts are charging per night and what kind of properties (homes, condos, etc.) are popular.  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No matter ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/i-want-to-start-a-business-but-have-no-ideas"},"content":[{"nodeType":"text","value":"what kind of business you want to start","marks":[],"data":{}}]},{"nodeType":"text","value":", every great entrepreneur needs a bigger \\"why\\" to fuel them through the highs and lows. Why do you want your own Airbnb? Do you want to bring in extra income on the side while you work a 9-5, or build enough passive income to reach financial independence and retire early?","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Choose a property \ud83c\udfe1","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time for even more research! If you don\u2019t already have a property you intend to use as your Airbnb property, you\u2019ll need to acquire property in some way. The most common listings on Airbnb are houses, apartments, condos, and townhomes, but there are some truly wild listings out there like yurts, ice hotels, and small islands. \ud83d\uded6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The property you choose depends on how you want to \\"sell\\" your property. Is it for business travelers, large families, or couples? Do you want to pitch your property as an everyday rental or a vacation rental? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb properties aren\u2019t always houses. Sometimes, you can sublease apartments as Airbnb properties. Make sure that subleasing in this manner is allowed by the lease you signed with the apartment owner before attempting to use an apartment as an Airbnb property. \ud83d\udcd1","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Start your business and learn the local laws \ud83d\udcdd","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are several important steps you\u2019ll need to take before listing your property on Airbnb. First, you\u2019ll need to understand the local laws regarding short-term rentals and long-term rentals in your area. Does your local government allow short-term rentals like Airbnb? If yes, you\u2019re good to go! \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your next step will be either starting a sole proprietorship or a limited liability company (LLC). You can use an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-online-incorporation-services"},"content":[{"nodeType":"text","value":"online incorporation service","marks":[],"data":{}}]},{"nodeType":"text","value":" to simplify this process. These types of businesses have different rules and regulations regarding asset protection and funding. You may also need a business license to operate your Airbnb. If you need help filing any of this paperwork, you can use an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-online-incorporation-services"},"content":[{"nodeType":"text","value":"online incorporation service","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You also need to understand what taxes you\u2019ll need to file. The IRS recognizes Airbnb income and expenses as legitimate, so keep track of what you spend to set up your Airbnb listing and what you earn from bookings. It\'s also a good idea to set up a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"separate business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" for your Airbnb business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The other local laws you\u2019ll want to understand are zoning laws, occupancy rates, and insurance laws. By following the regulations for your Airbnb property, you\u2019ll ensure that things go smoothly when it comes to any accidents, property damage, or claims.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking for a business bank account for your Airbnb business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/best-banks-real-estate-investors"},"content":[{"nodeType":"text","value":"best banks for real estate investors here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83c\udfdb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Prepare your property \ud83d\udd28","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time to prepare your property for rental! This is a fun undertaking...but it can also be a stressful process. You\u2019ll want to make sure your property either follows a specific theme or is generally agreeable in aesthetic. This doesn\u2019t mean that you lack creative freedom, but clashing colors and patterns may make your Airbnb less desirable to renters. \ud83e\ude9b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s also important to make sure that your Airbnb property is accessible to the majority of Airbnb guests. Does it have parking? A way to get in for wheelchair users? Are there rails in the bathrooms for support? These are all factors to consider to make your Airbnb more accessible. It may be a larger upfront cost, but it\u2019ll pay off in the long run. \u267f\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As an extra benefit to guests, you can stock your Airbnb property with basic necessities, like toiletries, basic kitchen items, and spare linens. This will give your guests a more comfortable experience. \ud83e\uddfb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Create your Airbnb listing \ud83d\udcd6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s finally time! You get to create your Airbnb listing. When you\u2019re listing your Airbnb, you\u2019ll want to use high-quality photos, detailed descriptions, and search keywords. Consider hiring a professional photographer for the best photos. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll want to include a detailed list of house rules and check-in details to make the booking experience as smooth as possible for guests. The Airbnb website can host a lot of information, and it\u2019s important to have information readily available for guests. \ud83d\uddd2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within the house, create a house manual or guide that includes the house rules, Wifi information, and check-out policy. This helps guests find this information easily when they stay at your Airbnb. Overall, remember that your Airbnb listing should be transparent, full of information, and accurate to the property. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Transition to passive income earnings \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve got your Airbnb, you may be wondering how to turn it from a full-time job to a passive income-earning side hustle. You can do this by hiring employees and contractors to manage your property. \u2699\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hiring cleaning services, for example, will save you time and money in the long run when cleaning after guests. You\u2019ll also want to have maintenance services on call, in case there\u2019s an issue with the property and you\'re not available. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to use a catch-all service, it\u2019s recommended to hire a property management company that can manage these things for you. They can handle the cleaning, the maintenance, and anything else that comes up at your property. You\u2019ll just need to respond to incoming messages about booking. \ud83d\udcde","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Keys to success with an Airbnb business ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb is chock-full of great listings and amazing hosts. If you\'re wondering how to start an Airbnb business that ","marks":[],"data":{}},{"nodeType":"text","value":"truly","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" stands out, here are a few things you can do to set yourself up for success. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Become a Superhost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb Superhosts are hosts that have reached a certain amount of customer bookings and satisfaction ratings. It\u2019s an automatic process that is run by Airbnb every three months, so no need to worry about a manual application. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By becoming a Superhost, your listings will come with a higher recommendation to potential guests and will be highlighted on the Airbnb website. To become a Superhost, you\u2019ll want to be very responsive to questions and ensure a great guest experience. Over time, with enough positive reviews, you\'ll be on your way to becoming a Superhost. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Don\'t forget to market yourself","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting an Airbnb business is like starting any other small business\u2014so treat it that way! Marketing is a great way to increase your total number of bookings. Consider advertising your Airbnb on social media (without the actual address) and encourage potential guests to ask you questions about the property.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hosts across Airbnb also agree that professional photography ","marks":[],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" takes your listing to the next level. Professional photos help potential guests feel more confident in booking your property and show your property in a positive light. \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Be strategic with pricing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pricing your Airbnb can be difficult, especially for first-time hosts. Look at similar Airbnbs in the area and use your budget to determine what a minimum price would be for your listing. You can always change your price to reflect popularity\u2014for example, a beachside rental\u2019s prices would be much higher in the summer. \u2600\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Airbnb also has a really great tool called Smart Pricing. Smart Pricing takes dozens of factors into account and automatically adjusts your prices accordingly. You\u2019ll still be able to set minimum and maximum prices and fix specific prices for specific nights.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Manage your money efficiently","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow is the lifeblood of any successful business. Remember to create a monthly budget for your Airbnb business and to keep expenses in check. This is especially important when your Airbnb is new, as it may take some time to attract your first few customers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the best ways to manage your Airbnb cash flow is the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-real-estate-investing"},"content":[{"nodeType":"text","value":"Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":". With Profit First, you set aside a percentage of your income for profit ","marks":[],"data":{}},{"nodeType":"text","value":"first ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"each month (in a separate bank account), before paying any expenses. This helps you ensure your business is profitable from day one\u2014even if you can only set aside a small percentage of income. 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the online banking platform ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us!), you can easily open individual, dedicated bank accounts for profit, income, expenses, and other categories. Plus, there are no monthly fees\u2014and you can open your account entirely online. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udddd Automate your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aside from Smart Pricing, which is one way you can automate your Airbnb business, there are other tools that allow you to make your business earnings passive. One tool is scheduled messaging, which allows you to automatically message guests with welcome notes, reminders, and thank you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another great tool to use is quick reply, which can help you take less time to answer frequently asked guest questions. Instead of having to type out the Wifi password every time or answer where the parking is, your quick replies can save you time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also use Instant Book, which can sync with your calendar to allow guests to instantly book available dates without you having to approve each booking.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With all of these tools, turning your Airbnb business into a passive income business is easier than ever!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Want to discover more ways to automate your Airbnb business? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/top-ten-AI-tools-for-business"},"content":[{"nodeType":"text","value":"these 10 amazing AI tools for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Potential challenges with Airbnb businesses \u26d4\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like any business, you\u2019ll run into challenges when running your Airbnb business. Here are some common obstacles that Airbnb hosts face and how to handle them. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Bad ratings","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The majority of bad ratings come from misunderstandings or miscommunications about the property. Make sure that you check in with your guests and ensure that they are comfortable throughout their stay. If they have any questions or concerns, get them squared away before it turns into a bad review.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Destruction of property","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s not common, but it does happen; some guests just don\'t have respect for others\u2019 property. To prevent this, you can look at the reviews of the guests from other hosts and make sure that the guests have contact information and profile pictures (which increases the likelihood that a guest is legitimate).","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Few bookings","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you start hosting, you may notice that you\u2019re getting few bookings, which contributes to fewer reviews overall. To negate this, try lowering your prices for the initial few bookings to encourage guests to try out your space.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line\xa0\ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting an Airbnb business might feel overwhelming at first, but with the right strategies, tools, and mindset, your venture can thrive. Just remember, every Superhost began right where you are today. By staying dedicated, focusing on giving guests a great experience, and managing your finances and resources wisely, you\'re laying the groundwork for a successful and fulfilling business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep your eyes on the prize, employ the practices we\u2019ve outlined, and watch as your Airbnb business soars to new heights. You\'ve got this! \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Get more small business tips from Relay \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that lets small business owners open multiple no-fee business checking and savings accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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At the start of each month, we\'ll answer questions like\u2026","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How close are AI robots to doing your corporate tax filings? \ud83e\udd16","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What\'s the US central bank doing to make payments lightning-fast? \u26a1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And is Taylor Swift\'s Eras Tour saving the economy? \ud83e\udea9","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe now to find out about all these topics and more!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs: Starting an Airbnb business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you have more questions about starting your own Airbnb business? 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It\u2019s a win-win! \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Easy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Short","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Low","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Getting started with selling PLR products is pretty easy. Your main startup costs will come from the initial purchase price of the products, setting up an e-commerce website to resell the products, and any marketing costs to get your product on the market. It\u2019s like flipping houses, but easier (and online!). \ud83d\udd28","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve flipped the PLR products and put them on for sale, you\u2019ll be able to make passive income. The more products you have available, the more you can make, but the day-to-day time commitment is fairly low. You\u2019ll just need to maintain your website and marketing. \ud83d\udcf2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1Looking for more entrepreneurship tips? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out our full guide to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-entrepreneur-books"},"content":[{"nodeType":"text","value":"best books for entrepreneurs here","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#2. Start a dropshipping online business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve probably heard the term dropshipping before, but what exactly is it? Dropshipping is essentially choosing products to sell yourself, but allowing a third party to handle the logistics (such as warehousing and shipping). \ud83d\udce6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your small business won\u2019t keep the products it sells in stock. Rather, you\u2019ll partner with producers to sell your products. Your main task is to handle the marketing and customer-facing end of the product buying process. \ud83d\udcf1","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Easy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Short","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Low","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can get started with dropshipping with companies such as","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.shopify.com/"},"content":[{"nodeType":"text","value":" Shopify","marks":[],"data":{}}]},{"nodeType":"text","value":", which allows you to build an e-commerce store. You\u2019ll want to have a good social media platform and marketing skills to sell your products. \ud83c\udff7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When dropshipping, choosing high-quality products and maintaining excellent customer relations is how the money gets made. The time commitment is overall low, so you won\u2019t need to go full-time (unless you want to).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#3. Start a blog and leverage ad income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you have writing skills and/or something you\u2019ve always wanted to talk about? Starting a blog can be a great way to make money on the side. You can write about pretty much anything on a blog, and the startup costs are low. \ud83e\ude99 Plus, you can write your blog from anywhere\u2014so this is a great business idea for aspiring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-nomad-tools"},"content":[{"nodeType":"text","value":"digital nomads","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money from blog writing primarily comes from advertisements on your blog, sponsorships, and affiliate links. Having a healthy balance of these can bring in thousands of dollars a month depending on your business model. Eventually, you could even start a podcast or YouTube channel to generate additional attention to your blog.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Easy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Short","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Becoming a blogger is fairly easy. You can start blogging with your own website and domain name for fairly little money. Most costs will come from joining an affiliate program and paying for any digital marketing or web design to make your blog more popular.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s recommended to choose a niche that you\u2019re passionate about or an expert in for your blog. Study competitors and your audience closely. Learning skills like good copywriting and search engine optimization (SEO) can help expand your blog\u2019s reach with quality content! \u270d\ufe0f ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#4. Freelance your skills","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the new digital age, advertising your skills has never been easier. If you\u2019ve got a hobby, passion, or skill that you\u2019ve perfected (or come close to perfecting), you can freelance your skills. Examples of freelancers include freelance writers, graphic designers, and social media managers. You could even ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-start-a-profitable-creative-agency"},"content":[{"nodeType":"text","value":"start a creative agency","marks":[],"data":{}}]},{"nodeType":"text","value":" by bringing together multiple different types of freelancers under one roof. \ud83d\udc65","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you don\u2019t think your skills are marketable, there are so many platforms perfect for beginners. Examples of freelancing platforms include","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fiverr.com/"},"content":[{"nodeType":"text","value":" Fiverr","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.upwork.com/"},"content":[{"nodeType":"text","value":" Upwork","marks":[],"data":{}}]},{"nodeType":"text","value":", where you can post your services for free to your local area or even worldwide. \ud83d\uddfa","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Easy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Short","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From fiction writing to graphic design, your skills are likely in need somewhere. While you can work part-time with freelancing, the money really comes from working additional hours. Luckily, a freelancing career is incredibly customizable in terms of what clients you take on and how many hours you work. \u2712\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#5. Fulfillment By Amazon (FBA)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amazon offers","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://sell.amazon.com/fulfillment-by-amazon"},"content":[{"nodeType":"text","value":" Fulfillment By Amazon","marks":[],"data":{}}]},{"nodeType":"text","value":" (FBA), which is a service that allows you to outsource order fulfillment to Amazon\u2019s warehouses. This helps eliminate logistics and gives you tools such as two-day free Prime shipping and customer service for your products. \ud83d\udce6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that you will need to have products to sell to use FBA. However, if you\u2019ve already got a way to make or source products, FBA is a great way to streamline selling. Amazon also has helpful step-by-step resources for starting your FBA business.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Easy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FBA is perfect for entrepreneurs who already have products to sell. With its incredible popularity, Amazon has plenty of tools to get your products to customers quickly and handle any unhappy customers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#6. Flip vintage apparel, furniture, and decor","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vintage items are making a comeback, and you can capitalize on this trend! Shopping at thrift stores, finding items for free, or sourcing items from estate sales and garage sales and then turning them into vintage treasures is generally called \u201cflipping\u201d. \ud83d\udd01","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started with this business idea, research trends, colors, and styles that are \u201cin.\\" Then, grab your tools (and a few paint cans) and transform older furniture and decor into modern styles. You can also find apparel in thrift stores and at estate sales that can be washed, dyed, or fixed up to become new treasures. \ud83c\udf81","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Easy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Getting started with vintage flipping isn\u2019t hard. You can acquire items like paintbrushes, sanders, and basic tools online or in stores, and there are plenty of thrift stores and estate sales open every day. \ud83e\uddf0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure you choose items that will sell well. Flipped items can be sold in person or online, but keep in mind that larger furniture items will have to likely be sold locally. \ud83e\ude91","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1Looking to improve your business skills? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s full guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-entrepreneur-podcasts"},"content":[{"nodeType":"text","value":"the best podcasts for entrepreneurs here","marks":[],"data":{}}]},{"nodeType":"text","value":"!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#7. Become an influencer and use affiliate marketing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might seem like a faraway dream, but becoming an influencer is likely more possible than you think. You don\u2019t need a million followers to make money as an influencer (although it would surely help). Most influencers make their money using sponsorships, brand deals, and affiliate marketing. \ud83d\udd17 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With affiliate marketing, you can promote products that you like or enjoy and receive a small portion of the profits when that product is sold through a link you provide. Even though each individual profit is small, it adds up over time. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started as an influencer, you\u2019ll want to pick a niche and an audience. Then, you can promote your affiliate links and referrals with a website or through social media. It can be tough to get started and gain traction, but once you do, your personal brand can quickly take off! \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many products offer affiliate links, and smaller brands especially may be more likely to partner with micro-influencers as they start out. You\u2019ll have to certainly commit some time to growing your followers or subscribers, but it can really pay off in the long run.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#8. Start an Etsy shop","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Etsy is one of the easiest online shops to start. You only need photos of your product(s), a description, and a price to create an Etsy shop, and it\u2019s free to get started! Keep in mind that Etsy does take a percentage of each sale, so price your items accordingly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can sell virtually anything on Etsy, but selling digital products can be a really good way to earn passive income. Once you design things like printables or templates and post them on Etsy, customers will be able to instantly download them without needing any help from you. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0","marks":[],"data":{}},{"nodeType":"text","value":" Startup Difficulty: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f1 Startup Time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Medium","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Overall Time Commitment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Medium","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another way to make money on Etsy without having to keep inventory or create physical products is to use print-on-demand services like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://printify.com/"},"content":[{"nodeType":"text","value":" Printify","marks":[],"data":{}}]},{"nodeType":"text","value":" to print your designs on all sorts of products. 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Both Relay and Georgia\u2019s Own Credit Union offer unique features tailored to support business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Relay provides a digital-first approach with seamless integrations and no monthly fees, Georgia\u2019s Own Credit Union offers a decent business checking account option and local community support.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To find the right fit for your business, consider your goals and the type of support you need. 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And that\u2019s where online banking platforms come into the picture.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banking platforms can provide small business owners with the security and flexibility they need for day-to-day money management tasks. And, with recent financial technology advancements, there\u2019s no shortage of online business banking platforms to choose from.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what you need to know about the online business banking services offered by Relay vs. First Chatham Bank.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s online banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform is designed with the modern business in mind. 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These services cover the essentials, but businesses that require advanced features might find these services a bit limiting.\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Customer support","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re shopping around for business banking services, remember to look at customer service reviews. After all, when a problem arises, you need to know your banking platform can help fix it.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s customer support\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re here to help your business every step of the way. 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Their approach emphasizes in-person interactions and phone support.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their support services might appeal to businesses that prefer a more personal touch. But if your business isn\u2019t local to the Savannah area, in-person support might be unrealistic.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Profit First banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business follows the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":", you need an online banking platform that supports this approach. 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So ","marks":[],"data":{}},{"nodeType":"text","value":"how do you get clients to switch their banking","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and achieve this?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"White-glove onboarding, account management and resources","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many accounting and bookkeeping firms fall in love with Relay and want to get multiple clients on the platform. To navigate the conversation about making a switch, they need resources and direct support in communicating the value of Relay to their clients.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we pair every Partner with a ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated account manager","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". They\u2019re here to teach you the ins and outs of Relay\u2019s platform, create a strategy for getting clients to switch their banking, provide white-glove onboarding for your clients, and train them on how to get the most out of Relay.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3QAbWLcPtr6r3ygmnnUliL","type":"Asset","createdAt":"2024-02-02T19:35:00.345Z","updatedAt":"2024-02-06T14:17:10.476Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":2,"locale":"en-US"},"fields":{"title":"Partner Program Launch - Onboarding graphic","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3QAbWLcPtr6r3ygmnnUliL/926e62dbb3e8445726dd07f7574c8788/Blog_IMG_Process_1600x300_A__1_.png","details":{"size":354530,"image":{"width":1600,"height":384}},"fileName":"Blog IMG Process 1600x300 A (1).png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what every Partner can expect:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  ","marks":[],"data":{}},{"nodeType":"text","value":"Step 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Meet with your account manager and get a deep-dive into Relay\u2019s platform","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Account manager helps you create a strategy for switching client banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") ","marks":[],"data":{}},{"nodeType":"text","value":"Optional","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":": Account manager does a demo of Relay to clients directly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 4","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Your clients get white-glove onboarding to Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 5","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Regular touch-base with your account manager as you grow your book of business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know how important it is to have someone to call on when you have questions or need help\u2014especially when it comes to your client\u2019s banking. 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Learn everything you need to know about positive cash flow, plus how to read your cash flow statement.","metaTitle":"A Guide to Positive Cash Flow: What It Means For Your Business","metaDescription":"Is your business cash flow positive, and what does that mean? Learn everything you need to know about positive cash flow, plus how to read your cash flow statement.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4Wi7UhD9IpCO7vjjHvV6oZ/ef4895a12ccba8ddfd3182d660e11ff8/What_is_positive_cash_flow","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business owner wants to make money\u2014but how you manage your money is equally important. Focusing on profit is great, but it doesn\u2019t tell the whole story. To get a clear picture \ud83d\udcf8 of your business\u2019s financial health, you must follow your cash flow, too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow refers to the money that flows in and out of a business during a specific period of time. \ud83d\udd5d Cash flow-positive businesses have more money flowing in than going out.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what exactly does cash flow positive mean, and why does it matter? \ud83e\uddd0 Read on for the answers to these questions and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll 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\ud83d\udd11","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow refers to the money that flows in and out of a business during a specific period of time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Positive cash flow occurs when a business makes more money than it spends.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Negative cash flow occurs when a business spends more money than it makes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business is cash flow positive, that doesn\u2019t necessarily mean you\u2019re 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materials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few examples of cash inflows vs. outflows:\xa0","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash inflows","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash outflows","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Selling inventory","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Buying 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cards","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dividends on high-yield ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/automated-savings-accounts"},"content":[{"nodeType":"text","value":"savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" (HYSAs)","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business bank account fees","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rental income","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent 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flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a closer look at what positive cash flow is, in comparison to negative cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Negative cash flow means your business spends more money than it makes. However, negative cash flow doesn\u2019t necessarily mean your business is doomed.\xa0 \ud83c\udf29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you invest in new equipment because it allows you to produce more inventory. The upfront equipment cost could put your company in the red \ud83d\udd34 for a few weeks or months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But the new equipment helps you fulfill more orders and generate more revenue. This example shows how a business investment could cause short-term negative cash flow. But in the long run, this investment could help boost your profitability. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, maintaining a negative cash flow isn\u2019t sustainable. If you can\u2019t pay your day-to-day operating expenses, you might have to rethink your pricing, take out a loan, or open a credit card to cover these costs. \ud83d\ude23","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Borrowing costs can add up quickly and make your small business vulnerable. But positive cash flow ensures you have enough money to cover your accounts payable and operating expenses. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3 other types of cash flow \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard about some other types of business cash flow. These categories cover a wide range of cash inflows and outflows. Knowing what they are can help you gain a deeper understanding of your business\u2019s financial health.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 3 types of cash flow your business might deal with on a regular basis:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of cash flow refers to any money generated or consumed by your operating activities, like payroll expenses and sales revenue. \ud83d\udcb2","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of cash flow refers to any money your company has made or spent through investing activities, like buying a commercial property or merging with another business.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financing cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of cash flow is specifically related to financing activities, like taking out a business loan and earning dividends from investments.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is positive cash flow the same as profit? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In short, profitable businesses are not always cash flow positive, and vice versa.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Positive cash flow means that a business\'s liquid assets are growing. This growth empowers the business to reinvest in operations, cover expenses, and create a safety net in case of future financial challenges.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit, on the other hand, is the surplus remaining after all costs and expenses are deducted from revenue, representing the overall earning performance of the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, a gym might be cash flow positive due to a consistent inflow of money from monthly memberships. However, the business may not be profitable because it\'s investing heavily in new fitness equipment and trainers, so it can improve customer experience and stay ahead in a highly competitive market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, the gym\u2019s income statement would show a net loss, instead of a net profit. However, because the company is cash flow positive, business operations and growth initiatives can continue.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some small businesses are comfortable having a negative cash flow for a short time if it means long-term revenue growth. However, negative cash flow can harm profitability, so finding the right balance is essential. \u2696\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Want to boost your profits and improve cash flow?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Read about the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First cash management method here","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is my business cash flow positive? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses need ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-much-cash-should-a-business-have-on-hand"},"content":[{"nodeType":"text","value":"cash on hand","marks":[],"data":{}}]},{"nodeType":"text","value":" to keep their doors open. However, many small business owners face liquidity \ud83c\udf0a issues at some point.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how do you know if your company is cash flow-positive? Well, you can start by taking a look at your business\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"cash flow statement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A cash flow statement records the movement of a company\u2019s cash and cash equivalents for a given period of time. \ud83d\udcb5 This statement can help you determine the value of your liquid assets (think cash) and understand your liabilities (think long-term debts like business loans). \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most likely, you can find your business\u2019s cash flow statement within your accounting software (like QuickBooks Online or Xero). However, your financial statements will only be accurate if your bookkeeping is up-to-date, so you may want to check with your accountant or bookkeeper before diving in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Tips for understanding your cash flow statement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While you don\u2019t need to look at your financial statements every day, taking time to review them regularly will help you improve ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing your cash flow statement for the first time? Consider these tips to help you get started:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start with the basics:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Familiarize yourself with the three sections\u2014operating activities, investing activities, and financing activities. This will help you understand the different types of cash inflows and outflows that make up your company\'s overall cash flow. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Know where to focus:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Keep an eye on the \u201cnet increase or decrease in cash\u201d line, which shows how much your business\u2019s liquid assets have increased or decreased for a given period. A positive number means your business has more money coming in than going out, while a negative number means the opposite.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Compare cash flow and profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If there\'s a significant difference between your business\'s cash flow and profit numbers, dig deeper to understand why. For example, high profits with low cash flow could indicate ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/clients-wont-pay-what-to-do"},"content":[{"nodeType":"text","value":"your customers are slow to pay","marks":[],"data":{}}]},{"nodeType":"text","value":", tying up your income in accounts receivable. \ud83d\ude2c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Compare with budgets and forecasts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your business prepares budgets or financial forecasts, compare these with the actual results in your cash flow statement. This comparison can reveal whether your business is meeting, exceeding, or falling short of its goals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\'t hesitate to seek professional advice:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you\'re having trouble understanding your cash flow statement, consider consulting with a professional accountant or financial advisor. They can provide expert insight and explain complex financial terms in an easily understandable way. \ud83d\ude4c","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, knowledge is power. By understanding your cash flow statement, you can make more informed decisions to guide your business\'s financial health and growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line on positive cash flow ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, positive cash flow is a sign that you have a healthy and well-managed business. 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1705416305749,"customDate":1705416305749,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-positive-cash-flow"},"content":[{"data":{},"marks":[],"value":"What is positive cash flow?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#understanding-positive-vs-negative-cash-flow"},"content":[{"data":{},"marks":[],"value":"Understanding positive vs. negative cash flow","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#is-positive-cash-flow-the-same-as-profit"},"content":[{"data":{},"marks":[],"value":"Is positive cash flow the same as profit?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#is-my-business-cash-flow-positive"},"content":[{"data":{},"marks":[],"value":"Is my business cash flow positive?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-bottom-line-on-positive-cash-flow"},"content":[{"data":{},"marks":[],"value":"The bottom line ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"i-want-to-start-a-business-but-have-no-ideas","title":"What to Do If You Want to Start a Business But Have No Ideas","description":"Learn how to start a business even if you have no idea what you want to do. 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It can be overwhelming to come up with a business idea from scratch\u2014but we\'re here to help. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a lot of good reasons to start a business or side hustle, even if you have no ideas. When you turn something you love into a business, work can become enjoyable instead of just a job. 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Success hinges on having a clear vision, understanding your target audience, and having a solid business plan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to begin? In this article, we\'ll cover the 5 steps you can take to start a business today, even if you have no ideas. 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The steps below will help kickstart your journey to becoming a successful business owner.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Get clear on your big \\"why\\"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Best-selling author and speaker ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://simonsinek.com/quotes/"},"content":[{"nodeType":"text","value":"Simon Sinek","marks":[],"data":{}}]},{"nodeType":"text","value":" says it best: ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"When we know WHY we do what we do, everything falls into place. When we don\u2019t, we have to push things into place.\\" \ud83d\udca1","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you start a business, it\'s important to define your motivation and purpose. What is driving you to take on the challenges of entrepreneurship? Is it financial freedom, passion for a particular industry, or the desire to create something new? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a clear understanding of your \\"why\\" will not only keep you motivated during tough times\u2014it will help you get clear on ","marks":[],"data":{}},{"nodeType":"text","value":"what ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you want to do. So take some time to sit down and think about your goals and values. Write down your passions, skills, and strengths. This will give you a solid foundation to build upon when brainstorming startup ideas.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2: Think about the kind of life you want to create","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You don\u2019t have to sacrifice your personal life to start your own business. In fact, it\'s important to choose a business idea that aligns with and enhances your current lifestyle. Consider factors like your strengths, interests, and available resources before settling on an idea.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a night owl, maybe starting a business that requires early mornings isn\'t the best fit for you. Or if you have a family and want to spend more time with them, maybe you should start an online business or look into a business model that allows you to create passive income. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few questions to help you decide what type of business to start:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you want to be able to run your business from anywhere? Or do you want to a business that serves your local community, in-person?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What kind of businesses do you find most interesting? Do you want to learn more about real estate investing, e-commerce, or another industry?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you enjoy working with your hands or do you prefer to be at your computer?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you want to be involved in the day-to-day operations of your business, or be able to delegate them one day?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thinking about your personal preferences and goals will help discover some new business ideas (or narrow down the ideas you already have).","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 3: Identify an unmet need","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the best ways to come up with a business idea is to identify an unmet need in the market and find a way to fill it. Look for gaps in existing products or services, or see if there\'s a demand for something that doesn\'t yet exist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think about what problems you encounter on a daily basis, and brainstorm solutions for them. You can also talk to friends, family, and potential customers to get their input on potential business ideas. \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For instance, let\'s say you\'re an avid gardener and you notice that there aren\'t any high-quality, organic fertilizers available in your local market. You\'ve been creating your own compost and natural fertilizers for years, and your garden has always flourished as a result. This could be your chance to turn your gardening passion and expertise into a profitable business. \ud83e\uddd1\u200d\ud83c\udf3e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could start producing and selling your own line of organic gardening products, filling a gap in the market and delivering a solution to a problem you\'ve personally experienced. This approach to identifying an unmet need and filling it is a proven strategy for successful entrepreneurship. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, you don\'t have to reinvent the wheel. Sometimes a simple improvement or innovation on an existing product or service can lead to a successful business idea.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Test your ideas on a smaller scale","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re still unsure about which business idea to pursue, it\'s always a good idea to test it out on a smaller scale first. This can help you validate your idea and see if there is actual demand for your product or service. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, instead of investing a large amount of money into opening a physical store, consider starting an online shop first to gauge customer interest and gather feedback. Or if you\'re interested in offering consulting services, try offering them on a freelance basis before going full-time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Testing your idea on a smaller scale can also help you refine and perfect your product or service, saving you time and resources in the long run.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 5: Be willing to pivot if needed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a business is a dynamic process, and it\'s okay if your initial idea ends up changing along the way. Most successful entrepreneurs start multiple businesses before they find their \\"million-dollar idea.\\" \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Be open to feedback and willing to adapt your business plan as needed. 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Whether you\'ve found the perfect business idea or you\'re ready to just start taking action, here are some tips for turning your business ideas into reality:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do some market research:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Make sure there is demand for your product or service by researching your target audience, industry trends, and potential competitors. \ud83d\udc65","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a solid business plan","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": A well-crafted business plan will serve as your roadmap for success. 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Attend networking events, join online communities, and connect with others in your industry to gain valuable insights and support. \ud83d\udc9a","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Launch and learn:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Once all the pieces are in place, it\'s time to launch your business! Remember that you will continue learning and growing as an entrepreneur, so be open to feedback and willing to adapt and improve along the way. \ud83d\ude80","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf99","marks":[],"data":{}},{"nodeType":"text","value":"Want to keep learning about entrepreneurship?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Listen to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-entrepreneur-podcasts"},"content":[{"nodeType":"text","value":"best podcasts for entrepreneurs here","marks":[],"data":{}}]},{"nodeType":"text","value":"! ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Moving forward ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re starting a business to become your own boss, achieve financial independence, or follow your passions, entrepreneurship is an exciting and rewarding journey. Remember to trust your instincts, be willing to pivot when needed, and never stop learning and growing. 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You can bootstrap your business with free tools\u2014like social media\u2014and use your existing skills and network to get started. If you truly need money upfront to start your business, you can always look for investors or consider a small business loan.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I know if my business idea is viable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Conducting thorough market research and creating a solid business plan can help determine the viability of your business idea. 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","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to use your Profit First spreadsheet","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you use the Profit First spreadsheet, you\u2019ll need to:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Confirm the number of Profit First accounts you need","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Some industries may use more than the five core Profit First accounts. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set your distribution dates","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Step 2:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Within each quarter section, list your Profit First account names: Materials & Subcontractors, Real Revenue, Profit, Owner\u2019s Pay, Taxes, and Operating Expenses (OpEx).  Include any other accounts unique to your business, like inventory if you\'re practicing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-ecommerce"},"content":[{"nodeType":"text","value":"Profit First for e-commerce businesses","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Within each Profit First account row, write your TAP next to the corresponding account. 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","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on track with your Profit First spreadsheet","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method makes budgeting easy\u2014since your funds are separated into dedicated accounts for specific types of expenses, you never have to wonder if you have enough cash to pay your bills. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This Profit First spreadsheet is a great way to take Profit First a step further, though. By recording your allocations each month, you\'ll be able to see your progress over time and keep profit top of mind.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if you\'re having trouble with your Profit First allocations, don\'t forget that you can always reach out to a Profit First Professional for help. 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With Relay, small business owners can open 20 FREE checking accounts for Income, Profit, and other spending categories. Then, you can set up percentage-based transfers for your TAPs and when you\u2019re ready, automate your allocations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons why small business owners love using Relay for Profit First banking:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705\xa0","marks":[],"data":{}},{"nodeType":"text","value":"Up to 20 free checking accounts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0With no fees or minimum balances on any of your accounts, you have the ability to set up deposit-only accounts, as well as operating expense accounts. 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Or maybe you want to leave a lasting legacy in your community. \ud83e\uddb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what your motivation is, nonprofit organizations are a great way to transform your vision for a better world into a reality\u2026but this process can also require you to navigate some less exciting things, like paying startup costs and filing forms. \ud83d\udcc2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll break down the nitty-gritty of how to start a new nonprofit, including:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-nonprofit"},"content":[{"nodeType":"text","value":"What is a 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status\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-9-start-fundraising"},"content":[{"nodeType":"text","value":"Step 9: Start fundraising","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-10-build-a-support-system"},"content":[{"nodeType":"text","value":"Step 10: Build a support system\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#should-you-start-a-nonprofit"},"content":[{"nodeType":"text","value":"Should you start a nonprofit?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-starting-a-nonprofit"},"content":[{"nodeType":"text","value":"FAQs about starting a nonprofit","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a nonprofit?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s start with the basics. A nonprofit is also called a not-for-profit. It\u2019s a type of charitable organization that does not give its extra funds to owners or shareholders. Instead, it uses donations and other sources of funding to support the community or carry out its mission. \ud83c\udf0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits are tax-exempt organizations, meaning they don\'t have to pay certain taxes such as income tax or property tax. This allows them to focus their resources on their purpose and impact rather than generating profit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Different types of nonprofits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\u2019re creating your new nonprofit there are a few things to consider. A big one is the type of nonprofit organization you\u2019ll file as under the Internal Revenue Code. There are three different types of organizations: 5013c, 501c4, 501c7. \u2696\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"501c3: Public Charities and Private Foundations \ud83c\udfdb\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A 501c3 organization is a public charity or private foundation that is organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes. They are the most common type of nonprofit and typically receive tax-exempt status from the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Public charities are organizations that serve a broad public interest and can receive donations from the general public. Private foundations, on the other hand, typically have fewer sources of funding and often rely on a single source such as an individual, family, or corporation.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax Deductibility:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Donations made to 501(c)(3) organizations are typically tax-deductible for the donors.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Restrictions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"These organizations are subject to strict rules regarding political activities and lobbying. They must primarily engage in activities that further their exempt purposes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Examples: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"American Red Cross, Doctors Without Borders, United Way","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"501c4: Social Welfare Organizations \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"501(c)(4) organizations, also known as social welfare organizations, are tax-exempt entities that serve a specific community or group. These organizations can engage in political activities and lobbying efforts, unlike 501(c)(3) charities.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax Deductibility: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Donations made to 501(c)(4) organizations are not typically tax-deductible for the donors.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Restrictions","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": While these organizations can engage in some political activities and lobbying efforts, they must primarily focus on promoting social welfare and improving the community.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Examples","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": National Rifle Association (NRA), Planned Parenthood Action Fund, Sierra Club","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"501c7: Social and Recreational Clubs \u26f3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"501(c)(7) organizations, also known as social and recreational clubs, are tax-exempt entities that provide leisure and recreational activities for their members. These clubs can range from country clubs to hobby-based groups.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax Deductibility","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Donations made to 501(c)(7) organizations are not typically tax-deductible for the donors.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Restrictions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"These organizations must primarily serve their members and cannot engage in any political activities or lobbying efforts.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Examples","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Rotary Club, Veterans of Foreign Wars (VFW), American Legion","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s always a good idea to consult with a professional before choosing which type of organization your nonprofit will file as. \ud83e\uddd1\u200d\ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to start a nonprofit in 10 steps","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a nonprofit can be a rewarding way to make a positive impact on your community or the world. However, the process can be overwhelming, especially if you are new to the world of nonprofits. But we\u2019re here to help!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this section, we\u2019ll break down the steps you need to take to start a nonprofit, step-by-step. Let\u2019s dive in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd0d Step 1: Do your research\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step in starting your nonprofit is to do your research. Identify the needs of the community you want to serve and the gaps that currently exist. Once identified, analyze potential competitors in the field.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Conduct a market assessment to understand the demand for your organization\u2019s services. This information will help you to determine if there is a need for your organization in the community, who your target audience is, and how to be most effective in addressing their need(s). \ud83d\udcda","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddfa\ufe0f Step 2: Write a mission statement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Develop a mission statement that clearly outlines the purpose of your nonprofit. This should succinctly state what your organization does, for whom, and in what way(s) you aim to accomplish your goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ensure your mission statement is specific, relevant, and inspiring. Include a vision statement that describes your desired future state and organizational values that guide your operations. \ud83d\udcdc And of course, don\u2019t forget to decide on your nonprofit\u2019s name!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd45 Step 3: Define your goals\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your organization\'s goals need to be SMART (Specific, Measurable, Achievable, Relevant, Time-bound). Specifically define what you want to achieve, how you will know when you\u2019ve achieved it, if it is possible, relevant to your mission and vision, and when you plan to meet your goal. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbc Step 4: Create a business plan\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, outline your nonprofit\'s mission, goals, target audience, programs, fundraising strategies, and budget in a comprehensive business plan. This nonprofit startup plan should include things like\u2026","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An executive summary","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A description of your organization\'s services","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An analysis of the industry","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your target market","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing and financial plans","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Projected income and expenses (AKA,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-budgeting"},"content":[{"nodeType":"text","value":" a nonprofit budget","marks":[],"data":{}}]},{"nodeType":"text","value":")","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc65 Step 5: Build your nonprofit team","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits are usually governed by a board of directors. They are responsible for keeping an eye on the organization\'s activities and ensuring it stays true to its mission. Board members also have decision-making power.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your nonprofit board members should have a variety of skills and expertise. Determine the minimum and maximum number of board members needed for effective governance. Seek out individuals who have a passion for the mission, relevant experience, and of course, time to attend board meetings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll also want to choose an executive director. You could take on this role as the nonprofit\'s founder, or select someone else to manage the day-to-day operations.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f Step 6: Create bylaws and a conflict of interest policy\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Develop bylaws that outline the internal rules and structure of your organization. Establish a conflict of interest policy to manage potential conflicts among board members and key staff. Ensure your policies and procedures are transparent and make them available to staff, volunteers, and the public. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfdb\ufe0f Step 7: Do your paperwork","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Select a legal structure (e.g., a nonprofit corporation) for your organization and formalize it with the IRS and the federal government. In addition, you may need to file articles of incorporation with your state government.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on your organization\'s location and activities, you will also need to register for licenses and permits to operate\u2014like business licenses, charitable solicitation licenses, and fundraising permits. \ud83d\udcd1","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Step 8: Apply for tax-exempt status\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits are usually exempted from paying taxes. Once you\u2019ve registered your organization with the government, you can file for tax-exempt status with the Internal Revenue Service (IRS) by completing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1023"},"content":[{"nodeType":"text","value":"Form 1023","marks":[],"data":{}}]},{"nodeType":"text","value":" or a simpler version, IRS Form 1023-EZ. \ud83d\udcdc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once your federal tax exemption is approved, you\u2019ll receive a determination letter from the IRS. Then, you\u2019ll need to apply for your Federal Employer Identification Number (EIN). You\u2019ll use this number when filing your taxes and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-bank-account-rules"},"content":[{"nodeType":"text","value":" opening a nonprofit bank account","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcdd Step 9: Start fundraising","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time to raise money for your organization. This can be done through individual donations, grants, and fundraising events. Develop a fundraising plan that aligns with your business plan and budget. Ensure you track all incoming funds so you can keep accurate records.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d\u200d Step 10: Build a support system\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Building a support system is crucial for anyone starting a new organization. Seek volunteers, tap into local community networks, and attend events to connect with others who share your mission. You may also seek funding by applying for grants, hosting events, sponsorships, and donations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a nonprofit can be challenging and fulfilling work. Remember to stay committed to your mission, cultivate a passion for the cause, and surround yourself with a supportive team. Your hard work can make a positive change in people\'s lives! \ud83c\udf1f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Should you start a nonprofit?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Successful nonprofit leaders share many characteristics with small business owners. When you think about it, they have a lot of things in common: they both have to","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://relayfi.com/blog/how-does-a-nonprofit-pay-employees"},"content":[{"nodeType":"text","value":" compensate staff members","marks":[],"data":{}}]},{"nodeType":"text","value":", manage financial records, and file income taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But you don\'t have to be a business expert or an entrepreneur to start a nonprofit. As long as you\'re passionate about a cause, committed, and willing to learn new skills, you have the potential to be a great nonprofit leader. \u2764\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Better nonprofit banking with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online business banking and money management platform that offers no-fee business checking and savings accounts. 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You may hear from small business owners, co-founders, and other entrepreneurs. \ud83c\udf89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Podcasts are also super easy to access and a great way to pass the time during everyday tasks. Driving? \ud83d\ude97 Podcast time. Cooking? \ud83c\udf73 Put on that podcast! Cleaning? \ud83e\uddfd Listen to a podcast and watch the time fly!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Listening to entrepreneurship podcasts can help teach you entrepreneurship skills, often providing actionable advice or steps that you can take to become a better business owner. Successful entrepreneurs aren\u2019t formed overnight, rather, it takes discipline and learned skills to become one. \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What makes a good podcast for entrepreneurs? \ud83d\udcc4","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best entrepreneur podcasts have several traits in common. For one, they should be easy to access. Podcast hosting platforms like Apple Podcasts, Spotify, and YouTube have free versions as well as potential paid versions to access exclusive, ad-free content. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, a good podcast for you may be different from a good podcast for someone else. The podcast you choose should vibe with your stage of life and be relevant to what you\u2019re looking for.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure that your podcast host is someone credible. \ud83d\udcdc While it\u2019s true that anyone can become an entrepreneur, it helps to learn from someone who has valuable experience in the field.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, you\u2019ll want to choose a podcast with an entertaining and engaging format and interesting podcast features. It can be hard to gain valuable information from a podcast whose host is monotone. Dynamic and engaging hosts have audio bites, interesting stories, and practical advice.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Top 10 entrepreneurship podcasts for 2024 \ud83e\udd32","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Without hesitation, let\u2019s review the best entrepreneurship podcasts for improving your business and learning from others in 2024.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The following podcasts are sorted by their average rating between Apple Podcasts and Spotify as of December 2023.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. The GaryVee Audio Experience\ud83c\udf99","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfc6 ","marks":[],"data":{}},{"nodeType":"text","value":"Average Rating:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 4.85/5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd58 Average Episode Length: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"~50 minutes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u270d\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"What It\u2019s About:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With millions of listens and downloads and thousands of positive reviews, the GaryVee Audio Experience is an incredibly popular entrepreneurial podcast that explores its namesake Gary Vee\u2019s thoughts on the self, the business, and the world. With topics ranging from embracing fear, social media plans, and other inspirational themes, its guaranteed to have you hooked.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfa4 ","marks":[],"data":{}},{"nodeType":"text","value":"About The Host: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Gary Vaynerchuk is a CEO, entrepreneur, influencer, and expert on building a personal brand. The proof is in the results, as he has millions of followers on platforms such as Instagram, YouTube, LinkedIn, and Facebook. 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How I Built This\ud83c\udf99","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfc6 ","marks":[],"data":{}},{"nodeType":"text","value":"Average Rating:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" 4.8/5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd58 Average Episode Length: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"~50 minutes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u270d\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"What It\u2019s About: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The world\u2019s best-known and most successful entrepreneurs come together in this podcast by Guy Raz. With discussions on how they built their most successful brands, including moments of deep failure, doubt, and regret, these business leaders and their success stories teach you all about what it truly means to be an entrepreneur in today\u2019s world. Guests include Luis von Ahn, founder of reCAPTCHA and Duolingo, and Steve Ells, founder of Chipotle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfa4 ","marks":[],"data":{}},{"nodeType":"text","value":"About The Host: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Guy Raz, the host of How I Built This through NPR (in addition to TED Radio Hour), is considered to be a pioneer of podcasting. With over 20,000 interviews under his belt, he\u2019s an expert in hosting and questioning. 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When they talk about \u201cfirst millions\u201d, they\u2019re not only referring to just profit or revenue, but also to your first million customers, first million reviews, or even first million employees. During the podcast, you\u2019ll see a breakdown of what to do, how to do, and when to do it when it comes to novel businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfa4 ","marks":[],"data":{}},{"nodeType":"text","value":"About The Hosts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Sam Parr, who founded The Hustle in 2014 (and grew it from $12 to a multi-million dollar business), has a passion for speaking, podcast hosting and business building - the latter so much so that he\u2019s built and sold over half a dozen different businesses. His proven experience in entrepreneurship gives him a leg up over other podcast hosts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shaan Puri enjoys writing about all sorts of things in addition to hosting the My First Million podcast; he writes about painting, TikTok ideas as e-commerce, and even Kardashian ice cream. 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From chess experts to investing moguls, Tim Ferriss interviews all sorts of people from all over the world to explore their success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfa4 ","marks":[],"data":{}},{"nodeType":"text","value":"About The Host: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Best-selling author Tim Ferriss, known for \u201cThe 4-Hour Workweek\u201d, was previously called \u201ca cross between Jack Welch and a Buddhist monk\u201d by The New York Times. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Get ready\ud83d\udea6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After paying for your item(s), collect your receipt. Make sure that it\u2019s correct in terms of the date, payment amount, and merchant name.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Flatten out the receipt and make sure it\u2019s on a clean, preferably dark background. \ud83d\udccf","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Take a picture \ud83d\udcf8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Give your receipt scanner app permission to access your camera before using it to take a photo of your receipt within the app. \ud83d\udcf7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re in a darker area, make sure to have the flash on so that the paper is illuminated. Follow the guidelines provided within the app to get all the necessary parts of the receipt in the picture. \ud83d\udd26","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Snap your photo and feel your worries melt away! \ud83d\ude0a","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. File away! \ud83d\uddc3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on the app you use, you may have the option to sort your receipt, label it, or tag it with a keyword to help you find it later. \ud83c\udff7\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Everyone\u2019s organizational preferences are different, so organize your receipts within your chosen app in a way that\u2019s easy to remember for you.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do receipt scanner apps simplify expense management? \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless if your receipts are digital or physical, it\u2019s important to keep them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/which-receipts-to-keep-how-to-organize-them"},"content":[{"nodeType":"text","value":"keeping your receipts organized","marks":[],"data":{}}]},{"nodeType":"text","value":", you\u2019ll be better equipped to generate expense reports and see exactly where your money is going.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, if you\u2019re ever audited or need help with accounting from a professional accountant, having valid records of your purchases will speed up the process. \ud83d\udccb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipts are also great for tax season. With organized and digitized receipts, it\u2019ll be much easier to keep track of your write-offs, reimbursements, and tax deductions. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are many reasons to go digital with receipts too!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By digitizing your receipts, you\u2019re less likely to lose them. Imagine leaving your binder or file of receipts somewhere while traveling - just like that, months of spending records are gone forever! \ud83d\ude23","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, cloud-based receipt scanner apps offer the additional bonus of not losing all of your records if you delete the app or lose your phone. \u2601\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What makes a good receipt scanner app? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are several features you should look out for when choosing a good receipt-scanning app. Let\'s take a closer look at each of them.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Ease of use \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best receipt scanner apps are easy and simple to use. This element means different things to different people, so it\u2019s recommended that you try out your app first before taking the plunge and uploading all of your past receipts at once.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best apps combine functionality with aesthetics, making them easy to look at and use at the same time. If you can\u2019t tell what all of the buttons or features mean or do, it may not be the right app for you.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Price \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The prices of these receipt scanner apps will vary. Keep in mind that sometimes, apps have a free plan\u2014but the best features could be locked behind a paywall. Double-check that your app has the features you need at the price you want.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Cloud storage and other features \u2601\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features such as cloud storage, custom label creation, the ability to categorize, and integrations with accounting software depend on the app you use. Take some time to explore the different apps listed below and see which one offers the features you need. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Scanning capabilities \ud83d\udcf1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best apps for receipt digitizing can scan receipts efficiently and accurately. If you find that your app is constantly making mistakes or takes several minutes to upload one receipt at a time, it\u2019s probably not the right fit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Top 5 receipt scanner apps for small businesses in 2024 \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to choose the best receipt scanner app for your small business? We\'ve compiled a list of the top 5 receipt scanner apps in 2024 to make your search easier. 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If the company doesn\u2019t withhold the right amount of taxes it can result in fines and you definitely don\u2019t want that! \u274c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you use software to automate the process, you\u2019ll have more accurate records. That means avoiding getting tangled up with the IRS and having to pay fines. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Lock down your data with better security. \ud83d\udd12","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll systems come with the latest security features to protect your company and your employees or freelancers. 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You and your employees will also have secure access to important documents like tax forms and pay stubs. \ud83d\uddc3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f  Legal considerations for payroll onboarding","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know how to start streamlining your payroll process, let\'s make sure you\'re up-to-date on all the legal requirements that come with that process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While laws differ based on both the employer and employee\u2019s location (including remote employees), some basics hold true across the board. Always be sure to check all local labor and tax laws to make sure your organization is in compliance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some general rules to abide by when it comes to your payroll onboarding process: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes and deductions","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employers must accurately withhold and remit income taxes like Social Security and Medicare contributions from employee paychecks. They must also submit accurate tax reports to the relevant tax authorities (i.e. the IRS). Keep in mind that the company will also have to remit payroll taxes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Classifying employees properly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Companies must","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.dol.gov/agencies/whd/fact-sheets/17a-overtime"},"content":[{"nodeType":"text","value":" classify employees as either hourly or salary","marks":[],"data":{}}]},{"nodeType":"text","value":" (exempt or non-exempt). For example, hourly workers are able to get overtime pay while salary employees typically do not. How they\u2019re paid will vary based on their classification.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wage and hour laws","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": There are federal laws that govern minimum wage, overtime pay, and working hours. All employees need to make at least minimum wage and be paid for overtime work if they qualify.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anti-discrimination laws","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Compliance with anti-discrimination laws ensures that payroll practices do not discriminate against employees based on factors such as gender, race, age, or disability.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee benefits","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Depending on your organization, you may be required to provide employees with benefits like health insurance or retirement plans. The employee portion of these expenses is typically deducted from their paycheck.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Record keeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Keeping accurate and up-to-date records is a key component of compliance. This includes records of hours worked, wages paid, tax withholdings, etc.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Local regulations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sometimes there are additional requirements beyond federal laws. Employers need to be aware of and follow all applicable regulations. This includes laws in every location they operate.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Payroll onboarding for freelancers vs. employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, let\'s talk about the differences between employees and freelancers\u2014especially when it comes to the payroll onboarding process. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees and freelancers are two different types of workers, and therefore there are fundamental differences in their employment relationships. While they may be doing similar jobs, how the company pays them is different. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is crucial to understand since it impacts the way you onboard full-time hires vs. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-pay-freelancers"},"content":[{"nodeType":"text","value":"freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":". Here are two key differences to keep in mind: ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Payment terms \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Employees get a steady paycheck, whether it\'s a monthly salary or hourly wage. To put it simply, payment is predictable and reliable. This means you can pay employees on a regular basis\u2014like once per month or biweekly. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Freelancers live on a project-to-project basis. It\'s all about negotiating fees for each project, and payment terms can vary depending on the payment they agree to\xa0with the client. As a result, you may pay freelancers on an irregular basis, vs. via your monthly payroll run. ","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Taxes \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employers handle the tax game for employees, pulling out income taxes, Social Security, and Medicare from their paychecks. Plus, employees typically get perks like health insurance, retirement plans, and paid time off. That means getting your employees\' tax information is critical during the payroll onboarding process. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Companies pay freelancers without withholding taxes or benefits and\xa0freelancers handle their own taxes. The company\'s only responsibility is to give the freelancer a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/w9-vs-1099"},"content":[{"nodeType":"text","value":"Form 1099","marks":[],"data":{}}]},{"nodeType":"text","value":" each year, which is a tax form documenting the payments made to them. ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By keeping these distinctions in mind, you can ensure a seamless onboarding process and fair payment practices for all members of your team.  \ud83d\udcbc ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on top of payroll with Relay and Gusto \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you connect the payroll software,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":" Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":",","marks":[{"type":"underline"}],"data":{}},{"nodeType":"text","value":" to your Relay account, you\u2019ll stay on top of payroll.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay will help you by showing you detailed transaction data for every payroll cycle and debit type (like net salary, tax deduction, and reimbursement payments). Plus, we\u2019ll send you a notification if your account is low on funds, two weeks before a scheduled payroll cycle. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started with Relay?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" You can sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1703777121563,"customDate":1703777121563,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#where-to-start-with-payroll-onboarding-processes"},"content":[{"data":{},"marks":[],"value":"Where to start with effective payroll onboarding processes","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#why-the-payroll-onboarding-process-matters"},"content":[{"data":{},"marks":[],"value":"Why the payroll onboarding process matters","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#3-steps-to-simplify-the-payroll-onboarding-process"},"content":[{"data":{},"marks":[],"value":"3 steps to simplify the payroll onboarding process","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-create-a-payroll-onboarding-checklist"},"content":[{"data":{},"marks":[],"value":"1. 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","metaTitle":"What is the G-Wagon Tax Write-Off?","metaDescription":"Learn what the G-Wagon tax write-off is and how your small business can leverage it come tax time to get the most out of your deductions and tax savings. ","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6d370ixbCYS0r4zlytog2x/b424b34b64972fda0fa6a61bd9cb1ad0/What_is_the_G_Wagon_Tax_Write-Off","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We can thank TikTok and other social media platforms for bringing the Mercedes G-Wagon tax write-off to light. The Section 179 deduction went viral and now business owners everywhere are wondering what this means for their small businesses. \ud83e\uddd1\u200d\ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article we\u2019ll break down:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-g-wagon"},"content":[{"nodeType":"text","value":"What is a G-Wagon?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#can-i-write-off-a-g-wagon-as-a-business-expense"},"content":[{"nodeType":"text","value":"Can I write off my G-Wagon as a business expense? ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-the-irs-section-179-tax-code-work"},"content":[{"nodeType":"text","value":"How does IRS Section 179 tax code relate to a G-Wagon?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-counts-as-a-business-vehicle"},"content":[{"nodeType":"text","value":"What counts as a business vehicle?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-write-off-a-g-wagon-or-mercedes-benz"},"content":[{"nodeType":"text","value":"How do you write off a G-Wagon or Mercedes-Benz?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line"},"content":[{"nodeType":"text","value":"The bottom line","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a G-Wagon?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ah, the allure of the G-Wagon! The Mercedes Benz G-Wagon, officially known as the Mercedes Benz G-Class, has become a highly sought-after luxury SUV. It\u2019s easy to see why people just can\u2019t seem to resist its charm. This unique SUV has long been a symbol of status and success. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few key features that come with this iconic vehicle: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safety and security","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":":","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The G-Class prioritizes safety, offering advanced features like collision prevention systems, stability control, and multiple airbags to protect you and your passengers. Plus, it\'s built like a tank! \ud83d\udee1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interior comfort","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": From heated and ventilated seats to a state-of-the-art infotainment system, the G-Wagon knows how to keep you comfortable and entertained on those long business trips. \ud83c\udfb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brand appeal","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Mercedes-Benz has a long-standing reputation for crafting premium vehicles that stand the test of time. Owning a G-Class means aligning yourself with a brand known for quality and innovation. \ud83e\udd1d","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the G-Wagon does have its appeal, it\'s important to consider your business budget and specific needs. Luxury comes at a cost, and the G-Wagon is no exception boasting a price tag of over $140,000. \ud83e\uddfe ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can I write off a G-Wagon as a business expense? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is...it depends! According to the IRS Section 179 tax code, you may be able to write off your G-Wagon as a business expense if it meets certain criteria. For example, your G-Wagon would need to be used for business purposes at least half of the time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s take a closer look at that tax code! ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does the IRS Section 179 tax code work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IRS Section 179 tax write-off is a tax deduction that allows businesses to deduct the full purchase price of qualifying assets in the year they were purchased and put into service, rather than depreciating them over time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This means that instead of spreading out the deduction over several years, businesses can deduct the entire cost of the asset in the year of purchase, up to a certain limit set by the IRS. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This section of the tax code applies to both new and used assets that are acquired for business use, such as machinery, equipment, vehicles, software...and cars! It is intended to incentivize businesses to invest in these assets by providing an immediate tax benefit. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few things to keep in mind if you\'re going to use Section 179 in your tax strategy:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eligible property:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This generally applies to personal property that is used for business purposes more than half of the time. This can include equipment, machinery, vehicles, computers, and other business assets. \ud83d\ude97","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deduction limit:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The maximum deduction limit is subject to yearly changes based on tax laws. In the past, it has been several million dollars. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, in 2023 (taxes filed in 2024), the maximum deduction is $1,050,000, with a phase-out threshold of $2,620,000. These limits are adjusted annually to account for inflation. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, not all assets are eligible for this deduction. Qualifying assets must meet certain criteria set by the IRS, and there are specific rules regarding the types of property that qualify. 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If a vehicle is used for both personal and business purposes, the business-related expenses may need to be proportionately allocated. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, keep in mind that commuting from home to a regular place of business is considered personal use. Travel between business locations or to meet clients is considered business use.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you write off a G-Wagon or Mercedes Benz?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Writing off a G-Wagon for tax purposes typically involves deducting the expenses associated with using the vehicle for business purposes. 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Yes. It\u2019s a good idea! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re an LLC, it\u2019s highly recommended to have a dedicated business bank account to protect you from liability and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"keep your personal and business funds separate","marks":[],"data":{}}]},{"nodeType":"text","value":". Even if you\u2019re a sole proprietor, it\u2019s still a very good idea to open a business bank account for tax purposes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Benefits of having a business bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\'re self-employed as a freelancer or a small business owner, here are a few more reasons to consider opening a dedicated business checking account. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Simplify taxes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\u2019re self-employed, you\u2019re responsible for paying your own taxes. If you run your business expenses and income through your personal account, you\u2019ll find that calculating business income and expenses quarterly is a headache. By separating the two accounts, you\'ll majorly simplify tax season. \ud83d\ude07","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd6 Better bookkeeping","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeping your books straight is the best way to prepare for an unexpected audit. \ud83d\udcda  Plus, this will help you get a clear understanding of your income and expenses\u2014equipping you to make smarter financial decisions for your business. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc69\u200d\ud83d\udcbc Professional etiquette and credibility","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By having a business bank account, you\u2019ll receive checks and cards \ud83d\udcb3 in your business\u2019 name, and transactions between you and customers (or you and other businesses) will be through a properly named account for your business. This will boost your business\u2019s credibility and help you appear more professional to clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, it\u2019s definitely worth it to have a business bank account that\u2019s separate from your personal checking account. But how do you choose which banking platform to open an account with? \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a business bank account when you\u2019re self-employed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":" choosing a business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":", you\u2019ll want a healthy balance of features (such as low minimum balance requirements) and low fees (like transaction fees). You\'ll also want to choose a banking option that helps simplify your finances\u2014instead of over-complicating them. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more things to consider when opening a business bank account, as a self-employed professional. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Traditional banks vs. online banking platforms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s talk about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"traditional banking versus online banking platforms","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s true that for most of banking history, banks have had brick-and-mortar locations. They\'ve required in-person visits to apply for new accounts, to make changes to accounts, or to acquire new cards, all with increasingly complex applications. This often means that it can take several days to weeks to actually open an account. \ud83e\udd71","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banking platforms like Relay (that\u2019s us! \ud83d\udc4b) aren\u2019t burdened by old infrastructure and complex rigamarole like traditional banks. They\u2019re able to modern, convenient features designed uniquely for small business owners\u2014like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":" virtual debit cards","marks":[],"data":{}}]},{"nodeType":"text","value":" and fast ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"B2B ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":". Plus, online banking platforms typically allow you to open your account entirely online. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re self-employed, and you don\'t want to go through the time-consuming process of opening a bank account with a traditional bank, an online banking platform might be the perfect solution. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Other factors to consider","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s easy to get overwhelmed by this decision, but by prioritizing the following features and perks, you\u2019ll end up with a business bank account that works best for you!","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Online banking features \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you expect to be able to get banking done wherever and whenever you are, you should ensure that your banking institution has online banking features like a mobile app and website. Some traditional banks do have mobile apps and other features, but not all.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unless you\u2019re willing to wait until business hours, go into a physical branch, and/or have to phone someone every time you want to make account changes or view your accounts, online banking features are crucial for the self-employed. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Minimum balance requirements \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\'re self-employed, the amount of cash you have on hand might fluctuate\u2014especially if you\u2019re just getting started. This can make it tough to meet minimum balance requirements and avoid those pesky monthly maintenance fees. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that most online banking platforms have low minimum balance requirements. Relay, for example, allows small business owners to open up to 20 free business checking accounts per business entity with no minimum balance and no monthly maintenance fees! \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Account fees \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hidden costs and fees can add up fast when it comes to business banking. \ud83d\ude30  Remember to compare things like maintenance fees, service fees, overdraft fees, or withdrawal fees when choosing a business bank account.  ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Payments \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to make and accept payments is one of the most important features of a business bank account. You\u2019ll want to know if your bank allows to you make and receive wire transfers \ud83d\udd01 and ACH payments for free or with an associated cost.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s also important to consider whether you\u2019ll be making many cash deposits. \ud83d\udcb5 Digital and online banking platforms may not accept cash deposits as easily as traditional banks might. However, the best online banking platforms (including Relay) will allow you to deposit cash at easily accessible ATMs. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Security \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s your money in the bank, and that needs to be protected! Remember to check if the banks you\'re considering offer two-factor authentication (2FA). You\'ll also want to consider if you can freeze your debit cards or change the PIN numbers online, if needed. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"FDIC insurance \ud83e\ude99","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s a common misconception that all banks have to have FDIC insurance legally. While many banks have it, not all do. In the event of a bank failure, FDIC insurance will protect your money and reimburse you up to $250,000. Be sure to compare FDIC insurance when choosing a bank for your small business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 10 best business bank accounts for self-employed professionals & freelancers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know what to look for, let\u2019s get down to it: here\u2019s a list of the 10 best bank accounts for self-employed professionals and freelancers! \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"\xa0is an online banking and money management platform built specifically for small business owners. At Relay, we\u2019ve designed features that solve the pain points of traditional banking, like high account fees and poor visibility into cash flow. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can open up to 20 individual, no-fee business checking accounts and\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"two savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". Relay also helps you get crystal clear on monthly spending and speed up bookkeeping with enriched, automatically categorized transaction data.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Audiences/Businesses Served: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Small businesses with up to 100 employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"# Free Checking Accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"20 (all with unique account and routing numbers)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 No monthly account fees, overdraft fees, or fees for monthly transactions","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 No minimum account balances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Mobile banking","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Free ACH payments (and same-day ACH with Relay Pro)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Up to 50 separate debit cards and virtual card availability","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Earn 1% to 3% APY","marks":[],"data":{}},{"nodeType":"text","value":"1","marks":[{"type":"superscript"}],"data":{}},{"nodeType":"text","value":"\xa0 on savings ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 FDIC-insured (with Thread Bank)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c No physical branches","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bottom line: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay is a great online banking platform with a ton of features (and even more unlocked with their Relay Pro plan). It\u2019s best for small business owners and those looking for an accessible, convenient, and free business banking platform.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Bluevine","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bluevine.com/"},"content":[{"nodeType":"text","value":"Bluevine","marks":[],"data":{}}]},{"nodeType":"text","value":" is a financial technology company that offers checking, lending, and payment products. They have both a free version and a Premier version for business owners. We\u2019ll focus on Bluevine\'s business checking account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Audiences/Businesses Served: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Businesses wanting to generate interest on larger sums of cash or have a line of credit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"# Free Checking Accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"1 with 5 virtual reserve accounts (also known as","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":" sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":")","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 High-yield checking accounts available","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Lending options","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 FDIC-insured (with Coastal Community Bank)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c No savings accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Fee for depositing cash","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bottom line: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Bluevine is great for business owners who have a large sum of cash that can generate interest. 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However, their importance goes beyond the need to jump through regulatory hoops.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial statements can also serve as strategic tools to help you fulfill your nonprofit\u2019s mission and make a bigger impact on the communities you serve. \ud83d\udc50","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, nonprofits can use financial statements to\u2026\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve decision-making:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" These statements offer a clear overview of the organization\'s financial health. 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These are two very important factors when it comes to attracting significant funding from donors or grants. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Implement internal controls:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Financial statements assist in implementing","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-internal-controls"},"content":[{"nodeType":"text","value":" effective internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":", ensuring that all assets are safeguarded and financing activities are conducted efficiently. \u2699\ufe0f","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Why do nonprofits need financial statements?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial statements are much more than just accounting documents. They are powerful tools that can level up the success and impact of your organization. \ud83e\uddf0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They are so much more than simply tracking incoming and outgoing funds. They offer a clear view of an organization\'s financial health, guiding you on your mission to create positive change in your community. \ud83e\uddd1\u200d\u2695\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons why nonprofits need to understand their financial statements:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountability:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Financial statements enhance accountability and transparency. Both of these are vital for building trust with stakeholders (i.e. board members, donors, and regulatory organizations like the IRS). \ud83e\uddfe","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Resource allocation: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"By shedding light on revenue streams and expenditures, they help nonprofits to get the most impact per dollar spent. \ud83d\udcb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Legal compliance:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" They are key to fulfilling regulatory requirements, like maintaining the organization\'s tax-exempt status. \u2696\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attracting donors:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well-prepared financial statements can help attract new funding, as potential donors or grant-giving institutions often require them to assess financial stability and commitment to the mission. \ud83e\uddf2","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial statements are much more than a peek at a nonprofit\'s finances. They are also a compass guiding nonprofits toward their mission objectives with confidence. \ud83e\udded","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"4 types of nonprofit financial statements\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit financial statements provide a snapshot of your organization\'s financial health and performance. They paint a picture of your organization\'s financial health so you can make informed decisions.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Balance sheet","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A balance sheet in nonprofit accounting is also called the statement of financial position. It provides an overview of your finances and helps assess your organization\'s solvency (ability to pay off debts) and liquidity.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The balance sheet shows your organization\'s assets, liabilities, and net assets at a specific point in time.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Assets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": what your organization owns","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liabilities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": what you owe (i.e. accounts payable)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Net assets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": assets from the current year as well as the previous years\' operations (can be obtained from your annual reports).","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing the balance sheet is a great way to see just how your nonprofit stacks up and pinpoint any areas you want to focus on in the future. You can use this formula: ","marks":[],"data":{}},{"nodeType":"text","value":"Assets - Liabilities = Net Assets","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". If your nonprofit has more assets than liabilities, you\u2019re likely in good financial shape!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 Income statement\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An income statement (AKA, the statement of activities) summarizes your organization\'s revenue and expenses over a specific time period\u2014quarterly, monthly, yearly, etc. It helps you understand your financial performance and whether your organization is operating out of a surplus or deficit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The three main sections of an income statement are:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": money coming in (donations, grants, revenue, etc.)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": money spent (payroll, program expenses, etc.)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Change in net assets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": how much money the organization made","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The income statement is a great way to determine where money is coming in from, if the organization will get the same money next year, and where money is being spent. You can use this data to assess how your nonprofit is achieving its mission-driven goals and what adjustments, if any, need to be made.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3 Cash flow statement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This statement tracks the monthly cash flow in and out of your organization. It helps you monitor your cash flow, identify potential cash shortages or surpluses, and ensure your organization can meet its financial obligations, like current liabilities and program expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow statements include:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating activities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": expenses related to the normal course of business (payroll, donations, grants, etc.)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing activities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": buying or selling long-term assets (i.e. selling property or purchasing equipment)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financing activities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": how the organization is funded (loans, credit cards, etc.)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This statement is a great way to stay informed about how cash resources are being used during the fiscal year. When you\u2019re reviewing your cash flow statement, look at the organization\u2019s spending to make sure it aligns with the mission and goals.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4\ufe0f\u20e3 Statement of functional expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This statement summarizes your organization\'s expenses by 3 categories: program, administration, and fundraising. It shows how resources are divided among different functions, allowing transparency and accountability.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here is a brief breakdown of each category:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Program expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": costs directly supporting your nonprofit\u2019s mission.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Administration expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": costs necessary for running your nonprofit.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fundraising expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": costs related to fundraising events or campaigns.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main purpose of this statement is to help you file your annual taxes with the IRS. However, it\u2019s also a great way to analyze expenses and make data-driven decisions for the annual budget.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do nonprofit financial statements compare to for-profits?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not-for-profit and for-profit organizations have some differences when it comes to their financial statements, due to their different objectives: ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddb8 ","marks":[],"data":{}},{"nodeType":"text","value":"Mission vs. profit:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" A for-profit business\'s goal is to maximize profits for shareholders, reflected in the focus on profit and loss. Since nonprofits are mission-driven, their financial statements emphasize resource utilization to achieve their goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udce8  ","marks":[],"data":{}},{"nodeType":"text","value":"Income statement vs. statement of activities:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Businesses have income statements displaying revenues, expenses, and any profits or losses. Nonprofits have a statement of activities, with revenues (often donations), expenses, and changes in net assets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Balance sheet vs the statement of financial position:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" For-profit companies have a balance sheet listing assets, liabilities, and equity. Nonprofits use a statement of financial position, showing assets, liabilities, and net assets. It also details how funds are used (i.e. funding with or without donor restrictions).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"Cash flows:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Both types of organizations prepare a statement of cash flows, but nonprofits categorize their cash flows into operations, financing, and investing. Businesses use operations, investing, and financing categories.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding these differences is crucial for anyone involved in nonprofit financial management. While there are several differences, they both serve the same purpose... to help stakeholders make informed decisions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Using nonprofit financial statements as a powerful marketing tool","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial statements can serve as powerful narratives that speak to an organization\'s mission and impact. They can also play a crucial role in marketing strategy. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few ways you can leverage your nonprofit\u2019s financial statements in your marketing efforts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Build trust and transparency:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Nonprofit financial statements, such as the 990, are public documents. They demonstrate an organization\'s financial responsibility and can build trust among current and potential donors. A clear and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/gearing-up-build-a-nonprofit-donor-dashboard-with-google-sheets-and-kindful"},"content":[{"nodeType":"text","value":" detailed financial report shows donors","marks":[],"data":{}}]},{"nodeType":"text","value":" how the nonprofit manages funds effectively and aligns spending with its mission. \u2b50","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Demonstrate strategic priorities: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Financial statements quantify an organization\'s impact. By demonstrating how funds are allocated, these statements reflect the nonprofit\u2019s accomplishments and progress toward its goals. \ud83e\udd45","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attract donors. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Clear and transparent financial statements provide a robust picture of the organization\'s financial health. Guidestar found nonprofits that were transparent with their financial reports received","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.guidestar.org/UpdateNonprofitProfile/transparency/"},"content":[{"nodeType":"text","value":" 53% more in contributions","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Showcase your impact with storytelling","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How can nonprofits use their financial statements to tell a story to donors, board members, and others? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Provide context.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Use your financial statements to demonstrate how funding has supported the organization\'s mission. This will give donors and investors a deeper understanding of the impact their contributions have had. \ud83d\udcd6","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Include visuals:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Graphs, charts, or other visual aids can help make complex financial information easier to read. They can also be used to highlight key metrics or trends that demonstrate the organization\'s success. \ud83d\udcc8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Be transparent:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Transparency is key for building trust with donors and investors. Include all relevant financial information in your statements. This shows stakeholders that the organization values honesty and accountability. \ud83e\ude9e","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When nonprofits use their financial statements as a storytelling tool, they can further engage stakeholders in their mission. Plus, they showcase the strategic priorities and programmatic growth of the organization. This not only helps attract new support but also strengthens relationships with current donors. \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relationship building is key to long-term sustainability for the nonprofit. Don\'t just look at financial statements as a boring tax requirement. Start seeing them as an opportunity to highlight your organization\'s achievements and inspire others to join your cause. \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line on nonprofit financial statements ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit financial statements are not just financial documents. They are so much more than that! These statements are powerful tools that contribute to the success and impact of your organization. \u2692\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By understanding and leveraging these statements, you can make informed decisions and ensure transparency and accountability. Embrace the power of financial statements, and let them guide you on your mission to create positive change in the world. \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on top of cash flow with banking built for nonprofits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step to having clear and transparent financial statements is to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-bank-account-rules"},"content":[{"nodeType":"text","value":"open a bank account","marks":[],"data":{}}]},{"nodeType":"text","value":". At Relay, we help nonprofits simplify their finances, securely collaborate with their financial advisors, and stay on top of their cash flow. 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It just takes ten minutes to apply online.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do business wire transfers work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simply put, a bank wire transfer sends funds electronically through a wire network. In the United States \ud83c\uddfa\ud83c\uddf8, the Federal Reserve manages the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.federalreservehistory.org/essays/fedwire"},"content":[{"nodeType":"text","value":" FedWire","marks":[],"data":{}}]},{"nodeType":"text","value":" network for domestic wire transfer activity. For international wire transfers \ud83c\udf0f, a network like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.swift.com/"},"content":[{"nodeType":"text","value":" SWIFT","marks":[],"data":{}}]},{"nodeType":"text","value":" may be used to transfer funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The sender will give the transfer details to their financial institution to initiate a wire transfer. 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Then, the sender\u2019s financial institution sends the wire transfer details to the recipient\u2019s financial institution.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s financial institution will review the transaction details and transfer funds from its own reserve into the recipient\u2019s bank account. 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Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. 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The Relay team can help you track and locate a Local Network wire, but there\u2019s no detailed end-to-end tracking, making it ideal for frequent transactions and smaller amounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A Swift Network wire transfer has higher fees and takes longer to arrive, but you can follow it every step of the way\u2014via an MT103 report\u2014until it lands in your recipient\u2019s bank account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Learn more about the two types of international wire transfers that Relay offers ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-wire-transfer"},"content":[{"nodeType":"text","value":"here. 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Traditional banks, on the other hand, typically charge $25+ for the same service.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are ACH payments and wire transfers different?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" and wire transfers are two different types of electronic fund transfers (EFTs). Wire transfers are sent directly from one financial institution to another. But ACH payments first pass through a clearing house network (like NACHA) before they\u2019re sent to the recipient\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" or savings account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers typically have faster processing speeds than ACH payments do. Domestic wire transfers are typically settled within one business day. But they can take anywhere from one to three business days to process. International wire transfers may take between three to seven business days to process.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH vs. wire transfer costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers are typically more expensive than ACH payments. However, this will vary depending on what kind of business bank account you have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can receive domestic wires for free. That\u2019s right\u2014there are no incoming transfer fees! You can also send domestic wire transfers for $5. Other banking platforms may charge anywhere from $15 to $35+ per outgoing wire transfer.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments are typically used for domestic fund transfers and are often free to send. Keep in mind, it typically takes one to three business days to process this form of payment.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of business wire transfers \u2728\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers give businesses a fast and secure way to send and receive payments. 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ACH payments are sometimes called direct deposits, direct debits, or bank transfers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re probably already using ACH payments regularly. That\u2019s because many people use ACH transfers to enable auto-pay services. Platforms like PayPal and Venmo also use the ACH network to transfer funds between individuals and businesses. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How does an ACH transfer work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we dive into how ACH payments work, you\u2019ll need to know some basic terms:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Originator:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The party that initiates ACH payment instructions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ODFI:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The originating financial institution (ODFI) sends ACH payment information to an ACH operator.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH operator:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The clearing facility that receives payment entries from the ODFI and sends those entries to the correct RDFI. \u27a1\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"RDFI: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The receiving financial institution gets the payment information from the ACH operator and deposits or withdraws funds from the corresponding account holder.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NACHA","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/content/how-ach-payments-work#:~:text=an%20ACH%20Operator.-,There%20are%20two%20ACH%20Operators%3A%20the%20Federal%20Reserve%20and%20The,to%20your%20account%20on%20payday."},"content":[{"nodeType":"text","value":" National Automated Clearing House Association","marks":[],"data":{}}]},{"nodeType":"text","value":") is an independent organization responsible for supervising the ACH network and ensuring its integrity. \ud83d\udd10","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, keep in mind there are two types of ACH transfers: ACH debits and ACH credits:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH debits: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A type of ACH transfer. When the receiving party requests funds be pulled from the paying party\u2019s account. Simply put, ACH debits are initiated by the party who needs to be paid.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH credits: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A type of ACH transfer. ACH credits are initiated by the party that needs to pay. The paying party requests to move the funds from their account to the recipient\u2019s account.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All ACH transfers (both ACH debits and ACH credits) are sent through the ACH network. This network can move ACH payments efficiently and securely from one financial institution to another.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH transfers are processed in batches, meaning the clearing house processes multiple transactions at one time. The network processes ACH batches at different time intervals throughout the day. If you send a batch after the last interval, you\u2019ll have to wait until the next business day to process the payments. \u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How small business owners use ACH transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small business owners often use ACH payments for recurring payments. For example, ACH payments\u2014like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-ach"},"content":[{"nodeType":"text","value":"ACH payroll payments","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014are often used for employee direct deposits. Some businesses also use ACH transfers to send money to vendors or collect money from clients. \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Enabling auto-pay is a great way to leverage ACH transfers. Auto-pay can help you stay on top of your bills and avoid late fees. You might want to automate your small business\u2019s utility, rent, and subscription payments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a wire transfer?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A wire transfer is another type of electronic fund transfer. Wire transfers move funds from an account at one financial institution to an account at another financial institution. Unlike ACH payments, wire transfers don\u2019t go through a third-party payment network. These transfers are moved directly from one bank or credit union to another. \ud83d\udd01","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike ACH payments, which are processed in batches, wire transfers are sent individually. Since wire transfers are sent directly to the financial institution, they\u2019re typically used to issue fast payments. \ud83d\udc5f You can use wire transfers to transfer large sums of money, too. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do wire transfers work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers let you directly transfer money from one financial institution to another. If both financial institutions are located within the United States \ud83c\uddfa\ud83c\uddf8, it\u2019s called a domestic wire transfer. If one of the financial institutions lies outside of the U.S., it\u2019s called an international wire transfer. \ud83c\udf0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The party sending the wire transfer pays the amount of the transfer upfront. This transaction typically occurs at the sending party\u2019s bank or credit union. Before you can send a wire transfer to someone, you must provide:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s name","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name and address of the recipient\u2019s financial institution","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s bank account number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The routing number of the recipient\u2019s financial institution","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The reason for the wire transfer","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the sender submits this information and makes the payment, the sender\u2019s financial institution initiates the wire transfer. The sender\u2019s financial institution will then send a message to the recipient\u2019s financial institution with details about the wire transfer.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These messages are sent through secure networks, like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.federalreservehistory.org/essays/fedwire"},"content":[{"nodeType":"text","value":" Fedwire","marks":[],"data":{}}]},{"nodeType":"text","value":" (operated by the Federal Reserve) and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.swift.com/about-us"},"content":[{"nodeType":"text","value":" SWIFT","marks":[],"data":{}}]},{"nodeType":"text","value":" (a network used for international wire transfers).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the receiving bank \ud83c\udfe6 gets the wire transfer message, it transfers funds from its reserves into the recipient\u2019s bank account. The two financial institutions settle up wire transfers after the electronic fund transfers (EFTs) are completed.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How small business owners use wire transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers provide small businesses with an efficient way to transfer large sums of money. Let\u2019s say you\u2019re running low on inventory during the busy holiday season. If you need to expedite an order from an overseas vendor, a wire transfer can help. Wire transfers are also used for large one-time purchases like real estate. \ud83c\udfeb","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ACH payment vs. wire transfers: Understanding the key differences","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments and wire transfers are two ways to transfer money. But there are some key differences between these two forms of electronic fund transfers (EFTs):","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Processing speed \ud83d\udc5f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments are processed through an automated clearing house before they\u2019re delivered to the recipient\u2019s bank account. On the other hand, wire transfers are sent directly from one financial institution to another.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, ACH payments typically take one to three days to process. Some financial institutions offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":", but this service may cost more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfers are typically faster than ACH payments since wire transfers are usually completed within a day. Keep in mind that international wire transfers may take a few days to process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payment processing speed may vary by financial institution, too. For example, sending an ACH payment through ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us!) typically only takes 1-2 business days to complete. \ud83d\ude4c  With Relay Pro, you can also send same-day ACH payments for free.\xa0\\n\\n","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"\\n\\nDomestic wire transfers are typically processed within one business day, while international wire transfers may take between 5 and 7 business days to process.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Transaction costs \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Processing fees may vary by the type of transfer and the financial institution. However, ACH transfers are typically considered more cost-effective than wire transfers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can send and receive next-day ACH payments totally free. Relay Pro customers can send same-day ACH payments for free, too. \ud83e\udd73","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfer prices can vary significantly from one financial institution to the next. International wires may cost more than domestic transfers. ","marks":[],"data":{}},{"nodeType":"text","value":"That said, wire transfers typically range anywhere from $15 to $75. Some banking platforms charge much less, though\u2014 for example, Relay only charges $5 for domestic wire transfers.\xa0\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Security and fraud \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you send ACH payments through an automated clearing house \ud83c\udfe0, they\u2019re considered a relatively safe way to transfer funds. Wire transfers are a great way to send direct payments quickly, but they are more susceptible to fraud and scammers. \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the event of scams or payment errors, someone can reverse ACH payments. But you can\u2019t reverse wire transfers. Once a wire transfer is processed, the funds are considered the recipient\u2019s property. That said, refunds typically aren\u2019t possible for fraudulent wire transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Transfer limits \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH transactions and wire transfers are subject to transfer limits. However, the exact limit may vary by transaction type and financial institution \ud83c\udfe6.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you start a money transfer, confirm how to send a payment\u2014and the payment method\u2019s transfer limits\u2014with your financial institution. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Domestic and international transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH transactions are commonly used for domestic payment. \ud83c\uddfa\ud83c\uddf8 Some financial institutions allow international ACH transfers as a form of remittance transfer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use wire transfers for both domestic and international payments. \ud83c\udf0f When sending an international wire transfer, your financial institution may ask you to provide additional details, like a SWIFT code.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Send and receive fast, affordable payments with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to sending and receiving ACH payments and wire transfers, your banking platform matters. Online banking platforms, like Relay, offer some advantages over traditional banks. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online banking platform offering cost-effective transfer services for small business owners. Take Relay\u2019s competitive rates, for example. Some financial institutions charge for each ACH transfer.","marks":[],"data":{}},{"nodeType":"text","value":" But Relay customers can send and receive next-day ACH payments for free! \ud83e\udd73 ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also offers competitive wire transfer fees. ","marks":[],"data":{}},{"nodeType":"text","value":"While most financial institutions charge $25+ for wire transfers, Relay only charges $5 per transfer. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Plus, with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://webstg.relayfi.com/pricing"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":" for $30 per month, you can send wire transfers ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"same-day ACH payments for $0. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you need to send","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":" business-to-business ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" or wire transfers, Relay offers the payment solutions you need. Send and receive money on your terms with Relay\u2019s convenient digital features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to make the switch to Relay? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up completely online here.\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n\\n","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1702253455570,"customDate":1702253455570,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-an-ach-payment"},"content":[{"data":{},"marks":[],"value":"What is an ACH payment?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-a-wire-transfer"},"content":[{"data":{},"marks":[],"value":"What is a wire transfer?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#ach-payment-vs-wire-transfers-understanding-the-key-differences"},"content":[{"data":{},"marks":[],"value":"ACH payment vs. wire transfers: Understanding the key differences","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#processing-speed"},"content":[{"data":{},"marks":[],"value":"Processing speed","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#transaction-costs"},"content":[{"data":{},"marks":[],"value":"Transaction costs","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#security-and-fraud"},"content":[{"data":{},"marks":[],"value":"Security and fraud","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#transfer-limits"},"content":[{"data":{},"marks":[],"value":"Transfer limits","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#domestic-and-international-transfers"},"content":[{"data":{},"marks":[],"value":"Domestic and international transfers","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#traditional-banks-vs-online-banking-platforms-why-it-matters-for-etfs"},"content":[{"data":{},"marks":[],"value":"Traditional banks vs. online banking platforms: Why it matters for ETFs","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":["category-business-banking"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"relay-vs-bluevine","title":"Relay vs. Bluevine: Business Banking Comparison Guide","description":"Deciding between Relay vs. Bluevine? 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But don\u2019t worry\u2014in this article, we\u2019ll break down exactly how nonprofits pay employees, so you can get started with confidence. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#payroll-taxes-and-other-regulations-for-paying-nonprofit-employees"},"content":[{"nodeType":"text","value":"Payroll taxes and other regulations for paying nonprofit employees","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#payroll-taxes"},"content":[{"nodeType":"text","value":"Payroll taxes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#exemptions"},"content":[{"nodeType":"text","value":"Exemptions","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#other-regulations"},"content":[{"nodeType":"text","value":"Other regulations","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#relay-paying-your-employees-made-easier"},"content":[{"nodeType":"text","value":"Relay: Paying your employees... made easier \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does a nonprofit pay employees?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits must pay employees just like for-profit businesses do\u2014through payroll. This means nonprofits need to have a business bank account to fund things like employee salaries. Keep in mind that nonprofits may have to follow certain rules when ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-bank-account-rules"},"content":[{"nodeType":"text","value":"opening a bank account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Misconceptions about how nonprofits pay employees \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we dive into exactly how nonprofits pay their employees, let\'s address some misconceptions. There are quite a few, but we\u2019ll stick to the most common ones:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c  All nonprofit staff members are volunteers.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705  ","marks":[],"data":{}},{"nodeType":"text","value":"Nonprofits not only have but depend on employees to operate.","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c  Employee salaries only come from donations.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705  ","marks":[],"data":{}},{"nodeType":"text","value":"Nonprofit salaries can come from donations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". ","marks":[],"data":{}},{"nodeType":"text","value":"They can also come from grants, program fees, or other income-generating activities.","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c  Nonprofits don\u2019t have to pay payroll taxes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705  ","marks":[],"data":{}},{"nodeType":"text","value":"Nonprofits are exempt from federal unemployment taxes but still have to adhere to payroll tax regulations.","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now let\'s take a closer look at each of these misconceptions, so you can everything you need to know about how nonprofits pay employees. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why nonprofits need volunteers AND employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no doubt that volunteers play an important role in nonprofit organizations. For example, many individuals on the board of directors are unpaid volunteers. Nonprofits need both volunteers and paid employees to do their work well and accomplish their goals. \ud83e\udd45","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons why nonprofits need paid employees, in addition to volunteers:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reliability and consistency","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employees provide a level of consistency and reliability that may be challenging to achieve with volunteers alone. Paid staff members may be more dedicated to their roles, which helps support the organization\'s operations and programs. \ud83e\udd1d","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expertise","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Nonprofits, like any other organization, may require professionals with specific qualifications and experience to manage complex programs, handle finances, or oversee strategic initiatives. \ud83e\udd13","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountability and commitment","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Employees typically have a higher level of accountability and commitment to their roles, since they are part of the organization\'s regular staff. This commitment is crucial for ongoing programs. \ud83d\udcaa","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long-term sustainability and growth","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Paid employees contribute to the organizational stability required for long-term planning and high community impact. \ud83d\udcc8","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Similarities in how nonprofits and for-profits pay employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit workers may earn less than those in the private sector because of limited funds. However, both nonprofit and for-profit organizations must adhere to the Department of Labor\u2019s Fair Labor Standards Act.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This includes the federal minimum wage, the state minimum wage, overtime pay, and how employees are classified. Employees can be full-time or part-time, and they can be paid hourly or with an annual salary. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both kinds of organizations provide benefits like health insurance and retirement plans. They also follow payroll tax rules but with some important distinctions. For example, nonprofits classified as 501(3)(c) are exempt from the Federal Unemployment Tax Act (FUTA). \u2696\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How nonprofit employees are classified\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit employees have different classifications, like how much they work (full-time or part-time) and how they are paid (hourly or salary).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few of the most common federal employee regulations that nonprofits have to adhere to. (These do not account for specific state laws.) \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All employees must make at least the federal minimum wage, which is currently $7.25 per hour. Keep in mind different states, like California, will have different state requirements. \ud83d\udcb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The employer must pay overtime at one and a half times the base pay to any hourly employee (non-exempt) who works over 40 hours in a week. For example, if the employee normally makes $20 per hour, overtime pay is $30 per hour. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.dol.gov/agencies/whd/fact-sheets/17a-overtime"},"content":[{"nodeType":"text","value":"The Department of Labor sets requirements","marks":[],"data":{}}]},{"nodeType":"text","value":" for how to classify employees as salary (exempt) employees. These requirements include things like job duties and minimum salary. \ud83d\udc68\u200d\ud83d\udcbc","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consult with a human resources expert to help you determine employee classifications and other labor laws. \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Do nonprofit employees receive paid benefits?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s no secret that for-profit companies offer higher salaries than nonprofits. While nonprofits can\u2019t offer the same monetary compensation, they do offer other perks and benefits. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Competitive healthcare and retirement plans","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Flexible work schedules","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More vacation time","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tuition reimbursement and/or student loan forgiveness","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Feeling good about making a difference in the lives of others","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that these perks and benefits are not a substitute for fair compensation. Giving employees a fair salary will keep them happy and help them stick around longer. \ud83d\ude03","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Funding sources for paying nonprofit employees \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every year,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-budgeting"},"content":[{"nodeType":"text","value":" nonprofits make a budget","marks":[],"data":{}}]},{"nodeType":"text","value":" with expenses (like program costs and salaries) and income (funding). But which funding sources are appropriate to use for paying a nonprofit\u2019s employees?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few different funding sources nonprofits can use to fund payroll: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Donations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": individual donors that provide money, goods, or services to the organization. \ud83e\uddb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grants","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": money given to nonprofits from the government or other institutions for a specific purpose. \ud83c\udfdb\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income-generating activities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": include paid speaking engagements, consulting services, and selling a product, among others. These activities generate income independently of donations and grants.) \ud83d\udcc8","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits may get restricted funding, which means they can only use it for specific programs or purposes. Sometimes this purpose can be to pay staff members, but often the funding is for specific programs or services. Nonprofits must only","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"use these restricted funds for their intended purposes. \u274c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a nonprofit, it can be tough to juggle multiple streams of revenue and different expense categories. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b), nonprofits can open 20 individual, no-fee business checking accounts. Then, you can organize your money across accounts and get total visibility into cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if your nonprofit receives restricted funding that\u2019s only to be used for payroll, you can open a dedicated ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-a-payroll-bank-account"},"content":[{"nodeType":"text","value":"payroll bank account","marks":[],"data":{}}]},{"nodeType":"text","value":". That means you\u2019ll never have to worry about accidentally spending restricted funds again. \ud83e\udd29\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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But you may wonder if holding on to your receipts is really worth the hassle. The short answer is: absolutely, yes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons to think twice before throwing away your receipts. \u26d4 \ud83d\udeae","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts keep you prepared for tax season \ud83d\uddd2\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your tax return is like a financial snapshot \ud83d\udcf8 of your small business\u2019s income and expenses. Without receipts, it\u2019s hard for the IRS to see the full picture. \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the saying goes, sometimes you have to spend money to make money. \ud83d\udcb2 Covering payroll, buying inventory, and purchasing office supplies can all affect your bottom line\u2014but that\u2019s why the IRS allows you to claim a tax deduction for these items.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A tax deduction (also known as a write-off \u270d\ufe0f) allows you to subtract certain types of expenses from your business\u2019s taxable income. However, it\u2019s crucial to keep your receipts if you plan to claim something as a write-off\u2014if you\u2019re ever audited by the IRS, you\u2019ll need proof that your purchases were truly for business purposes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wondering which business expenses count? Check out this IRS guide on","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/publications/p535"},"content":[{"nodeType":"text","value":" common business  deductions","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts audit-proof your business \ud83d\uddc3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This brings us to our next point: when it comes to business finances, you can\u2019t just wing it. The IRS expects you to record every single transaction you report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though only about","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://smallbusiness.chron.com/top10-irs-audit-triggers-24366.html"},"content":[{"nodeType":"text","value":" 2.5% of businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" are audited each year, a surprise letter or visit from the IRS is something you want to avoid at all costs. \ud83d\udcaf That\u2019s because an audit isn\u2019t just a minor inconvenience\u2014if you\u2019re not prepared, it can be incredibly time-consuming and stressful.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IRS audits typically cover your past 3 tax returns, but if an error is found, they may ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/irs-audits#:~:text=Generally%2C%20the%20IRS%20can%20include,possible%20after%20they%20are%20filed."},"content":[{"nodeType":"text","value":"review your tax returns from the past six years","marks":[],"data":{}}]},{"nodeType":"text","value":". If you\u2019re reading this guide, we\u2019re guessing you probably have no idea where your receipts from 6 years ago are today. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means if your business is ever audited, you could be forced to spend hours (or days) searching for old receipts. Remember: if you can\u2019t back up your write-offs with receipts, you might end up owing the IRS thousands of dollars in additional tax payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thankfully, we\u2019re here to help you organize your receipts (from six years ago to today)\u2014so that you can avoid this situation and keep your business audit-ready, all the time. \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jump to section: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-10-best-ways-to-organize-business-receipts"},"content":[{"nodeType":"text","value":"10 ways to organize your business receipts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts help you take control of your cash flow \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hidden costs can cut into your business\u2019s profitability, so it\u2019s important to know where your money\u2019s going. \ud83d\udd0e You can use receipts to track business expenses and categorize your spending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\u2019s say you see a charge from Amazon on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"business debit card","marks":[],"data":{}}]},{"nodeType":"text","value":". You might not know if that expense was for office supplies, an upcoming company event, or holiday gifts for your employees. But if you have your receipts organized, you\u2019ll be able to get a clear view of where your money is going. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipts for payroll, operating costs, and travel expenses \u2708\ufe0f will also help you see how much money is flowing in and out of your business each month. As a result, you\u2019ll be able to make more informed financial decisions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0Looking for more visibility into your business\u2019s cash flow? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Try a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With this approach, you categorize expenses into multiple \u201cenvelopes\u201d (or business checking accounts) and set a budget for each category based on your monthly revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) you can open 20 individual, free business checking accounts and easily implement the digital envelope budgeting system. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":"! ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts allow you to track returns or exchanges \ud83d\udd04","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saving receipts makes it easier to return or exchange items. Let\u2019s say you receive a shipment of damaged inventory. \ud83d\udc94 Without a receipt, the vendor may not issue a refund. Losing a receipt may cost you money. It could delay your ability to fulfill customer orders, too.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the flip side, having your receipt on hand can speed up the return process so you get a new shipment faster.\xa0 \ud83d\ude4c  Organizing your receipts saves you time, money, and, let\u2019s be honest, your sanity.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll also want to track returns or exchanges initiated by your customers. These transactions can affect your business\u2019s income, inventory, and sales.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Receipts help you reimburse employee expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes, employees spend their own money on business-related expenses. When this happens, it\u2019s customary for the business to reimburse the employee.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you own a food truck. \ud83d\ude9a Your employees may need to fill up the gas tank on their way to events. If they cover the cost, you\u2019ll need a receipt to know how much you owe them. Requiring employees to show a receipt promotes transparency. It also protects both the employee and the business owner.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What types of receipts should a business owner save?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you\u2019ve just read, there are some pretty compelling reasons to keep your receipts. But how do you know which receipts to save and which are okay to toss out? \ud83d\udeae","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to small business bookkeeping, it\u2019s better to be safe than sorry. To err on the side of caution, try to record all transactions made for business purposes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some examples of receipts you should always keep:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inventory:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Keep a record of invoices from vendors, plus receipts of any raw materials or merchandise you purchase.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Property","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Log your rent, mortgage, or storage unit payments.\ud83c\udfea Also, track any property maintenance costs you may incur, including lawn care, HVAC services, or remodels \u2692\ufe0f.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Office supplies: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The staplers, pens, printer cartridges, and lightbulbs \ud83d\udca1 you purchase for your business could be tax deductible.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Travel expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Track purchases related to meeting clients, visiting a showroom, or finding a new vendor. The money spent on flights, rideshares, car rentals \ud83d\ude97, and hotels could help offset your taxable income.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vehicles:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Save all receipts tied to your company car(s). This may include purchasing a vehicle for business purposes, getting gas, maintenance services, and vehicle registration fees. Don\u2019t forget to track your mileage, too!","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Software subscriptions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"These subscriptions can include accounting software, like QuickBooks, Xero or Gusto. Adobe, Etsy, and Shopify are common small business subscriptions, too. \ud83d\udcbb","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gifts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you buy gifts for employees, investors, or clients, make sure you save your receipt! \ud83c\udf81","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing supplies","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Step-and-repeats, Google Ads, and branded packaging are examples of tax-deductible marketing investments. Tracking your marketing spend also helps you see which initiatives are effective and identify cost-saving strategies, so it\u2019s a win-win! \ud83c\udfc6","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Do you purchase meals when you travel for work, take clients out to lunch, or order catering for your employees? If so, save your receipts. Also, note the business purpose of the meal and who was in attendance. \ud83e\udd57","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still wondering which receipts you should save? This","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/what-kind-of-records-should-i-keep#:~:text=It%20is%20important%20to%20keep,type%20of%20income%20or%20expense."},"content":[{"nodeType":"text","value":" IRS guide","marks":[],"data":{}}]},{"nodeType":"text","value":" lists some important records small business owners should keep on hand.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 10 best ways to organize business receipts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you have stacks of paper receipts piling up in old shoe boxes? Is your inbox overflowing with digital receipts from past transactions? If the answer is yes, it\u2019s time to try something new.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve put together some receipt organization tips that will make your life\u2014and tax season\u2014so much easier. Here are 10 ways to stay on top of your business receipts:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Use a receipt scanner","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Physical receipts are easy to lose, so consider using a digital scanner to digitize them right away. Some apps let you scan receipts and store them as digital copies. Simply scan the receipt with your smartphone and upload it to your desktop, Google Drive, Dropbox, or another cloud storage platform. \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check out the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-receipt-scanner-app-small-business"},"content":[{"nodeType":"text","value":"best receipt scanner apps here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Categorize by type","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider using a filing system that organizes receipts by business expense. Use digital and physical file folders for each expense category. For example, you could divide receipts into categories like meals, operating expenses, payroll, and travel expenses. \ud83d\udcc1\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Don\u2019t forget to sort by date","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start filing receipts by date so you can easily see when business transactions were made. Accountants typically recommend keeping financial records\u2014including credit card statements, bank statements, and receipts\u2014from the last three years. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Leverage your email inbox\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you receive an email with a receipt every time one of your software subscriptions renews? Though you might be tired of an overflowing inbox, getting your receipts to your inbox is actually a good thing. You won\u2019t have to download individual receipts from each platform\u2014instead, you can manage some of your receipts without ever leaving your email.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, create a dedicated \u201cReceipt\u201d folder in your inbox. Then, as receipts come in, you can drag each receipt to that folder so they\u2019re easily accessible when you need them. You could even go the extra mile and break down your receipt folder into sub-folders for travel expenses, software, and contractor payments.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Use your accounting software","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are tons of online tools that can help you electronically track and organize receipts, including your accounting software. For example, the QuickBooks Online mobile app allows you to take pictures of your receipts from anywhere. Then, you can even attach your receipts to specific transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This will give your accountant additional context around cryptic transactions (like miscellaneous Amazon purchases) and even speed up bookkeeping. \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Organize on the go","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While some small businesses are fully digital, others require you to move around a lot. For instance, lawn care companies or construction contractors typically travel between multiple work locations. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may need to fill up your tank, grab a bite to eat, or buy supplies while on the job. Keeping a manilla envelope, file folder, or notebook in your car is a great way to organize expenses while you travel. \ud83d\udeb6","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7. Make it a weekly habit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses and receipts can pile up quickly. Try to schedule time each week, month, and quarter to organize your receipts and review your budget. Put in the effort throughout the year so you aren\u2019t scrambling to track down documents before your tax deadline. Reviewing your spending as you go also gives you a clear picture of your cash flow. \u23f0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"8. Create policies for expense reports","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No one wants to spend hours reviewing bank statements or credit card statements trying to make sense of transactions. If you offer employee reimbursements, you need to have an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":"employee expense","marks":[],"data":{}}]},{"nodeType":"text","value":" policy. Outline who can make purchases, which purchases qualify for reimbursement, and how to submit a reimbursement request. \ud83d\udcd1","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"10. Consult your accountant\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A CPA is a great resource for organizing your receipts and other financial documents. Your accountant can offer guidance tailored to your small business\u2019s needs. 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investors","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#restaurants"},"content":[{"nodeType":"text","value":"Restaurants\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#salons"},"content":[{"nodeType":"text","value":"Salons","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#therapists"},"content":[{"nodeType":"text","value":"Therapists","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#implement-your-profit-first-percentages-with-relay"},"content":[{"nodeType":"text","value":"Implement Profit First percentages with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\\nWhat are Profit First percentages?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First percentages are also known as target allocation percentages (TAPs). Your TAPs define what percentage of revenue you\'ll transfer to each of your Profit First accounts (Profit, Owner\'s Pay, Taxes, and Operating Expenses).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\'s say a client pays you $1,000. You\'ve decided to allocate 5% of your revenue to profit (5% being your TAP), so you transfer $50 to your Profit account. If another client pays you $10,000, you would still allocate 5% of your revenue to profit ($500). \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll need to choose a TAP for each of your Profit First accounts. These percentages will depend on your company\'s unique needs and business model, but Mike Michalowicz (the creator of Profit First) recommends the below TAPs as a starting point:","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1OeLr4USojQfpQKzjAQLtk","type":"Asset","createdAt":"2023-11-17T17:04:09.046Z","updatedAt":"2023-11-17T17:04:09.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s important to note that TAPs are based on ","marks":[],"data":{}},{"nodeType":"text","value":"real revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", which is the total amount of money your business generates annually minus the cost of materials and subcontractors. Be sure to take this into account when reviewing the real revenue range in the chart above. \u2b06\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re feeling overwhelmed by these Profit First percentages, don\'t worry. It might take some time to figure out the right TAPs for your business, but you can always start by allocating 1% of your income to profit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to implement Profit First percentages","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step of implementing a Profit First approach is seeing where your business finances currently stand. You can use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://s3.amazonaws.com/ProfitFirst/PF-InstantAssessment.pdf"},"content":[{"nodeType":"text","value":"Profit First\u2019s instant assessment","marks":[],"data":{}}]},{"nodeType":"text","value":" to understand your company\u2019s current revenue numbers.\xa0\ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then, you can use the same assessment to calculate your current allocation percentages (CAPs). AKA, the money you\u2019re currently setting aside for each category (Operating Expenses, Taxes, Owner\u2019s Pay, and Profit).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your CAPs are pretty far off from the TAPs that Profit First recommends, you\u2019ll want to set small goals to increase your allocations over time\u2014or reduce them, if you\u2019ve been overspending in one area. This will help you work your way up to the TAPs. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you still need to open your 5 Profit First accounts and implement your Profit First percentages, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" can help. Relay is an online banking and money management platform\u2014and we\u2019re the official banking platform for Profit First. \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, small business owners can open 20 no-fee business checking accounts. Then, you can set up percentage-based transfers for each of your TAPs. When you\u2019re ready, you can even automate your Profit First transfers!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Profit First percentages for different types of businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The TAPs recommended above are a fantastic starting point for anyone new to Profit First. However, every entrepreneur and every business is different. Your TAPs might need to be adjusted depending on your unique goals, financial situation, and business model.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that you\'re not alone: Profit First\'s certified","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://profitfirstprofessionals.com/"},"content":[{"nodeType":"text","value":" Profit First Professionals","marks":[],"data":{}}]},{"nodeType":"text","value":" can help. These accountants, bookkeepers, and financial experts are trained to help business owners improve their cash flow management with the Profit First method. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of these certified professionals have even written books to help different types of small business owners implement Profit First. In this section, we\'ll be providing insights straight from these Profit First professionals and their books.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to discover the right Profit First percentages for your business? Let\'s dive in!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Chiropractors \ud83e\uddd1\u200d\u2695\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Chiropractors-Transform-Cash-Eating/dp/B0B9QRRTR5/ref=sr_1_1?crid=GR7M8CUWMN4V&keywords=profit+first+for+chiropractors&qid=1698642856&sprefix=profit+first+for+chiropractor%2Caps%2C73&sr=8-1"},"content":[{"nodeType":"text","value":"Profit First for Chiropractors","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Debra Cassera and Sabrina Pelech, with a foreword by Mike Michalowicz. The founders of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.profitfirstchiro.com/"},"content":[{"nodeType":"text","value":" Profit First Chiro","marks":[],"data":{}}]},{"nodeType":"text","value":", Debra and Sabrina, help chiropractors optimize cash flow and become permanently profitable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a chiropractor, the desire to help people may seem at odds with profitability. But Debra and Sabrina have helped numerous chiropractors reframe their thinking and create thriving businesses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the Profit First approach, you can learn to balance your work as a healer with your duties as a practice owner. In fact, it\u2019s your responsibility to be financially successful. That\u2019s because profitability helps you better serve your community. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up the five essential Profit First accounts is the first step toward creating a profitable chiropractic practice. Here are the TAPs allocations chiropractors should aim to reach with their revenue:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s pay: 50%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: 15%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx (rent, staff, etc): 30%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit: 5%","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s okay if you can\u2019t reach these allocation targets at first. Use your current allocation percentages (CAPs) and work your way up to your TAPs. You can gradually increase your CAPs for Profit, Owner\u2019s Compensation, and Tax accounts. Then, you can gradually decrease your OpEx allocations.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Contractors \ud83e\uddba","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Contractors-Construction-Money-Making/dp/1790264502/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1698642740&sr=8-1"},"content":[{"nodeType":"text","value":"Profit First for Contractors","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Shawn Van Dyke, with a foreword by Mike Michalowicz. Shawn strives to get contractors out of what he calls \u201cThe Craftsmen Cycle,\u201d where profit is an afterthought.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shawn takes the core principles of Profit First and tailors them to the unique needs of contractors. The Profit First for Contractors approach can help your business become permanently profitable.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contractors need work trucks, equipment, and overhead to complete jobs. That\u2019s why Shawn recommends having a business account dedicated to the cost of goods and services, also called a COGS account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your TAP for the COGS account should be somewhere between 65% to 70% of your total revenue. If your COGS allocation exceeds that 70% target, you may need to increase your prices.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, look at your operating expenses (OpEx). Aim to allocate 15% to 25% of your revenue for your OpEx account. If your OpEx allocations exceed 25%, look for ways to cut your spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that your Profit TAP may vary by your specialty. For example, a general contractor may only need a 10% pre-tax profit margin. But an HVAC specialist or plumber may need a higher Profit TAP, like a 20% pre-tax profit margin.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If these numbers seem big, don\u2019t worry! You can start small with a 1% Profit TAP and work your way up from there.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Want to learn more? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s deep dive on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-contractors"},"content":[{"nodeType":"text","value":"Profit First for Contractors here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Dentists \ud83e\udea5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Dentists-Strategies-Financial/dp/1735907804"},"content":[{"nodeType":"text","value":"Profit First for Dentists","marks":[],"data":{}}]},{"nodeType":"text","value":" is a book written by Barbara Stackhouse and Drew Hinrichs, with a foreword by Profit First founder, Mike Michalowicz.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owning a dental practice can come with some high overhead costs. To make ends meet, some dentists fall into the trap of thinking they have to spend more time in the chair to make more money. This can lead to a lack of work-life balance and more than a few cash flow problems.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the good news: If you\u2019re working more hours but not seeing more profit come into your practice, Profit First for Dentists can help. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to the authors of Profit First for Dentists, if you want to make your dental practice thrive, you have to take a hard look at your operating expenses. Then, Barbara suggests starting small with your Profit TAP. If you\u2019re barely breaking even, your profit CAP is probably 0%. If you want to work up to 10%, it\u2019s going to take some time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Breaking your TAPs into quarterly targets can help you scale. Let\u2019s say you set a Profit TAP of 2% for the first quarter. If you increase the TAP by 2% each quarter, you\u2019ll reach your Profit goal in about 14 months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s an example of what your dentist practice\u2019s TAPs may look like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit: 10%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation: 13%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: 10%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx (including staff, rent, etc): 67%","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For dental practice owners, decreasing operating expenses\u2014NOT working more hours\u2014is key to increasing profit margins.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"E-commerce businesses \ud83d\udecd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyndi Thomason is a certified Profit First Professional and founder of a company that provides bookkeeping services to e-commerce businesses. She also wrote the book ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Ecommerce-Sellers-Money-Making/dp/0960028315"},"content":[{"nodeType":"text","value":"Profit First for E-commerce Sellers","marks":[],"data":{}}]},{"nodeType":"text","value":", which breaks down exactly how to implement Profit First\u2014and all the benefits for e-commerce businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyndi recommends that e-commerce business owners open the five Profit First accounts, plus one dedicated to Inventory. Keep in mind that e-commerce Profit First percentages are determined by real revenue, which is the amount of revenue left over after inventory costs. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why it\u2019s important to remember that your TAPs will change based on your revenue. Let\u2019s say your e-commerce business does $250,000 in ","marks":[],"data":{}},{"nodeType":"text","value":"real","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" revenue this year. You may aim for a 5% Profit TAP. But if you double your ","marks":[],"data":{}},{"nodeType":"text","value":"real","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" revenue next year, you may aim for a 10% Profit TAP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If these targets seem overwhelming, remember to start small. You can set aside 1% for Profit and slowly scale to your TAP. This approach allows you to stay on top of spending, cut unnecessary costs, and ultimately, create sustainable business growth.\xa0 \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Keep reading: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out Relay\u2019s deep dive on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-ecommerce"},"content":[{"nodeType":"text","value":"Profit First for E-commerce Sellers here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lawncare businesses \ud83c\udf37","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Lawn-Landscape-Businesses/dp/0578908158"},"content":[{"nodeType":"text","value":"Profit First for Lawn Care and Landscape Businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Christeen Era. Lawncare and landscape services have the potential to be one of the most profitable businesses out there. Christeen says it\u2019s possible to have profit margins that range from 50% to 65%. Plus, net profit margins of 30% to 35% are totally attainable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But most small businesses in the lawn care and landscape industry aren\u2019t hitting these numbers. If your profit margin is less than 15%, it might be time to make a change and implement Profit First. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started, Christeen says that you\u2019ll need to find your break-even point. Add up your fixed and variable costs for a given month, then multiply that number by 12. If it costs $15,000 to run your business each month, you\u2019ll need to make $180,000 per year to break even. But you don\u2019t want to just break even\u2014you want to be profitable!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your allocation percentages will be based on your break-even point, which is the amount of money it takes to sustain your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Besides your main income account, there are five core Profit First accounts recommended for landscape and lawn care businesses. Here are the accounts and an example of the TAPs that could go with them:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit: 15%\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation: 20%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: 15%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx: 50%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Materials & Subcontractors: 15% of total revenue","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re thinking, \u201cThese numbers don\u2019t add up to 100\u201d, you\u2019re right! Here\u2019s why: Your Profit, Owner\u2019s Compensation, Taxes, and OpEx TAPs will be based on your real revenue number\u2014which is your income ","marks":[],"data":{}},{"nodeType":"text","value":"minus ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"the costs of materials and subcontractors. \ud83d\udcb8\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your accounts don\u2019t match these target allocations at first, that\u2019s okay! Once you have your TAPs and Profit First accounts set up, identify which accounts have a negative CAP.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prioritize the negative accounts and bring them up to at least 1%. Then, adjust your other accounts to account for this 1% reallocation. Over time, these small adjustments will help you reach your larger allocation targets. \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lawyers \ud83c\udfdb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Lawyers-Cash-Eating-Money-Making-ebook/dp/B0CDNHFKPF/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr="},"content":[{"nodeType":"text","value":"Profit First for Lawyers","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Rjon Robins. This book builds on the core principles of the Profit First approach and tailors this cash flow management system to law firms.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some law firms have profit margins as large as 35% to 45%. However, many lawyers face cash flow problems due to delayed client payments and variable operating expenses. With Profit First, they can build a financial safety net and learn to keep spending under control.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your law firm\u2019s Profit First percentages will depend on your real revenue range. Then, you\u2019ll need to find your CAPs and decide if your budget needs to change. Remember, if your operating expenses are too high or you don\u2019t have enough money for profit, you may need to raise your prices and cut back on spending.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Minority-owned businesses \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Minority-Business-Enterprises-ebook/dp/B08TP1JR24"},"content":[{"nodeType":"text","value":"Profit First for Minority Businesses","marks":[],"data":{}}]},{"nodeType":"text","value":", by Susanne Mariga, takes the core principles of the Profit First Approach and tailors the system to the unique needs of minority-owned businesses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Susanne explains how the Profit First approach is a practical system for helping your business thrive. Six different bank accounts provide the framework for this cash management system:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Materials and Subcontractors","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you see where your money is going, you can define your TAPs. Allocate funds for materials and subcontractors based on your total revenue. Then, subtract material and subcontractor costs from your total revenue, which is your real revenue. All other TAPs should be based on your real revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you have a Profit target of 30%. If your current allocation for Profit is 10%, that\u2019s okay! Susanne suggests starting small with weekly, incremental changes. Can you up your Profit allocation by 1% each month? If so, you\u2019re headed in the right direction! \ud83d\uddfa\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Susanne\u2019s approach will give you cash flow clarity and help put you in control of your company\u2019s finances. As a result, you\u2019ll be able to make spending decisions with ease and create sustainable business growth. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Microgyms \ud83c\udfcb\ufe0f\u200d\u2640\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Microgyms-John-Briggs/dp/1733179003"},"content":[{"nodeType":"text","value":"Profit First for Microgyms","marks":[],"data":{}}]},{"nodeType":"text","value":" was written by Jason Briggs. Building on the principles of the Profit First system, Jason gives small gym owners practical tools to improve their financial fitness.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want to make profit gains for your micro gym? Start by creating these Profit First accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Team Members","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Pay","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you establish these accounts and determine your TAPs (based on your unique business goals), it\u2019s time to get into a financial rhythm. You can use the 10/25 Rule to set up bi-weekly allocations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Making your Profit transfers on the 10th and 25th of each month will give you more visibly into your cash flow. If the 10th and 25th don\u2019t work for your cash flow, just make sure to find two other dates that fit your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Real estate agents \ud83c\udfe1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Real-Estate-Agents-ebook/dp/B09DT8HTW1"},"content":[{"nodeType":"text","value":"Profit First for Real Estate Agents","marks":[],"data":{}}]},{"nodeType":"text","value":" is a book written by Damon Yudichak. Building off the core Profit First principles, Damon helps real estate agents navigate the financial ups and downs of this ever-changing market. According to Damon, the key to financial clarity is separating revenue into different accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In real estate, you often need to spend money to make money. By putting profit first, you limit unnecessary spending and put the focus squarely on profitability. That said, your TAPs will be based on real revenue, not total revenue.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This approach helps you see what you\u2019re actually bringing into your business and what you\u2019re actually spending. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a solo agent, your real revenue is the amount you bring in after your brokerage split. But if you run a real estate team, your real revenue is the amount left after you subtract your brokerage split and your team members\u2019 commissions from your gross commission income.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Real estate investors\xa0 \ud83c\udfe2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Real-Estate-Agents-ebook/dp/B09DT8HTW1"},"content":[{"nodeType":"text","value":"Profit First for Real Estate Investing","marks":[],"data":{}}]},{"nodeType":"text","value":", by David Richter, breaks down the many moving parts of real estate investing and provides a road map for cash flow clarity. Juggling property taxes, income tax, home maintenance, renovations, and rent collection can feel overwhelming. But the Profit First method can give real estate investors a way to simplify their finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First recommends setting up six separate accounts for real estate investing:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Tax","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpEx","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other People\u2019s Money","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up separate accounts for each property can also help you stay in control of your cash flow. After you\u2019ve set up all your accounts, you\u2019ll need to calculate your TAPs and real revenue. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To find your real revenue, there are 2 main formulas to consider depending on what kind of real estate investor you are:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For real estate investors that flip and sell properties: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Real revenue = sale price - pass-through revenue (purchase price + rehab costs+ closing/holding costs)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For those who rent out properties:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Real revenue = rental income + owner\u2019s financing income - pass-through revenue","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Ready to learn more","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"? Check out Relay\u2019s deep dive on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-real-estate-investing"},"content":[{"nodeType":"text","value":"Profit First for Real Estate Investing here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Restaurants \ud83d\udc69\u200d\ud83c\udf73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Restaurants-Money-Eating-Cash-Making-ebook/dp/B0BT2SLCDQ"},"content":[{"nodeType":"text","value":"Profit First for Restaurants","marks":[],"data":{}}]},{"nodeType":"text","value":" is a book written by Kasey Anton. The book is designed to help restaurant owners optimize profits and grow their businesses. Kasey understands that restaurant owners face unique challenges, such as unpredictable sales spikes and slumps, supply chain shortages, and food price increases.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First approach gives you a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management system","marks":[],"data":{}}]},{"nodeType":"text","value":" from which you can make informed financial decisions. When you prioritize profit, you reframe how you think about expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Restaurants typically have tight profit margins\u2014around 2% to 6%. But implementing a Profit First approach can help restaurants scale their profitability to 7% and even 20%. Smart menu planning, inventory control, and strategic staffing decisions can help your business thrive! \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by figuring out your current revenue. This number is the amount of money left over after food costs. Your Profit TAP should be somewhere between 20% to 55%.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re not there yet, that\u2019s okay! Start small by reallocating funds from other allocation accounts. If you\u2019re operating expenses are high, consider cutting back on staff for slow nights. You could also adjust your menu to accommodate higher food costs. These small changes can deliver a positive profit impact over time. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Salons \ud83d\udc87\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Salons-Cash-Eating-Money-Making-ebook/dp/B09X4K7NTC"},"content":[{"nodeType":"text","value":"Profit First for Salons","marks":[],"data":{}}]},{"nodeType":"text","value":", by Ronit Enos, is a book designed to help beauty salon owners work smarter, not harder. This simple, effective money management system is scalable for beauty salons, spas, and barber shops of all sizes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By prioritizing profit, you minimize excessive spending and ensure every dollar spent is working for your bottom line. In the book, Ronit provides a step-by-step approach to supercharging your profitability. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can start by creating five individual bank accounts for your CAPs. Your TAPs will shift based on your total revenue. But here\u2019s a basic breakdown. Let\u2019s say you bring in $250,000 in ","marks":[],"data":{}},{"nodeType":"text","value":"real ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"revenue. You may want to aim for breaking your revenue into the following buckets:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit: 5%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Compensation: 50%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes: 15%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating Expenses: 30%","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you aren\u2019t there yet, don\u2019t worry! Ronit says allocating just 1% of revenue for Profit is a step in the right direction.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Therapists \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Therapists-Framework-Financial/dp/B0BQT7CGNB"},"content":[{"nodeType":"text","value":"Profit First for Therapists","marks":[],"data":{}}]},{"nodeType":"text","value":", by Julie Herres, is a book written for therapists\u2019 unique financial situations. Julie wants therapists to know that profit isn\u2019t a dirty word. Prioritizing profit isn\u2019t selfish. 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When can your business pay for your morning coffee, and when do you need to cover it with your own cash?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive into how and when you should use your business debit card\u2014and the risks that can come with getting it wrong.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-personal-and-business-expenses-should-be-separated"},"content":[{"nodeType":"text","value":"\ud83d\udcb0Why personal and business expenses should be separated","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#risks-of-mixing-personal-expenses-with-business-expenses"},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Risks of mixing personal expenses with business expenses","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#when-to-use-your-business-debit-card"},"content":[{"nodeType":"text","value":"\ud83d\udcb3 When to use your business debit card","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#mini-quiz-should-i-use-my-business-debit-card-for-personal-use"},"content":[{"nodeType":"text","value":"\ud83d\udcc4 Mini-Quiz: Should I use my business debit card for personal use?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line"},"content":[{"nodeType":"text","value":"\u2b07\ufe0f The bottom line\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\\n\ud83d\udcb0Why personal and business expenses should be separated","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\u2019re first starting a business, it can be tempting to mix your personal and business finances. After all, if you\u2019re the sole proprietor of the company, it\u2019s easy to believe that they\u2019re interchangeable. However, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"mixing personal and business expenses","marks":[],"data":{}}]},{"nodeType":"text","value":" is not only messy: it can also have legal consequences.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To put it simply, when you mix your business and personal finances, you\'re essentially treating your business as a personal piggy bank. \ud83d\udc37 And while it\u2019s not technically against the law to make a personal purchase from your business account, it can lead to major issues with taxes,\xa0 bookkeeping, and compliance.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By contrast, when you ","marks":[],"data":{}},{"nodeType":"text","value":"separate ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"business and personal expenses, you\u2019ll gain a clear understanding of your finances\u2014and protect your business from future tax and legal complications. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u26d4\ufe0f Risks of mixing personal expenses with business expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you use your business debit card (when you ","marks":[],"data":{}},{"nodeType":"text","value":"should ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"be using your personal debit card) you put yourself and your business at risk. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve already mixed your personal and business spending\u2014don\u2019t panic. Remember that by reading this article, you\'re already taking the first step towards better money management.  \ud83d\ude4c  Plus, by becoming aware of the risks below, you can make more informed spending decisions going forward.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f Legal complications\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As stated earlier, from a legal standpoint, you\u2019re not breaking any specific laws when you use your business debit card for personal use.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, when you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"opened a business checking account","marks":[],"data":{}}]},{"nodeType":"text","value":", you signed a contract with a card issuer or account provider. This contract almost definitely included a clause about using your business card for personal expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By buying something that isn\u2019t for your business with a card meant for business spending, you\u2019re in breach of that contract. This could put you in legal trouble down the line.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, if your business is a limited liability company (LLC) or a corporation, you\u2019re entitled to certain protections for your personal assets if your business fails or is sued.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, you can lose those protections by \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.law.cornell.edu/wex/piercing_the_corporate_veil"},"content":[{"nodeType":"text","value":"piercing the corporate veil","marks":[],"data":{}}]},{"nodeType":"text","value":".\u201d That means when you use your business\u2019s cash for personal expenses, you could be putting your personal assets at risk in the event of a lawsuit or bankruptcy. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd0e Lack of visibility into cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding your business\u2019s cash flow will help you make informed, strategic business decisions. But if you\u2019re always making withdrawals from your business funds for personal use, getting a clear picture of your company\u2019s financial health will be a lot harder.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blurring the lines between personal and business expenses not only hinders your understanding of your financial health\u2014it can throw you off budget, and into a cash flow crisis. When you\u2019re spending the business\u2019s money on personal items, you could accidentally eat into cash meant for your company\u2019s operating expenses, savings, or payroll costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2Messy bookkeeping\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main reason many business owners choose not to mix their personal and business expenses is that it creates a bookkeeping nightmare. \ud83d\udcad","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you use your business card for personal purchases, your books become cluttered with irrelevant transactions, making it challenging to keep accurate records. Plus, when tax season rolls around, sorting through all these mixed transactions can be a massive headache. \ud83d\ude13","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Tax-time drama\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That brings us to taxes. If just the thought of tax season makes you nervous, then the idea of combining business transactions and personal transactions should make your skin crawl.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners need to use their expense reports, income statements, and other financial documents to file their taxes. However, if you made personal purchases all year, you\u2019ll find it takes hours \u23f1 to figure out which transactions were personal, and which were business-related.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you do spend days categorizing your spending, you might make some costly mistakes. If you categorize a business expense as personal, you could lose out on legitimate business tax deductions\u2014or worse, end up in tax trouble if you claim a personal expense as a business write-off. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd35 Audit-readiness\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say an audit comes, and the auditor discovers that you\u2019ve been making personal purchases with money from your business bank account. Sure, you didn\u2019t do anything illegal, but potential investors and business partners may think twice about working with you and your company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s crucial for small businesses to be ready for an audit at all times\u2014whether it\u2019s being conducted by the IRS, a potential investor, or another third party. The best way to stay ready? Keep your business card for your business needs, and you\u2019ll be in the clear. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 When to use your business debit card","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All these rules and warnings may seem like no fun, but they\u2019re crucial to running a professional, legal, and profitable business. So if you can\u2019t use your business debit card for personal use, when is the right time?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few types of expenses that you can pay for with your business debit card.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Recurring payments ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udd04","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any business-related payment that happens periodically can be made with your business debit card. Examples of these recurring payments include rent payments (for your office), utility and phone bills, and software subscriptions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Everyday business purchases \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need a new stapler? You can\u2014and should\u2014use your business debit card for things like office supplies, printing costs, and other expenses directly related to running your company.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Business trips and client meetings \u2708\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you travel for business, it\u2019s always a good idea to use your business debit card for expenses related to the trip, such as flights, hotels, and meals with clients or partners. Just make sure to keep all receipts and note the purpose of each expense. \ud83d\udcc3\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Employee expenses \ud83d\udc77\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have employees who regularly make business purchases and need reimbursement, business debit cards can simplify the process. For example, Relay (that\u2019s us! \ud83d\udc4b) lets you issue up to 50 virtual or physical Visa\xae debit cards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can issue individual debit cards for employees, teams, or specific spending categories. This will majorly simplify ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":"employee expense management","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014no more last-minute expense reports or employee reimbursements.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, issuing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual business debit cards","marks":[],"data":{}}]},{"nodeType":"text","value":" to your team will give you real-time visibility into spending. You\u2019ll be able to see right away if an employee is using their business debit card for personal use. Then, you can freeze or lock their debit card from your Relay mobile app. This makes business spending more convenient and secure. \ud83d\udd10\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc4 Mini-Quiz: Should I use my business debit card for personal use?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using your business debit card for personal use can come with some serious risks. So to help you make sure you\u2019re using your business card the right way, we\u2019ve created a mini-quiz to test your knowledge. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through a short story about a hypothetical business owner named Beth. Throughout Beth\u2019s busy day, she makes many purchases. See if you can pick out which purchases should be made with her ","marks":[],"data":{}},{"nodeType":"text","value":"personal debit card","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and which should be made with her","marks":[],"data":{}},{"nodeType":"text","value":" business card","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"! \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beth starts her day by heading to her favorite local coffee shop, ","marks":[],"data":{}},{"nodeType":"text","value":"buying a coffee ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2615\ufe0f for herself, and opening her email. She checks her work calendar but notices that her subscription to the calendar software is running out, so she ","marks":[],"data":{}},{"nodeType":"text","value":"renews her subscription ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\uddd3.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the morning, she works on organizing some data for her organization before heading to a company-sponsored lunch event. After ","marks":[],"data":{}},{"nodeType":"text","value":"paying the caterer","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83e\udd6f for lunch and enjoying the meal, she heads to the photoshoot area where her organization is offering new headshots for all employees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wearing","marks":[],"data":{}},{"nodeType":"text","value":" the new blazer she bought ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udc69\ud83c\udffd\u200d\ud83d\udcbc for her headshot, she gets a perfect photo before ","marks":[],"data":{}},{"nodeType":"text","value":"paying the photographer","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83d\udcf8 for their services.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Check your answers below!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Annnnnnnd time! Let\u2019s review.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, Beth bought a coffee. She may have been working while enjoying the coffee, but it\u2019s not a required or necessary purchase for running her company, so it should come from her personal account. \u274c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, since her calendar subscription is used for work, it counts as a business expense. \u2705","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Likewise, meals and entertainment for business purposes are legitimate business expenses, so she can pay for the caterer with her business account too! \u2705","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, even though her new blazer looks great on her, it wasn\u2019t necessary to run her business. She\u2019ll have to pay for it using her personal credit card or debit card. \u274c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last but not least, the photographer\u2019s payment is strictly related to work, so it can be paid for using her business credit card or debit card! \u2705","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2b07\ufe0f The bottom line\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve learned the do\u2019s and don\u2019ts of using your business debit card, you\u2019re ready to handle your company expenses like a pro. 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Unfortunately, interest adds up quickly, and project delays can lead to payment delays. That\u2019s why you want to avoid having a negative cash flow. \ud83d\ude41","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cash flow vs. net profit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that cash flow and profit are two different things. Cash flow refers to the money flowing in and out of a business during a certain amount of time. Profit is the amount of money left over when you subtract all of your expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cash flow vs. working capital","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Working capital and cash flow are two key ways to gauge your construction company\u2019s financial health. Working capital is the difference between your current assets and your current liabilities. Simply put, it\u2019s the money your business uses for day-to-day operations. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a negative cash flow, you\u2019ll have less working capital. But, a positive cash flow means you\u2019ll have more capital to fund your short-term operations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Common cash flow issues for construction companies \ud83d\uded1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Construction companies often foot the bill for a project\u2019s upfront costs. That\u2019s why it\u2019s vital to maintain a positive cash flow. But if you\u2019re struggling to get ahead and stay ahead, you\u2019re not alone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One survey found that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.constructconnect.com/blog/most-construction-companies-face-cash-flow-woes#:~:text=In%20a%20recent%20survey%20of,accounted%20for%2017%25%20of%20respondents."},"content":[{"nodeType":"text","value":"84% of construction companies","marks":[],"data":{}}]},{"nodeType":"text","value":" have experienced cash flow issues. Of those respondents, 17% said they experienced cash flow issues every month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some common cash flow problems that can affect your construction company\u2019s finances:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supply chain issues:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Practically every construction project requires the purchase of raw materials. But, sudden price increases or supply chain disruptions can drive up costs and delay your project timelines. \u26d3\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Poor cash flow forecasting:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Without accurate cash flow forecasting, it\u2019s difficult to make informed decisions about your business\'s financial health. Reviewing your cash flow over months and seasons can help you identify cash flow trends. This information can help you anticipate slowdowns and better manage cash surpluses. \ud83d\ude15","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Delayed payments from clients:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Construction projects typically have long payment cycles, leading to delayed payments. Late payments can leave you over-leveraged and affect your company\'s cash flow. \ud83d\udcb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overestimating profit margins:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It\u2019s hard to know how much money you have if your finances are disorganized. Construction accounting mistakes, like overestimating profit margins, can lead to inflated budgets and insufficient funds for project completion. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unnecessary overhead:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Construction companies have high overhead costs, including equipment, labor, and material expenses. Overestimating the overhead you need can drain your budget and cut into your profitability. On the flip side, underestimating your overhead can lead to project delays and strain your cash flow. \ud83d\udee0\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Project delays:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Project timeline delays lead to payment delays. A lack of cash flow could leave you unable to pay your employees or start new projects. \u23f0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Slow construction accounting process:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can\u2019t get paid until you send an invoice. If you wait until a project is completed to bill your client, you could wait several weeks or months for payment. If you don\u2019t have enough cash to float your operating expenses while you wait, you may have to take on more debt. \ud83d\udc0c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mismanaged inventory:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Purchasing too much inventory reduces your cash flow and leaves your construction company vulnerable. Add in maintenance and storage fees, and you can see that these costs add up quickly. \ud83d\udcc8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Poor expense management:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Change orders are a common practice in the construction industry. That said, you need to document anything that changes a project\u2019s costs or timeline. If you aren\u2019t tracking increased expenses or timeline delays, you might be underbilling your clients. These accounting mistakes can affect your cash flow. \ud83d\ude2c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fronting costs:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Fronting project costs ties up your cash flow and puts your company in a financially vulnerable spot. \ud83d\ude30","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not having an emergency fund:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Unplanned expenses, seasonal slowdowns, late payments, and project delays can all disrupt a construction company\u2019s cash flow. But a healthy ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":" lets you fund operating expenses without taking on debt. \ud83d\udea8","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to calculate construction cash flow \ud83c\udfd7\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Calculating cash flow may seem intimidating at first, especially as a small business owner.\xa0 The simple formulas below will help you get clear on your business\u2019s cash flow and financial health. Remember: to improve your cash flow, you have to know where you\u2019re starting from.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few different types of cash flow construction companies should track to monitor their financial health:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Basic cash flow formula\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This cash flow formula subtracts cash outflows from cash inflows. It factors the other three different types of cash flows into the equation: operating cash flow, investing cash flow, and financing cash flow.\xa0\ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what it looks like:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Basic cash flow ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"= cash inflows - cash outflows","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Operating cash flow formula","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating cash flow refers to the money generated from a business\u2019s operations. In this case, operating cash flow refers to the revenue generated from construction projects. \ud83d\udea7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use the operating cash flow formula to see the difference between your revenue and operating costs. This formula doesn\u2019t factor things like investments into the equation:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating cash flow ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"= operating income + non-cash expenses + change in working capital","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Investing cash flow formula","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing cash flow refers to income produced from investments. Let\u2019s say you buy a new truck or forklift. This new equipment allows you to expand your operations and bring more cash into your business. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The investing cash flow formula shows you how investments affect your cash flow over time. For example, you can use it to see whether equipment sales are a viable way to fund upfront project costs, labor expenses, and more. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing cash flow","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" = ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"purchase/sale of capital expenditures + purchase/sale of marketable securities + business acquisitions (the investments you bought) - business divestitures (the investments you sold)","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Financing cash flow formula","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financing cash flow refers to funds that a construction company\u2019s owners, investors, or lenders bring into the business. Debt, equity, and dividends are examples of cash flow generated from financing activities. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use the financing cash flow formula to see how financing sources affect your company\u2019s cash flow:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financing cash flow =","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" issue/repayment of debt + issue/repayment of equity - (dividend payments + debt repayments)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"7 ways construction companies can improve cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing construction cash flow is no easy feat. Here are seven ways to improve your business\u2019s cash flow and boost your bottom line.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Implement the Profit-First method \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-for-contractors"},"content":[{"nodeType":"text","value":"Profit First method for contractors","marks":[],"data":{}}]},{"nodeType":"text","value":" is a cash flow management system that prioritizes profit over expenses. It\u2019s designed to help construction companies increase profitability and improve cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can implement this method by allocating a percentage of revenue to profit before any money is put toward expenses. Start small by putting 1% of your revenue for profit, then increase your profit allocations over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prioritizing profit gets construction companies out of the habit of fronting expenses and looking for profits after work is complete. This approach can help create a sustainable spending strategy that protects your bottom line. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say your company allocates 25% of revenue to profit. If a construction project brings in $100,000 in revenue, your profit would be $25,000. That leaves you with $75,000 to budget for expenses\u2014like labor and raw materials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you preemptively set a profit margin, you know exactly how much money you\u2019re working with. That\u2019s how the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":" can help you budget your money, stay on top of spending, and avoid cash flow crises.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Try cash flow forecasting \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow projections can help you identify cash flow trends. For example, a cash flow forecast may show that you typically have a surplus of funds in the summer months or less money available during winter. You can use this information to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-prepare-cash-budget"},"content":[{"nodeType":"text","value":"budget your small business\u2019s","marks":[],"data":{}}]},{"nodeType":"text","value":" operating expenses and adjust spending for seasonal cash flow fluctuations.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Set clear payment schedules \ud83d\uddd3\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The construction industry has notoriously long payment cycles. If you cover upfront costs, you may have to float those expenses for 90 days or longer.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To address this issue, you can break a lump sum payment into smaller invoices and request payments on a rolling basis. For example, you can ask for net 15 or net 30 payments. You can also outline project milestones and request payment as you meet each one.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Optimize your accounts receivable process \ud83d\udd04","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overbilling or underbilling clients can delay payments. But accounting software can help you track expenses, create invoices, and send customer payment reminders. Implementing an accounts receivable schedule can also help you create consistent cash inflows.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Review your budget \ud83d\udd75\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Construction companies have high operating expenses. Regularly analyzing your financial statements can help you see how well you\u2019re sticking to your budget.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you spend too much on operating expenses, you can always cut back on labor or raw material costs. On the other hand, if you\u2019re bringing in more revenue than expected, you may want to increase your emergency fund savings.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Give customers more ways to pay \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offering customers multiple payment options, such as credit card payments, wire transfers, or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" can help speed up the collection process. It also reduces the risk of late or missed payments.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Leverage technology \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital tools, such as project management services and construction accounting software integrations, put you in control of your cash flow. Leveraging technology will give your construction company real-time financial insights so you can make informed decisions.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Improve construction cash flow with Relay and Profit First ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the construction industry, projects can have high upfront costs and ever-changing timelines. The right banking platform will give you the tools your construction company needs to thrive.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"\'s online banking platform helps construction business owners and contractors stay on top of cash flow with features like:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"20 free checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Relay doesn\u2019t charge overdraft fees, maintenance fees, or require a minimum account balance.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":" Earn 1% to 3% APY","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"1","marks":[{"type":"superscript"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0on your savings","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Open two savings accounts with Relay and watch your money grow. 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","description":"Learn why small businesses should have extra cash on hand. Plus, tips to help you grow your savings account and calculate your business\u2019s savings target. ","metaTitle":"How much cash should a business have on hand? ","metaDescription":"Learn why small businesses should have extra cash on hand. Plus, tips to help you grow your savings account and calculate your business\u2019s savings target. ","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2BclKk560Ci6r6uCLB6ByK/b58be2d4b07805ca482d8b96cf1e9e2b/How_much_cash_should_a_business_have_on_hand","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Life\u2019s full of surprises. As a small business owner, proper cash flow management can help you plan for the unexpected\u2014because whether sales are booming or in a slump, you still have to cover your business\u2019s payroll costs and operating expenses.\xa0 \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s where a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":" can help. A healthy cash reserve will support your business through financial storms. \u26c8\ufe0f But how much cash should a business have on hand? 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These numbers are sobering, but your business doesn\u2019t have to be a statistic.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow can make or break a business, so it\u2019s important to have enough cash to set your business up for success. A healthy cash reserve protects you, your business, and your employees from economic downturns. \ud83d\udedf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, price increases, a surprise tax bill, or seasonal sales slumps can quickly shift a small business\u2019s financial situation. But when your business is financially flexible (thanks to having enough cash on hand), you won\u2019t have to take on debt to cover your expenses. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online banking platform that helps small business owners open, build, and maintain their business savings accounts. With Relay, you can open no-fee business savings and checking accounts and earn 1-3% APY* on every spare dollar. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"Learn more about saving with Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs your business doesn\'t have enough cash on hand","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business could be at risk if you don\u2019t have enough cash to cover expenses. Counting on next month\u2019s payments to cover this month\u2019s bills is one of the biggest tell-tale signs of cash flow problems.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Watch out for these other red flags \ud83d\udd34 as you evaluate your company\u2019s current cash on hand:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your cash outflow is greater than your cash inflow. \ud83d\ude25","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your operating expenses keep increasing. \u2197\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your sales are trending downward. \u2198\ufe0f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re falling behind on payments to vendors, employees, or landlords. \ud83d\ude30","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re opening new lines of credit, like business loans, to cover operating expenses. \ud83d\udcb3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business is growing at a rate that\u2019s not sustainable. \ud83c\udfc3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve exhausted your working capital. \ud83d\ude2e\u200d\ud83d\udca8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re dipping into your personal funds to cover your business\u2019s bills. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your clients are paying late or not paying at all. \u26d4","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your profit margin is declining. \ud83d\udcc9","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re paying bills late. \ud83d\udd52","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re counting on next month\u2019s revenue to cover this month\u2019s expenses. \ud83d\udcc6","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business bank account balance keeps dropping. \ud83d\udc4e","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If any of these situations sound familiar, don\u2019t worry! We\u2019ve got you covered. Keep reading to find out how to keep more cash on hand for your business. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much cash should a business have on hand?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From startups to established companies, every business needs a cash buffer. As a general rule of thumb, experts recommend small businesses save at least 3 to 6 months\u2019 worth of expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, every business is different, which means your savings goal might be different. To decide how much cash your business needs to keep on hand, it\'s important to consider the below factors. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Operating expenses \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These expenditures are related to your day-to-day business operations. For example, you may want to factor rent, utilities, payroll, and supplies into your operating expense budget. If your expenses are barely covered by your monthly income, you may want to keep more cash on hand.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business growth \ud83c\udf33","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When determining how much extra cash to save, consider your business goals. Are you happy with your current situation, or do you want to expand your operation in the next few years?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re growth-oriented, you may need to save a bit more. That\u2019s because startups are typically less financially stable than established companies with steady cash flow and clientele.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Type of business \ud83d\udecd\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Entrepreneurs should also factor their industry into the equation. Seasonal fluctuations are more common in certain industries, while others have high employee turnover rates. Aligning your savings strategy to your industry\u2019s cash flow trends can help you minimize financial liabilities. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cash flow trends \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Analyzing your cash flow over the last 12 months can help you identify revenue trends. You can start by looking at your accounts receivables.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say most customers pay on the last day of the month. If most of your bills are due the third week of the month, you need to make sure you don\u2019t deplete your cash balance before that point.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, review your balance sheets. \u2696\ufe0f These financial statements cover a company\u2019s current assets, equity, and liabilities. Balance sheets can tell you about your company\u2019s current financial health. \u2764\ufe0f\u200d\ud83e\ude79","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you review cash flow, check for any sales peaks and dips. See if you can spot any patterns. For example, you may find that revenue peaks at the beginning of the month and dips toward the end.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you review your financial statements, you may find seasonal trends, too. Maybe you are busier in summer \ud83c\udf05 than in winter. \u2744\ufe0f  Identifying sales spikes and slumps can help you plan for slow periods and adjust your spending accordingly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This exercise will also help you create a cash flow statement and cash flow projection. These financial documents are designed to help you as the business owner prepare for any cash flow situation. And if you can\'t make sense of your finances alone, remember that you can always ask your accountant or bookkeeper for help. \ud83d\ude0c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"11 ways to keep more cash on hand for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saving money is one of the easiest ways to keep more cash on hand. However, as a growing small business owner, it isn\u2019t always easy to find extra money in your budget.\xa0\ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some practical tips to help you grow your savings account:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. ","marks":[],"data":{}},{"nodeType":"text","value":"Cut down on expenses:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Spending less is one of the best ways to free up room in your budget. For example, sourcing cheaper supplies can help you save more cash. Also, look for ways to increase productivity and output. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. ","marks":[],"data":{}},{"nodeType":"text","value":"Embrace technology:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Automation can help you streamline your business\'s financial processes. For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" lets you sync your accounting software to your business bank accounts, so you can speed up bookkeeping\u2014and spend more time growing your business. \ud83e\udd73 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. ","marks":[],"data":{}},{"nodeType":"text","value":"Take advantage of interest:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" A high-yield savings account can help your money grow faster. These accounts offer higher interest rates than traditional savings accounts, allowing you to earn more on your account balance. \ud83d\udcb8 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. ","marks":[],"data":{}},{"nodeType":"text","value":"Stay on top of cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Make a weekly appointment with yourself to review your bank accounts and budget, so you can avoid overspending and keep track of your income. \ud83d\udcc6 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5. ","marks":[],"data":{}},{"nodeType":"text","value":"Open a ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" A dedicated business savings account gives you an accessible cash buffer. Plus, when you put your cash into an account specifically for savings, you\'ll be less likely to accidentally spend it. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6.","marks":[],"data":{}},{"nodeType":"text","value":" Explore new revenue sources:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Boosting revenue is a great way to save more cash. 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Long-term vendors and landlords may cut you a deal to keep your business. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"11. ","marks":[],"data":{}},{"nodeType":"text","value":"Try the","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" Profit First method","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This system prioritizes profit and leverages ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" to help business owners stay on top of cash flow. The Profit First approach can help you create sustainable growth for your small business. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Build your business savings account with Relay \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business needs to have enough cash on hand for emergencies. \ud83d\udea8 But finding extra cash can be challenging for small business owners\u2014especially if you don\'t have a clear view of your cash flow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can open 2 business savings accounts, earn 1-3% APY* on your extra cash, and use automated savings features to grow your savings on autopilot.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you can open 20 individual, no-fee checking accounts. Then, you organize your cash across accounts, dedicating each one to a specific type of expense. This can help you stay on budget, leaving more money left over for your savings each month. \ud83e\udd73 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s a quick example: let\'s say you struggle to stay on budget with business travel expenses. \u2708\ufe0f You could create a dedicated Relay checking account just for travel. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then, whenever you need to spend money on flights or hotels, you\'ll be able to see exactly how much money is left over for this expense category\u2014at a glance! No more confusing budget spreadsheets or cryptic bank statements. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to grow your small business savings with Relay? You can apply for an account online in less than 10 minutes. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. 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account?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to owning a small business, it\u2019s important to save for a rainy day. \ud83c\udf27\ufe0f Having a small business savings account can help you weather financial storms. Plus, having a healthy cash reserve means you can seize new business opportunities when they arise. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some more reasons you may want to open a small business savings account:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Prepare for emergencies \ud83d\udea8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s common for businesses to have busy seasons and slow seasons. But a dip in sales can cause issues for your cash flow. If money\u2019s tight, you could see if a lender will let you take out a business loan. However, interest rates can be unpredictable and borrowing costs can be expensive. That\u2019s why liquidity is so important!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re short on cash, it\u2019s important to have quick access to funds. You can set aside extra money in a business savings account to build an emergency fund. If an unexpected expense pops up, you\u2019ll be able to use these funds to cover the costs.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Make your business more resilient \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To build a business that\u2019s sustainable long-term, it\u2019s important to have a savings account. These extra funds will give your small business an added layer of security during uncertain times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business finance experts typically recommend that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"small businesses save","marks":[],"data":{}}]},{"nodeType":"text","value":" about 10% of their monthly profit and set aside about six months\u2019 worth of operating expenses. This will prepare your business for the unexpected and allow you to pivot quickly when needed.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Scale your company \u2197\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless of your business\u2019s size, maintaining a competitive edge is key to success. Growth opportunities\u2014like opening a new location, entering a new partnership, or launching a new product\u2014can help you scale operations. If you want to pursue these opportunities, though, you\u2019ll need to plan for startup costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When a growth opportunity arises, you\u2019ll probably need to act fast. A robust business savings account ensures your business has the funds you need to do just that, whether it\u2019s investing in marketing, opening a new store location, or working with new vendors.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Prepare for tax season \ud83d\ude30","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re a sole proprietor or running a business with dozens of employees, it\u2019s crucial to save for taxes throughout the year. The best way to do this is in a dedicated business savings account\u2014not in your personal savings account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Filing taxes is a complex process, so it\u2019s important to keep your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"personal finances separate from your business finances","marks":[],"data":{}}]},{"nodeType":"text","value":", even when it comes to your savings. That way, you\u2019ll have a clear idea of your business\u2019s income and expenses\u2014and you can avoid tapping into funds set aside for your personal life.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Earn interest \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business savings account gives you fast access to cash when you need it. This kind of account can also make your money work for you. That\u2019s because you can earn interest on the money you put in a business savings account. \ud83e\udd73 For long-term savings goals like taxes, that\u2019s a major win\u2014you can make your money grow, with no additional effort on your part.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us \ud83d\udc4b) is an online banking and money management platform that lets business owners earn 1-3% APY* on savings. 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Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a savings account for your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business savings accounts keep your money liquid and let you earn interest. So are you ready to find the perfect business savings account for your small business?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 9 things you may want to consider as you shop around:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Traditional banks vs. online banking platforms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nowadays, many financial institutions offer business checking accounts and business savings accounts. When you\u2019re trying to find the right fit, consider whether ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"a traditional bank or online banking platform","marks":[],"data":{}}]},{"nodeType":"text","value":" works better for needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks \ud83c\udfe6and online banking platforms \ud83d\udcbb are two different types of financial institutions. These institutions share some similarities, but they have key differences, too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks have physical branches where customers can make in-person transactions. But online banking platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" offer small business owners a mobile banking alternative with modern services\u2014including digital business savings accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks or credit unions can be inconvenient for business owners, since many require in-person or ATM visits to complete deposits or withdrawals. By contrast, online banking platforms aren\u2019t weighed down by the constraints of physical branches. With an online banking platform, you can sign up completely online and manage your account from anywhere. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"APY \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A high-interest business savings account, sometimes called a high-yield business savings account, is a savings account that offers above-average interest rates on deposits. \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to \ud83d\udcb3 credit cards, you typically look for lower interest rates. But higher interest rates are a good thing for savings accounts. Accounts that offer a high APY, or annual percentage yield, can help you earn more interest on your extra cash. \ud83d\ude42","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Fees \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you compare business savings accounts, watch out for hidden charges, like ATM fees, overdraft fees, monthly service fees, and monthly maintenance fees. \ud83d\ude28","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monthly maintenance fees can add up quickly and eat into your bottom line. The best business savings accounts typically strike the balance between high APY and low or no monthly maintenance fees.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Minimum balance requirements \u26d4\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some financial institutions require you to keep a minimum balance in your business savings account. The account balance requirement could range anywhere from $100 to over $1000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many business owners prefer online banking platforms because of their low or nonexistent minimum balance requirements. For example, with Relay, you can open two business savings accounts with no minimum balance requirements. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Deposit requirements \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial institutions may have deposit requirements that customers must follow. For example, some banks, credit unions, or online banking platforms require a minimum opening deposit. This term refers to the minimum amount of money a customer would need to deposit to open a business savings account.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Deposit limits \u270b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some business savings accounts require you to keep a minimum account balance. Certain financial institutions may also enforce deposit limits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For business savings accounts, the deposit limit refers to the maximum amount of cash you can deposit into the account in a certain amount of time. If you plan to deposit large sums of cash into your account, consider whether your financial institution has a deposit limit.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"FDIC insurance \ud83c\udfe6\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A savings account should be a place where you can store reserve cash for safekeeping. The Federal Deposit Insurance Corporation (FDIC) \ud83d\udd12 is an independent organization that provides deposit insurance to commercial banks, credit unions, and other financial institutions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fdic.gov/resources/deposit-insurance/?utm_source=google&utm_medium=paid_search&utm_campaign=pn-fdicdi2023-en&utm_term=trafficdriving&utm_content=pn09252023_basics&gclid=CjwKCAjwnOipBhBQEiwACyGLuukGSRHz6UdChTUD9wRk06yk2BJdeLw5QWnb9tYKH_vx90tNQtDIZhoCxOwQAvD_BwE"},"content":[{"nodeType":"text","value":"FDIC","marks":[],"data":{}}]},{"nodeType":"text","value":" deposit insurance protects the money you hold in the following types of accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checking account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business savings account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money market savings account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Certificate of deposit (CD) account","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FDIC insurance provides insurance for your cash deposits in the event of a bank failure. But remember, FDIC insurance is only offered at FDIC-insured banks or financial institutions. As you shop for a business savings account, make sure you look for financial institutions that have the member FDIC accreditation. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Automated savings \ud83d\udee0\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saving money is easier when you aren\u2019t constantly thinking about doing it. Some online banking platforms, like Relay, let you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/automated-savings-accounts"},"content":[{"nodeType":"text","value":"automate your savings","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a Relay business checking account, you can set up an auto-transfer rule. This feature lets you set a maximum deposit amount. Once your business checking account hits the deposit max, the extra funds are automatically transferred to your business savings account. This helps you grow your money on autopilot. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Digital features \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running a small business takes a lot of effort and energy. The best small business savings account will help you streamline time-consuming money management tasks. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, Relay integrates with your accounting software. This can save you hours of time on manual bookkeeping and help you stay on top of cash flow. We also offer business owners other helpful features, like automatic transfer rules and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/banks-with-virtual-debit-cards"},"content":[{"nodeType":"text","value":"virtual debit cards","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Customer reviews \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Researching reviews may give you a sense of which financial institution is the best fit for your small business. Pay attention to different aspects of the customer experience\u2014like ease of using the mobile app, hidden fees, and account support.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to open a business savings account \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process for opening a business savings account may vary from one financial institution to the next. But here are some steps you can typically expect to take:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 1:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Depending on the financial institution you choose, you may need to make an in-person appointment at a physical branch. However, some banks, credit unions, and online banking platforms let you open a business savings account online. With Relay, you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"start your application online","marks":[],"data":{}}]},{"nodeType":"text","value":" in less than 10 minutes. \ud83d\ude4c\u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 2: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Gather any documentation you may need. You could be asked to provide items like\u2026","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your Social Security number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A photo ID","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your employer identification number (EIN)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business license or business registration papers","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Follow the steps listed by your chosen bank and complete your business savings account application.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u27a1\ufe0f Step 4:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Once your application is approved, you can fund your business savings account. Most likely, you\u2019ll need to link a business checking account to your business savings account to transfer funds.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The best small business savings accounts \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best small business savings account is the one that fits your business\u2019s unique needs. Today, we\u2019re here to help you make the right choice. We\u2019ve done some research for you and rounded up a list of the top small business savings accounts. Let\u2019s dive in!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform designed for small business owners. With Relay, you can open 20 free business checking accounts and two business savings accounts. There are no minimum balance requirements, maintenance fees, or other fees.\xa0 \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you and your team can get up to 50 virtual or physical debit cards and Relay offers competitive, tiered APYs for business savings accounts. The more you save, the more you can earn!","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banking Features","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"APY\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1% to 3%\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fees\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$0 account fees\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposit Requirements\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirement","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposit Limits\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash deposit limit: $2,000 per day","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH transfers: $20,000 per day; $50,000 per month","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wire transfer: no limit","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FDIC Insurance\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automated savings\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital features","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sync bookkeeping software\u2014like QuickBooks Online or Xero\u2014to your account.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Trustpilot ratings","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udfe24.6 (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"Source","marks":[],"data":{}}]},{"nodeType":"text","value":")","marks":[],"data":{}}]}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\\nWells Fargo","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.wellsfargo.com/"},"content":[{"nodeType":"text","value":"Wells Fargo","marks":[],"data":{}}]},{"nodeType":"text","value":" is a traditional, nationwide bank that offers business checking accounts and business savings accounts. \ud83d\udcb8 Wells Fargo offers three different types of savings accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business Market Rate savings:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This savings account is designed for small businesses that are just starting their savings journey. 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While Sarah and Annette were laser-focussed on their goals and making the moves to achieve them, their local bank was holding them back. \u201cIt was just so frustrating,\u201d says Sarah, \u201cto the point where I lost out on an opportunity on a great rate because of their slow response time.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The hospitality hook","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The two women met in 2018 and bonded over their shared views on hosting short-term rental guests. 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That is a huge challenge for so many businesses and that has been eliminated, which is awesome.\u201d -Annette Grant","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another essential feature for the team has been the ability to securely share virtual debit cards. \u201cThat\u2019s also something that\'s super easy with Relay,\u201d says Annette. \u201cThat ease of being able to issue a debit card and put the amount you want that team member to have access to is huge. I don\'t know any other banks where you could do that same-day.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s features even impressed the pair\u2019s hard-to-please bookkeeper. \u201cI don\'t have to download statements and email them to her,\\" says Sarah. \\"Instead, she could just go in there and see it in real time. That was game-changing.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Challenge accepted","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cMy goal,\u201d says Sarah, \u201cis to buy as much real estate as possible. But to be financially organized is a challenge. When you buy a property with a partner, getting everything organized so you\'re not commingling funds and you\u2019re keeping everything clean and on track, has been much easier when you can do it yourself online. You don\'t have to go into a bank. A challenge that we\'ve been able to overcome with Relay is being able to see everything, log into one site, and actually get a really aerial view of what\'s going on super quickly.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That bird\u2019s eye view of their accounts has taken money management from a dreaded chore to a daily highlight for Annette, and not just because their balances are growing. \u201cRelay is freaking beautiful,\u201d she says. \u201cIt\u2019s aesthetically pleasing. I love logging in just because of the design. That makes me feel better too, when I want to log in and look at the money and it looks beautiful. It makes you feel better in the morning.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A \u201cno-brainer\u201d for Profit First practitioners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As practitioners of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"the Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", the Thanks for Visiting Team values the way Relay is set up to support their chosen financial strategy.\xa0\\"The fact that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Relay had a relationship with Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and had a strong background with real estate investors definitely piqued our interest,\\" says Sarah. \\"And then once we got to meet the team and we saw the interface, it\u2019s been this really lovely, authentic, organic relationship that\'s continued to grow.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First was a natural choice for how the Thanks For Visiting founders wanted to run their business, but their former banks made implementing the method difficult because of the extra work and fees that came with opening and sustaining multiple accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6BLKh31sYW71K24MCnOCIJ","type":"Asset","createdAt":"2023-11-01T14:12:59.756Z","updatedAt":"2023-11-01T14:12:59.756Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Thanks For Visiting - Case Study - Profit First","description":"Thanks For Visiting - Case Study - Profit First","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6BLKh31sYW71K24MCnOCIJ/756296d1f86984eca983984befd18682/Case-Study---TFV-3.2.jpg","details":{"size":235496,"image":{"width":1600,"height":900}},"fileName":"Case-Study---TFV-3.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"Those are the two biggest Profit First roadblocks: opening multiple accounts and then getting charged fees for all those accounts,\\" says Annette. \\"When you\'re already lean and trying to pay yourself and then you have to pay the bank $15 a month for every single account, it becomes hard to justify that.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And it\u2019s not just money that\u2019s being saved, but time, too. \u201cIt used to be a huge challenge transferring funds to do Profit First and keeping all that organized,\u201d Sarah says. \u201cThe challenge of keeping up with that stuff has now been eliminated.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Next up: more content, a bigger community","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Annette and Sarah are honest about the effort it took to close all their other business banking accounts and make the switch to Relay, but the outcome made it more than worthwhile. \u201cI don\'t regret it at all,\u201d says Sarah, \u201cbecause the freedom and flexibility that we have now within our business has been worth it, a thousand percent.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That freedom and flexibility has allowed the pair to do more of what they love best: building their TFV community and creating content that reaches, supports, and inspires their clients. 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Shawn helps contractors break out of what he calls \u201cThe Craftsman Cycle,\u201d boost profits, make more money, and get their lives back. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why Profit First works for contractors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to Shawn, many contractors fall into \u201cThe Craftsman Cycle\u201d which leaves them tired, uninspired, and broke. The Profit First for Contractors system helps you break free from the vicious cycle of never-ending daily tasks so you can focus on the big picture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re always working and always broke, prioritizing profit can put you back in control. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you aren\u2019t effectively managing your business\u2019s money, it\u2019s easy to fall into debt and rely on credit to finance operations. This can put your company into a tricky financial situation, especially when interest costs and other fees add up. \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say a client pays their invoice late. If you\u2019re counting on that money to pay your credit card statement, you may have to pay a late fee. 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When your business is profitable, you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"save for the future","marks":[],"data":{}}]},{"nodeType":"text","value":", expand your team, and respond faster when things do (inevitably) go wrong.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So if your clients ever ","marks":[],"data":{}},{"nodeType":"text","value":"do ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"pay late, you won\u2019t have to rely on debt or work longer hours\u2014you\u2019ll have the extra cash you need to keep the business running until your invoices are paid. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 5 must-have Profit First accounts for contractors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we discussed above, the Profit First for Contractors approach recommends that you have separate bank accounts for different types of expenses. You\u2019ll also need one account to receive payments from clients and customers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the five Profit First accounts recommended for contractors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" For all sources of revenue, like customer payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You\u2019ll allocate a percentage of funds to this account every month. Shawn recommends you start small and dedicate 1% of revenue to profit. 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Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-profit-first-right-for-you"},"content":[{"nodeType":"text","value":"Is Profit First right for you? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-profit-first"},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages"},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#will-profit-first-help-my-business-grow"},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#who-should-use-profit-first"},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a system of accounting that put simply, prioritizes profit. Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. 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","popular":false,"category":"Payments","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/6pSpycNAYAV8lQDyRGR9Kz/1c206656552a731535c201218f3c1ed4/Business_vs_Personal_Checks_-_Relayy.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to managing your business\u2019s cash flow, the devil is in the details. \ud83d\udd0dThat\u2019s why it\u2019s crucial for small business owners to know the differences between business checks and personal checks. \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Separating your personal cash from your business\u2019s funds is important for bookkeeping, payroll, and tax purposes. Whether you\u2019re a sole proprietor with an online business or a local retailer, having a dedicated business checking account and savings account will help you stay on top of your finances and avoid costly mistakes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll shed some light on business checks vs. personal checks and discuss the differences between these types of checks. We\u2019ll also cover:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-business-check"},"content":[{"nodeType":"text","value":"What is a business check?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-personal-check"},"content":[{"nodeType":"text","value":"What is a personal check?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-are-business-vs-personal-checks-used"},"content":[{"nodeType":"text","value":"How are business vs. personal checks used?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#business-checks-vs-business-ach"},"content":[{"nodeType":"text","value":"Business checks vs. business ACH","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#challenges-of-using-business-checks"},"content":[{"nodeType":"text","value":"Challenges of using business checks","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#using-business-checks-vs-ach-for-payroll"},"content":[{"nodeType":"text","value":"Using business checks vs. ACH for payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#stay-on-top-of-your-cash-flow-with-relay"},"content":[{"nodeType":"text","value":"Stay on top of cash flow with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#faqs-about-business-vs-personal-checks"},"content":[{"nodeType":"text","value":"FAQs about business vs. personal checks","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\\nWhat is a business check?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business check is a payment method used to cover business expenses. Business checks are linked to business checking accounts while personal checks are linked to personal checking accounts and used to pay personal expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks are a traditional payment method that\u2019s commonly used by businesses of all sizes. But businesses can also use other payment methods like credit cards and business-to-business ACH payments to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-pay-freelancers"},"content":[{"nodeType":"text","value":"pay freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":", operating costs, and other expenses. These modern options may offer more security and lower fraud risk than traditional business checks. \ud83c\udf10","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I get business checks?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll need a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" to order business checks. Then, you can order business checks through your bank or financial institution.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you order checkbooks for your business bank account, you\u2019ll typically receive more checks than you would with a personal check order. Most financial institutions work with business check printers that offer customizable business check options. For example, you could add your company logo, watermark, or business name to the checks. However, keep in mind that business checks can be expensive to print. \ud83d\udda8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform that offers several payment methods for small business owners. With Relay, you can send and receive business payments using wire transfers and ACH. You can also send check payments to vendors and employees when needed. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a personal check?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A personal check is linked to an individual\'s personal checking account. Personal checks share many similarities with business checks. However personal checks may have lower deposit limits, fewer security features, and fewer customization options than business checks. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can I use personal checks for my business transactions?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on how your business is set up, you may be able to use personal checks for business expenses. However, it\u2019s always best to consult a tax adviser about your unique financial situation. Generally speaking, using personal checks for business expenses is not recommended.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mixing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"personal and business finances","marks":[],"data":{}}]},{"nodeType":"text","value":" can cause accounting issues and complicate your taxes. As a small business owner, it\u2019s essential to have organized financial records and a clear picture of your cash flow. Using business checks for business purposes can help you separate your expenses and make sense of your financial health. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How are business vs. personal checks used?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checks and personal checks share some similarities. Both types of checks typically feature:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payee\u2019s (the party making the payment) name","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payee\u2019s account number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bank\u2019s routing number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The check number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A signature line","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, there are some key differences between business checks vs. personal checks.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checks are linked to a business bank account. \ud83c\udfe6 These checks are used for business-related expenses. Businesses typically have higher expenses than individuals, so business checks tend to have higher deposit limits than personal checks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners may use business checks for things like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll expenses including employee paychecks","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inventory and supplies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing materials","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vendor payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax payments\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Personal checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your personal checks are linked to your personal checking accounts. These types of checks are used for personal expenses like utility bills, groceries, and rent. \ud83c\udfe0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners shouldn\u2019t pay business expenses with personal checks. Mixing personal finances with business finances can be a headache come tax season. Plus, personal checks may have lower deposit limits and fewer security features than business checks. \ud83d\udcd1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using personal checks for business transactions can blur the lines between personal and business finances. Separating your business funds from your personal funds can help you stay on budget and avoid overspending on both personal and business expenses. Plus, it can help you avoid making costly mistakes on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"nodeType":"text","value":"personal or business tax return","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Business checks vs. business ACH","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While business checks have their place, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"business-to-business ACH transfers","marks":[],"data":{}}]},{"nodeType":"text","value":" are often a safer and faster option for paying vendors, employees, and operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is because business checks can be expensive to print and process. Paper checks also pose more security and fraud risks than modern payment methods like credit card payments, wire transfers, and ACH transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, checks may take as many as 8 business days to process. These payment delays can affect your budget, cash flow, and vendor relationships. By contrast, business-to-business ACH transfers are a much faster and more secure payment method.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital payment solutions, like ACH transfers, can make it easier to manage your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":". ACH transfers are sent through a secure payment network and completed entirely online. Because of this, they provide a clearer record of transactions than paper checks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, small business owners can send free next-day ACH payments to vendors, contractors, and other team members. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", you can also send free same-day ACH payments and free international or domestic wire transfers. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Challenges of using business checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checks are still widely accepted for business transactions. But modern payment solutions, like wire transfers, credit card payments, and ACH transfers are growing in popularity. These digital payment solutions can help overcome some of the challenges associated with business check payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few reasons your business may not want to use or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accepting-check-payments"},"content":[{"nodeType":"text","value":"accept business checks","marks":[],"data":{}}]},{"nodeType":"text","value":":\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Security:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Paper business checks pose greater risks than ACH and credit card payments. If your business checkbook is lost or stolen, your business can become vulnerable to fraud.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0 Time:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Business checks come with slower processing times than digital payment methods. Checks can take several business days to clear, leaving your funds tied up with the bank. These delays can cause serious issues for your cash flow and negatively impact business operations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Effort:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you use paper checks, you may have to manually enter the payment information into your accounting system. Plus, you\u2019ll need to track your check stubs and keep tabs on your payment processing times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udecd Vendor preference","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some vendors may prefer to receive business checks. However, others may prefer credit card payments, ACH payments, and wire transfers. That\u2019s why it\u2019s important\xa0 for small businesses to have multiple options when paying vendors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd14 Flexibility:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Business checks lack the convenience and flexibility of digital payments. If you make multiple check payments each week, you might have to make several trips to the bank or post office. Plus, it can take time for business checks to be printed and shipped to you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Businesses with high transaction volumes or remote operations may prefer digital payment methods like ACH transfers. However, business checks can still be a practical payment method for certain vendors and transactions.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Using business checks vs. ACH for payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to payroll, small business owners have multiple options available. However, most employees prefer direct deposit paychecks over traditional paper checks. ACH payments are growing in popularity since these payments are more convenient, more secure, and cheaper to process than traditional paychecks. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business checks for payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business checks provide a physical record of payment, which some employees may prefer. However, the process of writing, signing, and distributing checks can be time-consuming. Also, there\u2019s always the risk of checks being lost, stolen, or altered.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that processing times can delay access to funds, which can cause issues for employees who rely on prompt payment. \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH for payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees, contractors, and freelancers may find ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-ach"},"content":[{"nodeType":"text","value":"payroll ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" and direct deposit more appealing than paper paychecks. ACH transactions are typically faster, more reliable, and less prone to errors than paper checks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital payment methods offer extra layers of security for businesses and employees. ACH payments are less prone to fraud or theft. Plus, ACH transfers are easier to track than paper payment methods, which can save you lots of time on bookkeeping. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that employees, contractors, and freelancers will need to consent to or opt out of ACH payments. Those who select ACH payments will need to provide their banking information. Some employees may not have access to a mobile device or computer, so they might prefer paper checks. Ultimately, it\u2019s always a good idea to offer multiple payment methods for payroll.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on top of your cash flow with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Effective ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":" is vital for the success of any business. That\'s where Relay can help. Relay is an online business and banking platform designed to help small businesses stay in control of their cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can send and receive next-day and same-day ACH, wire transfers, and yes\u2014even business check payments. \u2728 Plus, you can issue 50 virtual and physical debit cards, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"earn interest on business savings","marks":[],"data":{}}]},{"nodeType":"text","value":", and speed up bookkeeping with Relay\u2019s QuickBooks and Xero integrations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to make the switch to Relay? 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is revenue vs. profit for marketing agencies?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When discussing profit margins, it\'s crucial to understand the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":" difference between revenue and profit","marks":[],"data":{}}]},{"nodeType":"text","value":". Revenue refers to the total amount of money your marketing agency brings in from its activities before any expenses are deducted. This is often referred to as your \\"top line\\" figure. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While big revenue numbers are great for any business, profitability is what will ultimately determine your agency\u2019s long-term success. \ud83d\udca1Your profit margin (AKA, the \\"bottom line\\"), takes into account all business expenses, including employee costs, overheads, and costs of goods sold (COGS).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What exactly is a profit margin?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In simple terms, a marketing agency\'s profit margin is the money that remains after all expenses have been paid. It\u2019s an essential financial metric that helps you understand if your business is sustainable in the long run. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gross profit vs. net profit margins","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When examining your agency\'s profitability, it\'s crucial to differentiate between gross profit and net profit. These numbers will give you different insights about your agency\'s financial performance. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gross profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is the income left over after you deduct the direct costs associated with delivering your marketing services\u2014like the cost of paying contractors to complete client work. This number reflects how efficiently you can transform resources (like your employees\u2019 time) directly into income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A consistent or growing gross profit margin means that you are effectively managing costs and have a solid foundation for your business\'s financial success. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Net profit,","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on the other hand, takes into account all expenses, including indirect costs like office space, utilities, and advertising. This number reflects how much money you actually take home after all operating expenses have been paid.\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to calculate marketing agency profit margins \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The average profit margin for a marketing agency is","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prometheanresearch.com/wp-content/uploads/2023/07/Promethean-Research-Digital-Agency-Industry-Report-2023-Edition.pdf"},"content":[{"nodeType":"text","value":" between 10-15%","marks":[],"data":{}}]},{"nodeType":"text","value":". That means a digital marketing agency earning $150,000 annually can expect a profit of around $22,500 per year. \ud83d\udcb8 This kind of profit margin is key to","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":" achieving your business\u2019s long-term financial goals","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditionally, you would simply subtract expenses from revenue to calculate your profit margin. However, finding a marketing agency\'s profit margin can be a little more complex. Depending on your business model, you\'ll need to add up billable hours, account for multiple revenue streams, and take a close look at the money you pay contractors and freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few tips to help you accurately gauge your marketing agency\'s revenue, expenses, and of course, profit margin.","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Add up your revenue:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This includes all the money your agency generates from its services before any costs or expenses are deducted, such as project fees, retainer agreements, or hourly rates. \u23f0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Calculate your expenses:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Next, sum up all the costs associated with running your agency. This should include employee salaries, overhead costs, marketing costs, and any other operational expenses. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subtract your revenue from expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The resulting number is your net profit. This figure will give you an idea of how much money you\'re making before taxes. \ud83d\udcdd","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determine the profit margin:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Last but not least, to determine your profit margin, divide the net profit by the total revenue and multiply the result by 100. This will give you your profit margin as a percentage. \u2b50\ufe0f\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example of a marketing agency profit margin \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s put this into perspective with a quick example. Suppose you run a marketing agency that brought in $500,000 in revenue this year. Your expenses including salaries, overhead, marketing costs, and other operational expenses amount to $350,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By subtracting your expenses from your revenue, you get a profit of $150,000. To calculate your profit margin, divide the net profit ($150,000) by the total revenue ($500,000) and multiply by 100. This results in a 30% net profit margin for your marketing agency for the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why marketing agencies should put profit first","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\'ve outlined the way in which most marketing agencies calculate profit margins. But there\'s also another way to approach profit\u2014and it\'s one of the ","marks":[],"data":{}},{"nodeType":"text","value":"best","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" ways to increase your business\'s profit margin and improve cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"The Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":" is a cash flow management methodology where a company allocates a percentage of revenue for profit first, before paying for expenses. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First overturns the traditional accounting formula of \\"revenue - expenses = profit\\" by proposing a system where \\"revenue - profit = expenses.\\" Instead of searching for profit at the end of each month, marketing agency owners who follow this method make a profit from day one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For marketing agencies, adopting the Profit First model can be a game-changer. It forces you to put the focus on profit instead of only looking at revenue numbers. As a result, you\'ll be more disciplined with spending and ultimately, build a more sustainable business.\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example of Profit First for marketing agencies","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using the Profit First method, let\'s revisit the example of the marketing agency that generated $500,000 in revenue. If you decide to allocate 50% of your revenue as profit from the onset, you would immediately set aside $250,000 ($500,000 x 0.50) for profit. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'d take this profit throughout the year as a percentage of each payment you receive from clients. Then, what\'s left in your bank account becomes your budget for expenses. Subtracting $250,000 from your total revenue leaves you with another $250,000 to cover all of your business expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These numbers are just examples\u2014if you can only take out 5% from each payment for profit right now, that\'s okay too! We all have to start somewhere. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First is a game-changer because it puts marketing agency owners in control of their cash flow. Instead of waiting until the end of the month (or the year) to calculate their profit margin, they set aside a percentage of revenue for profit before anything else.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This helps you stay on budget, become more disciplined about spending, and as a result, consistently increase your business\'s profits. \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Learn how","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/2novas-case-study"},"content":[{"nodeType":"text","value":" Profit First helped Dan get clear on cash flow and build a thriving marketing agency","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs your profit margin is too small","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good profit benchmark for marketing agencies is 10-15%. However, if your profit margin is near that number, but you don\u2019t feel like you have enough to invest in your future, give yourself a well-earned bonus, or save for the future\u2014your profits might be too small. \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A slim profit margin can also be a red flag that there are underlying issues at your agency. You might have hired too many people\u2014or not enough.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some signs that your profit margin is too small:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Struggling to meet payroll or hire team members","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Consistently tight cash flow may signify a lack of profitability to sustain day-to-day operations. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Feeling like you\'re not growing fast enough:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If your marketing agency isn\'t seeing significant growth, it could be a sign that your profit margin is too small to support expansion. \ud83d\udcc9","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overdue taxes and bills:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When your revenue isn\'t enough to cover expenses, you may find yourself falling behind on paying taxes or other important business bills. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Minimal savings","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If your profit margin is too small, you might struggle to","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":" save as a business","marks":[],"data":{}}]},{"nodeType":"text","value":". If you don\'t have savings, unexpected cash flow problems can feel like emergencies\u2014not minor inconveniences. \ud83d\udeab","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'re not investing in growth opportunities","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": A slim profit margin may restrict your ability to invest in new services, products, or technology that could propel your agency forward. \ud83d\uded1","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re experiencing any of these signs, you should take a closer look at your agency\'s cash flow management strategies. Remember: maximizing profitability is key to the long-term success and sustainability of your marketing agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to boost marketing agency profit margins","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you have a better understanding of your agency\'s profit margin, let\'s explore some strategies to grow it. Here are some actionable tips for improving your marketing agency\'s profit margin:\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Diversify your revenue \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relying on a single service or product offering can limit your profits and leave you vulnerable to market changes. Consider diversifying your revenue streams by expanding your services, creating new products, or targeting different markets. \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you provide search engine optimization (SEO) services, you could also offer PPC, email marketing, or social media services. Chances are, your clients already love working with you and would be happy to pay more for more services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Offering more services is also a win-win for your clients, who can consolidate their marketing needs with one agency. Plus, it can help you stand out from competitors and improve client retention. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, remember that you don\u2019t have to hire in-house employees for each new service. You can always hire freelancers on a per-project basis until you have enough clients to justify hiring a new full-time employee. Or, you can consider partnerships with other agencies. Ultimately, it\u2019s up to you and what works best for your agency\u2014just keep in mind that the goal is to boost your profit margin!\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Streamline processes to reduce costs \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manual or outdated processes can be costly and time-consuming. By automating or streamlining tasks like billing, invoicing, and project management, you can save time and money in the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, improving","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":" employee expense management","marks":[],"data":{}}]},{"nodeType":"text","value":" will help you stay on top of team spending, cut costs, and reduce unnecessary spending. You can also leverage automation to reduce manual entry, streamline spending requests, and generate expense reports. With the time you save, you can focus on tasks that will impact revenue growth. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are endless ways to improve your business\'s processes. To get started, it\'s always a good idea to investigate your existing systems and identify inefficiencies. \ud83d\udd0e Then, you can try out a few different tools and software solutions to find what works best for your team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Starting a new agency?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/marketing-agency-startup-costs"},"content":[{"nodeType":"text","value":" Learn about marketing agency start-up costs in this comprehensive guide","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".\\n","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Raise your prices \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Adjusting your prices is one of the easiest and fastest ways to boost your creative agency\u2019s profit margins, without bringing on new clients or offering additional services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To decide if you should raise your rates, talk to other entrepreneurs in your industry and compare your pricing and service models. Then, consider the value you bring to your clients and how much it would cost them to work with another agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s also important to communicate any price changes transparently with your clients and provide a justification for the increase. Many clients will understand if you explain that the change is necessary for your business\'s growth and sustainability.\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Implement Profit First \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we discussed earlier, implementing the Profit First method can help your marketing agency prioritize profit. But Profit First also gives business owners greater visibility into their cash flow as a whole. \ud83d\udd2e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get more clarity around cash flow, Profit First recommends that small business owners open","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":" multiple bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". This is because when you only have one bank account, it can be tough to know how much money is actually available to spend\u2014versus what\'s already allocated for payroll, operating expenses, and other costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First recommends that small business owners open the following 5 bank accounts. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": for receiving client payments and any other sources of revenue","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for setting aside a percentage of revenue for profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\'s pay account: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for money set aside to pay you as the business owner","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes account: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for setting aside money for your business taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"for paying software expenses, vendors, and other operating costs","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most likely, you\'ll also want a dedicated","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-a-payroll-bank-account"},"content":[{"nodeType":"text","value":" payroll bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" for paying contractors, full-time employees, and freelancers. Depending on your agency\'s needs, you could even open an additional account for ad spending, printing costs, and other client campaign expenses. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you open your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-banks-for-profit-first"},"content":[{"nodeType":"text","value":" Profit First bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":", you\'ll need to choose an allocation percentage for each spending category. For example, you could set aside 5% of revenue for profit, 30% for owner\'s pay, 25% for payroll, 15% for operating expenses, and 25% for taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a marketing agency, the exact percentages you choose will depend on your business\'s unique budget. Remember, the most important part is to allocate ","marks":[],"data":{}},{"nodeType":"text","value":"something","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" for profit each month\u2014even if it\'s just 1% of your revenue.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" You can learn more about how to implement Profit First in this comprehensive guide.\\n","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Grow your marketing agency\u2019s profits with Relay and Profit First","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right banking platform can help your marketing agency thrive. That\'s why we built Relay: to truly serve small business owners like you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is also","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":" the official banking platform for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":". With Relay, marketing agencies can easily implement Profit First by opening up to 20 individual, no-fee business checking accounts. Whether you\u2019re starting your 5 Profit First accounts or need multiple checking accounts for client expenses, you can do it completely online\u2014and for free\u2014with Relay. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also issue 50 virtual and physical debit cards to manage team spending, earn interest on your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":" business savings","marks":[],"data":{}}]},{"nodeType":"text","value":", and leverage automatic, percentage-based transfers to streamline cash flow management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up for Relay today","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about marketing agency profit margins","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is the average marketing agency profit margin?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The average profit margin for marketing agencies varies based on size, location, and the services they provide. However, according to research by","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prometheanresearch.com/wp-content/uploads/2023/07/Promethean-Research-Digital-Agency-Industry-Report-2023-Edition.pdf"},"content":[{"nodeType":"text","value":" Promethean","marks":[],"data":{}}]},{"nodeType":"text","value":", most successful advertising agencies have a profit margin of 15%. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How often should I review my marketing agency\'s profit margin?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ideally, you should review your marketing agency\'s profit margin at least once a month. This will help you identify any changes in revenue or expenses and make adjustments as needed to improve profitability. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How can I increase my marketing agency\'s profit margin without sacrificing quality?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One way to boost your marketing agency\'s profit margin while maintaining the quality of your services is to focus on increasing efficiency and productivity. This could include automating certain tasks or investing in new tools and software. You could also consider upselling or cross-selling services to existing clients. 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So, if you want to accept check payments, here are some steps you can take:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 1:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Create a payment policy that states when and how your business will accept check payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Consider things like whether you need to see a customer\u2019s ID or if you will limit the amount that can be paid with a check. 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Checks should always include:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The customer or payer\u2019s name and address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount of payment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name of the person or business being paid","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name of the payer\u2019s bank or financial institution,","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bank or financial institution\u2019s routing number\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The date of payment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The check number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payer\u2019s checking account number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The payer\u2019s signature","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 4:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Watch out for counterfeit checks","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Don\'t accept the check if any of the information listed in Step 3 is missing. There\u2019s a risk the customer is trying to pay with fake or stolen banking information. You can always request an alternative form of payment.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 5:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Verify the customer\u2019s identity.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can request the customer\u2019s identification to see if the check is legitimate. Ensure the information they provide matches the information on the check. If anything is different, consider requesting an alternative form of payment.\xa0 \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 6: Confirm the check date is correct. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Let\u2019s say a customer comes into your store and buys $300 worth of merchandise. They pay with a check and leave the store. You go to your bank to deposit the check, but you can\u2019t because the date on the check is a week away!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember: You can\u2019t deposit a check until the date listed on the check. That\u2019s why it\u2019s essential to confirm the customer writes the current date on the check\u2014not a day in the future. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The downsides of accepting check payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks are a practical payment method for businesses to accept. However, for many businesses, checks can add unnecessary complexity to their financial operations. Today, customers can choose from a wide range of payment options, so it\u2019s important to consider all the downsides before you decide whether to accept checks for payment. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few risks that come with accepting check payments for your business:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Bounced checks \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a customer pays with a check, but there are insufficient funds in the customer\u2019s account, the check will bounce. If this happens, your bank may charge you a hefty returned check fee.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, a check can take several days to process, so the check writer and your merchandise may be long gone by the time you realize there\u2019s an issue. Trying to track down a customer and reconcile a bad check payment can be time-consuming. Plus, there\u2019s no guarantee you\u2019ll get your money or merchandise back.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other payment methods may run the risk of insufficient funds, too. But with","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":" ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" or credit card payments, you can typically spot the problem faster and avoid paying any fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking and money management platform that lets business owners open multiple no-fee checking and savings accounts. Then, you can mobile deposit checks from customers\u2014and if they bounce, you won\u2019t be charged a fee. (Though it\u2019s still good practice to avoid bouncing checks when possible!)\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also receive wire transfers and ACH payments for free. With Relay, small business owners can avoid pesky banking fees when accepting payments from customers, whether they choose check payments or another option. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stop payments \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a physical storefront, consider that checks pose a stop-payment risk. If a customer pays with a check, they may leave the store and then place a stop payment on the check, which leaves you without proper payment.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To complicate matters, if the funds have already been deposited into your account, a stop payment will debit the funds from your account. If you\u2019re counting that payment as part of your revenue stream, a stop payment can seriously impact your cash flow.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Unnecessary costs \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks can be expensive to process. According to the National Automated Clearinghouse Association (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://directdeposit.org/"},"content":[{"nodeType":"text","value":"NACHA","marks":[],"data":{}}]},{"nodeType":"text","value":"), the organization that oversees the ACH payment network, ACH payments may cost $0.29 per transaction, while checks can cost $1.22 per transaction. If the bulk of your revenue comes from check payments, check processing fees can seriously cut into your bottom line. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Security \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Checks may offer more security features than cash payments. But paper checks can easily be misplaced or stolen. Plus, customers could pay with stolen checkbooks or counterfeit checks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Trying to reconcile fraudulent checks can be a nightmare for small businesses. Other payment methods, like wire transfers, ACH, debit cards, and credit cards, are safer alternatives.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Time \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bad checks can still slip through the cracks even when you take the proper steps. If you receive a bad check, there\u2019s no guarantee you\u2019ll be paid.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/clients-wont-pay-what-to-do"},"content":[{"nodeType":"text","value":" customer doesn\u2019t pay","marks":[],"data":{}}]},{"nodeType":"text","value":" or does bounce a check, you could track them down and request payment. You could even work with a collection agency or contact the authorities. But all of these options may cost you time, money, and energy\u2014that could\u2019ve been saved by accepting alternative forms of payment.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Should my business accept check payments?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While accepting checks for payment can come with some challenges, it\u2019s not all bad.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For one, the more payment methods your business accepts, the more opportunities you have to make sales. Some clients prefer to pay with checks, so accepting this payment method could help broaden your customer base.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, electronic check processing has made it easier than ever to deposit checks. For example, remote capture has made mobile check deposits popular for busy business owners. With remote deposit, you can deposit multiple checks anywhere, anytime, using your mobile device.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, if your clients do want to pay you with checks, it\u2019s worth considering the downsides and potential upsides. Either way, be sure to offer multiple payment options.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Alternative payment methods for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re ready to stop accepting checks or want to offer more payment methods, you have more than a few options.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For online payments, you might consider debit card and credit card payments. You\u2019ll just need to invoice customers through a payment processing platform like Stripe, QuickBooks Online, or Xero and turn on credit card payments. \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next-day and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" are another fast, secure, and cost-effective alternative to paper check payments. These payment methods offer robust security features and low processing fees. Plus, they\u2019re easy and convenient for your customers to send from their bank account to yours.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stop accepting checks for payments \ud83d\uded1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you grow your small business, you may want to stop accepting check payments. Here are some tips to make the transition easier for you and your customers:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcdd Update your check acceptance policy.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Let customers know that you no longer accept checks and offer them alternative ways to pay. Communicate why you\u2019re updating the policy and be sure to offer some flexibility to customers who need it.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2692\ufe0f Set up other payment methods","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Work with your payment process to set up ACH payments, debit or credit card payments, or wire transfers. Ensure you have the correct information from your customers before you initiate these types of payments. Check with your payment processor to see if there are additional steps you should take before making the switch.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Don\'t forget about bookkeeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Once you stop accepting personal checks from customers, you\u2019ll need a way to track new types of payment. Be sure you tell your accountant or bookkeeper about the change and make sure payments are properly recorded during the transition.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Stay on top of cash flow with Relay \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online business and banking platform built for small businesses. With Relay, you can send and receive next-day and same-day ACH, wire transfers, and yes\u2014even check payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also integrates with accounting software like QuickBooks Online and Xero, so you can easily reconcile transactions and speed up bookkeeping. Ready to make the switch to Relay? 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If the answer is yes, mobile check deposit could be the solution you\u2019re looking for. \ud83c\udf89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.miteksystems.com/blog/2022-mobile-deposit-benchmark-report"},"content":[{"nodeType":"text","value":"2022 report","marks":[],"data":{}}]},{"nodeType":"text","value":", nearly 88% of Americans accessed their checking account from a smartphone or tablet last year, and 53% deposited one or more checks using those devices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, mobile check deposit isn\u2019t quite as popular as other digital banking services, like ACH, debit card and credit card payments, or wire transfers. However, it\u2019s still a convenient option for business owners who need to deposit multiple checks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll discuss what mobile check deposit is, how it works, and the benefits for small business owners.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ll also cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-mobile-check-deposit"},"content":[{"nodeType":"text","value":"What is mobile check deposit?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#can-businesses-use-mobile-check-deposits"},"content":[{"nodeType":"text","value":"Can businesses use mobile check deposits?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-mobile-check-deposit"},"content":[{"nodeType":"text","value":"Benefits of mobile check deposit","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-use-mobile-check-deposit-for-your-business"},"content":[{"nodeType":"text","value":"How to use mobile check deposits for your business","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#deposit-business-checks-with-relays-mobile-banking-app"},"content":[{"nodeType":"text","value":"Deposit checks with Relay\u2019s mobile banking app","marks":[],"data":{}}]},{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is mobile check deposit?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile check deposit is a digital banking tool that lets you deposit check funds into your account without having to visit a physical bank. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This kind of check deposit allows you to use your mobile device to deposit a paper check into your business bank account at any time. You can typically deposit the funds into either a checking account or a savings account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile banking services like check deposit and ACH can make it faster, easier, and more secure for businesses to deposit funds into their accounts. They also give small businesses the ability to manage their deposits (and their cash flow) on their own time\u2014instead of always rushing to make it to the bank before 5pm. \u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, mobile deposits let you skip the trip to the bank and deposit funds to your business checking account from your iPhone or Android. Whether you\u2019re at the beach or at the office, this kind of convenience gives you the ability to access your cash anytime, from anywhere. \ud83c\udfdd\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do mobile check deposits work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can typically access mobile check deposit services through your mobile banking app. Mobile deposits use something called remote capture technology to scan a check image. \ud83d\udcf2 Your bank or financial institution will use the image to process your check deposit and add the funds to your bank account.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can businesses use mobile check deposits?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.wsj.com/articles/SB10001424127887323511804578298192585478794"},"content":[{"nodeType":"text","value":"The Wall Street Journal","marks":[],"data":{}}]},{"nodeType":"text","value":" recently reported that over 100,000 checks are deposited with mobile devices each day. Businesses definitely can (and should) take advantage of mobile check deposit features to save time and improve","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":" cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To mobile deposit a business check, you\u2019ll first need a business online banking account. Then, check with your bank to make sure that they support mobile deposits for business customers. \ud83d\udcb0 Once you have verified that your bank offers the service, you\u2019ll be able to upload a scanned check image and enter the deposit details.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b), business owners can open multiple no-fee business checking and savings accounts. Then, you can mobile deposit checks, send and receive ACH payments, and more.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of mobile check deposit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business mobile deposit for checks may be a good option if you have lots of checks to deposit. Let\u2019s say you receive recurring check payments from customers or clients. Making multiple trips to the bank every week would be a hassle. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeping track of paper checks can also be challenging, not to mention risky\u2014if checks are lost or stolen, it can be a real security issue. Here are a few more benefits of mobile check deposit for businesses:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Faster access to cash:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Remote deposit is faster than a traditional bank deposit. \ud83d\ude4c Depending on the check amount and your bank, you could have access to your money immediately after you make the mobile deposit.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Checks are deposited through your mobile banking app, and your information is encrypted. \ud83d\udd12 Mobile deposit also allows you to keep checks at home or in the office, in a safe place, instead of commuting back and forth to the bank (and risking theft or loss).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Convenience","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You can deposit multiple checks into your business account in a few quick taps. Plus, you can do it from the comfort of your home instead of waiting in line at the bank. \ud83d\ude4f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Remote capture lets you send an image of the check to your bank, but you can keep the physical check for your records. Your accounting software or banking platform might also allow you to attach a picture of the image to the transaction. \ud83d\udcf8\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Potential downsides of mobile check deposit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile check deposit is great for businesses, but it does come with some limitations. Here are two common important ones to keep in mind:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposit limits","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Mobile check deposit limits may vary from one bank to the next. If you have multiple checks to deposit, you may want to check your bank\u2019s policy before you attempt a mobile deposit.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Some banks offer mobile deposits at no cost, but others may charge a fee for these online services. \ud83d\udcb0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though mobile check deposit is convenient, you still have to handle paper checks\u2014which inherently come with more risks than digital payment methods.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, your business might want to","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accepting-check-payments"},"content":[{"nodeType":"text","value":" stop accepting checks","marks":[],"data":{}}]},{"nodeType":"text","value":" altogether. Payment methods like ACH, wire transfer, and credit cards can help businesses access funds faster than checks.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to use mobile check deposit for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The mobile check deposit process can vary from one financial institution to the next. It\u2019s a good idea to review your bank\u2019s mobile deposit policy before you begin. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll also want to download your bank\u2019s mobile app from the Apple or Google Play store. After that, you can typically take these steps to deposit a check with your mobile device:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Log in to your bank\u2019s mobile app and access your business banking account.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 2:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Select the deposit check link or button.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You may see a prompt to provide the deposit information, like the date and dollar amount. You\u2019ll also have to choose a deposit account, like a checking or money market account.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 4:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Next, you\u2019ll need to endorse the back of the check with the payee\u2019s name or your business\u2019 name.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 5","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Use your mobile phone to take photos of the front and back of the check. Make sure all four corners of the check are displayed when using the check scanner and double-check that the routing number is clearly shown.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, it\u2019s always a good idea to keep the paper check for your records in case there are any issues with your deposit.\\n\\n","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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Because of this, it\u2019s an experience that can be incredibly rewarding\u2014allowing you to build a team, work with bigger clients, and earn a lot of money.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, this business model isn\u2019t for everyone. Whether you\u2019re an experienced freelancer or a new entrepreneur, here are a few signs you\'re prepared to take the leap and start a profitable digital marketing agency business. \ud83c\udf1f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 ","marks":[],"data":{}},{"nodeType":"text","value":"Your business is growing faster than you can keep up with","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": If you find yourself struggling to handle all aspects of your business, it means that it\'s time to expand. Starting a marketing agency can help you meet the growing demand for your services and increase your earning potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 ","marks":[],"data":{}},{"nodeType":"text","value":"You\'ve identified a unique demand for your digital marketing services","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Are you consistently delivering exceptional results for a specific type of client and getting referrals? If so, it\'s a clear indication that you have the potential to build a scalable digital marketing agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3 ","marks":[],"data":{}},{"nodeType":"text","value":"You\'re feeling burnt out","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Starting a marketing agency can provide relief by freeing up your time and energy. By focusing on high-level strategy and delegating day-to-day tasks to your team, you can rediscover your passion for your work.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa04\ufe0f\u20e3","marks":[],"data":{}},{"nodeType":"text","value":" You want to earn passive income: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"While freelancing often involves trading time for money, owning a digital marketing agency offers the opportunity to build wealth beyond an hourly rate. A profitable agency can generate revenue even when you\'re not actively working, allowing you to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"achieve your financial goals","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5\ufe0f\u20e3 ","marks":[],"data":{}},{"nodeType":"text","value":"You want to collaborate with a team","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Running an agency isn\'t for everyone, and that\'s okay. If you prefer working on your own, there\'s no pressure to take on extra projects or expand your freelance business. You can maintain a small-scale operation and continue to work as a freelancer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much does it cost to start a marketing agency?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a digital marketing agency has become more cost-effective in today\'s digital landscape. Unlike in the past, where high initial investments and limited marketing channels posed significant barriers, now you can get started with as little as $1,000\u2014but most agencies will have start-up costs of around $5,000-$70,000.\xa0 \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a freelancer who\u2019s looking to grow your business into an agency, you might already have paid some start-up costs like business incorporation fees and software subscriptions. But if you\u2019re starting an agency from scratch, you will need to pay a bit upfront before you can start bringing on clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a business banking platform for your marketing agency, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/banking-for-agencies"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us! \ud83d\udc4b) can help. With Relay, marketing agencies can open 20 individual, no-fee business checking accounts\u2014with no minimum deposit or balance requirements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you open your Relay account, you can organize your money into separate buckets for different types of expenses\u2014like taxes, payroll, and operating expenses. This can help you stay on budget and avoid overspending on start-up costs. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/banking-for-agencies"},"content":[{"nodeType":"text","value":"Learn more about Relay for marketing agencies","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why knowing your start-up costs is important","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As with any business, knowing your start-up costs is critical for success. It allows you to carefully plan your budget and ensure that you have enough funds to cover all necessary expenses. This knowledge also helps you determine the best pricing strategy for your services, ensuring that they are both profitable and competitive. \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Moreover, having a clear understanding of your start-up costs can help you anticipate potential financial challenges and prepare accordingly. This can prevent any unexpected financial strain or setbacks in the future. \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Common marketing agency start-up costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start-up costs are basically the one-time expenses you need to shell out when you\'re starting a business. Knowing about these costs helps you make smarter decisions, choose the right marketing strategies, and avoid any unexpected financial surprises.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few expenses to keep in mind:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Office space \ud83c\udfe2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many marketing agencies are entirely online businesses, with clients and employees all over the world. Plus, 93% of workers report ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/advisor/business/remote-work-statistics/#:~:text=A%20staggering%2098%25%20of%20workers,balance%20that%20remote%20work%20offers."},"content":[{"nodeType":"text","value":"having a desire to work from home","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0 \ud83c\udfe0  If your business doesn\u2019t truly need","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"a physical location, you might want to skip investing in office space right away.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, working from home 100% of the time isn\u2019t always best for productivity and collaboration. If you\u2019re looking for a flexible office space option, you might consider joining a coworking space or renting a smaller office that\u2019s only used a couple of times a week. Whichever office space option you choose, prices will vary based on your needs and location. Be sure to research and budget accordingly.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Marketing software \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing agencies rely on a diverse range of software to streamline campaign creation and management. You\u2019ll likely need to invest in tools for analytics, project management, social media scheduling, PPC, digital advertising, and design.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SaaS costs can add up quickly for a small digital marketing agency. The good news is that many platforms offer free or low-cost versions of their software, so you can take advantage of these options when possible. There are also usually many different options for the work you\u2019re trying to accomplish, so it\u2019s always a good idea to compare before making your final decision.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"In-house employees \ud83d\udc65","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a team of skilled and experienced professionals is crucial for a successful marketing agency. This includes hiring experts in different marketing fields, such as SEO strategists, content writers, social media managers, and graphic designers. Keep in mind the costs of salaries, benefits, and training when budgeting for personnel.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you first get started, you might want to focus on hiring contractors over full-time employees. This will allow more flexibility as your workload and clients fluctuate and you learn how to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"manage your agency\u2019s cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Hardware costs \ud83d\udda5\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most critical components of your digital marketing agency\'s start-up budget is hardware costs\u2014like laptops and desktop computers. You\u2019ll need high-quality tech that can withstand heavy use and support your team as you take on new customers and campaigns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The price range for hardware can vary based on specific requirements and equipment quality. Thoroughly researching and comparing prices will help you find the best options that fit your budget and provide long-term value.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Business formation costs \ud83d\udcdc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To operate a marketing agency, you\u2019ll need to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.sba.gov/business-guide/launch-your-business/register-your-business"},"content":[{"nodeType":"text","value":"formalize your business with your local state government","marks":[],"data":{}}]},{"nodeType":"text","value":" and register with the IRS. Make sure you do thorough research to understand the specific legal requirements in your area and avoid fines or complications. You may also want to meet with an accountant and lawyer to get professional advice.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Legal and accounting services \ud83d\udcda","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses should never underestimate the importance of legal and accounting services. 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They receive a salary or hourly wage, and their employer withholds taxes from each paycheck. On the other hand, freelancers are responsible for paying their own taxes and usually invoice you for services rendered. They may also have multiple clients and complete freelance work on a project-by-project basis.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Do I have to withhold taxes when paying freelancers? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No, when paying freelancers, small business owners do not have to withhold taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers are classified in the U.S. tax code as 1099 contractors. What does this mean? Well, when you hire a freelancer, you\'re not hiring an employee but engaging a self-employed individual or entity to complete a specific task or project.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means they fall under the \\"1099\\" category, named after the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-misc"},"content":[{"nodeType":"text","value":" IRS form 1099-MISC","marks":[],"data":{}}]},{"nodeType":"text","value":" that businesses use to report payments to contractors. It\'s the freelancer\'s responsibility to manage their taxes directly with the IRS, unlike regular employees whose taxes you would need to withhold from their paychecks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember that as a business owner, you\'re required to issue a 1099 to any freelancer paid more than $600 in a calendar year. \ud83d\udcb8 When you choose a payment platform for your freelancers, you might want to look for an option that will help you automatically generate these 1099 forms during tax season.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Essential steps before paying freelancers \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you send out any payments to freelancers, proper onboarding is crucial. By collecting a few key pieces of information at the start of your relationship, you\'ll avoid future tax complications and bookkeeping headaches. \ud83e\udd15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few items that every business owner needs before paying a new freelancer:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"A signed contract: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your contract with a freelancer should include the project scope and timeline, as well as an NDA (Non-Disclosure Agreement). This will protect your business and ensure everyone\'s on the same page about the work and what\'s expected.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Clearly defined payment terms: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your contract should include a page or section about payment terms, like upfront deposit requirements or fixed fees. Make sure you\'ve also clearly defined if freelancers will be paid per project or based on an hourly rate.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"The freelancer\'s signed","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-pdf/fw9.pdf"},"content":[{"nodeType":"text","value":" W-9 form","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This form will give you the freelancer\u2019s taxpayer information, so you can issue a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/w9-vs-1099"},"content":[{"nodeType":"text","value":" 1099 form","marks":[],"data":{}}]},{"nodeType":"text","value":" at the end of the tax year. Be sure you collect this form before paying freelancers\u2014otherwise, you might end up in a last-minute crunch when 1099 forms are","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates#:~:text=Generally%2C%20Forms%201099%2DMISC%20must,Will%20Change%20Beginning%20in%202024."},"content":[{"nodeType":"text","value":" due in January","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f","marks":[],"data":{}},{"nodeType":"text","value":" Payment information:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Collect the freelancer\'s payment details, whether you choose to pay them via your PayPal account or collect their direct deposit information.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Invoices:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Freelancers should provide an invoice for their services. The invoice should include details like the nature of the work, the project rate, and the total amount due. Make sure you clearly communicate when you expect to receive their invoice (at the end of the project, on a monthly basis, etc.).","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us \ud83d\udc4b) is an online business banking and money management platform. Business owners can open multiple free business checking and savings accounts. Then, they can securely request freelancer payment information (like banking details) and W9 forms without leaving the Relay platform. \ud83e\udd2f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This offers a secure and streamlined alternative to requesting your freelancer\u2019s information via email or phone. Plus, it means you can manage your cash flow and freelancer payments all in one place\u2014for free.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to pay freelancers: 8 payment options to consider","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some freelancers only accept certain types of payment methods, like credit cards or ACH payments. However, in most cases, independent contractors will accept whichever payment platform your small business prefers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the most common freelancer payment methods available for small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Direct deposit \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Direct deposit is a fast and convenient way to pay your freelancers directly from your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":" business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":". Direct deposit eliminates the risks of lost or stolen checks, ensuring that your freelancers receive their payments securely and on time. \ud83d\udd12","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, if you\'re already utilizing a payroll platform for your employees, you can easily extend its use to set up direct deposit for your freelancers. This makes direct deposit a great payment option for businesses that regularly run payroll for other team members.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Direct deposit isn\'t always free. The cost varies depending on your bank or payroll provider, with some offering this service for free while others may charge a nominal fee per transaction. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Same-day or next-day ACH \ud83d\udcc5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automatic Clearing House (ACH) payments are a convenient way to pay freelancers on a recurring basis, especially if you\'re paying monthly retainer fees. ACH is an electronic funds transfer (EFT) system that allows for fast and secure payments directly from your business account to the freelancer\'s bank account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike direct deposit, you can usually send next-day and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" right from your business banking platform. That means you don\'t need to purchase a separate platform (like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"nodeType":"text","value":"payroll software","marks":[],"data":{}}]},{"nodeType":"text","value":") to set up this payment option for your freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"ACH payments are the fastest and cheapest way to send money to freelancers. For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" offers business owners the ability to send unlimited, free next-day ACH payments. With Relay Pro for $30/month, you can also send free same-day ACH payments!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Wire transfer \ud83d\udd00","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re hiring a freelancer outside of the United States, you might not be able to set up direct deposit or send an ACH payment. In this case, some business owners choose to pay freelancers via an","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments#how-much-do-international-wire-transfers-cost"},"content":[{"nodeType":"text","value":" international wire transfer","marks":[],"data":{}}]},{"nodeType":"text","value":". You should be able to send a wire transfer abroad through your bank, but you can also use platforms like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.payoneer.com/"},"content":[{"nodeType":"text","value":" Payoneer","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://wise.com/"},"content":[{"nodeType":"text","value":" Wise","marks":[],"data":{}}]},{"nodeType":"text","value":" (formerly known as TransferWise).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, you can send domestic wire transfers to freelancers within the United States. However, both types of bank transfers can come with steep fees, so it might not be the best payment solution for every business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" An international wire transfer can take 2-5 business days to complete and cost upwards of $50 per transaction, plus currency conversion fees. Domestic wire transfers are a bit faster and cheaper, but still less convenient than ACH and direct deposit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can send outgoing international wires for only $10 and domestic wires for $5\u2014and both are free to send with Relay Pro.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":" Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Credit card payments \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancers may send you an invoice through Stripe, QuickBooks Online, or another invoicing software. In this case, you can choose to pay them directly with a credit card.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though credit and debit card payments are convenient for both parties, the freelancer receiving the payment may be responsible for paying the transaction fees associated. Be sure you ask independent contractors about their preferred payment method before defaulting to this option.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Credit card processing fees vary depending on the bank, credit card company, and payment platform. However, many platforms (like Stripe) charge rates around 2.9% + $0.30 fee per transaction\u2014however, again, the freelancer will usually be responsible for paying any processing fees, not you.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Peer-to-peer payment platforms \ud83d\udc65","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Peer-to-peer (P2P) payment platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.paypal.com/us/home"},"content":[{"nodeType":"text","value":"PayPal","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://venmo.com/"},"content":[{"nodeType":"text","value":" Venmo","marks":[],"data":{}}]},{"nodeType":"text","value":" are great for paying freelancers who prefer to receive payments into a digital wallet. If you\'re doing a smaller project with a freelancer or don\'t expect to work with them long-term, these platforms can also be very convenient\u2014typically, all you need to send money is the other person\'s username, phone number, or email address.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re paying freelancers internationally, PayPal is also particularly convenient. Just remember to keep detailed records and receipts of any payments you make.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0f  If you\'re working with multiple freelancers or have an ongoing working relationship with a contractor, P2P platforms aren\'t the best option. Since transactions are processed within an app, it can be challenging to keep track of your payments. This can make tax compliance and bookkeeping more complicated than it needs to be.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"There\'s usually no fee for a business to send money through a P2P payment platform, but your freelancer may incur a charge when receiving the money. Be sure to check the specific fees for the platform and communicate with freelancers before sending any payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Freelance marketplaces and management systems \ud83d\udecd\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re hiring freelancers through marketplaces or management systems like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.upwork.com/"},"content":[{"nodeType":"text","value":" Upwork","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fiverr.com/"},"content":[{"nodeType":"text","value":" Fiverr","marks":[],"data":{}}]},{"nodeType":"text","value":", payment is usually facilitated through the platform. This means you don\'t have to worry about setting up direct deposit or sending wire transfers\u2014they handle everything for you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, not every independent contractor works on these platforms, so you might not be able to rely on them for every freelance project.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Marketplaces and management systems usually charge a percentage of the transaction or project fee as their service fee. This can range from 5% to 20%, so be sure to research and factor in these fees when budgeting for your project.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7. Accounts payable automation platforms \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have a large number of freelancers to pay, managing payments can quickly become overwhelming and time-consuming. That\'s where","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":" accounts payable automation platforms","marks":[],"data":{}}]},{"nodeType":"text","value":" like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.meliopayments.com/"},"content":[{"nodeType":"text","value":" Melio","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bill.com/"},"content":[{"nodeType":"text","value":" Bill.com","marks":[],"data":{}}]},{"nodeType":"text","value":" come in handy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These platforms specialize in streamlining the payment process for businesses, making it easier to pay multiple freelancers at once and track all your payments in one place. They often offer features like automatic invoice matching, digital approvals, and payment scheduling to make the process more efficient.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Accounts payable automation platforms typically have a monthly subscription fee, plus transfer fees for each payment made through the platform. However, these costs can be worth it for businesses with high volumes of payments to manage. Be sure to compare different platforms and their pricing structures before choosing one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":" is a fantastic accounts payable solution for small businesses. For just $30/month, you can:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automatically import bills from QuickBooks Online or Xero","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Review, approve, and pay all bills from one dashboard","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automate single or multi-step approval rules for bill payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Pay multiple bills to the same vendor in a single batch","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Pay multiple bills to different vendors in one workflow","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Auto-sync paid bills as \u201cpaid\u201d back to your general ledger","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These features can majorly simplify freelancer payments\u2014plus, they\u2019ll help you pay your team on time, avoid late fees, and speed up bookkeeping.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"8. Paper checks \ud83d\udcec","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While not as common, some freelancers may still","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accepting-check-payments"},"content":[{"nodeType":"text","value":" accept paper checks","marks":[],"data":{}}]},{"nodeType":"text","value":". However, this method can be time-consuming and come with additional costs such as postage fees. It also requires the freelancer to physically deposit the check, which could delay payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" How much does it cost? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ordering checks from your bank can cost as much as $20-$50 per box, and postage fees vary depending on the weight of the envelope. Additionally, some banks may charge a fee for processing paper checks. Overall, this option may not be the most cost-effective or efficient for either party.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tips for streamlining freelancer payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can be overwhelming to figure out how to pay freelancers on top of all your other responsibilities as a small business owner. If you can find a way to simplify your processes, however, you\'ll be able to avoid late fees, reduce human error (like incorrect payment amounts), and improve your relationships with freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, prompt payment shows respect for freelancers\' work and time, which will help you attract and retain quality contractors. In the long term, this will help you save on costs and boost your bottom line. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few tips for streamlining the way you pay freelancers:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3","marks":[],"data":{}},{"nodeType":"text","value":" Use one payment method consistently","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Instead of juggling multiple methods, stick to one that works best for your business and your freelancers. 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Even better, they\u2019ll help you automatically generate 1099s and other reports for tax season.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce3 ","marks":[],"data":{}},{"nodeType":"text","value":"Communicate clearly and often: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Make sure to communicate with your freelancers about payment methods, schedules, and any changes ahead of time. 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Ultimately, the best payment method will depend on your business needs and the preferences of your freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"is an online business banking and money management platform that marketing agencies and other small businesses love using to pay freelancers. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay also allows you to open multiple no-fee business checking and savings accounts, issue 50 virtual and physical debit cards, and simplify bookkeeping with QuickBooks Online and Xero integrations. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to simplify freelancer payments with Relay?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":" to get started.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about paying freelancers","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0f How do I pay international freelancers?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online payment platforms like PayPal can provide a convenient method for paying international freelancers. These platforms usually offer currency conversion and swift transfers, ensuring a seamless payment process. Additionally, they provide competitive exchange rates for international payments.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Are freelancer payments tax deductible? \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Freelancer payments are usually tax-deductible business expenses, whether you pay them through a money transfer, a credit card, or some other method. Keep detailed records of all payments made to freelancers, including their invoices and your payment receipts. 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But what exactly is a payroll bank account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To keep it simple, a payroll bank account is solely used to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-pay-freelancers"},"content":[{"nodeType":"text","value":"pay freelancers","marks":[],"data":{}}]},{"nodeType":"text","value":", employees, and contractors their paychecks. \ud83d\udcb5  In this article, we\u2019ll take a closer look at payroll bank accounts and how to use them. 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Businesses can use this bank account to issue employees, contractors, and freelancers paper checks or send direct deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to more clear visibility into your business\u2019s cash flow, having a dedicated payroll checking account can help. At a glance, you\u2019ll be able to see if you have enough funds available to cover payroll expenses and payroll taxes. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us!\ud83d\udc4b) is a banking and money management platform that helps business owners manage cash flow by opening multiple business checking accounts. The best part? You won\u2019t have to navigate minimum balance requirements or pay unnecessary bank fees, like monthly maintenance fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Learn more about Relay\u2019s no-fee business checking accounts here","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".\\n","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Reasons to open a payroll bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Optimizing cash flow is vital for growing any small business. That\u2019s why you need a clear idea of the money flowing in and out of your business each month\u2014and opening a dedicated payroll bank account is one of the best ways to get full visibility into your spending. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some more reasons why small business owners may want to open a payroll bank account:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. A payroll checking account can improve cash flow management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing payroll expenses can be a hassle if you don\u2019t have a dedicated payroll account. If you only have one bank account, you\u2019ll have to sift through expenses to understand your available funds. Doing this every pay period can be extremely time-consuming and make it harder to stick to your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude15","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A separate payroll bank account can streamline bookkeeping, save time, and give you a better idea of your labor costs. Plus, a payroll account ensures you can pay your employees the right amount on time, every time. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Having multiple bank accounts makes budgeting easier.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you wondering, \u201c","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-many-business-checking-accounts-should-i-have"},"content":[{"nodeType":"text","value":"How many business checking accounts should I have?","marks":[],"data":{}}]},{"nodeType":"text","value":"\u201d The correct answer will depend on your unique situation. However, having dedicated checking accounts for different funds can make budgeting for small business expenses much easier. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you could have a dedicated checking account for tax payments, one for employee wages, and one for your operating costs. Plus, separating your business expenses into different categories or buckets can majorly simplify bookkeeping.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. You can put Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Businesses that use the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":" Profit First approach","marks":[],"data":{}}]},{"nodeType":"text","value":" set aside a percentage of revenue for profit before anything else. Then, they divide their remaining income across multiple bank accounts for different expenses\u2014including, if you have employees, a payroll bank account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the Profit First method, business owners subtract their profit from their sales to determine their expense budget. Once you know how much you have leftover ","marks":[],"data":{}},{"nodeType":"text","value":"after ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"profit, you can determine if you need to change the pricing for your services or adjust your budget for labor costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"official banking platform for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":". With Relay and Profit First, small business owners can get complete visibility into their cash flow and grow their profits. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/AxVGAo71TrM"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/AxVGAo71TrM","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. You can better plan for payroll taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The type of business you run may influence the type of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes"},"content":[{"nodeType":"text","value":" business taxes","marks":[],"data":{}}]},{"nodeType":"text","value":" you pay. However, if you\u2019re paying employees, you can almost definitely plan on paying payroll taxes. \u2611\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, you may have to pay federal, state, and local payroll taxes. Since most small businesses don\u2019t have human resource departments, the responsibility of managing payroll taxes typically falls to the business owner.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can be tough to manage tax payments by yourself. That\u2019s why having a dedicated payroll account and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":"payroll service provider","marks":[],"data":{}}]},{"nodeType":"text","value":" is so important\u2014and when those platforms work together, it\u2019s even better. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, Relay\u2019s online banking platform ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"integrates with the payroll software Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":". Relay will help you stay on top of labor costs by showing you detailed payroll transaction data for every payroll cycle and debit type (like net salary and tax deductions). Plus, we\u2019ll send you a notification if your account is low on funds, two weeks before a scheduled payroll cycle.\xa0\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to open a payroll bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening a payroll bank account can make it easier to plan for payday and send electronic payments, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-ach"},"content":[{"nodeType":"text","value":"payroll ACH","marks":[],"data":{}}]},{"nodeType":"text","value":". Keep in mind, though, that a dedicated payroll bank account shouldn\u2019t be a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-account","marks":[],"data":{}}]},{"nodeType":"text","value":" of your main account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A sub-account isn\u2019t a truly individual bank account, which means your funds are still technically sharing one account. This can make managing your cash confusing\u2014sub-accounts don\u2019t have their own checking and routing numbers, so they usually aren\u2019t that different from having just one bank account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you open a payroll checking account with Relay, however, the account will have its own account number. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" lets you open up to 20 free business bank accounts with no fees or minimum balance requirements. \ud83d\ude04\\n","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5 steps to open a payroll bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you thinking about opening a payroll account for your business? Here are some steps you\u2019ll probably need to take:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 1:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Open a business checking account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" with a bank or financial institution. (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"You can get started with Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":"!)\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 ","marks":[],"data":{}},{"nodeType":"text","value":"Step 2:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"If you plan on using direct deposit, collect your employees\u2019 banking details","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This includes their bank name, account number, and routing number. Make sure they specify whether the payment is going to a checking account or savings account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc6 Step 3:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Choose a payroll schedule, like net 15 or net 30","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Review your cash flow trends to see which pay date works best for your revenue stream. Once you have a schedule set, sync the payroll schedule to your payroll bank account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Step 4:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Allocate payroll expenses to your payroll account ahead of each pay cycle","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Having the proper amount of funds in your account can help you avoid overdraft fees and payment delays. Payroll automation services can help the payroll process run smoothly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Step 5:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Connect your payroll software to your payroll account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" so you can track expenses and plan for tax season.\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Do I need a payroll account and a payroll service provider?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A payroll account can help you manage your payroll cash flow and track labor costs. A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":"payroll service provider","marks":[],"data":{}}]},{"nodeType":"text","value":" can help with various additional payroll tasks, such as:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paying taxes:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" A payroll service can ensure your business adheres to federal, state, and local payroll tax requirements. \u2705 They can also file and pay your taxes automatically.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tracking time: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A payroll service can help you review time sheets to ensure employees accurately enter their hours.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Calculating paymen","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"t: Keeping track of time cards or salary agreements can be time-consuming. A payroll service can help determine how much to pay employees, contractors, and freelancers each pay cycle.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bookkeeping: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A payroll service provider can help you organize bank statements and track expenses and tax records. \ud83d\udcb0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll expenses are a major factor in any small business\u2019s operating costs. Partnering with a payroll service provider can help your business avoid costly mistakes, adhere to tax laws, improve cash flow, and boost your bottom line.\\n","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Open a payroll bank account with Relay today","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay can help you stay on top of cash flow and never miss a payroll cycle. With Relay, small business owners can open multiple business checking and savings accounts\u2014with no minimum balance requirements, no overdraft fees, and no monthly maintenance fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then, you can use our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto payroll integration","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to get notifications when your balance is too low to process payroll. Plus, you\u2019ll get detailed transaction data for every payroll run\u2014so you\u2019ll never have to waste time decoding your bank statements again.\\n\\nWith Relay and Gusto, you can spend less time on payroll tasks, and more time on running your business and growing your revenue. \ud83d\udcc8 Ready to open a payroll bank account with Relay? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1697640990432,"customDate":1697640990432,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-a-payroll-bank-account"},"content":[{"data":{},"marks":[],"value":"What is a payroll bank account","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#reasons-to-open-a-payroll-bank-account"},"content":[{"data":{},"marks":[],"value":"Reasons to open a payroll bank account","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-to-open-a-payroll-bank-account"},"content":[{"data":{},"marks":[],"value":"How to open a payroll bank account","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#do-i-need-a-payroll-account-and-a-payroll-service-provider"},"content":[{"data":{},"marks":[],"value":"Do I need a payroll account and a payroll service provider?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#open-a-payroll-bank-account-with-relay-today"},"content":[{"data":{},"marks":[],"value":"Open a payroll bank account with Relay today","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":["category-business-banking"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"payroll-ach","title":"Payroll ACH: Everything Small Business Owners Should Know","description":"Learn how small business owners can use the ACH network to set up direct deposit ACH payments for employees, contractors, and freelancers. ","metaTitle":"Payroll ACH: Everything Small Business Owners Should Know","metaDescription":"Learn how small business owners can use the ACH network to set up direct deposit ACH payments for employees, contractors, and freelancers. ","popular":false,"category":"Payroll","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/c1fjQkMpLiUKoY1GxyWBJ/92ef47b70c81511c6689c5b92f6af46d/Payroll_ACH_Everything_small_business_owners_should_know_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you looking for a better way to manage payroll? Do you want a cheaper, faster, and more secure way to pay your workers? If so, ACH payments could be an excellent fit for your payroll needs. But what is ACH, and how does it relate to small business payroll? \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automated Clearing House (ACH) payments are a fast and secure way to send direct deposits. You can send ACH payments to vendors, request payment from a customer, and pay employees, contractors, and freelancers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using ACH transactions for payroll can be a great way to improve employee satisfaction. \ud83c\udf89 In fact, a recent American Payroll Association (APA) survey revealed that","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/direct-deposit-stays-top-new-survey-getting-paid"},"content":[{"nodeType":"text","value":" direct deposit","marks":[],"data":{}}]},{"nodeType":"text","value":" is how most workers prefer to get paid. But the benefits of using ACH transactions for payroll don\u2019t stop there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-ach"},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-ach-work"},"content":[{"nodeType":"text","value":"How does ACH work?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#can-i-use-ach-payment-processing-for-payroll"},"content":[{"nodeType":"text","value":"Can I use ACH payment processing for payroll?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#pros-and-cons-of-using-ach-payments-for-payroll"},"content":[{"nodeType":"text","value":"Pros and cons of using ACH transactions for payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-set-up-ach-payments-for-your-companys-payroll"},"content":[{"nodeType":"text","value":"How to set up ACH payments for your company\u2019s payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#tips-for-streamlining-payroll-with-ach"},"content":[{"nodeType":"text","value":"Tips for streamlining payroll with ACH \ud83e\uddd1\u200d\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#managing-ach-payroll-payments-with-relay"},"content":[{"nodeType":"text","value":"Managing ACH payroll payments with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ACH network is a national system that individuals, companies, and government agencies use to electronically transfer funds from one bank or financial institution to another. For example, the IRS may send tax returns via direct deposit using the ACH network. The National Automated Clearinghouse Association (NACHA) governs and manages this payment network.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A few years back, NACHA increased the daily electronic funds transfer limit and rolled out","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":" same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":". As a result, the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/new-fed-report-further-proof-ach-network-thriving"},"content":[{"nodeType":"text","value":" ACH network","marks":[],"data":{}}]},{"nodeType":"text","value":" is thriving, and it processed 30 billion payments in 2022 alone. Considering the convenience and security of ACH payments, it\u2019s not surprising that businesses are choosing ACH direct deposit over outdated payment methods like paper checks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having faster options for receiving funds or sending bill payments can save you time and money. It can also improve cash flow and, in turn, improve your cash flow forecasting. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does ACH work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use the ACH network to make two different types of ACH transactions:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH credit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you need to pay an employee. \ud83d\udcb8  You could instruct the ACH network to move money from your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-many-business-checking-accounts-should-i-have"},"content":[{"nodeType":"text","value":" business bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" to your employee\u2019s account through your banking platform. This type of ACH transaction is called an ACH credit payment.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH debit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH debit transactions are helpful when you need to request payment from a client or customer. That\u2019s because the person receiving the funds initiates this type of ACH payment request.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Businesses can use both ACH credits and ACH debits. But when we talk about payroll, we\u2019re mainly talking about ACH credit transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can I use ACH payment processing for payroll?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, you can use the ACH payment system to process payroll. \ud83d\ude4c  This type of payment is used to process direct deposits for employees. ACH electronic payments are a fast, safe, and cost-effective way to transfer funds from your business bank account to an employee\u2019s bank account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to use ACH payments for payroll, you\u2019ll need the right business banking partner. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform that allows small business owners to send and receive no-fee, next-day ACH payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", small business owners can also streamline their accounts payable, including payments to employees, contractors, and freelancers. Plus, Relay Pro lets you send same-day ACH payments for free. \ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Pros and cons of using ACH payments for payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to the payroll process, there are many moving parts. From navigating tax laws across states to tracking withholdings, it\u2019s easy for small business owners to get bogged down in the details.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last thing busy business owners want to do is spend time printing checks or manually filling out payment forms. That\u2019s why many business owners consider ACH payments as a fast and simple way to pay their employees and contractors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, like any other type of payment, there are always some pros and cons. Here\u2019s what to consider before using ACH for payroll.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Benefits of using ACH for payroll\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u231a ","marks":[],"data":{}},{"nodeType":"text","value":"It saves time","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You can use ACH debits to automate payments. This process can free up the time you\u2019d otherwise spend manually entering payroll information. Plus, you can use ACH debits to issue payroll. ACH processing times for this type of transaction typically only take 1-2 business days.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s more secure","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Paper paychecks can get lost in the mail or stolen. But NACHA\u2019s strict ACH protocols encrypt ACH transfers so your information doesn\u2019t fall into the wrong hands. The ACH network is automated, meaning you must verify the payment information and authorize the transaction before it\u2019s processed. These extra layers of security give you more control over your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":" cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd73 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s convenient","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Many employees prefer the convenience of ACH payments over other payment forms. They can access their money with a direct deposit once funds hit their account. ACH direct payments are convenient for business owners, too.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s cheaper","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Printing checks, buying stamps, and mailing envelopes are expensive and time-consuming tasks. ACH direct payments eliminate the need for these costs and time constraints. Also, ACH payments typically charge lower processing fees than debit or credit card payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Possible downsides of ACH for payroll\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc9 Cash flow","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Funds leave your account as soon as the ACH payment is processed. This processing time isn\u2019t necessarily a con, but you must have the correct amount of cash available for the scheduled payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0 Timing","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": ACH payment information has to be verified ahead of time. That means you need to submit payroll requests early to stay on schedule. This isn\u2019t always easy to remember, but with an automation tool like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", you can automate bill payments and stay on top of cash flow all the time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0e International payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": ACH payments may not be available to employees, contractors, or freelancers who live overseas. If you employ digital nomads or international talent, you may have to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments"},"content":[{"nodeType":"text","value":"send a wire transfer","marks":[],"data":{}}]},{"nodeType":"text","value":" instead. You can check out the Federal Reserve\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.frbservices.org/resources/resource-centers/international-payments"},"content":[{"nodeType":"text","value":" International Payments Resource Center","marks":[],"data":{}}]},{"nodeType":"text","value":" for more information on how this works.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up ACH payments for your company\u2019s payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? You can take the following steps to set up ACH payments for your team:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Work with an ACH operator to set up direct deposit payroll. This operator can be an online banking platform, like Relay. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Have your employees, contractors, and freelancers complete a direct deposit form. Employees must provide their bank\u2019s address, the routing number, and their account number. They\u2019ll also need to specify if the account is a savings account or a checking account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Next, you need to set a payment schedule. Many businesses offer biweekly pay cycles. Remember, the funds have to be in your account before you can complete an ACH payment. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 4","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Once you have this information, you can send payment instructions to your bank. In this case, your bank or financial institution is the originating depository financial institution (ODFI). The ODFI will send the ACH transaction details to the ACH operator through the ACH system.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 5","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The ACH operator then sends the ACH payment to the employee\u2019s bank or financial institution. In this case, the employee\u2019s bank is the receiving depository financial institution (RDFI). 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Think about when workers need to submit time cards or send invoices. Also, consider how they can securely send you their banking information and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/w9-vs-1099"},"content":[{"nodeType":"text","value":"tax forms","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you can easily ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accrew-case-study"},"content":[{"nodeType":"text","value":"manage contractors and payments with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":". Instead of chasing down contractors for their payment information and tax forms, you can request them through Relay. This makes it incredibly easy to process payments on time, all the time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also set single and multi-step approvals, automate payments, and sync your account activity log back to your accounting software. With Relay, you can spend less time worrying about accounts payable and more time on growing your business. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Managing ACH payroll payments with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to streamline your payroll process, Relay\u2019s same-day and next-business-day ACH services can help. 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Learn more about how B2B ACH payments work.","metaTitle":"Business-to-Business ACH Payments: Your Ultimate Guide","metaDescription":"Business-to-business ACH payments allow businesses to send or receive payments from other companies. Learn more about how B2B ACH payments work.","popular":false,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7ex9qvRIqiDAqNQfxXPsOt/a5fc46a33b498fce218d136e4207191d/Business-to-business_ACH_payments_Your_ultimate_guide_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can use business-to-business ACH payments to manage your cash flow and support your company\u2019s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":" and accounts receivable process. But what exactly is a business-to-business ACH payment, and what are the benefits?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business-to-business ACH payments, also known as Automated Clearing House payments, are electronic transfers of funds between two business bank accounts. This payment method has been around for decades and has become increasingly popular due to its convenience, reliability, and cost-effectiveness. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In fact, the ACH network processed ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/ach-network-sees-record-growth-2020-268-billion-payments#:~:text=The%2026.8%20billion%20payments%20made,is%20the%20highest%20since%202007."},"content":[{"nodeType":"text","value":"26.8 billion payments","marks":[],"data":{}}]},{"nodeType":"text","value":" in 2020 alone, and that number is on the rise. As a small business owner, ACH payments are particularly useful\u2014allowing you to streamline your financial operations and reduce the time and costs associated with traditional paper-based payments. \ud83c\udf89","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-does-ach-stand-for"},"content":[{"nodeType":"text","value":"What does ACH stand for?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-business-ach-payment"},"content":[{"nodeType":"text","value":"What is a business ACH payment?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#ach-payment-basics"},"content":[{"nodeType":"text","value":"ACH payment basics","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-business-to-business-ach-payments-work"},"content":[{"nodeType":"text","value":"How do business-to-business ACH payments work?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-ach-payments-for-small-businesses"},"content":[{"nodeType":"text","value":"Benefits of ACH payments for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#send-and-receive-business-to-business-ach-payments-with-relay"},"content":[{"nodeType":"text","value":"Send and receive business-to-business ACH payments with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 What does ACH stand for?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH stands for automated clearing house, the network used for electronic fund transfers (ETFs). The ACH network can move ETFs from one bank or financial institution to another. Banks use the Automated Clearing House Network to process ACH payments multiple times per day.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/ach-network-sees-record-growth-2020-268-billion-payments"},"content":[{"nodeType":"text","value":"National Automated Clearinghouse Association (NACHA) network","marks":[],"data":{}}]},{"nodeType":"text","value":" manages and governs the ACH network. NACHA ensures the fast and secure transfer of funds between financial institutions within the US.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a business ACH payment?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business-to-business ACH payment occurs when one business uses the automated clearing house (ACH) network to transfer electronic funds to another company. Businesses typically use ACH to pay for goods and services or to request payment for goods and services.\\n\\nACH transfers are cheaper than credit card payments because they don\u2019t have to go through the card processing network. That\u2019s why many businesses prefer to send and receive next-day or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" instead of using credit card payments (or wire transfers, which can also be more expensive than ACH payments).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business ACH payments also offer more security than traditional payment methods. Unlike paper checks, which can be lost or stolen, business-to-business ACH payments are sent through NACHA\u2019s secure payment network. \ud83d\udd10\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can send business-to-business ACH payments using your business bank account. For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform that allows small business owners to send and receive no-fee, next-day ACH payments. This makes it easy to pay contractors, vendors, and everyone else\u2014right from your mobile banking app or computer. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ACH payment basics","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wondering how to use B2B ACH payments for your small business? Before we break down the ACH payment process, there are a few key terms you\u2019ll need to know:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"National Automated Clearing House Association (NACHA): NACHA is the organization that governs, maintains, and creates policies for ACH transfers.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Originating Depository Financial Institution (ODFI): the bank or financial institution that initiates the ACH transfer is called the ODFI.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receiving Depository Financial Institution (RDFI): the bank or financial institution that receives the transfer request is called the RDFI.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll need to provide some basic account information when you set up ACH payments, including:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The routing numbers for each business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bank account numbers for each business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The name of each party\u2019s bank or financial institution","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount of money you want to transfer","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nOnce you have the correct information on hand, you can request an ACH transfer. You can typically request an ACH transfer through your bank or financial institution\u2019s online portal. \ud83d\udcbb  The ACH transfer will happen in 3 simple steps:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 1: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The OFDI sends a request to the RDFI for the payment amount. This step initiates the ACH transfer.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 2: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0The two institutions confirm there are enough funds to complete the transfer request.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step 3: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The bank will then move the funds and complete the request. \u2705","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do business-to-business ACH payments work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can think of B2B ACH payments as direct deposits for businesses. Business ACH payments allow one company to transfer funds from their bank account to another business\u2019s bank account. Businesses can transfer funds between different banks or financial institutions, too. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business-to-business ACH payments are like business-to-customer ACH payments, but business ACH payments have a few more requirements. For example:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can\u2019t send a business ACH payment unless you have a business banking account. If you don\u2019t have one, you can set it up through your bank or financial institution\u2019s online banking portal.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Confirm that your payment processor can add ACH payments to your POS system.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Provide customers with an ACH agreement that states the customer allows you to request ACH payments from their bank account. The agreement can be for one-time payments or recurring ACH transactions.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that business-to-business ACH payments fall into one of two categories: ACH credits and ACH debits. You\u2019ll need to know which type of ACH transaction you\u2019re requesting. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"ACH debit vs. ACH credit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH debits are initiated by the business that will be receiving the funds. It\u2019s different from an ACH debit card transaction. ACH debits are typically preferred over ACH debit card payments since ACH debit card transactions charge the merchant 1% of the total transaction cost. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The business which needs to pay the other party initiates the ACH credit. Think of an ACH credit as an electronic check. It\u2019s like an electronic payment that transfers funds from one bank account to another, eliminating the need for paper checks.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How long do business ACH payments take?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments can take 1 to 3 business days to complete. \ud83d\udcb8 You can transfer funds quickly because NACHA processes ACH payments four times per business day.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you need to send money fast, you may want to consider a same-day ACH payment. But keep in mind that some financial institutions may charge a fee for same-day transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", you can send unlimited, free same-day ACH payments and outgoing wire transfers for just $30 per month. You can also automate bill approval rules for your team and pay all your bills\u2014without leaving the Relay platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of ACH payments for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are several ways business-to-business ACH payments can help small business owners take charge of their finances and optimize their cash flow. Here are some key reasons to use B2B ACH payments:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower processing costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": B2B ACH payments are cheap alternatives to wire transfers because they don\u2019t charge processing fees. \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower transaction fees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Transaction costs can vary by financial institution, but it\u2019s typically free to transfer ACH payments through the ACH network.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reduce the risk of errors or fraud","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Paper checks can get lost or stolen, but you send ACH payments through a secure network managed by NACHA. \ud83d\udd10","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve cash forecasting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": ACH payments support fast payment windows and help you access your cash in real time. This reduces the risk that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/clients-wont-pay-what-to-do"},"content":[{"nodeType":"text","value":"clients will pay late","marks":[],"data":{}}]},{"nodeType":"text","value":" and can help you rely less on credit. \ud83d\udcb3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automate financial records","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": B2B ACH payments make it easy to track your transaction history and access it all in one place. Instead of worrying about paper records, ACH allows you to keep everything digital.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Streamline the accounts payable process","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Do you need to set up multiple recurring payments for different vendors? Business ACH is much easier (and faster) than writing checks for every individual vendor.\xa0\\n","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude0e Send and receive business-to-business ACH payments with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a business banking solution that lets you send free next-day ACH payments and gives you full control over your day-to-day money management, Relay might be right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay gives small business owners the ability to open 20 free business checking accounts \u2014 with no monthly fees, overdraft fees, or minimum balance requirements.\xa0 \ud83d\ude4c\ud83d\udcb8\xa0 Relay also offers 50 virtual or physical debit cards, savings accounts, percentage-based auto-transfer rules, and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can spend, save, and plan more efficiently and get unparalleled clarity into operating expenses, cash flow, and accounts payable. Ready to get started? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Make the switch to Relay today","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1696859558797,"customDate":1696859558797,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-does-ach-stand-for"},"content":[{"data":{},"marks":[],"value":"What does ACH stand for?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-a-business-ach-payment"},"content":[{"data":{},"marks":[],"value":"What is a business ACH payment?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#ach-payment-basics"},"content":[{"data":{},"marks":[],"value":"ACH payment basics","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-do-business-to-business-ach-payments-work"},"content":[{"data":{},"marks":[],"value":"How do business-to-business ACH payments work?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#benefits-of-ach-payments-for-small-businesses"},"content":[{"data":{},"marks":[],"value":"Benefits of ACH payments for small businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#send-and-receive-business-to-business-ach-payments-with-relay"},"content":[{"data":{},"marks":[],"value":"Send and receive business-to-business ACH payments with Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":["category-payments"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-choose-a-payroll-service","title":"How to Choose a Payroll Service for Your Small Business","description":"Learn how to choose the perfect payroll service for your business\u2019s needs and compare top payroll software solutions. ","metaTitle":"How to Choose a Payroll Service for Your Small Business","metaDescription":"Learn how to choose the perfect payroll service for your business\u2019s needs and compare top payroll software solutions. ","popular":false,"category":"Payroll","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1njLzUd30uPK6V4j7esace/c9ba19db1e1c9dc71653400aa1ee389a/How_to_Choose_a_Payroll_Service_for_Your_Small_Business_-_Relay.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Finding the perfect payroll service provider can feel like trying to solve a complex puzzle. \ud83e\udde9 Whether you\'re leading a marketing agency or growing a brick-and-mortar store, you have to navigate confusing pricing plans and ever-changing tax rules. So how do you choose the right payroll service for your small business?\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The best option for your business will fit your unique needs (and budget). Ideally, your payroll service provider will also simplify time-consuming tasks so you can reach your business goals, now and in the future. \ud83d\udcb8\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this article, we\u2019ll discuss:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-does-a-payroll-service-do"},"content":[{"data":{},"marks":[],"value":"What does a payroll service do?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#does-your-small-business-need-a-payroll-service"},"content":[{"data":{},"marks":[],"value":"Does your small business need a payroll service?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-to-choose-the-right-payroll-service"},"content":[{"data":{},"marks":[],"value":"How to choose the right payroll service","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-best-payroll-software-for-small-business-owners"},"content":[{"data":{},"marks":[],"value":"The best payroll software for small business owners","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#understanding-the-true-cost-of-a-payroll-service"},"content":[{"data":{},"marks":[],"value":"Understanding the true cost of a payroll service\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#can-online-payroll-services-help-with-employee-benefits"},"content":[{"data":{},"marks":[],"value":"Can online payroll services help with employee benefits?\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-bottom-line"},"content":[{"data":{},"marks":[],"value":"The bottom line ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s dive in. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What does a payroll service do?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"A payroll service helps small business owners manage employee paychecks and adhere to tax and labor regulations. \ud83d\udccb These services streamline a variety of tasks involved in the payroll process, including:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Salary and wage processing:","nodeType":"text"},{"data":{},"marks":[],"value":" These services calculate and process both full-time and part-time employees\u2019 salaries and wages. They\u2019ll allow you to send direct deposit payments to your team\u2019s bank accounts and issue paper checks when needed.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Deductions and withholdings: ","nodeType":"text"},{"data":{},"marks":[],"value":"Many small business payroll solutions automatically determine and withhold employee taxes, including Social Security and Medicare contributions. They\u2019ll also withhold pre-tax deductions like retirement plan contributions and insurance premiums.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Payroll tax management:","nodeType":"text"},{"data":{},"marks":[],"value":" Payroll services help you manage payroll tax calculations, garnishments, and deductions. They\u2019ll also simplify tax filing\u2014and some payroll options will even automatically pay taxes on your behalf.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Bookkeeping:","nodeType":"text"},{"data":{},"marks":[],"value":" A good payroll solution will help you maintain organized records related to employee compensation, tax withholdings, and other critical payroll data. This will streamline and simplify bookkeeping for your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Attendance and time tracking:","nodeType":"text"},{"data":{},"marks":[],"value":" This includes providing tools for accurate time and attendance tracking and helping businesses monitor employee work hours.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Year-end processes:","nodeType":"text"},{"data":{},"marks":[],"value":" Payroll services assist with essential year-end processes, like the creation of annual tax forms (W-2s and 1099s), reconciliation of payroll accounts, and the provision of reports for the IRS.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Does your small business need a payroll service?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Navigating payroll as a small business owner can be challenging. How do you decide if outsourcing payroll is worth the investment, or if you can handle it on your own?\xa0 \ud83e\udd14 Well, every business is different, but with the four steps below, you can make an informed decision for your company. \u2b07\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1\ufe0f\u20e3 Assess your employee count","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Consider your current and projected employee headcount. If you\'re steadily adding employees and managing payroll is becoming increasingly challenging and time-consuming, it may be time to explore a payroll service. They can handle growth-related challenges and help you avoid payroll mistakes. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2\ufe0f\u20e3 Consider your current time commitments\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Reflect on the time and effort you and your team are dedicating to payroll tasks. As your business grows, managing payroll can become more and more time-consuming. If payroll processing will take you away from strategic business activities, a payroll service can free up valuable time\u2014and allow you to focus on revenue-generating tasks. \ud83d\udcc8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3\ufe0f\u20e3 Review compliance concerns","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you have employees on payroll, you have to stay on top of compliance at all times. This can be overwhelming for a small business owner\u2014especially since tax laws and regulations are always changing. A payroll service can alleviate the burden of tax compliance and reduce the risk of costly errors and penalties. \ud83d\udcdd","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4\ufe0f\u20e3 Calculate cost vs. value\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finally, weigh the cost of a payroll service against the value it provides. While outsourcing always comes at a cost, remember that a payroll service can improve payroll accuracy and help you manage compliance risks. This can actually save your business money in the long term. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Ultimately, the decision to use third-party payroll companies should align with your business\u2019s growth plans and ability to manage payroll efficiently. If you\u2019re struggling to keep up with payroll tasks and your team is expanding, it might just be time to enlist the support of a payroll service.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How to choose the right payroll service","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"A 2020 survey by ","nodeType":"text"},{"data":{"uri":"https://www.paycor.com/resource-center/articles/the-biggest-cost-of-doing-business-a-closer-look-at-labor-costs/"},"content":[{"data":{},"marks":[],"value":"Paycor","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" found that employee wages, benefits, and taxes related to payroll can make up as much as 70% of a company\'s total expenses. \ud83d\udc40 Your payroll service can make a big impact on those costs, so you shouldn\u2019t take this decision lightly.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here are a few factors to consider when choosing a payroll provider for your small business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcf0  Reputation and reliability\xa0\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"As you start your search, be sure to investigate the reputation and track record of potential payroll service providers. Look for testimonials, reviews, and references from businesses in your industry. A reliable service with a solid reputation will help your business manage payroll and taxes with ease.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 Budget alignment\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Take a close look at your budget before making a decision. Outsourcing services will come with additional expenses, and you want to be sure it aligns with your","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"data":{},"marks":[],"value":" financial goals","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Remember that investing in a payroll service may save you money in the long run by reducing errors and penalties.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u2705 Tax compliance features","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A good payroll service will offer comprehensive tax compliance features, automatically calculating the correct withholdings for all employees and filing necessary paperwork on time. This not only safeguards your business against fines and penalties but also saves you valuable time and resources.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udd12 Data security\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your payroll service doesn\u2019t come with robust compliance and security features, it can put your business at risk. You\u2019ll also want to look for a service with features that allow you to easily manage access to sensitive payroll data.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcbb Ease of use\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Not every payroll service is created equally. When you choose a service that\'s user-friendly and easy to implement, you\'ll be able to streamline your processes and simplify employee onboarding.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\u2019s also a good idea to look for a payroll platform that offers employee self-service features. For example, employees should be able to log in to view their pay stubs and tax documents without involving HR or payroll staff. This not only saves time but also promotes transparency and empowers employees with visibility into their own information.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udc65 Exceptional customer support","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Payroll can be complicated, so it\u2019s crucial to find a payroll service that comes with reliable and fast customer support. Look for a provider that offers various channels of communication, including phone, email, and live chat. Having access to knowledgeable and helpful support can save you time and stress in the long run.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcf2 Integrations to make your life easier\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your business uses software solutions for HR, accounting, or time tracking, consider finding a payroll service that integrates with those systems. This can help you save time and reduce manual data entry.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For example, the payroll software","nodeType":"text"},{"data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"data":{},"marks":[],"value":" Gusto integrates with the online banking platform Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" (that\u2019s us! \ud83d\udc4b). With Relay, small business owners can open 20 no-fee, individual checking accounts. Then, you can connect Gusto to your Relay account to access helpful money management features.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relay will help you stay on top of payroll costs by showing you detailed transaction data for every payroll cycle and debit type (like net salary, tax deduction, and reimbursement payments). Plus, we\u2019ll send you a notification if your account is low on funds, two weeks before a scheduled payroll cycle. \ud83d\ude4c","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The best payroll software for small business owners\xa0","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tired of processing payroll manually? Payroll software can help you pay your employees on time and streamline financial processes. 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If you\u2019re ready to ditch the spreadsheets and streamline your processes, payroll automation might be the answer. \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More than","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.symmetrical.ai/blog/payroll-statistics#:~:text=Payroll%20technology%20%26%20automation%20statistics,%25%20(American%20Payroll%20Association)."},"content":[{"nodeType":"text","value":" a third of small businesses still manage their payroll process manually","marks":[],"data":{}}]},{"nodeType":"text","value":". This can lead to costly errors, compliance issues, and wasted hours that could be better spent on growing the business. \ud83d\ude2c The good news is that automating payroll might be easier than you think\u2014and in this guide, we\u2019ll share everything you need to know to get started.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-payroll-automation"},"content":[{"nodeType":"text","value":"What is payroll automation?","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83e\udd14","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#5-benefits-of-payroll-automation"},"content":[{"nodeType":"text","value":"5 benefits of payroll automation","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#9-payroll-automation-software-solutions-for-small-businesses"},"content":[{"nodeType":"text","value":"9 payroll automation solutions for small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udca1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#best-practices-to-get-started-with-an-automated-payroll-system"},"content":[{"nodeType":"text","value":"Best practices to get started with an automated payroll system","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-bottom-line-on-payroll-automation"},"content":[{"nodeType":"text","value":"The bottom line on payroll automation","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is payroll automation?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll automation is the process of using technology to automatically calculate and manage employee wages, tax withholdings, and deductions. Some automated systems also streamline tasks like employee onboarding, time-tracking, direct deposit payments, and running payroll reports.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By using specialized software or outsourcing to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":"payroll service provider","marks":[],"data":{}}]},{"nodeType":"text","value":", small businesses can eliminate the need for manual data entry and calculations. As a result, you\u2019ll be able to reduce human error and keep more accurate payroll records. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 benefits of payroll automation\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, dealing with payroll manually can be overwhelming. You have to make sure your employees are paid accurately and on time, while also managing compliance with ever-changing tax laws.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll automation can significantly cut down time and resources spent on these tasks, freeing you up to focus on growing your business. \ud83d\ude80 But the benefits don\u2019t stop there\u2014here are a few more reasons to automate your payroll processes.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u23f0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Saves time and increases efficiency","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By automating your payroll workflows, you can save a ","marks":[],"data":{}},{"nodeType":"text","value":"lot of ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"time on manual tasks. Ultimately, this increased efficiency will allow you to easily hire and manage new team members as your business grows\u2014without having to worry about adding more hours to your payroll process.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Streamlines bookkeeping","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll automation can reduce the amount of time you spend on bookkeeping. For example, you can integrate your payroll system with your accounting software so that all transactions are automatically recorded and reconciled.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrating your payroll software with your banking platform can also simplify bookkeeping. For example, the payroll software Gusto integrates with the online banking platform","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, small business owners can open 20 no-fee, individual checking accounts. Then, you can","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":" connect Gusto to your Relay account","marks":[],"data":{}}]},{"nodeType":"text","value":" to access helpful money management features.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay will help you stay on top of payroll costs by showing you detailed transaction data for every payroll cycle and debit type (like net salary, tax deduction, and reimbursement payments). No more hours wasted deciphering bank statements\u2014with the right payroll provider and banking platform, you can majorly streamline bookkeeping and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Reduces compliance risks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manual payroll processing can lead to costly errors, such as incorrect tax withholdings or miscalculated employee benefits. These mistakes can result in fines or legal action that could harm your business\'s bottom line. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By automating your payroll, you\u2019ll have more accurate records that can help you avoid compliance issues and penalties from the IRS. This will also make your life easier during tax season. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddc3 Simplifies tax filing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nobody likes doing taxes, especially as a small business owner managing multiple employees. With payroll automation, you can have all your data in one place and easily generate reports for your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"nodeType":"text","value":" business tax return","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some solutions even offer e-filing options, which can save you time and effort during tax season. Ultimately, payroll automation will give you the accurate records and calculations you need to know that you\'re filing your taxes correctly. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Enhances data security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many automated payroll systems come with advanced security features to protect sensitive information from data breaches or unauthorized access. They\u2019ll also ensure that employee data is accurate and up-to-date.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With a central database for all employee information, you won\u2019t have to worry about making mistakes when updating records or calculating wages. Plus, you\u2019ll be able to easily (and securely) access important information like pay stubs,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/w9-vs-1099"},"content":[{"nodeType":"text","value":" tax forms","marks":[],"data":{}}]},{"nodeType":"text","value":", and employee records anytime you need them.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"9 payroll automation software solutions for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know the benefits of payroll automation, it\u2019s time to choose a solution that works for your business\u2019s needs. Most of these platforms offer a free trial so be sure to try out a few different options before making your final choice.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to take a closer look? Here are the 9 best payroll automation software solutions for small businesses and their payroll teams. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Gusto","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://gusto.com/"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":" is a payroll automation software built with small businesses in mind. It\u2019s fairly straightforward and easy to use for business owners who are new to payroll management and automation. Gusto even has a nifty automated tax filing feature and human resources tools to help you onboard employees. \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we mentioned above,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":" Gusto also integrates with Relay\u2019s","marks":[],"data":{}}]},{"nodeType":"text","value":" online business banking and money management platform. This can save you time on bookkeeping and simplify cash flow management. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 QuickBooks Payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://quickbooks.intuit.com/app/apps/home/"},"content":[{"nodeType":"text","value":"QuickBooks Payroll","marks":[],"data":{}}]},{"nodeType":"text","value":" seamlessly connects with QuickBooks accounting software, making it an attractive option for business owners already using this platform. Offering a user-friendly payroll automation software experience and robust tax support, QuickBooks Payroll is a great option for small and medium-sized businesses.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, it might not be the best option for those seeking advanced HR add-ons. QuickBooks Payroll could also be on the pricey side for businesses managing a large number of employees. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Zenefits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.zenefits.com/"},"content":[{"nodeType":"text","value":"Zenefits","marks":[],"data":{}}]},{"nodeType":"text","value":" is a payroll and HR software loved by many business owners. They take a holistic approach by integrating HR and payroll into a single solution. That means Zenefits handles tax calculations, direct deposit, and compliance tasks, effectively reducing the time and effort you\'d spend on a wide range of administrative work. \u23f0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, Zenefits might not be right for every small business. Their HR Base plan requires at least 5 employees, so if your team is still small, you might want to choose one of the payroll automation solutions we\u2019ve already discussed.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4\ufe0f\u20e3 ADP","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.adp.com/"},"content":[{"nodeType":"text","value":"ADP","marks":[],"data":{}}]},{"nodeType":"text","value":", also known as Automatic Data Processing, is a big name in the world of payroll automation software and HR management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ADP is a one-stop shop for essential HR and payroll services, helping businesses handle paychecks, stay compliant with tax rules, and manage employee benefits. ADP is also well-known for its timekeeping features, which allow you to track your team\'s hours and attendance. \ud83d\udccb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ADP is designed for small businesses and enterprise companies alike. However, the platform and pricing plans might be too complex for some business owners who prefer a simpler payroll solution.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5\ufe0f\u20e3 Paychex","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.paychex.com/"},"content":[{"nodeType":"text","value":"Paychex","marks":[],"data":{}}]},{"nodeType":"text","value":" is a popular payroll automation software solution that tailors its offerings to businesses of all sizes. \ud83e\udd13 Their products include a wide range of payroll solutions, comprehensive HR services, and benefits administration support.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Noted for its flexibility and robust compliance assistance, Paychex is a solid choice for small businesses. They\u2019ll be an especially good fit for growing businesses that want a solution that can scale with them.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6\ufe0f\u20e3 Wave","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business and want to keep things simple and wallet-friendly, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.waveapps.com/payroll"},"content":[{"nodeType":"text","value":"Wave","marks":[],"data":{}}]},{"nodeType":"text","value":" is a solid choice. It\'s easy to use and handles the basics, like tax payments and filings, direct deposits, and self-service pay stubs for employees. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have only a couple of full-time employees or a team of contractors, Wave might be the perfect fit. Note that Wave won\u2019t automatically file payroll taxes for businesses in every state, so be sure to double-check what they offer before signing up.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7\ufe0f\u20e3 Square","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses using","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://squareup.com/us/en/payroll"},"content":[{"nodeType":"text","value":" Square","marks":[],"data":{}}]},{"nodeType":"text","value":" for payments will find Square Payroll to be one of the easiest-to-implement online payroll services. Just like Square\'s payment solutions, Square Payroll keeps things straightforward and user-friendly. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, Square Payroll certainly doesn\'t skimp on features. Square can handle tax calculations and benefits\u2014and even offers employee self-service features. This comprehensive payroll automation solution will ensure that you have the tools you need to pay your team efficiently.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"8\ufe0f\u20e3 OnPay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://onpay.com/"},"content":[{"nodeType":"text","value":"OnPay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an award-winning payroll automation software known for its affordability, making it an attractive choice for new and growing small businesses. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite its budget-friendly pricing, OnPay doesn\'t compromise on essential features. It includes tax filings, direct deposits, and other basic payroll tasks. OnPay also integrates with accounting software like QuickBooks Online and Xero, which can simplify your business\u2019s bookkeeping.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"9\ufe0f\u20e3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Patriot","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.patriotsoftware.com/"},"content":[{"nodeType":"text","value":"Patriot","marks":[],"data":{}}]},{"nodeType":"text","value":" is a payroll automation software for small businesses. Their basic plan is an affordable and straightforward option for the budget-conscious. With Patriot, small businesses can complete unlimited payroll runs and automate tax calculations and direct deposits. They can also use the platform to pay contractors and freelancers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that no matter which plan you choose, Patriot doesn\u2019t offer much support for benefits administration. They also charge additional fees for tax filing and time-tracking. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best practices to get started with an automated payroll system","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you get started with payroll automation, it\u2019s important to understand your business\'s unique needs and what you hope to achieve with the new software. This will help you choose the best payroll solution for your company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more tips to help your small business get started with payroll automation:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd11 ","marks":[],"data":{}},{"nodeType":"text","value":"Get buy-in: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Make sure your team is on board with the change. Explain how the software will make their lives easier and more efficient. Their support is key to a smooth transition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Data migration: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Clean up your payroll data and ensure it\'s accurate before transferring it to your new software. It\'ll save you headaches down the road.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfcb","marks":[],"data":{}},{"nodeType":"text","value":" Training and support: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Invest in training for your team. The better they know how to use the software, the smoother things will run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf12","marks":[],"data":{}},{"nodeType":"text","value":" Phased implementation: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Consider rolling out the new software gradually, starting with your most time-consuming tasks. A phased approach can reduce the learning curve and make it easier to transition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcde ","marks":[],"data":{}},{"nodeType":"text","value":"Communication: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Keep everyone in the loop. Inform your employees about the changes, especially if they have new roles in the process. Clear communication can ease any concerns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc68\u200d\ud83d\udcbb Gather feedback: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"After the software is up and running, gather feedback from your team. What\'s working well, and what needs improvement? Use this input to fine-tune your payroll processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, implementing payroll automation software is a marathon, not a sprint. Take it step by step, and soon you\'ll be reaping the benefits of a more efficient and error-free payroll system.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line on payroll automation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finding the right payroll automation software can make a big impact on your small business. When you streamline your processes, you\u2019ll improve cash flow management, tax compliance, and business operations\u2014not to mention, save lots of time and money.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on top of payroll with Relay and Gusto \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you connect the payroll software ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":" to your Relay account, Relay will help you stay on top of payroll costs by showing you detailed transaction data for every payroll cycle and debit type (like net salary, tax deduction, and reimbursement payments). 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To know where you\u2019re going, you need to know where you came from. So, paint a picture for the judges. What does your business do, and how did it start? Stay authentic and be detailed.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Speak to\\u2028your ","marks":[],"data":{}},{"nodeType":"text","value":"impact.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Business is about more than ourselves. What is your mission? What impact are you creating for your customers, clients, community or loved ones?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tell us about your ","marks":[],"data":{}},{"nodeType":"text","value":"resilience","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". To make it, we have to give it our all. Tell us about a major challenge your business has experienced in the past year and how you overcame that hurdle.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Explain how you\u2019re ","marks":[],"data":{}},{"nodeType":"text","value":"innovating.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" To build a sustainable, resilient business, you must stay ahead. What are the innovations (tools, methods, mindsets, technologies, strategies, etc.) that you\u2019ve adopted with successful outcomes?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Impart your\\u2028","marks":[],"data":{}},{"nodeType":"text","value":"financial lessons","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Not all business owners are finance people, but we must know enough to get by. What is the biggest financial lesson you\u2019ve learned from your business? What advice would you give to your former self?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tying it all together, share your ","marks":[],"data":{}},{"nodeType":"text","value":"Reasons To Be Profitable","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And finally, tell us: if you were to win, what would you spend the money on?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bank with Relay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". To be eligible for the grand prize, open a Relay account. This is a required step that verifies your entry. It\u2019s also where you\u2019ll receive your grand prize! Already have a Relay account? Great, you\u2019re already ahead!","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you have any questions, take a look at the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#frequently-asked-questions"},"content":[{"nodeType":"text","value":"FAQ","marks":[],"data":{}}]},{"nodeType":"text","value":" and the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable-terms-and-conditions"},"content":[{"nodeType":"text","value":"Terms and Conditions","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Good luck!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The judges","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No contest is complete without a panel of expert judges\u2014so let\u2019s meet them!","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6Md5yAV4Fqoa9trYWG6vCJ","type":"Asset","createdAt":"2023-09-25T00:35:52.486Z","updatedAt":"2023-10-02T15:38:46.215Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":2,"locale":"en-US"},"fields":{"title":"Reasons To Be Profitable Contest - Meet The Judges - Relay","description":"Reasons To Be Profitable Contest - Meet The Judges - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6Md5yAV4Fqoa9trYWG6vCJ/7f12c379a262be258f72466fe89e2c6f/Reasons_To_Be_Profitable_Contest_-_Meet_The_Judges_-_Relay.jpg","details":{"size":355559,"image":{"width":1920,"height":1080}},"fileName":"Reasons To Be Profitable Contest - Meet The Judges - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Entrepreneur and the author of Profit First and numerous other game-changing books for business owners, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://mikemichalowicz.com/"},"content":[{"nodeType":"text","value":"Mike","marks":[],"data":{}}]},{"nodeType":"text","value":" brings a deep understanding of profitability and an intimate knowledge of the challenges faced by entrepreneurs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lisa Carmen Wang","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 4-time National Champion gymnast turned entrepreneur and investor, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.lisawang.co/"},"content":[{"nodeType":"text","value":"Lisa","marks":[],"data":{}}]},{"nodeType":"text","value":" is the Founder of Bad Bitch Empire and author of ","marks":[],"data":{}},{"nodeType":"text","value":"The Bad Bitch Business Bible","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". She is also featured in Forbes 30 under 30 and Entrepreneur Magazine\'s 100 Most Powerful Women.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Elaine Pofeldt","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Author of ","marks":[],"data":{}},{"nodeType":"text","value":"Million-Dollar, One Person Business","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"Tiny Business, Big Money","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.elainepofeldt.com/"},"content":[{"nodeType":"text","value":"Elaine","marks":[],"data":{}}]},{"nodeType":"text","value":" is a business journalist and former senior editor of Fortune Small Business magazine. 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Co-Founder of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://profitfirstprofessionals.com/"},"content":[{"nodeType":"text","value":"Profit First Professionals","marks":[],"data":{}}]},{"nodeType":"text","value":", Ron\'s expertise in guiding businesses towards financial success is unparalleled. His hands-on approach and vast experience make him a key judge to impress.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brian Thompson, JD, CFP\xae","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Having spent a decade defending small-business owners against the IRS as a tax attorney, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://btfinancial.com/"},"content":[{"nodeType":"text","value":"Brian","marks":[],"data":{}}]},{"nodeType":"text","value":" holds a special place in his heart for entrepreneurs. He is a Forbes Senior Contributor and the Founder of Brian Thompson Financial, LLC, providing comprehensive financial planning to mission-driven businesses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Join the 100K Profit Club","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s more than a contest. You\u2019ll be automatically enrolled in the 100K Profit Club when you enter the contest\u2014and you\u2019ll be one of its founding members! We\u2019re building a community of 100,000 permanently profitable businesses\u2014who are banking with Relay and practicing Profit First\u2014and we\u2019re already at 16,587.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Building a business is hard. Slow seasons, market shifts, and new competitors are unforgiving\u2014but you must always be ready to take care of your bills, team and family. We believe that a community of like-minded business owners is the answer to getting through the tough times and leaping closer to your goals every month. The Reasons To Be Profitable Contest is just the start\u2014we have a lot more initiatives to come. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/100k-profit-club"},"content":[{"nodeType":"text","value":"Learn more about the 100K Profit Club here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Frequently Asked Questions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s everything you may need to know about the contest.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is the deadline to enter the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contest entries will close at 11:59 p.m. Eastern Time on Sunday, November 12th, 2023.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is my business eligible to enter the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The contest is open to small and medium businesses that are registered in the United States. Business entity types that can enter include LLCs, Partnerships, Incorporated Businesses, and Sole Proprietors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Industries that are not supported by Relay are ineligible to enter the contest. For a full list of industries Relay doesn\u2019t serve, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/12833706581780-Industries-not-Supported-with-Relay"},"content":[{"nodeType":"text","value":"please see here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"I own multiple businesses. Can I enter multiple times?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Applications are limited to one entry per business owner. While we encourage you to talk about your multiple businesses in the application and tell us the story behind all of them\u2014the judges will ultimately want to hear about the person behind the businesses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"I do not own a business; can I still enter the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The contest is only open to US-registered business entities (LLCs, Partnerships, Incorporated Businesses, and Sole Proprietors). Individuals who do ","marks":[],"data":{}},{"nodeType":"text","value":"not","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" run a business and/or are ","marks":[],"data":{}},{"nodeType":"text","value":"not","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" a beneficiary owner of a US business entity are not eligible to enter the contest.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"My business isn\u2019t profitable yet; is it still eligible?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! This contest is focused on businesses that are committed to long-term, sustainable profitability. Whether your business is already profitable or you are taking your first step towards profitability today, we encourage you to enter.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I enter my business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To enter the Reasons to be Profitable contest simply fill out the form in its entirety on the contest landing page.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can I enter the Lucky Draw without entering the Grand Prize competition?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! You can enter the Lucky Draw by completing Step One on the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable"},"content":[{"nodeType":"text","value":"contest entry page","marks":[],"data":{}}]},{"nodeType":"text","value":". You\u2019ll be entered in the draw as soon as you do! Submitting an application in Step Two is optional.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can I enter the Lucky Draw today, and the Grand Prize competition ","marks":[],"data":{}},{"nodeType":"text","value":"later","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! You can enter the Lucky Draw today, and then return ","marks":[],"data":{}},{"nodeType":"text","value":"later","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and update your application with a full entry into the Grand Prize competition.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How will you select the winners for the Grand Prize?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our panel of judges will evaluate the applications through a blind judging process (i.e., with personally identifiable information removed from the application). The winners will be evaluated based on their provided Reasons to be Profitable, their Storytelling, Impact, Grit, Innovation and Financial Lessons. For more information on the selection process, please see the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable-terms-and-conditions"},"content":[{"nodeType":"text","value":"Terms & Conditions","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How will you choose the winners for the Lucky Draw?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The 50 Lucky Draw winners will be chosen at random. Those who have taken additional (optional) actions, like sharing their Reasons to be Profitable story on social media, or opening a Relay account, will have more tickets entered into the random draw.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I increase my odds of winning the Lucky Draw?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each Lucky Draw entry gives you 1 Ticket. Sharing the story behind your business and your reasons to be profitable on social media with the hashtag #ReasonsToBeProfitable and tagging @bankwithrelay gives you an additional 5 tickets. Opening a free Relay account gives you another 5 tickets.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Are there alternative methods of entry for the draw?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For an alternative method to receive additional tickets, you can \\"Like\\" or \u201cReshare\u201d our official contest social media launch post on Twitter, Facebook or Instagram (for an additional 5 tickets), and you can subscribe to our On the Money newsletter (additional 5 tickets). For more information, see the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/reasons-to-be-profitable-terms-and-conditions"},"content":[{"nodeType":"text","value":"Terms & Conditions","marks":[],"data":{}}]},{"nodeType":"text","value":". Note that these are alternative methods to the ones listed above, and do not increase your maximum potential number of tickets beyond a maximum of 11 tickets.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do I know Relay received my entry?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You will receive a confirmation email after you submit your entry. It may take up to a few minutes for the confirmation email to reach your inbox. Please also check your spam folders to confirm it didn\u2019t land there.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What can I spend my Prize money on?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running your business! Have you been waiting to make capital upgrades, save for the slow season or give back to your community? Now is your chance.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is the prize money taxable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The prize money may be taxable depending on the jurisdictions that cover you and your business entity. All federal, state or other taxes that may apply due to the receipt of a prize will be the sole responsibility of the recipient.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How is the 100k Profit Club different from the contest?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Reasons To Be Profitable contest is a one-time competition with $100,000 in cash prizes for small business owners. The $100K Profit Club is a community of business owners who are committed to long-term, sustainable profitability. When you enter the contest, you\u2019re signing up for the Profit Club as one of its founding members!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"I have more questions! How can I reach you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please email us at profitclub@relayfi.com if you need any more information.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who do I contact for media inquiries?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For media inquiries, please reach out to us at marketing@relayfi.com.","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Eleni Deacon","jobTitle":"VP of 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","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"When Dan Novalis took over a small marketing agency in 2018, he was met with some challenges \u2014 both expected and unexpected. At his new firm, ","nodeType":"text"},{"data":{"uri":"https://2novas.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"2Novas","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", he\u2019d inherited a small team and a set of legacy clients. Everything else, however, he needed to build himself. That meant creating the firm\u2019s new website, opening business bank accounts, structuring payroll, and refreshing the business\u2019 brand. 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We\u2019re a marketing agency for community banks. So we do a little bit of everything: Google Ads, Facebook ads, video, those types of things. We\'ve got three employees and a team of contractors that we work with as well.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"AgYzQBxgUn4GhZqkhAnIY","type":"Asset","createdAt":"2023-06-20T13:54:19.302Z","updatedAt":"2023-06-20T13:54:19.302Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"2Novas-Case-Study-Blog-Graphic-Business","description":"2Novas Marketing Agency Profile","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/AgYzQBxgUn4GhZqkhAnIY/fd100bb1bb5086733d6913dfcad7164a/2Novas-Case-Study-Blog-Graphic-Business.png","details":{"size":114251,"image":{"width":1921,"height":1080}},"fileName":"2Novas-Case-Study-Blog-Graphic-Business.png","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Dan understood the risk involved in acquiring the business but that understanding didn\u2019t soften the blow of having an employee leave just a week after he started. That was quickly followed by two of the firm\u2019s biggest clients. \u201cThe first couple months were pretty rough,\u201d he admits.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A pile of ancient VHS tapes unearthed during the process of moving the office to a new space acted as both a metaphor and a motivator: \u201cWe needed to modernize \u2014 and that carried over to the banking side too,\u201d he says. \u201cWhen you acquire a business, you get all that physical stuff, but you\'re a separate legal entity. I didn\'t acquire the bank accounts, I didn\'t acquire the accounting stuff. It was an interesting marriage of these new digital accounts I could start with from scratch versus all this old physical stuff.\u201d\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When your bank can\u2019t give you what you need","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cMaybe I\'m just more nervous than the average person, but for me there\'s such a mental toll on the unquantifiable stuff \u2014 the worrying while I\'m walking the dogs, the worrying while I\'m trying to talk to a customer \u2014 if I don\'t have the money organized, I\'m constantly worrying.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In an effort to alleviate some of that worry, Dan began his journey to find a financial management strategy that was a fit for his business. The first stop was his local bank branch. He started there with just one account and used it to deposit checks, pay vendors, cover payroll, pay taxes, and fund operating expenses. \\"When you\'re doing everything yourself, there are a lot of surprises. It takes a lot more time than you think to just manage all the bills and invoices.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Minor unexpected costs like a broken laptop felt like a big deal. \u201cCan we afford a new $2,000 machine? I didn\'t know,\u201d says Dan. \u201cThere might be $50,000 in your bank account, but if you\'re paying out of that account to vendors, you also have to make sure you have enough for payroll before the next month of invoices comes in.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The lack of clarity in terms of his business\u2019s financial status was causing Dan added worry and anxiety. 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That bookkeeper also suggested that Dan look into banking with Relay, which gelled with Profit First\u2019s multi-account methodology. 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Your organization should open a bank account as soon as possible\u2014for most nonprofits, this will be after they incorporate and register with the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening a dedicated nonprofit bank account will make it easier to keep track of donations, maintain accurate financial statements, and protect your organization from fraud. 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Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the best time to open a nonprofit bank account is ","marks":[],"data":{}},{"nodeType":"text","value":"before ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you start accepting donations or spending your nonprofit\u2019s money. That way, you can stay on top of the organization\u2019s finances and avoid future bookkeeping headaches.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 nonprofit bank account rules for every organization","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are over 1.5 million nonprofits in the United States,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.statista.com/statistics/189260/revenues-of-reporting-non-profit-organizations-in-the-us-since-1998/https://www.statista.com/statistics/189260/revenues-of-reporting-non-profit-organizations-in-the-us-since-1998/"},"content":[{"nodeType":"text","value":" collectively generating about $2.6 trillion in revenue each year","marks":[],"data":{}}]},{"nodeType":"text","value":". These nonprofits are tax-exempt\u2014but they\'re still considered business entities by the Internal Revenue Service (IRS). That means a nonprofit is able to open a","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" business checking account","marks":[],"data":{}}]},{"nodeType":"text","value":", like any other for-profit business. \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, nonprofits need to follow a specific set of requirements when opening and managing a bank account. These policies might vary from bank to bank, but in this section, we\'ll cover the five most common bank account rules every nonprofit needs to know.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Nonprofits need to be incorporated and registered with the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Personal checking accounts are relatively easy to open, but nonprofit bank accounts come with some extra paperwork. \ud83d\udcdd To prove that your nonprofit is a legitimate organization and eligible for a bank account, you\u2019ll need to complete these two steps:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"File your articles of incorporation: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This process involves filing your nonprofit\'s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/charitable-organizations/organizing-documents-definition"},"content":[{"nodeType":"text","value":" organizing documents","marks":[],"data":{}}]},{"nodeType":"text","value":" with your secretary of state. Like forming an LLC for a business, a nonprofit corporation limits the founders\' and board of directors\' personal liability.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Apply for a Federal Employer Identification Number (EIN): ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your EIN is like your nonprofit\'s social security number, identifying it with the IRS. To get your nonprofit\'s EIN, you\'ll just need to fill out IRS","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-ss-4"},"content":[{"nodeType":"text","value":" Form SS-4","marks":[],"data":{}}]},{"nodeType":"text","value":" online.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your nonprofit\u2019s EIN and incorporation are almost always required to open a business bank account. For some banks, this is all you\u2019ll need to get started.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To make your nonprofit ","marks":[],"data":{}},{"nodeType":"text","value":"truly ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"official, though, you\u2019ll need to formalize your nonprofit\u2019s bylaws and tax-exempt status. Though not essential for opening a bank account, these two steps will help ensure your nonprofit\u2019s money is properly handled and taxed:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Write your nonprofit\u2019s bylaws","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": These governing documents set out your nonprofit\'s purpose and outline day-to-day operations. Your bylaws may also cover internal controls, like how your organization will handle donations and manage spending.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Apply for your nonprofit\'s tax-exempt status: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Nonprofits need to get 501(c)(3) approval from the IRS. However, this process can take some time. If you want to accept donations while you wait, you can still open a bank account.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: The IRS will retroactively recognize your tax-exempt status if your 501(c)(3) application is approved. However, if it\u2019s denied for any reason,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/charitable-organizations/contributions-to-organization-with-irs-application-pending"},"content":[{"nodeType":"text","value":" donor contributions won\'t be considered tax deductible","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":". \u26a0\ufe0f","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 Nonprofits need to define at least one person as the account owner.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you open a business or nonprofit checking account, the bank will need to know who is responsible for managing it. This person is known as the \u201caccount owner\u201d or \\"signer\\" and they are authorized to handle your nonprofit\'s money.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The account owner might be one of your board members, an executive director, or a treasurer. Whoever you choose, make sure they understand their responsibilities and can be trusted to act in your nonprofit\'s best interest. \ud83d\ude4f","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Who should have access to my nonprofit\u2019s bank account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The account owner is the main person who will have access to your nonprofit\u2019s money. They will be able to make transactions, sign checks, and receive account statements. However, remember that the funds in your nonprofit\'s bank account are the property of the organization, not the account owner. \ud83d\ude45\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what if other people need to log into your nonprofit\u2019s bank account? Larger nonprofits might have an entire team dedicated to managing donations or","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":" accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":". Even small nonprofits may want to grant access to an accountant or bookkeeper.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, most banks only provide one set of login credentials for the account owner\u2014and while getting help with your finances is always a good idea, ","marks":[],"data":{}},{"nodeType":"text","value":"sharing your password isn\u2019t","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd10\ud83d\udeab","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If someone needs access to your banking information, you\u2019ll have to download your bank statements and share them manually\u2014or you can find a banking platform that allows you to create individual, role-based logins.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", your nonprofit can open multiple, no-fee business checking and savings accounts. Then, you can securely invite collaborators with different levels of access. For example, you could give your nonprofit board read-only access or allow your treasurer to send certain types of payments.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3 Nonprofits may need to maintain a minimum balance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most financial institutions require that you keep a minimum balance in your business checking account. If you don\u2019t, you\u2019ll be charged a monthly maintenance fee. \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, some banks and credit unions will reduce or waive the minimum balance requirement for nonprofits. You might just need to provide additional paperwork proving that you\u2019re a tax-exempt organization.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to avoid minimum balance requirements altogether, online banking platforms are a great option. For example, Relay doesn\u2019t charge maintenance fees, overdraft fees, or require a minimum balance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Learn more in our comprehensive guide to ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital vs. traditional banks","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, it\u2019s always a good idea to have some cash in your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":" nonprofit reserves","marks":[],"data":{}}]},{"nodeType":"text","value":". But if you\u2019re in between fundraising periods or working with a smaller budget, finding a bank without a minimum balance requirement can help you save on unnecessary costs and monthly fees.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4\ufe0f\u20e3 Banks must report large cash transactions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes, nonprofits have to make big cash deposits or withdrawals. Maybe you hosted a successful fundraising event or need to pay an expensive vendor. Either way, your transactions might be affected by the following nonprofit bank account rule. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Under the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/bank-secrecy-act"},"content":[{"nodeType":"text","value":" Bank Secrecy Act","marks":[],"data":{}}]},{"nodeType":"text","value":", banks need to report any cash transactions over $10,000 to the IRS. Because of this, your bank might require you to fill out additional paperwork for large transactions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fundraising campaigns can trigger this reporting requirement, so make sure you notify your bank in advance if you expect to receive cash donations of any significant size. \ud83d\udce3 It\'s also extremely important to keep accurate records of any cash deposits or ATM withdrawals, no matter the amount.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the bank (or the IRS) does find a reason to take a closer look \ud83d\udd0eat your finances, you\'ll want to have detailed financial reports to prove that your transactions are legitimate and aligned with the purpose of the organization.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5\ufe0f\u20e3 Nonprofits need to keep detailed banking and financial records.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every organization should keep detailed financial records, but it\u2019s especially important for nonprofits. This is because tax-exempt organizations with over $50,000 in gross receipts must fill out","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/form-990-resources-and-tools"},"content":[{"nodeType":"text","value":" IRS Form 990","marks":[],"data":{}}]},{"nodeType":"text","value":" each year. \ud83d\uddc3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: There are some exceptions. To find out if your nonprofit needs to fill out Form 990 with your tax return,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/charities-non-profits/exempt-organization-annual-filing-requirements-overview#:~:text=An%20organization%20that%20normally%20has,Exempt%20from%20Income%20TaxPDF."},"content":[{"nodeType":"text","value":" check out the IRS requirements here","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Form 990 gives the IRS a complete overview of your organization\u2019s activities and financial data\u2014and it\u2019s critical for maintaining your nonprofit status. You will need to include a detailed list of your expenses, revenue, liabilities, assets, and tax deductions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you keep detailed banking and financial records, filing Form 990 will be a lot easier. Plus, you\u2019ll be prepared if your organization is ever audited. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can be tough to keep up with your nonprofit\u2019s bookkeeping, but online banking platforms like Relay can help. \ud83d\udcca Relay\u2019s accounting integrations allow you to sync detailed transaction data directly into QuickBooks Online or Xero.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This helps your bookkeeper quickly reconcile transactions each month, so your financial records are always up to date. Whether you\u2019re filing Form 990 or dealing with an unexpected audit, you\u2019ll be ready.\xa0 \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b50\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-ufuoma-solves-nonprofit-banking"},"content":[{"nodeType":"text","value":"Learn how nonprofit bookkeeper Ufuoma Ogaga stays audit-ready with Relay","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the best bank for your nonprofit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the right banking partner, your organization can navigate these nonprofit bank account rules with ease. So how do you find the best bank for your nonprofit? \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you should evaluate what your nonprofit needs. Maybe you want to avoid monthly fees, give your team role-based logins, or simplify bookkeeping with account integrations. This banking \u201cwish list,\u201d will help you compare your options and make the right choice for your nonprofit. \ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the right bank for your nonprofit will help you keep your money safe, stay on top of cash flow, and fulfill your organization\u2019s mission. \ud83d\udcaa\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay: the cash flow clarity your cause deserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we help nonprofits simplify bookkeeping, securely collaborate with their financial advisors, and stay on top of spending. From no-fee checking and savings to powerful accounting integrations, Relay is uniquely built to serve nonprofits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more reasons why nonprofits love banking with Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Open 20 individual checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Organize income, expenses, and cash reserves with multiple checking accounts. You can create individual accounts to set aside grants, budget for day-to-day operating expenses, and beyond.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 No account fees or minimum balances: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With no monthly fees, overdraft fees, or minimum balance requirements, Relay helps nonprofits avoid unnecessary costs.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automated savings: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay helps you add more breathing room to your budget with automatic savings. Plus, you\u2019ll earn 1-3% APY* on every dollar.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Entirely online banking: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Open checking and savings accounts, issue debit cards, and send and receive payments completely online\u2014no in-person branch visits required.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Advanced security measures: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Feel safe knowing your money is protected by FDIC insurance provided through Thread Bank. Plus, all debit cards are covered by the Visa\xae Zero Liability Protection Policy.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 virtual or physical debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create new debit cards for specific projects and expenses, and get instant access to virtual debit cards for online and mobile payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Built for teams: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay lets you set debit card spending limits and receive detailed data for all team spending. 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","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for Relay here","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"!","marks":[{"type":"bold"}],"data":{}}]}]},"readingTime":6,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-ufuoma-solves-nonprofit-banking"},"content":[{"nodeType":"text","value":"Read Ufuoma\u2019s story here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"An online banking platform might be right for your nonprofit if...","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your board of directors and volunteers work remotely and are located around the country","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want to securely collaborate with your financial advisors and team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want to save on unnecessary costs like monthly maintenance fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want more control over and visibility into cash inflows and outflows","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You desire top-notch customer service without the hassle of going in person to a branch","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-safe-is-online-banking"},"content":[{"nodeType":"text","value":"How safe is online banking","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"?","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a bank for your nonprofit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sadly, the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://nanoe.org/nonprofits-fail/"},"content":[{"nodeType":"text","value":"National Center on Charitable Statistics","marks":[],"data":{}}]},{"nodeType":"text","value":" reports that 30 percent of all nonprofits will close within 10 years of operations. While more fundraising can help nonprofits succeed long-term, it\u2019s also important for these organizations to find the right banking partner. \ud83d\udd0e\\n\\nIdeally, your banking platform will help you gain greater visibility into cash flow, plan for unexpected expenses, and stay on top of spending. So how do you evaluate your options and choose the best bank for your nonprofit?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s a quick breakdown of the top factors to consider.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Fees: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Maintenance, transaction, overdraft, and ATM fees can add up quickly for a nonprofit. Some banks waive fees if you hold a minimum balance, while others offer completely free checking accounts for nonprofits, so be sure to read the fine print.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 ","marks":[],"data":{}},{"nodeType":"text","value":"Multiple debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Some banks only allow you to have one debit card per account holder, which can make it hard to organize your nonprofit\u2019s spending. It can also be a security risk if you only have one card for dozens of different online and in-person transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 ","marks":[],"data":{}},{"nodeType":"text","value":"Savings APY:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It\u2019s a good idea for nonprofits to consider banks with a high annual percentage yield (APY) on savings accounts. A higher APY can help you maximize your cash reserves\u2014especially if you plan to leave money in a savings account for longer periods of time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Money management features: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Accounting integrations, budgeting tools, and other features can help your nonprofit more efficiently manage expenses\u2014and that can help you thrive in the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Security: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"2-factor authentication and role-based logins can help you keep your money safe. If you notice suspicious spending, some banking platforms also allow you to instantly freeze debit cards online\u2014and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"if you ever discover fraud within your nonprofit","marks":[],"data":{}}]},{"nodeType":"text","value":", this feature can help you rapidly respond and protect your organization\u2019s financial assets.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 ","marks":[],"data":{}},{"nodeType":"text","value":"Convenience: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Consider how easy it is to manage your nonprofit\u2019s finances with the bank you choose\u2014especially if you have members in different states or countries. Can you access the account from anywhere? How simple is it to deposit cash? Are there any locations or branches nearby?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 FDIC insurance: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Any banking platform or bank for nonprofits should insure your accounts up to $250,000. However, if your nonprofit has more than $250,000 in deposits you might consider looking for an insured cash sweep program, which will allow you to get multi-million dollar FDIC protection on large deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 9 best banks for nonprofits in 2023","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that we have a clear understanding of what to look for when choosing a bank for your nonprofit, let\'s dive into the best options available in 2023. We\'ve chosen these financial institutions based on their fee structures, convenience, and specialized features that uniquely serve nonprofits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s break down the 9 best banks for nonprofits. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online business banking and money management platform. We help nonprofits get clear on cash flow and plan for the future with no-fee business checking and savings accounts. Plus, you can automate savings and earn 1-3% APY* on every dollar.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s features are built to help nonprofits stay on top of spending and streamline time-consuming financial tasks. From bookkeeping integrations and role-based logins for your accountant \ud83d\udcca\ud83d\udc64, to debit card controls that help you manage team spending\u2014Relay is truly designed for nonprofits. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, Relay offers unparalleled convenience with the ability to open your bank accounts completely online. You can even instantly issue and manage up to 50 virtual or physical debit cards, all from your Relay mobile banking app. \ud83d\udcf1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Relay is one of the best online banking platforms for nonprofits. If you\u2019re looking for features to simplify money management and get better visibility into spending and cash flow, Relay could be right for your organization.\xa0","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banking Features\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monthly account 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Bluevine doesn\u2019t charge monthly fees, minimum balance requirements, or overdraft fees. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bluevine also offers a line of credit for eligible customers, which can be good for nonprofits that struggle with inconsistent cash flow. However, Bluevine has a few downsides like no savings accounts, only 1 business debit card, and steep wire transfer fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bluevine might not be the most robust online banking option for nonprofits, but it does offer no-fee and interest-bearing checking. 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Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a virtual debit card?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A virtual debit card is a digital version of a traditional, physical debit card. That means it\'s not a tangible card and doesn\'t exist in a physical form. Instead, it\'s a set of card details\u2014including a card number, expiration date, and CVV\u2014which you can use to make online payments. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like most physical cards, your virtual debit card can be added to Apple Pay, Google Wallet, and other digital wallets. The difference? When you add your physical card to your mobile wallet, you\'re just creating a digital version of that card. The card information is exactly the same\u2014so if your physical card is compromised, so is the version in your phone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By contrast, virtual debit cards aren\'t linked to a physical counterpart. That means they\'re less vulnerable to loss, damage, and theft. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udd10 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This can give small business owners an extra sense of security and peace of mind\u2014you\'ll always know exactly where your virtual card is.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What about virtual credit cards? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike debit cards, virtual credit cards extend a line of credit to your business. Each one has its own unique credit card number and in most cases, they aren\'t linked to a physical card.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While corporate credit cards offer some unique benefits\u2014like increased spending power and cashback rewards\u2014they can be a risky choice for growing businesses. If you don\'t pay your credit card bill in full each month, you could be charged interest and late fees. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards are much simpler: funds are taken directly from your business checking account when you make a purchase. This can help companies avoid overspending and unnecessary debts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can businesses use virtual debit cards?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes! Businesses of all sizes can use virtual debit cards for software subscriptions, vendor payments, and (business-related) online purchases. You can even use your virtual card for in-store purchases, as long as the retailer accepts digital payments. \ud83d\udcf1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you open a business bank account, you should be able to issue virtual debit cards for your employees\u2014as well as your own business expenses. \ud83d\udcbc Some banking platforms even offer additional features to help you manage spending and cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) is an online business banking platform that allows small business owners to instantly issue 50 virtual debit cards. Then, you can set spending limits for each card and get real-time visibility into all transactions. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that many","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":" traditional banks","marks":[],"data":{}}]},{"nodeType":"text","value":" won\'t issue your business a separate, virtual debit card. They might allow you to add your physical debit card to your digital wallet, but the card details will be the same.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2b50\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Looking for a virtual card issuer? Check out our guide to ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/banks-with-virtual-debit-cards"},"content":[{"nodeType":"text","value":"the best banks with virtual debit cards for businesses","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of virtual cards for businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Research from","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.pymnts.com/news/b2b-payments/2022/united-states-companies-cite-transparency-biggest-benefit-virtual-cards/"},"content":[{"nodeType":"text","value":" PYMNTS","marks":[],"data":{}}]},{"nodeType":"text","value":" shows that 32% of companies already use virtual cards for B2B payments. \ud83d\udcb3  It\u2019s no surprise that so many businesses are turning to virtual cards\u2014they\u2019re incredibly convenient and often come with advanced security and spend management features.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s break down the top benefits of using virtual debit cards for your small business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude0e Available immediately","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of waiting days to receive a new card in the mail, you can issue a virtual debit card instantly. \u26a1\ufe0f \ud83d\udcb3  This is super convenient since you can quickly give yourself (or your employees) access to funds when needed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, imagine you need to replace a piece of equipment unexpectedly. Unfortunately, your physical debit card just expired, and you\'re waiting for a new one to arrive in the mail. \ud83d\ude29  By instantly issuing a new virtual debit card, you can purchase the equipment right away\u2014and never miss a beat in your business operations.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Advanced security features","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional, physical debit cards are vulnerable to theft and loss. That\'s where virtual cards have a big advantage. \ud83d\ude4c  Most virtual cards come with security features like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advanced card controls","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", allowing you to instantly freeze or cancel debit cards with suspicious activity","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spending limits, ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"so you stay on budget and control how much employees spend","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Transaction notifications","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", so you always know when and where your cards are being used","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to issue multiple cards, ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"so you can reduce risk if one card is compromised\u2014some providers even allow you to issue single-use cards","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual cards can even protect your business from fraud. For example, Relay\'s advanced card controls allow you stop stop fraudulent activity as soon as it\'s identified. \ud83d\udeab","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These card controls saved the day when business owner Madeline discovered that","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":" an employee was committing fraud","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude2c  If her company relied on physical debit cards alone, it could\'ve taken days to respond to the situation\u2014leaving the business\'s assets at risk.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7GgbysjGHUvSMqtqF4YMTw","type":"Asset","createdAt":"2021-12-10T20:54:26.291Z","updatedAt":"2022-08-23T01:17:58.659Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":12,"revision":2,"locale":"en-US"},"fields":{"title":"Comparing the security response rate with Relay vs. traditional banks","description":"Comparing the security response rate with Relay vs. traditional banks","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7GgbysjGHUvSMqtqF4YMTw/fcb15a1d0c8617dcfd55c3650216682a/Case_Study_-_Madeline_Pratt_1.4.jpg","details":{"size":93144,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Madeline Pratt 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead, Madeline was able to use Relay\u2019s mobile app to freeze the business\'s virtual cards\u2014and issue new ones\u2014in a matter of ","marks":[],"data":{}},{"nodeType":"text","value":"minutes. \u23f0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Company operations went uninterrupted, and Madeline was even able to pay for a business dinner thanks to her new virtual card and Apple Pay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8  Improve cash flow management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most virtual card issuers allow you to create multiple cards for different employees, spending categories, and projects. \ud83d\udcb3  Then, you can set spending limits for each card based on your","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":" business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". This makes it easier to control employee spending and manage cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you can issue cards to your employees with a limit for meals and entertainment. \ud83c\udf55 Or you could give yourself a card specifically for software subscriptions or vendor payments. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards also give you more visibility into spending. Instead of sorting through hundreds of transactions linked to one physical card, you\'ll be able to get a clear, organized view of spending across multiple cards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This will help you understand who made which purchases, when, and for what purpose. At a glance, you can make sure funds are being used for the right things and spot any suspicious or unusual activity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you\'re crystal clear on spending, you can make more informed business decisions, build better budgets, and save on unnecessary expenses. The result? You\'ll improve your business\'s financial health and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":" reach your financial goals faster","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Streamline back-end business operations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards can simplify complicated, back-office business processes\u2014and save your company lots of time, money, and energy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few business operations that virtual debit cards help streamline:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Employee reimbursement: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Virtual cards basically eliminate the need for employee reimbursement (especially for smaller businesses). Each employee can have their own virtual business debit card with pre-set approvals and limits, allowing you to maintain complete control over spending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Bookkeeping: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Most banking platforms automatically categorize virtual debit card transactions. That means you can speed up bookkeeping, simplify account reconciliation, and reduce the risk of human error.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Bill payments: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With virtual cards, you can pay bills anytime, anywhere, without worrying about late fees or lost checks. Some virtual card providers even allow you to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-ap-automation"},"content":[{"nodeType":"text","value":"automate your accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":" process\u2014so you never miss a deadline again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd04 ","marks":[],"data":{}},{"nodeType":"text","value":"Vendor management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Businesses can assign individual virtual cards to each vendor or service provider. This makes it super easy to track expenses and manage payments. Plus, if a vendor\'s services are no longer needed, their virtual card can be canceled instantly\u2014helping you avoid lingering, unauthorized charges.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Use cases for virtual business debit cards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\u2019s credit or debit, virtual business cards offer a convenient and secure payment solution for any company. Here are a few more examples of how businesses can manage cash flow\u2014and make their lives easier\u2014with virtual cards. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advertising spend:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Marketers can issue different virtual debit cards for each advertising platform they use (like Facebook, YouTube, and Google Ads). Then, they can track spending at a glance, instead of sifting through a single card\u2019s many transactions.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remote team management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Small business owners can issue virtual cards to their remote team members, allowing them to easily purchase office supplies. This removes the need for reimbursements and can simplify spend management. \ud83d\ude4c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Travel expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You can issue employees virtual debit cards specifically for business travel. \u2708\ufe0f Then, they can use the same digital card for in-person purchases, like meals and transportation. Ultimately, this can cut down the time your team spends submitting expense reports and processing reimbursements.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay: Instantly issue 50 virtual cards for your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, small business owners can open 20 no-fee business checking accounts and issue 50 virtual or physical Visa debit cards. \ud83d\ude4c \ud83d\udcb8  Then, they can set spending controls, manage employee expenses, and even automate accounts payable\u2014without the hassle of leaving the platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is truly an all-in-one banking solution, designed to meet the unique needs of small businesses. Ready to get your virtual debit card?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" You can sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":"! \ud83d\ude0e","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar 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controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit internal controls are systems, mechanisms, and procedures that help an organization manage risk while preventing errors and fraud. These written policies create a standard for how operations and financial activities should be conducted, ensuring that everyone is held accountable. \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Internal controls are always applicable to the nonprofit\'s staff, but might also extend to the board of directors and outside vendors. These control policies are usually related to financial management, which means that anyone involved in handling the nonprofit\'s funds should have a clear understanding of them.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example of a nonprofit internal control","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, as a simple internal control, you might require that two people sign all checks. This helps to ensure the accuracy of payments and can help prevent embezzlement, theft, and other misappropriation of assets. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit internal controls can range from basic procedures like the above to intricate systems involving separation of duties, audits, and advanced digital security measures. The key is to strike a balance that safeguards your nonprofit\'s assets and integrity without stifling efficiency or productivity.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does my nonprofit need internal controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The short answer is ","marks":[],"data":{}},{"nodeType":"text","value":"YES","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Internal controls are crucial for nonprofits of any size. Even if you don\'t have enough staff or resources to create an extensive system, having some form of internal controls in place is better than nothing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s also important to bear in mind that your nonprofit might need different types of internal control depending on your unique situation. For instance, you may require more extensive measures if you have remote staff \ud83d\udcbb or work with high-risk partnerships and vendors. \u26a0\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"7 internal controls every nonprofit organization should have","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\'s delve into the seven internal controls every nonprofit should consider implementing. These specific controls will help ensure your organization operates with transparency and accountability.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1\ufe0f\u20e3 Access to sensitive data","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u200bThis nonprofit internal control should limit access to sensitive information, such as financial statements, bank accounts, and accounting software. Ideally, all nonprofits should have a clearly outlined system defining who is allowed access to what kind of data. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This control system might include policies like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Changing passwords every 6 months","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Limiting bank account access to specific individuals, such as your CPA and executive director","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requiring two-factor authentication for anyone accessing the nonprofit\u2019s financial information","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A regular, scheduled review of who has access to which type of data","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should also outline ","marks":[],"data":{}},{"nodeType":"text","value":"how ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"access will be given\u2014for example, via a password-sharing app or by sharing credentials over the phone.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If someone needs access to your nonprofit\'s bank accounts, this is particularly important. Depending on your bank, you might have only one set of login credentials to share, which is both inconvenient and extremely risky. Since you have no control over what that person can do once they\'re signed into your account, anything could happen. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (hello! \ud83d\udc4b) helps nonprofits control banking access with secure, role-based logins. \ud83d\udc65 Relay is an online banking and money management platform built for nonprofits like you\u2014whether you want to give board members limited, read-only access, or need to fully delegate financial tasks to your accountant.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-safe-is-online-banking"},"content":[{"nodeType":"text","value":"How safe is online banking","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"?","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2\ufe0f\u20e3 Segregation of duties","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This nonprofit internal control is all about separating specific duties within the organization to make things more secure. It requires more than one person to complete certain key tasks, such as approving payment and making the actual transfer. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, instead of one person handling all the payroll duties, you can divide the responsibilities between three people:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One individual enters payroll data","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The second approves the data entry","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The third person is responsible for distributing the paychecks","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This breakdown ensures that no single individual has control over the entire process, greatly reducing the risk of fraud and human error. Segregation of duties is also an affordable security measure since it doesn\'t require specialized staff or new software. Just be sure all processes and duties are formally defined in a written policy. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3\ufe0f\u20e3 Monthly bank reconciliation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This internal financial control is one of the most important and effective ways to stay on top of your cash flow as a nonprofit. Bank reconciliation ensures that your nonprofit\'s financial statements are accurate by comparing the cash account balances with the bank statement. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This task is usually done by the organization\'s bookkeeper. However, it\'s good practice to have an additional, internal staff member","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"reconcile your accounts each month\u2014that way, two different people are closely reviewing your financial records, ensuring a high level of accuracy. \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While this can time-consuming,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" helps nonprofits speed up bookkeeping and reconciliations with detailed transaction data\u2014you\'ll see clean, standardized vendor names and categories for every transaction.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, Relay\'s integrations with","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":" QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" and","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":" Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" mean you (and your bookkeeper) will see the most up-to-date and accurate banking data every time you log into your accounting system.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4\ufe0f\u20e3 \\"Surprise\\" internal audits","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To both prevent and prepare for potential audits, it\'s critical to track expenditures, disbursements, fundraising income, and other financial transactions. But how do you know that your accounting records are accurate? \ud83d\udc40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A surprise internal audit could be the answer. This type of audit is exactly what it sounds like\u2014it\'s when you have an independent auditor come and review your nonprofit\'s records without any prior warning. This can help your organization identify any areas that need to be tightened up before a real IRS audit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might already be required to do an independent audit each year,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.councilofnonprofits.org/running-nonprofit/nonprofit-audit-guidec/state-law-nonprofit-audit-requirements"},"content":[{"nodeType":"text","value":" depending on your state\'s laws","marks":[],"data":{}}]},{"nodeType":"text","value":". Even if these rules don\'t apply to your organization, however, an annual internal audit can be a great way to make sure your processes are air-tight. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5\ufe0f\u20e3 Physical security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For some nonprofits, this internal control is an obvious one. Depending on your organization\'s size and resources, physical security might mean a combination of locks on doors \ud83d\udd12during the day (for staff safety), locked filing cabinets (to store confidential documents like blank checks), or even CCTV systems (for extra protection).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even something as simple as implementing a check-out policy for credit cards and blank checks can add an extra layer of security. The most important thing is to have a clear, written policy covering physical security and make sure that all staff members are aware of it.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6\ufe0f\u20e3 Staff spending and expense reimbursement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether your team needs to pay for travel or make a last-minute supply purchase, it\'s important for nonprofits to properly","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/employee-expense-management"},"content":[{"nodeType":"text","value":" manage employee expenses","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few examples of nonprofit internal controls related to staff spending:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When possible, all purchases should be made with a company debit card (to limit the number of expense reimbursement requests)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipts must be submitted for all expenses over $5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For purchases over $200, explicit approval is required from your manager or the finance department","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expense reimbursement requests must be submitted within 30 days of the expense","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For most nonprofits, it\'s unrealistic to think that the executive director will be able to pay all expenses with a single company credit card. \ud83d\udcb3\xa0 But it can also be overwhelming to manage dozens of expense reimbursement requests each month (or distribute petty cash).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Issuing multiple debit cards for specific employees, programs, or projects can help\u2014for example, if a certain staff member is leading a short-term project with lots of expenses, you could instantly issue them a virtual debit card with a set spending limit. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can issue 50 virtual or physical debit cards for specific purposes, whether it\'s for the marketing department or your newest education program. You can also set spending limits, and if you notice any suspicious activity, instantly freeze cards from your computer or phone. \ud83d\udcf2","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"7\ufe0f\u20e3 Background checks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://www.napbs.com/NAPBS/assets/File/NAPBS_Survey.pdf"},"content":[{"nodeType":"text","value":"According to one survey","marks":[],"data":{}}]},{"nodeType":"text","value":", 96% of businesses conduct background screenings before hiring, and not-for-profit organizations should be no different. 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That\u2019s why ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) helps nonprofits organize cash across multiple checking accounts. Our online business banking and money management platform allows nonprofits to open 20 individual checking accounts for program budgets, operating expenses, and beyond.\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Learn more here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Sample budget for nonprofit organizations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All nonprofit budgets, regardless of the organization\'s size, share the common goal of effectively managing resources to fulfill their mission. \ud83d\udc65 \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what does nonprofit budgeting actually look like in practice? Here\u2019s a very basic example\u2014but remember that your organization\u2019s budget might be more complicated than this (or maybe even simpler!).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salaries & Benefits: $80,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent & Utilities: $20,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Professional Services: $10,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supplies & Materials: $2,500","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenues:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Donations and Grants: $120,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fundraising Events: $10,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Program Fees: $5,500","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This example shows the estimated expenses and revenues of a nonprofit organization that runs community programs. The organization has planned to spend $102,500 on operations and projects (expenses) and expects to raise $135,500 through donations, fundraising events, and program fees (revenues).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Relay\u2019s nonprofit budget template comes with a more detailed sample budget. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/spreadsheets/d/1qa5dq170Uw9Nqss8ruRqtx5JbV3QXaJgsbuvnHuEyME/edit?usp=sharing"},"content":[{"nodeType":"text","value":"Check it out here","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"!\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, remember that your budget should categorize revenue by different funding sources and your expenses by program vs. overhead costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to nonprofit budgeting \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to nonprofit budgeting, the planning process should start at least three months before the start of the next fiscal year. This will give your nonprofit board of directors plenty of time to review and approve the final budget. \u2705\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most likely, your organization\'s executive director will lead the budgeting process, but a nonprofit accountant can also provide support. Larger nonprofits might even create a budget planning committee.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter who\'s in charge, nonprofit budgeting can be overwhelming. Here\'s your step-by-step guide to creating an effective and sustainable budget to fulfill your organization\'s mission.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Evaluate your organization\'s financial health \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you can develop an accurate budget, you\'ll need to gain a clear understanding of the nonprofit\'s financial situation. This will require examining your past budgets, current assets and liabilities, cash flow, and fundraising performance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few questions to guide you through the process:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What are your nonprofit\'s current annual revenue and expenses?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Were any expenses in the previous year unnecessary?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How accurate were your revenue projections last year?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much money do you have in reserve?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Is your donor base consistent or growing?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Does the organization have any liabilities or debt?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Delving into your organization\'s financial reports is crucial during this process. Your nonprofit\'s accountant (or your accounting system) can help you analyze balance sheets, income statements, and cash flow statements to get a comprehensive picture of financial health. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set effective financial goals \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To create an effective budget for your nonprofit, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"financial goals","marks":[],"data":{}}]},{"nodeType":"text","value":" are a must. From hiring new team members to launching new programs, it\u2019s crucial to clearly define how much cash your organization needs to act on its strategic plan. \ud83d\udcca\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best way to do this? Make your goals ","marks":[],"data":{}},{"nodeType":"text","value":"SMART","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014specific, measurable, actionable, relevant, and time-bound. That means you might have to do some research during this phase. If you want to move into a new office space this year, you can estimate the rent. If you want to hire a new marketing director, you can look up salary trends to discover how much you need to pay them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say your team is setting a goal to increase donations. Here\'s how you might make this a SMART financial goal:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"Our nonprofit will increase overall contributions by 20% by the end of 2024 through partnerships with local businesses and corporate sponsors.\\"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vague goals are hard to achieve and can confuse your team. But when your goals are SMART, your entire organization will be able to stay focused, accurately measure results, and properly prioritize funding. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Estimate your nonprofit\'s income \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By now, you\'ve created a solid foundation for a super-effective nonprofit budget. The next step is to forecast your organization\'s revenue for the upcoming year. This can be challenging because, unlike for-profit businesses, nonprofits rely on a wide variety of funding sources.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether your nonprofit relies on foundation grants, program ticket sales, or corporate contributions, it can be tough to predict revenue. However, that doesn\'t mean it\'s impossible.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are two common ways to estimate your nonprofit\'s income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\ud83c\udff7 The discount method","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With this approach, you determine the anticipated funding from each fundraising source by multiplying the expected amount with the corresponding probability percentage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you are seeking a $10,000 grant with a 75% chance of being awarded, adjusting the revenue forecast to $7,500 accurately reflects the projected income.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\u2702\ufe0f The cutoff method","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of predicting revenue by individual grants or line items, the cutoff method looks at revenue as a whole. To use this method, simply calculate the projected fundraising revenue by multiplying the estimated ","marks":[],"data":{}},{"nodeType":"text","value":"total","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" amount with the probability estimate.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you have a strong fundraising track record and anticipate an 80% chance of achieving the predicted $100,000 revenue goal, the forecasted amount would be $80,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecasting revenue isn\'t easy, especially for nonprofits. If you\'re managing a multiple six- or seven-figure budget, asking a financial expert for help is always a good idea.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Calculate your nonprofit\'s expenses \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing what you want to accomplish and how much money is available, you can now create your expense budget. This is one of the most essential aspects of nonprofit budgeting.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by separating expenses into two distinct categories: program expenses (the actual services provided) and overhead (administrative costs that aren\'t directly related to service delivery). Then you can break down each category into subcategories like staff, rent, supplies, transportation, and so on.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more tips to help you calculate expenses. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review historical data:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Look at the previous year\'s budget and actual expenditures to understand patterns. Have you overspent consistently in certain categories? How much do you need to set aside for the cost of fundraising efforts?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Factor in inflation:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Be sure to account for the rate of inflation when calculating future expenses. This is especially relevant for costs like utilities, supplies, and rent.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plan for the unexpected: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Make sure to leave some breathing room in your budget\u2014and if you don\'t have ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":"operating reserves","marks":[],"data":{}}]},{"nodeType":"text","value":" set aside for slow fundraising periods, consider adding a budget line to build your savings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaborate with your team:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Gather feedback from staff members who are directly involved with the different programs or departments of your nonprofit. They\'ll be able to provide valuable input on potential expenses.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might not be able to predict what your donors give, but you can control a lot when it comes to spending. \ud83d\udcb8 If you\'re feeling overwhelmed, try using your goals to prioritize expenses\u2014and remember, you can always increase spending if you\'re able to raise more revenue later in the year.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Approve and implement your nonprofit budget \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Congratulations! You\'ve created a comprehensive operating budget that will help your nonprofit succeed. Now all that\'s left to do is share a proposal budget with your board members, get their approval...and implement it. \ud83e\udd73","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few tips for successfully implementing your budget:","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\ud83d\udde3","marks":[],"data":{}},{"nodeType":"text","value":" Communicate, communicate, communicate","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure staff members are aware of the budget and why it exists. Explain to them how it ties into your organization\'s goals and mission. Emphasize how each person\'s role in helping the team adhere to the budget is actually contributing to a larger purpose\u2014the success of your nonprofit! \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But don\'t stop there: continue to frequently communicate with your team, board of directors, and other stakeholders to make sure everyone is on the same page regarding the budget.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"Review the budget regularly","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At least once a quarter (but ideally bi-monthly or monthly), compare actual expenditures against the projected budget to make sure your nonprofit is on track.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is especially important during periods of rapid growth or shifts in strategy. As your organization changes, you may need to make adjustments. Remember: a good budget is a flexible budget, whether that means increasing expenses because you received more income, or being able to cut back during tough times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Leverage money management tools to stay on budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To truly stick to your budget\u2014and ensure you have enough money to fulfill your nonprofit\'s mission\u2014you need an efficient way to manage cash flow and organize spending. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that can help you (and your team members) avoid overspending, get clear on income, and simplify financial management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s how nonprofit leaders stay on budget using Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize cash across 20 free business checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create individual accounts to set aside grants, budget for day-to-day operating expenses, and beyond. At a glance, you\u2019ll be able to understand how much money you\u2019ve allocated for every spending category.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Build","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/nonprofit-reserves"},"content":[{"nodeType":"text","value":" nonprofit reserves","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" with auto-savings and 1-3% APY*: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Prepare for a rainy day (or an exciting long-term project) with","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":" Relay\u2019s no-fee, interest-bearing savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". Plus, reach your goals faster with automated savings.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set spending limits on 50 virtual or physical debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You can issue debit cards for specific projects, programs, expenses, and team members. Then, set spending limits to stay on budget, all the time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Delegate and collaborate with role-based logins: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Whether you\u2019re ready to delegate financial activities or need to collaborate with your bookkeeper, Relay makes it easy\u2014and secure. Just invite your team members to Relay and assign them a specific role with specific permissions. No more sharing logins via email!\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Get started with a free nonprofit budget template","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Creating a budget from scratch can be daunting. To get started, you can use our free nonprofit budgeting template. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/spreadsheets/d/1qa5dq170Uw9Nqss8ruRqtx5JbV3QXaJgsbuvnHuEyME/edit?usp=sharing"},"content":[{"nodeType":"text","value":"Just click here to access it in Google Sheets","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2lPHlitrlg4cUl23hbFzk5","type":"Asset","createdAt":"2023-09-25T15:26:19.285Z","updatedAt":"2023-09-25T15:26:19.285Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Nonprofit Budgeting - Budget Template - Relay","description":"Nonprofit Budgeting - Budget Template - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2lPHlitrlg4cUl23hbFzk5/f19c3eb32fa13bbe2f5a39ad523f0b48/Nonprofit_Budgeting_-_Budget_Template_-_Relay.png","details":{"size":239413,"image":{"width":1634,"height":1326}},"fileName":"Nonprofit Budgeting - Budget Template - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This budget template is designed to help nonprofits quickly and accurately estimate operating expenses while creating a plan to reach their goals in the new year. Every nonprofit is unique, so feel free to adjust the categories and templates to fit your needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit budgeting can be tough, but by following these steps, you can set SMART goals, accurately estimate income, and calculate your expenses. And don\'t forget\u2014you can make implementing your budget a breeze with Relay. You\'ve got this! \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The cash flow clarity your cause deserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online business banking and money management platform that offers no-fee business checking and savings accounts. We\'ve already talked about managing your budget with Relay, but we know nonprofit financial management doesn\'t stop there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s why nonprofits love using Relay to get crystal clear on cash flow, spending, and saving:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Open 20 individual checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Organize income, expenses, and cash reserves with multiple checking accounts. 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This means if your digital agency earns $150,000 annually, your profit would be about $22,500 per year. \ud83e\udd11 That\'s a lot of extra money to put towards your goals!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a profitable creative agency can be tough, though. In the beginning, you might face challenges like startup costs and inconsistent cash flow. That\u2019s why it\u2019s so important to have a banking platform that supports your goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us! \ud83d\udc4b) is an online banking and money management platform that helps marketing agencies get clear on cash flow. 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Well, there isn\'t a magic number of clients that signals you\'re ready to make the switch. Instead, it\'s more about your long-term goals and the opportunities you see in the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few signs that it\'s time to start a creative agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude2c You\'re turning away clients: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\'re so swamped with projects that you\'re saying no to potential clients and money-making opportunities, that\'s a clear sign you should hire some help.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc4f You\'ve nailed your niche","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Do you find yourself driving consistent, amazing results for a certain type of client? Have you discovered a major demand for your services? If so, it means you have a scalable business and it\'s time to start an agency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude15 You\'ve stopped enjoying client work: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you feel burnt out from taking on too many projects, starting an agency can free up your time and energy. You\'ll be able to focus on high-level strategy and delegate day-to-day tasks to your team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 You want to earn money when you\'re not working: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"As a freelancer, you\'ll probably always be trading time for money. But when you own an agency, you can start to build your wealth without relying on billable hours. 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The journey might feel like a rollercoaster at times, but here\'s the key to long-term, sustainable success: enjoy the ride. \ud83c\udfa2 (We know it might sound cheesy, but that doesn\'t make it any less true!)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s how to start your own creative agency in 7 simple steps.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Get clear on your goals \ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of the world\u2019s most successful entrepreneurs","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/2010/04/06/money-motivation-pay-leadership-managing-employees.html?sh=51a0d22c3e13"},"content":[{"nodeType":"text","value":" say their primary motivation wasn\'t to make lots of money","marks":[],"data":{}}]},{"nodeType":"text","value":". Instead, they were fueled by their desire to make a lasting impact on the world.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So what\u2019s the why behind your new business? Maybe you want to spend less time working. Maybe you want to close bigger projects. Whatever the case, clear goals will help you make crucial business decisions, like who to hire and which clients to take on.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of course, to move your business forward, you\'ll need revenue-based goals, too. It\'s always a good idea to define both long-term (2-3 years) and short-term (2-6 months)","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":" financial goals for your business","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, you\u2019ll want to write out your goals in a business plan. This document will serve as your agency\u2019s roadmap and give you a clear path to profitability. \ud83d\uddfa","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2: Establish your brand \ud83d\udcd6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'ve been freelancing for a while, you might have a strong personal brand. However, your agency will need its own unique brand identity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To develop your agency\u2019s brand, you may want to:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choose an agency name","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Define your agency\'s core values","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Update your pricing and service offerings","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Build a new website","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start new social media profiles","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Put together a portfolio of past work and client case studies","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once your agency\'s brand is solid, it\'s time to tell the world. \ud83d\udce3 Before going public, it\u2019s a good idea to tell your existing clients. Explain why you\'re launching an agency, what (if anything) will change for them, and what they can expect moving forward.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After that, it\'s time to make your brand known online. \ud83d\udcbb You might share a press release or go with something less formal, like a LinkedIn post. You could also send out an email to past clients and your professional network\u2014and who knows, maybe you\'ll land a new client in the process!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 3: Assemble your dream team \ud83d\udc4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to build a successful, sustainable agency, building a team should be your top priority. As your business grows, you\'ll have less time for actual client work\u2014which means you\'ll need more hands on deck, ASAP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most agency owners start by working with other freelancers. This will give you more flexibility as you meet with potential customers and close new deals. Plus, you won\'t have to worry about the costs that come with full-time employees, like payroll taxes and benefits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Building a reliable network of contractors can be tough, though. Here are four steps to help you get started:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc69\ud83c\udffc\u200d\ud83d\udcbb Figure out where you need help: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\'re a copywriter, do you need to hire another copywriter? Or would it be better to find someone with a different skill set, like a creative director? If you\'re currently drowning in client work, it might be best to \\"clone\\" yourself first.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc65 ","marks":[],"data":{}},{"nodeType":"text","value":"Leverage your network to find the perfect hire: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The ideal team member might be right in front of you. Ask your friends and colleagues if they know anyone that\'s looking for extra work. If this doesn\u2019t work, you can also check out job boards like Upwork and Fiverr.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u270d\ufe0f ","marks":[],"data":{}},{"nodeType":"text","value":"Give them a test project: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Hire your candidate on a project basis and see how they do. If they deliver quality work and are easy to communicate with, you\'ve found yourself a great team member.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udccb ","marks":[],"data":{}},{"nodeType":"text","value":"Define the relationship: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Consider putting your contractors on retainer. This type of monthly, recurring agreement will ensure your team members are available when you need them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca ","marks":[],"data":{}},{"nodeType":"text","value":"Set aside money to pay your team: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"As soon as you hire a contractor, set aside the money to pay them. Otherwise, you might be faced with a cash flow issue later in the month...and if you can\'t pay your dream team, they won\'t stick around.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Close new clients \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Selling your services as an agency means you\'re not just selling your talent, but the combined expertise and skills of your entire team. This can help you close bigger projects and secure more exciting clients. \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few ways to take advantage of your agency\'s momentum and find new clients:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Referrals:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Leverage your existing relationships and ask your happiest clients to refer others to your agency.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content marketing:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Use platforms like LinkedIn to share tips, insights, and other content related to your niche. This can build your authority as a thought leader and attract clients.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Networking:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Attend industry events and join online communities. You\u2019ll be able to build relationships with potential clients and maybe even find a new team member.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partnerships:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Collaborate with non-competitive businesses that share your target market. This can help you reach a wider audience and generate leads.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pitching: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create a list of companies you\'d like to do business with and connect with them via email or social media. Share case studies from past clients and offer your ideas for their company. Remember to personalize each pitch for the client.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to landing new clients for your agency, the goal should be quality over quantity\u2014so don\'t worry if you don\'t close every sale. As long as your agency keeps growing, you\'re on the right track.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 5: Manage cash flow wisely \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When your creative agency is growing, it\'s incredibly exciting. You might start hiring new contractors and purchasing expensive tools...until your rapid-fire spending leads to a sudden cash flow crisis. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This story is more common than you might think\u2014in fact, cash flow problems are the","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.score.org/resource/blog-post/1-reason-small-businesses-fail-and-how-avoid-it"},"content":[{"nodeType":"text","value":" #1 reason small businesses fail","marks":[],"data":{}}]},{"nodeType":"text","value":". That\'s why it\'s crucial to stay on top of your agency\'s spending, no matter your how much you earn.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"How to avoid agency cash flow problems \ud83d\ude45\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business expands, it\'s tempting to spend every extra dollar. But if you don\'t prioritize profit, your marketing agency won\'t be able to invest in long-term growth or handle unexpected costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"The Profit First method","marks":[],"data":{}}]},{"nodeType":"text","value":", created by entrepreneur Mike Michalowicz, helps small business owners prioritize profit from day one. Businesses that use this method set aside a percentage of revenue for profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s how the Profit First method works, in 3 easy steps:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Open multiple checking accounts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Create separate bank accounts for income, operating expenses (OpEx), taxes, owner\'s pay, and profit. \ud83c\udfe6 As a creative agency, you might also want a separate account for payroll. This checking account will hold the money needed to pay your team, whether they\'re full-time or freelance.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Transfer a percentage of revenue to profit first:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Before you start spending, move 5% of your revenue from the income account to your profit account. Profit First recommends 5% for profit, but if you need to allocate less, that\'s okay! We all have to start somewhere. \ud83d\udc9a","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize the rest of your cash across accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Profit First recommends making your transfers on the 10th and 25th of each month. After you make your profit transfer, move your remaining cash from the Income account to your tax, OpEx, owner\'s pay, and payroll accounts. \ud83d\udcb5","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method isn\'t just about profit, though. It\'s also about giving small business owners more visibility into cash flow. \ud83d\udd0e When your business\'s money is separated across different bank accounts, you\'ll always know how much cash you have for expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll also be less likely to spend your payroll money on marketing software, and vice versa. This makes it much easier to stay on budget and keep your agency out of the red\u2014even when you\'re growing quickly. \ud83e\udd29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Get started with Profit First \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening multiple checking accounts at a traditional bank can be a hassle. That\'s why","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":" Relay is the official banking platform for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83c\udfe6 With Relay, you can open 20 individual, no-fee business checking accounts, completely online.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then, you can easily make percentage-based transfers between your accounts\u2014no mental math required. When you\'re ready, you can even automate your Profit First transfers. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Together, Relay and Profit First have helped thousands of small business owners reach immediate and permanent profitability.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":" Learn more about Profit First and Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 6: Nail your processes \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a creative agency can be overwhelming. You have to learn how to juggle more clients, bigger projects, and a brand-new team. So how do successful agency owners manage it all?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might not be the most exciting answer, but it\'s a simple one: ","marks":[],"data":{}},{"nodeType":"text","value":"process, process, process","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udccb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you nail your processes, your agency will be able to deliver consistent results without reinventing the wheel every time. Plus, if one of your team members ever leaves or takes a break, it\'ll be much easier to fill in the gaps.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you start your creative agency, here are a few important processes to document.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Onboarding team members and clients: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create an onboarding checklist for your clients and contractors. This will help you remember all the tasks that come with welcoming a new person to your business, from contracts to training videos.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts receivable: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create a process for tracking invoices and payment timelines. This will ensure that your agency gets paid on time\u2014every time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Client work delivery: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"For example, a graphic design agency might list out the steps for designing a logo, from developing a mood board to getting feedback from the client. You should also document how your team will use project management tools.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Now that you have a team, you\'ll have to stay on top of accounts payable, too. Create a system for collecting your contractors\' payment details and tax documents. You might even consider using an accounts payable tool like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":" Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":" to streamline this process.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, documenting your processes will improve project management, client work quality, and your ability to collaborate with team members. Though it might take some extra effort upfront, nailing your processes is key to starting a successful creative agency.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 7: Scale your agency \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ve built a team. You know how to manage cash flow and nail your processes. Now it\'s time for the final step: scaling your creative agency to the next level. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, it will become increasingly important for you to \\"elevate\\" your role. This means spending less time on client work and more time as the agency\'s leader, visionary, and strategist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hiring is crucial to making this shift. You\'ll want to create a talent pipeline and find A-players who can help you scale your agency without sacrificing quality. As your revenue increases, it\u2019s also a good idea to hire some roles in-house. Contractors aren\u2019t 100% committed to your business, so it\u2019s difficult to scale without full-time employees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your profits increase, you\'ll also have the capacity to invest more in marketing and advertising. However, tread carefully. 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If you have a good relationship otherwise, these steps will help you decide if you can offer a more flexible payment schedule\u2014or if you\u2019re dealing with a true cash flow crisis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An online banking and money management platform like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":" Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) can help you respond faster if clients pay late. For example, with Relay, you can open","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-many-business-checking-accounts-should-i-have"},"content":[{"nodeType":"text","value":" multiple free business checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" for different types of expenses. At a glance, you\u2019ll be able to see how much cash is left in your accounts for each category\u2014allowing you to make more informed decisions, faster. \u26a1\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to collect money from clients who won\u2019t pay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re dealing with clients who won\'t pay, the most important thing is to take action quickly and decisively. This will show your clients that you take overdue payments seriously\u2014and it will also help you get the money you\'re owed sooner. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 10 ways to collect from clients who won\'t pay, with each strategy escalating in intensity.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#1: Send a reminder email right away","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client hasn\'t paid, don\'t wait for them to make the first move. Within 24 hours of the invoice due date, send a friendly reminder email to your client. \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This should include a polite yet firm message that reminds them their payment is past due and requests they pay as soon as possible. You should also resend the original invoice as an attachment to this email or via your accounting software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In your email, avoid using accusatory language. Your client might have forgotten about the invoice, but most likely, they didn\u2019t have bad intentions. Here\u2019s a quick example to help you write your own payment reminder:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subject: Invoice #12345 is Now Overdue","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dear [Name],","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I hope this message finds you well. I wanted to follow up about invoice #12345 (attached here), which was due [date] and has yet to be paid. Would you kindly take a moment to review it and let me know when I can expect payment?","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thank you!","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"[Your Name]","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#2: Follow up with a phone call","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client hasn\'t responded to the first email or if they\'re more than three days overdue, it\'s time to follow up on the phone. This is a chance to address any invoice questions and get the payment process back on track. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the call, do your best to remain friendly and professional. If you have a good relationship with the client, you won\'t want to damage that by being too pushy or demanding.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#3: Contact the billing department directly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client didn\'t respond to steps 1 or 2, they could be \\"ghosting\\" you. \ud83d\udc7b In other words, they may be ignoring your efforts to reach out as a way to avoid payment. Whatever you call this behavior, it\u2019s a serious issue for your business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this situation, you can try contacting the company\'s billing department. You may be able to find their information via your client\'s website, social media accounts, or past email communication. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client ","marks":[],"data":{}},{"nodeType":"text","value":"did ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"answer your call or respond to your email\u2014but they don\'t seem to know why the payment is late\u2014ask them to connect you with the billing team. The client\'s finance department will likely take your payment issue more seriously. They should also be able to answer any technical questions about the status of the payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"No matter who you\'re speaking to, be sure your communication is clear, direct, and professional. It\'s also a good idea to ask specific questions like, \\"By what date can I expect payment?\\"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#4: Pause or cancel future work","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If none of the steps above have worked and your client is still not paying, it\'s time to take more serious action. If you\'re in the middle of a project with this client, pause or cancel future work. Whether you\u2019re a freelancer or a business owner, it\u2019s never a good idea to work without being paid. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you take this step, just be sure to notify your client in writing and explain why you\u2019re stopping work. This will protect you if the client tries to claim you didn\'t finish the job as agreed.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#5: Offer a payment plan","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the unpaid invoice is due to a cash flow issue on your client\'s end, you might need to offer a payment plan. Maybe you can allow your client to pay the amount owed in multiple installments. Or, you could ask for a partial payment now and give them an extended due date for the remaining balance. \ud83d\udcc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To make a payment plan effective, transparency is key. Outline the exact number of payments and their deadlines. You might also want to set up automated reminders or direct debits to prevent missed payments. Ultimately, this will improve your chances of recovering the total amount.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#6: Offer an incentive for payment","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another way to motivate your clients to pay on time is to offer payment incentives, like discounts or one-time bonuses. \ud83e\udd11 This may be particularly effective if the outstanding invoice is for a large amount.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you could offer a 15% discount if they make a payment within 5 days. Or you might give them a free bonus with their next purchase if they settle the invoice within 10 days.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Be sure to communicate that your incentive is a one-time offer due to unique circumstances. Otherwise, clients might purposely delay future payments to get another discount.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#7: Send a formal demand letter","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the above steps haven\'t worked, you might be wondering how you\'ll ","marks":[],"data":{}},{"nodeType":"text","value":"ever","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" be able to collect from clients who won\'t pay. By this point, your client\'s invoice might be 30 to even 60 days overdue. \ud83d\ude29","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client hasn\'t agreed to a payment plan, accepted an incentive, or offered a timeline for repayment, it\'s time to send a formal demand letter. This document serves as a last attempt to settle the debt before escalating the matter legally. \ud83c\udfdb\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The letter should include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A clear statement of the outstanding amount owed","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A detailed breakdown of services rendered or products provided","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any payment history or previous attempts at collection","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The consequences of non-payment, including potential legal action","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A firm deadline (usually 15-30 days from the letter\'s date) by which payment should be made to avoid further action","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instructions for how to make the payment","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some states have demand letter templates, like","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://selfhelp.courts.ca.gov/form/demand-letter"},"content":[{"nodeType":"text","value":" this one from the California Courts website","marks":[],"data":{}}]},{"nodeType":"text","value":". A template can help you get started with the letter, but to show the client you\'re serious, you may want to hire a lawyer to draft and send the letter on your behalf. \ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Regardless of who sends the letter, it\'s important to send it via certified mail. This ensures you have proof that the letter was received by the client.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#8: File a case in small claims court","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your client still fails to pay after receiving the formal demand letter, you may want to consider filing a case in small claims court. This court is designed for disputes involving relatively small amounts of money. In the U.S., the limit varies by state but typically ranges from $2,500 to $25,000. \ud83c\udfdb\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you pursue this option, ensure that the overdue payment is worth the time, effort, and cost associated with a lawsuit. Always consult with a legal professional so they can evaluate your case and guide you through the small claims court process (if you decide to go through with it).","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#9: Pursue arbitration or legal action","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In many business contracts, a clause is included that outlines the process of dispute resolution. Often, these contracts will say the parties should attempt arbitration before legal action. \ud83d\udcdc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Arbitration is a dispute resolution method where a neutral third party makes a binding decision. It\'s like a court trial but less formal and faster. To start arbitration, you\'ll have to send a notice to the client expressing your intent. After that, you and the client will select an arbitrator and engage in an arbitration hearing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If arbitration is unsuccessful, you may choose to file a lawsuit against your client. This is a significant step that involves a lot of time, energy, and money\u2014so be sure you talk to a lawyer before you move forward. \ud83c\udfdb\ufe0f\ud83d\udcbc","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"#10: Hire a debt collection agency","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you still can\'t collect on the unpaid invoice, your last resort may be to hire a debt collection agency. This is a company or agency that specializes in recovering unpaid debts and other delinquent payments. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A reputable debt collection service uses legal tactics to motivate clients to pay their outstanding balances. The main advantage of using this option is that you don\'t have to invest much time or energy into the process. You simply hand over all documents related to the debt and let the agency take it from there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, one potential downside is that debt collection fees can range anywhere from 15-50% of the amount due, depending on how quickly they\'re able to recover your money. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Be sure to research and vet multiple debt collection agencies before hiring one. It\'s always a good idea to check references, read reviews, and compare rates from different services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to help your clients pay on time \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know how to collect money from clients who won\'t pay, it\'s also important to avoid late payments in the first place. The preventative measures outlined below will not only save you time and money but will protect your business from future cash flow crises.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc4 Set clear payment expectations: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your payment terms should be outlined in all contracts. However, some clients won\'t read the contract closely, so be sure to communicate payment details in other ways\u2014for example, during an onboarding call.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce7 Send invoice reminders before the due date: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Send an email to remind clients one week before their invoice is due. This will help ensure they have enough time to make the payment. Some accounting software will even allow you to automate reminders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Take payment upfront: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Whenever possible, take a deposit upfront or require full payment before you start working. This ensures your client is fully invested in the project and will prioritize getting it done on time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Charge late fees:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Late fees should be clearly outlined in your contracts and invoices, so clients know exactly what to expect if they don\'t pay within the specified time frame.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Accept multiple payment methods: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your clients might want to make an online payment with a credit card, send a wire transfer, or use PayPal. When you offer more payment options, you\u2019ll make it easier (and faster) for clients to pay.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The bottom line","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recovering money from clients who won\'t pay can be one of the hardest parts of running a marketing agency or small business. Thankfully, there are many steps you can take to get the money you\u2019re owed and prevent late payments in the first place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can get more visibility into cash flow, so you\u2019re prepared for anything\u2014including overdue invoices. \ud83d\ude4c Whether you want to open multiple free checking accounts for different types of expenses or","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":" earn interest on your emergency fund","marks":[],"data":{}}]},{"nodeType":"text","value":", Relay can help.","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" Sign up for Relay here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs: How to collect from clients who won\'t pay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still have questions about getting your unpaid invoices...paid? These FAQs will help you learn even more about collecting from clients who won\u2019t pay. \u2b07\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What can I do if a client consistently pays late?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a client consistently pays late, it\'s important to communicate with them directly and professionally. Let them know that timely payments are necessary for smooth business operations. You can also consider implementing late fees for overdue payments or requiring pre-payment for future services.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is it legal to charge late fees for late invoice payments?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, it\'s legal to charge late fees for overdue invoices, but you must state this policy in your contracts and invoices. The amount you can charge may depend on your location and local laws, so it\'s recommended to consult with a legal professional.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How can I find a reputable debt collection agency?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Look for agencies that are accredited by professional bodies, like the Association of Credit and Collection Professionals (ACA). You can also read reviews, check the agency\u2019s success rate, and ask for references. Always confirm that they use legal and ethical methods to collect debts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register 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With an extensive background in accounting, audit compliance, and consulting, Ufuoma empowers nonprofit organizations to build sustainable revenue streams and drive change within underserved communities. 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But advisors like Ufuoma need access to banking data to best serve their clients. Which is why Relay makes it easy for nonprofits to collaborate with their advisors\u2014providing secure access protected by app-based 2FA. As a result, the friction to retrieving statements and check images throughout the month is removed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to Ufuoma, \u201cRelay removes barriers for clients: they no longer have to remember to send us their information at month-end. Instead, Relay gives all internal stakeholders full transparency on money inflows and outflows in real-time. 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Clients must then divert their attention from critical responsibilities to perform administrative tasks - hardly an optimal use of their time. Relay liberates us from this friction, providing the required access sans the extra legwork.\\"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Fund separation for fraud protection","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security is always a concern when it comes to managing money. Ufuoma appreciates the fact that with Relay, her clients can have up to 20 separate no-fee checking accounts. 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Each account has its own unique routing number. Permission to access each account can be set up according to an organization\u2019s needs. So, if any one account is compromised, all other accounts remain protected.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Ufuoma, having multiple accounts adds a layer of security and lessens the likelihood of unauthorized transactions draining cash. She recommends clients have one account for operating, one account for payroll, and then another bank account where they house all other money.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Quick and easy collaboration\u2026 without barriers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWith a nonprofit organization, nobody owns it. 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Relay also makes it possible to switch access to accounts on or off\u2014in just a few clicks.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With traditional banks, says Ufuoma, \u201cin order for you to change who the authorized people on the account are, you need a letter from the board of directors in writing, and often you have to go physically into the bank to make the change. Traditional banking becomes extremely difficult to manage for clients in multiple states that require multiple people access.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay makes it simple to add and remove users as an organization\u2019s leadership changes with a click of a button. 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Then you have time to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up for a free business banking account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" from Relay. And if you\u2019re a bookkeeper or accountant interested in reading more about why Relay is right for you and your clients, click ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accountants-and-bookkeepers"},"content":[{"nodeType":"text","value":"here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Corrina Allen","jobTitle":"Technology and Finance Writer","company":null,"slug":"corrina-allen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/cJdBfUlDYhdpJwqLobxK1/f73fe261795448624f507c93149dc7ce/Corrina_Allen_-_Round.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1694796313502,"customDate":1694796313502,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#beyond-bookkeeping"},"content":[{"data":{},"marks":[],"value":"Beyond bookkeeping","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#why-ufuoma-chose-relay-for-her-nonprofit-clients"},"content":[{"data":{},"marks":[],"value":"Why Ufuoma chose Relay for her nonprofit clients","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-ability-to-see-it-all-all-the-time"},"content":[{"data":{},"marks":[],"value":"The ability to see it all, all the time","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#staying-audit-ready"},"content":[{"data":{},"marks":[],"value":"Staying audit-ready","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#fund-separation-for-fraud-protection"},"content":[{"data":{},"marks":[],"value":"Fund separation for fraud protection","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#quick-and-easy-collaboration-without-barriers"},"content":[{"data":{},"marks":[],"value":"Quick and easy collaboration\u2026 without barriers","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#the-right-tools-to-put-everything-in-the-right-place"},"content":[{"data":{},"marks":[],"value":"The right tools to put everything in the right place","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-nonprofits-get-with-relay"},"content":[{"data":{},"marks":[],"value":"What nonprofits get with Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":["category-nonprofits"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"revenue-vs-profit","title":"Revenue vs Profit: The Difference in Plain English","description":"If you make $1 million a year in revenue, but can only pay yourself a profit of $20,000, is your business successful?","metaTitle":"Revenue vs Profit: The Difference (In Plain English)","metaDescription":"What\'s the difference between revenue vs profit? In short, revenue is how much money a business makes, while profit is how much a business keeps after deducting expenses.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3vfxO68vV52BznOdGGL3zO/0dddb89f2b30f5f5aaf2b114759e1317/Business_Banking_Blog_Header_-_Revenue_vs_Profit.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you make $1 million a year in revenue but only keep a profit of $20,000\u2014is your business successful? \ud83e\udd14 Some say the answer is subjective, depending on your goals and the stage your business is in. While true, profit (or even more importantly, ","marks":[],"data":{}},{"nodeType":"text","value":"profitability\u2014","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"more on that later) allows a business to survive and thrive in the long term. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get a full picture of your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://hbr.org/2019/08/before-you-start-a-business-decide-what-success-looks-like"},"content":[{"nodeType":"text","value":"business success","marks":[],"data":{}}]},{"nodeType":"text","value":", it\'s important to understand the relationship between revenue, profit and profitability. 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","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ever heard the saying that \u201c","marks":[],"data":{}},{"nodeType":"text","value":"revenue is vanity, profit is sanity","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u201d?\ud83d\udc42 While it\u2019s true that profit is a critical metric, don\u2019t be too quick to dismiss revenue! Revenue reflects the demand for your products and services and is an indicator of year-over-year business growth. So, we can\u2019t downplay its importance. With that covered, let\u2019s turn to the other important metric: profit. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is profit? 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Net profit is reported on the bottom line. 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The higher the profit, the more money your business earns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit can be depicted as either a positive \ud83d\udcc8 or negative number \ud83d\udcc9. When net profit is a negative number, it\u2019s referred to as a loss because the company did not make enough money to cover its expenses. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Types of profit ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just as you might see different revenue types on your income statement, there\'s also more than one type of profit. Here\'s how to make sense of the most common types:","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Gross profit ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gross profit is defined as revenue ","marks":[],"data":{}},{"nodeType":"text","value":"minus the cost of goods sold","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This would refer to the cost of materials and labor ","marks":[],"data":{}},{"nodeType":"text","value":"directly associated","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" with producing a product. Gross profit doesn\u2019t include other fixed costs such as rent and the salary of individuals not involved in producing a product.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Operating profit ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating profit is gross profit ","marks":[],"data":{}},{"nodeType":"text","value":"minus operating expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" such as rent, payroll and utilities. Operating profit represents the total earnings before interest and taxes.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Net profit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You get net profit by ","marks":[],"data":{}},{"nodeType":"text","value":"deducing all your expenses from your revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This includes everything from the cost of goods sold and payroll to taxes and interest payments. It\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"what your company keeps","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" after every other expense has been paid off.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Some small business owners treat ","marks":[],"data":{}},{"nodeType":"text","value":"net profit","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" the same as their ","marks":[],"data":{}},{"nodeType":"text","value":"salary","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". If this is you, it\'s time to rethink things! Business owners should do both: pay themselves a fair salary for their work (one day you\'ll want to hire someone to replace yourself) AND make a profit.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What\u2019s more important: revenue or profit? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For small businesses, profit is the more important metric to understand as it represents how much money you get to take home at the end of the day, after deducting the costs of goods sold, operating expenses, taxes, payroll, and interest. 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Learn how it works and how it can grow your profit margins.","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a busy entrepreneur or small business owner, profit can sometimes feel like a \u201cnice-to-have.\u201d \ud83e\uddd0 The problem is that putting profit last can hinder business growth and lead to financial instability. The good news is that there\u2019s a better way to manage your cash flow: the Profit First method. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method makes profit a business\u2019s top priority.\xa0 Unlike traditional approaches, which focus solely on revenue, Profit First aims to make businesses immediately and permanently profitable. \ud83d\udcaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method involves intentionally dividing revenue across different bank accounts, including a profit account. This practice can help business owners create their own profit margin from day one, instead of allowing expenses to grow faster than the business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive into the details so you can learn exactly how Profit First works, how to determine if it\u2019s the right fit for you, and how you can get started with Profit First today.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-profit-first-accounting"},"content":[{"nodeType":"text","value":"What is Profit First accounting? \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-is-the-profit-first-method-effective"},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-profit-first-work"},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#1-determine-your-profit-margin"},"content":[{"nodeType":"text","value":"1. 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Businesses that use this method set aside a percentage of profit first, and ","marks":[],"data":{}},{"nodeType":"text","value":"then ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"determine how many expenses they can afford. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The system centers around the idea of literally separating your revenue into different accounts, most importantly, the profit account. Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1OeLr4USojQfpQKzjAQLtk","type":"Asset","createdAt":"2023-11-17T17:04:09.046Z","updatedAt":"2023-11-17T17:04:09.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. Profit First is for any entrepreneur or business owner who wants to improve their company\u2019s financial health, get expenses under control, and create sustainable growth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Click here to learn about banking with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Where do nonprofit reserves come from?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Occasionally, a nonprofit will receive donations specifically to create or boost its operating reserve funds. More often, however, reserves are built up gradually by generating an unrestricted surplus and intentionally setting aside a portion of the extra cash as a reserve fund.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Types of nonprofit reserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofits typically hold two types of reserves: operational or capital. Understanding the difference will help your organization manage its resources efficiently\u2014whether you receive an opportunity to invest in a new program, or need to pivot quickly in an emergency.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Operating reserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nonprofit operating reserves are unrestricted funds set aside to cover operating expenses, such as payroll and rent. These funds should be saved for a \u201crainy day\u201d \u2014 like businesses, nonprofits can also fall victim to unexpected income disruption or a budget shortfall. It\'s typically recommended that a nonprofit have at least three months of operating expenses in cash reserves.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Capital reserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital reserves are funds that are set aside for long-term projects, investments, and other initiatives. These funds should be kept separate from the operational reserves so they can\'t inadvertently be used for everyday expenses. The amount of capital reserves will vary depending on each nonprofit\'s needs and goals.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much money should my nonprofit have in reserves?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount that a nonprofit should set aside for its reserves will depend on several factors, including the organization\'s size and financial risks. Generally speaking, though, it\'s recommended that nonprofits maintain enough reserve funds to cover three months of operating expenses. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, having a little bit more cash available isn\'t a bad idea \u2014 in fact, according to the Nonprofit Finance Fund\u2019s","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://nff.org/learn/survey"},"content":[{"nodeType":"text","value":" 2022 State of the Nonprofit Sector Survey","marks":[],"data":{}}]},{"nodeType":"text","value":", 65% of nonprofits surveyed had four or more months of cash on hand in 2022. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Can nonprofits have too much in reserve funds?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While maintaining a healthy reserve is crucial for the financial security of a nonprofit, there is such a thing as having too much in reserves.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For one, if a nonprofit accumulates reserves excessively and without a documented reason, it may draw scrutiny from the IRS. Authorities could begin to suspect that the organization is operating for profit rather than for its stated purpose. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having an overly large reserve could also harm your nonprofit\'s fundraising efforts. Donors may question the need for their support if they see that your organization has a substantial amount of money in reserve.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having too little in reserves can also harm your fundraising efforts, however. If donors review your financial statements and see that your organization is continually short of cash, they may not be willing to give. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, determining an appropriate reserve amount can be a difficult balancing act. \u2696\ufe0f The key is to maintain a reserve that can protect your organization from uncertainties \u2014 but isn\u2019t so large that it raises questions about your nonprofit\'s financial management practices and fundraising needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to create a nonprofit reserve policy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Developing a clear reserve policy for your nonprofit can enhance your organization\'s financial health and foster sustainability. \ud83d\udcc8 A well-defined policy will also ensure that nonprofit board members are on the same page about how reserve funds should be used.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are three steps you can take to create an effective nonprofit reserve policy:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determine the purpose of your reserve funds. \ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Do you need to save for long-term projects, cash flow emergencies, or something else? Depending on your organization\'s funding and mission, you may decide to have both operational and capital reserves.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set a reserve goal based on the organization\'s operating budget. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udcca","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The target should be realistic enough to cover unexpected expenses but not so large that it detracts from the organization\u2019s fundraising goals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a plan for how reserve funds should be used. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\ud83d\udcd1","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The board of directors should decide when it\u2019s appropriate to access and utilize the reserve fund, and document these decisions in an official policy.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By creating an intentional reserve policy that reflects your nonprofit\'s budget and mission, you can maximize the impact of your organization\'s resources \u2014 while securing it from potential financial risks. \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where should you keep nonprofit reserves?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\'ve established how much money your organization wants to keep in reserve, the next step is deciding where to store the funds. \ud83d\uddc3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening a specific reserve account is crucial to ensure that your \\"rainy day\\" fund isn\'t accidentally used for day-to-day operational expenses. However, just like your personal emergency fund, it\'s not a good idea to invest your operating reserve fund\u2014you\'ll want to be able to quickly access your savings in case of an emergency.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the best bank account for your nonprofit reserves \ud83c\udfe6 will allow you to earn interest on savings, avoid monthly maintenance fees, and easily access your funds when you need them.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Relay: Get total cash flow clarity with online banking built for nonprofits\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online business banking and money management platform that offers no-fee checking and savings accounts. \ud83d\udcb8 Whether your goal is to grow your reserves or simplify nonprofit budgeting, Relay can help.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s why nonprofits love banking with Relay:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Open 20 individual checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Organize income, expenses, and cash reserves with multiple checking accounts. You can create individual accounts to set aside grants, budget for day-to-day operating expenses, and beyond.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 No account fees or minimum balances: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With no monthly fees, overdraft fees, or minimum balance requirements, Relay helps nonprofits avoid unnecessary costs.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automated savings: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay helps you add more breathing room to your budget with automatic savings. Plus, you\u2019ll earn 1-3% APY* on every dollar.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Entirely online banking: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Open checking and savings accounts, issue debit cards, and send and receive payments completely online\u2014no in-person branch visits required.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 virtual or physical debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Create new debit cards for specific projects and expenses, and get instant access to virtual debit cards for online and mobile payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Built for teams: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay lets you set debit card spending limits and receive detailed data for all team spending. You can also invite your accountant, assistant, and other team members to Relay with secure, role-based logins.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Streamlined bookkeeping: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay allows you to sync detailed banking data directly into QuickBooks Online or Xero, making bookkeeping a breeze.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to use Relay for your nonprofit reserves, you can make the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/switching"},"content":[{"nodeType":"text","value":"switch in 3 easy steps","marks":[],"data":{}}]},{"nodeType":"text","value":": open your account (completely online), transfer deposits, and move your payments. Plus, with our in-app switching tool, you won\u2019t have to worry about leaving any transactions behind.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get started with Relay for nonprofits,","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":" sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about nonprofit reserve funds \ud83d\udcad","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What happens when a nonprofit makes too much money?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When a nonprofit makes more money than it needs to cover its expenses, the excess funds should be transferred into the reserve account. This will help protect your organization against potential income disruptions or budget shortfalls in the future.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will my nonprofit be taxed or penalized for having large reserve funds?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No, nonprofits are generally not taxed or penalized for having large reserve funds. As long as the nonprofit is using the money appropriately and can justify its need to have reserves, there should be no issue. However, nonprofits should avoid holding excessive reserves without a clear, documented purpose, as it may attract scrutiny from tax authorities and deter donors.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Are endowment funds a type of reserve fund?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Endowment funds differ from reserve funds in their usage and restrictions. An endowment typically made up of donations or grants, contains stipulations on how it may be used. Unlike reserve funds, endowments are designed to preserve the original amount (the principal), allowing it to grow over time. The annual income generated can be used for specific programs, operations, or purposes defined by the donor(s) or the board of directors.","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar SEO","slug":"haley-davidson","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5r16WXmvvAZAVJC3DV9bJ7/20014dbe96dcceac0c5e8ed518630ea1/Haley_Davidson_-_Headshot.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1692215903875,"customDate":1692215903875,"caseStudySnapshot":null,"formName":null,"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-a-nonprofit-reserve"},"content":[{"data":{},"marks":[],"value":"What is a nonprofit reserve?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#types-of-nonprofit-reserves"},"content":[{"data":{},"marks":[],"value":"Types of nonprofit reserve funds","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-much-money-should-my-nonprofit-have-in-reserves"},"content":[{"data":{},"marks":[],"value":"How much should my nonprofit have in reserves?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#can-nonprofits-have-too-much-in-reserve-funds"},"content":[{"data":{},"marks":[],"value":"Can nonprofits have too much in reserve funds?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-to-create-a-nonprofit-reserve-policy"},"content":[{"data":{},"marks":[],"value":"3 steps to create a nonprofit reserve policy","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#where-should-you-keep-nonprofit-reserves"},"content":[{"data":{},"marks":[],"value":"Where should you keep nonprofit reserves?","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#faqs-about-nonprofit-reserve-funds"},"content":[{"data":{},"marks":[],"value":"FAQs about nonprofit reserve funds","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"schema":null,"tags":["category-nonprofits"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"employee-expense-management","title":"Simplify Employee Expense Management with These Tools","description":"Discover the best employee expense management tools to help you save time, identify unnecessary costs, and stay on top of business spending.","metaTitle":"Simplify Employee Expense Management with These Tools | Relay","metaDescription":"Discover the best employee expense management tools to help you save time, identify unnecessary costs, and stay on top of business spending.  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management?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process of employee expense management involves tracking, categorizing, and reimbursing employee expenses. This includes recording all relevant information about an employee\'s purchases \u2014 like receipts, the purpose of the purchase, and any applicable taxes or other deductions. \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee expense management covers a wide range of tasks, such as:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up a clear and comprehensive employee expense policy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Implementing a systematic process for submitting expense reports","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing and verifying the submitted expense reports for accuracy and policy compliance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Approving and reimbursing employee expenses on a timely basis","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Analyzing employee spending trends to identify cost-saving opportunities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrating expense management software to streamline, automate, and enhance the efficiency of these tasks","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By carefully tracking and managing employee expenses, you can maintain control over cash outflows and gain a deep understanding of spending. As a result, you\u2019ll be able to make better-informed decisions that can help your business stay competitive and profitable. \ud83d\udcca\ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The importance of employee expense management for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business owner, expense management might seem unnecessary \u2014 especially if you only have a few employees. However, even small teams can generate significant business expenses, and without proper tracking and management, these can spiral out of control. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By taking the time to implement an effective employee expense management process, you can make sure your team is staying within budget while still getting the job done. This can help you reduce expenses and improve cash flow, which will ultimately benefit your bottom line.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember: good expense management isn\'t just about tracking dollars and cents, it\'s about gaining valuable insights into spending habits, identifying potential areas for savings, and staying on top of your business\'s financial health. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does my business need expense management software?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee expense management software is a tool that automates the process of tracking, managing, and reimbursing employee expenses. It can help you save time, improve compliance with financial regulations, and make sure employees aren\u2019t overspending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another benefit of expense management software is that it can provide a digital audit trail for business transactions. \u2705 This boosts the transparency of your company\'s expenses, protecting your business from fraud and other financial risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some signs that it might be time for your small business to invest in expense management software:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your current expense reporting process relies on spreadsheets and manual data entry \ud83d\udcd1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You don\u2019t have a clear approval process for spending requests (so they get lost in your inbox) \ud83d\ude2c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want more visibility into your team\'s spending habits \ud83d\udd0e","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You feel overwhelmed with the amount of time it takes to manage expenses \u23f0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what if you don\u2019t want to add another software solution to your tech stack?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83e\udd14You might be able to avoid the complexities (and extra cost) of expense management software with an online banking and money management platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an all-in-one platform that helps you get crystal clear on cash flow, from 20 free, individual business checking accounts to expense management features like debit card controls.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"Want to learn more? Jump to ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#alternatives-to-expense-management-software"},"content":[{"nodeType":"text","value":"expense management software alternatives","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Different types of employee expense management software","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some expense management tools provide a comprehensive solution for everything from approving expenses to automating data entry and generating detailed reports. \ud83d\udcca Others specialize in a particular area, such as tracking receipts or reimbursing travel. \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the right tool for you will depend on your business\u2019s unique needs and goals. To help you make the best choice, here\u2019s a breakdown of the four main types of expense management software:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f Travel and expense (T&E) management software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" These tools help you manage employee expenses related to business travel, including airfare, accommodation, and meals. They often include features for booking travel and tracking reimbursements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Corporate card management software: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This type of software helps you manage (and sometimes issue) corporate credit cards. It allows you to set spending limits, track usage, and more easily reconcile bank statements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Expense analytics software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" These tools help businesses analyze expense data, identify trends, produce reports, and make informed decisions to control costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Integrated expense management software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" This type of software integrates with a company\'s existing financial system, such as ERP or accounting software. It helps automate processes like approvals, expense reimbursements, and reporting.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 expense management tools for business owners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to find the right expense management solution for your small business? These five tools can help you save time, reduce manual labor, and get crystal clear on employee spending trends. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udcca\ud83d\udd2e","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Certify","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.certify.com/"},"content":[{"nodeType":"text","value":"Certify","marks":[],"data":{}}]},{"nodeType":"text","value":" is a cloud-based software best known for its travel expense management features. With online booking capabilities, automated expense reports, and streamlined employee reimbursements, Certify helps finance teams save hours of time on expense management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, small businesses that don\'t engage in frequent corporate travel may not have a need for Certify\u2019s specialized travel-related capabilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Receipt scanning from your mobile device","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Google Maps integration for accurate mileage tracking and reimbursement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Affordable pricing options for small businesses with less than 25 employees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Multiple user roles for easy collaboration with your accountant","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c May be excessive for businesses with minimal travel expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c QuickBooks is the only integration available on the small business plan","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Spendesk","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.spendesk.com/product/"},"content":[{"nodeType":"text","value":"Spendesk","marks":[],"data":{}}]},{"nodeType":"text","value":" is an end-to-end spend management solution that simplifies payment tracking and processing. From issuing pre-paid virtual cards \ud83d\udcb3 to defining approval workflows, this platform can help you handle almost every aspect of employee expense management. \ud83d\uddc2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While beneficial for larger companies, however, some of Spendesk\u2019s features could be overwhelming or unnecessary for smaller teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Instantly issue pre-paid virtual cards for one-time and recurring expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Mobile app allows employees to instantly claim reimbursement for business expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Automate receipt capture with OCR technology","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Integrations with Netsuite, Xero, and Slack","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Limited integrations with other accounting and money management platforms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Advanced features might not be necessary for smaller teams","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Expensify","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://use.expensify.com/"},"content":[{"nodeType":"text","value":"Expensify","marks":[],"data":{}}]},{"nodeType":"text","value":" is an employee expense management platform that helps businesses manage, track, and report their expenses. It includes features like real-time expense tracking and alerts, automated reporting, and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expensify\u2019s features become even more powerful when using the Expensify corporate card. If you decide not to use their card solution, however, the platform can be a little pricey for the features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Unlimited, one-click receipt tracking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Automatically reconcile corporate card transactions\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Dozens of travel, tax, accounting, and HR integrations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Free plan option when you sign up for the Expensify corporate card","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Less affordable than other expense management solutions (if you don\u2019t use the Expensify corporate card)","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. SAP Concur","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.concur.com/"},"content":[{"nodeType":"text","value":"SAP Concur","marks":[],"data":{}}]},{"nodeType":"text","value":" is an employee expense management system that helps businesses manage travel expenses, prevent spending policy violations, and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, SAP Concur can be an expensive solution and might not be the best fit for businesses with minimal expenses. 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Ultimately, it\'s crucial to remember that the goal of implementing any new tool or software is to streamline operations, not complicate them, and sometimes, simplicity is the most effective way forward.\ud83d\udca1\ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, a small graphic design studio with a team of five people may find that expense management systems are too complex. Their spending only consists of software subscriptions, occasional equipment purchases, and minor office supplies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These expenses can easily be tracked and managed using their existing accounting software. An online business banking platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) can also help them set limits on team spending\u2014without the need for separate expense management software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how do you decide if you can go without expense management software? Let\u2019s take a closer look at two alternatives for small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Manage employee expenses with accounting software","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you use accounting software like QuickBooks Online, you might be able to handle expenses with your existing subscription. 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For basic expense management capabilities, your accounting software or online business banking platform might be enough.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, if you have more complex requirements\u2014or need to track expenses for a large team\u2014then investing in an enterprise-level solution like SAP Concur might be wise.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few questions to ask yourself as you make your decision:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Does my business need to track expenses for a large team?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do I need features like multi-level approval workflows and policy compliance monitoring?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Is scalability important, and if so, does the software offer options for businesses of different sizes?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Does the solution integrate with other tools I already use, such as accounting software?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Is the software easy to use for both administrators and employees?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What is the cost associated with implementation and ongoing support?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Answering these questions can help you identify which employee expense management tool is right for your business. 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However, it was popularized among e-commerce sellers when Cyndi Thomason wrote the bestseller","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Ecommerce-Sellers-Money-Making/dp/0960028315"},"content":[{"nodeType":"text","value":" Profit First for E-Commerce Sellers: Transform Your E-commerce Business from a Cash-Eating Monster to a Money-Making Machine","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyndi Thomson is a certified Profit First Professional and the founder of","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bookskeep.com/"},"content":[{"nodeType":"text","value":" bookskeep","marks":[],"data":{}}]},{"nodeType":"text","value":", a virtual company that provides bookkeeping services to e-commerce businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Featuring a foreword by Mike Michalowicz, Cyndi\'s book addresses the challenges of running a cash-flow-positive e-commerce business. 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This system prevents the misuse of cash reserved for other business needs and improves cash flow management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd2e Increased financial visibility:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" By separating funds into dedicated expense accounts, e-commerce sellers can get a real-time view of their financial standing and make more informed decisions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0f Risk mitigation:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" By promoting disciplined spending and prioritizing profit, Profit First helps mitigate risks associated with overstocking or understocking. This method ensures that sellers have enough funds to handle unexpected inventory needs and can prevent stockouts or excess inventory.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Profit First addresses inventory challenges","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First for E-commerce Sellers,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"Cyndi encourages readers to open a separate business bank account for inventory","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 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That way, they can plan ahead and become more profitable in the long run. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The 6 Profit First accounts for e-commerce sellers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To implement the Profit First method, business owners allocate a percentage of revenue for profit before any other spending","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" Then, in the basic Profit First model, they allocate the remaining revenue to operating expenses (OpEx), taxes, and owner\'s pay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For e-commerce sellers, Profit First is a little different. 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Opening at least one business checking account will protect your personal assets, simplify bookkeeping, and make filing your taxes a lot easier.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[],"data":{}},{"nodeType":"text","value":"If you\u2019re still using your personal account for business income and expenses, check out these 7 reasons to ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"separate business vs. personal bank accounts","marks":[{"type":"underline"},{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While having one business checking account is okay, opening multiple accounts is even better. 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This basic structure allows you to clearly distinguish what\'s coming in from what\'s going out, giving you a bird\u2019s eye view of cash flow.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6qxxi1JaMQCbOsUAnb22eI","type":"Asset","createdAt":"2022-09-28T16:53:16.029Z","updatedAt":"2022-09-28T16:53:16.029Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Multiple Bank Accounts Budgeting - Blog Header - Relay","description":"Multiple Bank Accounts Budgeting - Blog Header - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6qxxi1JaMQCbOsUAnb22eI/0ef6566630d90f3f4c195c66b1408d49/Multiple_Bank_Accounts_Budgeting_-_Blog_Header_-_Relay.jpg","details":{"size":271265,"image":{"width":1920,"height":1080}},"fileName":"Multiple Bank Accounts Budgeting - Blog Header - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Better: Four business checking accounts \ud83c\udf1f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To get further visibility into cash flow, you could open four separate business checking accounts: income, expenses, taxes, and payroll (for paying employees or yourself). Each month, revenue would be deposited into the income account and then transferred to your other three accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This type of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"budgeting with multiple bank accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can take the stress out of your business finances. At a glance, you\u2019ll know if you have enough money to cover your most important expenses each month\u2014no mental math required.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Best: 5 Profit First checking accounts \ud83c\udfc6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"The Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" of cash management involves intentionally dividing revenue across different bank accounts, including a profit account. Developed by entrepreneur Mike Michalowicz, Profit First calls for 5 main business checking accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s Pay\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating Expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To implement Profit First, all revenue is deposited into the income account. Then, you transfer a percentage of income to your profit account ","marks":[],"data":{}},{"nodeType":"text","value":"first, ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"even if it\u2019s as small as 1% (we all start somewhere!). After setting aside profit, you can then transfer different percentages of the remaining income to taxes, owner\u2019s pay, and operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This method has been proven to help business owners make profit a habit. Instead of allowing expenses to outgrow or keep pace with revenue, Profit First helps small business owners become immediately and permanently profitable.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 reasons to have multiple checking accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Opening multiple bank accounts can sound like a lot of work\u2014so is it worth it? Absolutely. While it might sound counterintuitive, having more than one checking account can actually speed up cash flow management.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is it easy to open more than one bank account for business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And though most financial institutions make it hard to switch your payments and transactions to multiple checking accounts, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) makes it fast ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"convenient. Our new ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/switching"},"content":[{"nodeType":"text","value":"in-app switching checklist","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can help you get started with multiple checking accounts in minutes instead of months.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Learn more about ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay\u2019s online business banking and money management platform","marks":[{"type":"underline"},{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":".","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still wondering if you should have more than one checking account? Here are 5 reasons to open multiple checking accounts for your business:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8","marks":[],"data":{}},{"nodeType":"text","value":" Get crystal clear on cash flow: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"By separating your funds into different accounts, you can quickly understand your business\'s financial health\u2014no spreadsheets required.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0","marks":[],"data":{}},{"nodeType":"text","value":" Simplify money management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Multiple checking accounts can give your day-to-day budget structure and speed up cash flow management.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3","marks":[],"data":{}},{"nodeType":"text","value":" Stay on top of spending: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Setting up individual checking accounts for different expenses takes the guesswork out of spending. At a glance, you\u2019ll know if you\u2019re sticking to the budget \u2014 or veering off.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 ","marks":[],"data":{}},{"nodeType":"text","value":"Added security: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Having multiple bank accounts limits the impact if one is compromised. Even if one account takes a hit, you\u2019ll still be able to pay your bills and maintain business operations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddc2","marks":[],"data":{}},{"nodeType":"text","value":" Streamlined bookkeeping: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Say goodbye to disorganized business transactions \u2014 with multiple bank accounts, you and your bookkeeper will know exactly where each dollar is going.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, multiple checking accounts can help you grow your business by giving you a clear picture of how you earn, spend, and save.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the right bank for multiple business checking accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before opening multiple checking accounts, it\u2019s important to compare ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"traditional vs. digital banks","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Digital banking platforms typically offer lower account fees and more flexibility. By contrast, traditional banks often have inconvenient requirements that can make it tough to open more than one checking account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So what\u2019s the best business banking option for multiple accounts? Let\u2019s take a closer look.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Traditional banks\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you already have a business checking account with a traditional bank, you might consider opening additional accounts there. However, outdated infrastructure and complex processes might make it time-consuming and difficult to open more than one checking account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks create various challenges for small business owners seeking to open multiple checking accounts, including:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple in-person branch visits \ud83d\ude2c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tedious paperwork \ud83d\udcd1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long waiting periods for account approval \u23f0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Steep account fees \ud83d\udcb5","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Minimum deposit to open a new account \ud83d\udcb0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Minimum balance requirements \ud83d\ude15","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Limited or nonexistent financial management tools \ud83d\ude45","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Digital banking platforms\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banking platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" offer a secure, convenient, and user-friendly alternative for small business owners who want to open and manage multiple checking accounts. By using more modern processes and technology, digital banks are able to streamline the account opening process and eliminate the need for in-person visits and tedious paperwork.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many online banking platforms are designed specifically to meet the needs of business owners, offering perks like:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Low or no-fee business checking accounts \ud83d\ude4c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance or deposit requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ability to open multiple accounts completely online \ud83d\udcbb","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money management features like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"accounts payable automation","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" \ud83d\udee0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrations with accounting software and financial tools \ud83d\udcca","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Virtual debit cards and team spending controls \ud83d\udcb3","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Advanced security features and fraud detection \ud83d\udd10","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Across the board, online banking platforms are the most convenient and cost-effective option for small business owners to open multiple accounts.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ready to open multiple business checking accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"Choosing a business bank account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can be tricky. Even if you already have an account, your bank might not be the best choice for opening multiple accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" gives small business owners the ability to open 20 ","marks":[],"data":{}},{"nodeType":"text","value":"free ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"business checking accounts \u2014 with no monthly fees, overdraft fees, or minimum balance requirements. \ud83d\ude4c\ud83d\udcb8 Relay is FDIC insured through Thread Bank. Relay offers 50 virtual or physical debit cards, free ACH payments, percentage-based auto-transfer rules, and more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can spend, save and plan more efficiently and get unparalleled clarity into operating expenses, cash flow, and accounts payable. If you\u2019re looking for a new business checking account, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"make the switch to Relay today","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about opening multiple business checking accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want to dive deeper? Check out these answers to the most common questions about setting up multiple business bank accounts. \ud83d\udcad","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are sub-accounts vs. multiple checking accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"Sub-accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" are virtual subdivisions within a single main account, allowing users to allocate funds for specific purposes. Sub-accounts lack the same level of separation and protection as individual checking accounts, which are standalone accounts with distinct legal and financial identities.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How many bank accounts does the average business have?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number varies depending on the size and complexity of the business. A small business may have two to three accounts, while a larger or more complex business may have more.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Should I have multiple business savings accounts?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"Saving as a business","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is important. You might want separate accounts for various purposes, such as an emergency fund for unexpected expenses and a high-yield savings account for long-term savings goals. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"Relay\u2019s business savings account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", you can earn 1-3% APY on every spare dollar.**","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Should I use multiple business credit cards?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Utilizing different business credit cards can help you organize expenses and earn rewards tailored to specific spending categories. However, having multiple credit cards can cause you to pay interest on business spending. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In an increasingly digital world, virtual cards \ud83d\udcb3provide unmatched convenience and security, especially for small business owners. Here are a few reasons to use virtual debit cards:\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23f0 Available immediately: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Physical debit cards can take 7-10 days to arrive in the mail, but virtual debit cards can be issued in an instant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Streamlined ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"employee expense management","marks":[],"data":{}},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Whether an employee is new to the team or leaving the company, you can issue new cards\u2014and manage existing cards\u2014completely online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Advanced card controls: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Unlike banks with exclusively physical cards, banking platforms with virtual debit cards typically have more sophisticated features to help business owners stay on top of spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Enhanced security:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Virtual debit cards are less prone to theft or loss compared to physical cards. They also often come with advanced anti-fraud and security features for added peace of mind.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thanks to these features, virtual debit cards can save small business owners hours of time and make the management of business spending a breeze.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Can virtual debit cards be used for in-person transactions?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since more than ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.apple.com/apple-pay/"},"content":[{"nodeType":"text","value":"85% of retailers accept contactless payment options like Apple Pay","marks":[],"data":{}}]},{"nodeType":"text","value":" and Google Pay, many businesses don\u2019t need physical debit cards. You can just add a virtual debit card to your digital wallet and start making in-store purchases immediately. \ud83d\udcf1\ud83d\udecd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, most banking platforms with virtual debit cards will provide a physical card if you want or need it for a specific type of spending.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a bank with virtual debit cards\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contactless payment is more common than ever, but it can still be tough to find a bank with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual cards for business spending","marks":[],"data":{}}]},{"nodeType":"text","value":". Plus, the banks that do have virtual cards offer varying levels of service and features\u2014so it\u2019s important to consider multiple factors when making your decision.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a closer at how you can find the best banking option (and virtual card issuer) for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Traditional banks vs. online banking platforms\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online business banking platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\u2019s us! \ud83d\udc4b) can offer business owners modern, convenient banking features\u2014like virtual debit cards. This is because, unlike traditional banks, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" aren\u2019t weighed down by outdated infrastructure and complex processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what if a traditional bank allows you to add your debit card to your mobile wallet? In most cases, this \u201cdigital card\u201d is technically just another version of your physical debit card. That means they share the same ","marks":[],"data":{}},{"nodeType":"text","value":"card details","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (like CVV and expiration date).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, if your physical debit card is compromised, you will also have to replace the digital card\u2014but not until you wait 7-10 days for the physical version to arrive in the mail. In the meantime, you won\u2019t even be able to make online payments. \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why it\u2019s best to find an online banking platform that offers true virtual debit cards with unique card details. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"That way, you can avoid the inconvenience (and security concerns) that come with relying on a single debit card or a single set of card details.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Choosing a virtual card issuer: what matters most?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to choosing an online banking platform with virtual debit cards, how do you weigh your options? Well, the right choice will depend on your business\u2019s unique needs, but the following 4 factors will make a big impact on your decision.\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Card controls: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Some banking platforms allow you to set spending limits and instantly freeze cards from a mobile app. Others allow you to set up complex rules to manage when, where, and how employees spend. \ud83d\udd11\ud83d\udcb8\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Number of virtual debit cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Some banking platforms are designed to simplify team spending and enhance ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":" through the use of multiple virtual debit cards. Others will only allow you to issue one virtual card per account holder, which can make employee expense management a challenge.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fees: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Banking platforms have a wide range of different fee structures, so it\u2019s important to be aware of what you could be charged for. For example, some banks have transaction limits and charge a service fee after a certain number of withdrawals each month. Monthly maintenance fees and overdraft fees can also add up.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other money management features: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Running a small business can be demanding, so the more helpful features your bank offers, the better. Banking platforms that integrate with your accounting software, for one, can make spending (and bookkeeping) even easier to manage. \ud83d\ude0e","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the best online banking platform for your business will provide virtual debit cards ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"a multitude of other features to make your life easier.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 of the best banks with virtual debit cards\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re opening a new bank account or need a new card, traditional banks typically require that you receive a physical debit card in the mail. \ud83d\udceb As we discussed above, that means you\u2019ll need to wait several days to start spending\u2014and most likely, you won\u2019t even have access to the card number to add it to your mobile wallet.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This can cause many issues for business owners. For example, if you need a replacement debit card due to theft, you could miss critical subscription payments while waiting for a new physical card to arrive. \ud83d\ude41","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The truth is that traditional banks just aren\u2019t built to truly serve small business owners. The good news? Today, entrepreneurs can choose from an array of online business banking solutions designed to meet their unique needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 5 of the best online business banking platforms with virtual debit cards. \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform built specifically for small business owners. At Relay, we\u2019ve designed features that solve the pain points of traditional banking, like high account fees and poor visibility into cash flow. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can open up to 20 individual, no-fee business checking accounts and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/savings-accounts"},"content":[{"nodeType":"text","value":"two savings accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". Relay also helps you get crystal clear on monthly spending and speed up bookkeeping with enriched, automatically categorized transaction data.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After opening a Relay account (no in-person branch visits required) you can instantly issue your virtual debit cards. Then, in just a few clicks, you can assign those cards to team members and set spending limits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if the worst case scenario ever happens\u2014like when Relay customer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"Madeline discovered that one of her employees was committing fraud","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014you can freeze your debit cards and create new ones in a matter of minutes. \ud83d\udd10","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, if you\u2019re dealing with a major security concern while on a business trip (like Madeline was), you won\u2019t have to worry about paying for dinner. With Relay, you would be able to instantly issue a new virtual card, add it to your Apple Wallet, and enjoy your meal in peace. \ud83c\udf5d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"20 free business checking accounts: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay doesn\u2019t charge overdraft fees, maintenance fees, or require a minimum account balance. That means you can easily organize your money into multiple accounts (like profit and operating expenses) and get crystal clear on earning, spending, and saving.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"50 physical or virtual debit cards","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": With Relay, you can issue 50 physical or virtual debit cards. Digital cards can be used right away for online shopping or with your mobile wallet.\xa0\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Online card controls: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"No phone calls required. Relay allows you to monitor business spending in real-time, set limits, and freeze cards right from your phone or computer.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"ATM accessibility: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay\u2019s physical Visa debit cards allow you to make cash withdrawals and deposits at AllPoint ATMs with no ATM fees.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Low-cost or free ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/international-business-payments"},"content":[{"nodeType":"text","value":"international payments","marks":[],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0 Relay\u2019s exchange rate for international wires is just 1-1.5%. Plus, you can send international wires for only $10 per wire (or for $0 with Relay Pro).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Simplified expense management","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Want to organize spending and stay on track with your budget? Relay lets you quickly issue debit cards for new expense categories, project expenses, or separate teams.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Bill pay and approval workflows with Relay Pro: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"For $30 per month, you can subscribe to Relay Pro and access powerful accounts payable features, including single- or multi-step approval rules for bill payments.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":"FDIC insured: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay customers are insured through our partner bank Thread Bank.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c No credit cards\xa0","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Want to learn more about Relay? ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Check out our powerful","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"business banking and money management features here","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Ramp\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ramp.com/"},"content":[{"nodeType":"text","value":"Ramp","marks":[],"data":{}}]},{"nodeType":"text","value":" is a virtual card and employee expense management solution for mid-sized to enterprise businesses. They don\u2019t provide banking services, so you\u2019ll need a separate business bank account to receive and manage your money.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Ramp Visa card is a bit of a cross between a credit card and a debit card. It offers many of the same benefits as a virtual credit card, such as cash-back rewards. However, you\u2019re required to pay your balance in full each month and can only spend against money that\u2019s actually in your bank account, like a debit card. \ud83d\udcb3\ud83d\udcb8\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this structure, Ramp requires customers to have a minimum bank account balance of $75,000. If your business doesn\u2019t typically keep this kind of cash in reserve, Ramp might not be the right fit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Credit card benefits without the credit check: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ramp provides 1.5% cash back on all spending. To qualify, you don\u2019t have to pass a credit check (you just need to meet their minimum account balance requirement).\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Unlimited cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ramp allows you to create and distribute unlimited virtual corporate cards.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":"Advanced accounts payable: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\u2019re a large company with multiple departments and lots of employees, features like automated approvals and compliance can streamline expense management.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Minimum bank account balance of $75,000 cash\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Requires a separate business banking solution\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c Not the best fit for small business owners\xa0","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/brex-vs-ramp#relay-online-banking-that-puts-you-in-control-of-your-cash-flow"},"content":[{"nodeType":"text","value":"Brex vs. Ramp: Compare Expense Management Tools","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Spendesk","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.spendesk.com/product/"},"content":[{"nodeType":"text","value":"Spendesk","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is another potential solution for small business owners who want to use virtual debit cards. However, like Ramp, Spendesk is categorized as a spend management platform and does not provide business banking services.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spendesk allows businesses to create virtual prepaid cards, where you load an employee\u2019s debit card with funds ahead of time. You can also set up pre-defined rules and spending policies to manage when, where, and how company funds are spent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a \u201c7-in-1\u201d spend management solution, Spendesk provides a wide range of features to simplify the tracking and processing of payments. While extremely helpful for larger companies, these features might add unnecessary complexity and costs for small businesses.\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Single-use and recurring virtual cards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you need to make an online purchase or pay for a subscription, Spendesk will provide a virtual card with its own unique card details. This can be more secure than using the same card information on dozens of websites.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Set-it-and-forget-it spend control: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Because every Spendesk virtual debit card is limited by a pre-defined budget and spending rules, you\u2019ll never have to worry about employees overspending.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Easy budgeting: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Spendesk, you won\u2019t receive an unexpectedly high credit card bill at the end of the month. Instead, you can budget at the beginning of each month by pre-loading cards with funds.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":"Streamline expense management: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"From the mobile app, managers can request additional funds as needed. Plus, Spendesk will send employees automatic notifications about uploading receipts, categorizing purchases, and more.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Requires a separate business banking solution\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Advanced features might not be necessary for smaller teams\xa0","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software#spendesk"},"content":[{"nodeType":"text","value":"18 Small Business Budgeting Software & Tools","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lili\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://lili.co/"},"content":[{"nodeType":"text","value":"Lili","marks":[],"data":{}}]},{"nodeType":"text","value":" is a business banking platform that offers virtual debit cards and no-fee checking accounts. Only available to sole proprietorships (or single-member LLCs filing as sole proprietorships), Lilli is designed primarily for freelancers and side hustlers. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lili\u2019s free plan includes one business checking account, one Visa Business debit card, and fee-free ATM withdrawals at select locations. With Lili\u2019s premium plans, you can also access features like expense management and fee-free overdraft. However, no matter which plan you\u2019re on, you\u2019ll only have access to one virtual and one physical debit card.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, if your business has more than one employee or you expect to grow in the future, Lili\u2019s capabilities may be too limited for your needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Digital debit card: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"After opening a Lili account, you don\u2019t have to wait for your physical debit card to arrive\u2014you can access your virtual card number immediately for online checkouts. Or, you can add it to your mobile wallet for in-person purchases.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Invoicing software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You can subscribe to one of Lili\u2019s premium plans for invoicing features and the ability to accept payments. Pricing ranges from $9-$35 per month.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 ","marks":[],"data":{}},{"nodeType":"text","value":"Cashback rewards: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Lili\u2019s premium plans also give you a Visa Business Pro debit card with cashback rewards.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Only 1 virtual debit card\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Only 1 business checking account\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"No spending limits or card control features\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c ","marks":[],"data":{}},{"nodeType":"text","value":"Limited features available on the free plan\xa0","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Read more: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-lili#relay-vs-lili-feature-comparison-chart"},"content":[{"nodeType":"text","value":"Lilli vs. Relay comparison\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"NorthOne","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.northone.com/"},"content":[{"nodeType":"text","value":"NorthOne","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking platform that offers account holders a virtual Mastercard debit card. 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The platform is powered by AI, which helps detect potential errors in payroll data and provides proactive alerts to ensure compliance with payroll taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To access RUN, Wells Fargo customers need to enroll in the Direct Pay for Business service, which costs $10 per monthly billing cycle for each business enrolled. Direct Pay allows businesses to pay employees and vendors by depositing directly to U.S. bank accounts. On top of all that, payee information is securely stored online: The service offers RSA SecurID\xae device and Advanced Access authentication for added security. 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As a customer, you\u2019ll get access to things like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Detailed transaction data:\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay empowers you to control your cash flow through enriched data. 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So, Relay equips you to get the lowdown on your business\u2019 money in seconds rather than minutes or hours.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5\ufe0f Auto transfer rules and percent-based transfers:\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relay offers automation for sending money to various accounts. 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However, you can get more accounts with the Navigate Business Checking accounts at $25 each. You can also secure up to five Optimize Business Checking options, and all additional accounts beyond this amount cost $30 each. However, five accounts still aren\u2019t enough to split your finances in a way that drives clarity and efficiency.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Setting up multiple checking accounts with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, with Relay, you can create up to 20 accounts and 50 virtual or physical Visa debit cards. So, you can allocate your money by tasks and functions like debt repayment, savings, and taxes. You can also get particular about how you control spending. For example, you can assign cards to specific accounts and set cardholders, spend limits, and access controls. \u2714\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, you can get the lowdown on your business\u2019 finances in seconds rather than needing to do investigative work into your checking accounts and accounting software, which can take hours or days.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Wire transfer options","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Wire transfers with Wells Fargo","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Navigate Business Checking account comes with free incoming domestic and international U.S. and foreign currency wire transfers. 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For instance, it costs $5 for outgoing domestic wires and $10 to send an international wire transfer. Receiving a domestic or international wire transfer is free. You can also complete currency exchanges in your Relay account, and there are no hidden fees, allowing you to work out the cost bother-free.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Monthly and incidental fees","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Wells Fargo: Monthly incidental fees and ATM fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wells Fargo Bank has a range of incidental fees, which vary according to your account type and usage. 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Once you exceed the account cash deposit amount included in your benefits, the cash deposits cost $0.30 for every $100.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Withdrawal fees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Each small business checking account gets free withdrawals from Wells Fargo ATMs and access to over 11,000 ATMs. For all non-Wells Fargo ATMs like AllPoint, it costs $2.50 to take out cash in US territories and $5 in international territories. A balance query or funds transfer is also $2.50. \ud83c\udfe7","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay: No monthly incidental fees and ATM fees \ud83d\ude45","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we know simplicity brings ease and better decisions. So we\u2019re very upfront about fees and have one price for service regardless of how long you\u2019ve had your account with us.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the right small business banking platform\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital banking has taken the small business world by storm and for good reasons. The right banking platform can help you create healthier cash flow, keep you on top of your money all the time\u2014in one place, and take a load of admin off your back. But what works well for one business could be a new headache for another. To","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":" find the right fit","marks":[],"data":{}}]},{"nodeType":"text","value":", work with a banking platform that understands the struggles and triumphs in small business, reduces admin, and makes tracking and organizing your money painless.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So don\u2019t delay. Jot down your business goals for the next five years, plus its strengths and weaknesses, then find a banking platform that can support you on your journey. \ud83c\udf40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need a hand managing your business\u2019 finances?","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/about"},"content":[{"nodeType":"text","value":" Learn how Relay can help you.","marks":[],"data":{}}]},{"nodeType":"text","value":" Or, check out our other comparisons, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-chase"},"content":[{"nodeType":"text","value":"Chase","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-bank-of-america"},"content":[{"nodeType":"text","value":"Bank of 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Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. 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Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1OeLr4USojQfpQKzjAQLtk","type":"Asset","createdAt":"2023-11-17T17:04:09.046Z","updatedAt":"2023-11-17T17:04:09.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. Profit First is for any entrepreneur or business owner who wants to improve their company\u2019s financial health, get expenses under control, and create sustainable growth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"tableOfContents":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#what-is-profit-first-accounting"},"content":[{"data":{},"marks":[],"value":"What is Profit First accounting? \ud83e\udd14\xa0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#why-is-the-profit-first-method-effective"},"content":[{"data":{},"marks":[],"value":"Why is the Profit First method effective? \ud83e\udd11","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#how-does-profit-first-work"},"content":[{"data":{},"marks":[],"value":"How does Profit First work? \ud83d\udee0","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-determine-your-profit-margin"},"content":[{"data":{},"marks":[],"value":"1. 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Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. 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Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1OeLr4USojQfpQKzjAQLtk","type":"Asset","createdAt":"2023-11-17T17:04:09.046Z","updatedAt":"2023-11-17T17:04:09.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. 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They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1OeLr4USojQfpQKzjAQLtk","type":"Asset","createdAt":"2023-11-17T17:04:09.046Z","updatedAt":"2023-11-17T17:04:09.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. Profit First is for any entrepreneur or business owner who wants to improve their company\u2019s financial health, get expenses under control, and create sustainable growth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Banking services and FDIC insurance provided through Thread Bank; Members FDIC","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The Relay Visa\xae Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa\xae debit cards are accepted.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. 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The method you use will be determined by where you\u2019re starting from and your ultimate goal \u2014 more on that later.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" can help you stay on top of your cash flow with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" strategy.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udedf Increase savings\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some businesses overlook ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"saving as a business","marks":[],"data":{}}]},{"nodeType":"text","value":". But just like you need a personal emergency fund, so does your business. Cash flow problems happen to everyone, even if you\u2019ve perfected the process. Having 3-6 months of operating expenses on hand will save you a lot of stress. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to set up dedicated reserve accounts for different purposes, like taxes, emergencies, and future investments in your business, as well as a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":". With Relay, you can open up to 20 checking accounts (for free!) so that you can easily manage your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have a target \ud83c\udfaf in mind, you can also use Relay to set automatic recurring transfers \u2014 that way, you can watch your savings grow over time, without lifting a finger. \ud83d\ude0c\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd11 Boost revenue\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Increasing your total revenue for the year, quarter, or even week is always a good idea \u2014 and it doesn\u2019t have to be a complicated or drawn-out process, either.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider smaller goals like experimenting with your pricing \ud83d\udc69\u200d\ud83d\udd2cor widening the top of your marketing funnel with social media. The most important thing is to have a specific number in mind so that you can create an actionable plan.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Put profit first\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Only ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.chamberofcommerce.org/small-business-statistics/"},"content":[{"nodeType":"text","value":"40% of small businesses are profitable","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd2f Unfortunately, when business owners get bogged down by daily operations, they lose focus on this incredibly important metric.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit is what allows you to reinvest in and grow your business. \ud83d\udcc8 Your profit margin also demonstrates your company\u2019s value and overall health. Without a clear profit goal in mind, it\u2019s easy to rack up expenses without realizing the impact those costs are having on your bottom line. \ud83d\ude2c\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you make profit a top priority, you\u2019ll create space for your business to grow. It\u2019s worth considering a strategy such as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":", where you use five profit accounts to manage ","marks":[],"data":{}},{"nodeType":"text","value":"revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"owner\u2019s pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"operating expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we mentioned above, Relay actually allows you to open up to 20 accounts so that business owners can easily manage their savings ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"profit in one place. Instead of having to do mental math every time you log into your bank account, Relay\u2019s multiple accounts give you a crystal-clear \ud83d\udc8e picture of your business finances.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to set financial goals for your business\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By now, you might be wondering, \u201cThis sounds great, but where do I even start?\u201d \ud83e\udd14 Well, we\u2019re here to help with a 5-step guide to setting business financial goals that work. Let\u2019s dive in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Get clear on your current financial situation \ud83c\udfc1\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you don\u2019t know where you\u2019re starting from, setting goals is like throwing darts with a blindfold on. \ud83c\udfaf It might not be fun to sit down and review your financial statements, but it\u2019s an essential step to growing your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to start by looking at your balance sheet \u2014 AKA, the document you can get from your accountant or your bookkeeping software that shows your assets and liabilities. It will show you important information such as your accounts receivable and any money owed to lenders.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond your balance sheet, you\u2019ll also want to review the following numbers based on your business\u2019s performance over the past 12 months:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":"Revenue","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" the amount of money that\u2019s flowed into your business\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenditures: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"including labor costs, travel expenses, and owner\u2019s pay\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/ask/answers/031815/what-formula-calculating-profit-margins.asp"},"content":[{"nodeType":"text","value":"Profit margin","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"your revenue minus expenses for the entire year \u2014 you may also want to calculate this as a percentage\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Decide where you want to go \u2708\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you know what you\u2019re working with, it\u2019s time to dream a little. \ud83d\udcad Where do you see your business in a year? What about 5 years or 10 years from now?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might realize that you have some urgent short-term goals you need to address. For example, it\u2019s hard to set a big revenue goal if you\u2019re struggling to pay your bills each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In that case, you may need to take a step back and think of how you can create a solid financial foundation right now. That way, you\u2019ll be able to give your full attention to more exciting and ambitious goals in the future. \ud83e\udd17\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After reviewing your financial standing, you might also realize you\u2019re in a great position to make serious moves with your business. Maybe now is the time to hire an employee or test a new product.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what situation you\u2019re in, your goals should excite you and motivate you to take strategic steps forward. \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set SMART goals \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best financial goals for your business are SMART. SMART is a goal-setting framework that stands for specific, measurable, achievable, realistic, and time-bound. So why does it matter?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well, it\u2019s easy to say, \u201cI want to make more money.\u201d But it will be difficult (or impossible) to achieve such a vague goal. By contrast, the goal \u201cIn 2023, I want to make $20,000 more in revenue than I did last year,\u201d is specific, measurable, and time-bound.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A goal like this keeps you accountable to a certain time frame \u23f3 and an exact amount of money. The next question is, is your goal realistic and achievable? Well, for small businesses and entrepreneurs, the answer to that question will depend on a number of factors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Past performance, including your company\u2019s growth rate each year\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Industry ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundera.com/resources/small-business-revenue-statistics"},"content":[{"nodeType":"text","value":"benchmarks","marks":[],"data":{}}]},{"nodeType":"text","value":" and statistics for businesses similar to yours\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Access to resources including capital, employees, and education\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your individual mindset, motivation, skills, and personal goals\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To go back to our example above, an additional $20,000 in revenue seems like a reasonable goal for a small business. But what if that business had only made $20,000 in revenue last year?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doubling its revenue might still be possible, but the business owner will have to evaluate if that\u2019s truly a realistic goal based on the factors above.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All that said, realistic goals are important, but so are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/b/big-hairy-audacious-goal-bhag.asp"},"content":[{"nodeType":"text","value":"BHAGs \u2014 big, hairy, audacious goals","marks":[],"data":{}}]},{"nodeType":"text","value":". The term, coined by Jim Collins and Jerry Porras in their book ","marks":[],"data":{}},{"nodeType":"text","value":"Built to Last,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" refers to long-term goals that energize and excite you and your team. BHAGs are meant to be","marks":[],"data":{}},{"nodeType":"text","value":" just ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"challenging enough to push you out of your comfort zone and to the next level. \ud83d\ude80\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One example of a BHAG would be a company\u2019s world-changing vision, like Google\u2019s goal to \u201corganize the world\u2019s information and make it universally accessible and useful.\u201d So far, Google has accomplished that goal, so it might be worth setting a BHAG of your own. \ud83d\ude09","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Create an action plan \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first 3 steps outlined the best way to choose financial goals for your company. Now, you need to work backward to create a roadmap \ud83d\uddfa for business success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take some time for yourself to think through what specific actions are needed to meet your goals. You may also want to establish smaller milestones along the way. For example, if you want to reach $100K in total revenue next year, you should figure out how much you need to bring in each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your breakdown might look like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total annual revenue: $100,000","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q1: $15,000\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q2: $20,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q3: $30,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q4: $35,000","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you\u2019ll probably gain more clients and become better at building your business over the year, it\u2019s reasonable to assume you\u2019d progressively increase your revenue each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same process would apply to a savings goal or a profit margin goal. Once you\u2019ve broken down the objective into bite-sized pieces, you can then brainstorm specific steps to help you reach each mini-goal. Here are some questions to ask yourself:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to launch a new product or offer?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to raise your prices or change your pricing model completely?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to evaluate the ROI on your expenses and potentially cut costs?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to come up with a new marketing campaign or sales strategy?\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The clarity that comes after completing this process will be invaluable. Suddenly, you\u2019ll have a solid business plan that you can refer to each day as you make decisions. You just need to repeatedly ask yourself, \u201cWill this choice bring me closer to my goals?\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Revisit your goals regularly \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve spent all this time creating business financial goals, it might be tempting to hold on tight. But as much as we hate to say it, the next step of the goal-setting process is to evaluate them regularly \u2014 and be open to change. \ud83c\udf43\ud83c\udf41","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The world, the economy, and your industry are always in flux. If you truly want to be successful in business, that means you need to be ready to be flexible and respond to those shifts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s a good idea to at least schedule a quarterly review \ud83d\udcc6, either with your accountant or with yourself. During that review, you can repeat step #1 of the process above (getting clear on your current situation) and see if you need to adjust your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stay on track with your business financial goals\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, after completing the 5 steps above, you feel confident about your ability to achieve your goals. But as time goes by, it can be difficult to stay focused. \u23f0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you want to save for an emergency fund or prepare for an upcoming expense. It\u2019s tough to stay on track with those goals if you have all your cash \ud83d\udcb0sitting in one or two accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why Relay offers business owners so many features to manage their finances. From ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"multiple checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" to automatic transfers, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"bill pay automation","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"we want to help you stay on the money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using these features, you can do things like automatically transfer a percentage of your deposits to your taxes account, your emergency fund account, and any other accounts you\u2019ve opened for your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know achieving your business\'s financial goals can be tough. ","marks":[],"data":{}},{"nodeType":"text","value":"Putting those goals on autopilot is one of the best ways to stay on the path to success.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few more quick tips for achieving your business financial goals:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2709\ufe0f to stay on budget each month","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share your goals with your team, family, and friends \ud83d\udce3\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schedule a meeting with your money weekly \ud83d\udcc6 to review your numbers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Celebrate the small wins to keep your motivation up \ud83c\udf89\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attach your financial goals to a bigger purpose or personal \u201cwhy\u201d \ud83e\udd17\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"You\u2019ve got this \ud83d\udc4f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business financial goals don\u2019t have to be overwhelming. 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Basically, you can think of it as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"the envelope method","marks":[],"data":{}}]},{"nodeType":"text","value":" of personal finance applied to business.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional method of accounting: sales \u2013 expenses = profit","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First method of accounting: sales \u2013 profit = expenses","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a groundbreaking approach because entrepreneurs are traditionally taught to focus on revenue growth, regardless of the expense. As a result, a business\u2019s profit margin is seen as something to be optimized and improved later. Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. 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I can just open it when I need it and close it when I don\'t.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"At his old bank, it simply wasn\u2019t possible to implement his desired financial strategy without losing money and time. \u201cThe way Profit First Works is that you\'ve got to keep accounts at a zero balance and it\'s going to easily be $50 or $100 in bank fees just for doing that,\u201d Dan says. \u201cWe had a bank we were working with, but they charged $10 a month if there\'s a zero balance, and they\'ll close the account after 90 days.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How Profit First and Relay work together to help Dan manage his money and grow\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cMy bank didn\'t understand Profit First,\u201d says Dan. \u201cThey didn\'t know why I would need six or seven different accounts and why I\u2019d have an account if it\'s going to sit at zero balance until the next month\'s invoices get paid. 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Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1OeLr4USojQfpQKzjAQLtk","type":"Asset","createdAt":"2023-11-17T17:04:09.046Z","updatedAt":"2023-11-17T17:04:09.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. 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They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. The remaining 50% can be reinvested into the business or saved for future goals. \ud83d\udcb0You can also take funds from your other accounts each quarter depending on your needs, such as making quarterly tax payments in the U.S.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Profit First right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First helps business owners and entrepreneurs allocate their resources in a way that maximizes their profits and creates sustainable growth. \ud83d\udcc8 If you\u2019re ready to take control of your finances and prioritize profit, this accounting method is right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"FAQs about Profit First\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First formula is simple: Revenue \u2013 Expenses = Profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz specifically recommends these five Profit First accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0Income account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owners compensation account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses (OpEx) account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit account","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax account","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are the Profit First Percentages?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Profit First shows the recommended percentages for small businesses based on annual revenue.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1OeLr4USojQfpQKzjAQLtk","type":"Asset","createdAt":"2023-11-17T17:04:09.046Z","updatedAt":"2023-11-17T17:04:09.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Profit First TAPs - Relay","description":"Profit First TAPs - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1OeLr4USojQfpQKzjAQLtk/1a1998f14864e86f50de522b6c0dcc15/Profit_First_TAPs_-_Relay.png","details":{"size":86448,"image":{"width":1920,"height":985}},"fileName":"Profit First TAPs - Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Profit First help my business grow?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of relying on debt or sacrificing your profit margin to grow, Profit First helps business owners prioritize financial stability. But that doesn\u2019t mean followers of Profit First won\u2019t grow \u2014\xa0the difference is that they can choose to reinvest the business\u2019s profits, rather than relying on money they don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might have heard the saying, \u201cyou have to spend money to make money.\u201d While there may be some wisdom behind the phrase, followers of the Profit First method would argue that you can spend the money \u2014\xa0it just needs to come from your profit account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who should use Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"45% of small businesses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx"},"content":[{"nodeType":"text","value":"fail within the first 5 years","marks":[],"data":{}}]},{"nodeType":"text","value":", and usually, it\u2019s because they run out of money. Profit First is for any entrepreneur or business owner who wants to improve their company\u2019s financial health, get expenses under control, and create sustainable growth.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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Unfortunately, that can lead a business to run out of cash quickly, and ultimately, fail. \ud83d\udcc9","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who wrote Profit First? \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After selling and launching two multi-million dollar companies, author Mike Michalowicz realized how difficult it was to build a profitable business using traditional cash flow management methods. Based on those experiences, Michalowicz came up with the principles of Profit First and wrote the book ","marks":[],"data":{}},{"nodeType":"text","value":"Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in 2014. \ud83d\udcd7\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is the Profit First method effective? \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First method is so effective because it\u2019s based on behavioral laws, like Parkinson\u2019s Law. This law states that work \ud83e\uddd1\u200d\ud83d\udcbb will expand depending on the amount of time available to complete the work, and it can also be applied to your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Parkinson\u2019s Law is the reason that even million-dollar businesses can end up with zero dollars in their bank accounts. When you have money sitting around without a defined purpose, you\u2019ll find a reason to spend it \u2014 that\u2019s just human nature. \ud83e\udd37\u200d\u2640\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But when business owners make profit a habit, it can help them avoid overextending themselves. They\u2019ll be able to make informed decisions about how to allocate their resources and gain more control over their financial performance. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does Profit First work? \ud83d\udee0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might be wondering what Profit First actually looks like in practice. Well, the power of this accounting method comes from its simplicity. Here are the four steps required to implement Profit First with your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Determine your profit margin \ud83d\udcb0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to determine what percentage of your revenue you want to allocate to profit. A common recommendation is to aim for a profit margin of at least 5% depending on your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"business goals","marks":[],"data":{}}]},{"nodeType":"text","value":" and financial needs. If you can\u2019t afford a profit margin right now, you may need to step back and re-evaluate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"business budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Set up the five Profit First accounts \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\'ll need to set up separate bank accounts for your business, including a checking account, a profit account, and accounts for other expenses such as business taxes and owner\'s pay. You may also want to set up a savings account to save for potential business emergencies. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Allocate revenue to each account \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After profit is set aside, you\u2019ll need target allocation percentages for each of your accounts. For example, you might aim to allocate 10% of your revenue to the profit account, 40% to the owner\u2019s compensation account, 30% to the OpEx account, and 20% to the taxes account.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Pay expenses from the appropriate accounts \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last step is ensuring your expenses come from the OpEx checking account, your taxes come from the taxes account, etc. Doing this will allow you to maintain your budget without eating into your profit. It will also help you get crystal clear \ud83d\udc8e on how much you\u2019re earning, spending, and saving at any given time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your business finances with Profit First can be life-changing. Instead of leaving your most important business metric up to chance, Profit First helps business owners keep their focus on profit. Here are three more benefits of using the Profit First system.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Makes prioritizing profit a habit. \ud83d\udc4d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s risky to let profit be your business\u2019s last priority. However, human nature dictates that if we see money, we\u2019re likely to spend it. That\u2019s why Profit First is so great: it pushes you to automatically put profit aside before you even see it in your checking account.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps businesses plan for the future. \ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It can be tough to save for expenses like taxes when your business\u2019s cash flow is inconsistent. Profit First helps by reminding you to set aside a specific percentage from every sale \u2014 even if it\u2019s just a few dollars. Over time, that discipline will pay off.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keeps your business organized. \ud83d\ude4c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Business expenses can be challenging to manage. Separating your revenue into different accounts will keep you organized and simplify the process. Instead of guessing, you\u2019ll know exactly how much money you have for OpEx, taxes, and your other goals.\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the disadvantages of Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many businesses have turned to Profit First as a method for intentionally increasing profit. The process often works because it\u2019s so simple. However, every business is unique, and there\u2019s no one-size-fits-all solution for accounting. Before you jump into the Profit First method, let\u2019s take a look at some potential downsides.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tough to implement","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude2c Profit First requires a minimum of five separate accounts. Depending on your bank, this can be complicated to set up. Plus, most traditional banks charge a monthly maintenance fee, especially for business accounts. Those can rack up quickly if you have multiple accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Might be time-consuming. \u23f3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you don\u2019t have an accountant or a bank that allows you to set up automatic deposits, you could find yourself separating your revenue each month manually. That can require a lot of time that you don\u2019t have as a small business owner.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be tricky if a business has high overhead costs.\ud83d\udcb0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your company might have a lot of expenses, such as rent, payroll costs, and property taxes. If the business\u2019s profit margin is already tight or nonexistent, then separating funds across accounts might not make sense.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can be challenging for businesses with a lot of debt.\xa0 \ud83d\udcb5 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Similar to the above, if your business is paying off large amounts of debt, it might not have the cash needed to implement Profit First. These businesses may want to consider paying off debt first and implementing Profit First later.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First? \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to get started with Profit First, you\u2019ll need to start by evaluating your banking options. Even if you already have a business bank account, your current bank might not be the best fit for implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re currently using a traditional bank for your business finances, you may want to look for an alternative. That\u2019s because these banks rarely allow you to set up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple free checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you\u2019re charged a maintenance fee for every Profit First account, every month, that can add up quickly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But here\u2019s the great news: today, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banks","marks":[],"data":{}}]},{"nodeType":"text","value":" provide a wide variety of innovative solutions for business owners. We\u2019d even argue that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our online banking and money management platform, is the best solution for anyone who wants to implement Profit First. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are just a few reasons why:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can open accounts remotely \ud83d\ude4c\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees \ud83e\udd73","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No minimum balance requirements \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple free checking accounts \ud83e\udd2f","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple physical and virtual debit cards \ud83d\udcb3\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also make it incredibly easy for business owners to set up ","marks":[],"data":{}},{"nodeType":"text","value":"recurring, percentage-based transfers between accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udc4f That means you can put your profit on autopilot instead of manually calculating transfers each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another feature that our Profit First users love? Relay\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"balance-based transfer rules","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83c\udf89 For example, a user can create a rule that says when one Relay account hits a certain amount of money, money will be automatically dispersed to their other accounts based on preset percentages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\xa0\ud83d\udca1Want to give Relay a try? Check out our comprehensive guide to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"changing business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":". Believe it or not, the process isn\u2019t as complicated as you might think. \ud83e\udd14\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to set up Profit First in Relay \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Setting up Profit First might seem complicated, but Relay makes the process seamless. If you\u2019re ready to start making profit a priority in your business, follow these four steps to get started with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Open your first Relay account from anywhere \ud83c\udf0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Getting started with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is easy. To open a traditional business bank account, you have to visit a branch in person. But with Relay, you can complete the entire process online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We support business owners from over 200 countries around the world, including the United States, Canada, the United Kingdom, and Australia. As long as the business has an operating presence in the U.S., you can open your business checking accounts with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create your first 5 Profit First accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After you\u2019ve logged into your Relay account, make sure to add funds by directly connecting an existing bank account, sending/receiving ACH payments, or mobile check deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, it\u2019s time to set up your Profit First checking accounts. With a few clicks of your mouse, you can open your accounts, label them, and transfer funds to each one. Users love this feature because they can open up to 20 free, individual checking accounts \u2014 not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That means you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account. That will keep you and your business organized and on track with your spending goals. For example, you can use OpEx debit card to spend from your expense account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t want to use a debit card? No problem, we offer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4403512364436-Introduction-to-Bill-Pay-and-Overview-of-the-Bill-Pay-Tabs"},"content":[{"nodeType":"text","value":"automated bill pay features","marks":[],"data":{}}]},{"nodeType":"text","value":", too. \ud83d\ude0e\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set up recurring, percentage-based transfers\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we said above, Relay allows you to automate Profit First by setting up recurring percentage-based transfers. Profit First suggests that business owners transfer funds twice a month, but you can do this however works best for your company. At a minimum, you should transfer funds monthly.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1W19fi9U0MmgIJuiOeRSA3","type":"Asset","createdAt":"2023-12-05T16:38:39.815Z","updatedAt":"2023-12-05T16:38:39.815Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Relay","description":"Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1W19fi9U0MmgIJuiOeRSA3/ad7e3722c39c362f507c72fc9badb0d8/Relay.png","details":{"size":429807,"image":{"width":2048,"height":1116}},"fileName":"Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Distribute funds quarterly\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system suggests that business owners take 50% of their profit accounts each quarter as a profit distribution. 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","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIt\'s taking your business to the point where you can identify those key levers that you can focus on to drive profitability and grow your business,\u201d Tyler says.\xa0","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Identifying important KPIs to grow your business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tyler says that identifying your business\u2019s unique key performance indicators is a little bit of an art form. \u201cSometimes we advise that you get connected with help that specializes in your industry,\u201d he adds. For the most part, however,\xa0 it\'s going to be depend on two things:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What is your primary expense?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How can you drive revenue?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s up to you to decide when the right time to begin tracking KPIs \u2014 some businesses can survive without it but if you\u2019re really serious about the health of your business, you want to start tracking as soon as possible and in real-time.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"KPIs for increasing profitability in retail\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Retail offers a lot of options for increasing profitability through the tracking of KPIs. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cost of sales margin","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The big one is cost of sales margin","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"which means looking at ","marks":[],"data":{}},{"nodeType":"text","value":"your cost of sale expense divided by your revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". (Break that out between product lines too if you track those costs separately and the revenue separately.) This is going to allow you to make sure that your costs aren\'t incrementally increasing on you, and if they do, total revenue might have to follow proportionately.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Labor margin","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Retail shops typically have a human component that has to deliver on service \u2014 your labor.\xa0 You want to track your ","marks":[],"data":{}},{"nodeType":"text","value":"labor margin as a percentage of revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Just like cost of sales, you can see if it\'s going up or down and figure out the reason why and adjust on the labor staffing side or increase your prices.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Shipping margin","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the other ways we can drive profit is by tracking the shipping margin: ","marks":[],"data":{}},{"nodeType":"text","value":"the cost of shipping expense divided by revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". There are certain things that can happen in the world such as gas price increases or turmoil in other countries that are going to increase the cost of shipping. If that margin starts to go up, you may have to adjust your prices to cover that margin increase and maintain profitability.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Current ratio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A bonus item that most businesses, not just retail, can look at is your current ratio: your current debts, all your accounts payable, credit cards, your current assets, your receivables and your cash in the bank. ","marks":[],"data":{}},{"nodeType":"text","value":"Divide your liabilities by your revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you can\'t cover all your liabilities (for example, if that ratio is below one), you\'re in trouble.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If that ratio is six or seven, you\'re sitting on a lot of cash that you could be using to drive value, such as buying in bulk to get a greater bulk discount. If that ratio is a large number, look for ways to leverage that.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Short-term rental KPIs to pay attention to ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Number of occupants","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Number of occupants ranks among the most important and easiest KPIs to track if you operate a short-term rental property. The reason that\'s important is because the more people in short-term units, the more wear and tear.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This correlates both with necessary property improvements and cleaning costs. If you have the number of occupants recorded in your financials, you can calculate cleaning fees per occupant and find out if you need to charge more or better anticipate the volume of cleaning staff required.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"FF&E reserves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also start using the number of occupants to forecast FF&E reserves \u2014 the amount of money you hold aside for improvements on the property. 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This F.A.Q. to address questions you may have about how the news about SVB could impact your business.","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7sDCJKuq43lj3QN9QKc75T/d39edec8d1b4df8617e81bc22e848b6a/SVB_Update_for_Relay_Customers_-_Blog_Header_Image_-_Relay.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether or not you\u2019ve been directly impacted by Silicon Valley Bank\u2019s (SVB) recent closure, as a business owner, you deserve clear guidance and transparent information about the safety of your money.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This F.A.Q. addresses your questions about how SVB\'s closure could impact your business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last updated: Monday, March 13th, 2023, at 11:30 a.m. ET","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does Relay have any exposure to Silicon Valley Bank?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No, Relay does not have any exposure to Silicon Valley Bank (SVB). Relay\u2019s banking services are not affiliated with SVB. We also do not hold customer deposits or process any payments with SVB. Additionally, Relay does not hold any of our own business assets in SVB.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is Relay a bank?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is a banking technology company, not a bank. Relay does not directly handle customer deposits, but uses chartered partner banks to provide banking services. Currently, Relay works with two partner banks. For customers on ","marks":[],"data":{}},{"nodeType":"text","value":"Relay 2.0","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" (which includes all customers registered as of January 1, 2023), our partner bank is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.thread.bank/"},"content":[{"nodeType":"text","value":"Thread Bank","marks":[],"data":{}}]},{"nodeType":"text","value":", which holds customer deposits and provides FDIC insurance up to $2,500,000 for each business on Relay. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are Relay\u2019s partner banks exposed to the same risks as SVB?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our primary partner bank, Thread Bank, has taken explicit measures to avoid the type of geographic and industry-specific concentration that impacted SVB, and has based its strategy on diversification with partners such as Relay. All customers on Relay 2.0, as well as all customers who registered for Relay as of January 1, 2023, have checking accounts with Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thread Bank is well-diversified across geographies and business verticals. While SVB was heavily concentrated in one vertical (technology startups) and narrow geographic areas, Thread Bank works with many partners, spanning multiple verticals and geographies. As a result, its customer base is more diversified compared to SVB\u2019s, and is less susceptible to events that heavily impact a single industry.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, Thread Bank is in a financially sound position. Its overall cash and liquidity position is in excess of industry peers, and it has over five times the liquidity position compared to SVB at the time of its failure.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Are Relay accounts FDIC-insured?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each business entity under ","marks":[],"data":{}},{"nodeType":"text","value":"Relay 1.0","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"Relay 2.0","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" accounts is insured by the FDIC through our partner banks Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay and Thread Bank, our primary partner bank, are offering an insured cash sweep program that provides additional protection to our customers. Customers that opt in to the program will receive expanded FDIC insurance that covers up to $2,500,000 in deposits.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does Relay offer FDIC insurance above $250,000?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay and Thread Bank, our primary partner bank, are offering an insured cash sweep program that provides additional protection to our customers. Customers that opt in to the program will receive expanded FDIC insurance that covers up to $2,000,000 in deposits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The program maximizes deposit insurance by sweeping money into other FDIC-insured banks. Each account opened through the program will hold a balance of $250k or less, and will be completely insured by the FDIC. This means protection in two ways: both by fully ensuring your balance, and by limiting deposit exposure across a single bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This program is only available for customers banking on Relay 2.0.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Will banking transactions be impacted by SVB being placed under receivership?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There may be some delays on incoming and outgoing wires over the next week due to a high volume of transactions our banking partners are seeing. Our partners have confirmed to us they are working diligently to minimize delays or disruptions. Additionally, there may be delays for customers moving money out of Silicon Valley Bank due to it being placed under receivership ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fdic.gov/news/press-releases/2023/pr23016.html"},"content":[{"nodeType":"text","value":"by the FDIC","marks":[],"data":{}}]},{"nodeType":"text","value":" on Friday, March 10, 2023. For more information on how the closure impacts customers and next steps, please visit the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html"},"content":[{"nodeType":"text","value":"FDIC","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What other ways does Relay protect its customers?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to the FDIC insurance provided by our partner banks, Relay has a number of processes and practices in place to keep your account safe and protect against fraud. We employ industry-standard encryption to ensure secure and protected transmission of data. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Two-factor authentication (2FA) is required for Relay accounts. We consistently monitor our platform, log all points of access, and immediately alert our security team to unusual behavior. Our transaction monitoring systems alert customers to unauthorized spending activity in their accounts. For more information about how Relay works to keep your money and your data safe, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/13573360583956-Keeping-your-Relay-account-secure"},"content":[{"nodeType":"text","value":"see this article","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the Bank Term Funding Program (BTFP) and how does it protect me?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On Sunday, March 12th, the Federal Reserve unveiled a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm"},"content":[{"nodeType":"text","value":"Bank Term Funding Program (BTFP)","marks":[],"data":{}}]},{"nodeType":"text","value":", which introduces a new source of liquidity for U.S. banks, and as a result, adds another layer of protection for depositors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BTFP directly addresses the type of illiquidity scenario that resulted in SVB\u2019s closure and prevents a similar scenario from unfolding at another financial institution. As the Federal Reserve explains, \u201cThe BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution\'s need to quickly sell those securities in times of stress.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BTFP works by allowing a U.S. bank to borrow money from the central bank by putting up \u201cU.S. Treasuries, agency debt and mortgage-backed securities\u201d as collateral. In other words, banks have an additional way of quickly generating liquidity and ","marks":[],"data":{}},{"nodeType":"text","value":"making depositors whole in the event of a sudden increase in cash outflows","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Most importantly, a bank\u2019s collateral assets will be valued \u201cat par\u201d when borrowing from a central bank. 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Going forward, Anna hopes to continue to expand the firm and her team.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe more that we can continue to grow with companies that are a good fit for us, we\u2019ll be able to provide opportunities to more team members who find [Accrew] is a good fit for them in their life too.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Helping clients streamline the accounts payable process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna loves to work with clients that are looking for a real partner \ud83e\udd1d in improving their processes. And as any business owner knows, ","marks":[],"data":{}},{"nodeType":"text","value":"one of the most frustrating financial processes can be accounts payable","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 especially if you\u2019re juggling, for example, dozens of contractors that need to get paid weekly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s exactly what Anna\u2019s client, a company that does telecommunications consulting, was struggling with when she met them after a podcast interview. The client was working with another bookkeeping firm but wasn\u2019t satisfied with how things were going.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the client started discussions with Accrew, they shared their frustrations with their current accounts payable process. The company uses dozens of contractors and subcontractors to support the work they do. ","marks":[],"data":{}},{"nodeType":"text","value":"As a result, they typically need to send 10-15 different payments every single week.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A lack of accounts payable ownership ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the company, the process didn\u2019t have clear ownership. That meant paying contractors often ended up on the CEO\u2019s or vice president\u2019s list, taking valuable time away from their other responsibilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to Anna: \u201cWhen we started working together, the client said, \u2018Hey, we\'d love you to take this off our plate.\u2019\xa0[So we agreed], and as we dove into the way that they were doing it, which was just through their current bank, it was nothing but friction.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Navigating the obstacles: fees and frustrating banking policies\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Anna\u2019s team first took over accounts payable, she faced obstacle after obstacle: \u201cWe could process maybe half the payments and then half of them we couldn\'t because of system limitations \u2014 like what type of account it was or what bank they were banking with.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There were a few different issues with the client\u2019s bank, but ","marks":[],"data":{}},{"nodeType":"text","value":"one of the most difficult was that Anna\'s team wasn\u2019t able to schedule ACH payments to people with accounts at the same bank. ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cAnytime we got into paying someone at the same bank we would just get an error message,\\" says Anna. \\"And when you just keep getting the same error message, it\u2019s not clear whether it\'s user error, access error, or bank error.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whenever this issue happened, ","marks":[],"data":{}},{"nodeType":"text","value":"Anna\'s team would have no choice but to reach out to the client","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Someone at the client\u2019s company would then have to process the rest of the contractor payments via wire transfer or ACH, depending on how urgent the situation was.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And because the client needed to process between $50,000-$70,000 in payments ","marks":[],"data":{}},{"nodeType":"text","value":"per week","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", this was not a small problem","marks":[],"data":{}},{"nodeType":"text","value":". ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"Wire transfers cost at least $25-$30 per transfer, and even a regular ACH costs $1 per transaction for the bank-to-bank movement. Those fees added up quickly for the client. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"When banking limitations lead to negative client experiences\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fees were painful for the client, but as a large company, their main goal was getting such a large volume of payments fully off their plate. Unfortunately, Anna shared, \u201c","marks":[],"data":{}},{"nodeType":"text","value":"every week we could only do about half of the task, and then we\'d have to email the client to say you need to do this other half.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\u2019s not a great client experience \u2014 it\'s not really like we took it off their plate.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cEither we could jump in and try to troubleshoot this, or [we could ask the client to] call their bank or schedule the payment themselves. We\u2019d get to the point where this person needs to get paid and we can\'t do it. So, that did not feel awesome,\u201d says Anna. ","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"264GNxKJTQ6rXLFrL6PIPD","type":"Asset","createdAt":"2023-02-22T19:32:23.553Z","updatedAt":"2023-02-22T19:32:23.553Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Case Study - Anna Ready - Traditional Bank AP","description":"Case Study - Anna Ready - Traditional Bank broken AP process","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/264GNxKJTQ6rXLFrL6PIPD/0df689325824d8179c59ab7e23904c16/Case_Study_-_Anna_Ready_-_Traditional_Bank_AP.jpg","details":{"size":219861,"image":{"width":1920,"height":817}},"fileName":"Case Study - Anna Ready - Traditional Bank AP.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While navigating these obstacles, Anna soon recognized that many of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-outsourcing"},"content":[{"nodeType":"text","value":"accounts payable issues","marks":[],"data":{}}]},{"nodeType":"text","value":" could be traced back to the client\u2019s bank.\xa0\ud83c\udfe6","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, from the client\u2019s perspective, \u201cit wasn\u2019t that obvious whether it was the bank\'s limitations or whether we just didn\'t know what we were doing. [As the client], your instinct would probably be to assume that the big bank who knows how to do banking is probably right and ","marks":[],"data":{}},{"nodeType":"text","value":"this brand new bookkeeper you\'re working with probably just doesn\'t know how to do it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many accountants and bookkeepers are familiar with this exact situation. You might find yourself taking the blame when things go wrong with a client\u2019s financial processes \u2014 and when that happens, it becomes your job to find a solution.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Moving to Relay and looking like a rockstar\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over time, the situation escalated, and Anna knew she needed a long-term fix for this client\u2019s accounts payable problem. \u201cI wanted to own that this was a problem. I also wanted to help provide a solution because I wanted to get us to the point where [the accounts payable process] was fully owned by Accrew and the client was just getting a notification.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna originally thought of Relay as a solution because her firm has been a user since 2019. She knew that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", specifically, would enable her client to pay contractors faster \u26a1\ufe0f and at a lower cost than a traditional bank. Relay Pro also allows users to process same-day payments \u2014 an option that was difficult or impossible with the client\u2019s bank. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, Anna had to pitch the idea to her client and get them on board. She hopped on a Zoom meeting with the client and laid the cards on the table, acknowledging that the current situation wasn\u2019t making anyone happy. \u201cI owned what the problem was, and I owned that we were not able to solve it with the current setup.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3lsBwuLTfR7FFsXU5qnOJ5","type":"Asset","createdAt":"2023-02-22T19:31:29.422Z","updatedAt":"2023-02-22T19:31:29.422Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Case Study - Anna Ready - Relay Pro","description":"Case Study - Anna Ready - Streamlined bill pay with Relay Pro","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3lsBwuLTfR7FFsXU5qnOJ5/e6c678e7e3066925ff298a94f2f1e279/Case_Study_-_Anna_Ready_-_Relay_Pro.jpg","details":{"size":201756,"image":{"width":1920,"height":708}},"fileName":"Case Study - Anna Ready - Relay Pro.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna\'s proposal? ","marks":[],"data":{}},{"nodeType":"text","value":"Streamline the process with a better tool: Relay Pro.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" On top of the other benefits, Relay would ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-ap-automation"},"content":[{"nodeType":"text","value":"simplify the accounts payable process","marks":[],"data":{}}]},{"nodeType":"text","value":" by allowing contractors to input their payment information and W-9 forms, directly into Relay. The client would be able to skip all the back-and-forth with contractors over their payment details. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best part? By using Relay for contractor payments, Anna\'s client would be able to give the Accrew team ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accountants-and-bookkeepers"},"content":[{"nodeType":"text","value":"secure, hassle-free access to their bank accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and totally hand off the AP process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the client saw how Relay could solve their pain points and create a solution, they agreed to move forward with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, Anna was able to work with Relay to send the client an invite to create an account. \u201cRelay support was super helpful. I just emailed them to say, \\"Hey, is there a way I can get this process started for my clients?\\" And it was great, they replied back and said, \u2018Yeah, we\'ll send an email to invite them to create an account.\u2019\u201d \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Managing the entire AP process\xa0with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since rolling out Relay to her client, Anna has helped streamline the accounts payable process \u2014 even better, she\u2019s been able to turn her client\u2019s AP frustrations into delight, creating a better experience for everyone involved.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6C9h8qnCme0Fqk0HIGR2KK","type":"Asset","createdAt":"2023-02-21T21:10:30.768Z","updatedAt":"2023-02-21T21:10:30.768Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":1,"locale":"en-US"},"fields":{"title":"Anna Ready Case Study Quote about Relay","description":"\\"Since we moved the client to Relay, other than a contractor delaying putting their payment information in, we haven\'t had any issues with scheduling payments. It\'s been fantastic \u2014 we\'ve even been able to take a few extra things off their plate,\\" says Anna Ready, Founder of Accrew. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6C9h8qnCme0Fqk0HIGR2KK/ad870af8123a184846931efd1f63317e/Case_Study_-_Anna_Ready_1.4.jpg","details":{"size":1095657,"image":{"width":1920,"height":1080}},"fileName":"Case Study - Anna Ready 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, accounts payable is a simple, stress-free process for Accrew and the client.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of Anna\u2019s team members processes the payments each week. Then, Anna does a quick review to ensure the payment amounts are correct (based on information from the client). Finally, she checks Relay to make sure the person received the funds that were sent to them in the correct dollar amount.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"No more back-office busywork","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the contractors are paid through Relay, Anna\u2019s team will send them a confirmation email with a link to Relay. If they haven\u2019t shared their payment information yet, they\u2019re able to easily use that link to tell Relay where to send the money. No more back-and-forth with the contractors or the clients \u2014 and that\u2019s good for everyone.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna says that thanks to Relay, \u201cI don\'t have to feel lame every week asking the client to do half of the things that we ought to be doing. We are doing 100% of the things and just letting them know when it\u2019s happened. So yeah, it\'s been pretty awesome.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What was formerly a frustrating, difficult, and time-consuming experience can now be done in a few simple steps. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Anna and Accrew can finally say that they have solved the client\u2019s problem and eradicated the ongoing friction.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Anna\u2019s advice to firms with accounts payable problems\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a bookkeeper or an accountant and you\u2019re struggling to improve a client\u2019s processes, Anna recommends ","marks":[],"data":{}},{"nodeType":"text","value":"starting with their biggest pain points","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Think about the biggest challenges you\u2019re experiencing on a regular basis.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then start with quick, easy wins so you can get the client on board with the changes you\u2019re recommending. From there, you can start to optimize processes that are a little less urgent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna also says that ","marks":[],"data":{}},{"nodeType":"text","value":"celebrating the positive changes you make is key","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd11 \u201cSo much of change management is about clearly communicating why we\'re going to do it,\\" says Anna. \\"But you also need to clearly communicate what\'s better now because the client put the effort into change \u2014 to say, we did it, hang a banner, mission accomplished, we all did it, let\'s celebrate.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you just go, \'Okay, yeah, it\'s all good now you,\' you\'re missing both the opportunity to acknowledge that all of this was worth it and to appreciate the client for participating in the change.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Streamlining accounts payable = customer delight\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe best thing about going through this experience is knowing we were able to solve a real problem in a lasting way,\u201d says Anna. 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Accountants and bookkeepers can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://meetings.hubspot.com/cj-pospisil/initial-demo-from-the-website"},"content":[{"nodeType":"text","value":"book a demo","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"2V958SGt3ptRVlMhL96W5w","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":8,"author":{"name":"Haley Davidson","jobTitle":"SEO and Content Strategist ","company":"Sandbar 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Real estate tax specialist Thomas Castelli offers tips for saving on your tax bill.","popular":false,"category":"On the Money Mondays","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/41sak52NMBKCBBNenvUHAk/211620c7cfbd60745b9ba95f3a240558/OTMM_Assets_-_Thomas_Castelli_-_Blog_Thumbnail.png","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What do real estate investors need to focus on to keep profit in their pockets come tax time? In Episode #4 of On the Money Mondays, we\u2019re joined by Thomas Castelli, a CPA who specializes in accounting for the real estate industry. Castelli offers strategies for major tax savings \u2014 and points out business accounting pitfalls for investors to avoid. \xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe for future episodes: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/mondays"},"content":[{"nodeType":"text","value":"https://relayfi.com/mondays","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":"\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our guest, Thomas Castelli, CPA, is a certified financial planner with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.therealestatecpa.com/"},"content":[{"nodeType":"text","value":"Hall CPA","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2014 an accounting firm that exclusively works with real estate investors across the United States. They assist in tax preparation, tax planning, as well as accounting and CFO services. For more real estate accounting content, follow him on Instagram @","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.instagram.com/thomascastellicpa/#"},"content":[{"nodeType":"text","value":"thomascastellicpa.","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"In this article","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#on-the-money-mondays-episode-4"},"content":[{"nodeType":"text","value":"Watch: Episode #4 of On the Money Mondays","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#four-common-and-expensive-mistakes-real-estate-investors-can-make"},"content":[{"nodeType":"text","value":"Common (and expensive) mistakes real estate investors make","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#smart-strategies-for-minimizing-real-estate-investment-tax"},"content":[{"nodeType":"text","value":"How to minimize your real estate investment tax bill","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-short-term-rentals-are-popular-with-real-estate-investors"},"content":[{"nodeType":"text","value":"The rise of the short-term rental","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#show-me-the-money-real-world-examples-of-tax-savings"},"content":[{"nodeType":"text","value":"Show me the money: what tax savings really look like","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#additional-resources-from-thomas"},"content":[{"nodeType":"text","value":"Get in touch with Thomas + additional resources","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bank-with-relay-for-a-stress-free-tax-season"},"content":[{"nodeType":"text","value":"How Relay helps real estate investors stay on the money","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"On the Money Mondays, Episode #4","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/Lbh2pWR1-UA"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/Lbh2pWR1-UA","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below is a revised transcript of the above video:","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Four common (and expensive) mistakes real estate investors can make\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The real estate business requires diligent bookkeeping and specialized financial reporting \u2014 during tax season and year-round. To save on your tax bill, our CPA expert advises that investors should avoid making these common mistakes:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Not working with a real estate tax specialist","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The biggest error a real estate investor often makes, says Thomas, is that they\'re not working with a real estate tax or accounting specialist. Instead, he explains, they\'re working with a tax generalist. ","marks":[],"data":{}},{"nodeType":"text","value":"Real estate is one of the most complicated areas of the tax code","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and tax generalists typically do a lot of work across a broad area instead of really drilling down into the details of real estate investment tax.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A generalist can end up costing their clients money in lost tax savings or missed opportunities because they\'re not aware of all the tax-saving options available.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Failing to keep precise records","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors don\'t always keep sufficient books and records. Thomas uses an example of an investor working with a property manager. The property manager has property management level financial statements which might not be in the format an investor will need to make good financial decisions for their business or for taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A tremendous amount of work has to go into cleaning that all up in order to file with the IRS. Thomas recommends ","marks":[],"data":{}},{"nodeType":"text","value":"staying on top of records all year long","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to avoid the annual tax season headache.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Not collecting enough documentation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Document everything: the mileage driven for business, the meals with business associates, the travel you do for work. Keep those records organized. ","marks":[],"data":{}},{"nodeType":"text","value":"Documentation, says Thomas, is absolutely critical in any business","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", but especially in real estate when you\'re dealing with complex tax strategies.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For real estate investors, tax deductions can be applied to a long list of expenses. The concept of","marks":[],"data":{}},{"nodeType":"text","value":" de minimis safe harbor allows you to expense almost anything with an invoice line item of $2,500 or less and avoid paying depreciation recapture costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So hang on to those invoices and receipts!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Not seeking advice on how to ","marks":[],"data":{}},{"nodeType":"text","value":"minimize","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" a tax bill","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many investors never receive tax planning or tax advice \u2014 whether that\u2019s from their CPA or financial planner \u2014 on what they can do to actually ","marks":[],"data":{}},{"nodeType":"text","value":"minimize","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" their taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\'s a ","marks":[],"data":{}},{"nodeType":"text","value":"difference between tax preparation (someone filing your tax returns for you) and tax strategy and planning","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The latter entails someone sitting down with you and looking at your situation saying, \\"Okay, well here\'s where you are today. Here\'s where you\'re looking to go. Here are the moves you can make, the strategies that you can implement that\'s actually going to help reduce your taxes when it comes time to file the return.\\"\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Smart strategies for minimizing real estate investment tax\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether real estate investing is your full-time gig or a growing side hustle, there are several things you can do to shrink your tax bill.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Apply for real estate professional status","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is one of the most coveted tax statuses in the entire tax code because it allows long-term rental investors to take losses from their rental properties and use them to ","marks":[],"data":{}},{"nodeType":"text","value":"offset their active income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (think: income from a job or another active business you may be running).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Make use of cost segregation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A cost segregation study is when someone breaks down the various components of a property and allows you to accelerate your depreciation expense, which is a non-cash expense that reduces income for tax purposes, but not your cash flow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, the money doesn\'t actually leave your pocket, it\'s only on paper. This can create a big tax loss for you that you\'re able to use against your other income.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Take advantage of the short-term rental exception","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Under the Tax Reform Act of 1986, all rental activities were made passive by default. However, if you have a rental property with an average stay of seven days or less, it\'s not considered a \\"rental activity.\\" It\'s just considered a normal business so it\'s not passive by default. If you get actively involved, the losses from your short-term rental property can be non-passive and offset your other income.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bonus: When you combine that with a cost segregation study, says Thomas, it becomes just as powerful as the real estate professional status.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why short-term rentals are popular with real estate investors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The real estate professional status applies mainly to long-term rental properties (a property that has an average stay of eight days or more). It helps investors use the ","marks":[],"data":{}},{"nodeType":"text","value":"losses from these long-term rental properties","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to ","marks":[],"data":{}},{"nodeType":"text","value":"offset or reduce the amount of income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that they\u2019re paying in other areas.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to qualify as a real estate professional, however, an investor needs to spend more than 750 hours in the real property trader business and more than half their total working time. That last piece, says Thomas, often deters people and prevents them from qualifying as a real estate professional.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s why short-term rentals have become so popular. If your short-term rental has an average stay of seven days or less, it is excepted from the definition of rental activity. ","marks":[],"data":{}},{"nodeType":"text","value":"You don\'t need to qualify as a real estate professional in order to use the losses from your short-term rental to reduce the amount of tax you pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on your active sources of income, such as income from a job or another business. All you have to do is materially participate in your short-term rental.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This can be done by meeting a list of legal requirements. Here are three to prioritize:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You ","marks":[],"data":{}},{"nodeType":"text","value":"do everything yourself","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". All the work that goes into running the property is done by you.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You ","marks":[],"data":{}},{"nodeType":"text","value":"spend more than a hundred hours","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on your short-term rental property and no one else spends more time than you.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You ","marks":[],"data":{}},{"nodeType":"text","value":"spend more than 500 hours","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on your short-term rental.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Show me the money: real world examples of tax savings","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what the math looks like when you combine the real estate professional status ","marks":[],"data":{}},{"nodeType":"text","value":"or","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" the short-term rental loophole with cost segregation studies and bonus depreciation:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example 1: You have a $500,000 property and you\u2019re in the 24% tax bracket","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Suppose you were able to use a cost segregation study on this property. In that case, you could generally expect somewhere between 20 to 30% of that to be reallocated to 5, 7, and 15-year property, which is eligible for 100% bonus depreciation.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You are able to take this $120,000 loss as non-passive against your W-2 or your active business income because you qualify as a real estate professional or you use the short-term rental loophole. This $120,000 expense would be worth $28,800 if you were in the 24% tax bracket.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Example 2: You have a $500,000 property and you\u2019re in the 37% tax bracket","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say you\'re at the top tax bracket, 37%. Then this same $120,000 expense at the 37% tax bracket will be worth $44,400 in tax savings.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Savings like this can have a meaningful impact on your business. $44,000 is a new car to ease all the work-related travel you do. It\u2019s a downpayment on your next property. It\u2019s a salary for an assistant to help manage your expanding real estate portfolio. It\u2019s money you can put back into your business to continue to grow.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Additional Resources from Thomas","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe1 Learn more about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.therealestatecpa.com/"},"content":[{"nodeType":"text","value":"Hall CPA on their website","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcd5 Download their ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://courses.taxsmartinvestors.com/p/str"},"content":[{"nodeType":"text","value":"short-term rental tax guide","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Join the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":" https://www.facebook.com/groups/taxsmartinvestors"},"content":[{"nodeType":"text","value":"Tax Smart Investor\'s Facebook Group","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfa7 Listen to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.therealestatecpa.com/podcasts"},"content":[{"nodeType":"text","value":"Real Estate CPA Podcast","marks":[],"data":{}}]},{"nodeType":"text","value":"  ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u25b6\ufe0f Subscribe to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/c/TheRealEstateCPA"},"content":[{"nodeType":"text","value":"Real Estate CPA on Youtube","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd33\ud83c\udffb Follow Thomas on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.instagram.com/thomascastellicpa/"},"content":[{"nodeType":"text","value":"Instagram","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bank with Relay for a stress-free tax season","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"best in class accounting software integrations","marks":[],"data":{}}]},{"nodeType":"text","value":", Relay makes bookkeeping, expense tracking and reporting easier. 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This is great news \ud83c\udf89\u2014 except for the fact that your clients always pay late and you\u2019re constantly asking your lenders for an extension on your loan payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why cash flow management is so crucial: cash is the number one factor in your ability to keep your business healthy, stable, and growing. Without it, you might lose talented employees who are tired of payroll problems or find yourself burnt out every month as you juggle expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are 3 more reasons why every business owner should improve their cash flow management skills. \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. To be ready in an emergency \ud83d\udea8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re an entrepreneur, you know that the unexpected is just part of life. Whether you lose a client or seasonal fluctuations lead to a sudden decrease in sales, your ability to respond quickly is crucial to the business\u2019s long-term survival. Cash flow management helps you consistently set aside extra cash so that you can stay flexible and be prepared for these types of emergencies. \ud83d\udc4f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. To protect your credit rating \ud83d\udcb3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Without proper cash flow management, a business may struggle to pay its bills on time, resulting in late fees, penalties, and damage to its credit rating. \ud83d\ude2cAnd a poor credit rating means that if the business needs to rely on credit for an emergency or to make an investment, it could face higher interest rates or a lack of access to capital at all.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. To take advantage of opportunities for growth \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business doesn\u2019t have extra cash on hand, you may miss out on opportunities for expansion. Whether it\u2019s a great deal on real estate or an exciting new certification for your team, cash is the key to being prepared to grow the business. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What causes cash flow problems? \ud83d\ude2c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we discuss how to improve poor cash flow management, we need to understand what causes cash flow issues in the first place. Here are some of the most common causes:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Late payments:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When customers don\'t pay their bills on time, it can create a cash flow crunch for the business. \ud83d\ude12","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High inventory levels: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Having a lot of inventory on hand can tie up cash that could be used to pay bills or invest in growth.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High fixed costs: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"High fixed costs, such as rent or salaries, can put a strain on cash flow if sales are slow. \ud83d\udc0c","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seasonal fluctuations:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Many businesses experience fluctuations in sales throughout the year, which can create problems if the business has a shortfall of cash on hand to cover expenses during slow periods.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not having a cash flow forecast:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Not understanding the business\u2019s expected future cash flow can cause you to be unaware of upcoming cash shortages. \ud83e\udee3","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To maintain a positive cash flow, business owners need to take steps to manage and mitigate these problems. The good news is that there are more than a few strategies you can begin utilizing today to become a cash flow master. \ud83e\udd11","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cash flow management made simple: 5 steps\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Effective cash flow management is about having a clear understanding of your business\'s cash inflows and outflows, being able to predict and adjust to fluctuations, and having the right systems and processes in place to manage it effectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These five cash flow management strategies will help you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/on-the-money"},"content":[{"nodeType":"text","value":"stay on the money","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and boost your business\u2019s financial health. Let\u2019s dive in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Make tracking cash flow a habit \ud83e\uddd0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most important strategy for cash flow management is to simply keep a close eye on how much money is coming in and going out of your business. This will help you identify any patterns or issues that might be impacting your cash flow, allowing you to take action to resolve those problems right away. \ud83d\udc4a\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the best ways to manage cash flow is by using an online banking platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". With Relay, you can get ultra-detailed information \ud83d\udd0e on all of your transactions and sync that data directly to your accounting software. Whether it\u2019s just you or you\u2019re managing a team, you won\u2019t have to waste any more time decoding your transaction data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/investing/what-is-a-cash-flow-statement/"},"content":[{"nodeType":"text","value":"cash flow statement","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" can also help you stay on top of cash flow. Using information from financial statements like your accounts receivable and accounts payable, this report gives you an overview of cash flow over a specific period of time. It can be created by your accountant or generated from your bookkeeping software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, understanding your spending and reviewing your cash flow statement is key for making informed decisions about how much cash to keep on hand, how to prioritize payments, and how to plan for future expenses. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Create (and stick to) a budget \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Did you know that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://sba.thehartford.com/finance/managing-profit-cash-flow/"},"content":[{"nodeType":"text","value":"82% of businesses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" fail due to poor cash management? \ud83d\ude2c That\u2019s why a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-prepare-cash-budget"},"content":[{"nodeType":"text","value":"budget","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is essential for any business that wants to be around for the long term.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think of your budget as your plan for cash flow management, containing your monthly and annual bills, cash flow projections, and a buffer for unexpected expenses. This plan will help you feel confident in your ability to meet all your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-financial-goals"},"content":[{"nodeType":"text","value":"financial goals","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and obligations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just remember to review and update your budget regularly to ensure that it is aligned with changes in the business\u2019s operations, as well as seasonality and your sales cycle. \ud83d\udd04 Reviewing things on a weekly and monthly basis is a good idea to ensure you stay on track with cash flow management.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Use automation to your advantage \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to cash flow management, automation is crucial. From making sure your clients pay on time to seamlessly ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"transferring funds to your savings account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", there are plenty of tools available to simplify your life.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the first things to consider automating is customer payments. \ud83d\udcb5 If customers are on any sort of subscription or payment plan, try using incentives to encourage them to set up autopay. Late payments can have a big impact on your company\u2019s cash flow, but autopay also helps streamline your customers\u2019 lives \u2014 no more manually entering credit information each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If customers do miss a due date, it\u2019s a good idea to have a system for following up on late payments. Two essential pieces of that system will be automatically sending reminder emails and applying late fees according to your company\u2019s payment terms.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can also utilize automation for cash flow management with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Our online money management platform allows you to set up automatic, percentage-based transfers between accounts. That will make it easier for you to manage cash as it comes in, whether you\u2019re moving it to a profit account or using a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope budgeting system","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Keep an eye on your expenses \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your revenue suddenly increases, it can be easy to take on new expenses without fully understanding the impact. That\u2019s where cash flow analysis comes in \u2014 responsible financial management requires business owners to both reduce unnecessary expenses and make smart decisions about new expenses. \ud83d\udcb5","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your sales go up, take a step back and look at your company\u2019s historical data. Is this just a seasonal lift? Or is this actual growth? If all signs point to the latter, then it might be okay to increase your expenses in order to address the new demand. The most important thing here is just to continue to pay attention to your cash flow and make informed decisions about any new spending. \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Have a backup plan \ud83d\udedf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sometimes, cash flow problems are out of your control. Whether it\u2019s a global pandemic or personal problems keeping you away from work, there may come a time when you need a short-term plan to handle a lack of cash flow. \ud83d\udcdd\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Being able to adjust to sudden changes is an important part of effective cash flow management. Your preparation can include having an emergency fund to cover unexpected expenses or being able to quickly scale back or increase expenses depending on the situation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may also want to apply for a business credit card or request a line of credit from your financial institution. \ud83c\udfe6 Remember: the best time to prepare for problems is when your cash flow is healthy \u2014 not when it\u2019s struggling.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Profit First can improve cash flow management \ud83d\ude4c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a cash management methodology that prioritizes profit and helps businesses optimize cash flow. \ud83d\udcb8 The basic idea is that by setting aside a percentage of income for profit first, before paying bills, businesses can ensure that they have enough cash on hand to manage expenses and invest in growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re working on debt repayment or trying to increase your profit margin, the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" can keep you incredibly focused. Instead of spending blindly, it instructs business owners to set aside revenue for different financial goals as soon as it lands in their accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s how it works:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set up ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank accounts","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The first step is to set up individual bank accounts for different types of expenses, such as operating expenses, taxes, and profit. This makes it easy to see where your business is at with each of its goals.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prioritize profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Next, set aside a percentage of income for profit first, before paying your bills. This ensures that you\u2019re earning enough to \u201cpay yourself first\u201d \u2014 even if it\u2019s just 5% of your revenue.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Allocate income and expenses: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The third step is to allocate the rest of your revenue to the appropriate accounts and ensure expenses are coming out of the right accounts. This will help you keep expenses under control and stay on budget.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Track and adjust: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The final step is to track and adjust the accounts as needed. Over time, you may want to increase what percentage you\u2019re setting aside for profit, for example.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, Profit First is a simple and extremely effective method for helping companies intentionally keep cash flow positive and increase their profit margin. \ud83d\udcb0\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By the way, Relay\u2019s online banking platform makes following Profit First incredibly easy. From automatic, percentage-based transfers to multiple no-fee checking accounts, we\u2019ve got you covered. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Key takeaways on cash flow management \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, you know that cash flow is the lifeblood of your business. It\'s what keeps the lights on, the bills paid, and the doors open. But managing cash flow can be tricky, especially when you\'re juggling all the responsibilities that come with running a business. That\'s why it\'s important to take action to improve your cash flow management, so you can keep your business running smoothly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"2V958SGt3ptRVlMhL96W5w","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are a few key takeaways to keep in mind as you start your efforts to improve cash flow. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow problems can be caused by a variety of factors such as late payments, high inventory, high fixed costs, unexpected expenses, and lack of forecasting.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Effective cash flow management involves positive cash flow, forecasting, flexibility, monitoring, planning, and communication.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To improve cash flow management, it\'s important to track cash flow, create a budget, use automation, keep an eye on expenses, and have a backup plan.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is a cash management methodology that prioritizes profit and helps businesses improve cash flow by setting aside a percentage of income for profit first.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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If we have to wait five to 10 business days after we close until we can start ordering stuff, we just added five to 10 business days before we can go live.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"With Relay, as soon as we close, we\'re able to start purchasing the stuff that we need on day one. And that literally saves us money.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With unique debit cards for every account, the Robinson\u2019s business expenses are automatically organized by property. ","marks":[],"data":{}},{"nodeType":"text","value":"They know exactly how much they\u2019re spending to maintain each rental and can budget accordingly while simplifying their end-of-year accounting.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Having \u201cseparate checking accounts for each one of our properties,\u201d says Tony, \u201chelps streamline our bookkeeping process.\u201d\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why the Robinsons pay all their vendors through Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before they found Relay, the Robinsons had been juggling multiple payment platforms in order to pay their vendors. It complicated their bookkeeping and took up time that could be put to better use in other parts of their business. Relay\u2019s business banking platform makes it a breeze to pay vendors by centralizing payments in a single place. For the Robinsons, this meant that they no longer had to toggle between PayPal, Venmo, and their banking accounts. ","marks":[],"data":{}},{"nodeType":"text","value":"With Relay, they can make all their payments directly from one account.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe biggest thing that I love about Relay is that we\'re able to pay all of our vendors with one simplified platform,\u201d says Tony. ","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tony uses ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2019s ","marks":[],"data":{}},{"nodeType":"text","value":"same-day ACH payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to keep on top of bills and expenses. \u201cThat\'s probably one of the features that we use the most.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A streamlined way to manage bills significantly cut down on the amount of time the Robinsons were spending on administrative work. \u201cBefore, we were using Venmo, Zelle, and PayPal \u2014 all these different payment platforms. With Relay,\u201d Tony says, \u201call of our vendors are plugged in. We can send them payments the same day. It\'s much easier for us and it\'s directly connected to our bookkeeping platform. ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s what\'s been the biggest lifesaver for us","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere are so many other high-value things we should be doing,\u201d he adds. \u201cRelay has given us, through the different tools and automations that are available, [the ability] to spend less time on the things that, while important, are not necessarily the best use of our time.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay has your back","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What The Real Estate Robinsons found in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" was a business banking platform that didn\u2019t hold them back or make them wait, but instead allowed them to accelerate at the pace they set for themselves which, right now, is pedal to the metal. \u201cRelay does that for us and we highly recommend it,\u201d says Sara.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cMy advice to other folks shopping for business banking,\u201d says Tony, \u201cis to stop shopping and come to Relay. It shouldn\'t be that you have to adapt your business to a bank. You need to find a bank that can adapt to your style.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, the Robinsons have tools that address their biggest business banking pain points as well as a platform that empowers them to grow. 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Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"In this article:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#on-the-money-mondays-episode-3"},"content":[{"nodeType":"text","value":"Watch: Episode #3 of On the Money Mondays","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#biggest-mistakes-made-by-content-creators"},"content":[{"nodeType":"text","value":"Three biggest mistakes content creators make","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#e-sports-example-how-things-go-wrong"},"content":[{"nodeType":"text","value":"E-sports example: how things go wrong","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#saving-dollar1000s-example-when-things-go-right"},"content":[{"nodeType":"text","value":"$1,000s in savings example: when things go right","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#do-you-need-separate-entities-for-different-sources-of-income"},"content":[{"nodeType":"text","value":"Should you have separate entities for different revenue streams?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#cash-vs-accrual-accounting-for-content-creators"},"content":[{"nodeType":"text","value":"Accrual vs. cash accounting for content creators","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#bank-with-relay-and-get-cash-flow-clarity"},"content":[{"nodeType":"text","value":"Bank with Relay and get cash flow clarity","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"On the Money Mondays, Episode #3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/AcJU9rnxz2o"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/AcJU9rnxz2o","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below is a revised transcript of the above video:","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Biggest mistakes made by content creators","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\u2019re a social media influencer, an up-and-coming TikTok creator, or a streamer, there are three common issues that you\u2019re likely to run into as your business grows and you have to tackle tax planning. Here\u2019s where the biggest issues arise, explains Garrett:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No set of books and no bookkeeping whatsoever","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No real business relationship with any kind of business bank, with funds being co-mingled with personal accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No organization around tax deductions and no access to good tax advice.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Generally speaking, says Garrett, the third point, taxes, is usually the first thing that people come to Game On Financial about. But people often don\u2019t realize that ","marks":[],"data":{}},{"nodeType":"text","value":"they need the first two in place first","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need business banking? Check out our guide on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"how to choose the right bank account","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax issues are much more difficult \u2014 and more expensive \u2014 to resolve when you don\'t have a clean set of books and proper business banking in the first place. So, what does Garrett recommend to set yourself up for success, both in terms of tax planning and cash flow management?","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Setting yourself up for success as a content creator","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few things you can do early on to avoid issues in the future. Garrett says that at some point content creators usually see a break in the process, ","marks":[],"data":{}},{"nodeType":"text","value":"where had a content creator started a little bit sooner trying to get things under wraps, they would\'ve been able to save a lot of time, a lot of money, and maybe a lot in taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That\u2019s because in the beginning, while you\'re small, it\'s easier to track certain things. Here\u2019s what Garrett recommends:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make sure your entity structure is set up correctly","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and consider getting an LLC if you\u2019re self-employed (Tip: you can get an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-online-incorporation-services"},"content":[{"nodeType":"text","value":"incorporation company","marks":[],"data":{}}]},{"nodeType":"text","value":" to do this for you)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Open a business banking account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 Garrett recommends ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" as it\u2019s easy to set up, gives you clarity into cash flow, and integrates well with your accounting software","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get a bookkeeping software early","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" in the process rather than waiting until year-end to do it. Garrett recommends either ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" for this.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, before the tax season rolls around, it\u2019s wise to ","marks":[],"data":{}},{"nodeType":"text","value":"consult a CPA","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", because when people try to do it on their own, they run into all kinds of issues.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On that last point, Garrett explains that by hiring a CPA, naturally you\'re usually going to get the best end product when it comes to tax returns and tax savings. However, that is only the case if you get the other things right first.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most important thing here is to start things off right from the beginning, while you\'re small and while you\'re capable of tracking these things. That way, you can set up a foundation for success before you get to a point where it\'s too hard to manage all of these items.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"E-sports example: how things go wrong","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What happens when business owners don\u2019t track things correctly, commingle business expenses with personal, and seek financial advice too late? Garrett gives an example of working with an e-sports organization, and the painful outcomes that arose.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The e-sports organization came to Garrett\u2019s firm very late, where an entire year of operations had gone by. They had an LLC, but no separate business bank account. Here was the situation in full:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All finances were running through one of the ","marks":[],"data":{}},{"nodeType":"text","value":"partners\u2019 personal bank accounts","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There was no set of books, ","marks":[],"data":{}},{"nodeType":"text","value":"nothing had been tracked throughout the year","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There was ","marks":[],"data":{}},{"nodeType":"text","value":"no accounting software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" in place","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The organization was ","marks":[],"data":{}},{"nodeType":"text","value":"engaging professional services very late","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" in the process","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The result of this, Garrett explains, ","marks":[],"data":{}},{"nodeType":"text","value":"the tax situation was going to be grim","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", but not just based on the organization\u2019s own numbers. Their bill would consist of:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The taxes already owed","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The additional taxes that were missed because of no books","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The accounting services fee to catch up on all that work quickly","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This would be multiple large bills, adding up very quickly in a short timeframe. While it wasn\u2019t a pretty picture, and the client wasn\u2019t happy about it, Garrett\u2019s firm took steps to ensure that it did not happen again. And that\'s where truly having a tax pro in your corner does help. It costs a little bit more, but you\'re paying for the communication and the advice that you get throughout the year.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Saving $1,000s: Example when things go right","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contrary to the example of things going wrong, Garrett shares an example of someone reaching out early in the year, well before the tax season, and the effect being proactive had on the business. The situation looked as follows:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company started up, grew very quickly, and just couldn\u2019t keep up with finances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They recognized the problem and came to Garrett\u2019s firm for advice","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett set them up with separate business banking","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They set up bookkeeping and started tracking income and expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since it was about 6 months before tax deadlines, the company restructured their payroll to maximize tax savings","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next year, they know what their tax bill was going to be well before the April 15th and March 15th tax deadlines","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even though the company was halfway through the year, that gave sufficient time to adjust and make sure the business is well set up for tax season.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And while the tax bill was still relatively high, ","marks":[],"data":{}},{"nodeType":"text","value":"the company was able to save tens of thousands of dollars thanks to proactive planning","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So while on a smaller scale, the tax savings will differ, taking a proactive approach goes a long way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you set everything up right from the beginning, or at least ask for help before year-end, somebody should be able to get in there and make the changes necessary to get you where you need to be. And then from there on, it\'s actually easy because going into the next year, everything\'s already there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Do you need separate entities for different sources of income?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you work in content creation, you\u2019re more likely to have multiple sources of income. Some creators wonder if they should set up need to set up new business entities if they have multiple revenue streams. Say you make money from YouTube ad revenue, subscriptions, affiliate deals, e-commerce stores, or occasional guest speaker fees \u2014 is there any advantage to setting up a new business entity for the different income types?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett\u2019s answer is that this depends on a lot of factors. At face value, the answer may seem pretty simple, but it could also get very complex. Without any additional context, one way to structure your business would be based on the different revenue streams and what they are doing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, for example, ","marks":[],"data":{}},{"nodeType":"text","value":"YouTube ad revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"money from Twitch","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"affiliate brand deals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 all of these could easily be lumped into one category, and therefore one entity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Where it gets tricky is if you start adding things like rentals or an e-commerce store, because that will change what\u2019s important for accounting. An e-commerce store, for example, will have very different considerations, like inventory and like sales tax in different states. Whereas with YouTube ad income, sales tax really is a non-event. This is why it makes sense to consult a CPA, because it can get really, really tricky.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cash vs. accrual accounting for content creators","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At some point, content creators need to decide if they should use accrual or cash accounting. What\u2019s the difference, and why should you pick one over the other? Garrett explains.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Differences between accrual vs. cash accounting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accrual versus cash is kind of a fundamental concept in accounting that has to do with how you record your income and expenses, based on when they happen and certain triggers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, let\'s start with ","marks":[],"data":{}},{"nodeType":"text","value":"accrual accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Imagine you sell a service, for example, accounting work. Let\'s say you do a tax return, and the tax return costs $100. When you complete the work and you send that invoice out, you ","marks":[],"data":{}},{"nodeType":"text","value":"record revenue at that time","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\'s take the contrary \u2014 ","marks":[],"data":{}},{"nodeType":"text","value":"cash basis accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In cash basis accounting, you do not record revenue when you send the invoice, you actually have to ","marks":[],"data":{}},{"nodeType":"text","value":"wait until you get paid","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So for example, if you\u2019re doing a tax return and you\u2019re waiting on payment, ","marks":[],"data":{}},{"nodeType":"text","value":"you do not record revenue until you get paid the $100","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same works for our expenses. You run a business here, but you have to pay bills like everybody else. So a utility bill is a great example. You receive a bill from the utility company. Well, in accrual basis accounting, you record the expense when I receive the bill. The utility company has performed the work, you owe them the money, it is therefore an expense at that time. On the contrary, under cash basis accounting, if the utility company sends you a bill, you do not record the expense until you pay it. Three months could go by, six months could go by \u2014 until you pay that bill it is not recorded as an expense.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you choose accrual or cash basis accounting, generally speaking, will make the largest difference at year-end. Because throughout the year, most of the time bills get paid within say 30, 60, 90 days. But at year-end, we\'re looking at a situation where for tax purposes we may not record revenue or expenses until the next year. This could either cause issues, or it could be helpful in some ways. It all depends on your individual circumstances, and there\u2019s no method that is \u201cthe best\u201d for everyone.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What should content creators use?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Is accrual or cash basis recommended for content creators? Garrett says that he doesn\u2019t necessarily recommend one over the other. At the end of the day, everything should even out over the course of years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Generally speaking, ","marks":[],"data":{}},{"nodeType":"text","value":"cash basis accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is what people start with because it is the easiest to track. So what you\u2019ll likely fall into by default is cash basis accounting. The question is usually whether it\u2019s worth switching over into accrual accounting, which only makes sense if there\u2019s some benefit to the content creator to do so.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In most cases, y","marks":[],"data":{}},{"nodeType":"text","value":"ou are unlikely to see the benefit of accrual accounting unless you run a large business that has a lot of invoices and a lot of bills that need lead time on processing products","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content creators deal generally don\'t run into that issue. In fact, the only time they really invoice other third parties is when perhaps they\'re invoicing for they did a brand deal or an affiliate deal or something like that, and they\'re just trying to collect the money. There are a lot of entities that pay net 30, net 60, whatever the case may be, which may warrant looking into accrual accounting. But generally speaking, with things like YouTube ad revenue it doesn\'t make sense to get into accrual accounting for content creators. 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Storing any patient identifiers is a HIPAA violation. This means you can\'t have a customer\u2019s name in QuickBooks if they\u2019re a patient. And if you need to give somebody a refund, you can\u2019t write a check with their name on it or record their name in QuickBooks Online.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Problem: How do you do accounting if you can\'t have client names in your system?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HIPAA regulations protect the privacy of health care patients, but in doing so, make it difficult for accountants to maintain the books. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How to get patient information from the practice management solution used at a medical office into QuickBooks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Cindy first gets payment reconciliation information from the practice, she gets a PDF sheet that shows the batch totals for the day (without patient information). This includes credit card processing information, some handwritten notes from office employees totaling up what they received, a daily for the practice, and lastly each individual insurance reimbursement.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total transactions range from day to day, but normally there could be as many as 35 separate transactions that were processed and insurance reimbursements that need to be paid out.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With most banks, there isn\u2019t a rhyme or reason as to how the bank download information is standardized. Some insurance companies will list each reimbursement individually but others may batch several ACH batches into one deposit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The inconsistencies make it difficult for accountants to reconcile which transactions correspond to which individuals and which insurance companies, especially since you don\u2019t have access to patient health information due to HIPAA compliance.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Solution: Use Saasant to remain HIPAA compliant as an accountant\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Clean up patient information in a spreadsheet","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cindy uses Saasant to import patient information using one of the many spreadsheet templates available. 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Once accounts are mapped, you\u2019re ready to review and see a preview of what the deposit screen in QuickBooks Online would look like.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve reviewed the data and pushed it into QuickBooks, it ties to the bank feed and you\'re able to reconcile very simply.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the cool things about Saasant is it gives you a preview of what the transactions look like in QuickBooks and lets you clean up the data before you import it. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"This helps you identify any lines that may have incomplete information or the wrong bank account information. So you can delete those lines and make edits before you upload data to QuickBooks.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cOnce I\'ve got the data into QuickBooks I can then see now that my deposits are gonna match off. You can see here that I\'ve got some descriptions, the Delta. So that would be my DD, my Delta Dental. Here\'s my MetLife. You can see I\'ve got more than one line entry that could possibly match,\u201d says Cindy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThat\'s where my customized report comes in handy because now I can see which insurance company and which date and dollar amount there is. So this is what my report would look like. I\'m able to sort it by that memo field and that\'s why that memo field was so important to me. I\'m also able to pick dollar amounts that could potentially match a downloaded transaction. So for example, we can see we have this Metropolitan Life for $366.20 on the 12th. \u201c","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This way, Cindy is able to go back into her report and pick two deposits that are the best candidates for matching based on the date of the transaction and the dollar amount. Once she matches these off, a report will autogenerate to show her what\'s left that hasn\'t matched off.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For an accountant, this gives you an opportunity to go back to the client and say, \u201chey, we\'ve got some deposits that haven\'t been deposited to the bank. Did somebody forget to go? Did it get left in the car?\u201d.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or potentially as their financial advisor, you can see via your client\u2019s bank downloads that they got an ACH that wasn\'t caught by the office staff, and perhaps they need to update a client or a customer report with that payment that was received.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saasant can help a lot of accountants who work with medical practices and healthcare transactions. It\u2019s a very valuable tool for anyone that needs to get data from a point-of-sale type system or a practice management system into QuickBooks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposits aren\u2019t the only thing you can push through with Saasant. 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Here\'s everything you need to know to get started.","metaTitle":"How to Implement Profit First for Real Estate Investing | Relay","metaDescription":"\\"Profit First\\" is a cash flow system that helps real estate investors strategically and systematically create more profit in their business. Here\'s everything you need to know to get started.","popular":false,"category":"Profit First","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/3hZmvR3V8lPkJOf7QTh8Sv/b09f62813fc540d258c180f2215896c8/PF_for_REI__3_.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a real estate investor, how much profit you make is usually calculated by deducting your expenses from your commissions. But after all the time and money you spend showing homes and writing purchase agreements, do you ever feel like you\u2019re cutting yourself short?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":" is an accounting method that ","marks":[],"data":{}},{"nodeType":"text","value":"quite literally ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"puts your profits before your expenses. This cash management methodology flips the script on the traditional way of accounting, ensuring that you secure your own profits before expenses.\xa0In this article, we\'ll walk you through everything you need to know to implement this system in your business and ","marks":[],"data":{}},{"nodeType":"text","value":"become more profitable","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5PUoy4Z1r2sJOiEku7PviY","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this guide we\u2019ll discuss:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-profit-first-method"},"content":[{"nodeType":"text","value":"What is the Profit First method?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#why-profit-first-works-for-real-estate-investors"},"content":[{"nodeType":"text","value":"Why Profit First works for real estate investors","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-do-you-calculate-profit-first"},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-profit-first-percentages-for-real-estate-investors"},"content":[{"nodeType":"text","value":"What are the Profit First percentages for real estate investors?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-5-profit-first-accounts-for-real-estate-investors"},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts for real estate investors?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-best-bank-for-profit-first-for-real-estate-investing"},"content":[{"nodeType":"text","value":"What is the best bank for Profit First for real estate investing?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re curious about how Profit First can change the way you use the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[],"data":{}}]},{"nodeType":"text","value":" and organize your cash flow, let\u2019s first take a look at what Profit First accounting really is and the step-by-step system you can adopt.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the Profit First method?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea behind Profit First accounting is that you should pay yourself first \ud83d\udcb5\u2795\ud83e\uddd1\u200d\ud83d\udcbcand let the remainder of your cash flow dictate how much you spend on operating expenses. 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And while the idea has helped many business owners budget more effectively since its introduction, it started really taking off in the real estate industry when investor David Richter wrote ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.amazon.com/Profit-First-Real-Estate-Investing/dp/1737514818"},"content":[{"nodeType":"text","value":"Profit First for Real Estate Investing","marks":[],"data":{}}]},{"nodeType":"text","value":" and founded Simple CFO Solutions, LLC to help other real estate investors gain financial freedom.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea behind Profit First is that when you take a percentage of your revenue as profit right away, you become more profitable. In fact, you may even find that you reduce your overall expenses. Profit First allows you to safeguard your cash flow and prevent underpaying yourself.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why Profit First works for real estate investors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the Profit First method was designed to be used in any industry, David Richter was the first to identify its potential for the real estate industry. Given the nature of the real estate business, that is, the changes to investors\u2019 commission from month to month, keeping profit consistent can be challenging for the average real estate investor. But using the Profit First method can help guarantee your profit and help with bookkeeping.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This idea is surprisingly rooted in the concept of Parkinson\u2019s Law, where work will expand to fill the period of time available for its completion. More simply stated, you\u2019ll complete your work in the amount of time you\u2019re given. So if you have a week to close a deal, you\u2019ll end up taking the entire week to complete the deal.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same is true for your profit and expenses. If you leave your expenses unchecked, you\u2019ll end up using more or all of your revenue. So by taking your profit out first, you can guarantee your profitability before you use your money for expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By prioritizing your profit before reinvesting your commissions into operating expenses, you can control how much profit you keep for yourself. With Profit First, you\u2019ll know exactly what to spend and save for yourself.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5u7WqtT2JStC96vVI8AzCB","type":"Entry","createdAt":"2023-01-12T18:58:27.522Z","updatedAt":"2023-01-13T20:34:26.436Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":47,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"Transform your business with Profit First","ParagraphText":"If you need help implementing Profit First, find a certified Profit First Professional today. ","buttonText":"Find a Profit First Professional","url":"https://profitfirstprofessionals.com/hire-pfp-form/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1wWMIZIVtAclMJl8ymUVA2","type":"Asset","createdAt":"2023-01-13T17:08:51.667Z","updatedAt":"2023-03-20T14:25:02.202Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":4,"locale":"en-US"},"fields":{"title":"Relay: Official banking partner of Profit First Professionals","description":"Relay: Official banking partner of Profit First Professionals","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1wWMIZIVtAclMJl8ymUVA2/1c991bdd3cf2efae1786d31a8cd9b589/PF_inline_CTA__3_.png","details":{"size":1740556,"image":{"width":1080,"height":1080}},"fileName":"PF inline CTA (3).png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you calculate Profit First?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system aims to calculate your profit by dividing your revenue into five different allocation buckets: Real Revenue, Profit, Tax, Owner\u2019s Pay, and Operating Expenses. You can do this by setting up separate checking accounts for each of the buckets, also known as envelope accounts. But how exactly do you go about calculating Profit First and what envelopes should you create?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is calculated by using the formula: ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - profit = expenses. ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\u2705","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"While the recommended percentages you take out for each bucket are determined by your revenue range, we can look at a general example to better understand this formula in action.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\u2019s assume that your real estate commission is $10,000 this month (also referred to as Real Revenue). You\u2019ll first set aside around 10% for profit, which will equal $1,000. Next, you\u2019ll deduct around 20% for owner\u2019s pay, equaling $2,000, followed by $1,500 for taxes. The remainder, $5,500 in this case, is left for operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But Profit First goes even deeper by recommending very specific allocation percentages depending on your Real Revenue Range. Before we dive into the different envelope accounts you\u2019ll need, let\u2019s first understand the target allocation percentages you\u2019ll be using.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the Profit First percentages for real estate investors?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First recommends allocation percentages based on your total revenue using two different formulas: Current Allocation Percentages (CAPs) \ud83e\udde2 \u2014 how your business finances are split between each bucket \u2014\xa0 and Target Allocation Percentages (TAPS) \ud83e\udd0f \u2014 The target profitability of a given year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, the specific allocation percentages that Profit First recommends vary between:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue \u2014 Always 100%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit \u2014 Between 5 - 20%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner\u2019s pay \u2014 Between 0 - 50%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax \u2014 Always 15%","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating expenses \u2014 Between 30 - 65%","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart by Mike Michalowicz breaks down what your Target Allocation Percentages (TAPs) should be based on your business\u2019 Real Revenue, otherwise known as your Current Allocation Percentages (CAPs).","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"B","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"C","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"D","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"E","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"F","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Real 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dig into each of the five Profit First accounts a little more to understand how you\u2019ll use each when implementing this profit-focused accounting method.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the 5 Profit First accounts for real estate investors?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Similar to envelope budgeting, for Profit First you\u2019ll want to separate your expenses into different envelope accounts. When you follow the Profit First methodology, you\u2019ll create one account for each allocation bucket:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Revenue: The main checking account where your total revenue will live.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Profit \u2013 An account where you\u2019ll transfer your profit each month.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Tax \u2013 An account where you\u2019ll keep taxes to be paid out quarterly or at year-end.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Owner\u2019s Pay \u2013 An account where you\u2019ll keep profit to be paid to the owners of the company (or yourself).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Operating Expenses \u2013 An account where you\u2019ll keep the cash needed to run your business.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The accounts work by automatically transferring allocated funds into each bucket every month. For example, using the recommended percentages if you make $100,000 in commission in a given month, $100,000 will land in your Real Revenue account. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, $5,000 will be transferred into your Profit account, $50,000 will be transferred into your Owner\u2019s Pay account, $15,000 will be transferred into your Tax account and, finally, $30,000 will then be left over and transferred into your Operating Expenses account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, the problem is that ","marks":[],"data":{}},{"nodeType":"text","value":"most banks charge fees for every additional account a real estate investor opens","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In fact, this is a common challenge for many real estate investors looking to create different accounts for each of their rental properties.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With all this in mind, it can be challenging to find the right bank to implement the Profit First method. So, what should you look for when choosing the best bank for implementing the Profit First method?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the best bank for Profit First for real estate investing?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When searching for the best bank for Profit First as a real estate company, you\u2019ll want to analyze a few important features, like the number of accounts offered, monthly fees and transfer rules. Simply put, it\u2019s essential that your bank allows you to open multiple accounts and transfer funds with ease, without charging you extra.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/AxVGAo71TrM"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/AxVGAo71TrM","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many real estate investors love using ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" (that\'s us!) for Profit First banking because it provides the tools they need without any extra fees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is also the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"official banking platform for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":"\u2014and it comes with helpful features like:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Up to 20 free checking accounts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With no fees or minimum balances on any of your accounts, you have the ability to set up deposit-only accounts for each of your properties, as well as operating expense accounts. This gives you greater clarity into the profitability of each property.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Percentage-based transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You don\u2019t have time to calculate your percentages each month, which is why Relay does it for you. Relay offers a percentage-based transfer making it incredibly easy to automate account transfers into each of your allocation buckets.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 physical or virtual debit cards:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay offers up to 50 debit cards that can be assigned spending limits for ultra-rich transaction data to help you quickly understand where your money is going. 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We understand however that when it comes to small businesses, cash flow is often tight, managing ongoing expenses is stressful and maintaining working capital can mean life or death.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", we\'ve built a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"money management platform","marks":[],"data":{}}]},{"nodeType":"text","value":" that helps business owners stay on top of their finances, so we\'ve seen what can happen when you pursue a savings strategy. 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More capital can fund things like new equipment, hiring more staff, or investing in marketing without taking on debt.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just like how saving money is critical for you as an individual if you want to live a more comfortable life, buy a house, or invest in professional development, saving as a small business can be a game-changer.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How much should you save as a small business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Half of U.S. small businesses have enough cash to last about 27 days, with the other half equally divided between businesses that hold less than 13 cash buffer days and those that hold over 62 cash buffer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.chase.com/business/knowledge-center/manage/cash-buffer-days"},"content":[{"nodeType":"text","value":"days","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you compare that with rules of thumb that suggest ","marks":[],"data":{}},{"nodeType":"text","value":"small businesses should shoot to save at least 10% of their monthly ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.seacoastbank.com/resource-center/business-insights/business-savings#:~:text=Aim%20to%20save%20at%20least,profits%20over%20a%20few%20months"},"content":[{"nodeType":"text","value":"profit","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"and hold about 6 months\' worth of operating expenses in ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.seacoastbank.com/resource-center/business-insights/business-savings"},"content":[{"nodeType":"text","value":"reserve","marks":[],"data":{}}]},{"nodeType":"text","value":", it\u2019s easy to see that most simply aren\u2019t saving enough!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business\u2019 cash needs are different and vary significantly based on the size of the business, the industry, inventory needs, staffing models, available short-term liquidity, and other crucial factors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The nuances of each business\u2019 cash flow profile can play a key role in when and how extra money can be saved \u2014 so there is no one-size-fits-all approach. The important part is that as a small business owner, you can effectively monitor your business\u2019s cash flow so you know how much cash you need on hand and how much can potentially be saved. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Want to go deeper?","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" Find out ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-much-cash-should-a-business-have-on-hand"},"content":[{"nodeType":"text","value":"how much cash your business should have on hand","marks":[],"data":{}}]},{"nodeType":"text","value":" >","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is why using a dedicated money management platform can be transformative to your business. For example, Relay\u2019s integrations with leading bookkeeping software like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" can be a big help when it comes to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management","marks":[],"data":{}}]},{"nodeType":"text","value":". Considering 63% of small businesses are in the dark on this ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"topic","marks":[],"data":{}}]},{"nodeType":"text","value":", this is the most important place to start.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we all know from the pandemic, business conditions can change overnight without warning, so emphasizing building cash savings is no longer just a nice to have- it\u2019s a must-have!","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where to look to save more money","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re going to start setting aside 1%, 2%, 5%, etc., each month, it has to come from somewhere","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what are the big contenders for generating this extra cash?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some ideas you may want to consider when ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"saving as a business","marks":[],"data":{}}]},{"nodeType":"text","value":":","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1) ","marks":[],"data":{}},{"nodeType":"text","value":"Cut expenses where you can:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" One of the most important things to do as a small business owner is to focus on how much you are spending. If you want to save more, unpack your business\u2019 expenses and identify where you can cut costs. This could include reducing staff hours, negotiating better rates with vendors, switching suppliers, or canceling underutilized software.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2) ","marks":[],"data":{}},{"nodeType":"text","value":"Improve efficiency:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Looking for ways to streamline your operations and make your business more efficient could be a great way to save costs in the short term and supercharge profitability long term. All businesses\' operations are different but investing in new technology or equipment, implementing better processes, or finding ways to reduce waste could be ways to uncover savings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3) ","marks":[],"data":{}},{"nodeType":"text","value":"Consider alternative financing options:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/interest-rates-23"},"content":[{"nodeType":"text","value":"interest rates go up","marks":[],"data":{}}]},{"nodeType":"text","value":", funding your business gets more expensive and eats into savings potential. If you have a longstanding relationship with your lender, you may be able to negotiate better rates on outstanding loans or shop around for other options.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4) ","marks":[],"data":{}},{"nodeType":"text","value":"Diversify your income streams","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": With more ways to earn money than ever before, you may consider exploring new revenue streams outside of your core business. This could include subletting extra space, starting a podcast or YouTube channel, or passing on costs like transaction processing to customers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5) ","marks":[],"data":{}},{"nodeType":"text","value":"Optimize Taxes: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Small businesses can be eligible for various tax deductions and credits. For example, you may be able to claim deductions for your business expenses, such as the cost of supplies, equipment, and utilities. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you own capital equipment, you may also be able to use the depreciation of those assets to lessen your tax bill. Financing costs may also be able to be written off against your income. While all of these techniques can be strategic ways to find more savings, consult a qualified tax professional to make sure you are taking advantage of all the deductions and credits you are eligible for in the right way.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6) Take advantage of supplier discounts for faster payments: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Suppliers will sometimes offer discounts if they are paid earlier than their standard credit terms. If your cash flow permits, doing this consistently can be a great way to find extra savings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to think about saving differently","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to this point, we\u2019ve been thinking about saving in terms of finding more money to put away after expenses have been paid.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The benefit of this is that it frees up capital to focus on operating expenses \u2014 but it doesn\u2019t let you ","marks":[],"data":{}},{"nodeType":"text","value":"proactively","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" save. Saving becomes an afterthought or a \u201cnice to have\u201d.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to be more deliberate about your savings, instead of saving only what\u2019s left over after expenses, start by saving a fixed percentage of your business\u2019 revenue. 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We\u2019ll also discuss why cash management is important and how your business bank can help. Let\'s dive in.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is treasury management?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Treasury management involves managing your business\u2019s cash flow and making smarter large-scale decisions. It involves governing your liquid cash, investments, credit lines, and other assets. Importantly, treasury management helps you as a business owner mitigate your business\u2019s financial, operational, and reputational risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Treasury management is usually handled by the CFO, the VP, the Director of Finance, or the company\'s Treasurer. On a day-to-day basis, treasury management may be administered by the controller or other accounting staff.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Why does treasury management matter?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Treasury management is about a lot more than simply monitoring your revenue and spending. Think of your company\u2019s treasurer as a financial advisor. They look closely at your industry, the economy as a whole, and potential obstacles as a whole, and ","marks":[],"data":{}},{"nodeType":"text","value":"better help the company prepare for the unexpected and make more informed decisions","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". For example, nobody saw the pandemic coming. But companies on top of their treasury management would\u2019ve had ","marks":[],"data":{}},{"nodeType":"text","value":"some ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"cushion to protect them from the financial blow.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Need help navigating the unexpected? Check out our guide on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/interest-rates-23"},"content":[{"nodeType":"text","value":"How to Survive and Thrive in 2023","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you can see, treasury management is about knowing where you currently stand and positioning your business for a better future. Risk management is a big part of it. Treasury management involves forecasting any potential financial risks to ensure the company can meet its financial obligations and ensure predictable business performance. ","marks":[],"data":{}},{"nodeType":"text","value":"The aim is to identify and address any risks that could significantly impact the business goals. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It reveals to businesses how they can manage their money more intelligently.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While treasury management and cash management are sometimes interchangeable for some, they\u2019re not the same thing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is cash management?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash management is a sub-function of treasury management. It refers to the day-to-day handling of cash inflows and outflows to meet payment obligations, plan for future payments and maintain financial stability. It\u2019s a pillar of a financially healthy business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to dealing with payment transactions, managing cash flow includes bank account organization, managing bank accounts, reviewing internal controls, monitoring working capital (including receivables and payables) and moving funds as needed. It is helpful to regularly utilize your cash flow statement, as well as liquidity and solvency ratios (which reflect your ability to meet long-term financial obligations, like debt repayment), to spot issues.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Why does cash management matter?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Maintaining a healthy cash balance is important because every company must meet its short-term financial obligations when they come due. This means a","marks":[],"data":{}},{"nodeType":"text","value":"lways having the necessary liquid cash on hand","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Do you have debt (either credit cards or loans) to pay off every month? Do you have the necessary money available for this? What about the rest of your business\u2019s bills? When do they come in, and will you have the liquid cash available to pay them on time?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash management also helps you better understand what\u2019s left over after everything is paid for, and treasury management will help you understand what to do with that money. For instance, you want plenty of runway so that your business could, theoretically, continue running for several months even without earning a dime. Beyond that, excess cash should be put to work earning interest rather than sitting idle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Usually, cash and treasury management are typically handled by the same group of people within a company. Otherwise, the Chief Financial Officer or Vice President oversees treasury operations while the accounting team is assigned cash management responsibilities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What\u2019s the difference between cash management vs treasury management?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While both treasury and cash management involve monitoring business liquidity, mitigating risk in some way, and maintaining cash flow, treasury management\u2019s scope is more expansive, including the company\u2019s funding and investment activities.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash management is one critical treasury management function and should be monitored closely by business owners.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is cash management important to your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash management is important because having the right amount of cash in the right place at the right time is key to the survival of any business. 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\ud83e\udd14 This is a common issue business owners experience. But you may be surprised to learn there is a simple method to solving this cash flow issue. That is, prioritizing your profits over your expenses \u2014 also called Profit First.\xa0In this article, we\'ll take a look at the 4 best banking platforms you can use to implement Profit First.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First cash management method aims to increase your profitability by prioritizing your profits over your operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-the-profit-first-method"},"content":[{"nodeType":"text","value":"What is the Profit First 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accounts for using the Profit First method.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the Profit First method?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea \ud83d\udca1 behind the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":" cash management method is that you pay yourself first and let the remainder of your cash flow dictate how much you spend on operating expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First is rooted in the concept of Parkinson\u2019s Law, where work will expand to fill the period of time available for its completion. In other words, you\u2019ll complete your work in the amount of time you\u2019re given. So if you have a week to complete a project, you\u2019ll end up taking the entire week even if you could have done it in a shorter amount of time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same is true for your profit and expenses. If you leave your expenses unchecked, you\u2019ll end up using more or all of your revenue. But ","marks":[],"data":{}},{"nodeType":"text","value":"by taking your profit out first, you can guarantee your profitability before you use your money for expenses.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if the traditional profit formula looks like ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - expenses = profit","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", then the Profit First formula looks like ","marks":[],"data":{}},{"nodeType":"text","value":"revenue - profit = expenses","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Profit First system aims to calculate your profit by dividing your revenue into five different allocation buckets: ","marks":[],"data":{}},{"nodeType":"text","value":"Real Revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"Profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"Tax","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"Owner\u2019s Pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"Operating Expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". You can do this by setting up ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" for each of the buckets, also known as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope accounts","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The idea behind Profit First is that when you take a percentage of your revenue as profit right away, you become more profitable. You may even find that you reduce your overall expenses. Profit First allows you to safeguard your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":" and prevents you from underpaying yourself.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why it\u2019s so hard to find a bank for the Profit First method","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The hurdle with implementing Profit First is that ","marks":[],"data":{}},{"nodeType":"text","value":"most banks charge fees for every account a business owner opens","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 that is if they\'re even willing to open up multiple accounts in the first place. As a result, it can be challenging to find the right bank to effectively implement the Profit First method.\xa0Nevertheless, you have two options: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"traditional banking or digital banking","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional brick-and-mortar banks \ud83c\udfe6 aren\u2019t ideal for the Profit First method because they don\u2019t offer multiple accounts and often charge higher account fees. Not to mention traditional banks require you to visit a physical bank location for common banking tasks, which makes banking with traditional banks a hassle.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While online banks tend to offer multiple envelope accounts (also known as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-accounts","marks":[],"data":{}}]},{"nodeType":"text","value":") more often than traditional banks, it can still be challenging to understand the fees associated with each bank and choose the right one for your needs. It\u2019s also important to understand the difference between using true checking accounts versus sub-accounts when implementing Profit First.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"text","value":"sub-account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is a checking account that exists within another banking account, while a checking account is a banking account with its own individual account numbers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, why is this important when talking about Profit First? ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"While sub-accounts can help you organize your money into different compartments, they don\u2019t allow you to send or receive money from one sub-account to another without first sending it back to the parent account. This makes implementing Profit First more difficult and manual.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6miO3cNYvJKf7lnmX7tB13","type":"Entry","createdAt":"2023-03-16T14:27:58.512Z","updatedAt":"2024-02-29T15:53:36.510Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Official banking platform for Profit First","ParagraphText":"Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","buttonText":"Learn More","url":"https://www.relayfi.com/profit-first","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5TAHtM3MebciAkVd2pCCwv","type":"Asset","createdAt":"2023-03-16T14:26:19.272Z","updatedAt":"2023-03-16T14:26:19.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Mike Michalowicz, Author of Profit First ","description":"Mike Michalowicz, Author of Profit First ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5TAHtM3MebciAkVd2pCCwv/b83d7f0078b86753f7ff4e1dc2b352d5/Mask_group.png","details":{"size":1032033,"image":{"width":1024,"height":1024}},"fileName":"Mask group.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to consider when choosing a Profit First bank\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When searching for the best bank for Profit First, you\u2019ll want to analyze a few important features, like the number of accounts offered, monthly fees, and transfer rules. Simply put, it\u2019s essential that the bank you choose allows you to open multiple accounts and transfer funds, without charging you extra.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When using the Profit First method, you\u2019ll need the following banking features:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A minimum of five (FREE) accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The Profit First method recommends five different accounts for cash flow allocations, including a Real Revenue account (or Income account), Profit account, Owner\u2019s Pay account, Tax account, and Operating Expenses account. \\nBut beyond the five necessary allocation buckets, you may want more in order to get a more granular view of how your money is being spent. And with so many different accounts, the last thing you want is to be charged separately, making fee-free banking a must. You should also consider whether you want a bank with sub-accounts or true checking accounts. With sub-accounts, you won\u2019t be able to automate the transfer of funds each month and you\u2019ll have to make each transfer manually instead.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Percentage-based transfers: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Profit First recommends allocation percentages based on your total revenue. And while the specific allocation percentages vary depending on your total revenue, the average percentages are 15% allocated to Profit, 30% to Owner\u2019s Pay, 15% for Taxes, and 45% for operating expenses. As a business owner, you likely don\u2019t want to make those calculations manually every month, which is why having a bank that automatically makes percentage-based transfers for you is so crucial.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Balance-based transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Beyond the need for percentage-based transfers, balance-based transfers can help automate your cash flow allocations. This way, you can create rules where when an account hits a certain amount of money, cash will be automatically dispersed to their other accounts based on their percentages.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Be sure to avoid banks that charge minimum balance fees, maintenance fees or other hidden fees. Let\u2019s look at some of the best banking platforms for Profit First, given these important banking features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5u7WqtT2JStC96vVI8AzCB","type":"Entry","createdAt":"2023-01-12T18:58:27.522Z","updatedAt":"2023-01-13T20:34:26.436Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":47,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"Transform your business with Profit First","ParagraphText":"If you need help implementing Profit First, find a certified Profit First Professional today. ","buttonText":"Find a Profit First Professional","url":"https://profitfirstprofessionals.com/hire-pfp-form/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1wWMIZIVtAclMJl8ymUVA2","type":"Asset","createdAt":"2023-01-13T17:08:51.667Z","updatedAt":"2023-03-20T14:25:02.202Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":4,"locale":"en-US"},"fields":{"title":"Relay: Official banking partner of Profit First Professionals","description":"Relay: Official banking partner of Profit First Professionals","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1wWMIZIVtAclMJl8ymUVA2/1c991bdd3cf2efae1786d31a8cd9b589/PF_inline_CTA__3_.png","details":{"size":1740556,"image":{"width":1080,"height":1080}},"fileName":"PF inline CTA (3).png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the best banks for Profit First?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best banks for Profit First are those without fees that allow you to open multiple accounts or envelopes. While having true checking accounts will allow you to transfer your cash reserves automatically, you can do this manually if you choose a bank with envelope accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dig into a few of the best banks for implementing the Profit First method.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"25lo317C0iXPAyH14dyAbM","type":"Asset","createdAt":"2022-11-14T16:31:09.845Z","updatedAt":"2022-11-14T16:46:26.948Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":2,"locale":"en-US"},"fields":{"title":"Relay Logo - Banking Alternatives","description":"Relay Logo - Banking Alternatives","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/25lo317C0iXPAyH14dyAbM/b5879f097fdda455fd51e23aa5903f3b/Relay_Logo_-_Banking_Alternatives_-_1550.png","details":{"size":28246,"image":{"width":1550,"height":300}},"fileName":"Relay Logo - Banking Alternatives - 1550.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"official banking platform for Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":". When you bank with Relay, you get essential features that keep you on the money and help you put Profit First into action. This includes up to 20 real no-fee checking accounts (not just envelopes!), percentage-based transfers between accounts, and auto-transfer rules that help you easily set aside cash reserves for your Profit First system.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Mike Michalowicz on Relay:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/AxVGAo71TrM"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/AxVGAo71TrM","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Up to 20 free checking accounts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With no fees or minimum balances on any of your accounts, you have the ability to set up deposit-only accounts, as well as operating expense accounts. This gives you greater clarity into your profitability.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Percentage-based transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You shouldn\u2019t have to spend time manually calculating your percentages each month, which is why Relay does it for you. Relay offers a percentage-based transfer making it incredibly easy to automate account transfers into each of your allocation buckets.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Multiple LLCs under one login: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you run a business that has multiple accounts under separate legal entities, banking can be quite chaotic. But Relay allows for multiple business entities under one login, so you can have visibility into your profitability across all accounts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 physical or ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual debit cards","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay offers up to 50 debit cards that can be assigned spending limits to help you quickly understand where your money is going. This allows you to better organize spending across different departments and team members.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Relay is the official banking platform for Profit First:\xa0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We\u2019ve ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"partnered up with Profit First Professionals","marks":[],"data":{}}]},{"nodeType":"text","value":" to give you the best experience possible. Together, Profit First and Relay ensure that every dollar is allocated according to plan \u2014 be it paying down debt, reinvesting in your business, or taking a profit.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u274c No credit cards","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to give Profit First a try, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register?referralcode=ga-pm"},"content":[{"nodeType":"text","value":"open a free Relay account","marks":[],"data":{}}]},{"nodeType":"text","value":" in just a few minutes today!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Bluevine","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2LeaKBkLbQwY7eM9RMuiEZ","type":"Asset","createdAt":"2022-11-14T16:34:25.026Z","updatedAt":"2022-11-14T16:47:20.876Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":2,"locale":"en-US"},"fields":{"title":"Bluevine Logo - Banking Alternatives","description":"Bluevine Logo - Banking Alternatives","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2LeaKBkLbQwY7eM9RMuiEZ/aad14546866b14307bfaabca3b66cc58/Bluevine_Logo_-_Banking_Alternatives_-_1550.png","details":{"size":13078,"image":{"width":1550,"height":300}},"fileName":"Bluevine Logo - Banking Alternatives - 1550.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/relay-vs-bluevine"},"content":[{"nodeType":"text","value":"Bluevine","marks":[],"data":{}}]},{"nodeType":"text","value":" is a digital banking platform that offers a high-yield business checking account. Eligible customers earn 2.0% APY on balances up to and including $100,000. Bluevine does not charge monthly fees, minimum balance requirements or overdraft fees. With a Bluevine checking account, you get access to 5 sub-accounts which is just enough to implement the Profit First method.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Features:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udfe8 Up to five sub-accounts:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You get up to five sub-accounts with your Bluevine checking account. 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#1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/wu_mDowmGRo"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/wu_mDowmGRo","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Just getting started? Get 30% off SDR\u2019s Small Business Startup Course","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want to get a deeper understanding of small business taxes? Until ","marks":[],"data":{}},{"nodeType":"text","value":"December 31, 2022","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", you can ","marks":[],"data":{}},{"nodeType":"text","value":"get 30% off Safietou\u2019s Business Startup Basics course","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://sdr.teachable.com/"},"content":[{"nodeType":"text","value":"Use coupon code RELAYSDR and get 30% OFF","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The course will teach you:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Different entity types available to you in structuring your business.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step-by-step guidance on the proper bookkeeping and record-keeping required when running a business.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How you are taxed now that you are in business, so you can avoid those large unexpected tax bills.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the biggest small business tax season mistakes?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few very common errors that small businesses make during tax season \u2014 especially if they\u2019re new. Making sure you avoid them will help you claim as many tax deductions as possible. These are:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not understanding your business structure","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not preparing to file your business income","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Not understanding your entity type","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most common errors small business owners make is ","marks":[],"data":{}},{"nodeType":"text","value":"not knowing what type of entity they own","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Consulting a tax expert on this is a wise investment. Can affect how you\'re taxed, so it\'s really important to iron out those details ahead of time. Whether you\'re a sole proprietor or freelancer, an independent contractor, a Limited Liability Company (LLC), a multi-member LLC, an S corporation, or a C corporation \u2014 all of those could have different tax filings, and ","marks":[],"data":{}},{"nodeType":"text","value":"if you file them incorrectly, you\'re going to end up with notices and penalties and a big headache","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it\'s very vital that you research and know what type of entity you owned and how it\'s taxed and what your due dates are. Better yet \u2014 consult with a tax professional who can identify business tax deductions for you ahead of time.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Not doing any preparation before tax season","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The second common thing that tax professionals see is small business owners just being completely unprepared for the tax season come tax time. This includes ","marks":[],"data":{}},{"nodeType":"text","value":"not knowing how much they made","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", how much was ","marks":[],"data":{}},{"nodeType":"text","value":"taxable income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", how much ","marks":[],"data":{}},{"nodeType":"text","value":"their expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" were, not having income clearly separated between personal and business purposes, and what they were ","marks":[],"data":{}},{"nodeType":"text","value":"eligible to deduct","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Really, this all has to be proactive work that\u2019s really important to do ahead of time. And a lot of it can be solved by implementing tax software or accounting software like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s best to ","marks":[],"data":{}},{"nodeType":"text","value":"start tax preparation early","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 as soon as we head into quarter four. This is the time to get an understanding of what\'s happened all year because you can actually implement some things before year-end so that you know what to expect during tax season. Because once tax season rolls around, by then it\u2019s reactive, not proactive.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What if you\u2019re not prepared for tax season?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what happens when you\u2019re not prepared for tax season?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Suppose that you haven\'t taken into account all of the financials that happened last year. At that point, ","marks":[],"data":{}},{"nodeType":"text","value":"you\'re probably rushing","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", you\'re ","marks":[],"data":{}},{"nodeType":"text","value":"stressed out","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and you just want to get taxes over with, ","marks":[],"data":{}},{"nodeType":"text","value":"so you\'re probably missing things","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". You may be missing write-offs, and you may even be missing income \u2014 ","marks":[],"data":{}},{"nodeType":"text","value":"which the IRS may not find for two or three years down the line","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". And then when they send you that notice, it\'s ","marks":[],"data":{}},{"nodeType":"text","value":"plus penalties and interest","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, maybe you\'ve missed deadlines. For example, if you\'re not sure how you\'re taxed and you\'re an S corporation or a partnership, your filing deadline is March 15th. And if you find yourself rushing to do your taxes on April 1st, you\'re already late. You\'re already late one month, and the penalty is $200+ per partner per month.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Those are some of the costs of not being prepared \u2014 but there should be time to be prepared. Life is busy, but if you want to save money on penalties and interests, you want to be as prepared as possible.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Who faces more tax problems: startups or mature businesses?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to tax season issues and dealing with the IRS, both startups and established small businesses can be affected. However, the mistakes are somewhat more prevalent with startups, because they\'re so new that they\'re not sure of their requirements as a business owner.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is why, before starting your business, it\'s ideal to ","marks":[],"data":{}},{"nodeType":"text","value":"meet with an accountant and a lawyer to understand what type of entity you have","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", how that entity is taxed and your tax rate, and what information you need to be tracking during the year \u2014 so that you\'re better prepared for a tax season and can take advantage of the tax credits available to you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some established business owners, however, just get overwhelmed with the work and all the demands of running a business and managing day-to-day cash flow. So federal income tax just becomes out of sight, out of mind. So ","marks":[],"data":{}},{"nodeType":"text","value":"they may be aware of what they need to do, but there\'s so much stress in getting prepared and tracking everything throughout the year, that they just let it go by the wayside and focus only on their business","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So that\'s why you see tax season issues with both, but definitely more with startups because they\'re just properly informed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What tax penalties can you face?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tax season penalties can range vastly, and they can be a result of everything from simply misreporting gross income to violating tax laws.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As far as ranges, Safietou has seen penalties seen ","marks":[],"data":{}},{"nodeType":"text","value":"as high as $10,000","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This was a penalty for an entity that had multiple members, and that didn\'t meet their partnership deadline of March 15th \u2014 so they were late filers. And by the time they filed, it was 6-7 partners, times $200, times the number of months that they were late. So the penalties can definitely rack up, which is why it\u2019s all the more important to be well-prepared and get good tax advice and business tax tips from a professional.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How do you pay taxes as a 2-member LLC?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the questions we received from small business owners was how to pay taxes as a 2-member LLC.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Want to submit your own question to On the Money Mondays? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/ask"},"content":[{"nodeType":"text","value":"You can do so here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first thing to know is that as a 2-member LLC, you\'re taxed as a partnership, and a partnership has a ","marks":[],"data":{}},{"nodeType":"text","value":"March 15th deadline","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 ","marks":[],"data":{}},{"nodeType":"text","value":"so your taxes are filed earlier than your regular individual taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a multi-member LLC, this partnership tax return is going to summarize all of your income and expenses, and if there\'s a profit left, that profit is going to be taxed to the partners, to the members of the LLC.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much you\u2019re taxed is going to depend on your individual situation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say you\'re a 50/50 partnership; everything\'s going to be summarized on the partnership return, a K-1 schedule. ","marks":[],"data":{}},{"nodeType":"text","value":"A schedule K-1 is going to be issued to each partner for your share of the profit.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So if it\'s a $100,000 profit, you each will get a K-1 that shows $50,000. ","marks":[],"data":{}},{"nodeType":"text","value":"You then combine that into your personal tax filing and combine it with everything else you have going on","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you could be working a W2 job, you could have some investment activity, you could have rental property \u2014 all of that\'s going to get combined and determine what your tax liability is. ","marks":[],"data":{}},{"nodeType":"text","value":"So the partnership itself doesn\'t pay taxes \u2014 it is a flow-through entity!","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That means the income or losses flow through to the partners and members, and the taxes you pay are determined at your individual level.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Self-employment tax","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With that being said, ","marks":[],"data":{}},{"nodeType":"text","value":"partnership income is also subject to self-employment tax","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", which is 15.3%. So, in addition to your income tax, federal tax and state tax, you will have self-employment tax on a profitable partnership. So, you\u2019ll pay taxes when you file your individual return, but also it\'s important to consider making estimated or quarterly tax payments throughout the year, based on the profit that the partnership is making. This way, you\'re not caught off guard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best way to do this is to ","marks":[],"data":{}},{"nodeType":"text","value":"have a bookkeeping system in place for the partnership so that you can see your profit and loss throughout the year","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Take your 50% share if that\'s your arrangement, and combine that with your personal taxes, do a projection, and see if you need to make a quarterly payment.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When should you switch from an LLC to an S-Corp?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Someone from New York asked, \\"When does it make sense to switch from an LLC to an S corp?\\"\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a common question, and can be summarized with this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It depends on the numbers!","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is especially if you\'re in New York, because in New York, depending on the area of New York you\'re in, your S corporation benefits may be minimized because of New York City taxes. So, there\'s no magic answer to ","marks":[],"data":{}},{"nodeType":"text","value":"when it\'s a good fit","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" because it\'s not just based on your profit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you want to ","marks":[],"data":{}},{"nodeType":"text","value":"understand what it takes to be taxed as an S corporation","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Number one, you\'re going to still be an LLC or a corporation. You\'re making a ","marks":[],"data":{}},{"nodeType":"text","value":"tax election to be taxed as an S corp, which means that you\'re going to file an S corporation tax return","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". There are requirements on the shareholder who\'s providing services to have reasonable compensation paid out to them from the S corp as a W2 employee \u2014 so you\'ll have a W2 from your business and then you\'ll have also a schedule K-1.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No taxes generally are paid by the S corp, as far as income taxes \u2014 it\'s a pass-through entity as well. In New York City, they don\'t recognize S corps, so there is a C corp tax on the S corporation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you understand the compliance requirements, you realize that you now have additional compliance costs:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"a payroll service","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"unemployment insurance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"a tax return preparation cost that\'s going to increase.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You want to ","marks":[],"data":{}},{"nodeType":"text","value":"factor in these things in addition to the profit that you have","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". What will be your reasonable compensation that you\'re going to pay payroll taxes on? What are your overall tax savings after you\'ve done all of that? Does it really make sense to do this?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Safietou does this type of analysis for clients, it\'s based on the numbers. Everything is factored in, and a model is created that shows, what things would look like as an LLC, what things would look like as an S corp, and whether making the switch makes sense.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Adding structure to your payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another reason to consider having an S corporation is if you have challenges making estimated tax payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This may be less for the tax savings, but more for the reason that your taxes can be taken out during the year and you don\'t have to worry about having a large bill at the end. Minimizing self-employment taxes are less important \u2014 but even if you just paid yourself as a W2 employee to add more structure to your pay, that may be a good reason why an S corp is a good fit for you. So, there are a couple of different scenarios of where it would be a good fit. It\'s not just based on a standard profit number.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Should you switch when you make a certain amount of money?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Should you elect to be an S corporation at a certain revenue number? Once you\'ve hit $30,000? $40,000?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is still: ","marks":[],"data":{}},{"nodeType":"text","value":"there\'s no magic number because each individual situation is different","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You could be making $20,000 from your S corporation business, but you also could have a sole proprietorship that brings you into a higher tax bracket. You also could have an investment property or a huge cryptocurrency account that can affect how much you\'re taxed. So there\'s no magic number for your business alone to determine if an S corp is a good fit for you. Ideally, as you make more profit, there are potentially more savings. But because of the complexity of taxes, there\'s no set number that\'s going to work for everybody.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is accrual or cash accounting better for taxes?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another common question is about the difference between cash and accrual, and which method is best for taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say, for example, you have a business where your collection process is slow; maybe it takes clients three, four, or five months to pay. Does accrual or cash accounting make more sense?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, let\'s go over the difference between the two on a high level:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"text","value":"cash basis taxpayer","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is someone that pays taxes based on the actual cash received and the actual expenses that have gone out for that tax year. So regardless of when the work was performed, if you receive the money and if you paid out money, that\'s how your taxes are determined. This is generally good for smaller business owners because you actually have the cash available. If you made $50,000 and you need to pay taxes on it, you at least have received it.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"text","value":"accrual accounting","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", the taxes are determined based on you billing the client, sending them an invoice, and then the expenses that have been accrued. So for example, if you bill a client $50,000 and you\'ve performed the work, ","marks":[],"data":{}},{"nodeType":"text","value":"but they haven\'t paid you yet","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", on an accrual basis, ","marks":[],"data":{}},{"nodeType":"text","value":"you\'re going to pay taxes on that $50,000 even though you haven\'t received it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This can put some small business owners in a tough position, because they\'re paying taxes on money they haven\'t received.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The purpose of accrual accounting is to better match income and expenses based on timing, ","marks":[],"data":{}},{"nodeType":"text","value":"especially when you have maybe a four or five-month gap","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", or maybe even a year gap between when you\'re incurring expenses and when you\'re receiving the income from the client. So it could be a good fit in certain situations.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Is it worth switching from accrual to cash accounting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Largely, this will be business-dependent. ","marks":[],"data":{}},{"nodeType":"text","value":"Let\u2019s use the travel industry as an example","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the travel industry, money is collected for trips over a year-long period of time. Expenses are incurred over that year period of time, ","marks":[],"data":{}},{"nodeType":"text","value":"but the trip doesn\'t occur until the following year","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So, accrual accounting may be a better fit for these types of small business owners. 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Besides the basics like how much is being sent and where it\u2019s going, you\u2019ll need:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The recipient\u2019s full legal name that they used for their bank account \ud83e\udeaa","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SWIFT","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" code and/or\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An ","marks":[],"data":{}},{"nodeType":"text","value":"IBAN ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"(International Bank Account Number) number\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"SWIFT vs IBAN: What\u2019s the difference?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main difference between SWIFT codes and IBANs is that SWIFT codes are 8 to 11 alphanumeric characters used to identify a specific bank branch in a specific country, whereas IBANs are typically 28\xa0alphanumeric characters used to identify an individual bank account.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you think about it, every country \ud83c\udf0e has its own system of bank codes and numbers: American Bank Association routing numbers in the U.S. \ud83c\uddfa\ud83c\uddf2, sort codes in the U.K. \ud83c\uddec\ud83c\udde7, and institution and transit numbers in Canada \ud83c\udde8\ud83c\udde6. ","marks":[],"data":{}},{"nodeType":"text","value":"Sending money internationally through a financial institution would be a logistical nightmare if it weren\u2019t for standardized bank identification codes like SWIFT and IBAN.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These codes help ensure that money is sent to the correct recipient. Think of them like addresses. Without them, it\u2019s difficult to send money to the current recipient.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most popular is the ","marks":[],"data":{}},{"nodeType":"text","value":"SWIFT network","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", short for \u201cSociety for Worldwide Interbank Financial Telecommunication\u201d. SWIFT is used by over ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.marketplace.org/2022/03/03/what-exactly-is-the-swift-banking-system/"},"content":[{"nodeType":"text","value":"11,000","marks":[],"data":{}}]},{"nodeType":"text","value":" financial institutions across 200+ countries and territories to route payment information globally. Countries like the U.S. and Canada use this system for international payments and it\'s why you may need to supply something called a \\"SWIFT code\\" when sending international wires.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you live or work in Europe ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83c\uddea\ud83c\uddfa","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", you\u2019re likely more familiar with ","marks":[],"data":{}},{"nodeType":"text","value":"IBANs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" or international bank account numbers. IBANs help identify and route money to an individual account when sending international payments. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How currency conversions impact wire transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The true culprit to costly international wires is currency conversion. Let\u2019s use an example to show you how currency conversion can cost you a lot of money, as well as ways to avoid those charges.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Say you\u2019re a U.S.-based small business that needs to pay a supplier based in France \ud83c\uddeb\ud83c\uddf7 $100 USD. You typically operate your business in USD, but your supplier\u2019s account is in Euros. If you were to send an international wire in USD, it would likely take longer to process and cost more because you\u2019ll have to pay an exchange rate fee.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why does this happen? It comes down to three factors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 The more intermediaries, the more fees:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" When you send money from one currency and country to another, it can involve multiple banks and intermediaries. Each intermediary charges fees, so the more parties involved, the more expensive and the longer it takes to send money.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb1 Exchange rate fees can be expensive:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Banks can charge an exchange rate fee of up to 10% when converting USD into another currency like Euros. Oftentimes, this markup fee is at the will of the receiving bank, with no price competition.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Receiving banks can charge additional handling fees: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"In addition to the currency exchange, the receiving bank may charge additional fees to make the currency conversion or just to receive the payment.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All these fees can rack up fast, and most of the time, banks don\u2019t provide transparency in how these prices break down.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you send $100 USD to your supplier in France, by the time it arrives they might not be receiving the equivalent amount in Euros. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"In fact, you probably need to send more than $100 USD to cover the intermediary costs, exchange rate fees, and additional handling charges.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the one sending the money, the risks fall on you. How do you mitigate your costs? The easiest way to save a lot of money on international wire transfers is to ","marks":[],"data":{}},{"nodeType":"text","value":"make the currency conversion at your bank before sending the money aboard.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This way, you can see exactly how much USD you need to convert into Euros and how much your bank will charge you to convert and send the wire. Remember, as a business owner, you\u2019re in control. Ask your bank what their fees are and budget accordingly. \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your business sends international payments often, picking a bank with low intermediary and exchange rate fees can save you a lot of money. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can ","marks":[],"data":{}},{"nodeType":"text","value":"convert an international wire payment","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" into the recipient\'s currency directly in your banking dashboard","marks":[],"data":{}},{"nodeType":"text","value":" before you send the money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Relay automatically calculates exchange rates on behalf of users so you can be sure that your supplier or partner receives the correct amount of money.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bottom line, the only time it\'s a good idea to send USD to a business partner is if they explicitly requested it, or they have a USD account themselves. Otherwise, always convert your money to their local currency first. \ud83d\ude46\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How long do international wire transfers take?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Typically, international wire transfers take between 2 to 5 business days \ud83d\udd70\ufe0f, but they can take up to a week or more depending on the situation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are several factors that influence the time it takes to complete an international wire:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of institutions involved","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cut-off times and weekends","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Time zone differences","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 The number of institutions involved","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the transfer ends up involving multiple financial institutions due to a currency conversion or the bank\u2019s network, it increases the likelihood of delay. If you are working with a smaller bank, it\u2019s important to know that these institutions tend to involve larger banks when executing international wires due to their networks and standing on SWIFT. All of these factors influence the number of institutions involved and potentially lead to longer processing times.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc5 Cut-off times and weekends","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial institutions can have a cut-off time for the submission of an international wire to be processed on the day it was submitted. If you don\u2019t make that cut-off time, the transfer will be submitted the following business day. When it comes to weekends, the same holds true. If an international wire is requested on a weekend, it will be processed the next business day.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0f Time zone differences","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Time zone differences can play a big role in how fast an international wire can happen. Wires are sent 24/7 around the globe, however, balances can only be updated during the hours a bank is operating. This often causes delays in processing time due to time zones.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you send a wire in the U.S. on a Friday afternoon to Australia \ud83c\udde6\ud83c\uddfa, it\u2019s likely the recipient won\u2019t get the money until the following week after 5 to 7 business days.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In extreme cases \u23f3, wire transfers can get stuck indefinitely if the banks or intermediate banks involved in the transaction can\u2019t reconcile their systems or can\u2019t accurately identify the recipient\u2019s bank account due to incorrect or missing information.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What other services can you use to send wires?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Making international wires isn\u2019t a one-size-fits-all approach and there isn\u2019t a \u201cbest option\u201d. The best way to send money internationally depends on your individual needs, how frequently they are doing so, where the money is being sent, and how payment is done.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some other options that look outside of the traditional financial institution:\xa0","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Option","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated Money Transfer Service","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (e.g Wise, MoneyGram, Western Union, XE or OFX)","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Can be cheaper than sending through a bank","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Money can be delivered faster depending on location","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Potential hassle of having to integrate into other small business payment workflows","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Payment stack isn\u2019t all in one place","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Don\u2019t operate a brick-and-mortar presence like a traditional bank","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Peer to Peer","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Transfer Service (e.g PayPal, Venmo, or Zelle)","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/advisor/money-transfer/best-ways-to-send-money/"},"content":[{"nodeType":"text","value":"Funds","marks":[],"data":{}}]},{"nodeType":"text","value":" may be received instantly into a recipient\u2019s account and can be transferred to a bank as soon as the next day","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Likelihood of high fees for international transfers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Single transfer transaction sizes can be limited","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Don\u2019t operate a brick-and-mortar presence like a traditional bank","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital Business Banking","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Saves money on individual transfer fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0Competitive FX rates","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0All money management needs are in one place","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0May not be the absolute cheapest option","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2022\xa0No brick-and-mortar presence like a traditional bank","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[],"data":{}},{"nodeType":"text","value":"New to digital banking? 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","marks":[],"data":{}},{"nodeType":"text","value":"It begins with selecting the best business structure for your needs, then registering it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Once you\u2019re officially set up, you can open up a business bank account, get a corporate expense card, and from then on keep your finances organized. ","marks":[],"data":{}},{"nodeType":"text","value":"Here are the 6 simple steps to success:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Decide on a business structure and register it","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you need to decide on your business structure. Depending on what you choose, you may also need to register it. In the United States, you have a few different structures to choose from, including sole proprietorships, corporations and LLCs. The type of structure you select depends on three key considerations: ","marks":[],"data":{}},{"nodeType":"text","value":"liability","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"taxation","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"record-keeping","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Let\u2019s look at each one.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Sole Proprietorship","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Making up 73% of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://taxfoundation.org/overview-pass-through-businesses-united-states/"},"content":[{"nodeType":"text","value":"all businesses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" in the US, sole proprietorships are the easiest way to get started and have the lowest set-up costs, as you don\'t need to formally form one. These are unincorporated businesses that are owned wholly by you, giving you complete managerial control.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The downside of running as a sole proprietor is that you\u2019re personally liable for any financial commitments \u2014 including debt or legal issues.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Partnership","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A partnership is similar to a sole proprietorship, except there are two or more individuals who agree to share the profit and losses of the business. In this scenario, each business owner must report their earnings on their individual tax returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The biggest drawback of a partnership is that all individuals in the partnership are legally and financially responsible for the entirety of the business, so if one person acts recklessly in the business, the other partners may still be held liable for that individual\'s actions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Corporations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A corporation is a separate legal entity. The founders or owners of the company are considered to be employees, and it\'s the corporation \u2014 not the individuals \u2014 that is held liable for its actions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The biggest disadvantages of incorporating are the associated costs and the extensive records you\u2019ll be expected to maintain. You also have two types of corporate structure to choose from: a ","marks":[],"data":{}},{"nodeType":"text","value":"C corporation","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" or an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations"},"content":[{"nodeType":"text","value":"S corporation","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":". C corp owners are taxed separately from the business, while an S corp functions as a pass-through entity. In other words, an S corp can pass income onto its shareholders, meaning the income made by the corporation may be reflected on the individual\'s tax return.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incorporation is typically associated with large enterprise companies, but nothing should stop your small, medium-sized, or even solopreneur business from incorporating if it makes strategic sense.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: looking for help forming your business? Check out our guide on the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-online-incorporation-services"},"content":[{"nodeType":"text","value":"best incorporation services for US businesses","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"LLCs\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Establishing your business as a Limited Liability Company or LLC means you as an individual are a separate entity from your business and you won\u2019t be held financially liable if any claims are brought against the business. Applying for an LLC is straightforward and the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.forbes.com/advisor/business/cost-to-form-llc/"},"content":[{"nodeType":"text","value":"cost is minimal","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (expect a $50 to $800 filing fee depending on your state, plus any legal fees if you choose to hire a professional to file the paperwork).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Apply for an Employer Identification Number (EIN)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online"},"content":[{"nodeType":"text","value":"EIN","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is like a social security number but for businesses. The unique nine-digit number is issued by the IRS to keep track of a business\u2019s tax reporting. They are sometimes also referred to as \\"federal tax ID numbers.\\" Just like your social security number, an EIN never expires. An EIN is mandatory for most businesses, except if you\u2019re a sole proprietor.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: If you\u2019re a sole proprietor without an EIN, you can use your Social Security number (SSN) for business purposes.","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you are a sole proprietor and aren\u2019t ","marks":[],"data":{}},{"nodeType":"text","value":"required","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" to have an EIN, getting one anyway may still be a good idea. Not only will it allow you to ","marks":[],"data":{}},{"nodeType":"text","value":"keep your SSN private","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", it can also be helpful when applying for a business bank account or credit card and filing your taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can apply for an EIN for free, either online through the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online"},"content":[{"nodeType":"text","value":"IRS website","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", by mail or fax. If you apply online, you\u2019ll receive your EIN instantly once your electronic application is submitted.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Open a business banking account\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Arguably, this is one of the most important steps in keeping your business finances and your personal finances separate, and you should make it a priority.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A dedicated business bank account lets you manage everything, from paying bills to buying office supplies, in one place. The alternative is your business transactions getting mixed into your personal account, which is not only frustrating down the road, but in some cases can cause ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"liability issues","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"Consider a digital banking platform","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", like Relay, for low fees, convenient online banking and the ability to create multiple checking accounts (we\u2019re talking up to 20 individual checking accounts!). You can also create dedicated accounts for single-purpose expenses, like one for operations or rent \u2014 or accounts for critical needs like payroll. 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Get a dedicated card for business expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just like you need to have a separate banking account, you should also have a dedicated corporate card for your business purchases. Using personal credit cards to make business purchases will cause a lot of bookkeeping headaches. So avoid it!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you use a banking platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can issue multiple physical and virtual cards (as many as 50!) and use them for specific expense categories. For example, rather than just having one card, you can create dedicated cards for:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Travel expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Specific employees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"and anything else!","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having specific types of transactions all in one place will make record-keeping cleaner and simplify your life come tax time or if you\'re ever faced with an audit.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Track your expenses and keep receipts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every single purchase you make for your business needs to be recorded. There are great apps out there like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (Relay ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"integrates","marks":[],"data":{}}]},{"nodeType":"text","value":" with both of these platforms), designed to help small businesses manage everything from invoices to payroll.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While you may not have tons of physical receipts hanging around, you still need to keep them and record what you spent. If you ever get audited, you\u2019ll be asked to show documentation.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"6. Educate your team members","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Everyone on your team needs to be on the same page, or else you\u2019re likely to find out that your finances aren\'t as organized as you\'d hoped they\'d be once tax time rolls around. For example, if a team member decides to use their personal credit card for business expenses, it will create more work for you or your accountant at the end of the year. One way to avoid this is to issue employees with their own cards.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: if you bank with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you can issue dedicated cards to your employees \u2014 as many as 50 \u2014 and control spending limits!","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Differences between business and personal taxes\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It doesn\u2019t matter if you\u2019re working for yourself or someone else, the IRS wants to know how much you made and then taxes you accordingly. 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These ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/publications/p535"},"content":[{"nodeType":"text","value":"tax deductions","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" include things like vehicle and home office expenses, to everything else you need to run your business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to file your business taxes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re probably aware your personal income tax return is due on April 15 every year, and filed using the standard ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1040"},"content":[{"nodeType":"text","value":"tax return form is Form 1040","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". 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Budgets help you understand where your money is going and how much you need for each month. It\u2019s a great start and goes a long way \u2014 but budgets aren\u2019t always enough on their own to put you on the path to success. \ud83d\udcab\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"text","value":"if you don\u2019t have a savings goal, you might bring in just enough revenue to pay your bills","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". 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When you know what you want to achieve, you\u2019ll be more likely to come up with creative ideas for accomplishing your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Examples of business financial goals\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter where you\u2019re at in your business, most entrepreneurs want to make more money. \ud83d\udcb8 But to make a real change, you\u2019ll need to get more specific. Below, we\u2019ve outlined some examples of business financial goals that will help you get focused and ","marks":[],"data":{}},{"nodeType":"text","value":"decide what\u2019s most important for you and your company right now","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Improve cash flow\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing how to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"manage cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":" is essential for any healthy business \u2014 but ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundera.com/blog/small-business-statistics#source"},"content":[{"nodeType":"text","value":"82% of failed businesses say cash flow problems were a factor in their failure","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd12\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why ","marks":[],"data":{}},{"nodeType":"text","value":"one of the best financial goals for a business is improving cash flow","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This can be done through a variety of strategies such as shortening your payment terms (for example, from 30 days to 7 days) or negotiating payment due dates with your vendors. The method you use will be determined by where you\u2019re starting from and your ultimate goal \u2014 more on that later.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" can help you stay on top of your cash flow with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" strategy.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udedf Increase savings\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some businesses overlook ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"saving as a business","marks":[],"data":{}}]},{"nodeType":"text","value":". But just like you need a personal emergency fund, so does your business. Cash flow problems happen to everyone, even if you\u2019ve perfected the process. Having 3-6 months of operating expenses on hand will save you a lot of stress. \ud83d\ude0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to set up dedicated reserve accounts for different purposes, like taxes, emergencies, and future investments in your business, as well as a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":". With Relay, you can open up to 20 checking accounts (for free!) so that you can easily manage your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have a target \ud83c\udfaf in mind, you can also use Relay to set automatic recurring transfers \u2014 that way, you can watch your savings grow over time, without lifting a finger. \ud83d\ude0c\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd11 Boost revenue\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Increasing your total revenue for the year, quarter, or even week is always a good idea \u2014 and it doesn\u2019t have to be a complicated or drawn-out process, either.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider smaller goals like experimenting with your pricing \ud83d\udc69\u200d\ud83d\udd2cor widening the top of your marketing funnel with social media. The most important thing is to have a specific number in mind so that you can create an actionable plan.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Put profit first\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Only ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.chamberofcommerce.org/small-business-statistics/"},"content":[{"nodeType":"text","value":"40% of small businesses are profitable","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd2f Unfortunately, when business owners get bogged down by daily operations, they lose focus on this incredibly important metric.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit is what allows you to reinvest in and grow your business. \ud83d\udcc8 Your profit margin also demonstrates your company\u2019s value and overall health. Without a clear profit goal in mind, it\u2019s easy to rack up expenses without realizing the impact those costs are having on your bottom line. \ud83d\ude2c\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you make profit a top priority, you\u2019ll create space for your business to grow. It\u2019s worth considering a strategy such as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"Profit First","marks":[],"data":{}}]},{"nodeType":"text","value":", where you use five profit accounts to manage ","marks":[],"data":{}},{"nodeType":"text","value":"revenue","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"profit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"owner\u2019s pay","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"taxes","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"operating expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we mentioned above, Relay actually allows you to open up to 20 accounts so that business owners can easily manage their savings ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"profit in one place. Instead of having to do mental math every time you log into your bank account, Relay\u2019s multiple accounts give you a crystal-clear \ud83d\udc8e picture of your business finances.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 steps to set financial goals for your business\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By now, you might be wondering, \u201cThis sounds great, but where do I even start?\u201d \ud83e\udd14 Well, we\u2019re here to help with a 5-step guide to setting business financial goals that work. Let\u2019s dive in.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Get clear on your current financial situation \ud83c\udfc1\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you don\u2019t know where you\u2019re starting from, setting goals is like throwing darts with a blindfold on. \ud83c\udfaf It might not be fun to sit down and review your financial statements, but it\u2019s an essential step to growing your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may want to start by looking at your balance sheet \u2014 AKA, the document you can get from your accountant or your bookkeeping software that shows your assets and liabilities. It will show you important information such as your accounts receivable and any money owed to lenders.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond your balance sheet, you\u2019ll also want to review the following numbers based on your business\u2019s performance over the past 12 months:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":"Revenue","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":":","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" the amount of money that\u2019s flowed into your business\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenditures: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"including labor costs, travel expenses, and owner\u2019s pay\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/ask/answers/031815/what-formula-calculating-profit-margins.asp"},"content":[{"nodeType":"text","value":"Profit margin","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":": ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"your revenue minus expenses for the entire year \u2014 you may also want to calculate this as a percentage\xa0\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Decide where you want to go \u2708\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you know what you\u2019re working with, it\u2019s time to dream a little. \ud83d\udcad Where do you see your business in a year? What about 5 years or 10 years from now?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You might realize that you have some urgent short-term goals you need to address. For example, it\u2019s hard to set a big revenue goal if you\u2019re struggling to pay your bills each month.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In that case, you may need to take a step back and think of how you can create a solid financial foundation right now. That way, you\u2019ll be able to give your full attention to more exciting and ambitious goals in the future. \ud83e\udd17\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After reviewing your financial standing, you might also realize you\u2019re in a great position to make serious moves with your business. Maybe now is the time to hire an employee or test a new product.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No matter what situation you\u2019re in, your goals should excite you and motivate you to take strategic steps forward. \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Set SMART goals \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best financial goals for your business are SMART. SMART is a goal-setting framework that stands for specific, measurable, achievable, realistic, and time-bound. So why does it matter?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well, it\u2019s easy to say, \u201cI want to make more money.\u201d But it will be difficult (or impossible) to achieve such a vague goal. By contrast, the goal \u201cIn 2023, I want to make $20,000 more in revenue than I did last year,\u201d is specific, measurable, and time-bound.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A goal like this keeps you accountable to a certain time frame \u23f3 and an exact amount of money. The next question is, is your goal realistic and achievable? Well, for small businesses and entrepreneurs, the answer to that question will depend on a number of factors:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Past performance, including your company\u2019s growth rate each year\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Industry ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundera.com/resources/small-business-revenue-statistics"},"content":[{"nodeType":"text","value":"benchmarks","marks":[],"data":{}}]},{"nodeType":"text","value":" and statistics for businesses similar to yours\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Access to resources including capital, employees, and education\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your individual mindset, motivation, skills, and personal goals\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To go back to our example above, an additional $20,000 in revenue seems like a reasonable goal for a small business. But what if that business had only made $20,000 in revenue last year?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doubling its revenue might still be possible, but the business owner will have to evaluate if that\u2019s truly a realistic goal based on the factors above.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All that said, realistic goals are important, but so are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/b/big-hairy-audacious-goal-bhag.asp"},"content":[{"nodeType":"text","value":"BHAGs \u2014 big, hairy, audacious goals","marks":[],"data":{}}]},{"nodeType":"text","value":". The term, coined by Jim Collins and Jerry Porras in their book ","marks":[],"data":{}},{"nodeType":"text","value":"Built to Last,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" refers to long-term goals that energize and excite you and your team. BHAGs are meant to be","marks":[],"data":{}},{"nodeType":"text","value":" just ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"challenging enough to push you out of your comfort zone and to the next level. \ud83d\ude80\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One example of a BHAG would be a company\u2019s world-changing vision, like Google\u2019s goal to \u201corganize the world\u2019s information and make it universally accessible and useful.\u201d So far, Google has accomplished that goal, so it might be worth setting a BHAG of your own. \ud83d\ude09","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Create an action plan \u26a1\ufe0f\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first 3 steps outlined the best way to choose financial goals for your company. Now, you need to work backward to create a roadmap \ud83d\uddfa for business success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take some time for yourself to think through what specific actions are needed to meet your goals. You may also want to establish smaller milestones along the way. For example, if you want to reach $100K in total revenue next year, you should figure out how much you need to bring in each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your breakdown might look like this:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total annual revenue: $100,000","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q1: $15,000\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q2: $20,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q3: $30,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Q4: $35,000","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you\u2019ll probably gain more clients and become better at building your business over the year, it\u2019s reasonable to assume you\u2019d progressively increase your revenue each quarter.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same process would apply to a savings goal or a profit margin goal. Once you\u2019ve broken down the objective into bite-sized pieces, you can then brainstorm specific steps to help you reach each mini-goal. Here are some questions to ask yourself:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to launch a new product or offer?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to raise your prices or change your pricing model completely?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to evaluate the ROI on your expenses and potentially cut costs?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you need to come up with a new marketing campaign or sales strategy?\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The clarity that comes after completing this process will be invaluable. Suddenly, you\u2019ll have a solid business plan that you can refer to each day as you make decisions. You just need to repeatedly ask yourself, \u201cWill this choice bring me closer to my goals?\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Revisit your goals regularly \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve spent all this time creating business financial goals, it might be tempting to hold on tight. But as much as we hate to say it, the next step of the goal-setting process is to evaluate them regularly \u2014 and be open to change. \ud83c\udf43\ud83c\udf41","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The world, the economy, and your industry are always in flux. If you truly want to be successful in business, that means you need to be ready to be flexible and respond to those shifts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s a good idea to at least schedule a quarterly review \ud83d\udcc6, either with your accountant or with yourself. During that review, you can repeat step #1 of the process above (getting clear on your current situation) and see if you need to adjust your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stay on track with your business financial goals\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hopefully, after completing the 5 steps above, you feel confident about your ability to achieve your goals. 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From ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"multiple checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" to automatic transfers, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"bill pay automation","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"we want to help you stay on the money","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using these features, you can do things like automatically transfer a percentage of your deposits to your taxes account, your emergency fund account, and any other accounts you\u2019ve opened for your goals.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know achieving your business\'s financial goals can be tough. 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The FDIC insured bank offers checking and treasury accounts and a corporate charge card that pays cash back at a rate of between 0.75% and 1.75% as well as accounts payable services. 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Traditional banks only offer simple mobile banking features like viewing your account information and making simple wire transfers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated mobile business banks, also called online banks and neobanks, operate completely online without the need for a physical location. They are designed to be used digitally, which comes with a lot of benefits in terms of accessibility, features and ease of use.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is mobile business banking important?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mobile business banking became popular in the late 20th and early 21st centuries. 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","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A crystal-clear picture of your cash flow makes it easy to understand what you\u2019re earning, spending and saving so you can make the smartest decisions for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you get 20 free checking accounts so you can automate transfers from one to multiple checking accounts using dollar amounts or percentages. 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Mobile banking gives you access to a power suite of tools at your fingertips 24/7, but the lack of physical branches could be a disadvantage to some small business owners.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros of mobile business banking: \ud83d\udc4d","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take better control of your cash: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With a smarter money management platform like mobile banking, you get access to ultra-detailed banking data at your fingertips.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get better support","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Get financial support without visiting a branch. 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The possibilities are really endless, but here are three different scenarios and use cases that are possible.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Scenario 1: Sub-accounts by expense category\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Arguably, the most common setup for sub-accounts is by expense type. In order words, you categorize your business expenses into different categories and create a sub-account for each one. 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Instead of having one account with a long list of financial transactions, you now have 6 different accounts to gauge your business spending habits. This way, you can see exactly how much money you can move into savings each month and how much money you have left over to allocate to travel expenses or emergencies.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Scenario 2: Sub-accounts by department or product vertical\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on your business, sometimes it makes sense to organize your sub-accounts by department instead of by expense type. This scenario may work for an e-commerce company with different online storefronts or product verticals. Using an online clothing store as an example, here\u2019s a possible way you can organize your sub-accounts:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Primary account\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc57 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Women\'s clothing account\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc54 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Men\'s clothing account\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc5f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Shoes and accessories account\xa0","marks":[],"data":{}}]}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this example, revenue from each store would flow into the primary account, then filter through to the corresponding sub-account so that each department has better control over its profits and losses. If you want to determine the most profitable department, and how much money you have to re-invest into each department, this setup is a good choice.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Want to level up your e-commerce cash flow management? 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If you own a number of short-term rentals, you can organize your sub-accounts by property. 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Which in turn, gives you insight when you\u2019re ready to grow your portfolio.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ever feel like you\'re selling yourself short? ","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":"Profit First is an accounting method that secures your profits before expenses. 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Although they aren\u2019t technically sub-accounts, you can use them just like sub-accounts and organize your money however you like.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Plus, with Relay\u2019s checking accounts, you can issue debit cards \ud83d\udcb3 and connect them to a specific checking account in order to better manage how you spend your money.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Use multiple checking accounts with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multiple checking accounts \ud83d\udcc1 are powerful tools that can help you keep your money organized. After you calculate your budget, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-many-business-checking-accounts-should-i-have"},"content":[{"nodeType":"text","value":"figure out how many business checking accounts you need","marks":[],"data":{}}]},{"nodeType":"text","value":", then find a bank that can support multiple accounts. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use an online bank like Relay to create up to 20 checking accounts to easily separate and organize cash. You don\'t have to worry about account fees or minimum balances, and Relay integrates directly with accounting and payroll software.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create your multiple checking accounts and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"get your finances organized with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" today.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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Some organizations use multiple accounts for operations.","popular":false,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/16YzsZRsSKJ3LECqs8EDFF/bbef7d2696725b676c1e7c941e99a33a/business-banking-what-is-an-operating-account.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managing your finances might not sound exciting, but it\u2019s absolutely vital. \ud83d\udd11 As a business owner, keeping track of your ","marks":[],"data":{}},{"nodeType":"text","value":"operating account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is crucial to your business success, which is why most companies have at least one account dedicated just to deposit receivables from customers and to pay vendors and suppliers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is a banking platform that helps small business owners take control of their finances. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", business owners get more visibility into their day-to-day cash flow and are able to make more informed, data-driven decisions. \ud83d\udcca In this article, we cover what a business operating account is, how to set it up, what type of account you should use, the benefits of having multiple operating accounts, and how your operating account can provide valuable insights into your business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"In this article: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-business-operating-account"},"content":[{"nodeType":"text","value":"What is an operating account","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#operating-accounts-vs-trust-accounts-in-the-legal-profession"},"content":[{"nodeType":"text","value":"Operating accounts vs trust accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#a-quick-example-of-how-to-set-up-your-account"},"content":[{"nodeType":"text","value":"How to set up your operating account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#where-to-keep-your-business-operating-account"},"content":[{"nodeType":"text","value":"Where to keep your business operating account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-having-multiple-operating-accounts"},"content":[{"nodeType":"text","value":"Benefits of multiple operating accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#understanding-your-business-operating-account"},"content":[{"nodeType":"text","value":"Understanding your business operating account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#whats-the-difference-between-an-operating-account-and-a-balance-sheet"},"content":[{"nodeType":"text","value":"Difference between an operating account and a balance sheet","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#whats-the-difference-between-an-operating-account-and-an-expense-account"},"content":[{"nodeType":"text","value":"Difference between an operating account and an expense account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#a-smarter-operating-account-for-your-business"},"content":[{"nodeType":"text","value":"Using Relay as a smart operating account","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a business operating account?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An operating account is a business checking account designated for operations. \ud83d\udee0","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Revenue and receivables from your business get deposited into this bank account, and all operating costs are paid through this account as well.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cOh, so it\u2019s my checking account,\u201d you might say. Not exactly! As a business owner, it\u2019s possible that you\u2019ve run into different types of bank accounts, like checking accounts, savings accounts, and money market accounts. You don\u2019t want to simply turn any of these into your operating account. You need to be strategic with ","marks":[],"data":{}},{"nodeType":"text","value":"which accounts you use","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"how you use them","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to use your checking account as your operating account, there are additional things you\u2019ll want to consider. For example, Relay\u2019s business checking accounts go beyond traditional accounts, as they\u2019re designed to help you manage your financial operations. Relay gives you deep integrations with accounting software like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". You can also automate your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"accounts payable management","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", or connect Relay directly to your payroll platform with our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"Gusto integration","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to get alerts if you\u2019re ever at risk of missing payroll. You can even invite multiple users to collaborate \ud83e\udd1d on banking and control their access with role-based permission levels, keeping your banking secure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most standard checking accounts don\u2019t offer these features to small business owners \u2014 but ","marks":[],"data":{}},{"nodeType":"text","value":"operating","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" accounts do. Your operating account should be the primary ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/choosing-business-bank-account"},"content":[{"nodeType":"text","value":"bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" that ensures your day-to-day operations run smoothly, and you can make payments and manage deposits without issue.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Operating accounts vs trust accounts in the legal profession","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For context, there\u2019s something called a \u201ctrust account,\u201d which is more common in the legal profession \ud83d\udc69\u200d\u2696\ufe0f specifically. It\u2019s typical for law firms to have both operating accounts and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cosmolex.com/resource-center/trust-retainer-accounting/operating-retainer-vs-trust-retainer/"},"content":[{"nodeType":"text","value":"trust accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". With operating accounts, clients pay money in exchange for the firm\u2019s guarantee that they will be available to the client (also called a retainer). With trust accounts, the money is an advance for future services. Money put into trust accounts does not belong to the firm and should not be commingled with the law firm\u2019s existing operating account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why do law firms do this? Well, one reason is that it\u2019s important for their cash management that they don\u2019t comingle the money within these two accounts. This further highlights why a proper operating account is necessary for your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A quick example of how to set up your account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How exactly you manage your operating account will depend on your business, needs, and goals. You can have one account or several. If your business doesn\u2019t have a ton of transactions, then you might be just fine with a single operating account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, some businesses do better by compartmentalizing their transactions and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"having multiple bank accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". For instance, you might want to open individual accounts specifically to manage:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc77 Payroll","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f Travel expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc69\ud83c\udffb\u200d\ud83d\udcbb Advertising and marketing expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcce Office supplies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc69\u200d\u2696\ufe0f Legal fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Loan or credit card payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddfe Sales and returns/refunds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2026 and anything else that you\u2019d like to track!","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This approach is similar to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope budgeting method","marks":[],"data":{}}]},{"nodeType":"text","value":", where you categorize your spending into buckets. (More on this in a minute.)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Relay, you can compartmentalize your spending in up to 20 accounts per business \u2014 without any account fees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where to keep your business operating account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When setting up your operating account, it\u2019s best to pick a business checking account with no account fees or minimum balances, and one that has multiple payment methods to help you move cash in and out of your business. This will enable you to manage all your day-to-day business banking without having to worry about bank fees or transaction limits.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: A standard savings account won\u2019t be a good fit for an operating account, because they have limits on deposits and withdrawals, and they\u2019re meant to store money you don\u2019t plan on touching for a long time.","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of having multiple operating accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, you can make it work with one account, but keep this in mind: When you only have one operating account, it\u2019s harder to know at a glance how you will eventually need to allocate all of this money toward ","marks":[],"data":{}},{"nodeType":"text","value":"different","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a business owner, you need to earmark enough to pay a number of operating expenses, and having multiple accounts makes this process easier. Here are some of the biggest benefits of having multiple operating accounts:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc2 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s easier to stay within your budget:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Designate and manage your funds when they\u2019re separated into various accounts. For instance, if you have an account designated for your business taxes, you\u2019re not likely to think that\u2019s liquid cash. However, if all funds are in a single account, you may spend more than anticipated.","marks":[],"data":{}}]}]}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udc41 ","marks":[],"data":{}},{"nodeType":"text","value":"It\u2019s easier to eyeball tax deductions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"One example is perhaps an \u201cR&D account\u201d where funds are designated to develop tools and software to improve processes for your business and others. Expenses here could be used to claim the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.alliantgroup.com/services/r-d-tax-credit-2/"},"content":[{"nodeType":"text","value":"R&D tax credit","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", and if all expenses are within this sub-account, it\u2019s much easier for your accountant to tabulate your credit (and ensure you claim the proper amount).","marks":[],"data":{}}]}]}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 ","marks":[],"data":{}},{"nodeType":"text","value":"You\u2019ll have greater visibility into cash flow:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Many small businesses use a sub-account specifically to measure things like profit and cash flow. Instead of measuring what\u2019s left each month or quarter after the fact, you\u2019ll proactively stow away margins and treat them as a priority.","marks":[],"data":{}}]}]}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcda ","marks":[],"data":{}},{"nodeType":"text","value":"Your year-end accounting will be faster and easier: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"While you don\u2019t need accounts for every line item, separating accounts into the biggest categories makes your year-end reconciliation and filings much easier (for you and your accounting solution or bookkeeping professional).","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nRemember, cash flow issues are one of the top reasons businesses fail. In fact, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nfib.com/content/resources/start-a-business/why-do-small-businesses-fail/#:~:text=According%20to%20a%20U.S.%20Bank,the%20lifeblood%20of%20your%20business."},"content":[{"nodeType":"text","value":"about 82% of business failures","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" stem from poor cash flow management. Setting your business up for success by keeping your finances organized into compartments, with systems and processes for managing cash, will help you understand what your cash position is at all times. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Understanding your business operating account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s not just about staying organized. Having an operating account can also help you gain valuable insights. When you understand your business operating account well, you can improve your business operations in many ways.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can ","marks":[],"data":{}},{"nodeType":"text","value":"anticipate cash flow problems ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"to mitigate risk and be proactive about finding a solution.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It can give you insights into your company and ","marks":[],"data":{}},{"nodeType":"text","value":"help you make strategic decisions. 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However, after the Revolutionary War, Secretary of the Treasury, Alexander Hamilton, created the first central bank in the U.S. and a national currency was born.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The Federal Reserve (1913)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 1913, the U.S. government formed the Federal Reserve Bank (the Fed) to monitor and oversee banking activity. Even so, financial power was concentrated on Wall Street. When World War I broke out, the United States became a global lender and the center of the financial world.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Federal Reserve system began requiring all debtor nations to pay back their war loans before any American institution would extend them further credit. So when the stock market crashed during the Great Depression in 1929, brokers called in bank loans that could not be paid back. Banks began to fail as debtors defaulted and depositors attempted to withdraw their deposits. This led to around 9,000 bank failures in total.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In response, new banking regulations and regulatory agencies emerged to restore the merchant banking sector and repair people\u2019s confidence in the system. The Federal Deposit Insurance Corporation (FDIC) was created to better insure accounts and instill this confidence. 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Instead, online banks allow you to see your cash flow like never before, from anywhere in the world and at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With neobanks continuing to expand their digital services, there\u2019s no telling what the future of online banking will look like. Now, business owners can make quick financial decisions without the limitations of traditional banking.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understand the differences between ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital banking vs. traditional banking","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The future of banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the future of banking services looks bright, the current financial climate will no doubt change the way we manage money \u2014 especially for small business owners and startups. Since the pandemic began, businesses have struggled to deal with the rising costs of hyperinflation and the change in interest rates, increasing the need for digital banking solutions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During this time of economic uncertainty, evolving banking expectations and technological advances are paving the way to a complete transformation of the banking ecosystem. 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","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The best banks will allow you to open accounts at no cost and with no monthly maintenance or minimum fees. Some may even allow you to open multiple checking and savings accounts, all without account fees or minimum balances. ","marks":[],"data":{}},{"nodeType":"text","value":"\xa0","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Separation of funds. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When running a real estate business, it\u2019s important to know where your funds are coming from and to ensure that they are being used properly. 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account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IRS ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irsvideos.gov/Business/SBTW/Lesson1"},"content":[{"nodeType":"text","value":"recommends","marks":[],"data":{}}]},{"nodeType":"text","value":" that business owners open a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"separate bank account","marks":[],"data":{}}]},{"nodeType":"text","value":" as soon as they begin making or spending money. This helps avoid commingling funds and helps you keep your records clean. If you\'re a ","marks":[],"data":{}},{"nodeType":"text","value":"sole proprietor","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", you aren\u2019t legally required to have a separate bank account for your business \u2014 however, it\u2019s highly advised that you do (more on this later).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Luckily, opening an account for your sole proprietorship is easier than you think \u2014 for example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/login"},"content":[{"nodeType":"text","value":"applying for a Relay account takes 10 minutes","marks":[],"data":{}}]},{"nodeType":"text","value":" and can be done completely online.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"LLCs and corporations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", however, are considered separate legal entities from the business owner, and therefore they ","marks":[],"data":{}},{"nodeType":"text","value":"require","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" a dedicated business banking account. This helps maintain a separation of funds and protects the business owner from liability.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\'re obligated to have a separate business banking account or not, opening one usually comes with features that you simply don\'t get in personal banking. We\'ll walk you through some of those features next. But first, you must choose what type of banking account your business needs. \ud83d\udcb8","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing between traditional and digital banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to business checking accounts, there are two main types of banks to choose from: a digital banking account and a traditional, brick-and-mortar bank. There are a lot of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"differences between digital and traditional accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2014 the biggest one being that digital banks operate online, whereas traditional banks operate from a physical branch location. Traditional accounts can be further broken down into big banks and smaller, local credit unions. However, credit unions often offer the same type of services and have a similar approach to large national banks, so they are grouped together here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lot of new business owners fall into the trap of simply opening a business account with the same institution where they already have a personal account \u2014 which usually means a traditional bank. This can be a costly mistake. \ud83d\udcb0 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital business banking can ","marks":[],"data":{}},{"nodeType":"text","value":"save your business on fees","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and equip you with purpose-built software features that ","marks":[],"data":{}},{"nodeType":"text","value":"take the pain out of tedious administrative work","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The potential downside of using a digital bank may be the lack of branches (if you need in-person services), and a less comprehensive financial services suite compared to traditional banks \u2014 as most digital banking platforms are still new.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While it\'s beyond the scope of this article to discuss the two types of banking solutions in-depth, you can find more information on the differences between ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-bank-vs-traditional-bank"},"content":[{"nodeType":"text","value":"digital vs traditional banking here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\'s dive into things to look out for as you evaluate both types of institutions.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd0e How to choose the right bank for your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To choose the right bank for your small business, you\'ll want to evaluate core banking features, understand the bank\'s fee structure, and also get a good understanding of what type of business-specific tools that bank offers. \ud83d\udee0 Because your business banking needs will be much more complex than your personal banking needs, you need a different lens to evaluate each bank. Let\u2019s dig into the most critical business banking features.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Online banking features","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you expect to get most of your banking tasks done online? Or are you comfortable having to go into a branch? Online and mobile business banking accounts help business owners take control of their finances wherever they are. Some traditional banks also offer online banking features.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should check if your bank offers a mobile app and whether you can complete banking tasks online or whether you need to visit a branch or phone someone. Being empowered to manage your own money can give you better visibility into cash flow and save you time on needless calls with the bank.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Minimum balance requirements","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finances can fluctuate when building a small business, especially when you\u2019re just getting started. This can put a strain on small businesses and hinder growth, especially if you\'re trying to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"budget by opening multiple checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":". That\u2019s why it\u2019s important to choose a business bank account that has low to zero minimum balance requirements.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks tend to have higher minimum balance requirements, while digital banks offer lower requirements \u2014 or none at all. If you bank with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", for example, you can open up to 20 free checking accounts per business entity, without ever having to worry about maintaining a minimum balance for it.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb8 Account fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know that every expense matters when building a business, and small banking fees can stack up before you know it. The right business bank won\u2019t charge extra account fees or blindside you with hidden costs. This means no monthly maintenance fees, service fees, overdraft fees, or withdrawal fees.\xa0(For example, see how Relay approaches ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":"pricing","marks":[],"data":{}}]},{"nodeType":"text","value":" here.)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some banks also have transaction fees in place which apply if you exceed a certain number of transactions each month. It\u2019s important to look out for transaction limits since these can restrict your growth potential.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2139\ufe0f Data quality","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike with personal finances, where budgeting and cash management fall under your discretion, when you run a business you have ","marks":[],"data":{}},{"nodeType":"text","value":"strict reporting obligations","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". That means you\'ll need to track your spending and categorize your expenses regularly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bank will either help you do this or make it complicated. It all depends on the quality of data you get about each transaction. Relay, for example, helps you categorize transactions when you\'re doing bookkeeping because with Relay you get much better-quality data compared to traditional banks.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2dHO3BGJzwMnz5WLcGZwqu","type":"Asset","createdAt":"2021-09-23T12:22:01.325Z","updatedAt":"2022-08-23T01:11:40.696Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":21,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Data Comparison","description":"Relay case study with Momentum Accounting. Comparing data quality of most banks vs. Relay. While the majority of banks provide you with limited and incomplete data, Relay sends enriched data to your accounting system.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2dHO3BGJzwMnz5WLcGZwqu/1445a6e99aa4b92fee9f43624e4cdfd1/Case_Study_-_Nikole_Mackenzie_1.4.jpg","details":{"size":110429,"image":{"width":1800,"height":1118}},"fileName":"Case Study - Nikole Mackenzie 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better data typically means less time spent on administrative work, better visibility into cash flow, and faster, smarter decision-making about your business.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d Collaboration features","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest things new business owners forget to consider \u2014 especially if they\'re starting out on their own \u2014 is how many different people may need to be involved in their finances and banking.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether it\'s your accountant, your lawyer, or eventual team members, chances are you\'ll need to collaborate on banking and delegate certain tasks to someone else. Will your bank make it easy for you to do this? Or will you have to jump through hoops to give your accountant banking access? Relay, for example, lets you manage multiple users for every business entity and assign role-based permission levels to each team member who needs to get into banking.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 Number of debit cards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you and your team grow, so will your needs. After all, you don\'t want to be in a position of having to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/changing-business-banks"},"content":[{"nodeType":"text","value":"change business banks","marks":[],"data":{}}]},{"nodeType":"text","value":" because you\'ve outgrown your current institution. One way of future-proofing your business is to ensure you can get multiple business debit cards to distribute to your team.\xa0Or, if you\'re hunting for perks and introductory offers, you may want to look at what business credit cards your potential bank offers instead.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of cards each bank offers differs quite significantly, but it\u2019s better to choose an account that offers an abundance of cards rather than too few. With Relay, you get 50 free ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/virtual-cards-for-business-spending"},"content":[{"nodeType":"text","value":"virtual cards for business spending","marks":[],"data":{}}]},{"nodeType":"text","value":" to issue to your team. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the main banking services entrepreneurs should expect from their business checking account is the ability to make and accept payments. For example, you\'ll want to know that you can send and receive wire transfers and make ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"ACH payments","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2014 and whether your bank will charge you for this or if the payments are included in a free business account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also consider whether you\'ll need to make multiple cash deposits, or if you\'re running an online business and it\'s not a concern. While digital banks excel in many areas, they typically aren\'t great at accepting cash deposits, which is why some businesses choose to keep an account with both a digital and a traditional financial institution.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Lending and lines of credit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For some businesses, banking equates to managing loans and lines of credit and is mostly about having a lender relationship. Are you planning to fund your business with a bank loan? If so, big traditional banks may be a better choice, as digital banking platforms are still catching up in this area. However, with rising interest rates, many businesses are becoming wary of relying on business loans to fuel growth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\'ll be storing your money in your bank (obviously) \u2014 so you want to make sure it\'s protected. Does your bank offer online access? If so, will your accounts come with two-factor authentication (2FA) enabled? Can you control spending limits? Lock cards or change the PIN number if needed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of this should be on your mind as you decide where to keep your money. If you\'re not sure whether you can depend on online banking to keep you safe, check ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbc Member FDIC\xa0insurance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\'s a common misconception that FDIC insurance is a legal requirement for US banks. It\'s not. And while most banks are FDIC insured, some aren\'t \u2014 which is why you should make sure that yours is. FDIC insurance will protect your money in the event of a bank failure, and reimburse you up to $250,000 in the event of said failure. So make sure your chosen institution has this protection.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd04 Integrations","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You probably don\'t want to spend hours manually transcribing transactions from a PDF bank statement into your accounting software. But without integrations, that\'s what some banks still expect business owners to do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To avoid tedious admin work, investigate what ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations"},"content":[{"nodeType":"text","value":"accounting software integrations","marks":[],"data":{}}]},{"nodeType":"text","value":" your bank offers. Some popular integrations to look out for are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":" for accounting, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":" for managing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"nodeType":"text","value":"payroll automation","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0The right banks will sync transaction data directly into your existing accounting tools and make your (and your bookkeeper\'s) life much easier.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude0a Customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last but certainly not least, you\'ll want to make sure you\'re choosing a bank that has great customer service. After all, banking is one of the most critical parts of your business, so you\'ll want to make sure you have a team that you can rely on. Customer service is deeply important to us here at Relay so we invest there heavily \u2014 and we\'re proud to have a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ca.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"4.6 Trustpilot rating","marks":[],"data":{}}]},{"nodeType":"text","value":" and 1200+ reviews as a result!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Congratulations \u2014 you now have a better understanding of things to consider to future-proof your choice of bank. Next, let\'s briefly touch on why you want a business bank account in the first place, and what you\'ll need to open one.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of choosing a business bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest benefits of choosing a business bank account over just using your personal bank account is that you avoid commingling funds.\xa0In addition to that, most business accounts will come with additional features \u2014 as listed above \u2014 that you usually just don\'t get with personal accounts. To recap, with a business banking account:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your personal and business finances stay separate. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\'re a sole proprietor, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-account-vs-personal-account"},"content":[{"nodeType":"text","value":"separating your personal and business bank accounts ","marks":[],"data":{}}]},{"nodeType":"text","value":"will help you with reporting at year-end. And if you run an LLC or a corporation, keeping personal and business finances separate is a requirement.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You get better cash flow visibility: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A business account lets cowillllect income in one place so you can see exactly what you\u2019re working with","marks":[],"data":{}},{"nodeType":"text","value":". ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"A crystal-clear picture of your cash flow makes it easy to understand what you\u2019re earning, spending, and saving so you can make the smartest decisions for your business.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bookkeeping is simplified: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When tax season comes around, a business bank account makes it simple to track revenue and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-separate-business-and-personal-taxes"},"content":[{"nodeType":"text","value":"separate business expenses from your personal purchases","marks":[],"data":{}}]},{"nodeType":"text","value":". 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Say you have $10,000 in your account. The total sum on its own doesn\'t tell you the complete story. How much of that do you owe to contractors? How much is allocated to taxes? What about rent? When all your cash sits in one account, you have to rely on mental math \ud83e\udd14 and keeping a mental list of accounts receivable and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accounts-payable"},"content":[{"nodeType":"text","value":"accounts payable","marks":[],"data":{}}]},{"nodeType":"text","value":" to figure out your cash position.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"A stop-gap for reporting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tracking your budget with multiple checking accounts also acts as a reporting stop-gap when your financial reports are late. 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If you put 15% of all income into a checking account nicknamed \\"","marks":[],"data":{}},{"nodeType":"text","value":"Taxes \u2014 do not touch!","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"\\", \ud83d\ude45 you KNOW instinctively that this money does not belong to you, so you\'re less likely to misallocate funds. But how many of these reserve and expense accounts do you need to create?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How many bank accounts should your business have?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of bank accounts your business needs will depend on how you organize and categorize your income and expenses. You\u2019ll want dedicated accounts for budget categories that are important to your business. \ud83d\udcdd For example, retailers may want a dedicated ","marks":[],"data":{}},{"nodeType":"text","value":"expense account for paying suppliers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", while marketing agencies may want a ","marks":[],"data":{}},{"nodeType":"text","value":"payroll reserve account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to keep tabs on labor expenses. ","marks":[],"data":{}},{"nodeType":"text","value":"In short: it depends","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While there\u2019s no one-size-fits-all approach to banking with multiple accounts, there are some common things to consider. We dive into examples below, but remember to think through both revenues \ud83d\udce5 and expenses \ud83d\udce4 when setting up your accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Do you run a YouTube channel with ","marks":[],"data":{}},{"nodeType":"text","value":"three streams of income","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and want to track each one? Consider setting up separate accounts for your ","marks":[],"data":{}},{"nodeType":"text","value":"advertiser payouts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"affiliate payouts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"merchandise sales","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Having these accounts will give you greater visibility into each income stream.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business type will also help inform your expense accounts. If you run an e-commerce store, maybe you want to have one dedicated account for ","marks":[],"data":{}},{"nodeType":"text","value":"inventory expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and a separate account for ","marks":[],"data":{}},{"nodeType":"text","value":"software expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". If you\'re running a short-term rental (Airbnb) business, maybe you want to have ","marks":[],"data":{}},{"nodeType":"text","value":"separate accounts for each property you manage","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and an expense account just for ","marks":[],"data":{}},{"nodeType":"text","value":"paying contractors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Want a live walkthrough of how this works in Relay? Join our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://lets.bankwithrelay.com/how-to-manage-cash/"},"content":[{"nodeType":"text","value":"bi-weekly webinar","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are countless ways to set up your business \u2014 below we list some common ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"checking account categories","marks":[],"data":{}}]},{"nodeType":"text","value":" to give you some ideas and get you started.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Primary checking account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every business needs a primary checking account to receive and hold incoming payments. \ud83d\udcb0 However, if you choose to organize your cash into dedicated expense and reserve accounts, you won\u2019t be using this account to ","marks":[],"data":{}},{"nodeType":"text","value":"send","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" money to anyone. Instead, you\'ll transfer money from this primary checking account into dedicated expense accounts. Wherever you bank, you\u2019ll want to make sure this account covers all basic financial operations, like direct deposits and withdrawals.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: if you bank with Relay, you can manage up to 20 free checking accounts for each business from a single dashboard.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Operating expenses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the name implies, you\u2019ll use the funds in your operating expense account to cover monthly expenses. Operating costs generally refer to the day-to-day expenses needed to keep your business running. This can include things like rent, software subscriptions, utility payments and travel expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might make sense to break down operating expenses depending on your situation. For example, if you run an e-commerce business you may want to open a ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated account for software subscriptions","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and issue a dedicated debit card to go along with it.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: you can issue up to 50 virtual or physical Mastercard\xae debit cards with Relay, and assign them to a specific checking account to simplify how you track expenses.","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u26a0\ufe0f Emergency fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We all know what happens when businesses run out of cash \u2014 they have to cut staff, owners have to forego paying themselves, or they\u2019re forced to liquidate assets. These are all absolute last-resort options and should be avoided. One way to create a buffer against this scenario is to save money in an ","marks":[],"data":{}},{"nodeType":"text","value":"account with a dedicated emergency","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" fund for unexpected situations or expenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set aside a small percentage of your monthly revenue and reserve it for your emergency fund. You can start small, but as long as you consistently set aside a portion of your income here, eventually, your emergency fund will grow. Having an emergency savings account can also help you avoid credit card debt, a potential hit to your credit score, or even a potential impact on your personal finances.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Relay lets you make percentage- or dollar-based transfers between your checking accounts, which makes setting aside money for an emergency fund much easier!","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc1 Payroll","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For growing businesses, making sure you can cover every payroll cycle can get complicated if you don\u2019t have visibility into ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":". And given that almost 50% of employees begin a new job search after two paycheck errors**, it\'s helpful to track your payroll funds in a dedicated checking account to make sure you never fall short.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicate one of your checking accounts to payroll and regularly fund it with the necessary amount to cover a month worth of payroll. This way, you\u2019ll know at a glance if you have enough to cover employee pay, contractor pay and your own salary and can even fully ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-automation"},"content":[{"nodeType":"text","value":"automate your payroll","marks":[],"data":{}}]},{"nodeType":"text","value":"! ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: If you bank with Relay and manage payroll with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/gusto"},"content":[{"nodeType":"text","value":"Gusto","marks":[],"data":{}}]},{"nodeType":"text","value":", you can integrate the two platforms and get shortfall alerts if you\u2019re ever at risk of missing payroll. Learn more about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/how-to-choose-a-payroll-service"},"content":[{"nodeType":"text","value":"how to choose a payroll service","marks":[],"data":{}}]},{"nodeType":"text","value":" >","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Savings goals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/saving-as-a-business"},"content":[{"nodeType":"text","value":"Saving as a small business","marks":[],"data":{}}]},{"nodeType":"text","value":" is one of the most important things you can do to get ahead. To make sure you\u2019re on track to meet your financial goals \u2014 whether it\u2019s a down payment on a new piece of equipment or a new car \u2014 you can set up separate savings accounts. In this account, you\u2019ll store away the cash to meet your short-term or long-term goals. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if your goal is to increase your savings by 5% this year, you\u2019ll want to set up automatic transfers and allocate 5% of your revenue into this account every month. Just remember that this should be a different ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-small-business-savings-accounts"},"content":[{"nodeType":"text","value":"business savings account","marks":[],"data":{}}]},{"nodeType":"text","value":" than your emergency fund!","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2708\ufe0f Travel","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you travel frequently for your business, having a separate travel account can be very helpful. Not only will it allow you to set aside the right amount of cash, but it will also make it easy to see deductions when tax season comes around. You can also issue dedicated debit cards and assign them to your travel account \u2014 which makes it easy to track what you\'re spending when you travel.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Relay has direct integrations with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[],"data":{}}]},{"nodeType":"text","value":", which helps you speed up your bookkeeping and makes accounting for your travel expenses a breeze!","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Taxes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taxes can catch you by surprise if you\u2019re not careful. It\u2019s one of the most common mistakes that business owners make \u2014 failing to save up enough to pay the IRS. Having a dedicated account just to store your taxes will help you avoid this. If you do nothing else, setting up a second checking account just for tax withholdings \u2014 separate from your spending account \u2014 can give you a lot of financial clarity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if your business brings in $10,000 a month and you pay 15% in taxes, you\u2019ll want to store away $1,500 a month in your tax account. Then when tax season comes around, you know you have the necessary cash reserves set aside.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Multiple bank accounts budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding how each bank account works together to create a cohesive financial picture can be challenging. What amount of money do you allocate where? To simplify it, here\u2019s an example of the multiple bank accounts budgeting method in action.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say you own a small service-based business, bringing in $10,000 of revenue each month. 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","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Think of it as a filing card containing information such as a person\u2019s legal name, address, taxpayer identification number (TIN), and social security number (SSN).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a small business owner, you should collect this W-9 form from anyone who is not a part-time or full-time employee, such as independent contract workers, freelancers, self-employed individuals and sole proprietors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s best to always ask for a copy of the W-9 form at the onset of a worker\u2019s contract to ensure you have the contractor\u2019s information. 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It includes:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Awards and prizes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Medical and healthcare income payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Crop insurance proceeds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash payments for fish purchased from anyone who makes a living catching fish","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash paid from a notional principal contract to an individual, partnership, or estate","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amounts to an attorney","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any fishing boat proceeds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or any other miscellaneous income.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This also includes income you paid to ","marks":[],"data":{}},{"nodeType":"text","value":"independent contractors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"self-employed individuals","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"freelancers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1099 forms must be filed with the IRS","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Additional copies must be given to the payee and the state tax department (if applicable), and your business must keep one for its records.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As always, individuals must report all income earned on their tax return, which includes income reported on a 1099 form.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Main difference between W-9 vs 1099\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The main difference between a W-9 and a 1099 is that a W-9 is used by a business to collect information about a contractor that does work worth over $600 for the business, whereas a 1099 is used by the business to report to the IRS how much it has paid to contractors. In other words, W-9s flow from contractors to the business and are used to create 1099s at year-end, which then flow from the business to the IRS and other relevant parties.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s illustrate this with an example: you hire a freelance writer for your business blog. Before the writer turns in their first draft, you have them fill out a W-9 and file it away. Then, in January, you see the freelancer earned $1,000 for the current tax year. This freelancer now needs a 1099 so you can report their income to the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"W-9s are filed away by the business, acting almost like a catalog library for contractors. However, 1099s are filed with the IRS and a copy is sent to the contractor so they can file the income on their tax return.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Who is considered an independent contractor?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How do you tell the difference between contractors and employees?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contractors provide services without being bound by the requirements of an employee. They can set their hours, use their own tools, refuse work, and complete work in their preferred way. They are also responsible for their health insurance and retirement accounts and submitting their taxes in the form of business taxes or self-employment taxes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees, on the other hand, must abide by set business hours, use the company\u2019s tools and strategies to do their work, and are usually provided health insurance and retirement accounts. Employees are issued W-2 forms, which report their wages paid with tax withholding for payroll taxes.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Do you need a W-9 to issue a 1099?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No, you do not need to get a W-9 to issue a 1099, as long as you can obtain a tax ID number or SSN from the individual (which ","marks":[],"data":{}},{"nodeType":"text","value":"is","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" required to issue a 1099). However, ","marks":[],"data":{}},{"nodeType":"text","value":"to shield your business from any penalties related to reporting false tax information","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", it is best to ","marks":[],"data":{}},{"nodeType":"text","value":"request that your contractors complete an IRS form W-9 themselves","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and send it back to you. This way the onus falls on them to supply you with accurate and up-to-date information.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Types of 1099s\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are many different types of 1099 forms, each used for a different type of income.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most popular is Form ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-nec"},"content":[{"nodeType":"text","value":"1099-NEC","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":", which is required for all contractors that earn more than $600 in a financial year. As a small business owner, this is likely the form you\u2019ll deal with the most often. But here are some of the other 1099 you may run into:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-int"},"content":[{"nodeType":"text","value":"1099-INT","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to report interest earned in the tax year to the IRS.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-div"},"content":[{"nodeType":"text","value":"1099-DIV","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to report dividend income earned in the tax year to the IRS.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-g"},"content":[{"nodeType":"text","value":"1099-G","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to register money received from governments.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-r"},"content":[{"nodeType":"text","value":"1099-R","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" is used to report distributions or payouts from a pension or retirement account, as well as annuities and life insurance payouts.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-b"},"content":[{"nodeType":"text","value":"1099-B","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" reports income from securities or property handled by a broker, such as the sale of stocks, commodities, and other securities.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-s"},"content":[{"nodeType":"text","value":"1099-S","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" reports income from real estate transactions during the tax year.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-1099-misc"},"content":[{"nodeType":"text","value":"1099-MISC","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" form is a catch-all for income that doesn\u2019t fit into any other 1099 category.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Who is responsible for remitting the taxes?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owners are responsible for sending a copy of each required 1099 form to the respective entity or individual. However, the business owner is not responsible for tax remittances. The individuals who received payment (and the associated 1099s) are responsible for remitting their own taxes.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, there are some circumstances where the payer (i.e., the business owner that pays the contractor fee) ","marks":[],"data":{}},{"nodeType":"text","value":"is","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" required to withhold 24% of the payment. This is known as \u201cbackup withholding.\u201d In this situation, the backup withholding requirement should be noted on the W-9 form by the payment recipient (i.e., the contractor) so the business owner knows to withhold 24%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"If you\u2019re the payer responsible for backup withholding, you are ","marks":[],"data":{}},{"nodeType":"text","value":"also","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" responsible for reporting that 24% to the IRS on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/forms-pubs/about-form-945"},"content":[{"nodeType":"text","value":"Form 945","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and sending the withheld money to the IRS. These payments typically follow a schedule similar to payroll taxes (those reported on Form 941), which means you\u2019ll be making monthly or semi-weekly deposits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Backup withholding comes into play if:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The individual did not provide a correct Taxpayer Identification Number (TIN) on their W-9 form.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The contractor did not certify their TIN.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The TIN is incorrect according to the IRS.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IRS tells the contractor their income payments are subject to backup withholding because they didn\u2019t report interest and dividends on their tax return.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tips for submitting 1099 tax forms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you know more about W-9s and 1099s, here you\u2019ll find some helpful tips for submitting 1099 forms to ensure the right ones get to the right people.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, you should know that you\u2019ll receive multiple copies of the 1099 form (up to 5), with each one meant for a different recipient.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy A","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is meant for the IRS","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy B","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is meant for the recipient (i.e., the payee)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy C","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" will stay with you for record-keeping","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is meant for the state tax agency","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Copy 2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is also meant for the recipient","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Here are the steps in which you should approach W-9s and 1099s:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. ","marks":[],"data":{}},{"nodeType":"text","value":"Collect a W-9 from each contractor","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" at the beginning of your relationship. Don\u2019t wait until the end of the year to see if they\u2019ll earn more than $600. ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: Relay allows business owners to automatically request a W-9 directly from your banking dashboard. Contractors will get an email and be prompted to input their information, meaning you\u2019ll never have to worry about inputting the wrong information yourself!","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. ","marks":[],"data":{}},{"nodeType":"text","value":"When tax season comes around","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", be sure that you are using the most recent tax year 1099 form, which can be filed by mail or electronically. ","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip: If you use Relay as your business bank, you can ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360058896132-Requesting-Payment-Information-from-Payees#h.flt8fuyinmmc"},"content":[{"nodeType":"text","value":"export all your 1099 data","marks":[{"type":"underline"},{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":" into a CSV at year-end and bulk upload it into Track1099, Tax1099, QuickBooks or Xero \u2014 saving a ton of time and manual entry during tax season.","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5Oz1l7aAsp6nL0ba4MHKRC","type":"Asset","createdAt":"2022-09-16T19:57:07.081Z","updatedAt":"2022-09-16T19:59:20.359Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":13,"revision":2,"locale":"en-US"},"fields":{"title":"Run W-9 Report Directly in Business Banking to Speed Up Tax Season","description":"Run W-9 Report directly in business banking to speed up tax season.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5Oz1l7aAsp6nL0ba4MHKRC/76419e1af31e1d5a31d5bbaa7bd778a8/Run-W9-Report-Tax-Season.png","details":{"size":355209,"image":{"width":3048,"height":1732}},"fileName":"Run-W9-Report-Tax-Season.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5beUwtneeQ0R6J3HkHYItz","type":"Asset","createdAt":"2022-09-16T19:58:42.588Z","updatedAt":"2022-09-16T19:58:52.658Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":18,"revision":3,"locale":"en-US"},"fields":{"title":"Run W-9 Report In Relay","description":"Easily run W-9 Report In Relay and export all your 1099 data into a single CSV to upload it into your accounting software.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5beUwtneeQ0R6J3HkHYItz/4fcbe2f6d97068a56aef8bf41eb34b76/Run-W9-Report-Relay.png","details":{"size":114728,"image":{"width":1164,"height":780}},"fileName":"Run-W9-Report-Relay.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3.","marks":[],"data":{}},{"nodeType":"text","value":" Fill out each 1099 form","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" using the information from the individual\u2019s W-9 form - their legal name, address, Taxpayer Identification Number or Social Security Number.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. ","marks":[],"data":{}},{"nodeType":"text","value":"Calculate","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" the total income you paid them during the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5. Submit Copy A to the IRS.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6. Submit Copy B and Copy 2 to the taxpayer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"7. Submit Copy 1 to your state tax department (if applicable)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"8. Keep Copy C for your records.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Important IRS dates & penalties","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The due date for sending Form 1099 to the IRS and your contractors is January 31 the following the tax year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If not filed or filed late, the following late penalties can be incurred:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$50 if filed within 30 days","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$100 if filed more than 30 days late but before August 1","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$260 if filed on or after August 1, which is the same penalty if you do not file a 1099 at all","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to automatically collect W-9s with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having a W-9 on file for everyone you pay non-employment income to is important. With Relay, you can easily collect W-9 information from contractors with just one click.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When\u2019s the best time to collect W-9 forms from your contractors? ","marks":[],"data":{}},{"nodeType":"text","value":"When you\u2019re paying them.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think about it: you\u2019ve just started the relationship, and they\u2019re already eager and excited to get paid, so having to fill out a form alongside getting their pay seems like an easy task. 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Best of all \u2014 they\u2019ll need to upload their W-9 before they can get paid, making sure that you will actually get those forms back.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And when it comes time for tax season, you can export all of your collected W-9s as a CSV and upload them into ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/xero"},"content":[{"nodeType":"text","value":"Xero","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/integrations/quickbooks"},"content":[{"nodeType":"text","value":"QuickBooks Online","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to generate 1099s for each of your payees. That\u2019s hours of manual data entry work saved and avoided stress.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Get organized for tax season with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a way to simplify contractor payments \u2014 both while you\u2019re making them and at year-end, consider opening a free Relay account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is business banking built to keep you on the money, so you can understand exactly what you\u2019re earning, spending and saving and make the smartest decisions for your business. If you want better business banking, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"apply for a Relay account","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" online (it takes 10 minutes).","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1663362118564,"customDate":1663362118564,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"same-day-ach","title":"Same-Day ACH: Everything You\u2019d Ever Want to Know ","description":"Same-day ACH has been a gamechanger for businesses and consumers alike, allowing us to move money and settle payments faster than ever before. 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","popular":false,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4FMQogwAAE7nqzbKEYI5jx/72cf37d641ec0d055d45e40bd2644dbb/CC_-__Same_Day_ACH_-_1920x1080.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From paying your employees, to paying your bills online \u2014 the Automated Clearing House (ACH) payments are just about everywhere.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And not too long ago, the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/"},"content":[{"nodeType":"text","value":"National Automated Clearing House Association","marks":[],"data":{}}]},{"nodeType":"text","value":" (NACHA) rolled out same-day ACH payments. These payments allow money to flow from one bank account to another with same-day processing, allowing for faster settlement times for payments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having the option for faster payments using same-day ACH has drastically improved things for businesses and consumers alike. If you bank with us here at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", you have the option of sending either same-day or next-day ACH payments, so we put together an overview of everything you need to know about this payment method.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article, we\u2019ll cover:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-ach"},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-does-ach-work"},"content":[{"nodeType":"text","value":"How does ACH work?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#ach-payment-processing-timelines"},"content":[{"nodeType":"text","value":"ACH payment processing timelines","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-using-ach-over-other-payments"},"content":[{"nodeType":"text","value":"Benefits of using ACH over other payments","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-implementation-of-same-day-ach"},"content":[{"nodeType":"text","value":"The implementation of same-day ACH","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#benefits-of-same-day-ach-processing"},"content":[{"nodeType":"text","value":"Benefits of same-day ACH processing","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#send-same-day-ach-transactions-with-relay"},"content":[{"nodeType":"text","value":"Same-day ACH transactions with Relay","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive in. \ud83d\udc47 ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is ACH?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH, or Automated Clearing House, was established to allow different banks to transfer funds electronically. It is ","marks":[],"data":{}},{"nodeType":"text","value":"an electronic batch processing system","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that banks, such as the Federal Reserve banks and other financial institutions, use to bundle transactions for processing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ACH network, governed by the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/"},"content":[{"nodeType":"text","value":"National Automated Clearing House Association","marks":[],"data":{}}]},{"nodeType":"text","value":" (NACHA), is used for many direct deposit and payment transactions, such as payroll and bill payments. However, until same-day ACH was introduced, the funds would take a few days to settle.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cSettling\u201d is the process of banks matching their debits and credits between each other, in bulk. When the numbers match, these financial institutions settle what they owe each other at once. This is done in bulk because matching every single payment individually would make the cost of payment processing prohibitively expensive. Because of this bulk matching, ACH payments are cheaper than other types of transactions.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What\u2019s the difference between ACH and same-day ACH?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same-day ACH simply means that banks settle payments multiple times per day, whereas regular ACH payments are settled at multiple points throughout the week.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How does ACH work?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a basic level, a single ACH transaction is simply an electronic file that contains some information. This includes things like the amount, where the transaction comes from, where it\'s going, and other relevant data. Every day, numerous such files are sent from each bank (known as the \\"originating depository financial institution, or ODFI) to the ACH network.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After the ACH network has collected these files, ACH operators then rebundle and transfer them to what are known as \u201creceiving depository financial institutions\u201d or RDFIs. In plain terms, you can think of RDFIs as banks (and other financial institutions) that have agreed to adhere to certain responsibilities when it comes to accepting ACH. These responsibilities include things like ","marks":[],"data":{}},{"nodeType":"text","value":"accepting and validating received ACH entries","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"text","value":"promptly notifying originators (or ODFIs)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" about any incorrect information on entries.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ACH payment processing timelines\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ACH payments can take a few days to process \u2014 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/content/abcs-ach"},"content":[{"nodeType":"text","value":"typically one to two.","marks":[],"data":{}}]},{"nodeType":"text","value":" There are also cut-off times each day when a transfer will not be settled and processed until the next day. This processing window can also be delayed if an error code is returned, such as insufficient funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, \u201csame-day\u201d isn\u2019t instant. There are meticulous schedules for when transactions batch and settle each day. The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.frbservices.org/resources/resource-centers/same-day-ach/fedach-services-settlement-tips.html"},"content":[{"nodeType":"text","value":"Federal Reserve has a same-day ACH resource center","marks":[],"data":{}}]},{"nodeType":"text","value":" that details posting times (when funds move) for various types of ACH transactions. Cut-off times may also vary depending on both the originating and accepting institution.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the cut-off times for different types of payments for Relay customers as an example:","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Outgoing Transaction Type","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cut-Off Time","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Est. 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Approximately 2-5 business days","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check sent by mail","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3:00 p.m PST /","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6:00 p.m. EST","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"8-10 business days","marks":[],"data":{}}]}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of using ACH over other payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, why would you want to send ACH payments over something else?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower transaction costs ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-to-business-ach"},"content":[{"nodeType":"text","value":"Business-to-business ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" payments are one of the most cost-effective payment methods and can help merchants save on their processing fees. ACH payments vary by processor and bank but usually cost under $1, regardless of the amount paid. (Though you pay more for same-day ACH.) In comparison, credit card transactions cost around 2% of the payment amount and wire transactions can cost between $10 to $35 per transaction.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reduced payment failures ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 Credit cards can easily be lost, stolen, or expire, so setting up electronic ACH payments reduces the risk of any payment failure. Once account numbers are set up correctly, all transactions go through except in the event of insufficient funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014ACH payments are more secure than manual transactions due to both parties setting up recurring payments rather than requesting payment information each time. For instance, when you direct deposit employee pay via ACH, instead of a paper check, you save yourself the time and potential error of manually writing a check during each pay period. ACH also mitigates many common security issues such as misused credit card information, wire transfers sent to the wrong recipients, and cash theft.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recurring transactions ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014Recurring transactions are convenient for both parties and can help automate and speed up accounts payable. Customers don\'t have to worry about missing a payment, and businesses don\'t have to constantly remind customers to pay.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The implementation of same-day ACH","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2016, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/content/history-nacha-and-ach-network"},"content":[{"nodeType":"text","value":"NACHA debuted same-day ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" credits and in 2017 introduced same-day ACH debits. Suddenly, businesses were able to send up to $25,000 across the United States in one day.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2020, the same day ACH dollar limit per transaction rose from $25,000 to $100,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fast forward to 2022 and ACH payments are settled four times each business day, with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.nacha.org/news/same-day-ach-payment-limit-increase-1-million"},"content":[{"nodeType":"text","value":"transaction limit of $1 million","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ACH network keeps getting better to meet the needs for fast and efficient payments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Benefits of same-day ACH processing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same-day ACH services haven\u2019t been around for very long, but they\u2019ve already significantly impacted how people manage their finances. You likely regularly use ACH, but how does this same-day transaction method benefit business owners like you further?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improve cash flow forecasting and ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow management ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":"\u2014 Many small businesses rely on fast settlement windows on invoice payments to improve cash on hand. If you\u2019re stuck in net 30-90-day payment terms, liquidity is an issue. Setting up ACH agreements with clients reduces the need for interest-bearing funding (lines of credit, credit cards, etc.). 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Faster account-to-account transfers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 If you use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/multiple-bank-accounts-budgeting"},"content":[{"nodeType":"text","value":"multiple bank account budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":", ACH improves reporting accuracy. Companies who move money from a primary account to a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-are-sub-accounts"},"content":[{"nodeType":"text","value":"sub-account","marks":[],"data":{}}]},{"nodeType":"text","value":", or pay a credit card bill, want their accounts to reflect these transactions as quickly as possible.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High transaction limit","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 Service-based businesses sometimes have 5 and 6-figure transactions, incoming and outgoing. Getting same-day settlement can improve cash flow significantly. And having the option to send same-day payments to your vendors can sometimes help you avoid hurting those vendor relationships.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reduce cost for expedited payments ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"\u2014 Same-day ACH saves you money when you need a payment to reach someone ASAP. For instance, if you really need to get material headed your way, sending the vendor a same-day ACH is much cheaper than other forms of payment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Same-day payroll","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \u2014 Where would you be without your team? Small business employees who know that money will hit their accounts on payday is an important element of trust and job security. Same-day ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/payroll-ach"},"content":[{"nodeType":"text","value":"payroll ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" helps you ensure that your team gets paid on time.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Send same-day ACH transactions with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for a business banking solution that lets you send same-day ACH payments and gives you full control over your day-to-day money management, consider trying out ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is an online banking and money management platform built to keep small business owners on the money, and make sure you understand exactly what you\u2019re spending, earning and saving. You can apply for an account online in as little as 10 minutes: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register?"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1663358385883,"customDate":1663358385883,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":["category-payments"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-safe-is-online-banking","title":"How Safe Is Online Banking?","description":"Online banking is more convenient, gives you more features, and is less expensive compared to traditional banking. But is it safe? \ud83e\uddd0 It\u2019s a smart question when your money\u2019s on the line \u2014 and it\u2019s one we hear often. So let\u2019s try and settle it.","metaTitle":"How Safe Is Online Banking? | Relay","metaDescription":"Is online banking safe? It\u2019s a smart question when your money\u2019s on the line \u2014 and it\u2019s one that we get asked often at Relay. 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But first, it\u2019s helpful to think about why these questions arise in the first place. To do this, we can use a simple framework.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The convenience-security framework","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security is never black or white \u2014 it exists on a spectrum. And whenever we try to make something more secure, we tend to give up something else. Usually, we give up convenience.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4C3IKPwOOq75mO3vYDoCm4","type":"Asset","createdAt":"2022-10-05T18:39:25.672Z","updatedAt":"2022-10-05T18:39:25.672Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Is Online Banking Safe? Security vs Convenience Matrix - Relay","description":"Is Online Banking Safe? Security vs Convenience Matrix - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4C3IKPwOOq75mO3vYDoCm4/1b02e5d25b265ceb0c991dfb73b0c72e/Secury_vs_Convenience_Matrix_-_Relay.jpg","details":{"size":686386,"image":{"width":1920,"height":1972}},"fileName":"Secury vs Convenience Matrix - Relay.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We can use passwords to illustrate this. Re-using the same password for every login is very","marks":[],"data":{}},{"nodeType":"text","value":" convenient.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" After all, you only need to remember one thing! But the obvious trade-off is that re-using your password is about as","marks":[],"data":{}},{"nodeType":"text","value":" insecure","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" as you can get. So to improve security, we could start using unique, strong passwords for everything. Or we could turn on two-factor authentication. Each measure would make us more secure, but we would give up some degree of convenience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most people understand this \u201cconvenience vs. security\u201d trade-off ","marks":[],"data":{}},{"nodeType":"text","value":"intuitively","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". So when you consider moving your business banking online \u2014 a much more convenient way of managing money \u2014 it\u2019s natural to wonder if you\u2019re compromising security.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well, are you?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is online banking safe?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yes, online banking is safe. \ud83d\udd10 Digital banking platforms want to protect your money, and most accounts are FDIC-insured. On top of that, online banking platforms invest heavily in cybersecurity to protect their users. And in many cases, online banking features give you more security than you get with a traditional bank. Let\u2019s briefly touch on why this may be the case.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking at data from the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://2fa.directory/us/#banking"},"content":[{"nodeType":"text","value":"2FA Directory","marks":[],"data":{}}]},{"nodeType":"text","value":", which tracks institutions that offer two-factor authentication (2FA), we can estimate that ","marks":[],"data":{}},{"nodeType":"text","value":"roughly 22% of major US banks don\u2019t yet offer 2FA protection","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". So while most major banks have caught up to the importance of 2FA, about a fifth still haven\u2019t. This may mean your bank account is less secure than Gmail.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most online banking platforms ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/9208835879700-Using-SMS-Two-Factor-Authentication-2FA-"},"content":[{"nodeType":"text","value":"come with 2FA","marks":[],"data":{}}]},{"nodeType":"text","value":", which is enabled by default in Relay\u2019s case. But online banking also gives you much greater control and lets you respond to security breaches quickly. We\u2019ll take a look at how this contrasts with traditional banking next.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Comparing online banking security vs. brick-and-mortar bank security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you pit online banking security against traditional bank security head-to-head, digital banking takes the edge. The unfortunate truth is that ","marks":[],"data":{}},{"nodeType":"text","value":"many traditional banks achieve security by inconveniencing their customers","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". A typical example is having to physically travel to a branch if your account ever gets locked. (In some cases, this may mean ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/How-banking-with-Relay-helps-Salma\'s-remote-clients-avoid-month-long-delays"},"content":[{"nodeType":"text","value":"flying across the Atlantic","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".) Here\u2019s a high-level overview of how the two types of institutions stack up:","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security feature","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banks*","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional banks","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FDIC insurance","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liability protection on cards","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multi-factor authentication","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udfe1","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Separate expense and reserve accounts","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26d4","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business owner has direct control over cards","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26d4","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaborate on banking securely, without sharing login details","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u26d4","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Customer support","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Phone, Email, Chat","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Phone, In-person","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"* Exact features may vary platform-to-platform. For the purpose of this comparison, features available to ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"},{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" customers are used as a stand-in for online banking.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now, let\u2019s take a look at each security feature in more depth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Member FDIC insurance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve probably heard that you should only ever put your money into an FDIC-insured account. It\u2019s good advice. But what does it ","marks":[],"data":{}},{"nodeType":"text","value":"actually","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" mean?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FDIC insurance protects you, the account holder, in the case of a bank failure. If your bank runs out of money or files for Chapter 11 bankruptcy and you cannot withdraw your money, ","marks":[],"data":{}},{"nodeType":"text","value":"the FDIC will reimburse you for any losses up to $250,000","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to understand that FDIC insurance protects you from bank failure, but nothing else. It was established back in 1933 by President Roosevelt \ud83e\uddd1\u200d\u2696\ufe0f to increase the confidence and stability of financial institutions after numerous banks ran out of money during the Great Depression.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most banks nowadays come with FDIC insurance, and most consumers expect it. However, banks are not ","marks":[],"data":{}},{"nodeType":"text","value":"required","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" to have FDIC insurance by law, so it\u2019s best to do your due diligence and check if yours is insured. All Relay accounts, for example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360038850651-Evolve-Bank-Trust"},"content":[{"nodeType":"text","value":"are FDIC insured","marks":[],"data":{}}]},{"nodeType":"text","value":" through our partner institution, Thread Bank \u2014 which means your money is protected if you bank with Relay.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Liability protection on cards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If someone steals your debit card and goes on a spending spree \u2014 are you on the hook for the charges? ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.mastercard.com/global/en/personal/get-support/zero-liability-terms-conditions.html"},"content":[{"nodeType":"text","value":"Liability protection","marks":[],"data":{}}]},{"nodeType":"text","value":" means you won\u2019t be, as long as you\u2019ve taken reasonable care in protecting your card and promptly notified your financial institution about any loss or theft.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should expect to have liability protection on your cards with most banks, whether traditional or digital. All ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" cards, \ud83d\udcb3 for example, come with Mastercard\xae Zero Liability Protection, which applies to any purchases \u201cmade in the store, over the telephone, online, or via a mobile device and ATM transactions.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Multi-factor authentication","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re likely already familiar with multi-factor authentication (MFA), also known as two-factor authentication (2FA). If you\u2019ve ever been sent a 6-digit code over SMS while logging into your email account, you\u2019ve used 2FA.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2FA is the number one way to protect your account. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.microsoft.com/security/blog/2019/08/20/one-simple-action-you-can-take-to-prevent-99-9-percent-of-account-attacks/#:~:text=By%20providing%20an%20extra%20barrier,percent%20of%20account%20compromise%20attacks."},"content":[{"nodeType":"text","value":"According to Microsoft","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"turning on 2FA can stop over 99% of account compromise attacks","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udcaa  Often, 2FA may be the only thing standing between you and a cyberattack because, in many cases, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://techcommunity.microsoft.com/t5/microsoft-entra-azure-ad-blog/your-pa-word-doesn-t-matter/ba-p/731984"},"content":[{"nodeType":"text","value":"even a strong password isn\u2019t enough to protect you","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is why all Relay accounts come with 2FA by default.","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We hope that by now it\u2019s clear that when it comes to standard protections like FDIC insurance, liability protection on cards and 2FA, ","marks":[],"data":{}},{"nodeType":"text","value":"online banking is just as safe as traditional banking","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". But let\u2019s go beyond the basics to see why online banking might actually be the ","marks":[],"data":{}},{"nodeType":"text","value":"more","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" secure option.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"When online banking is more secure than traditional banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Digital banking platforms like Relay are built to give you complete control of how you manage your money. As a result, you also have more ways to protect your account and respond to potential threats. Let\u2019s dive into each.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Multiple checking accounts keep your information secure","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike most traditional banks, Relay, for example, lets you open up to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/product"},"content":[{"nodeType":"text","value":"20 free business checking accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"separate your funds","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" into dedicated income, \ud83d\udce5 expense \ud83d\udce4 and reserve \ud83d\udcb0 accounts. It may not be immediately obvious, but ","marks":[],"data":{}},{"nodeType":"text","value":"one benefit of having multiple checking accounts is increased security","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How is that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Say your account and routing number get exposed, and you are targeted with ACH fraud. If that account number is just one of many and holds a limited amount of funds \u2014 your exposure is minimized. After all, ","marks":[],"data":{}},{"nodeType":"text","value":"the attackers have no idea what your other account and routing numbers might be","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". However, ","marks":[],"data":{}},{"nodeType":"text","value":"everything","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" is compromised if you\u2019re storing all your funds in a single account and your information ends up in the wrong hands.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Full card control helps respond to threats quickly \ud83c\udfc3\ud83d\udca8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Online banking gives you better control over your cards than traditional banking, which also means better security. Relay, for example, lets you issue multiple cards on the go, \ud83d\uddc2 adjust spending limits in a few clicks, \ud83e\udd33 and instantly freeze a card \ud83d\ude45 if it\u2019s ever compromised.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2757\ufe0f This ability to lock cards instantly can be ","marks":[],"data":{}},{"nodeType":"text","value":"critical","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", as illustrated by the story of Madeline Pratt ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"discovering employee fraud","marks":[],"data":{}}]},{"nodeType":"text","value":" in her business. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"Read more here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below are the key things to know about how Relay cards.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can issue multiple cards. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Assigning cards for dedicated expenses will limit where and how you expose your card numbers. So even if one is compromised, others stay safe.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can change spending limits on the fly.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay lets you ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/4402294581012-How-to-Set-and-Edit-Debit-Card-Transaction-Limits-in-the-Relay-App"},"content":[{"nodeType":"text","value":"update your card spending limits","marks":[],"data":{}}]},{"nodeType":"text","value":" through the website or mobile app and have the new spending limit take effect instantly.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can change your PIN remotely.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You shouldn\u2019t have to visit a branch or wait on hold with someone to update your PIN code. With Relay, you can do this remotely.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can instantly freeze cards.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you ever need to secure your card for any reason, you can do it instantly using Relay\u2019s web portal or mobile app.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Role-based logins let you collaborate \ud83d\ude4c on banking securely","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, ","marks":[],"data":{}},{"nodeType":"text","value":"you\u2019ll eventually need to give banking access to a team member","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". It might be your accountant, \ud83e\uddd0 your lawyer \ud83e\uddd1\u200d\ud83d\udcbc or your administrative assistant, \ud83e\udd13 but you\u2019ll want to collaborate on banking with someone eventually.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banking platforms like Relay let you do this securely \u2014 with support for multiple users and role-based permission levels you can control. ","marks":[],"data":{}},{"nodeType":"text","value":"Most traditional banks, on the other hand, were built with just one user in mind","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". As a result, they lack collaboration features and leave you in the tough position of having to share your personal login information with anyone who needs access. \ud83d\ude30","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Customer support that puts you first","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fraudsters and security incidents don\u2019t follow a predictable 9 to 5 schedule, and digital-first companies understand this better than anyone. It\u2019s why here at Relay, we provide support through phone, chat and email \u2014 extending support outside regular business hours when needed. And we\u2019re proud to say that our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ca.trustpilot.com/review/relayfi.com"},"content":[{"nodeType":"text","value":"4.5 Trustpilot score","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" reflects this commitment to our users.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bank with Relay for better security","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We hope this overview gives you a fresh perspective on the role security plays in online banking, and why online banking is at least as secure as traditional banking \u2014 if not more so.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6hAispLAA26GzUd3lZgYXY","type":"Asset","createdAt":"2022-09-16T19:23:00.492Z","updatedAt":"2022-09-16T19:23:00.492Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Chart comparing online banking safety vs traditional bank safety - Relay","description":"Chart comparing online banking safety vs traditional bank safety - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6hAispLAA26GzUd3lZgYXY/3330a65c4955bc583f4d03d07a0332fb/Chart_comparing_online_banking_safety_vs_traditional_bank_safety.jpg","details":{"size":465091,"image":{"width":1920,"height":1350}},"fileName":"Chart comparing online banking safety vs traditional bank safety.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you want to switch to online business banking, we\u2019d love to have you at Relay! We\u2019re *truly* built to keep business owners on the money with unparalleled clarity into exactly what you\u2019re earning, spending and saving. You can apply for a free, FDIC-insured* and 2FA-enabled account ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"in just 10 minutes here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*FDIC insurance provided by Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. 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It took only a few minutes. \u23f3 Solving the same issue through her traditional bank, however, took Madeline over a week. \ud83d\ude25","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Account fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s hard to talk about digital banking without talking about fees \u2014 or rather, lack thereof. 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So, what\u2019s better for you? Let\u2019s summarize the pros and cons of digital and traditional banking.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Pros and cons of digital banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Neobanks win out when it comes to account fees, convenience, integrations, and collaboration features. 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The options range from sole proprietorships all the way to large corporations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of account minimums, Chase\u2019s lowest balance required is $2000, a solid alternative for the smaller businesses, especially those affected by Brex moving upmarket.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chase also provides clear-cut requirements and online applications, which makes qualifying and applying for an account a reasonable process. However, potential account holders must provide their personal social security number for all business accounts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex does not aim to serve every small business out there. In fact, they evaluate each application on a one-on-one basis. 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However, the trade-off is a serious bump up in cash requirement for qualifying.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Ramp is not a bank, \u201cqualifying\u201d pertains to getting credit. Ramp will only work with incorporated (and LLC) registered businesses in the United States with at least $75,000 in cash. If you don\u2019t have that amount in cash reserves, Ramp (unfortunately) isn\u2019t an option.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you qualify for a Ramp card, you\u2019ll have access to all of the other products (spend control, real-time budgets reporting, and so on).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex also doesn\u2019t require a social security number when applying for a bank account and corporate credit cards. 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Brex is a bank with a range of spending tools.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex uses automation, syncing with your accounting software for automatic tracking. It\u2019s a bit easier, since it\u2019s coming from a Brex bank account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, the biggest focus of both Brex and Ramp is on expense management for large teams (again, going upmarket).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In larger organizations, those spending the money aren\u2019t those in charge of the bottom line. A good example would be a company with 100+ employees, multiple departments, or even multiple entities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each department (or entity) likely needs to spend without direct approval from an executive. These organizations require comprehensive card issuance and expense policies to ensure everyone gets what they need, with detailed controls on the purse strings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With most small businesses, the owner and management team understands who\u2019s spending the money \u2014 if they\u2019re not directly involved in the purchase.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The level of accounts payable management at Brex and Ramp leans toward the larger organizations, possibly more complex than many SMBs even need.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"31jWlM3R5P9UPuei8gaRQA","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83c\udd9a Verdict: Which expense management alternative is right for you?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Brex and Ramp are both expense management alternatives for SMBs that far exceed the flexibility that traditional banks offer.\xa0Who\u2019s a better choice? It depends on the needs of your business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a venture-backed startup looking to IPO in the not-too-distant future, Brex offers both business banking and expense management tools to help your business stay on top of your finances.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\'re a small business with fewer than 100 employees, looking for expense management and easy access to corporate cards, Ramp is a sound option. However, you\u2019ll need a large cash reserve of nearly 6-figures to ensure compliance with their $75,000 minimum.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Relay: Online banking that puts you in control of your cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What if you\u2019re a small business focused on improving cash flow, but don\u2019t have a lofty cash reserve, venture funding or hundreds of employees?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unfortunately, with Brex you may not make it past the onboarding review. And even if you have the $25,000 required by Ramp, you still won\u2019t have your banking, cards, and spend controls all in a single login.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If this sounds like your situation, consider Relay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our modern banking solution is an FDIC-insured* banking platform, allowing our users to create up to 20 no-fee checking accounts and grant greater control of cash inflows and outflows. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*FDIC insurance provided by Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for an online banking solution that puts you in control of your cash flow, check out Relay \u2014 you can\xa0","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up here","marks":[],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1660678793227,"customDate":1660678793227,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"brex-vs-divvy","title":"Brex vs. Divvy: Comparison of Expense Management Tools","description":"Brex is a popular online business banking solution that\u2019s recently made a move toward medium-sized businesses (or larger). 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However, both companies attempt to keep users on their respective platforms by providing most of the tools necessary.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Divvy puts a big emphasis on its ability to have customizable spending limits on employee cards and has other complementary tools to help enforce budgets and gain natural time intelligence.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Cashback and rewards","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex and Divvy take similar approaches when it comes to their cashback and rewards programs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both platforms have a points system where you can accumulate points over a given period and trade them in for discounts or other promotions. Additionally, they both offer a series of discounts from popular vendors such as Amazon Web Services, major hotel chains, restaurants and car rental companies.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this regard, it seems that you would be getting something very similar from both of these SMB expense management solutions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd01 Accounts payable management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The two companies have different approaches when it comes to accounts payable maangement. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Divvy\u2019s accounts payable management is handled by ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://bill.com/"},"content":[{"nodeType":"text","value":"Bill.com","marks":[],"data":{}}]},{"nodeType":"text","value":", their parent company, which is a full-fledged account payable management software. You get customizable automation functions as well as seamless integration with your accounting tech stack. However, the pricing aspect is not clear since Bill.com has a different pricing structure than Divvy, so you may have to pay additional fees.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex does not have accounts payable automation, but rather focuses on streamlining expense management for team members at larger organizations. Businesses can create expense policies for employees, send unpaid invoices to Brex via email, and employees can request the ability to make purchases, increase limits on cards or issue vendor-specific cards. Plus, they\'re developing new spend management tools that are currently being tested. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83c\udd9a Verdict: Which expense management alternative is right for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a small business with 1 to 100 employees, have a bank account you like, and you\u2019re looking to build your company\u2019s credit score \u2014 Divvy is the clear winner between the two.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, if you have VC executives who want detailed reports and a comprehensive financial tracking system (and you meet the requirements) Brex could be the right option.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if you\'re neither? Then consider an online banking and money management platform like Relay. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Cash flow management with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As many as 60% of all small businesses report having a cash flow issue at some point in their company\u2019s history. Relay solves this by providing an online banking and money management platform to help small businesses understand precisely what they\'re earning, spending and saving. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you\'re looking for common sense spend controls or the ability to create virtual cards that allow you to free up some decision-making to your small team, Relay helps your business get crystal clear on your cash flow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re a digital-first banking platform offering small businesses easy, yet powerful expense management, spend controls, employee cards, and multiple bank accounts \u2014 for free. Relay is FDIC insured via Thread Bank. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Take a closer look at Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1660678900770,"customDate":1660276800000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-split-profits-small-business-partnership","title":"How to Split Profits in a Small Business Partnership","description":"Deciding how to split profits can be an uncomfortable task. But with the right plan in place, you can split profits in a small business partnership both fairly and effectively. ","metaTitle":"How to Split Profits in a Small Business Partnership | Relay","metaDescription":"Are you considering a business partnership? Find out how to split profits in a small business partnership both fairly and effectively.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2K5u3MzwmM9UQBmyRIHjZe/06f0f4d1ace55fac96881faf3e1f51cb/Relay_Updates_Blog_Header_-_How_to_Split_Profits_in_a_Small_Business_Partnership.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When starting a business, roughing it alone can sound overwhelming. That\u2019s why many choose to go into business with a partner \ud83e\uddd1\u200d\ud83d\udcbc+\ud83e\uddd1\u200d\ud83d\udcbc. Having a partner means you\u2019re able to share responsibilities, unloading the weight of running an entire business yourself. But with partnerships comes their own challenges. The number one? Deciding how to share profits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deciding how to split profits can be an uncomfortable task. But with the right plan in place, you can be sure your profit-sharing agreement is both fair and simple.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re sharing tips on how to split profits in a small business partnership so you can better take control of your money. After all, we\u2019re in the sharing mood! So whether you\u2019re a new business or a sole proprietorship thinking about switching to a business partnership, let\u2019s dig in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is partnership profit sharing? \ud83e\udd1d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partnership profit sharing is the method of deciding how to split your business profits between partners. In a business partnership, you get to decide how you split the profits but all partners must agree on a profit-sharing ratio. You can choose to split the profits equally, or each partner can receive a different base salary and the remaining profits will be distributed evenly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you form an equal partnership (50/50) between two people, both co-owners must approve the final profit-sharing agreement. But if you have an uneven partnership ratio, the partner with the majority share in the business will make the final decision regarding profit-sharing ratios.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whatever ratio you decide on, you\u2019ll need to create a formal partnership agreement to document everything in writing. But first, let\u2019s look at some aspects to consider when deciding on the right profit-sharing ratio.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to consider when deciding on profit sharing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before making a partnership profit-sharing decision, there are a few components that you should consider in order to ensure the profit split is fair:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider how many partners are involved in your business. Are there two, three, or more people?\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What are everyone\'s roles and responsibilities? Do some partners contribute more than others? Are all roles equally compensated?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How are the company\'s shares and ownership distributed? If there are two partners, the profit share is likely to be divided equally. Or, does one person have majority ownership and authority?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Asking yourself these questions will help you understand how each partner contributes to the business which will inform splitting profit fairly. But how exactly can you do that?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to split profits fairly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number one thing to consider when splitting profits is how to do so fairly so all parties involved feel accurately compensated. Each partner must agree on a ratio before documenting it in writing. Follow these four steps to ensure you split profits in a business partnership fairly.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. \ud83d\udcc2 Determine the type of partnership","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before making any business decisions about splitting profits with your partners, you\u2019ll need to create a business partnership agreement. This includes deciding on the type of business you want to create.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your business structure affects how you pay taxes, your ability to raise money, the paperwork you file, and, most importantly, your personal liability. The two most likely ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.sba.gov/business-guide/launch-your-business/choose-business-structure"},"content":[{"nodeType":"text","value":"business structures","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" you\u2019ll decide between are a limited partnership or a limited liability partnership.\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Limited partnership (LP)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Limited partnerships, also known as general partnerships, have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner \u2014 the partner without limited liability \u2014 must also pay self-employment taxes.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Limited liability partnership (LLP)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each limited partner from debts against the partnership, they won\'t be responsible for the actions of other partners.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. \ud83d\udcb8 Agree on a profit-sharing ratio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trickiest part of splitting profits is deciding on a fair ratio for all parties involved. There is no one-size-fits-all answer for what a good profit-sharing ratio is for all businesses. As a general rule, if there are two people in the partnership, it\u2019s 50/50, and if there are three people, it\u2019s a \u2153 split. The biggest thing to remember is that no matter how you split your profits, the percentage must equal 100.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, imagine you have three business partners. Two partners contribute to the day-to-day business, and the third only contributes part of the time. In this case, the partners agreed to split the profits 40/40/20.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How many partners you have, what each partner does, and how much money each partner has invested will all play a factor in how you split up profits. While an equal (50/50) partnership may work for a business with two partners, other partnerships may be slightly more complicated and require that one or two partners receive more profit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. \u270d Document your profit-sharing agreement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, you\u2019ll want to document your profit-sharing agreement in writing. This may require professional help from a lawyer, although it\u2019s not legally required. The written agreement should be finished before any profits are split.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Things to include in the operating agreement include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit sharing ratio","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Include how the profits and losses will be split and how and when each partner will get paid.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contributions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The assets, whether cash, property, or equipment, each partner is contributing to the business.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Decision-making ratio","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The percent of authority each partner has when making decisions. This will likely be the same as your profit-sharing ratio.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Duties","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Outline each partner\u2019s duties and document them in the agreement.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. \u23f0 Revisit the partnership agreement annually","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the agreement is in place, it\u2019s a good idea to revisit the stipulations, at minimum, annually. After all, business dynamics and goals change rapidly. Revisiting it often will ensure that all partners remain on the same page, preventing problems and discrepancies down the road.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Partnership profit sharing example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To give you a better understanding, let\u2019s look at an example of how to split profits in a business partnership.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, let\u2019s say you started your business yourself as a sole proprietorship. Now, you\u2019re in a position to expand and need two partners, one to run the finances of the business and one to manage the employees. That leaves you to continue managing the daily duties of the business.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since you started the business yourself and manage the daily duties, you decide to start a limited partnership. This means you have unlimited liability and majority control over the company, while the other two partners have limited liability. Therefore, the profit sharing ratio is 50, 25, 25.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Owner","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partner 1","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Partner 2","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit 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startup expenses\xa0","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finance expertise","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employee expertise","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Duties","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oversees all day-to-day operations","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manages financial operations","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manages employee operations","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Business 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And, choosing the right banking tools and accounting tools is paramount to your business success. \ud83d\ude80 As a new or seasoned property manager, you may be contemplating which type of accounting software to use for your rental business needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article will dive into the options available, what property managers need in an accounting program, and a comparison between traditional accounting platforms versus dedicated property management software to see which solution is best and most effective in helping you manage your properties, tenants, and rental business. \ud83c\udfd8\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this article: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#available-accounting-tools-on-the-market-for-property-managers"},"content":[{"nodeType":"text","value":"Available accounting tools on the market for property managers","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#choosing-the-right-type-of-accounting-software-for-your-rental-management"},"content":[{"nodeType":"text","value":"The importance of choosing the right type of accounting software\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-about-paper-ledgers-and-spreadsheets"},"content":[{"nodeType":"text","value":"What about paper ledgers and spreadsheets?\xa0","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-to-look-for-in-an-accounting-software-program"},"content":[{"nodeType":"text","value":"What to look for in an accounting software program","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-to-look-for-in-a-property-management-software-solution"},"content":[{"nodeType":"text","value":"What to look for in a property management software solution","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#tips-for-finding-the-best-property-management-accounting-software"},"content":[{"nodeType":"text","value":"Tips for finding the right program for your accounting needs","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Available accounting tools on the market for property managers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Property managers have many options available to help track financial transactions but the main two are accounting software and property management software.\xa0\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Accounting software options","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the digital world of bookkeeping, accounting software can be categorized into two groups: generic accounting programs or specialized accounting software.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Generic accounting software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is designed to allow you to track income and expenses for any business type.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"General accounting software provides ledgers that track income and expense transactions and provide simple financial reports. There are many companies offering both online and offline options under the general accounting software umbrella.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whereas ","marks":[],"data":{}},{"nodeType":"text","value":"specialized accounting software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" may have components that are more tailored to a specific industry.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within a specialized accounting software, you can track rent payments and property expenses as well as separately track your rental business income and expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many general accounting programs offer upgrades to their specialized versions. For example, QuickBooks offers general accounting software but requires a significant upgrade to get access to a more specialized accounting system for property management professionals that allows the ability to toggle or simultaneously access both the rental income, expense ledgers, and your rental business operating ledgers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To learn more about the nuances of using QuickBooks exclusively for property management, check out the following resource guide.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Resource Guide:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/quickbooks-vs-property-management-software/"},"content":[{"nodeType":"text","value":"QuickBooks vs. Property Management Software","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Property management software choices","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The next level of accounting software is ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated property management software","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", also known as landlord or rental management software.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A dedicated property management software has all the same components of a good accounting program but also provides additional management tools specialized for the rental industry\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can find property management software solutions that range from very basic to an integrated full-service suite that integrates all the tools and resources a property manager may need for efficient management.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before we go into the similarities and differences between general accounting software programs versus a dedicated rental management software choice, we\u2019ll address why this choice is important and what fundamental components to look for in each.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Choosing the right type of accounting software for your rental management\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you need to travel across the country in the most efficient manner, you wouldn\u2019t choose to purchase a bicycle \ud83d\udeb2 for the journey, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead, you\u2019d take into consideration all the different vehicles that would help you make the trip safely and efficiently. You\u2019d not just look at price but also fuel efficiency, vehicle maintenance, cruise control and comfort.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same holds true when you\'re looking for the best property management accounting software for your rental needs. The right tool with the right combination of integrations and resources is vital to help you go the distance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a minimum, good accounting software will not only help you with money management by providing access to key financial reports but should also simplify other tasks like tax reporting and regulatory compliance.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What about paper ledgers and spreadsheets?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These days, hard-bound paper ledgers \ud83d\udcc3 are becoming rarer due to the use of online spreadsheets \ud83d\udcca. It is important to understand that both methods are simplistic and present inherent obstacles to landlords and property managers in tracking income and expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obstacles such as the potential for increased human error, lack of automation and regulatory compliance, difficulty in parsing information, and the like, can hinder business growth and be a source of stress and frustration.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even if you\u2019re only managing one or two properties, the same obstacles and risks are involved in managing your property\'s finances on paper or simple spreadsheets; especially when dealing with legal matters such as evictions or state or federal audits.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because paper ledgers and spreadsheets can be unreliable for meeting the important needs of a property manager, it\u2019s best to consider transitioning to a software program.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udf0a  Deep Dive:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/spreadsheets-vs-property-management-software-for-rentals/"},"content":[{"nodeType":"text","value":"Spreadsheets vs. Property Management Software for Rentals","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spreadsheets alone are not enough to handle the complexity of property management tasks and responsibilities. As a stand-alone tool to track income and expenses, a spreadsheet could be utilized but as a property management accounting tool, it lacks very important features a landlord will need.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to look for in an accounting software program","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With so many choices, having a clear idea of what to search for is helpful. When evaluating different types of software, here are some important questions to consider:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"When evaluating accounting software make sure you can:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create your own chart of accounts (income and expense categories)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sync your financial institution banking data to your accounting software for reconciliation and bill pay","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create ledgers dedicated for each tenant and each property","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Have ledgers dedicated for owner portfolios if you are managing properties for other owners","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make ledgers that match your real-world financial banking such as ledgers for savings accounts, operating accounts, credit card accounts, mortgages, loans, undeposited funds, unrecorded funds, and petty cash","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Give permission-based user access (such as to office staff, bookkeeper, and accountant)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Perform easy monthly reconciliations\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pull comprehensive and specific financial reports like cash flow statements and balance sheets","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create forms needed for tax reporting such as 1099s\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Access information needed for regulatory compliance (licensing, State Board audits, etc)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll also want to consider the security of your data. Consider using a cloud-based solution \u2601\ufe0f versus a program you load onto your computer. Cloud-based solutions offer network redundancy and additional security measures. In either case, be sure your software provides 2-factor authentication (2-FA) options, customized user permission settings, and other security measures.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What to look for in a property management software solution","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to all that was mentioned above, property management software should have the following added functionality\xa0 to meet the unique needs of property managers:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd1d ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Relationship management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relationships are the key to a successful rental business. It\u2019s easy to make your tenants and owners happy with the right tools. Look for property management software that lets you offer your tenants an online portal and mobile app so they can submit work orders, schedule and pay rent online and see their statements at a glance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you manage portfolios for other property owners, look for software that gives owners their own portal as well where they can send owner contributions, see their property and portfolio ledgers and access shared files.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcf1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Communication tools","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good property management software will have text messaging and automated and customizable email templates built into the program to help streamline day-to-day operations.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Maintenance management and tracking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check to ensure the software allows you to assign maintenance requests, send work orders to vendors and owners, prioritize repair requests, and manage all your maintenance needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce1 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Marketing vacancies","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many property management software providers let you submit your vacancies to a syndication network to get more exposure and leads. The more syndicated sites the software connects to, the greater odds you\u2019ll fill your vacancies faster. If the software offers syndication, but not lead management, it might not be a good fit for you. You should be able to save and communicate with leads directly from your software.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddc3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Document management","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From customizable forms to e-signatures, the best property management software should make document management a piece of cake.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb3 ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Online payment processing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These days, giving your tenants options on how to pay rent is a must. Your rental software should integrate with a merchant processor and cash payment network so you can accept rent payments. This one tool alone is a game-changer. Payments are automatically posted which eliminates human error, and the funds go directly to your bank account eliminating the need to make a deposit.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Other key benefits of the best property management software","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Great for cash-basis accounting","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrated tech stack\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automation\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Built-in customer relationship management (CRM)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Work order management\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dashboard for company overview","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Detailed and customizable reports","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reusable and customizable forms and leases","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Document storage\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Comprehensive tenant screening","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Automated tenant reminders and auto-responders","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Compliance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And other time-saving tools\\n","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good piece of accounting software helps you tackle financial accuracy but a great property management software will have those same accounting components as well as the tools that\'ll make running your entire rental business a breeze.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Tips for finding the best property management accounting software\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you go for a traditional accounting program or a robust property management platform, it\u2019s important to choose wisely. Here are a few tips to help you find the right fit for your rental business needs.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\udd13 Get expert advice","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may find your accountant has strong opinions about which accounting solution you should use because of their own familiarity and preferences.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember that the program you decide to use should meet your business needs first.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As long as the software has the needed financial reports your accountant may require and allows you to customize or create your chart of accounts (income and expense categories), all accounting and property management software should be able to accommodate your accountants\' needs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most landlords track income and expenses with cash-based accounting while some property management track operating expenses with accrual-based accounting. If you don\u2019t already know, ask your accountant about cash-basis versus accrual accounting before shopping for a program so you can discuss your needs with the software provider.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd2e ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Consider future goals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Check to see if the software routinely provides product updates and featured resources. You might not need or use all the tools the software provides at the start, but having them as an option for growth or to save you time and improve efficiencies is a game-changer.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude45\u200d\u2640\ufe0f ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Don\u2019t take their word for it","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Customer service and satisfaction should be priority one! It\u2019s great to check the software\u2019s website for testimonials but also read the reviews from reputable sources such as Google reviews.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udecd ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Try before you buy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most good software companies will provide a free trial. Be sure to find out if the trial removes the data after the trial ends as some providers don\u2019t allow you access to a full version or live version until after payment is received.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u2611\ufe0f Check contract terms","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should have the freedom to change software providers at any time so be careful to check if there are contract terms that lock you into a non-refundable situation.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Price point tips","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, price isn\u2019t an indicator of the quality of the product or service. Some very low-cost software providers charge much higher prices for screening, data, payment processing, and other ala-cart items. Some very expensive software providers do the same so take care to weigh the total costs against the user experience, customer service, and features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are some great software providers who opt to offer their services at very affordable rates. Additionally, they may offer discounts on tenant screening reports, unlimited data storage, and discounted and/or free payment processing if you use their software. But don\u2019t assume they do, ask about any additional fees you may incur.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to note that some contract terms can work in your favor. If you love your software provider, don\u2019t be shy to ask if they offer a pre-paid discount.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude0c ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Ease of transition","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Growth and efficiencies often require change. Consider steps you\u2019ll need to take when you inevitably change processes and systems. 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","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Many banks will charge monthly fees just to hold an account, require minimum balances to waive fees, and charge multiple fees for making payments such as ACH or wire transfers.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 ","marks":[],"data":{}},{"nodeType":"text","value":"In-person branch visits for basic banking tasks. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Many traditional banks still require you to visit the branch in order to do simple things like change signees on a business credit card or update your personal investment portfolio. 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See how ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/brex-vs-relay"},"content":[{"nodeType":"text","value":"Relay vs  Brex compare here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd10 Qualifying for an account\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Qualifying for an account is very different between Brex and Bank of America.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.brex.com/support/why-am-i-no-longer-qualified-to-be-a-brex-customer/"},"content":[{"nodeType":"text","value":"According to Brex","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", here are the qualifications to be eligible to use their banking services:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have received an equity investment of any amount (accelerator, angel, VC or web3 token)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have more than $1 million a year in revenue","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have more than 50 employees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have more than $500k in cash","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019re a tech startup on a path to meeting the criteria above and are referred by an existing customer or partner","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Bank of America, most businesses qualify. So opening a checking or savings account is fairly simple and can be done by filling out an online application form, calling or visiting a branch location.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Business bank accounts\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With a Brex Cash account, you get up to 8 checking accounts per venture-backed startup, each with unique account and routing numbers. In addition to checking accounts, Brex also offers corporate cards and startup capital.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bank of America offers one checking account and one savings account per business. While the savings account is a great perk, the lack of checking accounts and envelopes can hinder your ability to effectively categorize cash flow using the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0Cashback and rewards\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Brex and Bank of America offer rewards, but they differ quite significantly.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex\u2019s rewards program includes discounts on business apps and supplies, as well as cash back and travel points on corporate credit cards. To get the best rewards with the Brex card, businesses need to prove card exclusivity, otherwise, cash back rewards are diminished.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With BoA, members have access to a wide range of rewards. Eligible business credit cards get 25%-75% in Rewards Bonus and Business Advantage Savings account holders receive a 5%-20% interest rate booster. For example, if the interest rate on your account is 1.00%, a 5% rate booster would increase the interest rate to 1.05%.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\uddc4 Accounting features\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Brex, startups can create expense policies for employees, and employees can request the ability to make purchases using API access, increase limits or get vendor-specific cards. While Brex does not directly pull unpaid invoices from your accounting system, like Xero or QuickBooks Online, businesses can send their unpaid invoices to Brex by email.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bank of America offers cash flow projections, transaction monitoring and balance categorization. You can also customize employee account access and integrate bookkeeping with QuickBooks\xae. These features are pretty basic compared to Brex and other digital banks.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83e\uddd1\u200d\ud83d\udcbc Is it the right fit for your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brex is designed for large fintech startups with large teams and complicated finances. And since their account qualifications are so strict, most SMBs won\u2019t qualify for a Brex account.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, BoA is a better experience for small businesses that have simple finance needs and prefer in-person support. And while Bank of America\u2019s mobile app allows you to carry out simple transactions like check deposits, payments, transfers and wires \u2014 it\u2019s not as robust as some of the other available digital business banking options.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83c\udd9a Which is better, Brex or BoA?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, which is the best bank: Brex or Bank of America? The answer largely depends on the size, location and complexity of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a large venture-backed tech startup with multiple different teams and business expenses, Brex might be the right option for you. On the other hand, if you\u2019re a small business that needs basic banking services and wants the option to visit a physical location, Bank of America might be a better fit. But you\u2019ll want to make sure that you have a branch nearby to avoid driving out of your way.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If neither of these options seem like the perfect fit, you may need a different solution. An online banking and money management platform like Relay might just be your answer. With Relay, you can control your cash flow and understand precisely what you\u2019re earning, spending and saving so you can make the smartest decisions for your business. Relay serves all SMBs and gives you complete control of your finances.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcca Control your cash with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take control of your finances by collecting income in one place, using up to 20 checking accounts to organize expenses and categorizing payments for a crystal-clear picture of your cash flow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay goes above and beyond banking basics:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 No account fees, overdraft fees or minimum balances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Up to 20 individual checking accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 50 virtual or physical Mastercard\xae debit cards","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Payments and deposits via ACH, wire and check","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Deposits from payment processing providers like PayPal, Stripe and Square\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u2705 Direct integrations with accounting software like QuickBooks Online and Xero","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking for an online banking solution that puts you in control of your cash flow, check out Relay\u2014you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"!","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1658942181700,"customDate":1658942181700,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-prepare-cash-budget","title":"How to Prepare a Cash Budget (It\u2019s Easier Than You Think)","description":"Need a better handle on your cash flow? Learn how to prepare a cash budget to effectively calculate cash inflows and outflows.","metaTitle":"How to Prepare a Cash Budget (It\u2019s Easier Than You Think) | Relay","metaDescription":"Need a better handle on your cash flow? Learn how to prepare a cash budget to effectively calculate cash inflows and outflows.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4ZcLzXijD11ZyQmwFrftS/75bc60aaa925522f810bb45029b93f49/Business_Banking_Blog_Header_-_How_to_Prepare_a_Cash_Budget.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most small business owners know they need to stick to a budget, but many don\u2019t know where to start or how to budget correctly. \ud83e\udd37 In fact, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://sba.thehartford.com/finance/managing-profit-cash-flow/"},"content":[{"nodeType":"text","value":"82% of businesses","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" fail due to poor cash management. That\u2019s why you should be using the cash budgeting method.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash budgeting is a method of budgeting that shows expected cash sales and expected cash expenses to determine if you have enough cash to fulfill your expenditures. Having a cash budget helps you understand how much money you have and where you can make adjustments to free up cash.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we want to make it easy to understand precisely what you\u2019re earning, spending and saving so you can make the smartest decisions for your business. But with so many different budgeting methods to choose from, it can be challenging to find the right one for your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we put together an entire ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"series about business budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and everything you need to know about cash budgeting, like what it is, why it\u2019s essential and how to create one for your business. Let\u2019s dive in. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"In this article:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-a-cash-budget"},"content":[{"nodeType":"text","value":"What is a cash budget?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-prepare-a-cash-budget"},"content":[{"nodeType":"text","value":"How to prepare a cash budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#cash-budget-example"},"content":[{"nodeType":"text","value":"Cash budget example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-analyze-your-cash-budget"},"content":[{"nodeType":"text","value":"How to analyze your cash budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-automate-cash-management-for-free"},"content":[{"nodeType":"text","value":"How to automate cash management for free","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#is-a-cash-budget-right-for-your-business"},"content":[{"nodeType":"text","value":"Is a cash budget right for your business?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a cash budget?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash budgeting involves calculating cash inflows and outflows to determine the cash you aim to have in the bank at the end of each fiscal period. The objective is to give you a clear picture of how much money you have and if it\u2019s enough to cover your expected expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, you may forecast $10,000 in revenue this month, but if you offer credit or payment plans to your customers and only 40% of them pay in cash, this only results in $4,000 available to pay your bills this month.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash budgeting differs from other budgets, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"value proposition ","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"envelope budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", because it focuses explicitly on cash flowing in and out of your bank account. Budgets are an opportunity to forecast by estimating future income and expenses, set achievable targets for growth, anticipate your company\u2019s cash position and stick to a long-term plan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And since we all know that cash flow is a critical part of a successful business, it\u2019s essential that you prepare a cash budget effectively (yes, we\u2019re talking about you). Let\u2019s look at how you can do just that.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to prepare a cash budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Have you ever found yourself in a position with insufficient cash to pay your bills? And were you puzzled because you had one of your biggest sales months yet? A cash budget will prevent these cash flow issues from happening by forecasting actual cash transactions, allowing you to prepare ahead of time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With cash budgeting, there are five basic steps you\u2019ll need to follow:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#use-the-right-tool-or-template"},"content":[{"nodeType":"text","value":"\ud83d\udd27 Use the right tool or template","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#decide-on-a-budget-period"},"content":[{"nodeType":"text","value":"\u23f0 Decide on a time period","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#decide-on-a-minimum-cash-balance"},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Decide on a minimum cash balance to have on hand","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#calculate-your-cash-inflows"},"content":[{"nodeType":"text","value":"\u21a9 Calculate your cash inflows for the time period","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#calculate-your-cash-outflows"},"content":[{"nodeType":"text","value":"\u21aa Calculate your cash outflows for the time period","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With each step, you\u2019ll want to ensure you provide realistic numbers and look ahead for any irregular or unexpected expenses. If it sounds challenging, don\u2019t fret! The longer you work on preparing cash budgets, the easier it will be to make them accurate. Let\u2019s break down each of the five budgeting steps.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd27 Use the right tool or template","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no reason to recreate the wheel every time you budget. That just leads to wasted time and money. So if you can, save time by investing in budgeting software or using a template in Excel or Google Sheets.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business banking software with built-in budget management, like Relay, is a great option to free up time looking through financial statements. 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You don\u2019t want to think you\u2019re in a great financial position, only to fall short because of a miscalculation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Or, if you are interested in more in-depth cash flow management and visual forecasting or full-blown ERP systems, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"check out our favorite software here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u23f0 Decide on a budget period","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimate your cash inflows and outflows weekly, monthly, quarterly, or annually. The right period of time between each budget will depend on your company and how granular you need the process to be, though many businesses budget on a short-term, quarterly basis. Regardless of each given period, review the budget regularly to ensure you\u2019re on track.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Decide on a minimum cash balance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How do you stay on track? Well, that will depend on the amount of cash you need to have on hand. Aspects like your monthly bills, seasonal sales fluctuations and irregular bills can all affect cash flow. Be sure to include an additional cash buffer here for unexpected expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u21a9 Calculate your cash inflows","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next, calculate your estimated cash inflows which start with sales and your current assets. But remember, not all sales represent cash in hand and will vary depending on your rate of accounts receivable being paid.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, consider the slow times of the year that impact your cash fluctuations. If you\u2019re in your first few years of business, this will be harder to estimate but easier to forecast over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Estimate the number of credit sales vs. cash sales and how fast you are usually able to collect those credit sales. Stay on top of billing and reminders for outstanding accounts receivable to keep cash flow moving through to the end of the period.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\u21aa Calculate your cash outflows","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then list your bills and expenses that you need to pay, such as:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe1 Rent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Insurance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\ude97 Fuel","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0 Repairs & maintenance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd87 Supplies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1 Utilities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcc8 Marketing","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbc Payroll","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some outflows will be fixed expenses, such as rent and insurance, while others will be more difficult to estimate as they may vary, such as fuel, depreciation or raw materials. Calculate the average of these irregular expenses, anticipating any increase or variation.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example:","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":" If you travel for business, rising fuel costs across the country will inevitably increase the amount you spend on fuel. You will need to consider this in your budget or look for other ways to decrease this, such as more virtual, rather than in-person, meetings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cash budget example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example of cash budgeting to give you a better understanding.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example: ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Take a look at your profit and loss balance sheet to get a general idea of your finances. If you\u2019re using accrual accounting, this is simply a number used for accounting purposes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s a simple profit and loss 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These discrepancies can be detrimental to your business if not caught ahead of time, especially if it happens consistently.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to analyze your cash budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you\u2019ve prepared your cash budget, let\u2019s figure out what it means for your business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you calculate your estimated cash flow and the result is negative, you may be in a position where you need to borrow, decrease expenses, or increase revenue. But first, figure out why you are coming up short with cash before making adjustments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A negative cash flow is typical for new businesses but is not sustainable long term. That\u2019s why you need a plan in place in the event that you need to correct your cash flow. A negative cash flow can result from timing issues, such as bills coming due before customers pay, or high operating expenses, which should be looked at to see if any can be reduced or eliminated. This is an excellent opportunity to negotiate payment terms with your customers and your vendors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another solution for negative cash flow would be to find ways to increase revenue, such as offering price incentives or adding a new service. 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Since Novo accepts all SMBs, most businesses should qualify. Opening a checking account with Novo is a fairly simple process. All you have to do is fill out an online application form.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb5 Business bank accounts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While both Brex and Novo offer free banking with no monthly maintenance fees, they differ in the amount of free checking accounts offered. With a Brex Cash account, you get up to 8 checking accounts per venture-backed startup, each with unique account and routing numbers.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Novo, you get 1 checking account and 5 envelopes. 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Novo\u2019s mobile app makes it easy for business owners to carry out simple transactions like check deposits, payments, transfers and wires.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"\u2696\ufe0f Which is better, Brex or Novo?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s time for the million dollar question: which is better, Brex or Novo? The answer to that question largely depends on the size and complexity of your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a large venture-backed tech startup with multiple different teams and business expenses, then Brex might be better suited for you. 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You shouldn\u2019t be working on administrative tasks \ud83d\uddc2 that you can easily delegate, like scheduling meetings \ud83d\uddd3 or organizing your inbox. \ud83d\udce8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consider as well those higher-level tasks you work on that are both tedious and necessary, like content creation, social media management, and bookkeeping. \ud83d\udcda How many hours do you spend on these? Hiring a VA means you get an expert to do these tasks while you save money. Let\u2019s look at the reasons why.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How much is your time worth?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Suppose you are a graphic designer \ud83c\udfa8, and your rate for projects is $30 per hour. Ideally, all 2,000 working hours of your year (provided you work 40-hour weeks) would be devoted to graphic design. However, small business owners know that the reality is far from that \u2014 entrepreneurs must take on many tasks that aren\u2019t their forte.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trouble comes when you\u2019re spending too much time on extraneous to-do\u2019s. For example, if it takes you 20 hours a week to do billing and invoicing, that\u2019s $600 of potential earnings lost. Put another way, you\u2019re spending $600 every week on accounting-related tasks.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How much would it cost a VA to complete?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Suppose you were to delegate these financial tasks to a specialist VA whose hourly rate is $10 per hour. If it takes them the same amount of time you do to maintain your books, you would have still saved $400 by hiring them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But since virtual accounting assistants are experts at what they do, it wouldn\u2019t take them 20 hours to maintain books! ","marks":[],"data":{}},{"nodeType":"text","value":"If they do everything in only 10 hours, then the total weekly cost to you would be $100.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this scenario, ","marks":[],"data":{}},{"nodeType":"text","value":"your VA provides a possible ROI of $500 per week. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"In addition, they free up 20 hours of your time for you to devote to other tasks, making the return on investment potentially greater. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your assistant\u2019s ROI can also increase depending on their skill level, how affordable their rates are, and the number of hours they agreed to work for you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5V07A6FyB5BAwr1baQLmPK","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Your VA\u2019s ROI over time","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The time you spend training your assistant at the beginning of your working relationship will result in higher returns over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you hire an assistant with the goal of saving 20 hours per week, you\u2019re not getting all of those back in their first few days with you. It\u2019s because onboarding your VA would take up several hours, and as a result, your ROI will be lower while they\u2019re completing their training.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eventually, your VA will be caught up with their responsibilities, and they\u2019ll start to produce a real return on your time investment. Let\u2019s consider the example below. If your VA saves you 20 hours but takes 40 hours to train, you will have a 0 ROI in their first week with you. By their second week, you still won\u2019t see any returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given 40 training hours and a VA that saves 20 hours/week:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 1: no hours saved, 0% ROI (first half of training hours)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 2: no hours saved, 0% ROI (second half of training hours)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 3: 20 hours saved, 50% ROI","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 4: 40 hours saved, 100% ROI","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 5: 60 hours saved, 150% ROI","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Week 6: 80 hours saved, 200% ROI","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your investment only pays off by the third week, which is the point at which your assistant would have \u201cpaid back\u201d the 40 training hours you spent. If they consistently work on tasks that take you 20 hours to complete, they would give you a 200% ROI by their sixth week with you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even better, when your VA gets used to their role, they will need less time to complete tasks. It means even more productivity for you since you can ask them to work on other time-consuming tasks you\u2019d rather not handle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note that your ROI will continue to increase as long as you\u2019re working with the same VA. But if they leave, you\u2019ll have to start over. So, hiring from a managed service is your best option. Getting a managed VA means having a vetted and trained professional supported by a team that includes supervisors and customer success managers. \u2b50\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Hiring a virtual assistant vs a full-time employee","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If we\u2019re talking about return on investment, you might think, isn\u2019t it better to hire a full-time employee? After all, they join you with the intention to be part of your company for the long haul. They\u2019re willing to put in time and effort to help you reach your goals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While this is generally true, a full-time employee isn\u2019t always the most cost-effective option for your business. For one, they\u2019re more expensive to hire than VAs. The median salary for administrative assistants in the United States is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bls.gov/ooh/office-and-administrative-support/secretaries-and-administrative-assistants.htm#:~:text=%2438%2C050-,The%20median%20annual%20wage%20for%20secretaries%20and%20administrative%20assistants%20was,amount%20and%20half%20earned%20less."},"content":[{"nodeType":"text","value":"$19.08 per hour","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Meanwhile, you can hire a highly skilled VA for half as much.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Besides salaries, you need to provide other benefits like insurance coverage, overtime pay, holiday bonuses, and the like \u2014 all of which are conditional in a contract with a VA. Since VAs are independent contractors, you aren\u2019t obligated to pay these benefits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, if your full-time assistant will be working at the office, you must also spend on office equipment and supplies for them. Although these are small expenses, they certainly add up. With all of these advantages, it\u2019s easy to see why hiring a VA is a sensible move for an up-and-coming business owner, a startup founder or a busy team working within a tight budget. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3 signs you need a VA","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The things in this list might not register as signs of needing a helping hand. However, if these things are happening to you, it\u2019s certainly time to get yourself a virtual assistant.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Taking on non-core tasks \ud83d\uddc4","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s the right time to hire a VA if you find yourself doing plenty of non-core tasks. This one needs a bit of reflection; what, exactly, are a business owner\u2019s \u201ccore\u201d tasks? For example, it may be tempting to think of bookkeeping and risk assessment as equally important, especially if you\u2019ve been doing both since you established your business.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s better for executives to spend more time on income-generating activities like overseeing the process of bringing a new product to market. If you\u2019re the CEO of a company and you\u2019re spending a lot of time on tasks like planning trips, creating content for your blog and doing your own books \u2014 it\u2019s time to get a virtual assistant.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Free time is nonexistent \ud83d\udd70","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Building and running a successful business takes a lot of energy and time. However, if your loved ones are already complaining that you don\u2019t spend enough time with them, it\u2019s a sign to start delegating to an assistant.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For some people, having no time is just the beginning. Even if they do acknowledge that they need to delegate, the hustle culture has become so ingrained in them. It\u2019s hard for them to decide whether to prioritize work tasks or personal tasks.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Relying on multitasking \ud83e\udd39\ud83c\udffc","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The hidden cost of distractions add up. For instance, in one study, researchers found that on average, employees deliver ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://fs.blog/2009/12/the-high-cost-of-distractions/"},"content":[{"nodeType":"text","value":"11 minutes of focused work","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" on a project before getting distracted. However, they take up to 25 minutes to return to the task \u2014 if they manage to get back at all!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multitasking increases stress levels, which impairs the brain\u2019s cognitive abilities. Instead of helping you do more, it actually slows you down. Instead of multitasking, delegate your non-core tasks to a virtual assistant. When you hire and train the right VA, you\u2019ll have peace of mind knowing that your to-do\u2019s are being addressed in a way that meets your expectations.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Timing matters when hiring a virtual assistant","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A company can only grow as fast as its owner. If you want yours to meet and exceed milestones, it\u2019s time to start delegating the tedious tasks that are bogging you down.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When your business is growing, it pays to have a virtual assistant. Combine managed virtual assistant services through platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://wingassistant.com/"},"content":[{"nodeType":"text","value":"Wing","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" with the capacity of money management platforms like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", and you\u2019ll easily take your business to the next level! \ud83d\ude80","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Aya De La Cruz","jobTitle":"Copywriter","company":"Wing Assistant","slug":"aya-de-la-cruz","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/41ngZ48cTrbT3fbqkubsHB/1117741ccca3b5780be03f01a736f79d/Aya_De_La_Cruz.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1658430442869,"customDate":1658430442869,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"brex-alternatives","title":"9 Brex Alternatives: Options for Small Business Banking Accounts","description":"The recent announcement of Brex firing SMBs has left many business owners wondering, what now? 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Starting August 15, 2022, thousands of Brex SMBs will be left looking for a business banking alternative.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no questioning that small businesses are the backbone of the economy. And our mission at Relay is to build a banking platform that truly serves small businesses from day one. That\u2019s why we\u2019re using this as an opportunity to help SMBs find companies similar to Brex. \ud83d\udd0e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve put together ","marks":[],"data":{}},{"nodeType":"text","value":"nine of the most popular business banking and spend management options","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to fit your needs, including neobanks, traditional banks, and dedicated expense management platforms. 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So let\u2019s go ahead and dive into each platform. \ud83d\udc47 But before we do, let\u2019s get on the same page: what exactly is Brex?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is Brex?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.brex.com/"},"content":[{"nodeType":"text","value":"Brex","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" is an all-in-one financial management platform that promises to help founders, finance teams, and employees to spend smart and grow fast. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Verdict: Which is the best bank for your business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Choosing between Brex vs. Mercury will largely depend on the size of your business and whether you\u2019re an enterprise business or an early-stage startup. If you\u2019re an enterprise business or a funded startup, then Brex offers a more mature suite of banking features, whereas if you\u2019re a smaller startup looking for low fees and a strong community, then Mercury may be the better fit.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And if you\'re neither \u2014 or if you can\'t find 100% of the features you want? ","marks":[],"data":{}},{"nodeType":"text","value":"Then consider an online banking and money management platform like Relay that puts you in complete control of your cash flow.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We serve businesses of all sizes, but we\u2019re built specifically for small, grassroots employer businesses and early-stage, bootstrapped startups. Relay makes managing cash flow clear as day so you can understand precisely what you\u2019re earning, spending and saving and make the smartest decisions for your business. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay \u2014 Banking that puts you in complete control of your cash flow","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is a fee-free, FDIC-insured*, all-in-one banking and money management platform built for America\u2019s grassroots, small businesses. Small businesses are the backbone of the US economy, representing 90% of all companies in the country, yet they continue to be underserved by many traditional banks and neobanks. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"*FDIC-insured via Thread Bank.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we believe small businesses deserve the same top-tier financial support and tooling afforded to enterprise companies and venture-backed startups. That\u2019s why we\u2019re committed to helping small business owners reach unparalleled levels of financial clarity so they can build healthy, lasting businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay goes above and beyond the everyday banking basics with:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No account fees, overdraft fees, or minimum balances","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 20 individual checking accounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"50 virtual or physical Mastercard\xae debit cards","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payments and deposits via ACH, wire, and check","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deposits from payment processing providers like PayPal, Stripe, Square and more","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Direct integrations with accounting software like QuickBooks Online and Xero","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a business owner who recently had your Brex account closed because you no longer meet the company\'s requirements, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up for Relay","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1657910551934,"customDate":1657910551934,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"changing-business-banks","title":" Changing Business Banks: What You Absolutely Must Know","description":"As a business owner, switching to a new banking service can feel tedious. But changing business banks isn\u2019t as hard as you might think. Learn the signs it\u2019s time to make the switch and the key steps to open a new account.","metaTitle":"Changing Business Banks: What You Absolutely Must Know | Relay","metaDescription":"Changing business banks is a crucial step in growing your small business. Learn the signs it\u2019s time to switch and the key steps to open a new account. ","popular":true,"category":"Business Banking","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4kua97yJR5zuU72S82c4w2/4f015b115e6b5a98e19f13b6503e383e/Business_Banking_Blog_Header_-_Changing_Business_Banks.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a business owner, switching to a new banking service can feel tedious\u2014after all, there are much bigger tasks on your plate. From researching different banks to importing your automated expenses, each step of the transition can make you want to quit before even starting. But considering how much the right banking platform can transform your business finances, it may be time to say goodbye to your old bank. \ud83d\udc4b","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Transitioning your current expenses is a critical part of changing business banks. That\u2019s why it\u2019s essential to know the signs that you need to change your bank and the steps you can take to ensure there\u2019s no disruption to your automatic payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Read on to learn if now\u2019s the right time to change business banks, the advantages of doing so and the simple steps you can take to make the switch.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#signs-you-need-to-change-bank-accounts "},"content":[{"nodeType":"text","value":"Signs you need to change bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-hard-is-it-to-switch-banks"},"content":[{"nodeType":"text","value":"How hard is it to switch banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-switch-bank-accounts"},"content":[{"nodeType":"text","value":"How to switch bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-the-advantages-and-disadvantages-of-switching-banks"},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of switching banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-should-you-do-after-switching-banks"},"content":[{"nodeType":"text","value":"What should you do after switching banks?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Signs you need to change bank accounts \u26a0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most challenging steps in changing business banks isn\u2019t switching \u2014 it\u2019s knowing when to do so. As a business owner, you\u2019re likely busy executing multiple initiatives at once, and it\u2019s only when you run into issues with your bank that you decide to look into other options.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, it\u2019s worth looking out for common signs that it\u2019s time to switch, so you can get ahead of any issues before they arise. Let\u2019s take a look at some of the common culprits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You need more banking services","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most frequent complaints we hear from business owners is that their current bank doesn\u2019t offer the services they want. But what are these important services? The right business banking platform will make your finances easier for you. Yes, you heard that right! You don\u2019t need anything slowing you down on your way to the top\u2014especially an outdated bank.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Necessary bank services include organized cash and expenses, dedicated bank accounts, cards\xa0 \ud83d\udcb3 and team spending limits, to name a few.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You\u2019re paying a lot in fees","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small fees here and there may sound like a necessary evil, but they can stack up before you know it. \ud83d\udcb0And we know that every expense matters when building a business. It\u2019s frustrating, to say the least, when you find a hidden charge or recurring monthly fee. Many banks also have minimum balance requirements, forcing you to always keep a certain amount of money in your account. This can cause a real strain on small businesses and hinder growth, especially if you\u2019re trying to open multiple checking accounts and manage cash using ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right banking solution won\u2019t charge you extra fees. We\u2019re talking about no account overdraft or withdrawal fees. We know what you\u2019re thinking, but it\u2019s not too good to be true. If you\u2019re experiencing these charges, it\u2019s time to ditch the outdated way of banking.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You have to visit a physical location","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re too busy to notice the hidden fees your current bank charges you, you\u2019re certainly too busy to make a trip to a physical branch. Gone are the days when you have to make a withdrawal or get approval at a bank location. \ud83c\udfe6 Now, you can do everything you need as a business owner through an online platform.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With flexible online banking, you can empower team members to pay bills, issue debit and credit cards and secure spending from anywhere at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Your bank can\u2019t grow with your small business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With outdated services, your current bank could actually be hindering your growth. We\u2019re talking about a disconnect between banking and accounting services, a limited number of accounts and fees that hijack your savings.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right business bank can grow with you, helping you at every step by giving you clarity and control of operating expenses, cash flow and accounts payable.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You\u2019re experiencing poor customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to your banking relationship, it can be frustrating to experience poor customer service time and time again. This is especially true considering you\u2019re taking time out of your busy schedule to visit a branch location or schedule a call.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, it\u2019s important that your bank provides hassle-free support to help you when you need it most. Whether you\u2019re looking for a simple answer or need help tracking down a charge, the right bank should provide you with the customer service you deserve.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How hard is it to switch banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the biggest misconceptions about switching banks is that the process is hard. But the reason you think that is due to your existing outdated banking systems. In reality, switching business banks is not hard and only takes about 10 minutes with a platform like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/why-relay"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The right online business banking platform should make the process easy for you. This includes offering a simple online onboarding process, outlining key account steps and ensuring your automatic payments are set up so you don\u2019t experience disruptions. \u2705","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Keep in mind that different banks offer different services, benefits and fees. So one of the most challenging parts of the process is choosing the right banking experience for your needs.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to switch bank accounts \u2194","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to make the switch, we can help guide you through the process of switching bank accounts. When switching business banks, all you need to do is gather a few key documents to start the process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.","buttonText":"Learn more","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Research your options","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re looking to switch banks, chances are you\u2019re looking for something your old bank can\u2019t provide. Consider the top services and features you\u2019re looking for, like an online platform, expense categorization and multiple accounts, then research which banks will meet those needs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When comparing different financial institutions, you should consider the features they offer and the fees and rates associated with the bank. A good bank should outline all costs, if any, ahead of time to ensure you don\u2019t get blindsided with charges. Additionally, verifying that your new bank is an FDIC member is also a good idea to protect your money. In the event of a bank failure, this insures deposits up to $250,000.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Apply for an account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ve picked the right bank; now it\u2019s time to apply for a new business account. Each bank offers a different application process, so it\u2019s hard to say how exactly to do so. But with online banking platforms, you\u2019ll be able to apply online at any time.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process should be fairly quick but will depend on the bank you choose. At Relay, the online application process takes less than 10 minutes from start to finish.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Provide necessary documents","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The documents needed to open a business bank depend on the type of business you own. In general, you\u2019ll need to provide:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83e\udeaa Photo of Government-issued ID\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd22 Social Security Number (SSN)\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Mailing Address","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcde Phone Number","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udce7 Email Address","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For corporations and LLCs, you may need to provide ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/360038666931-Required-Documents-and-Information-for-Registration"},"content":[{"nodeType":"text","value":"additional information","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" such as your EIN and Articles of Organization.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Identify all your incoming and outgoing payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When setting up your new account, it\u2019s important that you don\u2019t forget to set up your recurring payments, both the ones you send out as well as any incoming deposits. Don\u2019t close your current account until all recurring monthly expenses are posted to ensure there\u2019s no delay in payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While it may seem tedious to identify and update each recurring payment at the start, if your new banking platform offers recurring payment features, you stand to save a lot of time in the future. With Relay, for example, you can manage bill payments with multi-step approval workflows \ud83d\udd00 and scheduled recurring payments directly from your account. Once you pay a bill, the transaction is auto-synced with accounting software integrations, like QuickBooks Online or Xero, for one-click reconciliation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You wouldn\u2019t want to miss out on any revenue, so it\u2019s also essential you wait until all incoming payments are posted before closing your account. With a platform like Relay, you can rest easy knowing that we can request payee information, W-9 forms and securely store payee information for future use. Now that\u2019s not your traditional banking service!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bank may also provide a \u201cswitch kit.\u201d With a switch kit, the bank will notify providers and suppliers when you transfer automatic transactions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"5. Close your old business checking account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, it\u2019s time to say adios to your old bank! Once you set up your new account, transition your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"accounts payable","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and all physical checks \ud83d\udce9on your old account have cleared, you can close your old account without looking back.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may be able to call to cancel your account, or you may have to go to a branch to submit a cancellation notice. Additionally, your bank may ask you to fill out certain forms for the account closure. The bank will then release the remaining funds after all transactions are processed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of switching banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When considering if now\u2019s the right time to switch business banks, weighing the pros and cons can help you make the right decision. While the process can be quick and hassle-free with the right bank, there are some drawbacks to consider beforehand.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pros of switching business banks: \ud83d\udc81","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take control of your cash with a smarter money management platform","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obtain more comprehensive banking services","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Save money on fees and hidden charges","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ditch the visits to a branch location by choosing an online platform","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize your cash and expenses into separate, single-purpose checking accounts","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cons of switching business banks: \ud83d\ude45","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can take time to research the right bank","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"May disrupt automatic payments if not executed correctly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires you to learn how to use the new bank account system","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Will require you to order and wait for new debit cards and checks","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What should you do after switching banks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve switched bank accounts, all there\u2019s left to do is get to know your new system. With an online banking platform, you can gain insight into your spending habits, auto-sync your accounting integrations like Quickbooks and categorize your expenses to manage your finances better.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, it may be worth switching banks if you\'re paying too much in fees and missing modern features like mobile banking, no-fee ATM withdrawals \ud83c\udfe7 and automated transaction data. At the end of the day, the choice to make the switch is up to you. Choosing a new bank can better meet your business needs and set your finances up for success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, the right bank will grow with your small business by offering areas for you to expand. This includes allowing you to open numerous accounts and providing a platform that understands your spending behaviors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to make the switch, consider the benefits of choosing Relay. Spend, save and plan more efficiently with unparalleled clarity into operating expenses, cash flow and accounts payable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Make the switch to a ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Relay business bank account","marks":[{"type":"underline"},{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" today.","marks":[{"type":"italic"}],"data":{}}]}]},"readingTime":7,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1657904832017,"customDate":1657904832017,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"zero-based-budgeting","title":"Zero-Based Budgeting (ZBB): Small Business Guide","description":"Small and medium-sized businesses need to create and maintain accurate budgets to plan for future growth. 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Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A short history of zero-based budgeting ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting (ZBB) has been around for about fifty years. It\u2019s arguably the most popular type of budget for personal finance but, also has significant applications in the world of business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The concept of ZBB was first conceived in the 1960s by a young accounting manager at Texas Instruments named Peter Pyhrr. Mr. Pyhrr was looking for ways to help businesses cut costs, and came up with the idea of creating each new year\u2019s budget from scratch, instead of the traditional method of starting with last year\u2019s budget and making adjustments from there, known as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/incremental-budgeting"},"content":[{"nodeType":"text","value":"incremental budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ZBB garnered attention in the 1970s when President Jimmy Carter, elected on a promise to balance the nation\u2019s budget during his first year in office \u2696\ufe0f, introduced ZBB to the federal budget process. He had used zero-based budgeting while he was the governor of Georgia and liked the idea of justifying and approving each line item from scratch every year. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the use of zero-based budgeting fell out of favor after Carter left office, it never went away. ZBB is frequently used for household budgeting and remains popular among small and medium-sized businesses (SMBs). Used along with a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope money management system","marks":[],"data":{}}]},{"nodeType":"text","value":" \u2709\ufe0f, a ZBB can help businesses get expenses under control and establish a foothold for future growth. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And it\u2019s not just SMBs that can benefit from zero-based budgeting. According to a Gartner survey of global finance executives, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.gartner.com/en/documents/3990212"},"content":[{"nodeType":"text","value":"26% intend to use ZBB","marks":[],"data":{}}]},{"nodeType":"text","value":" to help cut costs. \\n","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is popular among small and medium-sized businesses looking to get expenses under control.","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is zero-based budgeting \u2014 and why is it important?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting essentially creates a brand-new budget each year, independent of any prior year\'s budget. Instead of basing a new budget on incremental changes from the previous year\'s budget or actuals, ZBB starts each new budget from zero and builds it up from there.\xa0\ud83c\udf31","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ZBB forces a company to reassess its business \u2014 especially its expenses. There are no expectations or assumptions based on past budgets or performance. Instead, every new budget is developed from the ground up, justifying each individual line item anew. Each new budget, then, is a new opportunity to right-size expenses and reevaluate the company\u2019s overall progress. \ud83d\udd03","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to create a zero-based budget, step by step","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Creating a zero-based budget isn\u2019t that much different from any other ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.relayfi.com/blog/budgeting-process-steps"},"content":[{"nodeType":"text","value":"budgeting process","marks":[],"data":{}}]},{"nodeType":"text","value":", you just have to start from zero every year. Even though creating a zero-based budget is simple in concept, however, it takes more time and effort than just incrementally adapting the previous year\u2019s budget \u2014 which may be more work than you\u2019re able or willing to do. With an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/incremental-budgeting"},"content":[{"nodeType":"text","value":"incremental budget","marks":[],"data":{}}]},{"nodeType":"text","value":", a company must rethink every single expense and build the budget from scratch, line by line. ","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2bj8aqQ0d24Z7GEatkQA5r","type":"Asset","createdAt":"2022-07-06T19:38:49.369Z","updatedAt":"2022-08-23T01:02:46.528Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":4,"locale":"en-US"},"fields":{"title":"Steps in the zero-based budgeting process","description":"The steps in the zero-based budgeting process include identifying goals, projecting income, calculating expenses, finalizing budgets, and tracking and adjusting actuals.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2bj8aqQ0d24Z7GEatkQA5r/09771e963b80df1ca006152c9bea7921/Business_Banking_Blog_Header_-_Zero-Based_Budgeting_1.2.jpg","details":{"size":331159,"image":{"width":1920,"height":978}},"fileName":"Business Banking Blog Header - Zero-Based Budgeting 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at how to create a zero-based budget, step by step. \ud83d\udc47 ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1: Identify sales goals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A zero-based budget is a budget created from the bottom up. Instead of basing revenue projection on a percentage increase (or decrease) from the previous year, each revenue source needs to be broken out separately. Then, for each source, projected sales need to be built from the bottom up, based on identifiable and achievable sales goals.\xa0\ud83c\udfaf","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These sales projections should be done on a department-by-department (or location-by-location) basis, as granularly as possible. Forget what you sold last year. Instead, your sales team has to determine what is reasonable for each revenue stream in the coming year, factoring in customer needs, market conditions, competitors\u2019 efforts, and overall economic conditions.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2: Project your monthly income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The sales goals for each revenue stream now need to be combined and apportioned over a twelve-month period. Don\u2019t forget to include additional or miscellaneous revenue\u2014and recognize any seasonality in your monthly projections.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 3: Calculate all business expenses, from the ground up","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Step three is the hard part. Every department in your organization needs to calculate \ud83e\uddeeexpected business expenses for the coming year. They shouldn\u2019t just look at prior-year expenses and bump the number up a bit. Instead, this calculation needs to be zero-based, identifying all expenses from the ground up. Just because you budgeted a line item last year doesn\u2019t mean it still needs to be budgeted in the coming year. Every expense needs to be justified and assigned to the current pricing. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 4: Finalize the budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ideally, your projected income should equal or exceed your projected expenses. If not, you\u2019re planning to run your business at a loss.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If, after the first round of a zero-based budget, you show too big a differential between revenues and expenses, you need to go back and reevaluate all of your assumptions and recalculate all of your numbers. In some larger organizations, the budget may go through several rounds before it\u2019s finalized.\xa0\ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 5: Track actual income and expenses and adjust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With your budget complete, compare your actual income and expenses with your budget projections. If your projections differ too much from the developing reality, you may need to make some mid-stream adjustments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If expenses are running ahead of plan or if sales are running behind, you may need to trim \u2702\ufe0f upcoming expenses to compensate. If sales are running ahead of plan or expenses are lower than expected \u2014 well, that\u2019s a very good thing and it means your business is going to be more profitable than expected. Just make sure you\u2019re tracking every actual expense and booking all actual income, so you have a proper accounting of how things are going.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 6: Start all over again next year","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of the year (or, actually, a few months before year\u2019s end), start the entire cycle all over again. Starting with step 1, you and your staff will create a new budget for the following year.\xa0\ud83d\udd02","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting: An example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a quick look at what a zero-based budget might look like. You can use this example as a ","marks":[],"data":{}},{"nodeType":"text","value":"zero-based budgeting template for your business","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". (For simplicity\u2019s sake we\u2019ll create an annual budget, not monthly budgets.)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the facts. Last year, Company A had the following revenues and expenses:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenues hit $600,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On those revenues, the company averaged 50% margins, so costs of goods sold (COGS) were $300,000\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company paid $60,000 in rent","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Utilities ran $9,500 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll and benefits ran $180,000 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Maintenance and repair costs were $48,000","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total expenses ran $597,500. Against revenues of $600,000, the company showed a profit of just $2,500.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u23e9 Looking forward to next year, the company has prepared a zero-based budget based on these estimates:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenues from all channels, projected from the bottom up, are expected to remain flat, at $600,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Margins are expected to remain steady, resulting in COGS of $300,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\u2019s no increase in rent ($5,000 per month), so it\u2019s still $60,000 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Higher energy costs will cause utilities to increase to $11,000","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recognizing the high cost of outsourcing repairs and maintenance, the company is adding a new in-house maintenance position, at $35,000 per year, so payroll and benefits are budgeted at $215,000 for the year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By moving that maintenance in-house, outside maintenance and repair costs are zeroed out","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note that none of these items increased or decreased by a fixed percentage. ","marks":[],"data":{}},{"nodeType":"text","value":"Each line item is estimated from the ground up, based on current costs and conditions.\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each line item is estimated from the ground up, based on current costs and conditions. ","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As you can see in the following profit and loss (P/L) comparison, the company\u2019s total expenses are now expected to run at $586,000. Against steady revenues of $600,000, that means that the company should generate a profit of $14,000. ","marks":[],"data":{}},{"nodeType":"text","value":"By using zero-based budgeting to recognize areas of potential cost savings, the company can dramatically increase its profit over the prior year.\xa0\ud83d\udcb0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2pJDKyXAnJ9m7cCroDS95l","type":"Asset","createdAt":"2022-07-05T18:58:34.208Z","updatedAt":"2022-08-23T01:06:05.605Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":5,"locale":"en-US"},"fields":{"title":"Zero-based Budgeting (ZBB) profit and loss statement comparison","description":"Zero-based Budgeting (ZBB) profit and loss statement comparison","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2pJDKyXAnJ9m7cCroDS95l/9d5e3356550df280a7210d8a92d82d01/Business_Banking_Blog_Header_-_Zero-Based_Budgeting_1.3.jpg","details":{"size":164750,"image":{"width":1800,"height":1688}},"fileName":"Business Banking Blog Header - Zero-Based Budgeting 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting vs. incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies typically have the choice between zero-based budgeting and the more traditional incremental budgeting. Both approaches have their merits and issues.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Understanding incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods#1-incremental-budgeting"},"content":[{"nodeType":"text","value":"Incremental budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" doesn\u2019t start from zero. \u274c New budgets are based on prior-year budgets or actuals, with percentage increases or decreases factored in, depending on market factors. For example, a company might anticipate all expenses to increase by 10%, and create a budget with an overall 10% in expenses. This ignores any potential savings that could be applied to individual expenses \u2014 but it\u2019s a lot easier to budget.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Comparing zero-based and incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Where traditional incremental budgeting is based on incremental changes to the prior year\u2019s budget, zero-based budgeting does not look at that previous year\u2019s budget or actuals. It creates a new ground-up budget each year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, ZBB is much more time-consuming \u23f1 than incremental budgeting. It\u2019s easy to take an existing budget and change individual line items by a given percentage. It\u2019s much more difficult to create a new budget from scratch.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, ZBB is much better for getting a handle on the important details of a business, and for identifying areas where expenses can be reduced. According to Deloitte, companies using ZBB are ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www2.deloitte.com/us/en/pages/operations/articles/zero-based-budgeting.html"},"content":[{"nodeType":"text","value":"more successful at meeting their cost targets","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Incremental budgeting doesn\u2019t provide the same granular look at expenses.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is much better for getting a handle on the important details of a business.","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting pros and cons","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing all this, what are the zero-based budgeting advantages and disadvantages? There are both pros and cons to moving to a ZBB.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Pros of ZBB \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most significant benefits of zero-based budgeting include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identifying and decreasing wasteful spending","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Holding managers and department heads accountable for costs","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helping to bring costs under control within the minimal negative impact on the business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Providing a more granular window into the entire business\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Cons of ZBB \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most significant limitations of zero-based budgeting include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Takes a long time to prepare","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires significant resources, company-wide","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires multiple iterations based on management review","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Encourages short-term thinking (next-year only) instead of longer-term strategic planning","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stick to your zero-based budget","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve created your company\u2019s zero-based budget, how do you ensure you stick to it? Here are a few tips to make sure your entire company adheres to the budget you set\u2014and doesn\u2019t exceed planned expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Track your spending \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s essential that you diligently track your spending versus the budget. Look at both month-to-date and year-to-date expenses, and if year-to-date expenses are veering too far from your budget, take action. You may need to cut spending for the balance of the year if you exceed your expense budget early.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Avoid unplanned expenses \u274c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even the most detailed ZBB is useless if you spend money you didn\u2019t plan to. Some unplanned expenses can\u2019t be helped (repairing broken equipment or facilities, for example), but try not to spend money on items or services you don\u2019t need and weren\u2019t in your budget.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Watch your revenues \ud83d\udc40","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You also need to watch your revenues versus your plan. If revenues are consistently falling short, you\u2019ll need to adjust your spending accordingly to avoid running in the red.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Use budgeting software \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sticking to a zero-based budget is easier if you use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"small business budgeting software","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Budgeting software, or money management platforms such as Relay, provide the tools you need to track performance and stay on budget. Relay\u2019s cash management features, for example, help you spend, save, and plan more effectively \u2014 and provide unparalleled clarity into your expenses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting can help build a successful business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The many advantages of zero-based budgeting far outweigh the additional time and resources required to build a budget from the ground up, \ud83d\udc4f especially for small and medium-sized businesses. When combined with Relay\u2019s money management platform, you can not only create a zero-based budget but also successfully manage your performance to budget throughout the year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get started today to stay on track with your zero-based budget using ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},"readingTime":7,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1657815883100,"customDate":1657815883100,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"budgeting-tips-and-strategies-for-property-managers","title":"Budgeting Tips and Strategies for Property Managers","description":"Whether you have one rental or are managing a large property portfolio, a well-planned budget  will help you effectively manage your cash flow and help you prepare for future expenditures with an eye towards growth potential and profits. ","metaTitle":"Budgeting Tips and Strategies for Property Managers","metaDescription":"Whether you\'re a property manager with one rental or a large portfolio, a well-planned budget will help you effectively manage your cash while balancing growth and profits.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5XtaFMqgBSBohdOr8TAYMV/3a359a25aea7324167ddf52e86292933/Business_Banking_Blog_Header_-_Budgeting_Tips_and_Strategies_for_Property_Managers.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether you have one rental or are managing a large property portfolio while juggling ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/best-banks-real-estate-investors"},"content":[{"nodeType":"text","value":"multiple bank accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" for each property \ud83c\udfe1, a well-planned budget will help you effectively manage your cash flow and help you prepare for future expenditures with an eye towards growth potential and profits. \ud83d\ude80","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve never thought about budgets or budgeting for your rental business, you may feel like you\u2019re floating adrift at sea with no direction \u2014 this article will help you navigate those waters with some budgeting tips and strategies to help you back to solid ground. \ud83e\udded ","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS 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","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#budgeting-tips-for-property-managers"},"content":[{"nodeType":"text","value":"Budgeting tips for property managers","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-other-ways-can-property-managers-create-monitor-and-improve-a-budget"},"content":[{"nodeType":"text","value":"How to create, monitor and improve a 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A well executed budget for your rental business will help you:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecast rental income, property upkeep expenditures, and business expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify and set attainable financial goals for growth and investment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Predict fluctuations to help you pivot towards profitability ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What signifies success when you think about your property management activities? Is it pure profit? \ud83d\udcb0 Perhaps you count success by growth from adding to your portfolio of properties, taking on clients, health and safety of your tenants, maintaining and improving on your properties, or the satisfaction of providing much needed housing. \ud83d\udcc8  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Likely, it\u2019s all the above and then some. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But how do you know if you can sustain profitability, have the resources to maintain your assets, and have funds available for growth? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer is budgeting! \ud83d\udcdd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve never looked at budgeting for your rentals, let\u2019s start with the basics.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Comprehensive budget basics for landlords","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are two main areas to consider when budgeting for your rental business: the day-to-day operations and your long term goals. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If we go back to the analogy of navigating waters, your ","marks":[],"data":{}},{"nodeType":"text","value":"operating budget","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" represents the day-to-day care for your ship and the actions you take today to navigate the current conditions. Your ","marks":[],"data":{}},{"nodeType":"text","value":"capital budget","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" would be the equivalent of long term planning for the maintenance of the ship, adding to the fleet of ships, or planning for your next big adventure. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, an operating budget is made up of ","marks":[],"data":{}},{"nodeType":"text","value":"out-of-pocket expenses (OPEX)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that are necessary to maintain your real estate property day-to-day. These expenses typically include: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Rent and maintenance of an office ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca7 Utilities: internet, phone, electricity, water, etc.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Financial fees associated with banking, including credit card transaction fees and bank account service fees.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Insurance","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, the above isn\'t an exhaustive list. You may have other operating expenses that are more varied and depend on your situation, such as the cost of gas if you need to travel, commissions to real estate agents and brokers, and professional fees (CPA, bookkeeper, attorney).  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Capital budgets help you forecast and plan for ","marks":[],"data":{}},{"nodeType":"text","value":"capital expenditures (CAPEX)","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Here, you will account for funds needed to maintain, build and acquire physical assets, as well as any major purchases or multi-year use items. Common CAPEX items include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rental property acquisition","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HVAC systems","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New rental construction","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Security systems","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Multi-family property fixtures and lighting","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Preventative maintenance","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New or improved amenities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"and other items you can depreciate over time","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, an ","marks":[],"data":{}},{"nodeType":"text","value":"operating budget","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" tells you what you\u2019ll need on hand to cover the cost of operating your rental business. Whereas a ","marks":[],"data":{}},{"nodeType":"text","value":"capital expenditures","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" budget plans for future growth, improvements, new projects and big ticket items. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you work for a property management company, the capital budget will likely be taken care of by the head office \u2014 while property managers will need to put together operating budgets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Private landlords, on the other hand, ","marks":[],"data":{}},{"nodeType":"text","value":"need to consider both budgets","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In some cases, both an operating budget and a capital budget are bundled together under a ","marks":[],"data":{}},{"nodeType":"text","value":"master budget plan","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This would include things like historic financial reports, vendor contracts, and other important information. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Combined, information from both the OPEX and CAPEX can help you acquire loans for larger capital expenses, renegotiate mortgages, and lower your insurance premiums.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Property manager\u2019s guide to budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The only way to see where you are going is to know where you\u2019ve been and where you are right now. When budgeting, that means identifying what has financially occurred and what is happening currently with your rental income and expenses. \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a look at the tasks needed to put together a budget and some tips and tricks to help you through the process. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Budgeting tips for property managers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process of budgeting doesn\u2019t have to be difficult or complicated. Here are some strategies to make budgeting for property managers easier.  Your first step is the planning session. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Make a plan \u270d\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgeting as a property manager is an ongoing process much like many landlord endeavors. It\u2019s easy to get caught up in the day-to-day hustle and bustle of property management and push off this important task. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To keep your budget top-of-mind, schedule times into your calendar \ud83d\udcc5 to:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gather data","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a budget","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review ongoing income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monitor ongoing expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review and conduct contract negotiations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Look at efficiencies and cost cutting opportunities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And periodic budget reviews","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Research and review data points \ud83d\udd0d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To draft a budget, you\u2019ll want to grab these common property management reports. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Rent roll \ud83c\udfe0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A rent roll is a ","marks":[],"data":{}},{"nodeType":"text","value":"snapshot of your tenants\u2019 balance","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". It shows you market rents, current rental rates, and any delinquent tenant ledger amounts. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Property performance \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A property performance report (also known and occupancy rate reports) will give you a snapshot of each property\'s performance over a period of time. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Expense reports \ud83e\uddfe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can pull expense reports that consolidate all the expenditures from a time period by property or by bank ledger. If you have a large portfolio or want to dive deeper into your expenses, you could pull category ledger reports that line item expenses paid under specific categories. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other information to have on hand would be salary information and any expected changes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember to look at your contracts for details indicating future price changes such as upcoming office rent increase, utility price increases, lawn care, advertising, etc. ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Calculate rental income \ud83e\uddee","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grab those income and rent roll reports to get a picture of what you can expect to come in for the year. In most cases, look at the average over time (ie: a 12 month period) to consider expected revenue. Use your monthly average as your guide. Remember to factor in upcoming rent increases. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But if income varies greatly due to seasonal tenant turnover, use a longer period of time to find your monthly average to get a clear picture of expected income. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rental income comes in the form of rents received by electronic payment options like ACH or credit cards, cash, checks, money orders, and cash payment alternatives. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But it doesn\u2019t stop there, you could also be collecting: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pet fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Late fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Appliance rental fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Applications fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Credit card transaction fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Storage rental income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Laundry coins","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vending machine income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue from selling ad space in your newsletter and website","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And more!","marks":[],"data":{}}]}]}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Insider tip:","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" If you have considered alternative income streams, take a moment to think about how you can add these and other income generating ideas to your rental business to help your bottom line. ","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Remember to budget for ongoing and one-time expenses \ud83d\udcb2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In your budget, you\u2019ll want to account for those items that come up periodically or perhaps only once a year such as: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Property inspections","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tenant turnover","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":" Paying someone to check your fire extinguishers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Power washing","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HVAC seasonal maintenance","marks":[],"data":{}}]}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Budgeting for the unexpected ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s hard to anticipate the unexpected but a good rule of thumb is to plan for the worst but hope for the best when it comes to the unknowns of property management. So, try to think about what could go wrong and add a line item in your budget for a contingency fund. Unanticipated large expenses that can catch you off guard include: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Large plumbing issues (broken pipes, burst water heaters, septic failures)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Natural disasters \u2013 think what you\u2019ll need while you wait for insurance to provide resources","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Structural issues like roof repairs and replacing garage doors","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Repaving after ground shifts and earthquakes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tree concerns such as falling limbs and root damage","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Changes in inflation and consumer price index (CPI)","marks":[],"data":{}}]}]}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Identify new budget categories \ud83d\udca1","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgets include goal planning for your rental business. You\u2019ll want to budget for new amenities and future upgrades like adding pet facilities or a playground, switching from traditional keys to a smart lock system, and upgrading security systems and features. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What other ways can property managers create, monitor and improve a budget? \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have a clear picture of your income and expenses, plan for the unexpected and for your future goals, it\u2019s time to see how you can influence your budget with time and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/landlords-maximize-profits-revenue-streams-cost-cutting/"},"content":[{"nodeType":"text","value":"cost saving measures to maximize profits","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money saved is money earned right? Budgeting your time and finding efficiencies can help bring down costs. Here are some more budgeting tips:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Allocate time to building great tenant, owner, and vendor relationships. \ud83e\udd1d Great relationships can save you both time and money. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review services annually such as trash removal, cleaning, landscaping and lawn care, property and business insurance, as well as internet and phone service contracts for ways to capitalize on renewal or unadvertised discounts. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Speaking of service providers, don\u2019t be shy to ask them for their expert advice on cost-cutting ideas! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If it makes sense for your business, invest in energy-efficient appliances, lighting, and engage in energy-efficient practices to help keep costs down. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set performance goals for tenant turnover timeframes and lease renewal rates. The faster you are able to fill a vacancy, or better yet, have a good tenant renew their lease, the better! ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lean into automating many of your tasks. \ud83e\udd16  Invest in property management software that has robust features that free up your time. Most property management software providers all have common features like communication tools, integrated tenant screening, financial reports, and more. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A property management software \ud83d\udcbb  can help by simplifying your budgeting process. The only way to get accurate financial data is through reliable financial reports and a great property management software makes tracking income and expenses and pulling those financial reports a breeze. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.rentecdirect.com/blog/best-property-management-software/"},"content":[{"nodeType":"text","value":"evaluating property management software","marks":[],"data":{}}]},{"nodeType":"text","value":", be sure to look for one that has the best customer service and client support, is easy to learn, and has all the robust features you want. Remember, software tools don\u2019t have to be expensive to be efficient and helpful. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Common budgeting mistakes ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knowing what to look out for in budgeting for your rental business will help you keep on track. \ud83c\udfaf ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first and biggest mistake is to not budget at all and simply hope for the best. \ud83e\udd37\ud83c\udffb\u200d\u2640\ufe0f Too many property managers still operate with this mindset. If that\u2019s you, imagine how much healthier your profit margins could be if you spent a little time on budgeting. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Being on autopilot can blind you from possibilities of new revenue streams, cost savings, discounts, efficiencies for time savings, and more. If you prioritize budgeting habits you\u2019ll be set up for greater success because it will force you to evaluate all your systems, processes, and business relationships.  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another common mistake is to let the fear of the unknown get in the way of creating and maintaining your budget. You might feel like this is a daunting task, and you\u2019re not alone. A study from the Certified Financial Planner Board of Standards (CFP Board) found that 59% of Americans surveyed are not tracking their spending and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cfp.net/news/2019/01/new-survey-shows-consumers-no-matter-their-income-or-assets-need-support-with-spending-household"},"content":[{"nodeType":"text","value":"two-in-five have never had a budget","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83e\udd2f ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it\u2019s likely many property managers and landlords haven\u2019t started down the path of budgeting for their rental properties. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The good news is that you have resources to help you get started. You can find expert advice on finances and budgeting \ud83e\udd13 plus other educational resources provided by your financial institution, property management blogs, and local or state real estate boards, housing commissions, and rental associations. 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Find out if incremental budgeting is right for you.","metaTitle":"Incremental Budgeting: Everything You Ever Wanted to Know | Relay","metaDescription":"Incremental budgeting is a method where you prepare a new budget based on small adjustments to your current budget. Here\'s exactly how it works.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2LJ96hvRrtSdWQKFP1l7AT/b0edb77aa198a6b74af19c4668aad1a2/Business_Banking_Blog_Header_-_Incremental_Budgeting.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Did you know that small changes can lead to huge improvements over time? For instance, dedicating 1% more of your time to marketing initiatives every day will lead to significant progress over the course of a year. It sounds simple enough, but how do you put this idea to the test? \ud83e\udd14The answer lies in your budgeting practices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting is a method where you make incremental changes to your current budget to inform future allocations. These incremental changes include adjustments for inflation, sales prices, or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"software tools","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". If you\u2019re looking for a simple budgeting method to help you achieve financial consistency, incremental budgeting might be right for you.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-incremental-budgeting"},"content":[{"nodeType":"text","value":"What is incremental budgeting?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#incremental-budgeting-steps"},"content":[{"nodeType":"text","value":"Incremental budgeting steps","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#incremental-budgeting-example"},"content":[{"nodeType":"text","value":"Incremental budgeting example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#pros-and-cons-of-incremental-budgeting"},"content":[{"nodeType":"text","value":"Pros and cons of incremental budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-stick-to-your-incremental-budget"},"content":[{"nodeType":"text","value":"How to stick to your incremental budget","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We want to help improve your business\'s success, which is why we put together an entire series about the top ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"business budgeting methods","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to give you complete control over your finances. If you\u2019re ready to get serious about budgeting, let\u2019s dive \ud83c\udfca into the basics of incremental budgeting to determine if it\u2019s right for your business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is incremental budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting is a method where you prepare a new budget by making small changes to your current budget amounts for a given period. This method is one of the most commonly used, as it\u2019s simple and can be utilized for a variety of different budgets (\ud83e\udde0 think departmental budgets, project budgets, and payroll).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s based on the idea that a new budget can become better by making only marginal changes to the current allocations. But let\u2019s take a second to consider other scenarios where this same idea is at play.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Think back to when you learned how to ride a bike. Did you learn how to balance, pedal, and come to a stop all in one day? Of course not! You took days, weeks, and maybe even months of making small improvements to become a cycling whiz. \ud83d\udeb4 This is the same concept used for incremental budgeting.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting is achieved by starting with your historical allocations as a baseline and making minor adjustments until your new budget is complete. Then, assumptions are added or subtracted from the original amounts to determine the new budget.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Incremental vs. zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is a method where you must explain all earnings and expenses for each fiscal period. So, how does this differ from incremental budgeting? The answer is straightforward, actually.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While incremental budgeting starts with your current budget and makes adjustments to the existing numbers, zero-based budgeting starts with a completely clean slate for each period, without making any reference to previous budget years. With zero-based budgeting, you start from scratch to allocate budgeting needs. As you can see, incremental budgeting is much quicker and often simpler than zero-based budgeting.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting steps","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most noteworthy advantages of incremental budgeting is that it\u2019s less difficult\u2014not to mention less time-consuming\u2014because your fixed expenses have already been budgeted.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed expenses may include:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Rent\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca7 Utilities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Payroll","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Business loan payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Software","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So when it comes to building an incremental budget, all you\u2019ll need to do is follow a couple of simple steps. These steps include understanding, adjusting and forecasting your fixed expenses.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 1. Adjust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step in creating any well-executed budget is understanding your finances. \ud83d\udcca\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You\u2019ll need to review each line item of your current budget to understand your fixed expenses and make incremental adjustments. You should base these adjustments on factors like inflation, sales prices, cost of goods, or other important aspects that could help improve your bottom dollar. Your resources will ultimately be adjusted up or down depending on the factors at play.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Continue this step until you\u2019ve adjusted all line items on your current budget.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Step 2. Forecast","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve adjusted all fixed expenses, you\u2019ll need to forecast your expenses based on the new allocations. You can do this by using the incremental budgeting formula: (new expense [-] [+] old expense = budget change). \ud83e\udd13\ud83d\udcda","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Add or subtract the adjusted expenses from the old ones to show the change in budget for the upcoming fiscal year. It\u2019s pretty simple, though it never seems that simple when you sit down to do it. Your new budget will largely be similar to your old one, with minor cost differences.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example of incremental budgeting in action to give you a better understanding.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You\u2019re working on a new payroll budget for the upcoming fiscal year. 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Naturally, your new budget is bigger this year because of inflation and payroll changes. Thankfully, you\u2019ve outlined these payroll adjustments ahead of time to prevent cash flow roadblocks. \ud83d\udea7","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"italic"}],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Pros and cons of incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While one of the most simple budgeting methods, incremental budgeting is also one of the most controversial practices to follow. This is because many believe it can cause unnecessary spending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, there are many advantages of using the incremental budgeting method. From its simplicity to its consistency, it can offer a lot of benefits for the right business. Here are some of the top incremental budgeting advantages and disadvantages.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting pros: \ud83d\udc4d","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Uses your current budget to save time.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires only simple calculations.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remains fairly consistent over time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expenses are easy to predict.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fewer internal challenges are needed.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting cons: \ud83d\udc4e","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can lead to overspending vs. being conservative with cash fluctuations. \ud83d\udcb8","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doesn\u2019t account for unforeseen changes or factors outside of last year\u2019s budget.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Could discourage leadership from looking more in-depth into expenses.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stick to your incremental budget\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now comes the hard part; ","marks":[],"data":{}},{"nodeType":"text","value":"actually sticking to your budget","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". If we\u2019re being honest, learning how incremental budgets are implemented doesn\u2019t just happen overnight. It takes time to perfect and improve your budgeting practices. While maybe not the most exciting part of being a business owner, it\u2019s all part of the process.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, how can you stick to your budget once you\u2019ve created it? Here are a few tips to help you stay consistent with your incremental budgeting practices.","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stick to a schedule","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": The best way to budget effectively is to stick to a schedule. \ud83d\uddd3 Given that the incremental budgeting method depends on the current budget to inform changes, it\u2019s essential to keep your budget up-to-date. Schedule time in your calendar to budget every quarter or, at minimum, yearly.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review and adjust:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Budgets are fluid and can change depending on your goals or financial circumstances. Because your business changes rapidly, continually reviewing and adjusting your budgets where needed is essential. A rule of thumb is that the more frequently you reevaluate budgets, the more accurate they\u2019ll be. You should make adjustments regularly to keep up with industry changes, staff, and the cost of goods. Additionally, you can utilize the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"digital envelope system","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to stick to your budget and categorize each type of business expense. This will help you portion your revenue out, ensuring you can\u2019t spend more than what you have.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Utilize money management software:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" As an entrepreneur, you may feel driven to roll up your sleeves and do the manual work yourself. But, the key to being a successful entrepreneur is to know how to utilize productivity to your advantage. Money management software takes the manual work out of the equation, leaving you to focus on the work that matters most to your business. A banking platform like Relay allows you to categorize your budget, get visibility into your cash flow, and automate your payments. \ud83d\ude80","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}},{"nodeType":"text","value":"Don\u2019t wait to start budgeting. If you\u2019re looking for an online banking and money management platform that helps you perform an incremental budget, ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"try Relay","marks":[{"type":"underline"},{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" today.","marks":[{"type":"italic"}],"data":{}}]}]},"readingTime":4,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1657037184453,"customDate":1657037184453,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"activity-based-budgeting","title":"Activity-Based Budgeting (ABB): Simple How-to Guide","description":"Activity-based budgeting is a system that documents, researches and examines cost drivers for a business. 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And that\u2019s precisely why managing your cash and expenses accurately is so important.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One way to keep your costs under control (and maximize your profits \ud83d\udcc8) is to use a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"business budgeting method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" like activity-based budgeting. This method gives you insights into your operating costs and helps you identify which expenses are directly responsible for bringing in money \ud83d\udcb0 and which don\u2019t contribute to your bottom line.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what exactly is activity-based budgeting? How does it work and how is it different from other methods? 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budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting is a system that documents, researches and examines cost drivers for a business. A \u201ccost driver\u201d is the direct cause of an expense. For instance, if you have hourly employees, labor cost is determined by the total hours worked. This makes the number of hours that employees work your cost driver.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When executing an activity-based budget, start by analyzing all activities that have costs associated with them (which should be most of them). Then, look for potential ways to reduce those costs. For example, imagine implementing budgeting software that reduces the hours your accounting team spends on categorizing expenses. Not only did you discover a more effective solution, but you also reduced an important cost driver!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you finish analyzing all activities, you end up with a budget.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What does activity-based budgeting analyze?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But how do you know which activities to analyze when using the ABB method, and how? \ud83e\udd14 First, you need to understand the difference between ","marks":[],"data":{}},{"nodeType":"text","value":"direct ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"and ","marks":[],"data":{}},{"nodeType":"text","value":"indirect costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Direct costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Direct costs are costs that directly contribute to the production of your products or services. In other words, the product or service could not exist without incurring these costs. Consider the labor costs of engineers building your product, for example. Your product wouldn\u2019t exist without their help, making it a direct cost.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Indirect costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": On the other hand, indirect costs refer to expenses that are not directly related to creating a product or service. Indirect costs are expenses incurred by your business operations as a whole. These may include rent, legal fees, utilities, phone and internet bills, or security costs.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting only focuses on indirect costs","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" that don\u2019t directly contribute to your products or services. But how do you know which indirect costs to reduce? To answer this question, you need to use a method known as activity-based costing.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What is activity-based costing (ABC)?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://smallbusiness.chron.com/disadvantages-advantages-activitybased-costing-45096.html"},"content":[{"nodeType":"text","value":"Activity-based costing","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" (ABC) is a process that allows you to allocate overhead costs by assigning indirect expenses to activities more precisely. The objective of the ABC method is to reduce or eliminate overhead costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To illustrate this further, suppose you lease a small factory you use as a manufacturing facility. The rent you pay for the factory is an ","marks":[],"data":{}},{"nodeType":"text","value":"indirect expense","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". Becoming aware of this cost allows you to eliminate it if you choose to outsource manufacturing instead of renting your own facility. This would help lower your overhead costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All businesses want to minimize their costs and maximize profits (after all, you need to make money at the end of the day). The key, though, is to determine ","marks":[],"data":{}},{"nodeType":"text","value":"when","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"how","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" to reduce activity costs. Cue how activity-based budgeting works.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How activity-based budgeting works","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting looks at daily business activities\u2014like running digital ads, packaging \ud83d\udce6and production\u2014and determines areas where you can reduce costs.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The activity-based budgeting process involves three steps:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Identify and prioritize your cost drivers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Start by identifying items that result in expenses for your business, known as \u201ccost drivers.\u201d For instance, a manufacturing facility\'s \ud83c\udfed main cost driver is machine hours. Think about it this way: a machine must run longer to manufacture more goods. And as it runs, the costs increase. These costs may include the electricity required to run the machine, the salaries of the people who manage it, and any other supplies needed to maintain it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then rank the cost drivers from the most to the least important, allowing you to allocate resources to essential activities first.","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An example of an essential activity","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is the production of goods. After all, you can\u2019t sell what you don\u2019t have.\xa0","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An example of a secondary activity","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":" is a subscription payment for your point of sale system. It\u2019s not necessary, but it adds value by ensuring smooth business operations.\xa0","marks":[{"type":"italic"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, some activities are neither necessary nor value-adding, and you should remove them. Imagine the cost savings you would see by eliminating the office rent and operating remotely. \ud83e\udd2f","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Forecast what you\u2019ll spend on each cost driver","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each activity can be measured in units, such as the number of orders or labor hours. You\u2019ll need to forecast how many of these units each activity will need to allocate a budget.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if you have two virtual assistants who spend six hours a day, five days a week, doing data entry for your business, their total labor hours will be 60 hours per week (2x6x5).\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Calculate the cost per unit of activity\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lastly, calculate \ud83e\udd13the cost per unit to determine a budget. For instance, if your office uses 30 units of water every month, and the water company charges you $4 per water unit, your budgeted water cost would be $120 (30x4).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The outcome is a budget that identifies the basic needs of every cost driver. You can then use it to determine future costs by reducing or eliminating activities.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Difference between zero-based budgeting and activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the name suggests, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.investopedia.com/terms/z/zbb.asp"},"content":[{"nodeType":"text","value":"zero-based budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" doesn\u2019t use the current budget as a base. You don\u2019t use historical information, and all business costs are justified and approved at the beginning of the fiscal year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In zero-based budgeting, each company division is assessed for needs and expenses. Let\'s highlight some of the top differences:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In zero-based budgeting, resource allocation depends on the importance of the needs and costs of every department. On the other hand, resource allocation in activity-based budgeting is done by assessing activities that incur costs and finding ways to reduce overhead costs.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting determines potential business profits, while zero-based budgeting doesn\'t. In activity-based budgeting, costs are linked to business revenue, ensuring that only sales-generating expenses are considered. This helps you accurately forecast profit. Zero-based budgeting only considers the costs necessary for every department instead of the overall business revenue goals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In activity-based budgeting, costs are eliminated based on alignment with business objectives. On the contrary, zero-based budgeting eliminates costs based on whether the individual departments can justify them.\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s use a content marketing business as an example. The activities that generate the highest costs are content production and content editing. So, the cost drivers are the number of written articles and the number of edited articles. The business owner sells 200 articles monthly. But he just got five new clients and will deliver 250 articles in the coming month. Assuming he pays $200/article to a freelance writer and $100/article to a freelance editor, what will the budget look like the following month?","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Production","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Editing","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost Driver","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of written articles","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of edited articles","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of Units","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost per Unit","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$200","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$100","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Cost","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$50,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$25,000","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve figured out the activities and cost drivers, then predicted the number of units within the cost drivers. Seems easy enough, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost per unit, in this case, is determined before hiring writers and editors for the job. You set the rate you\u2019re willing to pay for outsourcing written and edited content and then hire the writers and editors. But here\u2019s the magic question: can activity-based budgeting help you ","marks":[],"data":{}},{"nodeType":"text","value":"reduce","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" production costs without sacrificing output or quality? The answer is yes!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using the above example, you might realize that you can save 25% of the cost by hiring salaried in-house writers and editors. Say you hire ten writers and five editors at a salary of $3750/month each. How does this change the unit costs?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"new unit cost","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" per written article is the Total Salaries to Writers / Number of Articles = $150 (3750*10/250), while the unit cost per edited article is Total Salaries to Editors / Number of Articles = $75 (3750*5/250).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The budget would now look like this:","marks":[],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Production","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Content Editing","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost Driver","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of written articles","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of edited articles","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No. of Units","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"250","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cost per Unit","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$150","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$75","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Cost","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$37,500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"$18,750","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this new model, we wouldn\u2019t need to determine the unit cost again the following months unless we hire new writers and editors.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Pros and cons of activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Advantages of activity-based budgeting \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"1. Better cost control","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since all revenue-generating activities are examined during the activity-based budgeting process, you\u2019re able to exercise more control over costs as you look for efficient ways to cut expenses.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"2. Competitive advantage","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower operational costs allow you to sell products at a better price than your competitors, giving you a competitive edge \ud83c\udfc6in the market.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"3. Effective resource allocation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All businesses have limited resources. Therefore, the activity-based budgeting method allows you to allocate resources to only those activities that generate revenue, eliminating non-profitable activities.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Disadvantages of Activity-Based Budgeting \ud83d\udc4e","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"1. More costly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting works on a macro level by collecting data from multiple departments, making it more costly to implement and maintain than ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.wallstreetmojo.com/traditional-budgeting/"},"content":[{"nodeType":"text","value":"traditional budgeting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"2. Time-consuming","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You need to dot your i\u2019s and cross your t\u2019s when analyzing business activities and how they impact profitability, which can be time-consuming. \u23f0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"3. Complex","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The budgeting team needs to understand all the functional areas of the business before determining cost drivers. The process is complex, especially for a company doing it for the first time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to stick to your ABB budget once you\u2019ve created it","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have your budget. Now what? Sticking to an ABB budget can be challenging without the right help. That\u2019s where ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" comes in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay allows you to deposit budgeted amounts for multiple expense accounts (like payroll, vendor fees, and delivery costs) to help you stick to your budget. 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","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode transcript","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Most of them, if you talk to them as a business owner and say like, this doesn\'t make sense to do, they\'re okay with that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You\'re talking to them business owner to business owner. Hello, Blake Oliver here, and this is Gearing up, a series by Relay. Relay is business banking, designed for accountants and their clients, just like me, they\'re obsessed with making firms more effective and efficient. So in each episode I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Garrett Alexander of Orsini & Associates on the show. Thank you for joining me, Garrett.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, great to be here. glad you\'re having me.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So, tell me about your firm, where you\'re located, what do you do, who do you serve?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, yeah, so we\'re located in Savannah, Georgia, we serve, right now a multitude of industries, Orsini & Associates is more of our brick and mortar practice, we actually just recently bought a firm, and so we\'ve kind of inherited a good mix of industries in there, bunch of real estate, bunch of, you know, naturally we\'re on the port, we have some shipping stuff, stuff like that, and then we have Game On Financial which is more of our outreach to content creators, gamers, and that is obviously nationwide, they\'re located everywhere.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So when you say content creators, I hear that the name Game On, are you talking about like Twitch streamers and YouTubers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Oh, yes, yeah, Twitch streamers, YouTubers, Instagram, I mean, you name it, whatever the platform of choice, TikTok, big one, but yeah, yeah, not just gamers, I know, Game On Financial, obviously you guys kind of leading, but at the same time a lot of these content creators that we have as clients, they actually don\'t stream on Twitch at all, most of them do, but yeah, yeah.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So, how do you find them? Do you go on their like channels on Twitch and do you like subscribe?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, yeah, yeah. So I\'ve been in the industry, at that specific industry for quite a while now, so I have a lot of creators that I\'ve subscribed to previously before we kind of decided this was what we wanted to do, but, yeah, yeah, I\'m just kind of in the, you know, like we have our communities within the tax world, they have their own specific communities, so I try and stay pretty involved in those, and honestly it\'s happened pretty organically just being in the space.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So when you get these clients, I mean, they\'ve probably never worked with an accountant before, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"No. most of the time, the bigger ones have, I mean, they\'re coming from other CPA firms a lot of times, but yeah, most of them haven\'t.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When they come to you from other CPA firms, like why do they leave?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I think it\'s a communication thing, I mean, I\'m a little bit younger and I think there\'s obviously the disconnect between the millennial and the boomer generations, I mean, that\'s a big thing in and of itself, but, you know, it\'s just, I\'m in the space, I can talk metrics with them that they understand, you know, CCVs, concurrent viewers, stuff like that, that I don\'t think other people really grasp, I think they just drop their stuff off at their accountant and that\'s it, and most of them use their parents\' accountant, versus with me I think that\'s, kind of, you know, they\'re independent, they wanna get with somebody that can speak their language, so to speak, and I think that\'s a big hit with them, or I know it is.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I mean, it\'s got to be kind of strange to be working with a CPA that like doesn\'t know what Twitch is, right? And that\'s your main source of income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, yeah, exactly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Explain the concept to them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\'s an easy sale for me, that\'s why I said it was organic, I mean, it\'s not like I\'m out there hard selling anything, you know, I just love the space, and I think people see that, I think there\'s an authenticity to it, and so when I speak with these folks, it just kind of flows, I don\'t know","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"How\'d you get into it?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We just got into it, we just decided we wanted to, like I said, Orsini & Associates, we kind of have the traditional firm backbone, we have an office in Savannah, Georgia, you know, anybody, almost anybody local can look us up, they can step into our office, all that stuff, and we decided we wanted more, to kind of niche down into a specific space, and that one was just a passion of mine, my partner, when we started the firm, she was bringing a lot of clients with her from her previous firm, I was not, again, I\'m younger, so the firm I was leaving I didn\'t have just a client base, so I brought nothing, and so I thought it was a good idea just to, you know, go out there and start building my book of business that way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So, that\'s fascinating, because you really have two different firms going on, you\'ve got this Game on Financial, bringing in new clients, who probably have not worked extensively with accountants in the past. So the onboarding process, you know, you have a chance to educate them as to how this relationship should work. Then on the traditional side, you\'ve got a whole book of business that you\'ve acquired. Like, how is it different?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"The content creators we\'re getting a lot of them, we can go to them with any tech stack and make recommendations, and there\'s an inherent level of trust I think, again, built based on just, honestly me being able to speak their language, and so they\'ll do, honestly whatever I recommend, I truly feel like I am the expert in their eyes, and then the traditional client base, they\'ve been working with somebody for 40 years and their motto is more of, we\'ve never done it this way before why should we change, right? It\'s always worked in the past. So it\'s difficult when something is not working very well, they don\'t see the behind the scenes of it, and presenting that to them has been difficult, it\'s been great experience honestly, great learning opportunity for me and my partner, but, yeah, one is definitely easier to pitch to than the other one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I\'m sure many of our viewers have been in that situation where, you get this client that\'s been doing things a certain way, for five, 10, hey, maybe 20 years, and now you\'re coming in with new technology, cloud based technology often, trying to get them to switch. How do you make that pitch to them?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I have to be, so what helps me with the content creators of being younger and recommending these items, I have to actually, it flips on me the other way, so now I\'m all of a sudden the young kid that\'s coming in to change everything, so I have to have it down to a science, I have to be able to communicate the value almost immediately, right? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And I do that with, I mean, a multitude of ways, but the most consistent way I\'ve found is with, I have a slide deck, and I have a set process of, you know, once we evaluate the client file, usually all of them, you\'ve got payroll, you\'ve got bookkeeping, and then, I mean, you\'ve got banking and stuff like that, so, you can kind of tailor your tech stack to what the client needs, and present it to them in a slide deck, something they understand, make it bite size for them, and show the value immediately, I mean, you have to, \'cause otherwise, again, I\'m just the new kid coming in to change everything and they don\'t like that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So they come to you on desktop, QuickBooks Desktop, they\'re doing manual payroll, they\'re going into a branch to go to the bank. What are you moving them on to?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, good question. So we\'ve tested a lot of things, QuickBooks Online predominantly, that\'s gonna be the hub of everything, and then you kind of, from the hub, you go to the spokes and so, I like Gusto, in fact, I love Gusto, big proponent of Gusto, I think I have one client on ADP, and all the rest are on Gusto, and then I still have a few that are manual that we are converting, we\'ve been doing this over a period of time and had good success but, so Gusto and then Relay, obviously for the banking needs, we are pushing Relay as hard as we can, and we\'ve had, you know, good success with QuickBooks Online, Gusto, Relay, and, I don\'t like changing it up too much, \'cause again, I have to have something set and I need to know what I\'m doing when I\'m making, \'cause once I get past the pitch I have to do the conversion and I need to know kind of what\'s going on, and it\'s easier when I have that defined tech stack to take to them. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I try to give the carrot before I give the stick, right? I try and give you the good reason, the good reasons for doing it, and then for Relay that\'s actually, probably one of the, I wanna say easier ones because the benefits are obviously numerous, I can pull that up online and walk them through, but for, you know, if they\'re hard set on talking to a person, I would actually tell them, you can keep the local branch, you know, you\'re depositing cash, you\'re gonna need the local branch anyway, keep that, let\'s just move all of your actual, true operating your activity into Relay, and that\'s gonna save us a lot of time with the data entry, everything like that, the data coming over to QuickBooks Online is gonna be cleaner than you\'ve ever seen it, it\'ll give us, the accountant on our end, it\'ll give us so many more options as far as like, how to do things, \'cause we\'ll actually be able to see the data, and I think at the end of the day, when I tell them I need to be able to see the data and advise you, and I can\'t do that on the system you\'re currently on, that\'s what they\'re after, they want that advice, and I tell them I can\'t do it without this model. 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Garrett, thank you so much for sharing your sales tips with us, your insights, we\'re not calling it sales though. Whatever we call it, the way that you get your clients onto the cloud tech stack, thank you for sharing that with us. If people wanna learn more about you, connect with you online, where should they do that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Oh yeah, absolutely, so I am your local tax guy on Twitter, follow me there, I am on Facebook, I\'m gonna be completely honest, I\'m not as involved there, but yeah, you can go to our website, orsiniandassociates.com. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Find more about just Melanie and I, my partner Melanie give a little bit of background on the website and all so you can get to know us, but yeah, Twitter is probably the main space if you wanna interact, DM me, let me know, you know, any questions you may have.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And let us know when you get up your Twitch channel for, you know, doing tax returns or reconciling.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, on Twitch, livestream tax returns, that\'s right.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Or bank recs, livestream at bank rec in QuickBooks Online.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Garrett: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Relay. 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","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Ziwei Chen","jobTitle":"Partner Marketing Manager","company":"Relay","slug":"ziwei-chen","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1Le1Wl1KKvje7RpoVX1Ot5/cdfab8f0b1df300a7325c6982e97999d/Ziwei_Chen.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1656106881270,"customDate":1656106881270,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"to-smbs-fired-by-brex","title":"To SMBs fired by Brex: We\'re here for you","description":"On Thursday, June 16, 2022, Brex announced that it\'s firing thousands of SMBs. 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Little explanation was given as to why, or what makes a business qualified.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No doubt a difficult decision by Brex. But in my view, the wrong way to treat your customers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses are the backbone of the economy and represent more than 90% of all US businesses \u2014 yet they are chronically underserved.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We already know they\u2019re underserved by traditional brick-and-mortar banks. Banking with these institutions usually means endless hidden fees, outdated infrastructure, and non-existent customer service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Which is why it\u2019s so saddening to see SMBs get overlooked yet again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting a business takes guts. It tests you. Small business owners put everything on the line to grow and sustain their companies. And they need partners who can support them along the way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we\u2019ve been committed to building banking that *truly* serves small businesses from day one, and we\'re here to stay. Because when we look at this landscape, we see endless opportunities to equip SMBs with tools that help them grow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This news only energizes us to serve small businesses more deeply.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019ve been fired by Brex as a customer, we would love to have you. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" is an online banking and money management platform that helps you stay on top of cash flow, get unparalleled clarity into operating expenses, and manage your team\u2019s spending.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is here to support your businesses, no matter how big or small. When you\'re ready to make the transition, you can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"sign up for Relay here.","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"- Yoseph West, Co-Founder & CEO @ Relay","marks":[],"data":{}}]}]},"readingTime":2,"author":{"name":"Yoseph West","jobTitle":"Co-Founder & CEO","company":"Relay","slug":"yoseph-west","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5ofsSd4EJva91zN9tYqprY/e191c808e72a492cc8512fe715609097/Yoseph_West_Headshot_-_1k.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1655495230864,"customDate":1655495230864,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"value-proposition-budgeting","title":"Value Proposition Budgeting (VPB): A Step-by-Step Guide","description":"Value proposition budgeting (VPB) helps you analyze and prioritize expenses to that drive the most strategic value for your business.","metaTitle":"Value Proposition Budgeting (VPB): A Step-by-Step Guide \u2014 Relay","metaDescription":"Want to get started with value proposition budgeting? Here\'s to use VPB to analyze and prioritize expenses to that drive the most strategic value for your business.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2eUiCz9KtARVZOcr51DcA9/948bbee96eedda7fbe6dc678f5aaa078/Business_Banking_Blog_Header_-_Value_Proposition_Budgeting.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to business obstacles, what separates the companies that thrive from the ones that just barely get by? Knowing how to budget effectively. If you\u2019re ready to make sure your business thrives under pressure, we can help!\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our advice? Start by using value proposition budgeting (VPB).\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"VPB is a method of analyzing and forecasting future outcomes and should be used when restructuring your financial procedures. The goal of VPB is to determine the areas of your business that offer the most return \u2014 whether you track it manually or with the help of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"business budgeting software","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". This way, you can restructure your financial practices and use your cash more wisely.\ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-is-value-proposition-budgeting"},"content":[{"nodeType":"text","value":"What is value proposition budgeting (VPB)?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-value-proposition-budgeting-works"},"content":[{"nodeType":"text","value":"How value proposition budgeting works","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#value-proposition-budgeting-example"},"content":[{"nodeType":"text","value":"Value proposition budgeting example","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#the-advantages-and-disadvantages-of-value-proposition-budgeting"},"content":[{"nodeType":"text","value":"Advantages and disadvantages of VPB","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#how-to-stick-to-your-value-proposition-budget"},"content":[{"nodeType":"text","value":"How to stick to your VPB once you\'ve created it","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With multiple budgeting methods to choose from, like zero-based and activity-based budgeting, it can be challenging to find the right system for your business. At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", our mission is to improve the rate of small business success by giving you full visibility into finances and control over your cash flow. That\u2019s why we put together an entire ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"series about business budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ready to get started? Let\u2019s dig into everything you need to know about value proposition budgeting.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is value proposition budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting, otherwise known as priority-based budgeting, involves analyzing and explaining a business\u2019 expenses for a given fiscal period. At its core, value proposition budgeting aims to find out where a business should spend money based on how much value each expense brings in.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But let\u2019s take a minute to discuss what \u2018value\u2019 actually means","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83e\udd14 Since value is subjective, it\u2019s often measured in different ways. Consider the best way to achieve profitability for your business. Is it through product development? Customer service?\xa0Something else altogether?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting illustration: Amazon vs. Apple","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at how some of the most well-known companies prioritize their expenses based on their value. For example, ","marks":[],"data":{}},{"nodeType":"text","value":"Amazon","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" offers competitive shipping options \u2014 a major advantage for its business \u2014 which means it likely places a lot of value on its shipping and logistics expenses. \ud83d\ude9a On the other hand, the visual aesthetic of Amazon\'s website probably doesn\'t have as much of an impact on the company\'s bottom line \u2014 which is likely reflected in its design budget. However, design is a core brand pillar for a company like ","marks":[],"data":{}},{"nodeType":"text","value":"Apple","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \u2728 This likely means design is a key value for the business, and its budget undoubtedly reflects this.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what does this all suggest? Simply put, ","marks":[],"data":{}},{"nodeType":"text","value":"financial statements alone don\u2019t always show how certain investments lead to higher profits","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Instead, you need to figure out the highest value for your business holistically \u2014 beyond just studying your financial statement.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What a value proposition includes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value-based budgeting should include revenue and expense estimates based on historical results. You can then use this data to make profitable decisions in the future. For example, if you know an expense brought it a lot of value previously, you may want to continue investing in it.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since financial forecasting is a priority \u2014 or, at least, it should be \u2014 it\u2019s essential to run accurate budgets to ensure consistent growth. Let\'s say your business is in a crisis. You\u2019ll need to get strict about where to spend your money to ensure profitability. VPB is the perfect approach as it helps prioritize the most important expenses. It keeps you focused, helps you eliminate unnecessary spending and drives growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How value proposition budgeting works","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ever wish you could take back an expense that hurt your cash flow? \ud83d\ude13 Now you can prevent those incidents from happening in the first place! At a basic level, ","marks":[],"data":{}},{"nodeType":"text","value":"VPB works by prioritizing the expenses that bring in the most financial return and eliminating expenses that don\u2019t provide significant value","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within a value proposition budgeting process, there are three basic steps you\u2019ll need to follow:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Determine your company\u2019s vision, \ud83d\udc41 goals and ideal results","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify the programs, products and services you spend capital on","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Allocate resources to the programs that drive the highest value","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sounds simple, right? Of course, when you actually sit down to do this, you realize that determining the value of each expense is a ","marks":[],"data":{}},{"nodeType":"text","value":"challenge","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". To implement the three VPB steps, consider the ","marks":[],"data":{}},{"nodeType":"text","value":"what","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"text","value":"why,","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"text","value":"how","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" of each expense. Ask yourself:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What value (monetary, customer-driven, or other) are we getting in return for this expense?\xa0","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why is our spending up in this category?","marks":[{"type":"italic"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How will this expense contribute to our operating profit?\xa0","marks":[{"type":"italic"}],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These questions emphasize how a given expense will result in value: hence the purpose of value proposition budgeting. But don\u2019t forget to consider your business\u2019 goals when measuring value! The importance of a given expense will be completely unique for each business.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" To take your budgeting method one step further, learn how to use the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"envelope budgeting system","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" to ensure you don\'t spend more than what you earn. \ud83d\ude4c","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example of value proposition budgeting in action to give you a better understanding.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":": You own a product-based company that sells bicycles. This year, you decided that attracting new customers to your store is the most important measure of value to increase net profit. But, you recently ran a profit and loss report and noticed that your net profit was down.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You need to get to the bottom of the issue, so you use the value proposition budget method and list out all of the different expenses that you believe drove value in your business.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"table","data":{},"content":[{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Previous Month","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"table-header-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Current Month","marks":[{"type":"bold"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $2,500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rent","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $2,500","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $3,500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payroll","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $3,500","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supplies","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $500","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Supplies","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": $500","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":": $2,500","marks":[{"type":"underline"}],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing","marks":[{"type":"bold"},{"type":"underline"}],"data":{}},{"nodeType":"text","value":": $500","marks":[{"type":"underline"}],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$1,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Equipment: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$1,000","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$30,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Total Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$20,000","marks":[],"data":{}}]}]}]},{"nodeType":"table-row","data":{},"content":[{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NET Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$20,000","marks":[],"data":{}}]}]},{"nodeType":"table-cell","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NET Profit: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"$12,000","marks":[],"data":{}}]}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After looking into this month\u2019s expenses, you realize that profit and marketing spend were both down. Since you know that you just ended a marketing campaign that saw a high return, \ud83d\udc4f\ud83c\udffd you realize that you\u2019ll need to continue investing in marketing expenses to see growth.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this example, you can see that you were able to identify the importance of marketing expenses because you decided that attracting new customers to your store was the best way to measure value. Without analyzing the value and priority of the expense, you may have continued to see a decline in profit.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"nodeType":"text","value":"Revenue vs. Profit: The Difference in Plain English","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The advantages and disadvantages of value proposition budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting is best suited for businesses that need to restructure their finances and reduce excess spending. 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Having a baseline budgeting plan in place is an excellent start to do just that. But sticking to it? Now, that\u2019s an entirely different story.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As your business grows, you\u2019ll also grow\u2014incredibly busy, that is! It\u2019s not enough to set it and forget it. Instead, you\u2019ll need a money management platform in place to continually reevaluate and prioritize your business expenses to ensure you\'re sticking to your budget and maintaining adequate cash flow. 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From there, you can adjust the frequency as you find what works for you.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tracking where your cash flow is going: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"One of the best ways to simplify the budgeting process is to keep track of your transactions. You can do this by setting up a bank feed that automatically imports transactions from your bank account \ud83d\udd00 to your accounting software. When using the VPB method, having an organized list of your transactions at your fingertips at any given moment can make the budget process much quicker.\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Understanding your transactions: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It\u2019s not enough to just track your transactions; it\u2019s also essential to understand and interpret those transactions. Expenses can stack up, and it can become increasingly difficult to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/Workflows-for-managing-client-cash-flow"},"content":[{"nodeType":"text","value":"manage cash flow","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Using a tool that auto-categorizes your expenses can create visibility into the different types of expenses your business has\u2014allowing you to see spending trends more easily. \ud83d\udcc8\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By following these steps, you\u2019ll be able to not just set up a value proposition budget, but ensure that you stick to it. As you get used to your budgeting process (and we promise you will!), you can make adjustments to fit your business\u2019 needs and accurately plan for the future.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Creating a budget that works for you","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the right budgeting method for your business is up to you and the goals you set for your business. As your business grows and changes, so will your goals and objectives. There is no one-size-fits-all approach, but with a solid understanding of the different budgeting methods, you\u2019ll be able to find one that\u2019s unique to your pain points.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we strive to educate and support business owners when it comes to the complexities of business banking. With a banking and money management platform like Relay\'s, you can better categorize expenses with separate checking accounts (like one for taxes and one for payroll) and better stick to your budget.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Don\u2019t wait to start budgeting. If you\u2019re looking for an online banking and money management platform that helps you implement a value proposition budget, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"try Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" today.\\n","marks":[],"data":{}}]}]},"readingTime":5,"author":{"name":"Lindsey Stefanka","jobTitle":"Founder & Content Strategist","company":"Mind My Content","slug":"lindsey-stefanka","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/1oMBZZ8aLnOWiJ2AdLHLzB/07c3915b03ac97329b25fd2f00bb0f72/Lindsey_Stefanka_-_Headshot.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1655309228461,"customDate":1655309228461,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-manage-accounting-client-expectations-using-visuals","title":"How to manage accounting client expectations using visuals","description":"Megan Justice, owner, Crayon Advisory, LLC, uses infographics to help clients understand the tax preparation process and ensure a positive client experience. 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","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2cccAhhIfF0d7oxoxwvWyU/3a2106e5033e6f5f3c727c4e981b694d/Gearing_Up_Blog_Header_-_How_to_manage_accounting_client_expectations_using_visuals.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Before ","nodeType":"text"},{"data":{"uri":"https://www.linkedin.com/in/meganajustice/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Megan Justice","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" started ","nodeType":"text"},{"data":{"uri":"https://crayonadvisory.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Crayon Advisory, LLC","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", she worked in-house at accounting firms that wanted her to pay close attention to managing client expectations.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Setting up client expectations was something she was told to do in her career for years, but was never really given the tools or permissions to effectively do so, she says in the episode. \ud83d\ude16","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now, at Crayon Advisory, she\u2019s developed a creative and unique way to keep clients on track while ensuring they know exactly what to expect from her services. Those services include tax planning and preparation, account software and system design (or repair \ud83e\ude9a) and accounting tours for business owners who are new to managing the money side of a business. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Using visuals to help clients understand the tax preparation process\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Advisors know it can take two to three weeks to complete a tax return \u2014 once you have all of a client\u2019s information. So if a client takes weeks to send in all of their documents, a tax return won\u2019t be ready for weeks after. But many clients don\u2019t realize these timelines, says Megan, and if that\u2019s not communicated clearly it creates a bad experience for everyone involved.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To address this, Megan uses ","nodeType":"text"},{"data":{"uri":"https://www.canva.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Canva","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", an online graphic design tool, to create infographics that outline the steps and timelines involved in her services. Every client receives the relevant infographics when onboarded to ensure there are no surprises on when documents are due and tasks are completed.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/FXRmNzQzePI"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/FXRmNzQzePI","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Watch the full episode to learn:\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83e\udd1d Why Megan started her own firm and who she serves\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udee0 Her robust tech stack\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udc95 Why Megan loves Relay","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udc69\u200d\ud83c\udfa8 How she created the visuals she sends to clients ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Learn more about Megan at ","nodeType":"text"},{"data":{"uri":"https://crayonadvisory.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"CrayonAdvisory.com","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019d like to share your knowledge on an upcoming episode of Gearing Up,\xa0","nodeType":"text"},{"data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?usp=sf_link&utm_campaign=Gearing%20Up&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"data":{},"marks":[],"value":"submit your challenge + solution using the form","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ydCEJxujEE26ZZH1xOcw1","type":"Entry","createdAt":"2022-04-25T19:12:05.497Z","updatedAt":"2022-12-16T17:31:32.530Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":44,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up episode transcript:\\n","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" I may need to borrow that term that you just taught me, the firm-i-ness of firms. Hello, Blake Oliver here, and this is \\"Gearing Up,\\" a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today, we have Megan Justice of Crayon Advisory on the show. Thank you so much for joining me, Megan.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"Thanks for having me Blake.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So tell us a little bit about you and your firm.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"So my firm, I stepped out on my own because I really wanted to not deal with the firm-i-ness of firms. I wanted to just work with clients and be able to interact with them and help and support them through their accounting and tax needs and concerns. So I stepped out on my own and really wanted to bring a level of support and help and acknowledgement to these people as well as being able to meet them wherever they\'re currently at, whether they\'re highly sophisticated and have quality accounting systems or they\'re just graduating from scratching some things on paper into maybe thinking about a spreadsheet, but no we\'re gonna put \'em into some accounting software.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"I may need to borrow that term that you just taught me, the firm-i-ness of firms. So you\'re out on your own. What kind of technology tools are you using in your practice?\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"I use Ultratax for my tax planning and preparation, through their virtual office. It works out really well. And then all of the other things are completely independent and don\'t talk directly together. So I rely on Zapier a lot to make those connections for me and to bring information from one place to another. I use ClickUp for my project management. I use Google Workspace as kind of my home base. I use Superhuman for my email. I actually get to inbox Xero more often than not with...\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Wow.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"And it\'s absolutely amazing. It\'s a great feeling. I use TechSplay\'s a lot and I really lean on TechSplay. It\'s part of what really helped solve some problems that I was having this last fall and making things happen easier. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I rely on Proposify for all my engagement letters and proposals. They look pretty, they\'re easy to access and it puts everything all in one spot for me, which is really lovely. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I use Suralink and Onvio as my portals. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I lean on FreshBooks as my primary accounting system. That\'s what I use within my firm. My clients are mostly on either FreshBooks or Xero. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I use Relay a ton and I try and get as many clients into Relay as absolutely possible. Yes, because it is amazing bank software. It\'s an amazing bank. It\'s super easy to work with. I can go in and I see all of my clients right there. If there\'s ever a problem, which with Relay, I\'ve never had a problem, but if there\'s ever a problem, I know I\'m going to have a human to connect with somehow very, very quickly. And it\'s because Relay is constantly sending me information. My account manager reaches out to me on a regular basis in a non-annoying fashion. Like I know that they\'re there for me. Everyone is there. There\'s the network. There\'s the support.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"What is the one challenge that you have had in your firm and how can you tell us to solve it?\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"So I end up working with a lot of brand new clients who have never used a tax preparer before. They\'ve never used an accountant before. A lot of them are pandemic sole proprietors that they either lost their job or decided not to go back to their job during the pandemic, and now they\'re out there doing the solo thing but they\'ve never thought about this before and never been in business. And they don\'t actually know even the processes. We all know that it takes two to three weeks to turn a tax tax return around if not longer, depending upon all the other things that are happening. That just because a client has sent 90% of the information, that last 10% is crucial for the tax return or the project, whatever it is and it absolutely has to happen. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then on top of that, when you send that information in later and the client sends that information in later, everything gets back logged and it takes longer. They send it back in the next couple of days, it\'s usually pretty easy to pick it right back up. The client doesn\'t send it in for two to three weeks later, you\'re not picking that return up for another two to three weeks after the client has sent it in. It creates a bad customer experience. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So I started relying more and more on infographics and I built up some infographics that communicate all of this in one little card, one little spot, and just kind of walk the client through what happens and including those with an email as I onboard these clients, as to what to expect is really about setting up client expectations which is something that I was told in my career for years but then not actually given the tools or the per permissions to really set up those expectations. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But this is really the 1040 estimated delivery windows that this is when we expect to be able to deliver tax returns, whatever time period it is, when you actually need to send information, what it is that\'s happening behind the scenes. So I\'m reviewing the information that\'s been received, hopefully with one within one to five days receipt but sometimes a little bit longer, right? I\'m not even starting tax return preparation until I have everything and it\'s not getting started until three to 10 days from receipt of information, and that\'s pretty normal. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then finalizing and deliver the tax return and invoice. It\'s again, another three to 10 days from receipt of any additional information, so that last 10%, it\'s not getting done until here. So I\'ve also done it for businesses. It\'s the same infographic with different dates and different colors. There\'s really not a very big difference. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I used Canva to do all of this, Canva normalized the space between all of these things for me. I set up guides inside of there to drop this down and I can pull Canva up as well.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Oh yeah, that\'d be great. Yeah, I\'ve used cam myself, super easy to create graphics without having to be a designer.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"And it\'s really, non-designer friendly. Other thing that I did to really communicate with clients was I built out this season\'s graphic. This is another one. And I pull up this one...\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There you go because it\'s gonna show you kind of the iterations of what I\'ve done. It\'s the same kind of thing. The months of the year are all kind of normalized by Canva itself. Even though we\'re in this grab bag period, if we\'re talking to a new client in July about tax planning and then they send their information in the middle of August, I\'ve moved on to extension season in here. And that\'s kind of what my focus is. And I\'m not really gonna be able to pick up tax planning again until October, November. So I built this out to really try and show that activity to my clients. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Did this for advisory clients as well for accounting and bookkeeping and that sort of thing. I need information by a certain time in order to deliver things that if you want your stuff on the 15th, I\'ve gotta get it in the door. I can\'t turn it around in a day. It\'s just not possible. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A lot of people don\'t realize that and they don\'t they don\'t like it. But when they start to understand that there\'s already things booked into my calendar to work on, even if I have a standing date of I work on your project or on your your activity on the fifth of every month, if I don\'t have that information already in, I can\'t work on it when it\'s scheduled to be worked on.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" Well, Megan, this is really interesting. Thank you for sharing this. I love the idea of using visuals to communicate information that people might not read in an email. We all know that people get way too much email and visuals give you a much better shot at communicating the information. And then it\'s a resource they can go back to and look at or maybe copy to their desktop, whatever they like to do. Are you looking to connect with anyone online? What are your social media handles?\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"I\'m out there on Twitter, meganajustice. I sometimes am on Instagram. It\'s the same thing. I think there\'s some dots in there, Megan.a.justice. I also exist as Crayon Advisory on Facebook and Instagram. And I exist as myself on Facebook as well.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Megan, thank you so much for joining me today and sharing your knowledge. We really appreciate it.\\r\\n\\r","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Megan: ","nodeType":"text"},{"data":{},"marks":[],"value":"Absolutely.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":8,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1655155597416,"customDate":1655155597416,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"budgeting-process-steps","title":"How to Create a Business Budget: 9 Simple Steps","description":"Small businesses need budgets \u2014 they put you in control of your money and give you a clearer picture into the state of your business. Gain clarity into your cash flow with these simple budgeting process steps.","metaTitle":"Small Business Budgeting Process: A How-To In 9 Simple Steps | Relay ","metaDescription":"Take control of your money and gain clarity into your cash flow with these simple budgeting process steps.","popular":false,"category":"Business Budgeting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/64WJ69YZALEFTh7gLkq54F/8b163290af313f1c261ad76ca6175d2b/Business_Banking_Blog_Header_-_How_to_Create_a_Business_Budget.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses need budgets \u2014 they put you in control of your money and give you a clearer picture into the state of your business.\ud83d\udcdd Gain clarity into your cash flow with these simple budgeting process steps in this article.\ud83d\udca1 ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But first, let\u2019s talk about what a budget is and how it can help your business be profitable. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is a business budget? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A business budget is a detailed plan that outlines your company\u2019s future spending based on business goals. Budgets track your cash and help business owners estimate exactly how much money is moving in and out of their business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are many different ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"types of business budgets","marks":[],"data":{}}]},{"nodeType":"text","value":" available, each with its own pros and cons, but at the end of the day, each budget has similar components. \ud83d\udcb0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Common components of a budget ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Income (or revenue) ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revenue is the total amount of income generated by your business from the sales of goods or services before any expenses. If you add up the total sales generated by your company, that is your company\u2019s total revenue for the year.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Fixed costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed costs are recurring expenses that don\u2019t change from month to month, regardless of sales or production volume. Some common examples include rent or mortgage payments.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed costs are easiest to budget for because they\u2019re predictable and regular.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Variable costs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs are recurring expenses that change depending on sales volume of goods and services. Common examples of variable costs include direct materials and labor, shipping costs, and sales commissions.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs are difficult to budget because they can fluctuate on a weekly or daily basis. As a small business owner, it\u2019s important to budget for variable costs with an annual buffer of 5% to 10% to cover for any increases in the cost of materials, labor, or inflation.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why do you need a business budget anyway? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgets are an essential planning tool for any organization to ensure that money is being spent and invested correctly. A well-planned budget will help you:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecast earnings and expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". A budget sets targets for revenues and costs, which helps your team work to achieve them.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anticipate business fluctuations and keep your business profitable. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your budget can help you identify where to decrease your spending or if you need to increase your revenue, which will help increase your profitability in the process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grow your business and obtain a loan. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"When you can prove you have a handle on your cash flow, you also increase your chances of winning over investors or obtaining a bank loan.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Achieve your financial goals. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Your business budget is a financial road map \u2014 it evaluates the status of your finances and outlines what you need to do to hit your goals.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that you understand the why, you\u2019re ready to dive right in and apply that knowledge!\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to create a business budget: 9 key budgeting process steps ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re in the process of budget planning, just follow these 9 simple steps to create your business budget. \ud83d\ude0c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-1-review-previous-financial-period"},"content":[{"nodeType":"text","value":"Step 1: Review your previous financial period ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-2-calculate-your-revenue"},"content":[{"nodeType":"text","value":"Step 2: Calculate your revenue","marks":[],"data":{}}]},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-3-create-a-list-of-your-fixed-costs"},"content":[{"nodeType":"text","value":"Step 3: List your fixed costs","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-4-create-a-list-of-your-variable-costs"},"content":[{"nodeType":"text","value":"Step 4: Add up variable costs","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-5-forecast-extra-spending"},"content":[{"nodeType":"text","value":"Step 5: Forecast extra spending","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-6-analyze-cash-flow"},"content":[{"nodeType":"text","value":"Step 6: Analyze cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-7-determine-your-budget"},"content":[{"nodeType":"text","value":"Step 7: Determine your budget ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-8-apply-budget-and-stick-to-it"},"content":[{"nodeType":"text","value":"Step 8: Apply budget and stick to it","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#step-9-review-and-adjust-for-the-future"},"content":[{"nodeType":"text","value":"Step 9: Review and adjust for the future","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 1: Review previous financial period\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first step in creating a well-planned budget is understanding your business finances. ","marks":[],"data":{}},{"nodeType":"text","value":"\ud83d\udcca\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you already have an existing budget, then a good starting point is to look at your previous budget and ask yourself these questions:\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Did you spend more or less than anticipated?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Were your assumptions about the industry and your own business growth accurate?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Were there unexpected challenges you faced? What caused these?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Was the budget easy to enforce? Did your team members follow it?","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on the answers to these questions, you\u2019ll likely get an idea of how accurate your previous budget was, and from there, make adjustments for this next fiscal year.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you don\u2019t already have a business budget \u2014 don\u2019t worry \u2014 you\u2019ll have a few more things to consider, but you can still easily create a forward-looking budget. You\u2019ll want to check your spending from the previous year to get an idea of what your business expenses are and ensure that you work that into your budget. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 2: Calculate your revenue\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to know how much money you have to budget, you need to first understand how much revenue your business makes \u2014 after all, you can\u2019t spend the money you don\u2019t have.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Create a list of all your products or services and forecast how much you anticipate you\u2019ll make in the next year. \u270d\ufe0f If your business has additional income streams, such as affiliate commission, make sure to include them in your total revenue number as well.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 3: Create a list of your fixed costs ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you\u2019ve calculated your revenue, the next step is to determine your expenses.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good place to start is with fixed expenses, as they are ","marks":[],"data":{}},{"nodeType":"text","value":"necessary expenses that every business incurs and stay the same month over month","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". More importantly, fixed expenses are not impacted by sales, so whether you have a knock-out sales month or see an unexpected dip, these expenses will remain constant.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fixed expenses ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"differ for each business and industry, but often include:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe0 Rent (if you have an office, studio, or warehouse space)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca7 Utilities such as electricity, hydro, and internet\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb0 Salaries for employees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83c\udfe6 Business loan payments","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcb2 Taxes","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udcbb Software that is essential for business operations\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Assuming your company doesn\u2019t move offices or plans to add additional staff, your fixed expenses should remain similar each month.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 4: Create a list of your variable costs ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable expenses \u2014 as their name suggests \u2014 are not the same each month, they ","marks":[],"data":{}},{"nodeType":"text","value":"vary depending on business performance","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Typically, the higher the sales volume, the higher the variable costs as you\u2019ll need to produce more products or dedicate more resources to running a service.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs include:\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Operating costs such as costs of goods sold","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", which depend on sales volume. For example, if your business sells widgets, and you sell more widgets one month, the cost of producing those widgets will go up.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sales commission\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marketing expenses such as advertising spend or public relations\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate investments or donations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Team perks","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Office snacks and coffee\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Variable costs are often also called ","marks":[],"data":{}},{"nodeType":"text","value":"discretionary expenses","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", but some may be necessary to run a business. What one business considers as discretionary, may not be the case for another business. It all depends on what kind of business you run, the industry you\u2019re in and how customers find you.\xa0However, for most small businesses, you can consider things like team perks, corporate donations, and office snacks as non-essential if the budget is tight.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 5: Forecast extra spending","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you have an idea of both your fixed and variable costs, it\u2019s important to plan for unexpected expenses that may occur. For example, are you planning an office renovation? Are you going to hire new employees who will need additional computers and desks? Do you anticipate any big company events you\u2019ll need to consider?\xa0\xa0\ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s important to consider all these scenarios as you plan your budget. Set aside money for anticipated one-off expenses that may occur in the next year, and additional money for a \u201crainy day fund\u201d to create a safety net for your business.\xa0 ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 6: Analyze cash flow\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once you understand your revenue and expenses, this is where your budgeting actually begins!\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow refers to the relationship between money coming in and going out of your company. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Understanding","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":" will allow you to easily predict if you\'ll go over budget or if revenue dips. Identify particular areas or departments of your business that may impact the budget most heavily, and be prepared to adjust accordingly if needed. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 7: Determine your budget\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before you get started, determine which ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/business-budgeting-methods"},"content":[{"nodeType":"text","value":"business budgeting model","marks":[],"data":{}}]},{"nodeType":"text","value":" will work best for your business. Once you have all the numbers available to you, use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/small-business-budgeting-software"},"content":[{"nodeType":"text","value":"business budgeting software","marks":[],"data":{}}]},{"nodeType":"text","value":" \ud83d\udcbb to help put your budget together! It can be as simple as using an Excel spreadsheet or you can explore a more sophisticated tool that will automate your budgeting process.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Step 8: Apply your budget and stick to it","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A critical step in budgeting is to share the budget with your teams for transparency so they can help ensure that you stay on budget. It\'s likely that you\'ll depend on your team to handle their own costs, and they need to have the tools and expectations to do this well.\xa0\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ensure that everyone involved knows how much they\u2019re allowed to spend and is able to track and report that amount. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Hiring for a 100% remote accounting and bookkeeping firm","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Nancy\u2019s firm grew, she realized that building her accounting firm in a traditional way was re-creating working conditions she and her staff didn\u2019t love. 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","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode transcript:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hello, Blake Oliver here. And this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today, we have Nancy McClelland of the Dancing Accountant on the show. Thank you for joining Nancy. Are we gonna get to see any of your dance moves today?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Not today Blake, I\'m so sorry. I hope that\'s not a huge disappointment but I\'m very glad to be here regardless.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And I am glad to see you there and it looks like you are in just a lovely place right now. Where are you located?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We are in Merida, Mexico, which is in the Yucatan peninsula. It\'s pretty much straight south of Peoria, Illinois.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And how did you get there? Is that your normal location? Is this a pandemic related thing?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Every year we spend the worst of tax season somewhere sunny in Mexico, because when I\'m working that many hours, it\'s just nice to be working that many hours and have the sun shining on you. And so we were actually here in Merida when the pandemic hit. We came with two carry-on bags planned to stay for two and a half weeks and ended up not coming home for 16 months. So, now we live here four months out of the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" The Dancing Accountant. What is the reason for that name for your firm? Where does that come from?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So I was dressed up for an event that was, at actually a pro bono client of mine, Unity Park in the neighborhood. And we were, it was an event where we were like teaching little kids dance moves. And I walked up in full costume, mini skirt, tall boots, all of that. And I saw not one but two clients that were hanging out, picnicking with their kids. And one of them said, \\"Hey, kids, look, it\'s the dancing accountant.\\" And I was like done, renaming. There it is. I wanted something that would reflect me and it would reflect the fact that I\'m a fun, colorful person. And I wanna have personal relationships with my clients. And so it kind of keeps the folks away that I\'m probably not so interested in working with.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" My second question is, you said we, is that your team, is that your family? Who is the dancing accountant?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We, the Dancing Accountant is bigger than that. There are nine of us, my husband and myself. I\'m the only full-time person now which we\'ll talk about a little bit more later. And then I have an amazing team of folks that I work with all over the country.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So Nancy, tell me about your technology stack. What kind of tech are you using at the Dancing Accountant?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Well, our tech stack definitely reflects the remote nature of our firm. We\'re a hundred percent remote. So we use Dropbox Business Advance for a file server and secure document transfers which I love, it works great for us. We use Zoom for meetings. We\'ve actually been using Zoom for years but only amongst ourselves. And I was honestly sure that clients would never, ever get on board with remote meetings until the pandemic hit. Of course, at which point they all realized that even if I\'m in Mexico, in a sense I\'m like closer and more accessible than ever before. We use Airtable for our database and we use ATX and then for clients, we recommend QuickBooks Online for bookkeeping, Gusto for payroll and Guideline for retirement. We really love those solutions, partially because they have that like client dashboard concept where you can access all of your clients from one list, which is actually how I got involved with Relay in the first place, is that we\'re starting to transition clients to Relay as their banking solution so that we have a dashboard that\'s similar to those other programs for banking. And then, and this feels very important to me. I would say it\'s my favorite piece of our technology. If we\'re syncing Point of Sale data, we actually have, we have a lot of shops and restaurants. So for POS, we\'ve actually been using Shogo for years. This year, we transitioned to Bookkeep for some of our clients. And both of those programs, you map the accounts in QuickBooks Online, and they post automatically as a daily journal entry summary. This was a game changer for us and our clients \'cause we have so many different Point of Sale systems.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"I imagine that when you pick people to join your team, it\'s not just a, can you do the job kind of thing. There\'s gotta be more to it. And everyone\'s having trouble finding talent, retaining talent. Do you have any tips for us, advice for us on how you have built your team? How do you do it?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I had a full-time employee who, it wasn\'t working out and I was trying to figure out how to replace her. And that really started the gears turning in my head about how to hire an accounting and bookkeeping staff so that you love working with your team. In accounting, there\'s so much education required. There\'s such long grueling hours. You add the pandemic and you\'ve got people really reprioritizing. And so when growing your firm, you can follow the traditional path of hiring full-time employees based on this long list of standard requirements, they have to come into the office and sit in a cubicle and work just horrible hours especially during tax season or when you\'re getting 1099s out. You can do it that way, but you may find yourself building a firm that you don\'t necessarily love working in. And in my case, as I was saying, I had this amazing employee, she was highly efficient, capable, but she really alienated the rest of us. And when you have a small firm, like you can\'t have one person who doesn\'t like working with anybody else, it can\'t work. We have to be a team. We have to lean on each other. When the time came, I found myself thinking a lot about, how can I prevent that from happening again? And whether I could brainstorm some more creative ways to build and grow a firm that was more focused on personal relationship.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" We wanna get along with our clients. We all know, I think anybody who\'s a decent rainmaker in this profession knows that the relationships with the clients are super important. But we tend to forget that the relationships with the staff and among the staff and the team, let\'s just call it the team is equally, if not more important, because even if somebody\'s really productive, if they make everybody else feel bad, then it\'s gonna limit the productivity of the whole team.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Absolutely. And I mean, we have as a mission for our organization, it\'s to provide affordable bookkeeping, accounting and tax services to local business owners. But it\'s not just, and the reason that that\'s our mission is that it\'s an attempt to keep small businesses healthy and preserve the character of our communities. So that the chains don\'t come in, they don\'t take over. And so, like my clients, they all know each other, they all shop at each other\'s stores and eat at each other\'s restaurants. Like it\'s really neighborly, but we don\'t think about, at least I never had really thought about how essential that would be for my team, for my daily work.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Did you end up transitioning this full-time employee out?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yep.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" How did you change up the way that you recruited the person that came in to replace them?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I know we\'re all watching a lot of like, HR webinars and that kind of thing. Like how can you recruit a team? And I am gonna reiterate some of what you\'re hearing over and over and over, which is flexible schedules and remote work options. Those are the two perks most wanted by workers. But the part that you don\'t hear in all of those webinars is that meaningful work is the number one surveyed cultural quality that people are looking for. So yeah, people are reprioritizing but they\'re not just saying, \\"I want a job that has, where I\'m gonna make more money or have better benefits.\\" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I mean, that\'s part of it but they want a job where they have flexible schedules, remote work options, and meaningful work. Even though I may not be able to offer the highest pay grade or the biggest benefits package. Like I know I have other valuable perks we\'re a hundred percent remote, we offer flexible schedules. We offer remote work options and what is more meaningful to me than like making sure that our small businesses in our communities are staying healthy. Like they\'re the fabric of our communities. Their uniqueness is what makes our communities livable. And so that\'s pretty meaningful work. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And so I first had to get it in my head that I have something to offer that was really important but I also have a great network of colleagues in the bookkeeping world that I\'ve been able to work with and mentor in various ways through a professional association I think you know Cindy Schroeder, right? She runs BookkeepingBuds.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"That group is just amazing. So like they were so helpful to me in this. So in talking through as a group, how to solve this or that problem or helping them with like CPA or firm level questions, that\'s one of the things that I bring to the group. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I got a sense of their like individual personalities and processes and kind of determined a few folks that I\'d be excited to have on the team. And so rather than replace the full-time employee with another one, I went a totally non-traditional route. I came up with the idea of, I separated the levels of work and hired just a ton of part-time people. So now I have two part-time junior bookkeepers as employees. And those are for like regular recurring bookkeeping tasks and billing and entry level tax work. They\'re awesome. I love them, they both came through word of mouth, personal recommendations and they were specifically looking for part-time, remote, bookkeeping work. So people were like, \\"Oh, I know somebody who might be a good fit for you.\\" And they both came through clients, word of mouth through clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And then I connected with other advanced level pro advisors from Buds who might have extra capacity. So these are people who already run their own bookkeeping firms. This is what they do for a living. And I reached out to them and was just like, even if it\'s just a few hours a week, and I decided to contract specific types of work out to them like QuickBooks Online reviews, conversions, app integration, other special projects. And so they get to learn new apps and skills and tax knowledge, which they might not have, that they can then use in their own firms. So it\'s like the best on-the-job training that you can imagine because you already run your firm. And then I get their QuickBooks Online expertise as well as the experience of hands-on client work because they already run their own firms. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now I\'m the only full-time employee. My husband\'s part-time. Got another CPA who\'s part-time and focuses on tax. She\'s been with me for a while, she\'s amazing. And her husband is actually one of my part-time bookkeeping contractors. So they\'re in Indiana. And then we have two part-time bookkeepers that are employees, one in Indiana and one in Iowa. And then I have these three part-time advanced bookkeeping contractors. One\'s in Montana, one\'s in North Carolina and one\'s in Pittsburgh. So we\'re really all over the place.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It seems very much to me like you are choosing to work with fellow partners in the business, as opposed to, I\'m hiring you as an employee to do work for me.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You know, I try not to use staff or employee or contractor words as much even though things are true. They are team members, we are on a team together helping each other. It\'s one thing to change the language. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We talk a lot about inclusive language these days, which is great. So it\'s one thing to change the language and have people\'s perspectives change along with it. It\'s another thing to simultaneously start from the opposite perspective and say, \\"Let\'s treat each other like team members.\\" And then you\'re gonna be more inclined to use that language because I know that I can\'t get through a day without all of them, like, I need them. I\'m not their boss in the way that they need me because they need a job. Like, no, I need them on my team so that we can fulfill our mission.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, Nancy, this has been wonderful and eye opening. If folks watching or listening would like to connect with you online, learn more about what you\'re up to. Where\'s the best place for them to do that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, I have one labor of love that I really want to share. And it\'s also the best place to find out more about me or connect with me. I write an award-winning blog, at thedancingaccountant.com. It\'s non-monetized. It\'s just a passion project where I share news and tips and resources for small business owners and their advisors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it\'s definitely a place where you could go if you\'re a small business owner, but also if you are a bookkeeper or a tax preparer, it\'s basically who I want to share these things with. Sometimes its tax, sometimes its bookkeeping, a ton of financial relief info over the past couple years, free webinars, YouTube clips, things like that. I actually started it for myself as a way to just organize my thoughts into a searchable format. And then I began using certain posts as a way to communicate with clients. And I was shocked to find one day that I had like thousands of readers. I was like, where do these people come from? How did you even find me.\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Thank you. Thank you so much. I\'ve learned so much from talking with you today. I hope we get to do it again sometime soon.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, me too. This was a lot of fun. Thank you so much for inviting me to come in, to come out, to be here. It\'s been wonderful.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Thanks again, Nancy. We\'ll see you soon.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Nancy:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Take care. Bye, bye.","marks":[],"data":{}}]}]},"readingTime":11,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"Author","postedDate":1654007437124,"customDate":1654007437124,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"operating-profit-formula","title":"Understanding the Operating Profit Formula & How to Calculate it","description":" Operating profit tells you how efficiently you\u2019re running your business. How much money do you have left over after all the necessary expenses of running your business are deducted? The operating profit formula helps you figure out this number. ","metaTitle":"Understanding the Operating Profit Formula & How to Calculate it","metaDescription":" The operating profit formula helps you determine if your business is successful from an operations standpoint, and is arguably one of the most important accounting formulas a small business owner should understand.","popular":false,"category":"Accounting","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/51j0WS1USHBmoXEOk1H8dl/ae2b8d6333b2f58f3434295ec597f3eb/Business_Banking_Blog_Header_-_Operating_Profit_Formula_1.1.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"You may have heard the term \u201chealth is wealth\u201d \ud83d\udcb5 \u2014 well, in the context of a small business, operating profit is key to business health. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How so? ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit","nodeType":"text"},{"data":{},"marks":[],"value":" tells you how efficiently you\u2019re running your business. How much money do you have left over after all the ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"necessary","nodeType":"text"},{"data":{},"marks":[],"value":" expenses of running your business are deducted? The operating profit formula helps you figure out this number. It\u2019s arguably one of the most important accounting formulas a small business owner should understand. Let\u2019s explain why.\ud83d\udc47 ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is operating profit?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit","nodeType":"text"},{"data":{},"marks":[],"value":", or operating income, is the amount of money your business earns after you deduct all the costs required to keep your business running. This includes the direct costs to create the goods or services that you sell, operating costs (for example, the salaries you pay your productions staff), and any long term investment expenses (for example, heavy machinery) that show up as depreciation and amortization on your income statement. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Simply put, operating profit is the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"money that your business makes from running the business","nodeType":"text"},{"data":{},"marks":[],"value":". That means it excludes money made from other sources such as stock investments or real estate. A positive operating profit means that you\u2019re running your business efficiently. \ud83d\udcc8","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit is often mistakenly called ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"earnings before interest and taxes or EBIT,","nodeType":"text"},{"data":{},"marks":[],"value":" but it\u2019s important to note that the two are not synonymous. \ud83d\ude45 The main difference between operating profit and EBIT is that operating profit only takes into account earnings generated from business operations, whereas EBIT includes non-operating income such as dividends and capital investments. Operating profit is a generally accepted accounting principle whereas EBIT is not.  ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The operating profit formula and how to calculate it ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit is calculated using the following formula: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3tuPRERxRUzixfoefbOvOM","type":"Asset","createdAt":"2022-05-20T19:50:12.847Z","updatedAt":"2022-08-23T01:03:44.730Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":2,"locale":"en-US"},"fields":{"title":"Operating Profit Formula","description":"Operating Profit = Gross Profit (Revenue - Cost of Goods Sold) - Operating Costs - Depreciation - Amortization ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3tuPRERxRUzixfoefbOvOM/74bd6cdd9a68fbffbd244fb4a7a99e72/Business_Banking_Blog_Header_-_Operating_Profit_Formula_1.2.jpg","details":{"size":152342,"image":{"width":1920,"height":400}},"fileName":"Business Banking Blog Header - Operating Profit Formula 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating Profit = Gross Profit (Revenue - Cost of Goods Sold) - Operating Costs - Depreciation - Amortization ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now what ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"exactly","nodeType":"text"},{"data":{},"marks":[],"value":" does each variable in this formula mean? Let\u2019s break it down. \ud83d\udd0d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gross profit","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gross profit","nodeType":"text"},{"data":{},"marks":[],"value":" is total ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/revenue-vs-profit"},"content":[{"data":{},"marks":[],"value":"revenue","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" minus the cost of goods sold. It\u2019s the total profit your company keeps after subtracting the cost of materials \ud83e\udea8 and labor directly associated with producing a product.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cost of goods sold ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Cost of goods sold","nodeType":"text"},{"data":{},"marks":[],"value":" (COGS) are expenses related to the cost of producing goods or services. They are also commonly referred to as ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"direct costs","nodeType":"text"},{"data":{},"marks":[],"value":" as they are expenses that relate directly to the creation and production of a product or service.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Examples of COGS or direct expenses include:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83e\udea8 Raw materials, parts, supplies","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcaa Labor employed to directly manufacture a product, such as factory workers or machine operators\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca7 Utilities associated with the production of products or services\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udea2 Shipping costs for sending product or service to market\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcc3 Commissions or professional fees \u2014 specifically in service-oriented businesses such as insurance, real estate, consultancies and law firms","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating costs ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating costs or ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"indirect costs","nodeType":"text"},{"data":{},"marks":[],"value":" are expenses associated with critical operational activities, but not directly related to the manufacturing or purchasing of goods or services.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Examples of operating or indirect costs include:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 Salaries and wages (other than direct labor for production employees)","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udfe2 Rent and maintenance for offices\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca7 Utilities\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udfe6 Banking or accounting fees","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcda Office supplies\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcbb Software or technology subscriptions\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcca Marketing expenses","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb2 Insurance\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udf0e Travel costs\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\ude97 Vehicle expenses\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Depreciation ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Depreciation is used to spread the cost of an asset over a specific period of time and is commonly used for large fixed assets such as buildings \ud83c\udfe2, offices, equipment, machinery, vehicles \ud83d\ude97 and furniture.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s illustrate this with an example. Imagine your business buys a company vehicle for $100,000 and plans to use it over the course of 10 years. Instead of paying for the car in one month at $100,000 and potentially plunging the company into the red for that month, you can depreciate the cost of the car over its useful life and pay it off over 10 years at $10,000 annually.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re a small business, depreciation is an annual tax deduction that allows you to recover the cost of these large expenses. The reason assets are depreciated over a long-term period is to help better match the cost of the equipment with the revenue generated from that equipment over a given period of time. This helps give you not only track the usage of your physical assets but also gives you a heads up of when you need to replace it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amortization ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amortization is a method used to spread the cost of intangible assets like trademarks, patents or other forms of intellectual property over time","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your company applies for a patent and the entire process costs $150,000, given the current 20-year patent term in the United States, the annual amortization would cost $7,500. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What to exclude when calculating operating profit ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Alright, so we\u2019ve covered what\u2019s included in the operating profit formula, now here are some things to ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"exclude ","nodeType":"text"},{"data":{},"marks":[],"value":"\ud83d\udeab:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Income from the sale of physical assets such as real estate\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Debt obligations\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Investment income from stakes in other organizations\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Gains or losses due to changes in accounting strategies\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Taxes\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Interest\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Since operating profit represents the profit of your business without the impact of taxes, debt or capital, they are all excluded from the formula.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating Profit vs. Gross Profit vs. Net Profit","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit differs from gross profit and net profit, but it can be derived from them and vice versa \u2014 here\u2019s how they\u2019re related to one another.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Gross profit ","nodeType":"text"},{"data":{},"marks":[],"value":"is revenue minus the cost of goods sold.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit ","nodeType":"text"},{"data":{},"marks":[],"value":"is the money you make after paying for all expenses except for interest. A positive operating profit shows that your business is well run from an operational perspective, and is a good indication of whether your company is able to pay its debt and earn money.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udcb0 ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Net profit ","nodeType":"text"},{"data":{},"marks":[],"value":"is the money you make after paying all expenses and taxes. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What does the operating profit formula tell you? ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Operating profit is an accurate indicator of a business\u2019 health because it only includes expenses that are necessary to keep a business running. It measures the demand for the company\u2019s products or services (sales) and how efficiently a company can deliver those products or services (costs).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If your business turns a positive ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"operating","nodeType":"text"},{"data":{},"marks":[],"value":" profit, it means you\u2019re efficient at controlling costs and you\u2019re likely to turn a positive ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"net","nodeType":"text"},{"data":{},"marks":[],"value":" profit as well. Generally, when operating profit increases, the operating profit margin rises with it. \ud83d\udcc8 ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The relationship between operating profit and operating profit margin ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating profit margin","nodeType":"text"},{"data":{},"marks":[],"value":" is a profitability ratio that measures a company\u2019s ability to generate profit. \ud83d\udcb0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can calculate operating profit margin with the following formula:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Operating Profit Margin = [Operating Profit/ Sales Revenue] x 100","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"lLgIyAZNWXxdEqNbsZcEN","type":"Asset","createdAt":"2022-05-20T20:04:41.347Z","updatedAt":"2022-08-23T01:50:28.862Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Operating Profit Margin","description":"Operating Profit Margin = [Operating Profit/ Sales Revenue] x 100","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/lLgIyAZNWXxdEqNbsZcEN/dff3111a8005d5cf9fa1aca0e18bbd82/Business_Banking_Blog_Header_-_Operating_Profit_Formula_1.3.jpg","details":{"size":157164,"image":{"width":1920,"height":608}},"fileName":"Business Banking Blog Header - Operating Profit Formula 1.3.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your company\u2019s operating profit margin is a good indicator of how well it\u2019s being managed and how efficient it is at generating profits from sales. \ud83d\udc4f A downward trend in operating profit margin is a healthy sign as it shows that costs and expenses are rising faster than sales. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Looking at your past operating margins is a good way to gauge whether your business\u2019 performance has been getting better or worst. \ud83d\udcca Calculate your operating profit margin for previous reporting periods, and you\u2019ll see both the direction of change (positive or negative) as well as how great a change it was.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"_________________________","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And there you have it! \u2728 The not-so-secret operating profit formula is a key metric that can help your business gain better insight \ud83d\udc40 into your profitability. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}},{"nodeType":"text","value":"Watch the full episode now to learn\xa0","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n\ud83d\udca1  Why Dave named his firm Capovario\\n\ud83d\udcbb  The tech stack he uses to streamline his business\\n\u23f0  How Dave uses Keeper to save hours doing bookkeeping tasks \\n\ud83d\udcc8  How he delivers custom insights with the reporting feature\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/mmecuyyMBm4"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/mmecuyyMBm4","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nTo learn more about Dave and his firm, visit ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.Capovario.com"},"content":[{"nodeType":"text","value":"Capovario.com","marks":[],"data":{}}]},{"nodeType":"text","value":".\\n\\nGearing Up is published every two weeks! 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","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode transcript","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\'s huge on time savings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I mean, you just blew my mind here. I have never seen anything like this that lets you do this work to close the books without having to go into QuickBooks. Hello, Blake Oliver here, and this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me they\'re obsessed with making firms more effective and efficient. So in each episode I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Dave Kersting of Capovario on the show. 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And we hope that at Capovario that is what we bring to the plate for our customers.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So tell me a bit about your firm. Where are you located? Who do you serve? Who works at Capovario?\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So Capovario we are concierge consultants that have a basis in accounting and bookkeeping. We like to say, we get you and we\'ve got you. We call that the Capovario advantage, because we have a network of professionals that we work with to help us solve and assist any opportunities that our clients might have. We are coast to coast in the United States, working in different business verticals to include construction, roofing restaurants, bars, just to name a few.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So tell me about your Tech Stack. You are ahead of the game when it comes to the way you think about your firm, what are you using for the latest technology\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Right now we want to make sure that we\'re offering options for our customers so we use Relay and Melio for our payment solutions. We use Keeper.App for all of our monthly closed procedures as well as a ton of other things. And then Liscio is our customer facing communication software, and of course QuickBooks.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So you mentioned that you are nationwide you serve a variety of different businesses. That must be a lot to keep track of. So as you grow, how do you handle that? Is that a challenge for you? What are you doing around managing all the work?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It has been an extreme challenge and I think that\'s kind of what we\'re talking about today is what is our biggest challenge or problem that we needed to solve in our firm as my firm is growing substantially across the country in many different types of business verticals. So I think that when we look at keeper.app that became our solution to our problem it really has helped us hone in not only what we\'re doing for each customer but it also allows us to specialize reports and metrics and really understand what our client needs in one area.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" How is it different than your typical CRM or project management software, task management software? There\'s a lot of options out there, why would I use this? Why did you decide to use this instead of something else?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\r\\n\\r\\n","marks":[],"data":{}},{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I think for me, what really brought it home for us was that Keeper organizes everything and it has all the same data that QuickBooks has. So it export and inputs that all in one place and it allows us to make adjustments or changes within Keeper that automatically change in QuickBooks as well. It gives us the opportunity as well to kind of put down a list of tasks that are special for each customer because you know, when you\'re work working in a roofing industry versus a restaurant they\'re gonna have different things that they need done. They might have a loan in a roofing company whereas in the restaurant, they may not. This allows us to kind of put it in visual standpoint for us, and it allows us to kind of manage my own staff on what we\'re doing and kind of know where we\'re at on our solutions for our customers.\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Could you give us a peak of what it looks like, a visual I think would really help us understand what you\'re talking about.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So this is Keeper, Keeper we\'re using a sample company called Dave\'s Flooring because obviously we wanna protect our client\'s data. What this does is it allows you to create a non closing task, so things that you need to do that aren\'t necessarily related to a month, end close, then you have your pre-close information. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like, hey, I need to collect some bank statements, of course, if we\'re using Relay we already have that information. So I can check those boxes off really quick. It provides us with reconciliation data. So last reconcile transaction would show here if it wasn\'t a test company. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of the highlights that I can provide you is, you can see over here, I can assign it to a task, the task to a member, I can set up a deadline date, so if I wanna make sure that my clients are consistently receiving what they need in a timely fashion, I know that I can manage across the board, across the country all of my clients at the same time, important pieces for people to know on why I love this program and how much time it\'s saved for me to provide the exceptional customer service is understanding the transaction reviews and the PE entity reviews. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So just diving in real quick, under expense inconsistency you can see it pulls up all of these different items. This is right out of QuickBooks and it says what are these they\'re different. So let\'s just look at rippling for example, if I click on this little button over here, it breaks down, it says this is everything that we\'ve done with rippling. So you can see that it\'s 53% of the time been in software 47% of the time in payroll processing. We can say, okay, is that correct? Or is that not? If it\'s not correct, then we can click right on here and we can change it to any category that we wanna change it to. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once I hit Save in this area, it automatically goes back into QuickBooks and changes it for me there as well. That\'s huge on time savings.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I mean, you just blew my mind here. I have never seen anything like this that lets you do this work to close the books without having to go into QuickBooks.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah and what\'s nice is that although my company uses Liscio as our customer facing software, if you wanted to you could also connect and chat or ask your client directly right outta Keeper. And then as the client responds, so let\'s say the client says this actually belongs in software, that\'s where it belongs. The client\'s information comes in and the client actually just made that change for you in Keeper that then changes it in QuickBooks. So it reduces the amount of time of the back and forth with your clients and then going in and making some of those changes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It it\'s phenomenal on how much time it saves, you know, in when you\'re thinking how many times that a bookkeeper might not remember, oh this goes here or this goes there. This allows us to kind of have an overview of it on a monthly basis meaning that I can keep track of it every month, so that as I go throughout the year, it\'s solved by the end of the year, I can say, hey, books are ready for the tax professionals because we\'ve already done the work. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some other important key pieces is, you know a lot of people are we just pushed it through \'cause we were busy on payees. I forgot to put in somebody\'s name. Here\'s rippling again that we just went through. This is a vendor that\'s in here that doesn\'t have the vendor payee. So what do I wanna do? I\'m just gonna click here, I\'m gonna put in rippling and guess what? It\'s now fixed and QuickBooks as well.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" \'Cause once you\'ve closed the books you need to report to clients, does Keeper help with that?\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" It does, so if we go up here in the top portion, you can click on reporting and reporting is gonna give you any type of management reporting that you wanna see. And it\'s gonna give you a three month profit and loss statement, a balance sheet, another nice part. This is all customizable, so we can create what we want because the customers to see or what the customers need to see. That includes being able to create up here a metric and a metric is like a KPI. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So I wanna know that my roofing salesperson received 20% commission on whatever job, and I can set up a customized report that shows that for the owner to see yep these, did I pay them their percentage? Yes I did, here\'s all the data that I might need.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"That\'s great, the variance analysis is something that\'s really hard to do well in QuickBooks which is always surprised me because it\'s one of the most important things we do as accountants. And so the fact that you can do it here is great that somebody solved that.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"What\'s nice is that down here under the final review section we can also look at the profit loss here. And what\'s really cool about the profit and loss in this area is it\'s interactive. Meaning that if I click down on wages, it\'s gonna show that rippling is here. I can click down one more step and now it\'s gonna bring up\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Oh wow.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Transaction in rippling that helps us identify. So if I\'m looking at the profit and loss and it\'s wrong because this doesn\'t belong there I can make the change right now in here and put it wherever it needs to go. And then it\'s done and it\'s changed in QuickBooks as well.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\'s so much better than the old way of doing it where I\'d have the report on one screen, and I\'d have the transaction detail on the other screen. Yes and I have to try to do it that way and constantly refreshing, you\'re doing it right here.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah and it allows you, like I said to kind of see like if you look at sales income and you wanna see where things are coming from they\'ll run the report and say, hey, this is you know, where I might have received this income, or hey, I\'m down in this subscription sales area, what am I down in? But I really love that right now you\'re also seeing it in a three month view. Versus I can change it to be quarter, I can change these custom dates, I can rerun this. However I wanna rerun it, and it\'s not just the profit or loss as you\'ve seen it is. I can do AP, I can do AR, I can do balance sheet, any of the things that we need to look at before we send it off to the client, here\'s your final review. And that\'s when you go into the reporting area and pull out and be able to directly send any report that they want.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Now you mentioned earlier that you\'re a Relay customer or you use Relay on behalf of your clients. How does all that tie into what you\'re doing here?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" What\'s nice is that Relay has the information that I need to get from my clients. So as I set up in the top area where we had the you know, verify all banks or coded collect statements I don\'t necessarily need to collect the statements because I\'ve already got access to that information. So what it does is it provides that seamless Relay to QuickBooks, QuickBooks to Keeper, all the information I need, and I\'ve already probably have reconciled because it\'s so seamless for us.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Got it, yeah that\'s my favorite thing about Relay too is that the bank feed is clean. I\'ve got all the data I need. So you\'re saying data goes from Relay into QuickBooks, QuickBooks, into Keeper, you process it in Keeper, get the reports to where they need to be and then send \'em to the client all in those three apps.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah and you can send it just from those. And if you compare looking at like QuickBooks online reporting versus Keeper reporting, again customization is what our clients want today. They want to know what they want to know. And QuickBooks doesn\'t necessarily allow that. Whereas Keeper gives you the ability to do just about anything. So I\'m gonna highlight one more point for you that I think is gonna just absolutely blow your mind. We just finished January, and what did we do in January 10 99, and what is the scramble December and January? Everybody in every company is begging people for their nine S or updated information, or did we put it in QuickBooks correctly? What Keeper has done is they\'ve created a prepared 1099s. So it\'s not necessarily like I\'m gonna create 1099s out of Keeper, it is, I\'m creating the process the preparation of 1099s. So when I click down here, you can see that I have excluded all credit card spends right now I\'ve got it sorted by 1099 thresholds.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So you can exclude all the vendors that didn\'t get more than $600, you can include any transactions that were on credit cards. So you just, this is like the 1099 report that really should exist in everything in every other software.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes and think about like, do I have their information? Did I finish the information? Do I even need to send it to them? You know, in QuickBooks online it doesn\'t necessarily give you the chance to say I don\'t need to send a 1099 to this person because they\'re an corp or because they\'re incorporated. This gives us the ability to not only decide if we need to do it or not, by default it\'s always unknown. Now, if I click, no, I don\'t need one, it\'s gonna change this and it\'ll drop it off the report. If I click yes now I know is I need one and it\'s gonna say, hey I need to enter an address, I need an email address over here, It\'s gonna ask, you know, did I file 2022? So obviously 2021 one\'s out where we\'re done with 2021. Now we\'re working on 2022. If I were to click this, it would say, yes I filed this one already, do I have their w nine on file? Right now it\'s defaulted at no. If I click Yes now I know I have it, and here\'s even more fun right over here. Oh, that would be stored.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\'s the holy grail save the W-9 right there.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And you can save everything. So think about a certificate of insurances or any other specific items that you wanna store for this vendor, you can put all of that in here.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, thank you so much for sharing this with us Dave, really appreciate it, if the viewers want to get in touch with you online, follow you, learn more about your firm. Maybe come work at Capovario as you grow, where can they learn more?\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, I can find us on all social medias and it\'s gonna be at Capovario, you can also go to our website at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://capovario.com/"},"content":[{"nodeType":"text","value":"capovario.com","marks":[],"data":{}}]},{"nodeType":"text","value":". We\'re real excited to be in the community and have a relationship with Relay financial as well as our big partners like Keeper and Liscio the best thing I can say is Keeper is once you start using Keeper, you\'re gonna realize that it is the most valuable software you have outside of your QuickBooks and your communication software.\\r\\n\\r","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Thanks, Dave, great talking with you.\\r\\n\\r\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Awesome thank you so much.","marks":[],"data":{}}]}]},"readingTime":13,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":"(none)","postedDate":1661547836334,"customDate":1652760000000,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"how-to-qualify-bookkeeping-prospects-using-acuity-scheduling","title":"How to qualify bookkeeping prospects using Acuity Scheduling ","description":"Cindy Schroeder, owner of Bright Bookkeeping and founder of the community Bookkeeping Buds, used automation to reduce the number of free consulting calls with prospects that go nowhere by 50%.","metaTitle":"How to qualify bookkeeping prospects using Acuity Scheduling | Gearing Up","metaDescription":"If you want to turn more discovery calls into actual clients, here\'s a simple, automated way to cut down on go-nowhere calls.","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2GqqkThECyxflPBVpBGDAf/5e7be287f277547833c3b7e10a0dcac0/Gearing_Up_Blog_Header_-_Cindy.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Remember when you first started your firm and you\u2019d take every call \u2014 it\u2019s a potential client after all! \u2014 but many didn\u2019t lead to any real revenue?\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Or maybe you\u2019re still dealing with intro calls that turn into free consulting calls too often. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this episode of ","nodeType":"text"},{"data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Gearing Up","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":", ","nodeType":"text"},{"data":{},"marks":[],"value":"we speak to a bookkeeper who cut her dead end calls by 50%. \ud83e\udd2f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.linkedin.com/in/brightbooks/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Cindy Schroeder","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", owner of ","nodeType":"text"},{"data":{"uri":"https://brightbookkeeping.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bright Bookkeeping","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and founder of the community ","nodeType":"text"},{"data":{"uri":"https://www.bookkeepingbuds.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bookkeeping Buds","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", shares in this episode how her lack of a process for qualifying clients was causing her major frustration and wasting a lot of time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"How to qualify prospects faster using Acuity Scheduling\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cindy runs a cloud-based bookkeeping firm that focuses primarily on residential painters across the country. 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She needed a plan to reduce the rising stress she felt about talking to people who were simply not a fit for her firm.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The solution: ","nodeType":"text"},{"data":{},"marks":[],"value":"Cindy created a system of \u201ctests\u201d for prospects to navigate that would ensure each call was worthwhile\xa0 and the business owner was an ideal client. The first step in this process is using the appointment scheduling tool ","nodeType":"text"},{"data":{"uri":"https://acuityscheduling.com/#gref"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Acuity Scheduling","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". It allows her to ask each potential client a series of questions that help her qualify them before she even gets on the phone. \ud83d\udcf2","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Watch the full episode to learn:\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83c\udff0 \xa0How she fulfilled one of her lifelong Mouseketeer dreams\xa0\\n\ud83d\uddd3\xa0 How \u2014 and why \u2014 she uses Acuity Scheduling to qualify prospects\xa0\\n\ud83d\ude4b\u200d\u2642\ufe0f\xa0 The qualifying questions Cindy asks when they schedule an intro call with her\\n\ud83e\udd1d\xa0 What she does when a potential client isn\u2019t the right fit","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/QuVNdA97AxQ"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/QuVNdA97AxQ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Visit ","nodeType":"text"},{"data":{"uri":"https://brightbookkeeping.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bright Bookkeeping","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" to learn more about Cindy\u2019s firm and be sure to check out her bookkeeping community, ","nodeType":"text"},{"data":{"uri":"https://www.bookkeepingbuds.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Bookkeeping Buds","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019d like to share your knowledge on an upcoming episode of Gearing Up,\xa0","nodeType":"text"},{"data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"data":{},"marks":[],"value":"submit your challenge + solution using the form","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ydCEJxujEE26ZZH1xOcw1","type":"Entry","createdAt":"2022-04-25T19:12:05.497Z","updatedAt":"2022-12-16T17:31:32.530Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":44,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up episode transcript","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Did I hear you correctly that you moved to Orlando to be near Disney World?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Yes, that was my dream when I started my business in 2007 was to create a business where my husband who\'s also an accountant, could quit his nine to five job.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Hello, Blake Oliver here and this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Cindy Schroeder of Bright Bookkeeping and founder of Bookkeeping Buds on the show. Thanks for joining Cindy.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Thanks for having me. It\'s wonderful to be here.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Tell us a bit about yourself and your firm.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"So my name\'s Cindy Schroeder. My company is, I have two companies, Bright Bookkeeping, where we help small businesses primarily residential painters across the country with QuickBooks Online. And I also run a bookkeeping community called Bookkeeping Buds.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" So what\'s your tech stack look like?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"So we have two different tech stacks. We have one tech stack that we use primarily with our clients and then we have another one for our business. So I\'ll tell you about both of them. So our business is it\'s me and my husband out of Orlando, Florida. We moved here from Chicago because I wanted to live right next to Disney World. Thanks to being a remote bookkeeper, I was able to do that. Our main client base is all residential painters. Although we do help other service businesses as well. And we have about 30 to 40 clients that we help annually. So our app stack for our clients is fairly simple. We are primarily QuickBooks Online. We use a combination of Hubdoc, bill.com, and then ShareFile to help the clients. And then for our personal business tech stack, we also use, we use Acuity, which we\'ll talk a little bit more about. We use 17hats for quotes. We use Active Collab for our project management. We use SendOutCards for marketing, and then we use kind of a combination of Google Suite and Office 365 for everything else.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake:","nodeType":"text"},{"data":{},"marks":[],"value":" Did I hear you correctly that you moved to Orlando to be near Disney World?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yes, that was my dream when I started my business in 2007 was to create a business where my husband who\'s also an accountant could quit his nine-to-five job, come on board to our business, and we could move to Walt Disney World.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"Well, that\'s great. So you\'ve been able to work completely remote. You\'ve built this practice that allows you to live the lifestyle you wanna live, but it can\'t all be you know, what would I say, Mickey Mouse ears. There\'s gotta be some, and fireworks. There\'s gotta be some challenges too.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"When I first started out, I didn\'t really know what I was doing. I was, you know, taking every call from every client, and you know, trying to get business. And so it just led me to just talking to a lot of people that I didn\'t necessarily need to be talking to that didn\'t result in any income. You know consulting calls or introduction calls that turned into consulting calls for no pay. So I was getting very frustrated and like, you know running out of time of doing the actual work. \'Cause I\'m spending all this extra time talking to clients, or potential clients I didn\'t need. So I needed to come up with some way to reduce that stress and anxiety of talking to all these people that weren\'t my ideal client.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So it\'s a good problem to have, right. It\'s better than not having the phone ring, but the phone is ringing too much. And now you don\'t have time to serve the clients. How do you, how do you reduce that volume of calls while still getting the right clients on board?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Right, yeah. And especially where we I was a one-woman show. So I didn\'t have anybody to be the, you know the gatekeeper of the calls and all that. So I had to figure out how to do it all on my own.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So what do you do?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" So what I did was I created a system where I wanted to put up kind of barriers or tests for clients to jump through to make sure that they\'re gonna be a good fit for us. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So the first thing I did was started using a program called Acuity. And it\'s similar to, I think there\'s Calendly. There\'s some other calendar programs like that as well where you can ask specific questions to the potential lead before you take them on as a client. So when I get an email from a client, I say the first thing you know, great to meet you, blah, blah, blah. I\'d love to have a 15 minute introduction call with you. Here\'s a link to my calendar. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So it\'s kind of the first test that they have to know how to click a link and then pick time and pick a date. And if they can\'t even do that, like that kind of eliminated a lot of people right there just because they weren\'t really serious about wanting a bookkeeper, they just wanted to you know, reach out. So that\'s the first barrier. So that got rid of a bunch of calls that I didn\'t need to take. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then on the Acuity site, I asked questions like you know, what type of software are you using? Because we\'re QuickBooks Online primarily, we didn\'t want people that used other programs. Did you want somebody on site? What industry you\'re in? Because we have specific industries that I call my anti-niche. So I don\'t help lawyers and I don\'t help POS, I don\'t help restaurants. So wanted to make that I didn\'t have to talk to those people. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then I just have a very open ended question of what what help is needed. And so for that question, a lot of times they\'ll put exactly what they\'re contacting you for. So you can look at this pretty quickly, this form, and decide like is it gonna be worth having an introductory call with them or not? If they\'re using a different software or an industry that I don\'t handle, I just send them an email and say you know, sorry, it\'s not gonna be a good fit for me. And I either send them to like the pro-advisor site or send them to somebody else in our Bookkeeping Buds community that does help, you know, help that type of client.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"That\'s great. So, and it\'s simple, right? You just get an email once they\'ve booked the appointment and it has the answers to the questions. And then if it\'s not a good fit, you just reply and cancel it. Is that- Or make a referral.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"If it is a good fit, then they have already scheduled a 15 minute introductory call. So then I feel comfortable talking to them, and it puts that parameters around there that the call is 15 minutes. So if they do start to kind of start asking consulting type questions, you can quickly, you have a way out to say oh, this is only a 15 minute call. I have another call. Even if you didn\'t. I have another call I need to get on and continue like that.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"So when you think back to before you had this in place and now after having this in place, how many calls do you think it filtered out that weren\'t productive?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Oh, tons. I would say yeah, more, probably more than half. So I\'m, and now I\'m pretty particular in who I talk to just because I\'m fortunate enough that I\'m able to, but I think that it\'s something to, it\'s something that I like to teach the Buds about is that even if you are just starting out, it\'s your business, you get to decide who you work with. And so you kind of have to change your mindset from being an employee, to being an owner, and you get to make the rules.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"If the client can\'t use a calendar booking link, they\'re probably not gonna be a good fit for you as a tech savvy bookkeeper, right?\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy:","nodeType":"text"},{"data":{},"marks":[],"value":" Right, yeah. \'Cause if they can\'t pick a calendar link, then you know how are they gonna use Hubdoc or be able to, you know, manage bill.com or-\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Blake: ","nodeType":"text"},{"data":{},"marks":[],"value":"That\'s great, thanks. This is like super actionable, super helpful. If folks wanna get in touch with you online, learn about your community, where should they go? And tell us a bit about the community.\\n\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Cindy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yes, absolutely. So my community\'s called Bookkeeping Buds. So it\'s made up of bookkeeper owners. We connect through, we have a private Slack channel because a lot of our buds aren\'t on social media. And so, and when they ask questions about clients, or you know, things like that, you might not wanna post those on social media. So it\'s a really safe environment to ask your questions and basically have a whole team of mentors to help with the answers. So we have private Slack channel. We have member calls. We had a in person retreat that we have every year, which Cloud Podcast is a sponsor of. 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(With Workflow Example) | Relay","metaDescription":"What is accounts payable (AP) automation? \u2699\ufe0f Understand the four steps of the AP process, including an example of an automated AP workflow.","popular":false,"category":"Accounts Payable","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1PxG2b9St5nZ6bkmcPHAtW/30cf6287b1cf2d729d4e490e4450b058/AP_Blog_Header_-_What_is_AP_Automation_.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable (AP) automation is the process of simplifying, speeding up, or ","marks":[],"data":{}},{"nodeType":"text","value":"completely replacing","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" all the manual work that goes into paying bills and vendor invoices with the use of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"AP software","marks":[],"data":{}}]},{"nodeType":"text","value":". It removes a huge chunk of administrative work from your day, while ensuring that bills are paid accurately and on time. \ud83d\udc4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", we simplify online bill pay for small businesses by","marks":[],"data":{}},{"nodeType":"text","value":" integrating AP directly into online banking","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd04 It\'s the right approach for businesses who want ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"benefits","marks":[],"data":{}}]},{"nodeType":"text","value":" like faster settlement times or the option to manage all payments from one place.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this guide, we\'ll share a real workflow example of how you can use Relay together with an accounting platform called ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://dext.com/"},"content":[{"nodeType":"text","value":"Dext","marks":[],"data":{}}]},{"nodeType":"text","value":" to completely automate your bill pay. Let\'s dive in!","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is accounts payable (AP)?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable (AP) is the process of managing outstanding debts owed to creditors for goods or services rendered. For example, ","marks":[],"data":{}},{"nodeType":"text","value":"when a vendor agrees to be paid later instead of right away, the money you now owe them becomes an outstanding bill, part of \u201caccounts payable\u201d","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The process of managing those bills is also known as AP and may include contractor wages, inventory costs, rent, and everything else in between.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Go deeper:","marks":[{"type":"bold"},{"type":"italic"}],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Understand the difference between ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/ach-vs-wire-transfer"},"content":[{"nodeType":"text","value":"ACH vs wire transfers","marks":[],"data":{}}]},{"nodeType":"text","value":" >","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP is how money leaves your business, so it\u2019s important to maintain strong ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-internal-controls"},"content":[{"nodeType":"text","value":"internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":" to eliminate the risk of errors or fraudulent activity.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the steps in accounts payable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The accounts payable process can be broken down into five (5) steps:\xa0","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receiving invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and making sure they are entered into your system correctly","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organizing, reviewing, and ","marks":[],"data":{}},{"nodeType":"text","value":"processing invoices","marks":[{"type":"bold"}],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Approving invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" through the right channels","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paying the invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" on time","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reconciling paid invoices","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" in your accounting system","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When managed correctly, a strong AP process can help you unlock access to cash and ","marks":[],"data":{}},{"nodeType":"text","value":"give you more visibility into ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/cash-flow-management"},"content":[{"nodeType":"text","value":"cash flow","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udd0d For example, consider the impact on a business\'s cash flow if a vendor agrees to receive payment 30 days later than usual. By unlocking that cash for another month, a business can add an entire sales cycle before it has to cover inventory costs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, ","marks":[],"data":{}},{"nodeType":"text","value":"optimizing your cash flow is challenging when you have a manual AP process","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". This becomes clear once you take a closer look at each step of processing an invoice. In the next section, we\u2019ll do just that. \ud83d\udc47","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What can go wrong with a manual accounts payable process?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A manual AP process creates three main issues for a business: ","marks":[],"data":{}},{"nodeType":"text","value":"it increases the potential for payment errors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", results in ","marks":[],"data":{}},{"nodeType":"text","value":"more time wasted on administrative tasks","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", and it can ","marks":[],"data":{}},{"nodeType":"text","value":"damage relationships with vendors","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP automation is an opportunity for businesses to streamline this process and gain clearer cash flow visibility, reduce administrative work, and minimize AP errors.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\'s how AP is handled when it\'s done ","marks":[],"data":{}},{"nodeType":"text","value":"manually","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":":","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Invoices are received through email or paper","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With most manual processes, there is no set process in place, and vendors choose how to send you their invoices. That means you receive invoices through multiple channels \u2014 emails, faxes, maybe even physical copies.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7xMTbEREZX6bYYKa40Kgza","type":"Asset","createdAt":"2022-04-25T17:21:05.438Z","updatedAt":"2022-08-23T01:22:34.684Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":12,"revision":3,"locale":"en-US"},"fields":{"title":"AP Automation Step One \u2014 Receiving Invoices","description":"AP Automation Step One \u2014 Receiving Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7xMTbEREZX6bYYKa40Kgza/5ec83f597693058613afe5bf4cdb9cee/AP_Blog_Header_-_What_is_AP_Automation__1.2.jpg","details":{"size":151691,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Invoice data is manually transcribed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once an invoice reaches your business, someone on your team has to verify its accuracy. Next, invoice data must be manually entered into the internal payment processing system. \ud83d\udcdd\xa0 After payment has been made, the invoice codes need to be manually inputted into the general ledger.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2aJLidUnnEvzNoIFZRFv5S","type":"Asset","createdAt":"2022-04-25T17:22:39.760Z","updatedAt":"2022-08-23T01:24:10.074Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":12,"revision":3,"locale":"en-US"},"fields":{"title":"AP Automation Step Two \u2014 Processing Invoices","description":"AP Automation Step Two \u2014 Processing Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2aJLidUnnEvzNoIFZRFv5S/240526e9aff9483644ec144dc5d55d64/AP_Blog_Header_-_What_is_AP_Automation__1.3.jpg","details":{"size":169737,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When businesses have to enter invoice data manually, deal with varying invoice formats, juggle multiple due dates, and follow up with multiple approvers internally, the risk of lost invoices and payment errors increases.\u2757","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. No formal invoice approval process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before an invoice is paid, it needs to be approved. But in most small businesses, there\'s no formal invoice approval process. As a result, the AP process requires manual follow-up and takes much longer than necessary. Or worse, invoices may get paid without going through any approval process at all, potentially leading to costly errors. \ud83d\ude45","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"nJPnAyFrHKxAzwzcU7V7H","type":"Asset","createdAt":"2022-04-25T17:23:02.622Z","updatedAt":"2022-08-23T01:24:58.833Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"revision":3,"locale":"en-US"},"fields":{"title":"AP Automation Step Three \u2014 Approving Invoices","description":"AP Automation Step Three \u2014 Approving Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/nJPnAyFrHKxAzwzcU7V7H/d9009a5b1a18e88e61fb2591f532e661/AP_Blog_Header_-_What_is_AP_Automation__1.4.jpg","details":{"size":195671,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you factor in manual data entry, follow-ups with vendors, and informal or non-digitized approval workflows (i.e. paper invoices being reviewed by an approver \u2014 or approvers \u2014 in person), it\'s easy to understand why traditional invoice processing is slower and easily delayed. \ud83d\udc0c","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Invoices paid by writing a check","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For many small businesses, AP involves a staff member physically preparing a check. Then, they must track down someone (like the business owner) to get that check signed. The check is then mailed \ud83d\udce8\xa0 to the vendor, and the books are manually reconciled.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1oAnoCDjFgmhads6kOAFmx","type":"Asset","createdAt":"2022-04-25T17:23:30.638Z","updatedAt":"2022-08-23T01:25:16.712Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":12,"revision":3,"locale":"en-US"},"fields":{"title":"AP Automation Step Four \u2014 Paying Invoices","description":"AP Automation Step Four \u2014 Paying Invoices","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1oAnoCDjFgmhads6kOAFmx/f415a9bd2cc6b9cfd093574a05c69d46/AP_Blog_Header_-_What_is_AP_Automation__1.4-1.jpg","details":{"size":184499,"image":{"width":1920,"height":606}},"fileName":"AP Blog Header - What is AP Automation_ 1.4-1.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you manage invoices manually, the risk of delays and human errors \u274c can make it difficult to set appropriate expectations for vendors and stick to them. This may damage your vendor relationships, and you may miss out on favorable payment terms as a result.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does manual AP cost a business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One study reveals that the average processing cost for a single invoice can be ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.levvel.io/resource-library/mature-accounts-payable-for-the-small-and-mid-size-enterprise"},"content":[{"nodeType":"text","value":"up to $15","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\ude2e\xa0 And the average processing time \u2014 from when the business receives an invoice to when payment approval and submission takes place \u2014 can be as long as 45 days. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is AP automation?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP automation is the process of streamlining accounts payable to significantly enhance productivity and free up cash. \ud83d\ude4c\xa0 When your business payments are automated, a digital tool can simplify or even completely take over the accounts payable tasks on your behalf.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP automation can address one or more steps of the accounts payable cycle, like ","marks":[],"data":{}},{"nodeType":"text","value":"processing, approvals, or payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". In most cases, while certain AP processes are automated and streamlined, the entire system is still managed by a team member, accountant, or bookkeeper. \ud83d\udcaa","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some of the most common types of accounts payable technologies available to small businesses:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Automated invoice processing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead of logging information from a paper invoice manually, you can have vendors submit their bills electronically \ud83c\udf10 to an ","marks":[],"data":{}},{"nodeType":"text","value":"invoicing platform","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" which then sorts out those bills automatically. Alternatively, you can also use a tool to scan invoices, extract key information (like amounts and vendor information), and automatically sync that information with your accounting system","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Automated approval workflows","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Those responsible for invoice approvals can receive ","marks":[],"data":{}},{"nodeType":"text","value":"automated emails","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" \ud83d\udce7\xa0 and reminders to \ud83d\udd14 ","marks":[],"data":{}},{"nodeType":"text","value":"review and approve bills electronically","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" rather than in person, saving everyone from unnecessary follow-ups.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Digital payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paying invoices by wire, ACH, or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/same-day-ach"},"content":[{"nodeType":"text","value":"same-day ACH","marks":[],"data":{}}]},{"nodeType":"text","value":" (rather than by check) drastically shortens the payment timeframe. What\'s more, if you use an AP platform that syncs with your accounting software (think: QuickBooks Online or Xero), you can save time on bookkeeping by ","marks":[],"data":{}},{"nodeType":"text","value":"automatically marking those invoices as paid ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"in your system. \u2705","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Key benefits of AP automation","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.levvel.io/resource-library/mature-accounts-payable-for-the-small-and-mid-size-enterprise"},"content":[{"nodeType":"text","value":"Research shows","marks":[],"data":{}}]},{"nodeType":"text","value":" that automation creates both immediate and long-term ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"advantages","marks":[],"data":{}}]},{"nodeType":"text","value":" for your business. These include:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Faster approval of invoices","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improved visibility of unpaid invoices","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Increased employee productivity","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better adherence to your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-internal-controls"},"content":[{"nodeType":"text","value":"accounts payable internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fewer late payment penalties","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Early payment discounts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improved relationships with your suppliers\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lower AP processing costs overall\xa0","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How can automation create savings for a business?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the average processing cost for one invoice can be as high as $15 \u2014 with automation, the average cost can drop to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://iofmms-static.s3.amazonaws.com/uploads/sites/4/2018/11/AP-Benchmarking-Study-Jess.pdf"},"content":[{"nodeType":"text","value":"as little as $1.77","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udc4f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://go.gobyinc.com/hubfs/Marketing%20Assets/2019StateOfePayables-FullReport.pdf"},"content":[{"nodeType":"text","value":"best-in-class AP automation","marks":[],"data":{}}]},{"nodeType":"text","value":", you can reduce the average invoice processing time of 45 days down to as little as 3 days \ud83d\udc40","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does an automated AP workflow look like?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s an example of an efficient and cost-effective automated payment process that combines ","marks":[],"data":{}},{"nodeType":"text","value":"two AP systems","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":":","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://dext.com/en"},"content":[{"nodeType":"text","value":"Dext","marks":[],"data":{}}]},{"nodeType":"text","value":", an invoice management platform for bill receipt and processing; and","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", a money management platform for approval workflows, payments, and immediate bill pay reconciliation.","marks":[],"data":{}}]}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5sZM5x8FOloqpWBFoE6EVA","type":"Asset","createdAt":"2021-12-22T20:35:03.168Z","updatedAt":"2022-08-23T01:25:44.936Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":3,"locale":"en-US"},"fields":{"title":"Automated Accounts Payable (AP) Process Example -Workflow for Invoice Receipt, Processing, Approvals, and, Payment using Relay and Dext","description":"Automated Accounts Payable (AP) Process Example -Workflow for Invoice Receipt, Processing, Approvals, and, Payment using Relay and Dext","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5sZM5x8FOloqpWBFoE6EVA/9da5f3fea8e7a276c25196cfd036789c/AP_Blog_Header_-_What_is_AP_Automation__1.5.jpg","details":{"size":151133,"image":{"width":1382,"height":1800}},"fileName":"AP Blog Header - What is AP Automation_ 1.5.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This automated payables workflow simplifies and streamlines the full AP cycle. Here\'s how:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Invoices received\xa0through Dext","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vendors send in either digital, faxed, or physical invoices to the business. Using Dext, all of the invoices are automatically digitized. \ud83d\udcbb","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. Invoice data processed from Dext to accounting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All key invoice information, like payment amounts, dates, taxes, payees, and line items get processed through Dext. This gets sent to the accounting system, like QuickBooks Online or Xero, and goes to the appropriate chart of accounts. \ud83d\udcca","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"3. Manage approval workflows in Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the invoice data is input into the accounting system, Relay automatically pulls that data into its bill pay module, along with the associated invoice file. Authorized team members can check relevant outstanding invoices, and submit them for approval inside Relay. This kicks off a notification to the relevant approver(s) that a bill needs attention. \ud83d\udce3","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"4. Paid invoice with Relay\'s same-day ACH, wire, or check","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once all approvers confirm that an invoice is ready to be paid, the payment can be initiated directly from the business\'s checking account. 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A budget can help you eliminate wasteful spending. \ud83d\udcb0 And it can help you make important financial decisions, like increasing marketing and advertising spending, hiring staff or buying equipment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In particular, a well-planned business budget will help you: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecast earnings and expenses","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Set achievable financial goals","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Predict fluctuations and keep you profitable ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you can prove you have a handle on your cash flow, you also increase your chances of winning over investors or obtaining a bank loan. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Budgets may seem like table stakes, but not every business owner thinks they\u2019re necessary. One industry survey found ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://clutch.co/accounting/resources/why-small-businesses-need-budgets"},"content":[{"nodeType":"text","value":"half of the small businesses","marks":[],"data":{}}]},{"nodeType":"text","value":" didn\u2019t create a formal budget in 2020. By skipping one, you may create more ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://clutch.co/accounting/resources/financial-challenges"},"content":[{"nodeType":"text","value":"challenges","marks":[],"data":{}}]},{"nodeType":"text","value":" for yourself, like missed revenue targets, unforeseen expenses or limited access to capital, which can hurt your business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The better you can \u201cread\u201d where your dollars and cents end up each month, the more likely you are to succeed. \ud83d\udcc8","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here, we\u2019ve broken down the five most common types of budgets in business and their pros and cons. Read on to learn which one is best for your business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"5 business budgeting methods","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The most commonly used business budgeting methods are:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#incremental-budgeting"},"content":[{"nodeType":"text","value":"Incremental budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#activity-based-budgeting"},"content":[{"nodeType":"text","value":"Activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#zero-based-budgeting"},"content":[{"nodeType":"text","value":"Zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#value-proposition-budgeting"},"content":[{"nodeType":"text","value":"Value proposition budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#envelope-budgeting"},"content":[{"nodeType":"text","value":"Envelope budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each has its pros and cons, which we\u2019ll discuss in more detail. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/incremental-budgeting"},"content":[{"nodeType":"text","value":"incremental budgeting method","marks":[],"data":{}}]},{"nodeType":"text","value":" is perhaps the most commonly used. It\u2019s simple and can be used for almost anything \u2014 departmental budgets, project budgets, salaries \u2014 as long as that activity has been performed in the past.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting involves adding to or deducting from the previous year\u2019s actuals by an increment or percentage to create the new or current year\u2019s budget. \u2195\ufe0f","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s walk through an example: The total salary bill for five gardeners at ABC Landscaping in 2021 was $150,000. In 2021, ABC Landscaping had more work than it could handle, and its revenues were 20% above budget. ABC Landscaping now wants to prepare a salary budget for 2022. Given the increased revenue, the company plans to raise its salary spending by the same percentage. It\u2019ll do this by hiring an additional, part-time gardener at $22,500/year and giving all the current gardeners incremental raises of $1,500. These moves will raise the total salary budget by 20%, or $30,000.  ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of incremental budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An incremental budget is most helpful if your business is established and you\u2019re confident the budget will remain stable in the long term, with only slight changes. \ud83d\udd2d ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Are you a start-up in a fairly new industry looking to create or disrupt a category? Then you may want to consider another budgeting model, as your costs may fluctuate annually while you find the fit between the market and your product.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires no complex calculations. Uses current numbers and adjusts them to account for inflation or revenue growth.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saves time because of how simple it is to create and calculate.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The budget can remain fairly consistent over time.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps with funding stability because expenses are easy to predict annually.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fewer internal challenges between departments, as the budget usually assigns equal incremental changes across the board. ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Incremental budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This can lead to overspending versus being cash efficient.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Doesn\u2019t account for unforeseen changes or external factors.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could discourage management from looking deeper into expenses and savings.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/activity-based-budgeting"},"content":[{"nodeType":"text","value":"Activity-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" identifies, analyzes, records and forecasts business activities that cost money. Every activity that incurs a cost is examined for possible ways to create efficiencies and enhance profitability. A business can do this by cutting back on activities, eliminating unnecessary activities, or reducing costs for relevant cost-drivers.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting example:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s an example: Let\u2019s say ABC Landscaping is expanding into interior painting, a new service that\u2019ll require extensive marketing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ABC Landscaping\u2019s goal is to generate $400,000 in revenue from this new service in the coming year. To do so, they\u2019ll require a dedicated marketing person to generate business. They\u2019ll also need trained and experienced painters to provide the new service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because there\u2019s no historical data on this service, the activity-based budget will use a top-down approach. It will work backwards from the revenue goal of $400,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ABC Landscaping management will have to determine how many painting contracts they need to complete, how many sales pitches they need to make to get that many contracts, and what other marketing activities they can do to drum up business. \ud83e\udd14","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Basically, what will it take to make their revenue goal of $400,000? Budget items will include the cost of staffing, training, equipment and supplies, advertising and other key resources.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of activity-based budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a new company or start-up, activity-based budgeting could be a great choice since you don\u2019t have the historical data required for other methods, like incremental budgeting.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, established companies that don\u2019t have significant changes in their business activity each year may prefer traditional budgeting as it requires less time, effort, money and is often easier to calculate than activity-based budgeting. \ud83d\ude0c","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Apart from newer companies, activity-based budgeting is also suitable for companies undergoing material operational changes. These could include changes to the customer base or business lines, a big shift in the locations of prominent exporters and importers, or expansion in a new business line.  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better insights into operational costs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Focuses on value-added activities. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eliminates unnecessary activities to save costs.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better decision-making, as costs will be more defined.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stays goal-focused due to a top-down approach that assigns resources based on a final result or goal.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Activity-based budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lengthy and time-consuming process where too much time can be spent on analysis.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Requires experts in budgeting and fiscal planning to find gaps and/or overlaps.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This may lead to short-term thinking, leaving the overall big picture lost in the process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forecasting may be unreliable if the results aren\u2019t as planned. This can lead to serious cash flow issues if the budget isn\u2019t well thought out.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/zero-based-budgeting"},"content":[{"nodeType":"text","value":"Zero-based budgeting","marks":[],"data":{}}]},{"nodeType":"text","value":" is starting your budget with a clean slate each year. With this budgeting approach, managers must generate their budget categories and items and justify each expense without reference to the previous year\u2019s numbers. \ud83d\udcc3 ","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting example","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s say last year, ABC Landscaping purchased plant material wholesale from a supplier for $40,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While listing expenses for the upcoming year, management realizes they can grow their plant material for cheaper than the supplier\u2019s price. Making their products will save them $31,000.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When creating its zero-based budget, ABC Landscaping would only mark $9,000 ($40,000 \u2013 $31,000) as the expense budget for the plant material.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company also realizes it can cut back on ads. Instead of spending $8,000 in this example of zero-based budgeting, they only need to spend $3,000. They would mark $3,000 for ads.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of zero-based budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting is time-consuming because budget owners must explain every single proposed expense. For example, if an IT department wants to spend $25,000 on software for the year, they have to explain what software they plan to buy and why they need it. \ud83d\udcac","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But it\u2019s a great way to remove unnecessary costs and determine key expenses that the company needs. Companies can also use zero-based budgeting when they urgently have to contain costs. For example, your business is going through a financial restructuring that requires you to dramatically reduce the budget.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting pros: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An excellent way to remove wasteful spending.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Holds managers accountable for costs and aggressively streamlines inflated budgets.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps bring costs under control while minimizing any negative impact on operations.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zero-based budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A time-consuming method that requires time, resources and review.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rewards short-term thinking rather than long-term, big-picture thinking. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some managers may try to squeeze more resources into their departments.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting (VPB)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also called priority-based budgeting, this method aims to ensure that everything that\u2019s included in the budget delivers value for the business and avoids unnecessary expenses.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Get an in-depth look at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/value-proposition-budgeting"},"content":[{"nodeType":"text","value":"value proposition budgeting here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting involves three steps: ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1.     Determine the company\u2019s vision or preferred results","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2.     Identify the programs and services","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3.     Allocate resources to the programs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting example: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s an example: ABC Landscaping has to prioritize which of its services are most profitable for the company. \u2696\ufe0f With a priority-based budget, management can see that mowing and mulching are the company\u2019s two least lucrative services\u2014and may actually be unprofitable. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s look at the cost of mowing five lawns in a day. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ABC Landscaping charges $30 for each property, so mowing five lawns generates $150 in revenue. By the time ABC Landscaping pays its employee $105 for seven hours of labor, $25 for lawn mower gas, and $20 to cover gas mileage, the balance is $0. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depending on the company\u2019s vision, ABC Landscaping may then decide to allocate resources to increase profitability of existing services, axe unprofitable services or introduce new ones. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whatever the course of action, the high-level vision will be set first and will dictate the budgeting decisions.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"What are the advantages and disadvantages of value proposition budgeting?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The value proposition budgeting method works well for businesses or organizations that are more conscious of their budget. They want to eliminate unproductive expenses and focus on creating what customers want most.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting is commonly seen in government spending. For instance, a city government may use this approach to decide which city services are most valuable for the community. \ud83c\udfd9\ufe0f It\u2019ll then decide to continue funding those services while reducing other lower-value services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps leaders identify items that bring the most value and the ones that don\u2019t.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps to differentiate your business from your competitors by focusing on your company\u2019s key value points.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helps your business stay more customer-centered by showing how you can add value to your customers, employees and other stakeholders. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Concentrate your efforts on the activities that\u2019ll deliver the best results. ","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value proposition budgeting cons: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Value can be difficult to quantify. This can lead to potentially important items being cut.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Can lead to thinking more short-term rather than long-term. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The perceived value may not always be stable and can change based on social, cultural or economic factors.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting is more like a spending-control method than an actual budgeting method. First, you use whichever method you prefer to prepare your budget. Then, you use the envelope method to keep control of your spending and stay within that budget. \u2611\ufe0f","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tip:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Get an in-depth overview of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/digital-envelope-system"},"content":[{"nodeType":"text","value":"envelope budgeting system here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We don\u2019t mean using actual, physical envelopes in the business context, as people often did with their household budgets. (One envelope for grocery money, one for rent, one for pocket money, etc.) ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead, it means creating separate accounts or \u201cenvelopes\u201d for major line items. \u2709\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With envelope budgeting, you get a very clear picture of your cash position, and how each major line item is performing against the plan, in real-time. You can digitize and automate this process with tools like the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":" money management platform. (More on that below.) ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting pros:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It\u2019s very easy to see where your money is going.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because you have to review each \u201cenvelope\u201d every time you need to spend, you can spot problems quickly and move to nip them in the bud.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can often isolate problem areas and prevent issues in one department from affecting another.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Envelope budgeting cons:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":" You can focus too closely on one problem area, without seeing the bigger picture.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There isn\u2019t a lot of room for creativity or innovation.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":" How to choose a budgeting method ","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to choose a budgeting method ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With so many budgeting methods at your disposal, which one should you use? While each method has its pros and cons, your choice will depend on the unique needs of your business, and your goals for each budget period.  ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also, no rule says you must use only one budgeting method. This year, you may not anticipate much change and can use the incremental budgeting method. Next year, you may launch a new product and ramp up marketing spending. In that case, the activity-based budgeting method is more ideal for that period. \ud83e\udde0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Creating a budget is an involved process. The more time you put into it, the more accurate and beneficial the budget will be. And that means the better the chances are that your business will stay on track for success. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The role of bookkeeping and technology in budgeting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, many businesses look to harness technology, especially automation, to develop smarter ways to budget and forecast. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An online bookkeeper, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://bench.co/partner/relay-financial/?utm_campaign=5+business+budgeting+methods"},"content":[{"nodeType":"text","value":"Bench","marks":[],"data":{}}]},{"nodeType":"text","value":", and a banking and money management platform, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[],"data":{}}]},{"nodeType":"text","value":", can help by simplifying this entire process. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The only way to get accurate financial data is through reliable bookkeeping. If your business is growing and you don\u2019t have time to learn bookkeeping essentials, try Bench. As North America\u2019s largest bookkeeping service, they\u2019ll ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://bench.co/partner/relay-financial/?utm_campaign=5+business+budgeting+methods"},"content":[{"nodeType":"text","value":"do your books for you","marks":[],"data":{}}]},{"nodeType":"text","value":", all online. \ud83d\udcd2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to compiling your business transactions for you, they\u2019ll also give you easy-to-use software to produce financial statements, track expenses, and help make tax time a breeze.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"s7IYguf671jHbmZcDK1nt","type":"Asset","createdAt":"2022-04-20T18:56:53.411Z","updatedAt":"2022-04-20T18:56:53.411Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Bench Dashboard","description":"Bench Accounting product dashboard","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/s7IYguf671jHbmZcDK1nt/f8fc96b0bd0a3181bd9b2624d62568e6/bench-dashboard.png","details":{"size":50456,"image":{"width":512,"height":442}},"fileName":"bench-dashboard.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay makes your business spending more transparent by letting you create up to 20 individual checking accounts. The accounts have the same purpose as old-fashioned housekeeping envelopes, but they\u2019re assigned to business items instead of household spending. Want a dedicated account for taxes? Done. Perhaps you want to allocate your budget per account. Do that, too. Want an account for payroll? All possible on Relay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay can also auto-sync your banking data with your ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"accounts payable software","marks":[],"data":{}}]},{"nodeType":"text","value":" to make paying bills and reconciling accounts fast, easy, and reliable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A solid budget can help boost your business success","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today\u2019s business practices have come a long way from the days of ledgers and adding machines. Today, a solid, well-crafted business budget can put you firmly on the road to business success. And powerful, versatile digital tools like online money management platforms and bookkeeping services will help your business stay on that road.","marks":[],"data":{}}]}]},"readingTime":8,"author":{"name":"Paula Kehoe","jobTitle":"Senior Writer","company":"Red Rock Communications","slug":"paula-kehoe","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6cU6LmvrZsKoLmJ1YVHtvy/494463f57686676af0f77a01f410e8e6/paula_kehoe.jpeg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1650571083444,"customDate":1650571083444,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"gearing-up-scale-your-firm-with-standard-operating-procedures-in-karbon","title":"Scale your firm with standard operating procedures in Karbon ","description":"In this episode, Phil Gaudiano shares how he created standard operating procedures in Karbon to ensure his firm delivered a consistent client experience.","metaTitle":"Scale your firm with standard operating procedures in Karbon ","metaDescription":"In this episode, Phil Gaudiano shares how he created standard operating procedures in Karbon to ensure his firm delivered a consistent client experience.","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/5iyYYoxo72KKExQsTDZygJ/4cf04715d138c02ae9509b4728e6c7ba/Gearing_Up_Blog_Header_-_Scale_your_firm_with_standard_operating_procedures_in_Karbon.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Before ","nodeType":"text"},{"data":{"uri":"https://www.linkedin.com/in/philgaudiano/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Phil Gaudiano","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" co-founded crypto CPA firm, ","nodeType":"text"},{"data":{"uri":"https://www.polygonadvisory.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Polygon Advisory Group","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", he was a solo practitioner and he never wrote down his work processes. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As Polygon grew, Phil hired more people to handle the workload. He quickly realized each person has their own unique approaches for getting their work done. 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Since he was growing so fast and hiring for multiple roles, he needed a way to easily document and communicate company-wide standard operating procedures (or SOPs) as he scales.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The solution: ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Phil turned to ","nodeType":"text"},{"data":{"uri":"https://karbonhq.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Karbon","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \u2014 a collaborative platform for accounting firms to manage workflows and communicate with teams \u2014 to document how he wanted work to be done at Polygon. The ultimate goal is happy clients. \u201cWe want to make it as easy as possible for clients to understand what our system is and participate in it, so we can get them in and out the door as quickly as possible and satisfied,\u201d he says in the episode.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Watch the full episode for a deep dive where you\u2019ll see:\xa0","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u26d3 The tech stack Phil uses for his crypto clients\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udda5\xa0 How standard operating procedures \u2014 or SOPs \u2014 support firm growth","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udd26\xa0 A look at how Phil uses Karbon to ensure clients get the same experience from his firm\xa0","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\ud83d\udca1\xa0 How SOPs can make you better at capacity planning for your firm.\xa0\xa0\xa0\\n","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/zL5png5bw6M"},"content":[{"data":{},"marks":[],"value":"https://www.youtube.com/embed/zL5png5bw6M","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nTo learn more about Phil and his firm visit ","nodeType":"text"},{"data":{"uri":"https://www.polygonadvisory.com/"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"PolygonAdvisory.com","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Connect with him ","nodeType":"text"},{"data":{"uri":"https://www.linkedin.com/in/philgaudiano"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"on LinkedIn","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" where he shares crypto and tax related content.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019d like to share your knowledge on an upcoming episode of Gearing Up,\xa0","nodeType":"text"},{"data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?usp=sf_link&utm_campaign=Gearing%20Up&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"data":{},"marks":[],"value":"submit your challenge + solution using the form","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Remember, Gearing Up is published every two weeks,\xa0","nodeType":"text"},{"data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"data":{},"marks":[],"value":"subscribe","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\xa0to get the next episode.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ydCEJxujEE26ZZH1xOcw1","type":"Entry","createdAt":"2022-04-25T19:12:05.497Z","updatedAt":"2022-12-16T17:31:32.530Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":44,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gearing Up episode 4 transcript:","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Hello, Blake Oliver here. And this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today we have Phil Gaudiano of Polygon Advisory Group, on the show. Thanks for joining, Phil.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Phil Gaudiano","nodeType":"text"},{"data":{},"marks":[],"value":": Thanks for having me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": So tell us a little bit about yourself and your firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"I\'m a CPA, we\'re based in Virginia. Polygon is a CPA firm, full-service. We do a lot of tax work and the majority of our clients are crypto investors, crypto companies. We do a lot of work in the crypto space, that\'s kind of the niche that we are involved in right now. So we\'re relatively young. We started as a bonafide firm in October of 2020 and we just exploded throughout last year through the crypto boom. We kind of got caught up in all of that and in terms of what it did for our firm. And so we\'ve been together for a little over a year now, expanding rapidly and just doing a lot of crypto tax work.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" So what\'s your tech stack look like? I imagine you must have some interesting solutions for those crypto clients.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yeah, well, on the crypto side, we use CoinTracking, that\'s our preferred software. But on, on the, the regular kind of more attuned to your everyday accounting side, we\'ve got a lot of the traditional stuff. We use Practice Ignition for engagement letters and payments. We use Relay, obviously, for our banking. We\'ve got Karbon for workflow. We\'ve got Liscio for client communications. We use Drake Tax Software, but it\'s third-party hosted by a company called BuyOnCloud out of Arizona, they do really good work. And then a lot of the traditional stuff, Slack, Gmail you know, Google, things like that.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" So what\'s the challenge that you\'re gonna share with us today?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano:","nodeType":"text"},{"data":{},"marks":[],"value":" The challenge that we wanna talk about is standardizing procedures. We grew a lot in the last year and my partner and I originally are both from solo practices. We\'ve both been solo operators for a number of years. And then when we came together and we started expanding all of a sudden we started hiring people. We had all these staff that we had to manage and we realized that, you know, one of the, one of the treats and also one of the traps of being a solo practitioner is since you\'re doing everything yourself you never really write anything down and you don\'t really have a good idea of of what your process is. You just know that when you get a new job in the door, when you get a new client in the door, you kind of have that, that thing in your head that tells you the steps to go through. But that thing in your head doesn\'t really translate when you\'ve got a bunch of other people now doing the work and you\'re expecting them to do it in, in a way similar to what you\'re used to. So really it\'s the importance of documenting procedures and having standard operating procedures that can apply to everyone, that can be understood by everyone, and that you could use to scale.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"And when you say standard procedures, well, give me an example. What does that mean to you?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"So what we try to do is kind of delineate each individual thing that happens in our firm so that anybody who comes into our firm can, you know, just kind of step into the shoes of somebody who\'s been there for a long time. And then part of that is also that if you hire experienced accountants, people who\'ve been around the block a couple times, everybody\'s kind of got their own unique way of doing a tax return. You know, some people start document space first, some people dive right into the complicated stuff, on schedule A, or schedule E, or something like that. And so we don\'t really care from our perspective how the return gets done when you\'re actually in the in the meat of it, doing the actual tax return, but it\'s all the kind of peripheral stuff that happens around the meat of the work that makes the difference and makes the work flow either smooth or not smooth. And so that\'s kind of what we\'ve focused on.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"What was your solution for this? I mean, I know people have been documenting for years and word documents and paper often, binders.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano:","nodeType":"text"},{"data":{},"marks":[],"value":" We use Karbon for our workflow. And the great thing about Karbon is they give you all these standard templates for basic procedures, for kind of the traditional accounting task. And one of those is the basic workflow for a tax return client. And so right off the bat that was a huge step in the right direction, just based off of what they already had laid out for us. And then of course, we took it and kind of modified it to fit our process a little bit better. But this is, this is our basic individual tax return template. So every tax return that we do, that\'s a 1040 tax return, will work through this process, regardless of who\'s working on it. It\'ll start here and it\'ll end at the bottom and they\'ll all come out looking the same and look like roses, basically.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"So every time you get a 1040 client in the door or you get somebody coming back from previous year, you apply this checklist template to the work, the project and start checking things off.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"Exactly. And a big part of the process here is just making it a set process. So you\'ll see the first step is to invite the client to Liscio, if they\'re not on Liscio. Liscio is the app that we use to communicate with our clients. It functions as both a secure file sharing portal and also a secure messaging center. From there we go into the basic stuff which is sending the client task that says, basically, hey we need your tax stuff, upload all your document stuff so we can get started on your tax return. We confirm that that\'s done. Then we kick off the actual prep and then you\'ll see here, it looks simplified in this, but if you actually expand, this is the actual preparation part of the job, and we\'ve got numerous kinds of sub tasks in here. Say, go ahead and do the draft tax return. Remember to prepare, prepare and analyze based on last year, look for any sort of red flags, run diagnostics, things like that. Follow up with clients on open items. And this is very standard stuff that you\'ll find in any CPA firm, in any, in any tax prep firm. Everybody does this because this is how you do a tax return. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, although this is where the bulk of the work is, really the bread and butter of the whole process system is all the stuff that happens around it. Because at the end of the day, what we\'re really trying to do here is create the same client experience for every client. And we wanna make it as easy as possible for clients to understand what our system is, accept it, and participate in it, so that we can get them in the door and out the door as quickly as possible and satisfied. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you understand that any business is just a set of processes, it kind of frees you up to think about how you can refine your process to make it easy on the end user, which in our case is the client. We have everything standardized in terms of the messages we send. When we say: hey, we need some more information about a dependent, or we\'re missing your 1098 from your mortgage, things like that. It\'s all very standardized. And so anybody can jumpin and send that message to the client and they feel comfortable talking to whoever sent it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" So, it\'s not just a checklist but it\'s also the templates or the snippets of communication that you need to have with the client already prepared for you. That way, everything that comes from the firm has a similar tone, similar feel.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano:","nodeType":"text"},{"data":{},"marks":[],"value":" Exactly. So, if you look at this, when we send the client task, \u201csend document request T2\u201d. T2 is a standardized task in Liscio that has wording that says, \\"hey you forgot something on your tax return. We need to see such and such document.\\" And it\'s the same for every client that we send. The only thing we change is what those documents are, what that information is. But the actual template of the message stays the same. So a client in our firm gets the same exact communications dependent on where they are in the process, regardless of who they are. And, and that\'s important to us because we\'re trying to standardize everything and it\'s just processes work a lot better when they\'re standardized and when everybody\'s on the same page about how they need to work. And so doing things like this allows us to do a much larger volume of tax returns than we could do if we didn\'t have the set process in place and didn\'t have the set communications in place. And just kind of answered emails as they came in. If you can standardize everything and be proactive about the communications that you\'re sending to clients it becomes a lot easier to know when that information is gonna come in. So you can plan better. At the end of the day it\'s all about standardization and just capacity planning.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver: ","nodeType":"text"},{"data":{},"marks":[],"value":"The business is just a process. I really, yeah, it is. When you boil it down, that\'s what a business is: it\'s a set of processes. Well, thanks so much for sharing this with us, Phil. Is there anything else that you would like to share with us today, such as where people can find you?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yeah, you can find us on the internet Polygonadvisory.com. We\'ve got a pretty active blog. I write on Medium about crypto and tax issues.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Phil Gaudiano of Polygon Advisory Group. So great talking with you. Thanks for your time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gaudiano","nodeType":"text"},{"data":{},"marks":[],"value":": Thanks. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is Gearing Up? It\'s our video interview series that asks ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"a real, practicing accountant or bookkeeper to share one challenge in their firm and how they solved it.","nodeType":"text"},{"data":{},"marks":[],"value":"\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The challenge: ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Andrea realized two things in her business. The first was that she spent a lot of time writing out email instructions for her clients. 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Don\'t worry \u2014 we want to hear from everyone. The solo practitioners, the firms with 30+ staff, the bookkeepers, the CPAs, those who just got started, those who have sold their firms, and everyone in between! \ud83d\ude0a","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ydCEJxujEE26ZZH1xOcw1","type":"Entry","createdAt":"2022-04-25T19:12:05.497Z","updatedAt":"2022-12-16T17:31:32.530Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":44,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? 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","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[],"nodeType":"embedded-entry-inline"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Gearing Up episode 3 transcript: ","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Blake Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Hello, Blake Oliver here, and this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, Italk to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it. Today, we have Andrea Rotondo of Liquid Cents Bookkeeping on the show. Andrea, thanks for joining me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Andrea Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Hi Blake. Thank you so much for having me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": So tell me a little bit about yourself and your firm. Where are you located? What\'s your firm like? We\'d love to hear all about you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo","nodeType":"text"},{"data":{},"marks":[],"value":": Awesome, yes. Well, like Blake said I am Andrea Rotondo. My firm is Liquid Cents Bookkeeping. I\'m currently, well, and for a while, we\'re gonna be in South Florida. I was a little bit all over the place before this \'cause my husband was in the military, but we\'re finally home. My firm offers bookkeeping services, and at the moment it\'s just me. I\'m doing all the actual bookkeeping work, and I also help another firm for keeping up with their books as well. So I have 10 of my clients, and I keep up with 10 other of their clients. I like to work specifically with women who basically are in the business of helping other people. And that usually falls under the category of therapists, coaches, and consultants.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": All right, well, it sounds like you\'re keeping busy there, and I love the focus. I got my start as a bookkeeper, and I think one of my challenges was I didn\'t have a lot of focus. And so, I did all sorts of different kinds of businesses, and I learned a lot, but it was really a challenge.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo","nodeType":"text"},{"data":{},"marks":[],"value":": Yeah, definitely. And I started my focus on that because I wanted to make it a little bit more relational more than just the actual books And I feel like I connect with people in that aspect, and I know that that\'s, like, oh, connecting and let\'s have a meeting to see if we click with each other. That\'s a big thing now. So I wanted to make it easy for them and for me to, let\'s narrow down to this.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Yeah, it\'s good to be working with people who you like and who you get along with. That\'s probably more important than anything else.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Right, exactly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Well, tell me a little bit about your tech stack. What are you using at Liquid Cents?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" So for my tech stack, I use both Xero and QuickBooks Online. It gives me the flexibility to put my clients where they need to be and where they like to be, also where their accountants are working. So it flows well in that way. I use HelloSign to sign all of the engagement letters and all of those things. I use Google Workspace to keep a shared documents for the back and forth and eliminating a lot of emails, in that aspect, and I use Loom, which we\'re gonna talk about today.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver:","nodeType":"text"},{"data":{},"marks":[],"value":" Well, let\'s talk about that. You said Loom is what we\'re gonna talk about today. I mean, what is the challenge that you were facing in your firm, and how did you solve it?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Yeah, so the main thing that I realized is that people were a little bit hesitant to outsource their books or their accounting in general, although it is one of the first things that they actually outsource. They have that fear of who is going to have access to my accounts and they\'re gonna see absolutely everything coming in and coming out, and they feel judged. So there was that personal connection that was missing and I realized that that was something that I wanted to tackle with my business. I wanted to not just provide the numbers and just hand off a report, but also create a relationship that my clients would feel comfortable with throughout the whole year. And at the same time, that also led me to think the whole balance of, \u201cthis could have been an email\u201d, and \u201cI really need to book a meeting for this\u201d, and how it\'s kind of tough sometimes to book a meeting when you need something right now, but also you don\'t want to write out a whole entire email to your clients telling them terminology from QuickBooks or Xero, or account names and things like that that they\'re necessarily, not necessarily going to know, or at the same time, you might not be getting the right answer. And I realized that that was going to be a big issue as well with timing, with getting things done in time, and would also push back a little bit the whole interaction and feeling that one-on-one attention if everything just got stuck to an email.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": So rather than writing all these directions out in email, which unfortunately, that\'s what I had to do when I started my career. And the problem is the client, they might get the email, but then they\'re reading it on their phone. They don\'t get to it. It\'s long, it\'s complicated. Maybe they didn\'t understand something, and then you have to go back and forth. It\'s a problem for all of us. So what do you do instead?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" So instead what I do is I record Loom videos. I try to make them as short as possible, maybe two minutes, three minutes. And if you\'re not familiar with Loom, it\'s basically just a software that I can share my screen and you see my little tiny face in a corner, but that helps with my clients feeling heard and seen, although it\'s just a video,they get to see me and hear me because all of my clients love all over the place. I don\'t live in the same state where they live, I don\'t have an office where they can come in and out. So that definitely create that sense of, \u201cokay, I know this person. I like this person. I\'m listening to what she\'s saying\u201d. And at the same time, I\'m able to get my point across because I\'m literally sharing my screen, telling them, for example, if I want to show somebody how to upload receipts to Hubdoc, something that is, for us, very simple, but for somebody that has never done that before, I would have to write out a whole entire, \u201cstep number one, step number two, step number three\u201d. But if I just share it with them and tell them how to do it, it\'s a lot easier for them to understand it, and it doesn\'t feel as complicated as looking at a whole list of steps.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": You\'re saving lots of time \'cause you\'re doing it in a few minutes. And then I love the video in the corner, the picture of your face that you see in Loom, so important in the sense of the personal relationship.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" I\'ve had a few clients tell me, \u201cI never knew about this\u201d, but literally the day after, there\'s a Loom transaction, that they just bought the subscription and they\'re doing the same thing with their clients in whatever way it is they needed. So it\'s very flexible. It\'s super easy. And I also like the fact that I get a notification when they see the video. It\'s easier for me to keep track of who has seen it. I can put passwords in there, obviously, \'cause I\'m sharing some of their information in there. So it\'s practical in that aspect, on my end, and on their end it feels like I\'m doing them a favor by not writing everything down.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Andrea, I think a lot of people get nervous about making videos. It\'s not exactly the easiest thing for us accountants or bookkeepers. Do you have any recommendations for people? Were you nervous when you first started? How do we get over this hurdle?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Yeah, for sure. I was super nervous in the beginning. I was so hesitant and I pushed it off for a while, but if you try to put yourself in the other position, you are going to feel the need, in a way, of establishing that connection, and that\'s something that only you can do. And I know that there\'s firms, for example, that have different team members. I would even have or ask them to do that as well, or if you wanna do it yourself as the firm owner. Establishing some kind of personal relationship, it\'s not only going to be beneficial for your client, but you are also going to feel better. You\'re also going to feel that connection as well. And as you continue to do it,it definitely gets easier, just like everybody in social media says that, but I would say the first thing is, if you don\'t feel comfortable with the actual video piece, you can just put your headshot in the little circle where your video or your screen is supposed to be, your face, and just put your picture and you can startrecording with your voice. And then once you feel like you wanna give it a try, just do it. And remember that most of the time, people are not actually looking at your face because your face is tiny on the corner. It\'s mostly your screen. So they\'re not necessarily going to be focused on your face the whole time. And that also takes the pressure a little bit off.\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": That\'s a great point. Well, then there\'s no excuse not to get started. So thank you for those tips. Well, thank you so much for sharing that with us. Is there anything else you\'d like to share with our audience, how to contact you, learn more about you online.\\n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo: ","nodeType":"text"},{"data":{},"marks":[],"value":"Yeah, I really like to hang out in LinkedIn. So if you find, just look it up, Andrea Rotondo in LinkedIn, you\'ll find me there. And my website isliquidcentsbookkeeping.com. You\'re happy to come around and learn a little bit more about me, my background, what I like to do for fun, and obviously, my firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Oliver","nodeType":"text"},{"data":{},"marks":[],"value":": Well, Andrea I\'m gonna send that connection request right now. It\'s been great speaking with you. Thanks so much for sharing that challenge and solution with the audience for Gearing Up.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Rotondo:","nodeType":"text"},{"data":{},"marks":[],"value":" Yeah, thank you so much for having me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n\\n","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":8,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1650486514644,"customDate":1650486514644,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"gearing-up-build-a-nonprofit-donor-dashboard-with-google-sheets-and-kindful","title":"Build a nonprofit donor dashboard with Google Sheets and Kindful","description":"In this episode of Gearing Up, Clay Sandoz shares the interactive nonprofit financial dashboard he built with Google Sheets and data from Kindful.","metaTitle":"Build a nonprofit donor dashboard with Google Sheets and Kindful","metaDescription":"In this episode of Gearing Up, Clay Sandoz shares the interactive nonprofit financial dashboard he built with Google Sheets and data from Kindful.","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/7razEEXVCQemIh9kvDGQ5P/cebf3f99a2e50b7ae403b7b662bef121/Gearing_Up_Blog_Header_-_Build_a_nonprofit_donor_dashboard_with_Google_Sheets.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"When you consider the people that start a nonprofit, they\'re not the bookkeepers or accountants. They\'re people with big visions and big hearts. Usually spreadsheets are too much for them. So I try to make it as painless as possible,\\" says ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.linkedin.com/in/claysandoz/"},"content":[{"nodeType":"text","value":"Clay Sandoz","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", Owner, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.wellsteadsolutions.com/"},"content":[{"nodeType":"text","value":"Wellstead Solutions","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this episode of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"nodeType":"text","value":"Gearing Up","marks":[],"data":{}}]},{"nodeType":"text","value":", Clay talks about how he wanted a way to offer his clients the value of a full-time business manager without having to work every minute of every day. He\'d watched his clients\' eyes glaze over when he shared static rows of numbers, so he decided to make a change. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The challenge: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Donor management platforms provide robust information on fundraising and individual donors, but Clay wanted a way to quickly surface organization-wide financial trends and insights \u2014 and he wanted an approach that scaled. \ud83d\ude80\ud83d\ude80\ud83d\ude80\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The solution: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clay developed a user-friendly, interactive dashboard in Google Sheets using data from ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://kindful.com/"},"content":[{"nodeType":"text","value":"Kindful","marks":[],"data":{}}]},{"nodeType":"text","value":". It sorts data by different criteria and presents it by month or over the life of the organization. This makes it easier for nonprofit leaders to engage with their financial information and see where they need to take action. For Clay, these dashboards help him deliver a full-time business manager experience to multiple clients.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Watch the full episode for a deep dive where you\u2019ll see:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udee0  The tech stack Clay uses for his nonprofit clients\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udda5  Clay\u2019s custom financial dashboard with pivot tables and nested formulas\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udd26  The different ways to interact with the dashboard to uncover actionable insights\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\ud83d\udca1  Me learn something new \u2014 specifically how to import .csv files to replace data at a specific cell","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/LiSyiIG_8mU"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/LiSyiIG_8mU","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nTo learn more about Clay and his firm visit ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://wellsteadsolutions.com/"},"content":[{"nodeType":"text","value":"WellsteadSolutions.com","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and be sure to check out the mix of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.wellsteadsolutions.com/services"},"content":[{"nodeType":"text","value":"services he provides to nonprofits","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to share your knowledge on an upcoming episode of Gearing Up, get in touch, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?usp=sf_link&utm_campaign=Gearing%20Up&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"nodeType":"text","value":"submit your challenge + solution using the form","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We want to hear from everyone: The solo practitioners, the firms with 30+ staff, the bookkeepers, the CPAs, those who just got started, those who have sold their firms, and everyone in between! \ud83d\ude0a","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, Gearing Up is published every two weeks, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"nodeType":"text","value":"subscribe","marks":[],"data":{}}]},{"nodeType":"text","value":" to get the next episode.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode 2 transcript: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hello, Blake Oliver here. And this is Gearing Up, a series by Relay. Relay is business banking designed for accountants and their clients. Just like me, they\'re obsessed with making firms more effective and efficient. So in each episode, I talked to real accountants and bookkeepers about one challenge they faced in their firm and how to solve it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today we have Clay Sandoz of Wellstead Solutions on the show. Thanks for joining me, Clay.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clay Sandoz:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Hey, Blake, it\'s good to be here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So tell me a bit about you and your firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz: Sure, so my name\'s Clay and I operate Wellstead Solutions and to put it simply, we are simplifying financial operations for small businesses and nonprofits, focusing primarily on nonprofits. It all really began as an employee of a nonprofit who was overseeing financial operations, as with one organization as my full-time job and realizing just some of the needs that were not unique to one organization but I was seeing across the entire industry and I worked really hard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I got to joke that I would almost hate to total up the number of hours I put into time saving techniques because if you think about how much time you spend trying to save time, it can be a little overwhelming.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, you spend eight hours to automate a 15 minute task.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Oh, man, it\'s such a relief, yeah exactly. But through doing that, I Developed a lot of good systems and practices that I was able to then branch off and scale and allow me to serve a number of nonprofits, basically offering what in their experience feels like a full-time business manager, but I\'m able to scale an offer in multiple places because from their standpoint it\'s less than the cost of like a part-time employee. So it\'s a really good fit for me, for the clients that I serve, and allows the directors and the leadership of the nonprofits to really just focus their energy on their mission, their vision, focus on what they are there to do and not worry about all the messy backend stuff of processing checks and online donations and dealing with donors and that kinda stuff.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Well, I\'m sure you\'re automating as much as possible, going cloud as much as possible. So let\'s talk about the technology that you\'re using in your practice. Can you give me an outline of your tech stack?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sure thing. So from a financial standpoint, I really like to use Kindful, it\'s a great donor management platform. I\'ve experimented and used a number of others with different clients. But when I have new clients that come along, I really like to point them toward Kindful. It\'s really very user friendly, it\'s very donor friendly, it\'s a really good platform. So that\'s primarily where we process online donations. And then for physical checks that come in, we also log them there. So it\'s the main data center for all of our donations that come in. It\'s also what allows us to send out receipts at the end of the year, because again, all of our donation data is in one place. That doesn\'t mean that all of our organizational financial data is there, but just the donation side of things. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In some cases we use Jotform as well, not necessarily to process donations but they do allow for some of that. I have a couple of clients who within the guidelines of what\'s allowable for a nonprofit have some things that they sell, like selling donated items and things like that. So we\'ve set up some online shops where they can sell. I really like Jotform because of the way it integrates so easily with Google Sheets and things like that. So as you can see here, my Kindful and Jotform is the input side of things.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And then the things go in two directions, the money goes straight to the bank over to Relay. So all that kind of stuff is on auto deposit. And then the information, the data side of all the donations that come in, I send a Google Sheets first, almost everything can integrate directly into QuickBooks online but I find sometimes when you send it directly there, there\'s a little bit of a loss of intentionality and being able to send that data exactly where you want it to go. So I send everything first to Google Sheets where I\'m able to then reorganize it, retool it in a way that\'s gonna be most clear to me as the bookkeeper, to my clients who are viewing it, for the CPA at the end of the year who\'s gonna be preparing the 990, which is the nonprofit tax return. So I like to clean up the data in Google Sheets and then have some ways to push that up into QuickBooks, which then of course syncs with the bank as well. So it all comes full circle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Can we take a peek at your spreadsheet?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Absolutely. So I approach it a couple of different ways for each client. But this is the baseline. So what we wanna end up with is a user-friendly dashboard here that a client can look at and say, \\"This is what month we had.\\" and then go on to compare it to other months. I\'ll give you a quick look through first inside of Kindful just to show, it\'s not that Kindful is insufficient or falls short. This is the main activity feed inside of Kindful. And so you can see this is actual live or it\'s real data from one of my clients but you can see on Monday that little circle symbol there shows that it\'s a recurring donation. So that was on Monday the 20th, we had one, two, three, four, five recurring donations hit and they\'ve got some large recurring donors that were giving. Then on Sunday, the day before, you can see that little check mark, that just means a check was manually logged into the system for $500.00, below that we had a PayPal donation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So you can see a nice feed of activity, but it doesn\'t give you a lot to compare it to or to really help you interpret it. Kindful does a great job giving you information on specific donors. So looking at this donor, you can see their lifetime donation, you got these nice charts of when they were giving and things like that. But the thing I find about it is you have to know that you want information about that donor and you have to go looking for it. But what I\'d like to provide my clients is a broader look at how their organization is doing financially so that maybe they could, some of these trends would stand out and then they could go dig into it and maybe go look at this donor\'s profile in Kindful to get a little bit more granular information but this is not usually, they\'re not gonna go combing through each donor\'s profile to see where are the irregularities and things like that. The thing is what comes from Kindful is a CSV file. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it\'s not very helpful, that\'s not something I\'m gonna hand over to a client to say, \\"Here\'s your donation data for the month or the year or whatever, this is gonna make.\\" A lot of people go blurry in the eyes especially when you consider in the nonprofit world, typically the people that go out and start a nonprofit, especially the small nonprofits, like the ones I deal with, they\'re not the bookkeepers, they\'re not accountants, they\'re not the nerdy back office folks, they\'re people with big visions, big hearts, they wanna be with people, they wanna be out there with a big vision and this kind of stuff. Usually spreadsheets in general are a lot of times too much for the people with those big visions. So I try to make it as painless as possible.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So this is where we deal with this raw data, we start here. So what I do is I\'ve got this note to my clients here, \u201cplease don\'t modify anything to the right of this. This is all my territory.\u201d A lot of the stuff I end up hiding but I make this note, just \u201cplease don\'t mess with it.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": That\'s a good tactic, I like that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah and then I put it up here too. \u201cPlease don\'t edit or modify the sheet in any way.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": I\'m sure it still happens sometimes.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Exactly, it has happened a few times. Thankfully with Google though, you can roll back edits pretty easily, I\'ve had to do that a few times. So what I do is I just drop in the CSV, I formatted everything to be ready for the data even down to calculating. This is a formula that\'s gonna give us all of our fees based on whether there was an ACH donation, a check that came in, cash, credit card, that kind of stuff. So I\'ll just go to File, Import, and I\'m gonna upload thatCSV there and replace data-","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": See, I didn\'t even know you could do that. I just learnt something today.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": And it\'s invaluable. I use it all the time because once you\'ve built the framework for it, and you know the parameters of what you\'re bringing, it takes some testing. But once you can trust the parameters of what you\'re bringing in, you can just overwrite. And so what that means is next month I\'m gonna have by design more donations on the list, but it\'s gonna also include the ones here, that\'s why this is red, I click here and I say, \u201creplace starting at this cell\u201d and it overwrites everything with new data, but also the old data. And so what we have is now this is all the donation data, we have each fee.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": And can you bring this in from the beginning of their...","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, so I use some dummy data here just starting in June. But yeah, I mean, I have organizations that I do this for and it\'s years of data. I mean, it\'s a little probably overkill but it\'s worth it again, in the case of historical updates or modifications to the records. And with the CSV file, it\'s not like we\'re talking gigs of data, it\'s pretty manageable.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So we\'re bringing in all the important information here, including this note that allows us to, it doesn\'t really matter that, okay, this is monthly on the first, monthly on the fifth. I don\'t do much with that date but what I\'m able to use is this and use a formula that says, \u201cit doesn\'t matter when but just note that this is a recurring donation\u201d, because we\'re gonna note that to the client later so that this will stand out to them, that this is not just a one time donation but this is a standing recurring donation. So all this stuff and we won\'t go into all the details, but I mean, this gets pushed out into a pivot table which I didn\'t show you, but I mean, there was nothing here before, but now this gets automatically populated. We\'ve got this pivot table is leading building queries, which is building other pivot tables. So there\'s like all these nested formulas that go deep back here which come back to our summary sheet where we started which was blank but now we\'ve got a lot of data that we can deal with.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So the donor lists, if this was at the end of the month of August, now they\'re looking at August of 2021. And here\'s all their donors who gave in that month, the date, their donation amount, the fee. And here\'s that note to say, \u201cand this was a recurring donation\u201d. So good old Jeff Bezos, he\'s donating $100.00 a month and he\'s agreed to Kindful offers, you can cover the fee. So he paid an extra three bucks. The actual fee was $3.28, but it more or less came closer to $100 donation rather than us paying the fee on it. So this is just a helpful way month-to-month that clients can see this where it\'s really helpful.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\'s say we\'re in the month of November and we\'re looking now at all this information we wanna see, we wanna go back. So now we can click this drop down and we can keep flipping back through the months and see we can watch these totals. \u201cHow much are we paying in processing fees?\u201d If this number is off the charts, we can say, maybe we would like to have some of our bigger donors give by check because we\'re paying out the nose, paying 3% on a $10,000.00 credit card donation or something like that. So just again, I offer tiered services to my clients. Some I serve as an operations director where I will help interpret the data and help make decisions and help guide in some of these directions. In a lot of cases though, I leave that up to them, but I provide all the information for them to make the best decisions that they can. And to me, this is a really critical part of it.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What we didn\'t have is, this is just a running total of all the donors to this organization and their grand total. So we\'ve got the Human Fund, there\'s their grand total, we\'ve got all these different individual donors and just their running totals. This gives us a good bird\'s eye view of \u201cwho are our big donors\u201d and \u201cwhere is most of our money coming from\u201d over the life of the organization. It\'s not a time-based report, it doesn\'t give us this year or this month or anything like that. It just gives us big picture stuff. And then each of these, we can sort by different criteria. So right now it\'s chronological, show me the month and show me just in order. But we could also say, \u201cI wanna see it by donation amount\u201d and \u201cI wanna see my biggest donors of last month.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Okay, so we got this Working Nine to Five LLC donated $10,000, no fee, so that tells us it\'s probably a check. So we can see in a descending order who are our big donors and we can do the same thing here with, we\'ve got this already now sorted by our donation amount. We could sort by last name if we just wanna see all of our donors in that order.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So it gives the client a lot of ways to interact with their big picture donation information as well as the monthly stuff. But then, in cases where we have recurring donors who are giving over time, it\'s one of the most common issues, people will get their credit card hacked or stolen. Somebody uses it fraudulently, card gets canceled and they\'ve got a million updates to make. They have to update their Netflix and Amazon and all the services that they have on this card. A lot of times they forget their charitable donations and those get lagged, then their donations get canceled and it falls off. Well, we wanna know that and I will say, Kindful does an amazing job with that. One of the things they even do is they\'ll monitor your expiration date and the donor will get an email two months ahead of the expiration date and say, \\"Hey, it looks like a card is about to expire. If and when it does, here\'s how to update it.\\" Really nice, makes my life a lot easier.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Super helpful.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": But it still happens, yeah. So what we wanna do is then be able to see this information spread out over time so that\'s our donor monthly details. So now we have this same as this summary here. It\'s our master list of donors but it is broken out over time. So now we can see June, July, August and all the way through the year, who\'s donating how much. And we can now look for the trends that we saw in Kindful, we saw that chart but we can see it all at one glance.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So in this case Michael Bluth donated $26.00 a month, which is really, $25.00 plus the fee. So okay, great, it looks like he\'s a standing donor and then, oh, it looks like something had happened between October and November. It looks like his card dropped off, it\'s been a month and a half. He probably should have already donated by this point in December, we should probably reach out to him and say, \\"Hey, it looks like your card got canceled. Can we help you reconnect it?\\" So again, this is the stuff with some clients that might be my job to go find that, pursue that person, track them down, get it done. In some cases, it\'s just my job to provide that information. So the client can have that so they can make contact and do what they need to do.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So then in this case, we\'ve got again, the donor, now we can see their history over time with their grand total over here. And we can do the same thing, sort it by all the same criteria depending on what the client really wants and needs out of the information.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So that\'s about it, that\'s a tour of the basics of the dashboard. And then what\'s nice is from there I can actually use a lot of this data to then build custom journal entries that I can then push right out into QuickBooks. But again, all the information is here so that I can begin working with it just in one place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Well, that is really neat,thank you for showing us that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Absolutely.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, so can you quantify how much time you think this has saved you over the years compared to the old way you used to do it now with a single client?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": I mean, it used to be, I\'ll say it this way, it used to be a full-time job for one organization. And now I do it for eight or nine different organizations and have space to accommodate quite a few more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": That\'s amazing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, I mean, it saved me, I mean, hours and hours and hours a week, spread out over years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But again, it was a lot of upfront investment and I mean, it\'s fortunate that I enjoy it. So it was grueling to spend the time investing to figure this out and play with it and experiment with it. But it was a lot of upfront time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": I think I saw one of your formulas had eight or nine nested parentheses in there. It was a pretty advanced function there. How long do you think it took you to make this? I mean, obviously you\'ve iterated on it over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sure, yeah, yeah, oof, man. Well from scratch I made a similar dashboard. It was very customized for a client. I wanna say it took me about 40 or 50 hours maybe, over a month or two.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": But well worth it when you compare that to now I can have not just one client but I think you said eight, nine and with room for more, right?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Eight, nine and room for more, yeah.\\n","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Well Clay, thank you again for showing us this. I learned a lot and I\'m sure our viewers did as well. Is there anything else you\'d like to share with us today? For instance, where folks can get in touch with you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sure, you can find meat wellsteadsolutions.com. You can contact me there if you ever have any questions about nonprofit needs. And a quick overview if I can of some of the things I offer. Everything turnkey really for nonprofits. Again, we work as well with small businesses but our focus is really on nonprofits. I\'ve got several clients who came to me just with an idea. They had nothing more than just, \u201chere\'s what I have in mind and I have some backing financially.\u201d So we walked them through that entire process working with the IRS, working with the state to get everything formed, setting up bank accounts and donation processing and mailing addresses and all that kind of stuff. Just turning it into a legal organization. Process development, setting up online donation systems,\xa0 processing paper checks, which can just be a real hassle, being the face of donor relations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I was on the fundraising side of the nonprofit world for a long time and my income relied solely upon it. So I know how critical it is to maintain good relationships with donors and so has my staff. So we bring that into our relationships as we operate on behalf of our clients. If anybody has any questions,I usually offer a consultation just to get started and can have a conversation for nothing and then see where things go from there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Sounds good. Well, I\'m sure a bunch of folks will be reaching out about your spreadsheet. I think you could offer a lot of insight on that regard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sandoz","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": Yeah, great.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": So thank you, Clay. I am Blake Oliver and you have been watching Gearing Up. We\'ll see you again next time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}}]}]},"readingTime":16,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1650486508353,"customDate":1650486508353,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":["category-nonprofits"],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"gearing-up-how-to-simplify-client-intake-with-cognito-forms-with-safietou-russell","title":"How to Simplify Client Intake with Cognito Forms with Safietou Russell","description":"In Episode #1 of Gearing Up \u2014 Relay\'s interview series \u2014 Blake Oliver interviews Safietou Russell about how to simplify client intake with Cognito Forms","metaTitle":"How to Simplify Client Intake with Cognito Forms with Safietou Russell","metaDescription":"In Episode #1 of Gearing Up \u2014 Relay\'s interview series \u2014 Blake Oliver interviews Safietou Russell about how to simplify client intake with Cognito Forms","popular":false,"category":"Gearing Up","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/4F0iVRISjC7tQrGO4vkym9/48be40c1a49ef71b2536ce4e5daad069/Gearing_Up_Blog_Header_-_How_to_Simplify_Client_Intake_with_Cognito_Forms.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once Safietou Russell\'s accounting firm ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.sdrconsultinginc.com/"},"content":[{"nodeType":"text","value":"SDR Consulting Inc.","marks":[],"data":{}}]},{"nodeType":"text","value":" started growing, she noticed a pattern with her clients: \\"You would get basic information from a client [when starting a service for them], and then you would have to keep going back and forth for more information or missing documents,\\" she says. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It was a real time waster. To get that time back, Safie turned to automation via intake forms. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In our video interview series ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"nodeType":"text","value":"Gearing Up","marks":[],"data":{}}]},{"nodeType":"text","value":", we ask practicing accountants and bookkeepers about the real day-to-day challenges they face and the actual ways they solve them. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safie joined us to share how her firm manages client intake \u2014 and eliminates a ton of administrative work \u2014 with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.cognitoforms.com/"},"content":[{"nodeType":"text","value":"Cognito Forms","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"The episode explores: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How to create a standardized and consistent client intake process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How to break up one big intake form into smaller ones for a better client experience.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How Safie makes sure client information is up-to-date each tax season.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How to connect intake forms with document storage to avoid data entry.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/dsYdFcpQxjo"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/dQw4w9WgXcQ","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nWant to learn more about from ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.sdrconsultinginc.com/"},"content":[{"nodeType":"text","value":"SDR Consulting Inc","marks":[],"data":{}}]},{"nodeType":"text","value":"? Safie has these resources free: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subscribe to the Tax Tips Newsletter: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa2d0M2poVVhyQVotUFl4bXdCMmtNbjVNQ0JRUXxBQ3Jtc0tsMW5WTHdBZHlCTEhYeVVlTU1XS01STmRNOFhPRU1WWURCV1R1TlNFQlY1NTU3eFZsYVBKeXZKV3UzLTctZXp3OEpBYzZqOHJTX191RVpPLTkwZUdZNFNKVC1yc0gyMVljRnlCZ0RxLS1nRWI1RE1MNA&q=https%3A%2F%2Fwww.sdrconsultinginc.com%2F"},"content":[{"nodeType":"text","value":"https://www.sdrconsultinginc.com/","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":" Course on Common Business Deductions: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbUlVaVQ0SHNBdFpSUDdkVml4T19OSWRxVGdMd3xBQ3Jtc0tudXBjS25rSDhpXzYtMVVpSW5BR2E3WkVnWDZ6T3dtZFRObm4xa2ZCN3J1VFU0UXJJZnNKbWxqdDFIajJzTFhLMWlJMjVsX2ZobjN2eWFsdW5HV2lhX2ZWY09pT0lDUUp5cGhObTcwVWNnaFVELTJpQQ&q=https%3A%2F%2Fbit.ly%2F3DD2JGx"},"content":[{"nodeType":"text","value":"https://bit.ly/3DD2JGx","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, Gearing Up is published every two weeks, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://join.relayfi.com/gearing-up"},"content":[{"nodeType":"text","value":"subscribe","marks":[],"data":{}}]},{"nodeType":"text","value":" to get the next episode.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gearing Up is dedicated to amplifying the creative and smart ways accountants and bookkeepers overcome the day-to-day challenges of running a successful firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re ready to share your knowledge on an upcoming episode of Gearing Up, get in touch, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://docs.google.com/forms/d/e/1FAIpQLSftC8coWndWSL_WvIpglR1Ebr78OHMe0lkuaO9JBFy8NF54pA/viewform?usp=sf_link&utm_campaign=Gearing%20Up&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9U30cxQn_yUYut8TUXpFp0Lx1jDkkGJ_30lfUlHEkEdDkVxsSV8tGnd_6UKppBIAlrr7TF"},"content":[{"nodeType":"text","value":"submit your challenge + solution using the form","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not sure if your firm is a good fit? Don\'t worry \u2014 we want to hear from everyone. The solo practitioners, the firms with 30+ staff, the bookkeepers, the CPAs, those who just got started, those who have sold their firms, and everyone in between!","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ydCEJxujEE26ZZH1xOcw1","type":"Entry","createdAt":"2022-04-25T19:12:05.497Z","updatedAt":"2022-12-16T17:31:32.530Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":44,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Default"],"title":"How do successful firms solve day-to-day challenges? ","ParagraphText":"Find out in Gearing Up \u2014 our bi-weekly video series. Blake Oliver talks to practicing accountants and bookkeeper what tools and strategies they use to thrive. ","buttonText":"Subscribe","url":"https://lets.bankwithrelay.com/gearing-up/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4y5E1ITVFmwq6IviyuqUi6","type":"Asset","createdAt":"2022-12-06T21:58:59.327Z","updatedAt":"2022-12-07T15:57:36.424Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","description":"Gearing Up, a video series by Relay, hosted by Blake Oliver, CPA.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/4y5E1ITVFmwq6IviyuqUi6/fff30c39ce045a6b20780db6036b0005/25207867-1670347634463-bf30ae87d2073.jpg","details":{"size":466620,"image":{"width":3000,"height":3000}},"fileName":"25207867-1670347634463-bf30ae87d2073.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Gearing Up episode 1 transcript: ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\n","marks":[],"data":{}},{"nodeType":"text","value":"Blake Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Hello, I\'m Blake Oliver. And this is Gearing Up, our series where we talk to real accountants and bookkeepers about real challenges they\'re facing in their practices. In each episode, we\'ll talk about one challenge of running a firm and how to solve it. Today we have Safi Russell of SDR Consulting Inc on the show. Thanks so much for joining me, Safie.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safietou Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" You\'re welcome, thanks so much for having me Blake. It\'s definitely a privilege to be here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Can you tell us a little bit about yourself and your firm?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Sure, sure, so Safi is my nickname. Safietou is my full name and I\'m the founder and CEO of SDR Consulting Inc. I\'ve been in the industry about 19 years, and I\'m a CPA and an Enrolled Agent, and also have my Masters in taxation. And here at SDR Consulting, we mostly work with small business owners helping them from business formation all the way through the tax preparation and all that fun stuff in between.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Where are you located?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I\'m located in New York.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Gotcha.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what kind of tech stack do you use in your firm?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Well, you know, the list is extensive but I\'ll name some of the top ones for sure. In terms of intake forms and my process I use Cognito Forms. It\'s pretty much allowed me to custom build forms and ask information upfront and collect documents securely to streamline the process. As a virtual firm, I found that very important. Also QuickBooks Online in terms of bookkeeping, we pretty much use that almost exclusively. And for banking, Relay Financial is something new that we have dived into and exploring how it works well with QuickBooks Online, and being in a virtual environment with banking. And then lastly having an all in one portal. I\'ve been able to kind of cut my tech stack down a little bit because I have a portal that I was able to pretty much custom build and handle a lot of my workflow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So what are you using for that portal? You said it\'s custom.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes it\'s a white label product, and custom built by me for now. And so yes, enjoying that one a lot.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"You\'re not just a CPA, you\'re also a developer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" I have a little techy in me. I wouldn\'t say developer, but definitely with some learning curves, and I had help from other colleagues in the field. But it was important for me because it was custom. So a lot of the ready made portals out there they just didn\'t do everything I needed, or they were really like tax specific only. Whereas, we offer so many services for business owners that I needed something more well rounded.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Well, as I mentioned at the beginning of this show it\'s about one challenge that you have faced in your firm. And I know that\'s probably a challenge to even narrow it down to just one, but I\'d love to hear about a challenge that you had recently.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Sure, so over time, once I started developing a practice I noticed that, let\'s say taxes for example, you get basic information from a client and then you to keep going back and forth for more information or missing documents, so you didn\'t send this, so you did send this. So that\'s why I developed the intake forms through Cognito. So now every service we have is attached to an intake. So whether it be tax prep, bookkeeping, payroll set up, general business consulting setting up your entity all the questions that I found myself asking I put \'em in a form. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And so Cognito Forms is what I use for that. You know, it has encryption and security behind it, which is really important. And it allows me to ask all the questions on the front end, get all the documents. And then this way, there may be some back and forth, of course, but it minimizes the time spent on that, which is not efficient at all. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And so for me, that was the biggest challenge I had that I used that main tech stack to solve, and I continue to build on it. I must be up to like 30 forms by now. So that was really important. And even year to year information changes. So even if I have clients that I prepare taxes for last year, they fill out a new organizer every year. And the questions are a little less because there\'s a question saying, did we prepare your return last year? Okay so I don\'t need your full address again unless it changed, and I don\'t need your dependence information unless it changed. However things change. And so they fill our questionnaire out every year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what were you doing before you put in Cognito?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, so I would have different organizers like through my website or AICPA, and they would be more in a PDF format. I\'ve tried that. I\'ve also tried, I don\'t really have many non virtual clients but I had one or two. So I had like a paper organizer. And then there was organizers that came with the tax programs. So I\'ve used that in the past. So it was kinda a little bit of everything but nothing really solved the issue.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Got it, so you would send out a PDF or you\'d collect this information via email and then, I mean, anyone who\'s done this knows that getting that all back into your systems is really challenging.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah a lot of data entry, and then I had to get away from email which thankfully I wasn\'t really using as much. I was using different things like Dropbox.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With the portal?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes the portal I didn\'t have yet but I was using Dropbox previously which I still use internally, but not everyone had Dropbox and then they couldn\'t get access. And so then I had another program for file transmission only. That was simple, which I still have. But even though we\'re a virtual firm, because we\'re a virtual firm, there\'s some technology involved. So there\'s certain clients who just may have challenges with that. So I did this to really simplify it. So yes, the portal definitely made it easier to streamline and not have this program for that, and this program for that.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So for those who aren\'t familiar with online forms or anything like that, can you describe for me what it\'s like for me as a client, when you need to reengage me or onboard me, or whatever example you\'d like to use? Like how would it work for me? Let\'s say I\'m a new SDR Consulting client.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Perfect, so all of my clients generally start out with my free intro call. So we have a 15 minute call just to talk a little bit about your issues, what\'s your concern, and what kind of services you may need. And from that, I will invite you to the client portal and let you know which intake forms would apply. So if let\'s say tax season is coming up, and you need your taxes done, then I\'m gonna direct you to the organizer for taxes, one for personal, one for business if you\'re in business. And you\'re going to upload your prior returns, and all your current year documents and answer all the question. From that I then...","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And I can do that in Cognito. I can upload files in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes, yes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Okay got it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah so like, okay, I have W2s, I have three W2s upload them right here, like really straightforward.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Where does that go? Do the files go into your portal or do they go somewhere? Like do you have to organize them later? How does it work?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yeah, some integration would be great but right now it\'s dated on, I have it set up with a Zapier, a Zap, I guess you can call it where it the documents go from Cognito into Dropbox. And so Dropbox is my internal file storage. And from there they\'re organized into one file my tax square paper file. Prior to that, I send a quote. So once I get the intake form, then a quote is sent out through the portal. If it\'s accepted an invoice generates, payment is made up front, then we set up the project and we start communicating.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And you send them whatever forms they need to provide for that project, whatever it is. Like you said, I think you, you said you had 30 form. Can you give us some examples again of like what would be a unique form that you\'ve made?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So generally, for example, with due diligence for claiming child tax credit and things of that nature. So I have an intake form for that. So once I see that they qualify for that with a tuition credit, then they get that link to fill that form and upload the documents for the due diligence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, that\'s great because I could see how the forms for say just general tax preparation could get enormous. And then that\'s not a good customer experience because then they\'re having to go through and answer 200 questions. You\'ve broken it up. So if they qualify or you think they qualify for this deduction, then you send that form.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Correct and if they have like a foreign bank account there\'s a basic question on an organizer but if they answer, yes. Okay now here\'s the intake form for that? How much was it? You know, what country, et cetera.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" So what if they have a question when they\'re filling out the form, how do you deal with that?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" In most cases, when they\'re filling out the form they are in my portal. So they can send a message right through the portal, or set up a call with me.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Okay so the forms are embedded into the portal.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Yes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"How do you achieve that? Is that something that was like built into Cognito or the portal or?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Yeah, interestingly enough, I\'m in the process of reformatting some of that. So yes, it can be embedded in my portal, but currently because my tax organizer, for example, has so many questions, it\'s a little longer than the page. So right now I just have it where the link is in the tab. So I have tabs for different takes, and then the link for Cognito is there, and it just opens in a separate window.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Got it and if they have a question, they just go back to the portal, they chat with you","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Get the message.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: \u2026","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"in the portal.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Exactly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"And it\'s all secure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" And you can save it along the way so they can answer as much as they can, save the link for where they left off, and then send me the message.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Wow, that is really great. I mean, you\'ve basically solved the problem of using email for all of these client questions and onboarding, and I\'m sure you\'re saving yourself a ton of time to having to ask the same questions over and over again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Absolutely, every time I think of a new question or I ask any question, I\'m like, hmm, put a little note, is that in my form, my current forms, and then if not, do I need a new form? And I don\'t inundate clients. I mean, honestly someone needs multiple types of services, they\'re probably only filling out one or two forms a year. But all those different forms are just different services that have come about over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"So I know this may be difficult to quantify, but what\'s the impact for you if you had to look back and think how I did it before versus how I\'m doing it now how much time is it you saved? Is it more than just peace of mind or the security? Like what\'s been the big change for you?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Wow, definitely I know it saved me time. The biggest impact I would say is just it helps me with my organization. In this industry, the deadlines are so compressed, and you\'re working overtime and you\'re not getting a lot of sleep it helped me have everything in place where I could revert back to it. So for example, client ABC, what are we doing for them again? Oh, I can just go back to the intake form. I go back to my intro call notes. I go back to the quote, and puts me right right back at where we need to be.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Wow, well, Safi, I learned a lot today. I learned about a new app that I didn\'t know about. And I think your process is just fantastic. I hope our listeners and anyone watching this video can take something away from that. I\'m sure they will.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Thank you.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Well, do you have anything you\'d like to share with our viewers or where can people contact you? What are you up to?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Sure yeah, absolutely. So being that we work with a lot of small business owners, if it\'s something new for them in terms of the tax and accounting space they just don\'t know where to start. So I\'m working on creating more courses. But one of the free ones that we have right now is called common business deductions. Many business owners don\'t know what they can deduct, and how to deduct it. So that\'s a free course available right now. And you can click the link for more details on that. Also we have monthly newsletter that goes out which may have some helpful tax and accounting tips in there. And you can sign up for the newsletter by going to our website, www.sdrconsultinginc.com. And lastly, we always have 15 minute intro calls available for potential new clients just to see if it\'s a good fit, and get some basic information about each other. And you can call to schedule that. Or you can also go to the site. And the best number is 516-255-6603.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oliver:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Safi thanks so much for your time, and for joining me today.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Russell:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Thanks for having me again, Blake. And it\'s been a pleasure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":11,"author":{"name":"Leigh Doyle","jobTitle":null,"company":null,"slug":"leigh-doyle","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6yszxVM40JscRnZqD5NgVW/b4c02dfac8f46e330ce17dc6c22ec5ad/LeighDoyle.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1650486498625,"customDate":1650486498625,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"accounts-payable-automation-benefits","title":"8 Accounts Payable Automation Benefits for Your Small Business","description":"Thinking about automating AP? \ud83e\udd16 Here are eight accounts payable automation benefits for your small business to help you decide.","metaTitle":"8 Accounts Payable Automation Benefits for Your Small Business | Relay","metaDescription":"Thinking about automating AP? \ud83e\udd16 Here are eight accounts payable automation benefits for your small business to help you decide.","popular":false,"category":"Accounts Payable","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2IT60AbvLoeo4oqBY2XwAR/5a072acf01e19610d9530612037e28cc/family_blogB.jpg","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Historically, large corporations with greater financial resources have driven accounts payable (AP) automation, but today, companies of all sizes are incorporating automation into their back-office \u2014 why wouldn\u2019t they when the benefits are obvious? \ud83d\udcadWith the right ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[],"value":"AP software","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" in place, you can ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"reduce costs","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"minimize errors","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"speed up bill pay","nodeType":"text"},{"data":{},"marks":[],"value":", and create stronger ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"internal controls","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"At ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", we simplify online bill payment for small businesses by","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" integrating AP directly into online banking","nodeType":"text"},{"data":{},"marks":[],"value":". \ud83c\udfe6 We see first-hand how an automated AP process greatly improves financial visibility for small business owners. So we put together this list to outline the biggest AP automation benefits in detail.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8 accounts payable automation benefits","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automating accounts payable benefits your business in the following eight ways:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#1-ap-automation-is-faster-than-doing-it-manually"},"content":[{"data":{},"marks":[],"value":"Speeds up bill pay process","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#2-ap-automation-lowers-the-average-cost-of-invoices"},"content":[{"data":{},"marks":[],"value":"Saves you money","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#3-ap-automation-makes-your-other-software-more-impactful"},"content":[{"data":{},"marks":[],"value":"Makes your other software more effective","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#4-ap-automation-minimizes-risk-by-improving-accuracy"},"content":[{"data":{},"marks":[],"value":"Minimizes risk by improving accuracy","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#5-automated-ap-streamlines-audits"},"content":[{"data":{},"marks":[],"value":"Improves auditing workflow","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#6-ap-automation-tools-give-you-clearer-visibility-into-cash-flow"},"content":[{"data":{},"marks":[],"value":"Provides additional cash flow insight","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#7-ap-automation-helps-you-avoid-payment-fraud"},"content":[{"data":{},"marks":[],"value":"Helps you avoid fraudulent transactions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"#8-automating-your-ap-function-gives-you-a-competitive-advantage"},"content":[{"data":{},"marks":[],"value":"Gives you a competitive advantage","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\u2019s get started!\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. AP automation is faster than doing it manually \ud83c\udfc3\ud83d\udca8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"The average time to process an invoice manually is ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"45 days","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". In a manual AP process, an invoice has to be received, processed, approved by the right stakeholder, and then paid with a paper check (if you\u2019re one of the ","nodeType":"text"},{"data":{"uri":"https://www.goldmansachs.com/insights/pages/from_briefings_08-oct-2018.html"},"content":[{"data":{},"marks":[],"value":"80% of small businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" that still use paper checks).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Each step takes a lot of time, and any additional delays can negatively impact your vendor relationships. That\u2019s not great. \ud83d\ude16","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"AP automation ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"speeds things up by as much as 6x","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". An AP platform automates the receipt and storage of your vendor invoices, centralizes invoice reviews and approvals, helps you keep track of payments and stores your vendor information. Collectively, these automated processes save you a ton of time on invoicing.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automated bill pay example","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"marks":[],"value":"To illustrate the benefits of AP automation, here\'s an example of how ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/Introducing-Relay-Pro"},"content":[{"data":{},"marks":[],"value":"Relay Pro","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" streamlines bill management. All unpaid invoices are imported from the accounting software (QuickBooks Online or Xero) and then get automatically organized into a central dashboard. Now, all bills can be tracked and managed in one place, giving you clearer visibility into your company\u2019s cash flow.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2wcb4ZX5rAdXlscrWp0MS9","type":"Asset","createdAt":"2021-07-14T12:46:25.837Z","updatedAt":"2022-08-23T01:27:41.135Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":33,"revision":5,"locale":"en-US"},"fields":{"title":"Accounts Payable Automation with Relay Pro - Bills Dashboard","description":"Accounts Payable Automation with Relay Pro: Integrate with accounting software, view the status of unpaid bills, and centralize all your AP","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2wcb4ZX5rAdXlscrWp0MS9/320cef872d833a8a5e664139f1d5f00a/AP_Blog_Header_-_8_Accounts_Payable_Automation_Benefits_for_Your_Small_Business_1.2.jpg","details":{"size":109865,"image":{"width":1800,"height":1013}},"fileName":"AP Blog Header - 8 Accounts Payable Automation Benefits for Your Small Business 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. AP automation lowers the average cost of invoices \ud83d\udcb0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Processing an invoice manually can cost up to ","nodeType":"text"},{"data":{"uri":"https://www.financialexecutives.org/FEI-Daily/June-2019/Dollars-and-Sense-Examining-the-True-ROI-of-Invoi.aspx"},"content":[{"data":{},"marks":[],"value":"$15 per invoice","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". That means every time you add a vendor to your network, you have to account for an additional $180 per year \u2014 and that\u2019s only if they invoice you once a month \u2014 on top of their fees.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Meanwhile, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"an automated process can ","nodeType":"text"},{"data":{"uri":"https://iofmms-static.s3.amazonaws.com/uploads/sites/4/2018/11/AP-Benchmarking-Study-Jess.pdf"},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"underline"}],"value":"reduce","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":" the cost of an invoice to just $1.77","nodeType":"text"},{"data":{},"marks":[],"value":". How? You save on the labor costs associated with data entry and dealing with discrepancies and the hard costs of document storage, printing checks, and postage.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. AP automation makes your other software more impactful \ud83d\udd04","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A common concern with onboarding new software is that it won\u2019t talk to the tools you\u2019re already using. You can imagine just how much of a headache it would be if you had to input the same data multiple times. \ud83d\ude13 Likely, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"today\u2019s AP automation solutions have been designed to easily share information with accounting software like QuickBooks and Xero","nodeType":"text"},{"data":{},"marks":[],"value":", connecting the dots across your financial tech stack.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. AP automation minimizes risk by improving accuracy \ud83d\udcc8","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With the right ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-internal-controls"},"content":[{"data":{},"marks":[],"value":"accounts payable internal controls","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" in place, automated AP reduces the risk of errors and fraud. Every AP process should have well-defined internal controls: how invoices get processed, who approves them, who is allowed to initiate payments and how vendor information is stored. \ud83d\udd75\ufe0f","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When these processes are clearly laid out and controlled by AP software, there is ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"less room for human error and better protection against fraud","nodeType":"text"},{"data":{},"marks":[],"value":". Achieving an equivalent level of internal controls with no software is near impossible.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automated internal controls example","nodeType":"text"}],"nodeType":"heading-4"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://relayfi.com/pricing"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Relay Pro","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", for example, lets you create single-step or multi-step approval workflows and completely customize them based on your needs. Every time an invoice is submitted for approval, notifications are kicked off to anyone involved in the approval process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"67OmL79toRDJM7KZOfcYaZ","type":"Asset","createdAt":"2021-07-14T12:48:53.725Z","updatedAt":"2022-08-23T01:19:42.067Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":22,"revision":3,"locale":"en-US"},"fields":{"title":"AP Internal Controls with Relay Pro - Approval Rules","description":"AP Internal Controls with Relay Pro: How to create single- or multi-step approval rules for all of your bills","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/67OmL79toRDJM7KZOfcYaZ/1985a7ac6826e4936721926ba3df4da9/AP_Blog_Header_-_Accounts_Payable_Internal_Controls__A_Simple_Checklist_1.2.jpg","details":{"size":92629,"image":{"width":1800,"height":1013}},"fileName":"AP Blog Header - Accounts Payable Internal Controls_ A Simple Checklist 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"5. Automated AP streamlines audits \ud83d\udcd1","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"biggest benefits of AP automation is a better auditing process","nodeType":"text"},{"data":{},"marks":[],"value":". With detailed data accompanying every transaction, an auditor can easily follow the trail from invoice receipt to payment.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When your AP process is manual, audits can drag on for months \u2014 ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"especially","nodeType":"text"},{"data":{},"marks":[],"value":" when paper invoices, receipts, or checks are involved. \ud83d\udcc6 This difference can have huge implications for businesses. In one ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"data":{},"marks":[],"value":"case study concerning employee fraud","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", Relay\'s automated payment solution was shown to ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"dramatically speed up the audit and security response","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With AP software, you don\u2019t have to worry about keeping boxes full of papers for an auditor to sort through \u2014 and you can save yourself from an agonizing wait while the audit is completed.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"6. AP automation tools give you clearer visibility into cash flow \ud83d\udcca","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With a digitized AP workflow, you get a birds-eye view of all processed and outstanding bills \u2014 as well as what you need to do to get remaining payments out the door. \ud83d\udd0d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Some AP platforms will also give you data about your accounts payable KPIs. This can give you greater insight into ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"how much you\u2019re spending on your vendors, whether there are any redundancies in your spending","nodeType":"text"},{"data":{},"marks":[],"value":" (e.g. if you have two vendors doing the same thing), and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"if there are any significant variations in your spending","nodeType":"text"},{"data":{},"marks":[],"value":" from month over month.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This information gives you deeper insight into what impacts your cash flow and can help you make better business decisions.\xa0\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"7. AP automation helps you avoid payment fraud \ud83d\udd14","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"According to the ","nodeType":"text"},{"data":{"uri":"https://www.jpmorgan.com/content/dam/jpm/commercial-banking/documents/fraud-protection/afp-fraud-survey-2020-report-highlights.pdf"},"content":[{"data":{},"marks":[],"value":"2020 AFP Payments Fraud and Control Survey","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", approximately 81% of companies were targets of payments fraud in 2019. When using a manual AP process, it can be difficult to spot fake invoices or fraudulent email payment requests.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Automated systems can help here by identifying and flagging suspicious requests before you approve payments. As your team grows, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"you can also limit who has the ability to approve payments by setting customized permissions, thereby reducing risk and the chance of fraud","nodeType":"text"},{"data":{},"marks":[],"value":".\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"8. Automating your AP function gives you a competitive advantage \ud83d\udc4a","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most importantly, AP automation empowers small business owners to grow their firms. Introducing a more efficient, speedy, and error-free way to manage accounts payable ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"ultimately saves your business time","nodeType":"text"},{"data":{},"marks":[],"value":" (and time is money\ud83d\udcb0).\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Say goodbye to the piles of paper, filing cabinets and the possibility of human error associated with manual AP. By automating your AP and using a transparent money management platform like Relay, you can track your invoices and records every step of the way. That means a better handle on your cash and, and that\u2019s a win in our books.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Is AP automation the right call for your business? Get started with Relay Pro","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If the above accounts payable automation advantages resonate with you, then it may be time to invest in an AP platform. \ud83d\udc4b ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/Introducing-Relay-Pro"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"A great place to start is Relay Pro","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" \u2014 an accounts payable platform integrated directly into business banking.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Unlike enterprise AP solutions, Relay Pro is ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"designed specifically with small businesses in mind","nodeType":"text"},{"data":{},"marks":[],"value":", is ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"easy to set up","nodeType":"text"},{"data":{},"marks":[],"value":", and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"integrates directly with Xero and Quickbooks Online","nodeType":"text"},{"data":{},"marks":[],"value":". So if you\u2019re considering AP automation, make sure to check out Relay. 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This is done by implementing ","marks":[],"data":{}},{"nodeType":"text","value":"accounts payable internal controls","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":": a way to ensure that your AP process runs smoothly and that your business doesn\u2019t suffer financial losses. \u270b\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AP internal controls take the form of policies, procedures, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"software","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" that ensures all money movement is accounted for. \ud83d\udcb8 Here at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/"},"content":[{"nodeType":"text","value":"Relay","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", we work with small businesses and their accounting firms to integrate AP directly into online banking. Having seen first-hand why it\u2019s so important to have strong controls in place, we\u2019re sharing our AP internal control checklist to help you safeguard your AP process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s dive in!","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"IN THIS ARTICLE:","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-can-go-wrong-with-accounts-payable"},"content":[{"nodeType":"text","value":"What can go wrong with accounts payable?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#what-are-internal-controls-for-accounts-payable"},"content":[{"nodeType":"text","value":"What are internal controls for accounts payable?","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#best-practices-for-your-ap-process"},"content":[{"nodeType":"text","value":"Best practices for your AP process","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#automating-ap-internal-controls"},"content":[{"nodeType":"text","value":"Automating AP internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"#ap-internal-control-checklist"},"content":[{"nodeType":"text","value":"Internal control checklist","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What can go wrong with accounts payable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are many risks with managing accounts payable. Without strong ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://www.cpestore.com/pdf_courses/AA148502/AA148502_1411064960_book.pdf"},"content":[{"nodeType":"text","value":"AP internal controls","marks":[],"data":{}}]},{"nodeType":"text","value":" in place, your business faces an increased risk of fraud, a higher likelihood of payment errors, and a higher potential for regulatory non-compliance. \ud83d\udeab\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s take a look at how things can go wrong with accounts payable in more depth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Lack of AP controls can lead to fraud","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If your AP process lacks internal controls, bad actors will have an easier time targeting your company. The source of fraud can be either internal \u2014 employees embezzling funds \u2014 or external, like fraudulent invoices being sent to your company. ","marks":[],"data":{}},{"nodeType":"text","value":"Internal controls help you put a stop to this","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd75\ufe0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There\'s a common thread in almost all employee fraud stories: it\'s usually the person you trust the most. A maintenance man who uses the company card to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ap-now.com/public/Embezzlement-Pink-Collar-Crime-Kelly-Paxton-billing-scheme.cfm"},"content":[{"nodeType":"text","value":"spend $40,000","marks":[],"data":{}}]},{"nodeType":"text","value":" on personal items. A trusted marketing executive ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/fearless-foundry-case-study"},"content":[{"nodeType":"text","value":"engaged in a billing scheme","marks":[],"data":{}}]},{"nodeType":"text","value":". A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hiscox.com/sites/default/files/documents/2017/10/14537-US-2016-Hiscox-Embezzlement-Study.pdf"},"content":[{"nodeType":"text","value":"bookkeeper who embezzles $155,460","marks":[],"data":{}}]},{"nodeType":"text","value":" from a Kansas nursing center. Sometimes, ","marks":[],"data":{}},{"nodeType":"text","value":"the financial loss can be so significant that the business is forced to shut down.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" With proper controls in place, you can rely on strong processes rather than blind trust.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"AP without internal controls leads to duplicate payments","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mistakes due to human error are commonplace in many companies. But when those mistakes happen in your AP process, they can become very costly. \ud83d\udcb0 This usually takes the form of duplicate payments \u2014 someone paying a vendor twice or even more times for the same invoice. Undoing these types of mistakes is usually costly and time-consuming.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"You risk regulatory non-compliance without AP controls","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the United States, the IRS mandates specific financial recordkeeping practices for businesses. For example, you may be required to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.irs.gov/pub/irs-pdf/iw9.pdf"},"content":[{"nodeType":"text","value":"collect W-9 forms from certain payees","marks":[],"data":{}}]},{"nodeType":"text","value":". And if you fail to collect them due to poor internal controls, you may be on the hook for fines from the IRS.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In short, a poor AP process exposes your business to potential compliance risks. \ud83e\uddd1\u200d\u2696\ufe0f With better internal controls in place, you can ensure your business is compliant.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Internal controls are critical for small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Too many small businesses fail to consider the security risks associated with AP. But think about it \u2014 AP is how cash leaves your company. If things go wrong, you could be faced with tremendous financial loss, not to mention frustration and a drain of your time. \ud83d\ude14 Next, we\u2019ll take a look at exactly what internal controls are and how you can implement them.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are internal controls for accounts payable?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accounts payable internal controls are a ","marks":[],"data":{}},{"nodeType":"text","value":"system of internal practices and measures that help a business manage and limit the risks of financial damage","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". The AP control process can be broken down into three parts:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obligation to pay controls.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Data entry controls.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Payment controls.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let\u2019s explore these ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.accountingtools.com/articles/2017/5/5/accounts-payable-controls"},"content":[{"nodeType":"text","value":"key elements","marks":[],"data":{}}]},{"nodeType":"text","value":" in more depth.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are obligation to pay controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obligation to pay controls are measures you take to verify that your business is actually required to pay an invoice that has been received from a vendor. This is the first step in the AP process and can be done by your internal team or an ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-outsourcing"},"content":[{"nodeType":"text","value":"outsourced AP department","marks":[],"data":{}}]},{"nodeType":"text","value":". \ud83d\udd0f","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In short, do you actually owe the creditor the amount listed on the invoice?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Obligation to pay controls can either be weak \ud83d\udc4e or strong, \ud83d\udc4d depending on how your business processes unpaid bills.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Weak obligation to pay controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The person approving the bill is only given the supplier invoice and has ","marks":[],"data":{}},{"nodeType":"text","value":"no way of verifying that the goods or services were actually provided","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". They also have no way of knowing which account the payment is going to be taken from.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Stronger obligation to pay controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"person approving the bill has access to the purchase order","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" (even better if the purchase order was previously approved by the purchasing department), the supplier invoice, and information about the account that will be charged.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are data entry controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Data entry controls ensure that all the relevant information from a supplier\'s invoice has been correctly entered into the accounts payable system. \ud83d\uddc2\ufe0f AP automation can help ensure both the efficiency and accuracy of this step, supporting internal controls.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Data entry controls will either be weak \ud83d\udc4e or strong. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Weak data entry controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The business has no specific coding standards, which means ","marks":[],"data":{}},{"nodeType":"text","value":"there will be inconsistencies in how invoices are recorded","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". As a result, invoices may be processed more than once, leading to duplicate payments.","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Stronger data entry controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To have stronger data entry controls, the business should ","marks":[],"data":{}},{"nodeType":"text","value":"ensure that your data entry process always follows the same format","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \u2611\ufe0f This could mean recording leading zeros or dashes of an invoice number the exact same way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, a total of 6 digits for every invoice, with zeros always filling in the blanks before the first invoice digit. This helps the AP department actively scan for and detect duplicate invoices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"What are payment controls?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The purpose of invoice payment controls is to ensure that funds are only accessed for legitimate payments. \ud83d\udcb3 And that those payments are then reconciled accurately within your general ledger. \ud83d\udcd2","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As with all others, invoice payment controls can either be weak \ud83d\udc4e or strong. \ud83d\udc4d","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Weak invoice payment controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Weak invoice payment controls are usually the result of a business having no payment approval process, check payments, and ","marks":[],"data":{}},{"nodeType":"text","value":"no permission model for the team members who are making payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, if the same person is responsible for both printing checks and signing them, this opens up the payment process to human error or abuse. \ud83d\ude35\u200d\ud83d\udcab","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Stronger invoice payment controls:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To have strong payment controls, you should","marks":[],"data":{}},{"nodeType":"text","value":" require a cross-check or additional check signer before cash is released from your business account","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Better yet, eliminate checks from your payments process altogether. One example for doing this would be to use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/Introducing-Relay-Pro"},"content":[{"nodeType":"text","value":"Relay Pro","marks":[],"data":{}}]},{"nodeType":"text","value":", which allows for AP automation, approval workflows, and same-day ACH.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Best practices for your AP process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are three tried and true approaches to accounts payable internal controls:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Establishing a separation of duties.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reviewing your approval process.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Implementing strong payments solutions.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond the three, investing in AP automation \ud83d\udd04 is another strategy to tighten up AP controls in your business and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-automation-benefits"},"content":[{"nodeType":"text","value":"comes with other benefits","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are the AP best practices in more detail:","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"1. Establish separation of duties","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You reduce the risk of fraud when you ","marks":[],"data":{}},{"nodeType":"text","value":"assign different elements of the AP process to different parties","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\ude46","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://blink.ucsd.edu/finance/accountability/controls/practices.html#Accounts-Payable"},"content":[{"nodeType":"text","value":"UC San Diego","marks":[],"data":{}}]},{"nodeType":"text","value":", which pays out around $2 million USD to vendors every day, suggests that the following tasks should all be overseen by a different person:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Purchase approvals.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receipt of ordered materials or services.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Invoice approvals for payment.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Review and reconciliation of financial records.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When duties are separated and you have multiple people cross-referencing the process, you","marks":[],"data":{}},{"nodeType":"text","value":" reduce the risk of unauthorized payments","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"2. 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Let\u2019s take a closer look at your options.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What are your AP outsourcing options?","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"First, let\u2019s clear up a common misconception:","nodeType":"text"},{"data":{},"marks":[],"value":" \u201cAP outsourcing\u201d doesn\u2019t just mean sending the work overseas! While this might be common practice for some enterprise companies, it\u2019s far from the best option for small businesses.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For a small business with a lot of moving parts, it\u2019s actually preferable to outsource accounts payable to an accounting or bookkeeping firm \u2014 often the same one that already manages monthly bookkeeping. \ud83d\udcd2 In fact, ","nodeType":"text"},{"data":{"uri":"https://onpay.com/hr/basics/2019-small-business-finance-hr"},"content":[{"data":{},"marks":[],"value":"37% of small businesses","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" are actively seeking their accountant\u2019s help managing bill payments.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"With that out of the way, here are your options for AP outsourcing:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Overseas companies. ","nodeType":"text"},{"data":{},"marks":[],"value":"A lot of companies promise to streamline your AP with low-cost overseas labor. Lower overhead is an attractive selling point \u2014 but it\u2019s also risky, especially if you have critical vendor relationships.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Technology.","nodeType":"text"},{"data":{},"marks":[],"value":" As long as the AP work gets done, what difference does it make if it\u2019s done by a robot? \ud83e\udd16 The trick here is finding ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"AP software","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" that fits your needs and budget.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"An accountant or bookkeeper.","nodeType":"text"},{"data":{},"marks":[],"value":" As mentioned above, this is","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" ","nodeType":"text"},{"data":{},"marks":[],"value":"likely the best approach for small businesses \u2014 especially if you already have a trusted relationship with an accounting or bookkeeping firm. Their experience managing your finances means they\u2019ll be able to expand services to AP much faster. \ud83d\ude97\ud83d\udca8","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"In summary, if you\u2019re a small business, you want to look for an accountant or bookkeeper to outsource your AP \u2014 whereas enterprise businesses should try to send that work overseas. \ud83d\uddfa\ufe0f In both cases though, you will want to incorporate technology into your AP process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now, let\u2019s take a look at some of the things that can go wrong \ud83d\ude31 (and how to avoid them).","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4 pitfalls when outsourcing AP","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Before you engage your next outsourcing partner, here are the problems you\u2019re most likely to face. Knowing these potential pitfalls will help you avoid them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"1. Failing to document your current process","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"worst","nodeType":"text"},{"data":{},"marks":[],"value":" ways to outsource AP is to simply dump the entire process onto your vendor and let them run with it. \ud83d\ude45 After all \u2014 they\u2019re the experts, so they\u2019ll fix what\u2019s broken and keep what\u2019s working, right?\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The reality is that ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"outsourced AP vendors need your help understanding exactly what\u2019s working and what isn\u2019t","nodeType":"text"},{"data":{},"marks":[],"value":". Nobody except you understands the nuances behind each vendor relationship. Once outsourced, critical details may get lost and relationships may be damaged.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To get around this, clearly document your entire AP process before you outsource. In fact, your outsourced AP partner should be actively helping you do this before taking on any of the work. \ud83d\udd0d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2. Not vetting your AP service vendor","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\u2019ve all been there. You get sold on someone who looks great on paper, even has good references, but you still somehow end up with low-quality work. \ud83d\ude24","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Apart from doing your due diligence, there are a few additional ways to avoid low service quality:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Start with a pilot project that\u2019s limited in scope and time.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have the vendor take over ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"just one part","nodeType":"text"},{"data":{},"marks":[],"value":" of the AP process.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have the AP vendor start with just a portion of invoices at first.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most importantly, you should never start an engagement without a clear Service Level Agreement (SLA) in place. \u270d\ufe0f Your SLA should outline things like ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"expected processing times","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"response times","nodeType":"text"},{"data":{},"marks":[],"value":" and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"what happens when there are disputes","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"3. Failing to set communication expectations","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you reach out to an external vendor, you\u2019re not always going to get an ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"immediate","nodeType":"text"},{"data":{},"marks":[],"value":" response. \u231a\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But sometimes payables can be time-sensitive. So a lag in communication could impact how quickly you address AP concerns or mistakes. An SLA that outlines response times can help here \u2014 but it may be even better to set regular, recurring meetings to review the AP process and raise issues ahead of time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"4. Sensitive payment data leaks","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"When you outsource AP, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"you give away a lot of highly sensitive information to a 3rd party","nodeType":"text"},{"data":{},"marks":[],"value":": payment details, vendor information and behavior patterns. \ud83d\uddc4\ufe0f If any of that data is breached, it can be used to damage your business \u2014 fraudsters can use it to impersonate your business or your vendors.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To minimize this risk, you should go out of your way to get clarity from your outsourced AP service vendor about how they\u2019re protecting your data, and what ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-internal-controls"},"content":[{"data":{},"marks":[],"value":"internal controls","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" they have in place to prevent breaches.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Biggest underlying mistake: outsourcing for the wrong reasons","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"A lot of issues with AP arise when outsourcing is done for the wrong reasons or without clear goals in mind. So below, we\u2019ll help you determine if it\u2019s a good option by looking at some of the best reasons to outsource AP.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Benefits of outsourcing accounts payable","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The biggest benefits of outsourcing AP include taking administrative work off your plate, improving financial processes and getting more clarity into your cash flow. Let\u2019s take a closer look at some of the best reasons to outsource.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourced AP frees up time to focus on strategic work","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"It isn\u2019t unusual for the person who manages your bill payments \u2014 whether it\u2019s you or your office administrator \u2014 to be overwhelmed with administrative AP tasks. \ud83d\udcda And whenever new vendors are added or AP mistakes happen, your attention is taken away from mission-critical work.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"By outsourcing, you entrust the process to experts who can deal with AP more efficiently, freeing you to focus on more strategic work. \ud83d\udca1","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourced AP lowers your invoice processing costs","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"With manual AP, the average cost of an invoice is ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"$15, with an average processing time of 45 days","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". \ud83d\udc0c A slow and inefficient process can negatively impact your vendor relationships \u2014 which are crucial for small businesses \u2014 and put a strain on their service levels.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On the other hand, by combining AP outsourcing with AP automation, you can make significant improvements to your process. Done right, you can ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"bring down AP costs by as much as 6x","nodeType":"text"},{"data":{},"marks":[],"value":" \u2014 ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"data":{},"marks":[],"value":"down to $2.56","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" per invoice.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Your vendors can recommend a better AP process","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"For many smaller companies that run AP in-house, the team managing that process also juggled other responsibilities. \ud83e\udd39 This usually means that nobody dedicates their full, undivided attention to improving the AP process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A third-party team that manages AP for other companies will have the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"tools to make the process faster and more efficient","nodeType":"text"},{"data":{},"marks":[],"value":". If you\u2019re a small business that works with an accounting or bookkeeping firm, chances are that your firm has a deep understanding of the latest technologies and best practices when it comes to AP.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Relying on their expertise leads to big gains in efficiency, faster.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You get better reporting with outsourced AP","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is not to say that you can\u2019t get great reporting while managing AP in-house. However, you\u2019re more likely to get good reports in place because many AP outsourcing providers will offer reporting as part of their management fee. \ud83d\udcca\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These reports can give you a clearer picture of how much you\u2019re spending per invoice, how long it takes to make payments, and other important vendor management metrics that you can use to optimize your business.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tips for outsourcing AP","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re feeling like outsourcing your AP process is the right way to go, there are a number of things you can do to find the right partner.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Take time to research your options","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\u2019re truly struggling in your AP process, you may be tempted to rush into signing on with a new vendor. ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Don\u2019t be too hasty!","nodeType":"text"},{"data":{},"marks":[],"value":" There are a lot of vendors out there that are more than willing to take on your AP function, but not all of them are going to make sense for your business. It\u2019s worth spending all the time you need to find a partner that really delivers on the benefits we outlined above. \ud83e\uddd0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Prepare yourself for the change","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Once you\u2019ve chosen the right vendor for your business, make sure you\u2019re ready to work with them. Get a sense of what their process will look like, talk to anyone on your team that may also need to be involved, and makes sure you\u2019re available when needed to keep the process moving. \ud83d\udd01 A few things to keep in mind:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Map out your existing AP process.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Have a Service Level Agreement in place.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Establish communication expectations ahead of time.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Start with a pilot project.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Align expectations and scope of work\xa0","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Have early conversations with your vendor to set expectations around what parts of the AP workflow they can take on \u2014 and whether this includes ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"invoice receipt","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"invoice processing","nodeType":"text"},{"data":{},"marks":[],"value":", ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"invoice approvals","nodeType":"text"},{"data":{},"marks":[],"value":", and ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"payment processing","nodeType":"text"},{"data":{},"marks":[],"value":". This scope of work should be outlined clearly in their statement of work and will help you understand what your role is in the relationship. \ud83d\udcdd It will also help you keep them accountable and help you connect the dots between their performance and what they\u2019re billing you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Going further: Automate accounts payable with Relay","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Outsourcing and automation go hand-in-hand. Chances are that whatever outsourcing vendor you choose, they will aim to implement technology to increase efficiency overall. \u23e9","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As you narrow down your selection, ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"consider automating AP with ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/"},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"underline"}],"value":"Relay","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Relay\u2019s money management platform can help you collaborate with your outsourced AP team, while also streamlining the administrative work of paying bills. 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In the beginning, it was like, \u2018Hey, I\u2019ll work with any client that wants to pay me.\u2019 Now, we can be a little more opinionated and know that not every client is a good fit for us.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole leads a team of seven\xa0\u2014 all remote, distributed across the United States. \u201cWe\'re very niched in terms of the client size that we work with and where they are in their business journey,\u201d Nikole explains. Her ideal clients are professional service providers and SaaS companies that are \u201cat an inflection point in their business,\u201d meaning they\u2019re hiring employees and focusing on growing their top-line revenue. When a client engages Momentum Accounting, Nikole\u2019s priority is to create the infrastructure needed to support their growth. 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Sevices include outsourced accounting, bookkeeping and payroll, as well as advisory CFO services.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3M8t0PAYqABRcZJrNuDE74/9e382e0eec9b51f067b857dab3b6a028/Case_Study_-_Nikole_Mackenzie_1.2.jpg","details":{"size":68557,"image":{"width":1800,"height":825}},"fileName":"Case Study - Nikole Mackenzie 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"As the firm grew, streamlining her clients\u2019 accounting process became increasingly important.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Discovering an \u201cimmense opportunity\u201d to automate accounting","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Like many cloud accountants, Nikole first cut her teeth at a traditional CPA firm. \u201cI did the whole tax and audit thing,\u201d she says, \u201cthen the firm added on outsourced accounting, and I moved to that department.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole started to feel at home. \u201cI fell in love with working in the day-to-day operations with businesses.\u201d This part of the accounting world was more dynamic and presented many more opportunities than the compliance side. She was introduced to Xero and saw how cloud technology was transforming the industry. But Nikole thought that the firm where she worked could\u2019ve done things differently. \u201cI didn\u2019t like how the firm was run like a traditional CPA firm. I thought that there was a better way to run an outsourced accounting department. So I left.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"She started on her own. Committed to running a modern firm, Nikole dove deep into accounting automation in her first year of operations. \u201cI went to Xerocon, and that\u2019s when I got introduced to this world of having Xero and QuickBooks Online as the general ledger with an open API and all of these applications that integrate with it. I saw this immense opportunity to automate many accounting tasks that historically were done very manually.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Leveraging automation would make her more competitive. If Nikole eliminated manual processes, she could focus on advisory, deliver more value to her clients, and reduce her operating costs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole wanted to use best-in-class technology to achieve this. \u201cIn the first couple of years, I probably tried out a hundred different apps. I was like an app addict,\u201d she jokes. \u201cI\u2019ve toned it down since.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The firm\u2019s toolset became more standardized as it grew. Momentum Accounting now works with a \u201ccore app stack,\u201d and all of the firm\u2019s team members are deeply knowledgeable about each app.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The last barrier to standardization and automation was business banking.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Challenges with managing and administering each client\u2019s business bank","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nNikole insists on building standardized processes because it makes her firm more cost-effective.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe run into issues when we can\u2019t make decisions about the client\u2019s processes and technology. Our team then has to stumble through, change our documented workflows, uncover things from scratch, and try to adapt to a new process.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having to develop a new process for a new tool with every new client obstructs you from scaling. And business banks were forcing Momentum Accounting into precisely that situation. \u201cWe usually discover that a client has issues with their bank immediately because we run into friction right away \u2014 during the onboarding process.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3H5V9fydKWXueyhskq3HL7","type":"Asset","createdAt":"2021-09-23T12:13:10.712Z","updatedAt":"2022-08-23T01:11:10.752Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":16,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Friction from Banks","description":"Relay case study with Momentum Accounting. Why banks create administrative work for firms: no access to client\'s bank, poor data quality, and lack of flexibility.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3H5V9fydKWXueyhskq3HL7/0e6c5bfc0ca9206f934f415b5494f901/Case_Study_-_Nikole_Mackenzie_1.3.jpg","details":{"size":119843,"image":{"width":1800,"height":825}},"fileName":"Case Study - Nikole Mackenzie 1.3.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"The three most significant points of friction: lack of access to client banking, poor data quality, and lack of flexibility. Here\u2019s what these issues meant for the firm:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"No access to banking","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting access to client banking has always been a challenge for firms, Momentum Accounting included. \u201cWe\'ll be trying to get view-only access to the client\u2019s bank account, and the client is frustrated because they can\'t get it to us,\u201d Nikole explains. \u201cAnd we can\'t start doing our job until they give it to us.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a result, clients either share bank logins with their advisor, or the advisor has to chase clients for bank statements. In the first scenario, the firm takes on liability risks; in the second, it\u2019s stuck with a lot of back-and-forths.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This initial friction point usually starts surfacing other problems. Nikole explains: \u201cNormally during this time, the client goes, \u2018Oh, I hate this bank,\u2019 and they\'ll start describing other issues they\'re having.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Poor data quality","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the other issues clients describe: incomplete or unreliable data. Connecting the bank feed to your accounting system is typically pitched as a timesaver, yet it can create more work in practice. \u201cThere\u2019s a lot of friction in the bank feed not working,\u201d says Nikole.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Often, banks send incomplete or inaccurate data into the accounting system.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cIt will just be some random transaction description. We have no idea what the transaction is. We\'ll have this long list of transactions to send to the client and ask, \u2018Hey, what was this?\u2019 Then when it comes to filling out the vendor information in accounting, that\u2019s a very manual process, because again, the description fields are inconsistent.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Lack of banking flexibility","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Perhaps the biggest problem for Momentum Accounting was that traditional business banks lack flexibility and rarely \u2014 if ever \u2014 make it easy to delegate banking tasks.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole plays Golden Gate Australian Rules Football (GGAFL) and works as a treasurer for the league. Since the team, the board, and the leadership team changes every year, everyone loses access to their cards after each change. \u201cNobody would know how to access the bank account. People were paying things out of pocket and then trying to get reimbursed for it. It would take me hours to do these reimbursements.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On top of that, the old president \u2014 who no longer lived in the United States \u2014 was still the only person with full access to banking. \u201cWe would try to log into the bank account. It would send a two-factor authentication code to him. He\'s in Australia, so we\u2019re juggling time zones while I\'m trying to log in. If we want to send out a credit card to someone, he has to physically be at the bank to do it. The mail would go to his old address, which we weren\u2019t able to update. It was just a complete nightmare where nobody could get access to anything or use the funds because it was all contingent on him.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In other words, the way traditional banks worked was poles apart from how Nikole wanted to run her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding Relay and speeding up the reconciliation process up to 5x","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having accelerated her success thanks to emerging technology and automation, Nikole was always looking for tools to streamline her accounting process further. Then in 2019, she met Relay\u2019s Co-Founder & CEO Yoseph West at Xerocon San Diego.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole tried out Relay herself first. \u201cEvery app I roll out for my clients, I always try myself first. I opened a Relay account for myself and put a few thousand dollars in there. The very first thing that I was focused on and was really impressed with was just how cleanly the data came into Xero.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole explains why getting clean banking data was such a game-changer:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWhen transactions come from Relay to the accounting system, you get to see the transaction type. So you know it was a restaurant, home goods, or whatever without having to call the client and track things down. You can also see which team member made the transaction, so you can go directly to them if you have a question. Then, it comes through with the vendor filled out. It will say: \u2018Starbucks. Restaurant. Spent by Nikole Mackenzie.\u2019 So you can sort transactions by \u201cRestaurant\u201d and then mass code all of those to meals.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"At scale \u2014 when you\u2019re dealing with hundreds or thousands of transactions per month \u2014 having rich and accurate banking data is a huge time-saver. By Nikole\u2019s estimation, \u201creconciling bank transactions when the bank is Relay is up to five times faster compared to a traditional bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2dHO3BGJzwMnz5WLcGZwqu","type":"Asset","createdAt":"2021-09-23T12:22:01.325Z","updatedAt":"2022-08-23T01:11:40.696Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":21,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Data Comparison","description":"Relay case study with Momentum Accounting. Comparing data quality of most banks vs. Relay. While the majority of banks provide you with limited and incomplete data, Relay sends enriched data to your accounting system.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2dHO3BGJzwMnz5WLcGZwqu/1445a6e99aa4b92fee9f43624e4cdfd1/Case_Study_-_Nikole_Mackenzie_1.4.jpg","details":{"size":110429,"image":{"width":1800,"height":1118}},"fileName":"Case Study - Nikole Mackenzie 1.4.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"While Nikole\u2019s initial focus was on data quality, she soon found other advantages to using Relay. It was easy to add new accounts. She could manage multiple clients from a single dashboard. Issuing cards was a breeze and simplified expenses for her teams.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now a Relay power user, Nikole is more aware of how much time traditional banks cost her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting clients to switch to Relay by putting a cost on inefficient processes","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of the administrative work created by traditional banks adds up to a noticeable increase in operating costs. So Nikole prefers that clients use Relay as an operating account for business banking. And when they don\u2019t, Nikole has to assess the potential costs this incurs on her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe have a conversation with clients that use inefficient banks or apps. We explain that their bank feed doesn\'t work, that it\'s a manual process for us, and that this is reflected in pricing. But if we get you on a bank that integrates with the accounting software, then the price will go down.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"As Nikole tells it, many clients don\u2019t like their bank as it is \u2014 but putting a cost to the inefficient process motivates them to switch. \u201cWe had a client that switched banks because we went through this exercise with them. They were on a really old bank that didn\'t integrate with Xero. We had to call the bank constantly. The client was frustrated with the bank as well, but nobody would make the change. There was no catalyst for that change until we raised their prices \u2014 then it was like, \u2018Okay, I should do this now.\u2019\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole\u2019s advice to firms who want to streamline accounting","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Of course, not everyone is ready to switch banks right away. Some businesses, Nikole finds, hesitate to open a digital-first banking account.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But Nikole sees it differently. \u201cI think some people are hesitant to move because they want to know that there\'s a bank they can physically walk into. But we explain that if a bank is good, you should never need to talk to anyone or go into the bank. Technology allows you to do everything seamlessly.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2m36ZFMMtrnve2ChJhXX37","type":"Asset","createdAt":"2021-09-23T12:25:54.844Z","updatedAt":"2022-08-23T01:12:06.209Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Nikole Quote","description":"Relay case study with Momentum Accounting. \\"Reconciling bank transactions with Relay is up to 5x faster compared to a traditional bank. There\'s no reason a business shouldn\'t be on Relay \u2014 it just makes everything so much faster.\\"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2m36ZFMMtrnve2ChJhXX37/650e0874464d3a911aeed035c6ea52a8/Case_Study_-_Madeline_Pratt_1.5-1.jpg","details":{"size":135499,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Madeline Pratt 1.5-1.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"As for those that have a loan with their existing bank, Nikole tells them to keep it. \u201cYou can keep that line of credit, we explain, but let\'s use Relay for all your operating expenses. So we can use features like virtual debit cards and the ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[],"value":"bill pay module","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". But, you can still keep the relationship with your existing bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For those on the fence, Nikole suggests starting with a small deposit just to get the hang of it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cI would say move $500 to your Relay account for your own business, or a side hustle you have. Issue yourself a physical debit card. Issue yourself a virtual debit card. Pay a bill through the bill pay module. Integrate it with your accounting software, and just try it out.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"There\u2019s no reason a business shouldn\u2019t be on Relay, Nikole explains, because \u201cit just makes everything so much faster.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Want to try Relay?","nodeType":"text"},{"data":{},"marks":[],"value":"\xa0","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"Sign up for a free account","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Accountants and bookkeepers can also\xa0","nodeType":"text"},{"data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo"},"content":[{"data":{},"marks":[],"value":"book a demo","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\xa0with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","nodeType":"text"}],"nodeType":"heading-6"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"readingTime":6,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1632402582405,"customDate":1632402582405,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"How-banking-with-Relay-helps-Salma\'s-remote-clients-avoid-month-long-delays","title":"How banking with Relay helps Salma\u2019s remote clients avoid month-long delays","description":"Salma started her advisory firm remotely. She soon learned that no access to a physical bank branch also meant no service \u2014 until she found Relay.","metaTitle":"How banking with Relay helps Salma\u2019s remote clients avoid month-long delays","metaDescription":"Relay case study with Salma Hatim, Founder & Managing Director at PROKONECT. Salma started her advisory firm remotely. She quickly learned that no access to a physical branch also meant no service from her bank \u2014 until she found Relay.","popular":false,"category":"Case Study","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/55s00DFSV0lMoQd9PjMS5N/0d54854d60edcaa13c41b343b08d44ef/Case_Study_-_Salma_Hatim_1.1.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"A Texas-licensed CPA, Salma Hatim started her remote advisory firm, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prokonect.com/"},"content":[{"nodeType":"text","value":"PROKONECT","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", while residing in Morocco. She quickly learned that no access to a physical branch also meant no service from her traditional bank, even when she needed it most.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s drive to help small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s decision to pursue accounting came early in life, while she was still in high school. She had witnessed her parents struggle financially as they tried to start and keep multiple small businesses afloat \u2014 only to run into cash flow challenges. Salma recalls walking into one of these businesses, a medical supply dealership, and coming into contact with an accountant for the first time in her life.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI knew that my parents were struggling with their finances. One day I walked in and saw this guy with a stack of invoices and a calculator. My dad explained that this man was an accountant, that he was working on fixing our numbers. And immediately, I saw this accountant as a hero who was going to save my parents\u2019 business. And that day, I swear, I decided that this was what I wanted to do, to be an accountant.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma went on to become a CPA, working at PwC for seven years. The nature of her work directed her focus to enterprise clients, and eventually, Salma started to feel that she\u2019d have a bigger impact helping small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A 100% remote, tech-enabled advisory firm","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Salma decided to start her business, she had two goals. First, find a way to operate in both of the countries she calls home: Morocco, where Salma spent her childhood, and The United States, where she earned her CPA and spent years working. And second, Salma wanted to work on something that would let her directly impact clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At first, Salma considered starting a traditional outsourcing business. But as she was exploring how to set up her operations, Salma discovered a world of accounting apps and tools that she had never been exposed to during her time at PwC.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI started looking at what I needed to manage my business and to serve clients, and I realized that there were all of these tools that I didn\u2019t know about. As I dug deeper reading, watching videos, and connecting with people on LinkedIn, I realized that there was this big opportunity to provide accounting and financial strategy services remotely.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s how Salma landed on the idea behind PROKONECT: a 100% remote, tech-enabled accounting and advisory firm. The firm provides monthly accounting, advises clients on financial strategy, and streamlines financial operations.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"No process with a single point of failure","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One year in, PROKONECT has grown from a solo operation to a team of five. The firm works primarily with tech startups and eCommerce businesses, and much like the firm itself, many of PROKONECT\u2019s clients are remote.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe started right at the beginning of the Covid-19 era, so we basically didn\'t have to convince companies that working with a remote accounting firm was strategic, something that could add value to their business.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the core of Salma\u2019s strategy is the idea that no process should have a single failure point or be reliant on a single team member. \u201cA firm needs people, but it shouldn\u2019t need a specific person,\u201d says Salma. \u201cAt PROKONECT, this means everything is well-documented, and anyone can pick up a job and do it just as well as the next person.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"bWF6t7kMdsRSJGGppN8dl","type":"Asset","createdAt":"2021-09-02T22:08:53.553Z","updatedAt":"2022-08-23T01:16:30.233Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":19,"revision":3,"locale":"en-US"},"fields":{"title":"PROKONECT Firm Profile","description":"PROKONECT is an advisory firm launched in 2020. Services include monthly accounting, financial strategy, and financial operations.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/bWF6t7kMdsRSJGGppN8dl/53cf957814e35d2a21b972e889d7c0f5/Case_Study_-_Salma_Hatim_1.2.jpg","details":{"size":69281,"image":{"width":1800,"height":825}},"fileName":"Case Study - Salma Hatim 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But no matter how well-documented your process is, it\u2019s hard to stick to it when your tools actively work against you \u2014 especially when one of those tools is unreliable banking.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma learned this early on. \u201cI wanted to work on my business, not in it. And our traditional bank made that a big challenge for us.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Starting with a traditional bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma spent six months preparing before signing her first client. She\u2019s a Texas-licensed CPA but was starting her business remotely from Morocco. Registering PROKONECT in the US posed no problems, despite being remote. Issues began when Salma tried to open a bank account. She picked a traditional bank, expecting that it would welcome her business. Instead, she was met with delays.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was expecting to go to the bank, say, \'Hey, I want a bank account,\' and that a bank would be happy to welcome me, and that\'s it! But it took a month of back-and-forths before my firm had an account.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And once set up, Salma started running into day-to-day banking issues.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere was always some sort of challenge. Whether I was sending an ACH or a wire transfer, I always had to pick up the phone and call the bank. And when you call a traditional bank, you wait for an hour on the phone, and then you don\'t even know if you\u2019ll be lucky to get somebody on the other line.\u201d","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Getting locked out of banking completely","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Soon after opening her account, Salma needed to change her phone number. Doing this, it turns out, would lock her out of her business account completely, with no options to unlock the account remotely.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you get locked out of a traditional bank \u2014 say you don\'t remember your password, or you change your phone number and can\u2019t verify your account, the bank will not resolve this for you remotely. That\u2019s what happened to me. I changed my phone number, wasn\'t able to verify my account, and wasn\'t able to log in and access my funds.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite countless phone calls and emails to the bank, her account stayed locked. Now, she had to forego payments from her clients while also using her personal funds to cover invoices. \u201cI ended up paying for invoices from my personal account,\\" Salma explains. \\"We practice what we preach, and that\'s not something you\'re supposed to do as a business owner. But the bank put us in this situation where we had no other choice.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"All other options exhausted, Salma had to fly from Morocco to the United States to unlock her funds.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma was without a bank account for another month before it was unlocked. And even after the bank unlocked her account, fixing the mess created by mixing personal and business banking added another month to Salma\u2019s timeline.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Switching to Relay for fast remote onboarding and personalized customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Realizing that a traditional bank would continue slowing her down, Salma wasted no time finding an alternative.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI had heard about Relay from someone at a Xero networking event. We have a small Houston community \u2014 I recall someone mentioning it, and that\'s how it all started.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She reached out to Relay\'s team. From there, Relay streamlined Salma\u2019s onboarding process and she had a new account before getting back to the United States to close her old one.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was approved the same day at Relay. Then, I went to Houston and closed my traditional bank account. That was the first thing I did after my flight landed. I\'ve been with Relay ever since, and it has been the best banking experience I could\'ve asked for.\u201d","marks":[],"data":{}}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5pWmFqtT9YwwTluyXdq9Aj","type":"Asset","createdAt":"2021-09-02T22:13:18.515Z","updatedAt":"2022-08-23T01:13:53.050Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Remote Banking Timeline vs Traditional Bank","description":"Using a traditional bank delayed the firm by 3 months \u2014 whereas with Relay, PROKONECT was able to set up in a few business days.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5pWmFqtT9YwwTluyXdq9Aj/52c02db09230dc2cc9b4221f9c89588f/Case_Study_-_Salma_Hatim_1.3.jpg","details":{"size":125252,"image":{"width":1800,"height":1541}},"fileName":"Case Study - Salma Hatim 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma considered other digital banks as well but found them as unresponsive as their traditional counterparts. \u201cI wasn\'t getting any responses from their customer support. In contrast, Relay was a complete lifesaver. I struggled with multiple different options, and Relay was the only one that delivered,\u201d says Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having experienced banking challenges while starting PROKONECT, Salma has a more in-depth understanding of her client\u2019s pain points and the potential risks they take with traditional banks.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI\'m glad I\'m out of it, and I will never go back to a traditional banking system.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, she helps her clients understand those risks and avoid banking pitfalls.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Taking clients from chaos to clarity and confidence","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma designed her firm\u2019s onboarding process to take clients from what is often a state of chaos toward clarity and confidence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe work with a lot of startups, which are often chaotic. One of our huge differentiators is how we optimize systems for our clients.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every client is unique, facing challenges specific to their industry and their business. Before pitching anything, PROKONECT takes the time to dive deep and build a complete picture of the client\u2019s business.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe first thing we do is understand the client\u2019s pain points in terms of systems and processes. Once we get to know their business model and see their pain points, we craft an accounting process to fit their needs. We identify the right technology and how everything should integrate.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Salma, streamlining the client\u2019s financial operations is always step one. The accounting work follows after. Not only does this simplify her team\u2019s work \u2014 it also sets the client up for success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cOnly once this is done do we start thinking about accounting, bookkeeping, financial reporting, financial strategy, budgets, forecasts, KPI measurements, and everything else.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Introducing Relay in the client\'s \u201capps map\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To present their recommendations to clients, PROKONECT puts together an applications map. \u201cThis \u2018apps map\u2019 shows the client what their accounting system will look like,\u201d explains Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma then connects the dots for her clients. \u201cWhen we present the client their apps map, the typical response is, \u2018Oh, I didn\'t know about that. That\'s interesting. Oh, wow. Oh, okay.\u2019 Light bulb, light bulb, light bulb.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3GWwXgPVaWlelv8GRqvp3A","type":"Asset","createdAt":"2021-09-02T22:16:46.672Z","updatedAt":"2022-08-23T01:14:18.357Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":3,"locale":"en-US"},"fields":{"title":"Sample apps map by PROKONECT","description":"Apps map by PROKONECT, showing how different software integrates with Xero. Includes Relay, Hubdoc, Gusto, Fathom, PayPal, GoCardless.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3GWwXgPVaWlelv8GRqvp3A/e5c5e8c2a4f321970699729caa83bf3d/Case_Study_-_Salma_Hatim_1.4.jpg","details":{"size":76324,"image":{"width":1800,"height":825}},"fileName":"Case Study - Salma Hatim 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma includes Relay in her apps map to address specific problems or risks. For PROKONECT, these typically include:","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Remote businesses with distributed teams or ","marks":[],"data":{}},{"nodeType":"text","value":"no access to a nearby branch","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Companies that require ","marks":[],"data":{}},{"nodeType":"text","value":"multiple checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to manage cash flow","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Clients that want to ","marks":[],"data":{}},{"nodeType":"text","value":"outsource their AP management","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to PROKONECT","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Clients looking to equip their employees with ","marks":[],"data":{}},{"nodeType":"text","value":"business debit cards","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Salma presents the map to the client, she explains exactly how each application fits into the larger picture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Salma positions Relay when speaking to clients","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In Salma\u2019s view, you must always do what is best for your client. Because of this, Salma pitches solutions only when she knows that there\u2019s a real need. \u201cIf you can articulate how something will save the client time and money, how it will make things stress-free, or why it\u2019s a good foundation for growth,\u201d Salma explains, \u201cthen clients are ecstatic to change to something more digital.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not everyone buys into the pitch right away. \u201cSome people maybe have trust issues when they hear about an online bank,\u201d says Salma. But what counts is advising clients correctly, even if they\u2019re hesitant. Some may change their minds later, \u201cWe had a client message us saying that they want to move to Relay, that they\u2019re tired of going to Houston to unlock their account.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She\u2019s explicit about the trade-offs with her clients. \u201cWhen clients need banking, they have two choices: go with the hassle of a traditional bank and expect long wait times and a lot of back-and-forths to get an account \u2014 especially if you\'re not physically in the US \u2014 or go with Relay. I recommend Relay because it will take a day to get an account, and you will get outstanding customer support from day one.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1xtJ1I55UHUW9nbsK1hFgp","type":"Asset","createdAt":"2021-09-02T22:18:54.011Z","updatedAt":"2022-08-23T01:14:41.762Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":20,"revision":3,"locale":"en-US"},"fields":{"title":"Salma Hatim on Relay","description":"Relay\'s long-term vision is perfectly aligned with a tech-driven accounting firm.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1xtJ1I55UHUW9nbsK1hFgp/b9714cf0d54f9f0669d383d63448bff7/Case_Study_-_Salma_Hatim_1.5.jpg","details":{"size":133114,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Salma Hatim 1.5.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond enabling PROKONECT and their clients to bank remotely, Salma sees Relay as a way to run a more efficient firm.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Putting advisors at the center of banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Salma sees it, the real value of Relay is working with a banking partner that understands the needs of accountants and bookkeepers.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cRelay has done something critical in building for accountants and financial advisors. ","marks":[],"data":{}},{"nodeType":"text","value":"We already do so many things manually with other banks \u2014 and Relay automates all that administrative work","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". And when you provide easy access to the accountant, you\u2019re in effect saying to the business: accountants are the ones that you need to trust to handle these transactions.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As her business grows, Salma is thinking long-term. And that means partnering with apps that share the same long-term vision and enable her firm\u2019s growth. \u201cRelay\'s long-term vision is perfectly aligned with a tech-driven accounting firm. You are going to grow alongside the tools you use, and with Relay, it\'s like working with a partner, not just an app.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"Want to try Relay?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for a free account here","marks":[],"data":{}}]},{"nodeType":"text","value":". Accountants and bookkeepers can also ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo"},"content":[{"nodeType":"text","value":"book a demo","marks":[],"data":{}}]},{"nodeType":"text","value":" with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":6,"author":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","slug":"matas-pranckevicius","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1630672476667,"customDate":1630672476667,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"Introducing-Relay-Pro","title":"Introducing Relay Pro ","description":"Today, we\u2019re launching Relay Pro \u2014 a powerful, intuitive way for SMBs to automate bill payments.","metaTitle":"Introducing Relay Pro | Relay","metaDescription":"Today, we\u2019re launching Relay Pro \u2014 a powerful, intuitive way to automate SMB accounts payable. Pro makes it easy to collaborate on AP with your team, complete all approvals and payments from one hub, and process 50 same-day ACH payments each month.","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/1O1ROZRPXnHPnxgHQCalzv/8c61cda8c1a3ce69a79aac2a9943d578/Relay_Updates_Blog_Header_-_Introducing_Relay_Pro_1.1.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here at Relay, our vision is to","marks":[],"data":{}},{"nodeType":"text","value":" increase the success rate of small business by","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"fully automating financial management","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Time and again, we\u2019ve heard from business owners that their banks don\u2019t actually do anything to ","marks":[],"data":{}},{"nodeType":"text","value":"enable ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"their business.\xa0In fact, banks are often a limiter on business growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re changing that. From a product perspective, we\u2019re building deep integrations into the tools business owners rely on, enhanced collaboration with both internal team members and external advisors, and robust banking functionality that takes the admin out of banking, saving teams time and money.","marks":[],"data":{}},{"nodeType":"text","value":" And we\u2019re offering this","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"text","value":"core banking functionality free of the account fees that can be so burdensome for business owners.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we\u2019ve learned more about our market and the needs of growing businesses, we\u2019ve also encountered users who need more than core banking.\xa0Users at growing businesses who require deeper tooling to alleviate the administrative burden of their increasingly complex day-to-day operations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2ub48BYrxuYqnf0PJ8kMNa","type":"Entry","createdAt":"2022-05-27T15:48:10.933Z","updatedAt":"2024-06-05T03:28:32.638Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":123,"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Sideline"],"backgroundColor":["Default"],"title":"Business Banking That Keeps You On The Money","ParagraphText":"No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.","buttonText":"Try Relay","url":"https://relayfi.com/product","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3UVlUICjurwSDnrOfV5YxV","type":"Asset","createdAt":"2022-05-27T15:48:03.719Z","updatedAt":"2024-02-29T21:41:38.633Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":4,"locale":"en-US"},"fields":{"title":"Relay Financial \u2014 barrier-free business banking","description":"Mobile dashboard and debit card from Relay, an online banking and money management platform. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why today we\u2019re launching Relay Pro,\xa0an enhanced feature set initially focused on ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"automating accounts payable","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"text","value":". Relay Pro was designed for growing businesses requiring more comprehensive functionality to streamline their back-office. Starting with accounts payable automation, this Pro plan will integrate key financial processes directly into banking \u2014\xa0so you never have to switch tabs or tools.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay Pro can be added to your Relay account at a cost of $30/business per month. (","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/pricing"},"content":[{"nodeType":"text","value":"See our Pricing Page for full specs","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":".) We\u2019re also offering incremental discounts to advisors who want to use Relay Pro with their clients \u2014 see below for more details on advisor rates.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In an ecosystem where the average business owner relies on 30+ tools to run their business, we\u2019re building banking that both centralizes back-office workflows and integrates directly into a team\u2019s existing stack. Read on for more details on today\u2019s Relay Pro launch.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Relay Pro: Accounts payable automation for SMBs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019ve met many SMBs stuck in a \u201cmiddle zone\u201d when it comes to accounts payable. Growing businesses with enough complexity that paying bills \u2014\xa0a seemingly simple task \u2014\xa0has become a big pain. Tracking down invoices (physical and digital), chasing approvals, and even making the payments themselves (raise your hand if you\u2019re still cutting paper checks...) can accumulate into a big time sink. (Not to mention the fact that average processing costs have been shown to reach $15 per invoice...) 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why go Pro?\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For businesses to be successful, they need to have visibility and control over their finances \u2014\xa0ideally a bird\u2019s-eye view of money coming in and money going out. Yet as any business owner knows, this simple status check is very challenging to achieve. With Relay Pro, you can not only streamline the accounts payable process, but also gain confidence and control over your financial situation.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Here are the most valuable reasons to upgrade to Pro:\xa0","marks":[],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"Centralize your bills","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know how hard it is to get a clear picture of your business\u2019 finances \u2014\xa0including understanding what bills you have outstanding. We also know that you and your team have more impactful things to do than chase invoices and approvals for bill payments. 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This saves time and provides valuable insight into your financial status.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2wcb4ZX5rAdXlscrWp0MS9","type":"Asset","createdAt":"2021-07-14T12:46:25.837Z","updatedAt":"2022-08-23T01:27:41.135Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":33,"revision":5,"locale":"en-US"},"fields":{"title":"Accounts Payable Automation with Relay Pro - Bills Dashboard","description":"Accounts Payable Automation with Relay Pro: Integrate with accounting software, view the status of unpaid bills, and centralize all your AP","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2wcb4ZX5rAdXlscrWp0MS9/320cef872d833a8a5e664139f1d5f00a/AP_Blog_Header_-_8_Accounts_Payable_Automation_Benefits_for_Your_Small_Business_1.2.jpg","details":{"size":109865,"image":{"width":1800,"height":1013}},"fileName":"AP Blog Header - 8 Accounts Payable Automation Benefits for Your Small Business 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-5","data":{},"content":[{"nodeType":"text","value":"Automate\xa0bill approvals","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before bills can be paid, they need to be approved \u2014 and getting there can feel like running an obstacle course. Endless email threads, text messages at odd hours, the verbal OKs to \u201cpay this bill, but not that other one yet\u201d all add up to a lot of inefficient, expensive, error-prone admin work for the business. With Relay Pro, you can build and automate single- or multi-step approval workflows based on amount. 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(Once 50 same-day ACH transfers are made in a single month, ACH transfers will settle next-day.) Settlement times for domestic wires are also same-day, and international wires are next-day.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Increase AP collaboration between advisors and clients","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we note in our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/ebooks/accounts-payable"},"content":[{"nodeType":"text","value":"guide to offering AP as a client service","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", 37% of small businesses want their accountant or bookkeeper to help with accounts payable. Yet the manual work, cost, and security challenges associated with accessing and making payments from a client\u2019s bank often deter advisors from offering this service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Firms using Relay can leverage Relay Pro as a cost-effective, efficient and secure way to offer AP services to clients. Depending on the number of clients on Relay, firms can also access incremental discounts on the monthly fee per business, up to 27%.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"nj7fbET7G6fNYHsCOm1M8","type":"Asset","createdAt":"2021-07-14T12:50:46.825Z","updatedAt":"2022-08-23T01:38:44.764Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Pro - Partner Benefits Table","description":"Relay Pro - Partner benefits table, showing discount rates per number of clients in your partner portal.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/nj7fbET7G6fNYHsCOm1M8/7ea95d9d362737cc8b3e420101e28446/Relay_Updates_Blog_Header_-_Introducing_Relay_Pro_1.4.jpg","details":{"size":60065,"image":{"width":1800,"height":568}},"fileName":"Relay Updates Blog Header - Introducing Relay Pro 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re building for both business owners and advisors because we believe that relationship is at the heart of any successful, growing business. Relay Pro is a powerful way for advisors to provide more value to their clients while growing their firm in the process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thank you to all customers and Relay Partners, both present and future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yoseph West, Co-Founder & CEO @ Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5aN2V4kHU4Pz2HXZfN5Jz8","type":"Entry","createdAt":"2022-11-28T16:00:44.493Z","updatedAt":"2024-06-05T03:28:10.023Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":34,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Sage"],"title":"Banking Built for Business Owners","ParagraphText":"No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. 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","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3UVlUICjurwSDnrOfV5YxV/d0d1d262faa204922ec07e54f2bbe102/Relay_Product_Family.png","details":{"size":350401,"image":{"width":1920,"height":1355}},"fileName":"Relay Product Family.png","contentType":"image/png"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"Ready to try Pro?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Get your free trial started here","marks":[],"data":{}}]},{"nodeType":"text","value":". Accountants and bookkeepers can also ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/relay-pro-demo"},"content":[{"nodeType":"text","value":"book a demo","marks":[],"data":{}}]},{"nodeType":"text","value":" with our team for a comprehensive walkthrough of how to use Relay Pro to manage client payables.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"readingTime":4,"author":{"name":"Yoseph West","jobTitle":"Co-Founder & CEO","company":"Relay","slug":"yoseph-west","accreditations":null,"thumbnail":"https://images.ctfassets.net/kan7h0im4kyl/5ofsSd4EJva91zN9tYqprY/e191c808e72a492cc8512fe715609097/Yoseph_West_Headshot_-_1k.jpg"},"secondaryAuthor":{"name":null,"thumbnail":"https:","jobTitle":null,"company":null,"slug":null,"accreditations":null},"secondaryAuthorType":null,"postedDate":1626285749238,"customDate":1626285749238,"caseStudySnapshot":null,"formName":null,"tableOfContents":null,"schema":null,"tags":[],"moreReads":null,"formEmbed":{"name":null,"formId":null,"thankYouMessage":null}},{"id":"We-raised-USD-dollar19.4-million-to-increase-the-success-rate-of-small-business","title":"We raised USD $19.4 million to increase the success rate of small business","description":"We\u2019re on a mission to build a banking platform that not only saves business owners time and money, but actually makes their businesses more successful.","metaTitle":"We raised USD $19.4 million to increase the success rate of small business | Relay","metaDescription":"Relay has raised USD $19.4 million in funding, including a $15 million Series A from Bain Capital Ventures. ","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/OsAk4BfUrLSGK1C7xcSiI/2a08a681cb4f599b609edbf1979778af/Relay_TeamPhoto_Serious_Edited-2.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we\u2019re announcing that Relay has raised a total of USD $19.4 million, including a $15 million Series A led by Bain Capital Ventures with participation from Better Tomorrow Ventures, Garage Capital, Tribe Capital, Panache and Amaranthine.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re so proud of the work our team has put in to get here, and motivated by the vote of confidence from our investors. And most importantly, we\u2019re excited about how this funding will allow us to more deeply serve our customers. We\u2019re on a mission to build a banking platform that not only saves business owners time and money, but actually makes their businesses more successful.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"We\u2019re building banking to help small businesses succeed","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"82% of small businesses fail due to cash-flow issues, and traditional banking is a big part of this problem. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any small business owner knows the pain of simply trying to open a bank account for their business \u2014 the paperwork, the lineups at the branch, the time spent on hold waiting to speak to a human. And even once your account is set up, your bank doesn\u2019t do anything to actually enable your business to succeed. Traditional business accounts are expensive \u2014 often charging steep, unnecessary fees \u2014 and are disconnected from the other systems your business relies on. This, coupled with the lack of support, can make it really difficult for business owners to understand their own financial status.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These are pains we\u2019ve heard time and again from the many business owners we\u2019ve talked to over the years. In the early days of Relay, I went door-to-door in Toronto to talk to small business owners. It was clear that the day-to-day challenges of trying to grow their business caused financial management to take a back seat. One conversation that has always stood out was with Wanda, founder of Wanda\u2019s Pie in the Sky \u2014 a truly iconic Kensington Market business! \u2014 who candidly shared the sacrifices she\u2019d made to keep her business afloat over the last 20 years. There was an obvious opportunity to create banking that would give business owners like Wanda increased financial visibility and confidence in their standing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, we serve an extremely wide range of customers, from countless main street businesses like Wanda\u2019s, to one of Shopify\u2019s fastest-growing ecommerce stores, to real estate and property management firms, to marketing agencies and consultancies. One thing they all have in common is a desire to create security and clarity in their business finances.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re building a banking platform that gives small business owners more visibility into their financial standing. Cash flow shouldn\u2019t be confusing. The only way that happens is if the tools that power the SMB back office are truly integrated \u2014 and that includes your bank. Our vision is to automate financial management so small business owners can always have clarity and confidence around every dollar in their account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5PUoy4Z1r2sJOiEku7PviY","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"How we\u2019re doing it: by deeply integrating into how small businesses ","marks":[],"data":{}},{"nodeType":"text","value":"really","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" operate","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe banking can and should be the financial nerve centre of your business, with integrations that reach into every part of the back-office. Countless times, small business owners have told us that they either dislike their bank, or simply never think about it. We want Relay to be a true value-add for small business owners. And we\u2019re doing it in a few ways: ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Convenience:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Any time, anywhere, you should be able to do the banking you need to do and get the support you need to get. Opening accounts, issuing cards, making payments\u2026 we know these \u201csmall things\u201d can be huge pains \u2014\xa0so we\u2019re making them easy, accessible and affordable. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Integrations: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We\u2019re ","marks":[],"data":{}},{"nodeType":"text","value":"really ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"serious about building comprehensive integrations that truly automate the small-business back office. This includes having direct, reliable bank feeds into Xero and QuickBooks Online. We were also the first banking platform to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"nodeType":"text","value":"integrate AP automation into banking workflows","marks":[],"data":{}}]},{"nodeType":"text","value":". With this funding, we\u2019re going to meaningfully expand our portfolio of market-leading integrations.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Enriched, reliable data: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We\u2019re on a mission to build the world\u2019s most comprehensive transaction data set. This means always knowing, at a glance, what each transaction in your account was for.\xa0Without clear financial data, cash flow visibility just isn\u2019t possible.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaboration: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With Relay, internal team members and external advisors (like accountants and bookkeepers) can seamlessly and safely access the parts of your banking required to do their jobs. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This all adds up to a single mission: reducing the financial admin burden on small business owners, allowing them to spend less time ","marks":[],"data":{}},{"nodeType":"text","value":"in ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"the weeds of their business, and more time focused ","marks":[],"data":{}},{"nodeType":"text","value":"on ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"the growth of their business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Building for business owners ","marks":[],"data":{}},{"nodeType":"text","value":"and ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"their advisors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Growing businesses almost always rely on accountants and bookkeepers, whether as part of their internal team or by employing outside firms. These are crucial (often make-or-break) relationships and we want to make those relationships as solid and efficient as they can be.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During my four years at Hubdoc, I had the chance to get to know and deeply work with the accounting and bookkeeping community. They are a group of incredibly passionate, dedicated individuals who are 100% committed to helping their small-business clients succeed. 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If this sounds like you, and you\u2019re interested in helping scale a product with the potential to impact millions of employer businesses across the United States, we\u2019ve got roles open on every team.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":">> ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://jobs.lever.co/relayfi"},"content":[{"nodeType":"text","value":"You can check out our job board here.","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last but not least, thank you again to our customers and partners for supporting us and going on this journey with us. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meet a handful of clients and create cash flow forecasts that address their business pain points. Meet with them once a month over 3 months to discuss their progress and keep their progress on track. Then, at the end of the three month period, review how it went and what goals it helped them achieve. 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An effective relationship with an accountant or bookkeeper is a foundational pillar of that success. That\u2019s why we built Relay, to support partners like you in the work you do with small business owners. \\n","metaTitle":"Overview of Relay\u2019s Partner Program | Relay","metaDescription":"Small business success is core to Relay\u2019s mission. An effective relationship with an accountant or bookkeeper is a foundational pillar of that success. That\u2019s why we built Relay, to support partners like you in the work you do with small business owners. ","popular":false,"category":"Relay Updates","heroImage":"https://images.ctfassets.net/kan7h0im4kyl/2xFSMNzl11yIJfchdMwRDF/ed1ffa8f8d2f0d657fcbb63ae606b902/Relay_Updates_Blog_Header_-_Relay___s_Partner_Program_1.1.jpg","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"February 6th, 2024 UPDATE:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Relay has launched a ","marks":[],"data":{}},{"nodeType":"text","value":"new and improved","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" Partner Program\u2014","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/advisor-partner-program"},"content":[{"nodeType":"text","value":"you can find all of the details here","marks":[],"data":{}}]},{"nodeType":"text","value":". The information on this page is no longer applicable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"--","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants and bookkeepers are at the heart of our day to day at Relay. Firms like yours play an outsized role in everything from our product development to how we provide customer support.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At Relay, we know that an effective relationship between a small business owner and their advisor makes all the difference. 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Michael is the founder and CEO of Reconciled It, a cloud accounting firm recognized as a \\"Firm of the Future\\" by Intuit. Reconciled It employs over 30 staff and has grown 100% year on year for several years. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amazingly, that only takes up 50% of Michael\'s day. The rest of his time is spread between two other ventures and coaching other firm owners. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this conversation, we speak with Michael about: ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The recent Expensify announcement ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Building a scalable growth engine for his firm ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"His learnings from coaching dozens of other firm owners, and so much more!","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Read or watch the full interview below.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"","nodeType":"text"},{"data":{"uri":"https://www.youtube.com/embed/xeVTbc_Koiw"},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"https://www.youtube.com/embed/xeVTbc_Koiw","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Michael, do you want to quickly introduce yourself?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I\'m Michael Ly, I\'m CEO and founder of Reconciled, and we\'re an online bookkeeping and CFO advisory practice, based out of Burlington, Vermont with a national presence in the U.S and we have over 40 employees now scattered in about nine States I think, working with hundreds of entrepreneurs and customers across the country. I\'m married with three young kids, I married a Vermonter. That\'s why I live here.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I would probably fashion myself to be a serial entrepreneur. I don\'t really think of myself as an accountant. I started two other companies in the past two years. One of which is more in the HR space and is run by a separate CEO, my business partner. A separate CEO, Laura Pillsbury. And then, I started a financial reporting application called Saasable last October.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And we launched this year in the QuickBooks online store now. And that\'s an analytics platform for a recurring revenue company. So, I have a lot going on in my life. But I enjoy food. I enjoy people, I enjoy Yosef and I love talking and sharing, and so happy to be here and happy to talk with anybody and I love meeting new people all the time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Amazing. And that\'s really the goal of this series, is to talk to people like Michael Ly, who blaze their own trail as it is. And really, I think everyone when they\'re starting their own business, they have a unique perspective. And every business is different, and the way that they go about to solve problems and grow their business is often unique. And they\'re often lessons that we can all learn whether we\'re talking about a SAAS business or an accounting business. There\'s a lot of parallels 100%.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think perhaps the most interesting thing that happened in the last 30 days from an accounting industry perspective, and it had national press talking about it, which is hilarious in its own way, was the expense by human.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There was a lot of strong opinions, a lot of strong opinions, a lot of negative opinions. When you\'re an expense by customer at least work at the expense by customer. What was your initial reaction when David Barrett\'s email hit your inbox?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I read it, and whenever I read something that gives me a strong reaction, I always take time to process, well, why did I have a strong reaction? And I thought it was an inappropriate email. I think that what they wanted to write and their opinion about it, they could have written and posted somewhere that was probably more personal to David, or maybe a venue that didn\'t feel so intrusive to both myself, but also to the customers that we\'ve put on Expensify.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And the fact that they really didn\'t solicit feedback from the accounting partners or permission that we would want an email like this sent to our customer base. So, I really took the weekend to think about it. And I thought it was inappropriate. I thought the venue was inappropriate, whether or not I agreed with the actual message itself is a completely different, I just thought that the way they did it and the way they tried to communicate it really alienated a whole group of people, a large group of people in a large segment of their customer base in partner channel, that they could have really avoided if they did it a different and more tactful way.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And did you get clients of yours reaching out about the email?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, we had a few come reach out, and we had some obviously that ignore expensive vice emails, because they go to the spam or they go to promotions folder or whatever, which is great. I\'m glad. We luckily didn\'t have any that were so upset that they wanted to leave us or leave, or have to create damage control for us, which was helpful. But we definitely had employees as well as customers who had strong negative reactions to it. And so he really helped me think through how I would want to respond, and ended up writing a post on our Reconcile blog about it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And almost as a different perspective, also a different way of approaching it and communicating a more inclusive message than what Expensify was communicating.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I tend to agree. The medium and the channel chosen is not great especially when you\'re relying on a channel too, and relying on a channel social capital to introduce your product, you want to maintain that as a high trust relationship, and asking for permission is generally the way you want to do it for sure. I read your post, I thought it was great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Thank you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s like both sides of America, I\'m based in Canada, so I\'m going to speak in that way about our country it\'s a bit divided, but it\'s probably maybe just, it\'s louder in a certain respect and there\'s lots of reasons to vote on both sides of the aisle. And you don\'t need to come out from a place that articulates it in such a strong manner perhaps, it\'s the way to say it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Exactly. And there\'s a variety of reasons why people choose to vote. And there\'s a lot of reasons why people don\'t choose to vote, or can\'t vote. And that\'s what I felt the email did not address at all. It was not inclusive in that sense at all. And so, I talked a little bit about, and you can go to the Reconciled blog and read about it. I talked a little bit about my family history.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That if my parents had received an email like that they\'re entrepreneurs, they received the email like that when they weren\'t citizens and unable to vote at the time, that is a reminder of exactly what they escaped and came to this country for, that messaging, that rhetoric of, you must do it this way or our way, or you don\'t believe in the values of American life or democracy or whatever.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, I talk about those that I felt it was poorly communicated, that the medium was wrong. And that there\'s a better more inclusive messages that include more people. And it counts in general. I\'ve met accounts, and you\'ve met accounts from all walks of life in the U.S and in Canada, that come from a variety of political backgrounds, a huge variety from different States and stuff.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But in general, when you go to County conferences, there\'s a lot of unity. There\'s a lot of inclusiveness. There\'s a lot of sharing, open doors, friendship, that are not divisive like that email was. So, I think for the County community, it wasn\'t that people in the community didn\'t necessarily agree or disagree with the message itself, it\'s that it didn\'t come off inclusive and welcoming like the community is and has become, and continues to become.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I think our conferences and when we get together and things like this, where we talk and share or an example of none of us care about your voting background or mine, or whether you did decide to vote or not, because we\'re going to be inclusive and share what matters to us in our business, and in our life. And so, that\'s really what I cared about when writing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And that\'s what we\'re promoting at Reconciled, and all the companies have started is inclusive environment that accepts and embraces people from all backgrounds and opinions, because that\'s the diversity of entrepreneurs and accountants, is all backgrounds and opinions and cultures, and walks of life, and religion and faith, and whether they choose to vote or not, it\'s their choice. And that\'s the beauty of being in a free country. So yeah. Yeah, hopefully that makes sense.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Absolutely. I remember, now I guess it\'s been many years, but when I first entered the accounting industry and saw the way that people did collaborate and shared, \\"Hey, this is what\'s working for me, here\'s what\'s not.\\" With people that would seemingly be almost competitive, just from the outsider\'s perspective. And it was amazing. And I was like, \\"Oh, this is just a totally different mindset.\\" Where there\'s just so much business to get that it doesn\'t matter, and everyone\'s going to have their own cut on this.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So yeah, it\'s really an amazing inclusive community, 100%. As we look at 2020, and I guess it\'s coming to a close, I think most people are probably overall happy about it. I\'ve talked to a couple people recently. They\'re like, \\"Yeah, looking forward to 2021.\\" I\'m like, \\"Why?\\" They are like, \\"It\'s a fresh start.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Let\'s just reset everything.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For Reconciled It, how has your business adapted this year?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say that, because of the nature of how we were set up already, there wasn\'t really much adaptation that was needed. There were a few internal changes that we made. For example, we had a number of part-time employees. We began transitioning part-time employees out to only focus on hiring full-time employees and offered all our part-time employees full-time roles, or help them find other roles, or gave them contractor positions with us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That was an internal change, but from an operation standpoint, nothing really changed much. We continued to serve customers, we tried to make sure we operate as efficiently as possible in our operations team or client delivery team. And we continued to grow our sales and marketing team to continue to acquire customers throughout the country. We\'ve had record months. So COVID really has not impacted us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We had a small blip in the first month maybe in March or April, but then everything was unknown to everybody. And probably most firm owners maybe went, \\"Whoa, are we going to be out of business, or are more businesses going to closed or be adjusted?\\" And the reality was, because we focus on online companies, because we focus on consulting firms, digital marketing agencies, all of those industries grew and did very well. Alcohol and breweries, they all did very well during COVID so we were benefits.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And it\'s funny, we benefited from the fact that we didn\'t niche, which is a big, big, big conversation in the past five years in accounting, as button niching into verticals, we didn\'t niche into any verticals that were brick and mortar. We didn\'t niche into restaurants, retail stores, cafes, small coffee shops.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And those were the industries that were decimated or mostly impacted. We didn\'t niche into travel hotels. We really niched with no strategy, really. It was just luck. So, the only other I think big change this year was, I began the year before COVID and then entered into COVID really testing out the thesis with a roll-up strategy and acquisition strategy that we wanted to roll out this year.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And we\'re very successful at talking to the right capital partners, and firm owners that were interested in selling to us and merging into Reconciled, so that they could have more growth opportunity both for their employees and their customers. That was a great exciting thing this year. We were able to wrap up our first acquisition a week and a half ago, in beginning of November. And we\'re hoping to do a next one by February 1st. And so, that\'s on top of our just organic growth path that we already have going on with ourselves. So, that\'s been very exciting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nice. And was there anything that surprised you this year? Assuming coronavirus global pandemic, ignoring that huge elephant in the room for a second, what were the surprises that came up as a result of all this change?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say, well, one was, I was surprised the government rolled out the PPP loans. I was very surprised and the EIDL loans, they basically gave the equivalent of a cheap mortgage to small businesses across the country and two and a half months worth of payroll for free. I mean, now it\'s obviously taxpayer dollars ultimately are going to be paying for this. It all obviously rolls into taxpayer dollars, but I was very surprised.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I was very surprised that there wasn\'t stronger requirements to get those funds. So those were a big deal, but for the companies who took advantage of those and leveraged it both to keep staff and talent, which is in accounting, I would estimate, I don\'t know official numbers. I would estimate that in accounting, there wasn\'t as big of an impact in unemployment, as we probably imagined because most accounts were able to work from home.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So talent, I think continued to be the big, big, big, big challenge. Talent and finding great talent. It continued to be a challenge before and after COVID, and during COVID. We double down on talent, we continue to hire, we continue to find the right people. We continue to have massive amounts of people apply, but I was surprised at the stimulus and the amount of stimulus, and then how resilient it made some industries, and the exponential growth that digital marketing and e-commerce, and some of these industries online SAS companies were just having, it was just gangbusters.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And then, where the stock market\'s been at has probably been super surprising that it\'s basically fully recovered on the stock market level. And so, all those are signals going, \\"This is just odd and surprising and completely different than the messaging of what the impact of COVID should have been to our country, and to our economy.\\" It tells you about the resilience of people, the resilience of entrepreneurs, the resilience of accountants.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I know many County offices that did not shut down at all, and honestly doubled their workload because of how long the tax season went this year. I know many that did not, and I know many accountants who said, \\"I still want to go into the office. I still want to see my coworkers, I still want to work hard.\\" That was very surprising, but speaks to how amazing the accounting community is and how dedicated they are to their clients, even though it\'s grueling and the hours can be grueling. It\'s pretty amazing to watch.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. The number of conversations we\'ve had with partners about them leaning into their client\'s businesses to help them get through this, it\'s inspiring. It really is. And so, as you look ahead to that fresh start in 2021, what are the areas of investment for your firm?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Well, we are definitely making investments in people operations, HR area. We\'ll be adding team members. We are in the early phases of building out our own technology solutions internally for Reconciled, mainly around workflow, task management. We really want a solid tool that can scale with us, and not have to rely on the tools made for smaller teams, because we expect to probably be somewhere between double or triple the size within the next year, from both revenue as well as in people perspective.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We want to make a better process for our contractors. We have about 20 contractors that work with us in a variety of other roles like CFO work, or controller work, or projects. And we want their experience to be a lot better than it is right now. We\'ve really focused so much on our employees that our contractors have less ideal experience than we would like, so we\'re investing in that, and then acquisitions. We\'ll be doing hopefully three to four acquisitions next year, if not more.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, finding those right firm owners that are ready to exit, or maybe are wanting something bigger and better for their team, and they want a partner that can carry on their legacy. So we\'re excited about that. And of course, it\'s always looking at new apps and seeing which app partners have upgraded themselves and are going to be a better solution for us than our current ones. We\'re always evaluating those every year, whether that\'s payroll partner, app partners like Relay, app partners like Expense Reimbursement.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\'re re-looking at everything all the time to make sure it\'s serving our customers the best, and there\'s new platforms coming out every year. And there\'s better platforms. It\'s very interesting, our space, the accounting and FinTech space is so hot that it seems everybody is able to start something and is coming out with something. So, finding those right partners that best serve Reconciles\' customers, I think is an area we\'re going to be investing as well.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s funny how times change.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Is that funny?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Oh man, that just makes me want to share so many stories. Okay, let\'s keep going. As we did our research to get ready for this interview, one of the themes that came out about how you\'ve grown your firm is really around experimentation. You\'ve just tried a lot of stuff. Is that a cultural talent that you\'ve embraced as a company? How do you think about experimentation in the context of running an accounting firm?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. One of our team rules is always be learning. So, literally this is what we tell every employee, always be learning. You need to be learning. And I don\'t necessarily care if just accounting related. I think it comes from the fact that I\'ve spent my whole life learning. I had to learn after my parents came to the country and I was born. I had to learn how to grow up in a home that wasn\'t very American, surrounded by Americans.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I had to learn how to navigate what it was to be a kid of refugee parents and then how to eventually become my own person in my own identity. I had to learn how to meet my wife and have kids and raise kids. So all those things we do learn, but then in business, I was always willing to say yes to even the hardest things, even the things I knew I didn\'t know how to do, both in accounting and finance and too often than not, I meet more than enough people that are willing to say no very fast.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Early on in life, willing to say yes when you\'re young and you\'re dumb, and you\'re willing to learn, and you have confidence to find out where the answers are, I think is very beneficial. And so, early on with Reconciled, and I think with every firm owner there at this places, you don\'t know what you don\'t know as you\'re building your firm. So you say yes to everything and you figure it out. And as you begin to find new processes, and standards, and systems, and the types of customers you want to work with, you can slowly start saying yes and no to the right things and the wrong things.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I definitely always experimented, in the beginning experimenting, do we go desktop hosted? Do we do QuickBooks online? Do we do zero? What do we do? And then quickly based on what the market feedback was solely focusing on that, how do you price? Focusing on that. And then, I think for a lot of Vermonters as you grow, one of the biggest obstacles I hear and see is that a Vermonter is generally the owner is their own problem. They\'re their own limiting factor. Because, they become pretty good at everything in their firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But when you\'re pretty good at everything, you\'re not great at anything. You\'re just pretty good at everything. And you need to be great. You need each area of business to have somebody great leading it that\'s great at that area. So I early on, as I began to build a firm, I wrote down what is the area that I believe that I\'m really great at, out of all the rest and how do I slowly replace myself in those areas, and not be afraid to let the person that coming in to make mistakes so that they can prove out the great model that needs to take place.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, I\'ve always told employees and team members who have become leaders at Reconciled, make mistakes. If you\'re not making mistakes, you\'re not trying hard enough, you\'re taking it too easy. So make some mistakes. Accounting is accounting, but most of it is fixable. It\'s not surgery. We\'re not in a operating room, we\'re in a set of books that we can change and fix. And we can correct errors. So, give room for people to do that. You can make a bad decision on a higher, it\'s okay, it\'s not the end of the world.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can let the person go and find another person. So, there\'s all this iteration. And then the same thing with apps is trying multiple apps and seeing which one works itself out best and has the best customer service. So yeah.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I hear customer service is always the key part. I can do the stuff, but if I can\'t email them or call them, cool. And then, what was the craziest experiment you ran to find new clients,","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The craziest experiment?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I wanted to ask a general question and then thought \\"No, let\'s amp this question up, and let\'s find something exciting!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s really, really funny. What\'s the crazy experiment? Well, I am a person that likes learning, and I love putting myself in situations where I feel odd. I feel like the odd man out, because I\'ve always felt that way my whole life. I grew up in Arizona, I was one of the only Asian kids at my school. I grew up as a refugee kid, I was one of the only refugees immigrant kids that I knew, besides my brother and my cousin.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, putting myself in situations make me feel at home. It makes me feel like, \\"Oh, I\'m familiar with feeling left out.\\" I was always the shortest kid in the room and in the class photos, I was always in the front row with all the little girls, that was me and I was like sitting down and then all the tall boys were behind me.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, I always felt left out. Probably two of the most fun ones, I would say risky as well, is I went to an e-commerce conference for Jewish people. So it was it\'s called JCON. It happens every year in Brooklyn, in New York, and it\'s for the Jewish community primarily, but anybody can go, but it\'s targeted the Jewish community. And the Jewish community has a huge e-commerce multi-channel seller community. They sell products online, and sometimes products and services to just their community, but also to Jews around the world and also to people around the world.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so I was there, I was one of the few non-Jewish people there. I had a booth as Reconcile, I brought an employee, and if you know anything about the Jewish community, they spend the spectrum of both liberal to very conservative religious communities. And so, it was a risk for me. I remember accidentally bringing non-kosher candy because I didn\'t know, I didn\'t know. I had a whole bowl of candy. I got from target at my booth to pass out.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I luckily had somebody kind come my and tell me, \\"Hey, you can\'t serve that candy here. It\'s not kosher, but here\'s some bags of candy that are,\\" so they were really kind about it and forgiving. But that was risky, right? Because, it\'s a community I was very unfamiliar with. I wasn\'t dressed the part. I was just myself. S, that was one. And then I also attended in booth the black entrepreneur summit. And so, I remember calling and saying, \\"Do I have to be black to attend?\\" Because I didn\'t know, I was an idiot. I didn\'t know.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And they said, \\"No, of course anybody can attend. It\'s just targeted to black entrepreneurs, but anybody can attend.\\" So, we were one of the only, or maybe not the only non-black vendors that was within, I had a biracial employee which was half black that worked with me. And she came with me because she happened to live in the area. But other than that, we had a great time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I loved just learning about entrepreneurs in that community, and having a booth there and dealt with my own interesting racial conversations while I was there at the conference. So, you just don\'t know what you\'re going to get into. But I learned a ton and also continue to benefit from the fact that we engage there, and we become known as Reconciled as a company tat\'s very inclusive.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so we welcome people from all walks of life and backgrounds, and are very intentional about our hiring in those areas as well. We have a diverse workforce in an industry that\'s generally not diverse. And especially I really value promoting and upgrading people of color, women, people with different backgrounds or different countries to come work for Reconciled. I\'d say that was the two, probably the riskiest and fun.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That sounds great. That sounds really fun. As you\'ve run different experiments, I\'m guessing you figured out how to make something work. And then you do it manually, I\'m guessing with the first time, and then you figure out how to leverage automation along the way. What\'s that mix for you, as your firm is trying things and probably different now than it was a year ago or two years ago.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I remember taking on an e-commerce customer once they were using BigCommerce as their e-commerce platform. I never touched BigCommerce before and they wanted to integrate it with QuickBooks online. And I went, \\"Okay, well, I\'ll figure it out if you let me charge you for it, I\'ll figure it out.\\" I did that and it was a pain of a project, and I did it and was able to leverage a tool like Zapier to do it. I\'d never used Zapier until then. And so I figured it out, and now it\'s processing hundreds, if not thousands of transactions a month for this customer. And I\'ve been able to do that process now more automated way over and over and over again for more customers on BigCommerce.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, that\'s an example where I wasn\'t afraid to try it out, set up a template, a process, document how it works and now allowing other people to take over and do a similar process. That\'s an example, another one was sales and marketing is, I figured out email marketing. I learned, \\"Hey, what would differentiate us? Oh, email.\\" Now everyone goes, \\"Well, email. Email has been around for a long time.\\" Yeah, but not in accounting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Marketing is not something accountants do, it\'s something generally minority of accounting firms do it. Software companies do it all the time, and so do companies from India and other places, development companies, IT companies, but accounting firms? When was the last time you got an email from an accounting firm offering you services. So, I figured that out early on in Reconciled\'s journey and then began experimenting with two different email marketing engines and Aby tested them side by side, and then ended up with one primary partner that we use till today.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And that\'s probably the largest and fastest reason why we grow organically so fast, is because of this email marketing engine, which is a huge surprise to people when they hear like, how are you going? Email, people respond to our emails. I don\'t understand why. It\'s not for the weak, it\'s definitely a slog, but it works. And we are very successful at it. If you give it time and patience and the right thing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now we\'re trying to jump into more inbound. We\'re actually not heavily driven by inbound marketing as a company. I don\'t think accounting industry in general is, it\'s my opinion, but I think most of the accounting industry is driven by referrals and old school networking. But, there is more and more of a segment of the small business market looking for accountants through online channels.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\'re experimenting with that to see if we can get better at that. But we\'ve differentiated ourself enough through sales and stuff. That\'s the process I usually jump in, figure something out manually, then try to document it, and then pass it onto somebody, watch them do it, show them how to do it, watch them do it, and then let them take over. So, a lot of the stuff I don\'t even oversee a lot of the automated processes. We have some other team members overseeing it to make sure it doesn\'t break and make sure it just keeps running.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One person that I\'ve met on your team is Mary, director of accounting and operations, If I remember that correctly. She helps taking these projects, operationalizing them, making sure they\'re documented, helping drive automation across the firm. Number one, how did you meet Mary? Because, it sounds like he\'s a unicorn basically. And then two, when did you realize that it was time to find someone like Mary and bring them into Reconciled?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For reconciled, when you start out as a firm owner, you have all this hats you\'re wearing, and you generally can define them in different buckets. One is, the big hat is client delivery, operations, client delivery, providing the accounting service to your customers. And generally, most accountants that start firms they\'re comfortable in that lane. They\'re comfortable in this lane, and they\'re comfortable managing people in that lane because they come from other accounting firms, or in accounting department or that\'s what they love doing, serving customers.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I knew that lane early on would be one of the first lanes I would want to let somebody take over, although I would consider myself a pretty good controller or a pretty good CFO. I would not consider myself the best manager. I would consider myself a good leader, pretty good leader, but not the best manager. So, I knew the team that did client delivery, the bookkeepers. We call them cloud accounting specialists.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The accounting professors would need a really good manager. So early on in Reconciled growth, I think when we were about a dozen people, I hired a manager and probably a little too early than I needed, but it was at the time when I knew if I didn\'t, it would get too late and I would be hurting by the time I was ready to hire somebody. And often what happens is, people hire too late, not early enough. I erred on the side of hiring earlier than I needed. So, I hired her and it wasn\'t Mary at the time. It was a [inaudible 00:31:33] and she was great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And she took us to the next stage. And then we had a manager that came in and took us to the next stage, and then there\'s Mary who\'s been with us for a year and a half now. And has taken us this far and continues to take us farther. Because she came from a more traditional accounting firm, but that was three times our size. So, she understood where we wanted to go. And she understood that we wanted to get there, but to do it with technology and with operational efficiency.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So she\'s been great. And so finding them is a matter of getting your message out there in the marketplace. I\'ve been very intentional about taking interviews, even with the smallest of audiences, even with early podcasts or early webinars, anybody that would talk and let me share, I do that because I can take these information, these videos, this audio, and send it to people, and people can find us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"When we put out a job post for any role, because so many people are following us, so many accounting professionals, one of the number one visitors to our website are accounting professionals that are looking at us and evaluating and hoping that they can find a job with us. So it makes it easy when we put up a new role that a Mary finds us, or somebody else finds us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I feel not only are you working on branding yourself to get new customers, you got to brand yourself to get new employees, your future talent. And that\'s one advice I give to firm owners is always be interviewing. Regardless if you\'re hiring tomorrow, just interview people all the time, because you never know when you\'re going to need somebody. And you never know when they\'re ready, interview people, even people you know are in other firms or other companies, you do not know when they\'re ready to leave, you don\'t know the situations going on. You don\'t know if COVID is going to hit and they\'re going lose a job. You don\'t know anything.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, always be talking to people and building those relationships. And you\'re going to meet people that are going to just love what you\'re doing and will think about you the moment they want another job and want another career or a partner. So, that\'s what we did. And Mary came through that route and we continue to do that everywhere I can. And we have other people in our company that are doing that too, doing webinars and podcasts being interviewed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We had our head of HR, she did a podcast on VirtForce. VirtForce is a virtual job search for military spouses. People in the military that are leaving or people that are on reserve, they need jobs, and we\'ve had a really good luck hiring spouses of military, or people in the military. So, we\'re really proud of that. And we wanted to get in front of that audience more, so even giving your team permission to be on these forums, to talk so that people see other faces outside of just you as the firm owner. I think it\'s important too.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s wicked. I remember having a conversation with Mary about operational efficiency, but also delivering great customer experiences. And the thing that stood out was she cited a chewy. I want to deliver chewy experiences. And I was like, \\"Okay, I\'m from Canada. Can you please explain to me what chewy is?\\" And she was like, \\"It\'s a dog product company, an e-commerce company.\\" Am I remembering that correctly?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. It\'s basically think of it. They\'re like the Zappos, Zappos is a shoe company here, if you\'re familiar with them. They\'re like the Zappos of the pet world, they are loved. Their customers love them. You don\'t just like chewy, you love chewy. You go there to buy pet food, and buy pet stuff if you have pets, I don\'t have any pets. Mary introduced me to this website. But what it is, is they make you feel the pets you\'re buying for are part of your family, and part of their family.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, Mary brought that concept in this, \\"Hey, we want to be chewy to our customers. We want to be Zappos to our customers. We want to create a Disney experience.\\" And so, we use that language internally a lot is what\'s something chewy you\'ve done with customers this week, or this month, or this year? What are the ways you\'ve over-delivered and given and gone the extra mile.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That culture is definitely been a huge, positive benefit from having Mary here and contributing that to the company and that language. And some oftentimes you just need the language to talk that way, that helps people remember. But then it all starts seeping into people\'s lives because now they\'re like, \\"Well, how do I be chewy with my family, and with my spouse, and with my kids?\\" It\'s been really, really cool to see.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And as you think about those two experiences you\'ve been able to deliver for your customers, what stands out? What was one that you were like, \\"Oh, that was actually really amazing, that we\'re able to do that. And they reacted really positively.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think there\'s just so many different examples. And we recently did a customer survey, where I\'m just blown away by the amount of positive testimonials that our customers have for the bookkeeping team, for the county accounting team they work with. It has nothing to do with me, I\'m not servicing customers anymore like that. They are doing all of the hard work and the amount of positive feedback people are getting anywhere from, you were attentive during COVID and you helped me, you really helped alleviate my anxiety, that my business wasn\'t going to fall apart, or you helped us make sure the data and the numbers for the PPP loan were right and accurate and made that process seamless when our banker wouldn\'t respond to us. And so, we have so many different examples of that, and I\'m just super proud of the team who slugged through this season.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Because they were prepared for it already, they weren\'t having to deal with, \\"Oh, how do I transition to work from home?\\" They were already working from home. \\"How do I operate the way Reconciled operate?\\" They already operated this way. \\"How do I be chewy?\\" We were already talking about that. So it came second nature to our team, which was awesome. But the feedback was just tremendous from majority of our customers.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s just been amazing to watch. And it\'s weird because you never think you\'d hear in your life. \\"Oh, I love my accountant. I love my bookkeeper.\\" You don\'t expect words like that to be sent to you from a customer, but they do. And it\'s just so cool. It\'s just really, really cool to watch.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you\'re delivering a high quality set of books that as a business owner you don\'t have to touch, and you are saying [inaudible 00:38:09]. It\'s like, \\"This is great, this is awesome.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I don\'t have to touch, I don\'t have to worry. That\'s great. Yeah. That\'s been amazing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cool. And then, from an operational perspective, what say in the last 12 months, what\'s an improvement you made that\'s had the biggest impact on Reconciled?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say we have in our onboarding team, we\'ve really defined how customers come into the company and how they\'re set up and the experience they get in the first 30 days. It\'s probably second to none. It is the experience our customers talk about, because it\'s not what they expect with an accounting firm. And the fact that it\'s technology driven, it\'s very guided and it gets you to the finish line to win and to be successful with the Reconciled.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s really, really great. And we get a lot of great feedback about that. Probably one of the best experiences our customers can have, because that onboarding team is made of two rockstars right now that really make our customers feel like VIP\'s. And so, I always tell people, in accounting you\'ve got just a few weeks to make the best first impression possible, and that\'s where you want to strike while the iron is hot, because whatever happens there, if you do really well then you\'re okay for the rest of the time, they will remember that really well for a long time, if you do poorly and then you hit it out of the park the rest of the time, they will remember how poor you did.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s all about that experience in the beginning. And so, we really made that and hone that in and made that run really smoothly. And then the Ops team, we\'ve had some changes in the Ops in the way we structured, how we work. And the way we did teams has shifted this year. We started out in the beginning of the year with a specific pod model. And then we shifted that pod model to operate a little differently this year. And that\'s worked a lot better. That\'s helped, I think alleviate some confusion for our team internally and also some more growth opportunities for everybody on the team, which has been great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nice. As you rolled out that onboarding process, what were the biggest challenges that you ran into?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think it\'s helping people understand, the customers come with such a variety of needs and what sales has sold them and what the customer agree to in the sales contract. A customer will almost inevitably bring up something that they want or expect it that was not communicated in sales, was not brought up, was not even in the agreement that onboarding has to figure out either how to upsell them on, refer them back to sales or provide an experience temporarily to say, \\"Okay. Hey, we can do that. But just so you know, this is a one-time thing we\'re going to do for you.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so, it\'s getting that flexibility in onboarding to be able to do that and give that customer experience that still feels really chewy, even though it\'s something that wasn\'t promised or wasn\'t agreed to. And that comes up a lot in accounting in general. It\'s just an expectation of your customers are going to ask for stuff that aren\'t really in accounting. And they really didn\'t say, but in their minds they thought it was.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And so they bring stuff up that is just so random and they bring it to onboarding like, \\"Oh, I have to register my business in this other state or country next month. Is there something that you guys can do right now?\\" Stuff like that where it\'s like, \\"Well, we don\'t really do that, and\\" It\'s just providing that flexibility in the onboarding experience that I think has really improved our customer experience.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Got it. And so really empowering those team members to make a judgment call about how to handle this, and training them about how to handle it?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, exactly. You don\'t want all questions and scenarios to come up to you as the owner or the firm owner, or even to your manager, to your leaders. You don\'t want every question coming. Because then, your employees don\'t feel empowered or they don\'t learn the consequences of making the right and wrong decisions. So you want to empower them to say, \\"Hey, here\'s certain scenarios where, yes just make a decision, decide what\'s best your judgements. And you\'re going to make a mistake and that\'s okay. You\'re not going to get slapped on the hand for it. You tried your best to serve the customer. And if it results in mistake, that\'s fine. That\'s the risk we take, we\'re human beings, that\'s fine.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You don\'t want to be the bottleneck, it slows your growth down. I would say empowering your employees with the ability to do things like that is really important. And that\'s what the best companies with best customer service like Zappos, chewy, Southwest airlines, that\'s what they do. They empower their employees to be able to offer refunds and do things at the drop of the hat without needing permission. Because they know it\'s a better customer experience and better retention in the process.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That\'s awesome 100%. Now, I know you do some business coaching with entrepreneurs and teams and you also mentioned earlier, that often the biggest limiting factor on a firm\'s growth is actually the owners. What do you see are the areas that accountants struggle with most, in terms of building and growing the business?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I think two things, one is accounts identities generally are, I\'m an accountant. And that identity is limiting to the true identity you have as a firm owner. I mean, you\'re a business owner and then if you\'re trying to grow, you\'re an entrepreneur. Entrepreneurs in general are growth oriented, and they\'re trying to grow an enterprise. They\'re trying to grow something. So entrepreneur, small business owner, those identities are something that most accountants don\'t resonate with. Many don\'t, they know technically they are a small business owner, but if you ask them first, what do you do?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most accounts you meet they say, \\"I\'m an accountant.\\" They don\'t say, \\"Hey, I\'m a small business owner, or I am an entrepreneur.\\" So, you could see where they\'re coming from. And I think it\'s limiting, or basically limits the way they think about how to build their business. And because accounts are primarily accountant identity, they are more comfortable in the client service role than anything else.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, when you talk about HR or you talk about sales, or you talk about customer service, IT, other functional areas of a business, they just may not be as comfortable to grow that. And so they\'re willing to put up with, \\"Well, I\'ll just do what I can because we\'re just going to keep serving clients.\\" And because accounting firms are just overwhelmed with customers generally, there\'s just so much work out there.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"You can generally grow a practice, even a small one pretty quickly and get full with work. And so, I think that\'s a big challenge for accountants, is their own identity, thinking about their own identity, how do they view themselves? And then, how do they want to present themselves to customers? I\'ll give you an example for me, even though early on the Reconciled name was nothing because it was new so I was building brand recognition into it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It does take a mix of people trusting my ability to deliver. But as we continue to grow, I continue to push every customer and every sales opportunity down to the brand of Reconciled, pushing them to, \\"You\'re not buying Michael, you\'re not buying me, I\'m part of the team, but you\'re buying this brand and the team behind it, and the people behind it.\\" So I think the other thing is, as accountants not only selling who they are, but selling the brand and the processes they built, and that\'s I think a flip that\'s hard for a lot of accountants, because they\'re used to selling themselves and selling their expertise, their knowledge.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And I would say that, if you do a good job growing and documenting your knowledge actually, doesn\'t really matter, at some point your knowledge will be surpassed by your teams and the people in your company. And it\'s better that way if you\'re trying to build and scale up business, if you\'re trying to stay small and stay as a small team and you be the center of the expertise, then yeah, you\'re doing a great job by just selling yourself as an accountant and limiting your growth to what you can handle or what you have expertise on.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But I think if you do it right, your team will outgrow your knowledge and your abilities and they should, and you should be happy they do, and give them opportunities to grow in the firm because of that.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But it sounds like there\'s a couple of stages there. So, it\'s one, taking off your accountant hat for a second and thinking about it as like, \\"How do I build process and how do I bacon resiliency in my business effectively?\\" That\'s step one. And then step two, is thinking about, \\"How do I abstract myself from actual service that\'s being delivered.\\" Is that the two parts of it, that switch?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. And for some accounting firm owners, they don\'t extract themselves. Because if you find the most joy in that piece, then you shouldn\'t extract yourself. You should say, \\"Hey, if you find the most joy in being a client delivery person, we\'ll go find a CEO to run the company, go find a sales person, go find a HR person.\\" You don\'t have to be the CEO. You don\'t have to be. You can still own the company and not be the CEO, that\'s actually a reality. And there\'s a lot of examples of that, where you have two founders who do not run the company. They\'re the founders, but they found sophisticated CEOs or people who were just better suited at the business side of the operations, or at the sales side of it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And you can go and be happy and serve clients, and help operations teams. And so, I think accountants may think like, \\"Oh, I need to be at the head of it. I need to be the face. I need to be the one in charge.\\" Well, you actually don\'t have to, you could be the owner and be directly and indirectly in charge of everything, but you can also give it to the hands of a trusted person that knows how to build a business and operate the things you\'re not passionate about. So you can focus on what you are passionate about.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For a lot of accountants it may be like, \\"No, don\'t extract yourself from operations, go ahead and stay in it. Just find other team members to leave the rest and give them the keys to run the company.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Or you could always just sell to Reconciled It.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Well, you can sell to us or come do accounting work for us. We\'re happy to talk to you.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Sweet. Actually, before we wrap up and move to Q&A, where can people find you?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, they can find me on LinkedIn or Twitter. I\'m easily reachable. Just look at Michael Ly, I\'m probably the first one that pops up, with L-Y. Last name is spelled L-Y. So Michael Ly, Reconciled. Or you reach out on Twitter, I love connecting with people, especially firm owners, happy to chat about anything and everything. You name it, doesn\'t have to be about accounting either. It could be about life, anything in life. I love chatting and learning and meeting new people.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Love it. Thank you so much for spending your time.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah, definitely.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cool. So, if people have questions, please either add them in the Q&A, or add them in the chat. I might have one or two more as backups just in case.\xa0","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"All right. I have a question about the M&A strategy. At what point were you like, \\"Okay. It makes sense for us to now start doing these firm roll-ups and build and grow that way?\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I love this. I love talking about this, I was talking about this with our employees in Reconciled because they had lot of questions about it and how it would impact them. In the business terminology, we call it M&A, we call it acquisitions. We have these very businessy terms. Well, before the pandemic, when I entered into 2020, I said to myself, \\"My team and I have built a really great culture in a business.\\" And it\'s a place that a lot of accounting firm owners really wish they could build and really wish they could be a part of. But recognizing that not all accounting firm owners are geared towards building something like this, but they want it. They want it for their employees. They want it for their customers. They want it for themselves.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But I\'m not going to lie, a lot of people can\'t do it as accountants. They just can\'t, maybe they came straight from an accounting firm with a really bad culture, or maybe they have no experience being a CFO in a growing company. Well, then what examples do you have for building a great culture? The last company I was an employee at before starting Reconciled, when I was living in Seattle was one of the best cultures I\'d ever been at. And it\'s called the Mosaic company. I was there, I eventually became the VP of finance there before I left. And if I had stayed in Seattle, I would have probably retired with them.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I loved that company. I\'d loved the CEO, loved the leaders there. So I just said to myself, \\"We\'ve built this thing that many people want and in the world of accounting few people get to, so why don\'t we invite people to come join us? That\'s the way I look at it, because at the end of the day, I\'m actually inviting a firm owner to come join us if they want to, but at minimum for their employees and their customers to come join us and to come experience the culture that we\'ve built, and the team that we built, and the service we built.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It\'s really an invitation, it\'s an invitation to build something great together. So I entered the year realizing that, thinking through that and putting together basically the thesis around that, presenting that to my team and then presenting it to outside interested parties and to firm owners that I knew personally. So, everyone I\'m talking to and we\'re talking to, they\'re not really publicly for sale. They\'re people that I\'ve met in the industry. People I\'ve met at conferences, people I know who have great firms, but I could tell they\'re maybe at next stage in their life, or next stage for the firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"And if they\'re at a crossroad where they don\'t want to invest all that it takes to go to the next level, they can just really skip that by coming to join us and give that to their team and their company. And if that aligns with the goals aligned there, then it works great. That\'s the way I look at it. And it helps us reach our goals a little faster, helps us get some great leaders and some great employees. But also, ultimately helps us serve our customers better. Because if talent is the number one limiting factor to growth outside of customer acquisition, which I think has been something that we\'ve been able to take care of, then finding great people, those great people are already working at great accounting firms. And that\'s why we\'re inviting them to come join us.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Just while we wait for a question or two to pop in, come on guys, I see you there, I know you\'re there. Come on ask something. Otherwise, my curiosity is going to fill up the rest of the time. When you make the decision to acquire a company, how do you onboard those folks? How do you make them feel part of the team? What\'s that process look like?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\n","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Yeah. I wouldn\'t say it\'s a walk in the park. It\'s not a walk in the park, it\'s definitely challenging as it takes a lot of planning, you want to make sure your leadership team\'s involved and on the seller side, just so you know how it works in generally in the industry is, and this is not just in accounting, but just any M&A transaction is generally unless it\'s a public company, most of the time when it\'s two private companies, the selling firm and the selling employees, generally only one person, if not a few people know that the selling firm\'s going to sell, and you as the buying firm, you usually don\'t meet the employees until the absolute last minute, the absolute last minute. So, you have to basically plan a process of like, \\"Hey, we\'re going to do an...\\" Just you would hire new employees.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We\'re going to do offer letters. We\'re going to do an invitation. We\'re going to cast a vision of what we want to offer and invite you to come. And just because of the dynamics and the risks that are involved in selling your business, that\'s normally how to operate. So, people would love to imagine like, \\"Oh, I\'d love to be able to just slowly go into this and that I can give the employees a 30 day notice and give them off or all this stuff.\\"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It just doesn\'t work that way with private companies, because the risks are too high. And the chances for success are challenging. You want a plan and you want to make offers and usually you\'re having to win people over very, very quickly and set a process that\'s predictable and standardized for people, so that they know clearly at what the path looks like to be a part of Reconciled and to transition over.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I love that language around invitations, and we did get a couple of questions. Thank you. Angela asked, \\"When you were just starting out, what were the two events that you attended?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"QuickBooks online was the first event, and I\'m a religious attending since then. I think my first one was until the 15 or 16. And so, I attended every year since then. And it was a big eye opener, before that I did not know a community existed. I did not know there was a thing called the accounting community, because I had previous just been a CFO at different companies, and controller at different companies. So, you don\'t attend these conferences generally, as somebody who\'s just inside a company, huge, huge eye opener for me, it was great.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I would say that that was a big one. And then another great event, is Thrivers event. And Thrivers event that they do in Greenville, South Carolina that Jason Blummer does and his team, great event. I Love it. Absolutely love it. Second to none in many ways. If you\'re a small firm that\'s trying to become very advisory focused, second to none.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Awesome. Oh, I think Angela was referring to, I think it was JCON.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Oh, yeah JCON and then the black entrepreneur summit. Yeah. Those were two events I attended in early 2019, I believe, or 18. But those were the events that were... And Yosef was asking, \\"What\'s the craziest thing you\'ve done to get customers.\\" I said, \\"Yeah, well, I went to two events where I\'m not part of that population of people, but I was able to go and be booth at them.\\" So, JCON conference and then black entrepreneurs summit.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cool. And then Sonia asked, she said number one this is great. And then two, have you ever considered doing training for accountants and how to grow a firm?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Michael:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Well I guess this is a training right here. I have not considered doing formal training. Frankly, I\'m just busy, I\'m busy with running Reconciled and the other companies that I have to start. So, I\'m busy. That\'s where I make my primary money and I do love teaching and training, and I speak at conferences and I do webinars and stuff like this. And basically what I\'m going to teach you there is what I\'m saying here. I\'m very transparent and open. I don\'t think any of the stuff I\'m talking about is rocket science, it\'s stuff I stole from other people and stuff I learned on the way and then got mentored on. So, big advice is join a peer group, either a mentoring group, coaching group, peer group.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"I\'m part of one it\'s called Vistage. You can look at Vistage online. V-I-S-T-A-G-E. It\'s the world\'s largest CEO and peer mentoring group in the world. So I\'ve been in one since 2014 and I pay a pretty penny per month to be a part of it, but it is a huge key to my success. Huge, huge key, because I\'m surrounded by other entrepreneurs and CEOs that have also built great businesses. So it\'s who you\'re surrounded with and get coaching from, and peer coaching from is really a big deal in my opinion. So I invest in myself every year a lot of money for my own personal and professional growth. So, I would highly recommend a peer coaching group for anybody.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Yoseph:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Perfect. And then Misa, hopefully I pronounced that correctly. So this has been a great insight to grow a firm, that is definitely my goal. That\'s awesome, thank you for joining us. Sweet. So, we are now at time. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qdcoavT6oK1xTtxyS8FUK","type":"Entry","createdAt":"2024-06-04T21:05:35.198Z","updatedAt":"2025-02-24T15:03:07.388Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":46,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"inlineCta"}},"locale":"en-US"},"fields":{"position":["Inline"],"backgroundColor":["Off White"],"title":"Webinar: Turn Your Business Into a Money-Making Machine","ParagraphText":"Unlock the secrets to transforming your business from a job into a profitable, cash-generating machine.","buttonText":"Register Now","url":"https://relayfi.com/blog/turn-your-business-into-a-money-making-machine?utm_source=inline_cta","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"7jqFHPMKmrR2nPonjEQ2A2","type":"Asset","createdAt":"2025-01-21T15:07:20.882Z","updatedAt":"2025-01-21T15:07:20.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"locale":"en-US"},"fields":{"title":"Feb HTCF - Rocky Lalvani - Lander","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/7jqFHPMKmrR2nPonjEQ2A2/b34b9525b0e5d3694e511d007c57a9c0/BLOG_Webinar-Rocky.jpg","details":{"size":388502,"image":{"width":1920,"height":1080}},"fileName":"BLOG_Webinar-Rocky.jpg","contentType":"image/jpeg"}}}}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"55% of SMBs changed banks in 2019","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"- 2019 PACE Findings: U.S. SMB Results ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As business banking churn rates increase, you have the opportunity to take control of the narrative and get your clients standardized on a bank that works for them and your firm. Take Lance CPA Group as an example:","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cAt Lance CPA Group, Relay is our business bank account of choice. With Relay, it\u2019s finally easy to collaborate with our clients on their banking.\\n\\nBetween the direct feed with Xero and having access to our clients\u2019 banking data, we save up to an hour a month per client. Using Relay gives us reliable bank feeds, access to bank statements and it accelerates reconciliation. It\u2019s made life super easy for our practice!\u201d - Josh Lance, Lance CPA Group","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The flip side is that if you\u2019re not in control, given the pace at which clients are changing banks, your whole portfolio could adopt new banks in the next 12-18 months. Those decisions could introduce more broken bank feeds, messy data, and login issues.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how do you get your clients on the bank that works best for them and your practice?","marks":[],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Uncover the pain","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The key to steering this conversation is to help surface the pain points your clients are dealing with. They have likely gotten used to these challenges and accepted them as reality without realizing there are alternatives. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify the 2-3 meaningful challenges your clients are facing and highlight that they don\u2019t need to continue dealing with these issues. We always find that firms have a higher success rate starting the conversation with the challenges for the business owner, rather than the potential solutions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below, we share the most common reasons we\u2019ve seen for small businesses changing or adding a new bank. Most of your customers are likely to fall into one or more of these buckets.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Fees & Customer Service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2019, the top two reasons businesses changed banks were unwanted fees, and poor customer service. If you identify a business bank with strong service and no fees, you\u2019ll quickly strike a chord with most of your clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is proud to be an industry leader in Net Promoter Score (NPS) and offer entirely no-fee business banking.\xa0","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3RZpWzLK0TSCsqJ2CAJ9Zj","type":"Asset","createdAt":"2021-01-27T14:26:13.783Z","updatedAt":"2021-01-27T14:26:13.783Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Relay NPS Score","description":"Relay NPS Score","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3RZpWzLK0TSCsqJ2CAJ9Zj/0e809d8fef0c0904f44808eef6760b6f/Relay_NPS.png","details":{"size":61087,"image":{"width":1000,"height":616}},"fileName":"Relay+NPS.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Financial Visibility & Cash Flow Surprises","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Your bank balance is not your financial position. Yet for many business owners, it\u2019s often the only indicator they rely on to understand their business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Poor data leads to poor decision making. Consider a bank that lets your clients open as many checking accounts as they need, for free. They\'ll be able to put money aside for tax withholding, upcoming expenses, or re-investing in the business. These decisions shouldn\'t be guesswork. Unlimited free checking accounts make it real.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How are your clients managing expenses? What about bill pay? Often small businesses employ manual processes which can lead to cash flow surprises. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Identify banking options that provide out of the box expense management or automated bill pay. That way you\u2019ll cut down on costly 3rd party solutions. The less steps a small business needs to take in order to get from A to B the better.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Look for a business banking option that can replace these clunky 3rd party solutions and solve multiple challenges for your clients. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some helpful questions that may put this into focus for your clients:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much of your bank balance is really available?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much has your business spent this week?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What bills are outstanding vs paid?","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Will your outstanding checks clear?","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Technology & remote banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most of your clients can run their day to day operations from anywhere. Banking tends to be one of the few exceptions. Your clients are ready to embrace alternatives to visiting their local branch or using dated banking portals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thankfully, more modern banks have placed a renewed emphasis on enabling entrepreneurs to manage all their finances on the go.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Moreover, with more businesses moving all their operations entirely online, going to a bank branch has never felt so antiquated. Your clients will thank you when you help them move to a bank that never requires them to set foot in a branch.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"5Yi6fNhwY7dkbra0UxJLJw","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Collaboration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collaboration is another common banking challenge. Most business banking is siloed to a couple of co-signers on the account. This means that tasks, big or small, can only be done by the business owner.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thankfully, some business banks are now designed with simple user permissions. Entrepreneurs can grant their team members the exact banking permissions they need to deposit checks, pay bills, or move funds. Paired with an audit trail, business owners are able to delegate with peace of mind.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When considering a banking upgrade, be sure to evaluate the collaboration features.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay allows businesses to seamlessly add staff and advisors to their business banking. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So how can your firm deliver more value to clients and unlock this revenue potential?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this webinar, we tackle the topic head-on. We\'ll discuss where the opportunities are and how to deliver on them. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On this installment, we interview Josh Lance, founder and managing director of Lance CPA. Josh is an award-winning CPA, named a 40 under 40 advisor by CPA Practice Advisor and also the Head of Accounting for Practice Ignition.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Lance CPA is a virtual CPA firm that specializes in delivering consulting and accounting services for craft breweries and digital agencies. 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Alongside your Relay checking and savings accounts, you\u2019ll have a complete system for managing cash flow in one central location\u2014and a bird\u2019s-eye view of how money moves through your business, letting you stay ready, save faster, and make smarter decisions.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5LPSzgeJPGqcrEbTgAIpzm","type":"Asset","createdAt":"2024-09-13T13:35:04.522Z","updatedAt":"2024-09-13T15:21:48.133Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Visa - Inline 1","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5LPSzgeJPGqcrEbTgAIpzm/b0dcdc98f9d6239e1cd8556c4217fcc1/Blog_Inline_-_1.jpg","details":{"size":529541,"image":{"width":1600,"height":700}},"fileName":"Blog Inline - 1.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Control spending with ease\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take charge of spending from the jump instead of trying to manage your money after it\'s already been spent. With the Relay Visa\xae Credit Card, knowing where every dollar is going is easier than ever.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Stay on top of every cent","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Organize expenses as they are charged by creating a card for every spend category, project, and vendor. Set a spending limit for every card so you and your team never spend more in a certain category than you\u2019ve budgeted. Plus, you can be as particular as you want, setting approved vendors and categories for each card (blocked vendors and categories too!), ensuring you stay on top of every cent ","marks":[],"data":{}},{"nodeType":"text","value":"before ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"it gets spent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, you stay in complete control of how every dollar moves through your business.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Say \u201cso long\u201d to reimbursements","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\nGoodbye expense reports, hello centralized team spending! Assign a Relay Visa\xae Credit Card to every employee who needs one. For every card assigned to an employee you can set a spending limit, approve vendors or categories (or block them!) and let Relay ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/receipt-management"},"content":[{"nodeType":"text","value":"chase your team for receipts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" so you don\u2019t have to. That means saying \u2018See ya!\u2019 to reimbursements, now that your team never needs to use a personal card for a business expense.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1BifHBeunnPMK1z0BDBszG","type":"Asset","createdAt":"2024-09-13T13:35:36.203Z","updatedAt":"2024-09-13T15:22:06.809Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Visa - Inline 2","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1BifHBeunnPMK1z0BDBszG/e331b5ee7d15bb562ed65260b811483f/Blog_Inline_-_2.jpg","details":{"size":840819,"image":{"width":1600,"height":700}},"fileName":"Blog Inline - 2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Work within a complete, centralized system\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Centralization is your banking crystal ball, allowing you to plan, budget, and prioritize the money moves that make the biggest impact on your business. 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They\u2019re on a cashflow tightrope, with no toolset that supports them in a meaningful, fundamental way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay is that support.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"I hear every day how we\u2019re having a clear and direct impact on the success and survival of small businesses across the United States. Like the salon owner in California who, after 14 years, hit a serious financial crisis that threatened her business. 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They need financial visibility not only to survive and thrive, but to take care of their teams and impact those around them\u2014to ensure payroll arrives on time, mission-critical bills get paid, and cash is reinvested wisely.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We built Relay for them, and this capital will only further our ability to deliver for them.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What Relay delivers for business owners","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Small businesses have to build sustainably and manage their finances with clarity and precision, because most of them do not have deep pockets\u2014and any cash buffer they create, they do on their own. 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","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6FO6DFaho7dXQ4c28VgLM","type":"Asset","createdAt":"2024-05-28T19:48:25.813Z","updatedAt":"2024-05-28T19:48:25.813Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Series B Announcement - Relay Team","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6FO6DFaho7dXQ4c28VgLM/ae6a257077dee5d38760b25fab8ef18e/Relay_Raises_Series_B_-_Employee_Grid_-_Horizontal.jpg","details":{"size":563171,"image":{"width":1920,"height":1096}},"fileName":"Relay Raises Series B - Employee Grid - Horizontal.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Tools that finally make money make sense","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay gives business owners what they need: money management tools to get insights and make smarter decisions quickly. 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And so, in that moment, when nothing else was working, Relay was the thing that did.\\" \u2014 Madeline Pratt","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To deliver on this mission, over the past year we launched several key products that support essential small business functions, including:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cash flow control. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"We released ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/automated-savings-accounts"},"content":[{"nodeType":"text","value":"automated savings accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". In addition to Relay\u2019s 20 checking accounts and auto-transfer rules that let business owners organize and earmark cash, they can automatically set aside cash from their operating account into a savings account and earn 1.00-3.00% APY*.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clarity into team spending. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"With our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/receipt-management"},"content":[{"nodeType":"text","value":"receipt management","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" feature, Relay customers and their teams can set spending policies and collect and store receipts with every purchase, eliminating the need for expense reports.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spend management for small business teams.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" A ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/credit-card"},"content":[{"nodeType":"text","value":"smart credit card","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" just launched (currently invite-only), giving SMBs up to 1.5% cash back, and enabling team spend controls based on category, project and vendor.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Communities committed to financial intelligence","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Along with best-in-class money management tools, small businesses thrive when they are surrounded by supportive communities. That\u2019s why we\u2019ve invested heavily into a partnership with Profit First, as well as our community of small business advisors, accountants and bookkeepers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Accountants and bookkeepers.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Advisors have always been core to our mission at Relay. They are the people who guide small business owners through cash flow challenges and ensure entrepreneurial success in a material way. That\u2019s why, earlier this year, we launched a new and improved ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/advisor-partner-program"},"content":[{"nodeType":"text","value":"Partner Program for accountants and bookkeepers","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". As part of the program, we\u2019re building an Advisor Directory\u2014launching in June\u2014to connect more Relay customers with qualified advisors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Since becoming the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/official-profit-first-banking"},"content":[{"nodeType":"text","value":"official banking platform for Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", we\u2019ve seen thousands of businesses adopt Mike Michalowicz\u2019s cash management methodology on Relay\u2019s platform, and get instant clarity into their cash flow. 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I highly recommend setting up your account(s) ASAP\\" \u2014 Lydia Joy Paasch","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What comes next","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5qw1AkMRsk3GTQ1wBySaEK","type":"Asset","createdAt":"2024-05-28T19:47:24.543Z","updatedAt":"2024-05-28T19:47:24.543Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"Series B Announcement - Yoseph and Paul","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5qw1AkMRsk3GTQ1wBySaEK/deaf52d61139160677102addedf6ede0/Relay_Series_B_-_Co-Founders_-_Relay_Logo.jpg","details":{"size":278426,"image":{"width":1920,"height":1080}},"fileName":"Relay Series B - Co-Founders - Relay Logo.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We\u2019re building an all-in-one financial command center for small businesses\u2014one place where business owners can go to understand their cash position, manage back-office processes, and collaborate with their teams on key financial workflows. We\u2019re doing it in two stages.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Complete financial suite","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, many of our customers use Relay as the source of truth for their business finances, logging in on average 13+ times per month. Relay is where they go to get a pulse on their cash flow position, and they expect more financial products in this suite. We believe we have an obligation to deliver them. So, we\u2019re building an expanded suite of ","marks":[],"data":{}},{"nodeType":"text","value":"credit products","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":", with a line of credit to come\u2014offering more flexible solutions to cash flow management. 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It can be time-consuming, tedious, and frustrating. But for Sarah and Annette, the duo behind the short-term rental community platform Thanks For Visiting, the time and energy they saved with Relay was well worth the effort.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running to a branch to open a new account. Trying to find a meeting time that works for you, your co-founder, and your banking consultant. Waiting on hold while you\u2019re transferred from one customer service person to the next. Who has time for that? Certainly not Sarah Karakaian and Annette Grant. The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://thanksforvisiting.com/"},"content":[{"nodeType":"text","value":"Thanks For Visiting","marks":[],"data":{}}]},{"nodeType":"text","value":" co-founders are too busy hosting short-term rental (STR) guests, flipping houses, managing their investment properties, and running their virtual collective for other STR owners. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://thanksforvisiting.com/podcasts/"},"content":[{"nodeType":"text","value":"Their Thanks For Visiting podcast","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" just dropped its 300th episode, with their reach quickly growing from the pair\u2019s friends and family to over two million downloads.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3e8L4jOc1LgYn3JFHXcFwn","type":"Asset","createdAt":"2023-11-01T14:10:23.872Z","updatedAt":"2023-11-01T15:50:16.024Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":2,"locale":"en-US"},"fields":{"title":"Thanks For Visiting - Case Study - Firm Details - Relay","description":"Thanks For Visiting - Case Study - Firm Details - Relay","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3e8L4jOc1LgYn3JFHXcFwn/60c08e8b1242d6b45fecd8891996523c/Case_Study_-_TFV_2.1__2_.png","details":{"size":65949,"image":{"width":1600,"height":900}},"fileName":"Case Study - TFV 2.1 (2).png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Running multiple businesses while building a content empire doesn\u2019t leave Annette and Sarah a lot of time for unnecessary administrative tasks\u2014especially in an industry where delays can cost dollars. While Sarah and Annette were laser-focussed on their goals and making the moves to achieve them, their local bank was holding them back. \u201cIt was just so frustrating,\u201d says Sarah, \u201cto the point where I lost out on an opportunity on a great rate because of their slow response time.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The hospitality hook","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The two women met in 2018 and bonded over their shared views on hosting short-term rental guests. For them, it wasn\u2019t about passive income, but about actively hosting visitors and introducing them to their hometown of Columbus, Ohio.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cSome of us like the work behind hosting guests \u2014 taking these four walls, sharing them with other people, and being involved in that process,\u201d Sarah says. \u201cIf you love the hospitality side of it, this is an amazing way to build wealth through real estate. Where Annette and I really want to focus is on hospitality as the driver for your real estate strategy.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Out of this passion for hosting, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://thanksforvisiting.com/"},"content":[{"nodeType":"text","value":"Thanks For Visiting","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" was born\u2026 and little by little, Sarah and Annette found themselves a lot busier.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A need for better banking\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Sarah and Annette were reaching a boiling point in terms of the inconveniences and frustration they were being subjected to by their bank at the time. \u201cIt is 2023,\u201d says Sarah. \u201cWe should be able to go online and wire money, or go online and open a checking account or a savings account. We\'re not pulling a loan here, but it feels like that when you have to go and talk to a banker.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\'s when fellow property investors ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/real-estate-robinsons"},"content":[{"nodeType":"text","value":"The Real Estate Robinsons","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" introduced Sarah and Annette to Relay. \u201cWith our bank,\u201d explains Annette, \u201cthere was some archaic stuff with the online experience and we were like, \u2018How are you guys this big and have been doing this for this long and you\'re not making moves?\u2019 Relay was much more nimble.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Game-changing features for saving time and energy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cBeing able to open an account online is literally a game changer,\u201d says Annette. When Thanks For Visiting decided to host their own conference, they created a separate business to fund the project. \u201cI probably wouldn\'t have done that if I would\'ve had to go to the bank and sit down and open an account and all that. It was just so easy,\u201d she says.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe\'re getting ready to start a new business next week and it\'ll be, \u2018Boom! Everybody put your deposit in, transfer your funds, let\'s start this account.\u2019 We never have to go to the bank together. That is a huge challenge for so many businesses and that has been eliminated, which is awesome.\u201d -Annette Grant","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another essential feature for the team has been the ability to securely share virtual debit cards. \u201cThat\u2019s also something that\'s super easy with Relay,\u201d says Annette. \u201cThat ease of being able to issue a debit card and put the amount you want that team member to have access to is huge. I don\'t know any other banks where you could do that same-day.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Relay\u2019s features even impressed the pair\u2019s hard-to-please bookkeeper. \u201cI don\'t have to download statements and email them to her,\\" says Sarah. \\"Instead, she could just go in there and see it in real time. That was game-changing.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd"},"content":[{"nodeType":"text","value":"https://www.youtube.com/embed/6WPlGbIbjrQ?si=l0nFpW6wwVQM3SCd","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Challenge accepted","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cMy goal,\u201d says Sarah, \u201cis to buy as much real estate as possible. But to be financially organized is a challenge. When you buy a property with a partner, getting everything organized so you\'re not commingling funds and you\u2019re keeping everything clean and on track, has been much easier when you can do it yourself online. You don\'t have to go into a bank. A challenge that we\'ve been able to overcome with Relay is being able to see everything, log into one site, and actually get a really aerial view of what\'s going on super quickly.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That bird\u2019s eye view of their accounts has taken money management from a dreaded chore to a daily highlight for Annette, and not just because their balances are growing. \u201cRelay is freaking beautiful,\u201d she says. \u201cIt\u2019s aesthetically pleasing. I love logging in just because of the design. That makes me feel better too, when I want to log in and look at the money and it looks beautiful. It makes you feel better in the morning.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A \u201cno-brainer\u201d for Profit First practitioners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As practitioners of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/profit-first-method"},"content":[{"nodeType":"text","value":"the Profit First method","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", the Thanks for Visiting Team values the way Relay is set up to support their chosen financial strategy.\xa0\\"The fact that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/profit-first"},"content":[{"nodeType":"text","value":"Relay had a relationship with Profit First","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and had a strong background with real estate investors definitely piqued our interest,\\" says Sarah. \\"And then once we got to meet the team and we saw the interface, it\u2019s been this really lovely, authentic, organic relationship that\'s continued to grow.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Profit First was a natural choice for how the Thanks For Visiting founders wanted to run their business, but their former banks made implementing the method difficult because of the extra work and fees that came with opening and sustaining multiple accounts.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6BLKh31sYW71K24MCnOCIJ","type":"Asset","createdAt":"2023-11-01T14:12:59.756Z","updatedAt":"2023-11-01T14:12:59.756Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Thanks For Visiting - Case Study - Profit First","description":"Thanks For Visiting - Case Study - Profit First","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6BLKh31sYW71K24MCnOCIJ/756296d1f86984eca983984befd18682/Case-Study---TFV-3.2.jpg","details":{"size":235496,"image":{"width":1600,"height":900}},"fileName":"Case-Study---TFV-3.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"Those are the two biggest Profit First roadblocks: opening multiple accounts and then getting charged fees for all those accounts,\\" says Annette. \\"When you\'re already lean and trying to pay yourself and then you have to pay the bank $15 a month for every single account, it becomes hard to justify that.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And it\u2019s not just money that\u2019s being saved, but time, too. \u201cIt used to be a huge challenge transferring funds to do Profit First and keeping all that organized,\u201d Sarah says. \u201cThe challenge of keeping up with that stuff has now been eliminated.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Next up: more content, a bigger community","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Annette and Sarah are honest about the effort it took to close all their other business banking accounts and make the switch to Relay, but the outcome made it more than worthwhile. \u201cI don\'t regret it at all,\u201d says Sarah, \u201cbecause the freedom and flexibility that we have now within our business has been worth it, a thousand percent.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That freedom and flexibility has allowed the pair to do more of what they love best: building their TFV community and creating content that reaches, supports, and inspires their clients. They\u2019re now at the stage where they\u2019re seeing success spread through their community of like-minded short-term rental hosts.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\\"We have Tanya, who took the time to sit down and focus on her pricing strategy and tripled a nightly rate that more than paid for an entire month\'s revenue off of one change,\u201d says Sarah. \u201cAnd Miranda implemented our pet-friendly strategy and she added about $10,000 to her revenue. We teach our community and they\'re able to add thousands of dollars to their bottom line.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIt\'s a big deal when all of a sudden we see the shift from \u2018I\'m a host\u2019 to \u2018I\'m a small business owner,\u2019\u201d adds Annette. \u201cYou can just see when someone makes that shift from a hobby host to a professional host. And they get excited about the opportunity there.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A switch to Relay: preventative medicine for small business owners","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re tired of the banking headaches that come with managing your small business\u2019 finances at a traditional bricks and mortar institution, and are looking save both money and time that you could be investing in your business, Relay is here to help. We\u2019re a banking platform designed for small business and focused on the needs of entrepreneurs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"embedded-entry-inline","data":{"target":{"sys":{"id":"2V958SGt3ptRVlMhL96W5w","type":"Link","linkType":"Entry"}}},"content":[]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"With Relay, business owners have access to:\xa0","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Up to 20 free checking accounts, with no account fee or minimum balance requirements\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Auto-transfer rules for Profit First allocations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Free check payments, mobile check deposits, ACH and wires","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No hidden banking fees","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ability to open an account online in just 10 minutes\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Safe and secure banking without having to visit a physical branch\xa0","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Seamless accounting software integrations with Xero and QuickBooks Online","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Got ten minutes? Then you\u2019ve got time to sign up for a free business banking account with Relay, right ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"here","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":". Ready to switch from your old bank to Relay? Take a look at our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://support.relayfi.com/hc/en-us/articles/13830535153812--Your-checklist-for-switching-to-Relay-from-your-current-bank"},"content":[{"nodeType":"text","value":"comprehensive checklist","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" that will help guide you in making the change. 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So ","marks":[],"data":{}},{"nodeType":"text","value":"how do you get clients to switch their banking","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" and achieve this?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"White-glove onboarding, account management and resources","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many accounting and bookkeeping firms fall in love with Relay and want to get multiple clients on the platform. To navigate the conversation about making a switch, they need resources and direct support in communicating the value of Relay to their clients.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s why we pair every Partner with a ","marks":[],"data":{}},{"nodeType":"text","value":"dedicated account manager","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". They\u2019re here to teach you the ins and outs of Relay\u2019s platform, create a strategy for getting clients to switch their banking, provide white-glove onboarding for your clients, and train them on how to get the most out of Relay.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3QAbWLcPtr6r3ygmnnUliL","type":"Asset","createdAt":"2024-02-02T19:35:00.345Z","updatedAt":"2024-02-06T14:17:10.476Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":2,"locale":"en-US"},"fields":{"title":"Partner Program Launch - Onboarding graphic","description":"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3QAbWLcPtr6r3ygmnnUliL/926e62dbb3e8445726dd07f7574c8788/Blog_IMG_Process_1600x300_A__1_.png","details":{"size":354530,"image":{"width":1600,"height":384}},"fileName":"Blog IMG Process 1600x300 A (1).png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here\u2019s what every Partner can expect:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  ","marks":[],"data":{}},{"nodeType":"text","value":"Step 1","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Meet with your account manager and get a deep-dive into Relay\u2019s platform","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 2","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Account manager helps you create a strategy for switching client banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 3","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") ","marks":[],"data":{}},{"nodeType":"text","value":"Optional","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":": Account manager does a demo of Relay to clients directly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 4","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Your clients get white-glove onboarding to Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"  Step 5","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") Regular touch-base with your account manager as you grow your book of business","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We know how important it is to have someone to call on when you have questions or need help\u2014especially when it comes to your client\u2019s banking. 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","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"When banking limitations lead to negative client experiences\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fees were painful for the client, but as a large company, their main goal was getting such a large volume of payments fully off their plate. Unfortunately, Anna shared, \u201c","marks":[],"data":{}},{"nodeType":"text","value":"every week we could only do about half of the task, and then we\'d have to email the client to say you need to do this other half.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" That\u2019s not a great client experience \u2014 it\'s not really like we took it off their plate.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cEither we could jump in and try to troubleshoot this, or [we could ask the client to] call their bank or schedule the payment themselves. We\u2019d get to the point where this person needs to get paid and we can\'t do it. So, that did not feel awesome,\u201d says Anna. 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[As the client], your instinct would probably be to assume that the big bank who knows how to do banking is probably right and ","marks":[],"data":{}},{"nodeType":"text","value":"this brand new bookkeeper you\'re working with probably just doesn\'t know how to do it","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":".\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many accountants and bookkeepers are familiar with this exact situation. You might find yourself taking the blame when things go wrong with a client\u2019s financial processes \u2014 and when that happens, it becomes your job to find a solution.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Moving to Relay and looking like a rockstar\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over time, the situation escalated, and Anna knew she needed a long-term fix for this client\u2019s accounts payable problem. \u201cI wanted to own that this was a problem. I also wanted to help provide a solution because I wanted to get us to the point where [the accounts payable process] was fully owned by Accrew and the client was just getting a notification.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna originally thought of Relay as a solution because her firm has been a user since 2019. 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","marks":[],"data":{}},{"nodeType":"text","value":"Streamline the process with a better tool: Relay Pro.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" On top of the other benefits, Relay would ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/blog/what-is-ap-automation"},"content":[{"nodeType":"text","value":"simplify the accounts payable process","marks":[],"data":{}}]},{"nodeType":"text","value":" by allowing contractors to input their payment information and W-9 forms, directly into Relay. The client would be able to skip all the back-and-forth with contractors over their payment details. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best part? By using Relay for contractor payments, Anna\'s client would be able to give the Accrew team ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://relayfi.com/accountants-and-bookkeepers"},"content":[{"nodeType":"text","value":"secure, hassle-free access to their bank accounts","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" and totally hand off the AP process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the client saw how Relay could solve their pain points and create a solution, they agreed to move forward with Relay.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From there, Anna was able to work with Relay to send the client an invite to create an account. \u201cRelay support was super helpful. I just emailed them to say, \\"Hey, is there a way I can get this process started for my clients?\\" And it was great, they replied back and said, \u2018Yeah, we\'ll send an email to invite them to create an account.\u2019\u201d \ud83d\udce7","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Managing the entire AP process\xa0with Relay","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since rolling out Relay to her client, Anna has helped streamline the accounts payable process \u2014 even better, she\u2019s been able to turn her client\u2019s AP frustrations into delight, creating a better experience for everyone involved.\xa0","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6C9h8qnCme0Fqk0HIGR2KK","type":"Asset","createdAt":"2023-02-21T21:10:30.768Z","updatedAt":"2023-02-21T21:10:30.768Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":28,"revision":1,"locale":"en-US"},"fields":{"title":"Anna Ready Case Study Quote about Relay","description":"\\"Since we moved the client to Relay, other than a contractor delaying putting their payment information in, we haven\'t had any issues with scheduling payments. It\'s been fantastic \u2014 we\'ve even been able to take a few extra things off their plate,\\" says Anna Ready, Founder of Accrew. ","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6C9h8qnCme0Fqk0HIGR2KK/ad870af8123a184846931efd1f63317e/Case_Study_-_Anna_Ready_1.4.jpg","details":{"size":1095657,"image":{"width":1920,"height":1080}},"fileName":"Case Study - Anna Ready 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, accounts payable is a simple, stress-free process for Accrew and the client.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of Anna\u2019s team members processes the payments each week. Then, Anna does a quick review to ensure the payment amounts are correct (based on information from the client). Finally, she checks Relay to make sure the person received the funds that were sent to them in the correct dollar amount.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"No more back-office busywork","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When the contractors are paid through Relay, Anna\u2019s team will send them a confirmation email with a link to Relay. If they haven\u2019t shared their payment information yet, they\u2019re able to easily use that link to tell Relay where to send the money. No more back-and-forth with the contractors or the clients \u2014 and that\u2019s good for everyone.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna says that thanks to Relay, \u201cI don\'t have to feel lame every week asking the client to do half of the things that we ought to be doing. We are doing 100% of the things and just letting them know when it\u2019s happened. So yeah, it\'s been pretty awesome.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What was formerly a frustrating, difficult, and time-consuming experience can now be done in a few simple steps. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Anna and Accrew can finally say that they have solved the client\u2019s problem and eradicated the ongoing friction.\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Anna\u2019s advice to firms with accounts payable problems\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you\u2019re a bookkeeper or an accountant and you\u2019re struggling to improve a client\u2019s processes, Anna recommends ","marks":[],"data":{}},{"nodeType":"text","value":"starting with their biggest pain points","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". Think about the biggest challenges you\u2019re experiencing on a regular basis.\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Then start with quick, easy wins so you can get the client on board with the changes you\u2019re recommending. From there, you can start to optimize processes that are a little less urgent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Anna also says that ","marks":[],"data":{}},{"nodeType":"text","value":"celebrating the positive changes you make is key","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". \ud83d\udd11 \u201cSo much of change management is about clearly communicating why we\'re going to do it,\\" says Anna. \\"But you also need to clearly communicate what\'s better now because the client put the effort into change \u2014 to say, we did it, hang a banner, mission accomplished, we all did it, let\'s celebrate.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you just go, \'Okay, yeah, it\'s all good now you,\' you\'re missing both the opportunity to acknowledge that all of this was worth it and to appreciate the client for participating in the change.\u201d\xa0","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Streamlining accounts payable = customer delight\xa0","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe best thing about going through this experience is knowing we were able to solve a real problem in a lasting way,\u201d says Anna. 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Accountants and bookkeepers can ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://meetings.hubspot.com/cj-pospisil/initial-demo-from-the-website"},"content":[{"nodeType":"text","value":"book a demo","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":" with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with 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Prior to Relay, Matas worked across sales and marketing functions in fintech and financial service firms. He managed content for a cashless payments provider, Intellitix; managed partner relations at a payroll technology company, Knit People; and led sales and marketing at a cloud accounting firm, OpenDigits. He loves to nerd out about business growth strategies, business models and startups.","about":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matas is the SMB Content Manager at Relay, where he helps small business owners learn how to take control of their finances and run healthy businesses. Prior to Relay, Matas worked across sales and marketing functions in fintech and financial service firms. He managed content for a cashless payments provider, Intellitix; managed partner relations at a payroll technology company, Knit People; and led sales and marketing at a cloud accounting firm, OpenDigits. 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But while Nikole was automating accounting and scaling her firm through cloud software, banking was a \u201ccomplete nightmare\u201d \u2014 until she found Relay.","nodeType":"text"}],"nodeType":"heading-6"},{"data":{},"content":[{"data":{},"marks":[],"value":"Five years into running Momentum Accounting, Nikole has long passed the initial challenges of starting up a firm. Nowadays, she is zeroed in on eliminating accounting bottlenecks and introducing more standardization throughout her practice. It\u2019s part of her strategy to keep scaling Momentum Accounting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe\u2019re thinking about how we scale, how we standardize our chart of accounts, our app stack, and also how we work with clients. In the beginning, it was like, \u2018Hey, I\u2019ll work with any client that wants to pay me.\u2019 Now, we can be a little more opinionated and know that not every client is a good fit for us.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole leads a team of seven\xa0\u2014 all remote, distributed across the United States. \u201cWe\'re very niched in terms of the client size that we work with and where they are in their business journey,\u201d Nikole explains. Her ideal clients are professional service providers and SaaS companies that are \u201cat an inflection point in their business,\u201d meaning they\u2019re hiring employees and focusing on growing their top-line revenue. When a client engages Momentum Accounting, Nikole\u2019s priority is to create the infrastructure needed to support their growth. The firm\u2019s services include outsourced accounting, advisory CFO services, bookkeeping, and payroll.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3M8t0PAYqABRcZJrNuDE74","type":"Asset","createdAt":"2021-09-23T12:10:12.331Z","updatedAt":"2022-08-23T01:07:52.035Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":19,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Firm Profile","description":"Momentum Accounting firm\'s profile. Founded in 2016, today they\'re a remote team of seven. Sevices include outsourced accounting, bookkeeping and payroll, as well as advisory CFO services.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3M8t0PAYqABRcZJrNuDE74/9e382e0eec9b51f067b857dab3b6a028/Case_Study_-_Nikole_Mackenzie_1.2.jpg","details":{"size":68557,"image":{"width":1800,"height":825}},"fileName":"Case Study - Nikole Mackenzie 1.2.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"As the firm grew, streamlining her clients\u2019 accounting process became increasingly important.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Discovering an \u201cimmense opportunity\u201d to automate accounting","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Like many cloud accountants, Nikole first cut her teeth at a traditional CPA firm. \u201cI did the whole tax and audit thing,\u201d she says, \u201cthen the firm added on outsourced accounting, and I moved to that department.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole started to feel at home. \u201cI fell in love with working in the day-to-day operations with businesses.\u201d This part of the accounting world was more dynamic and presented many more opportunities than the compliance side. She was introduced to Xero and saw how cloud technology was transforming the industry. But Nikole thought that the firm where she worked could\u2019ve done things differently. \u201cI didn\u2019t like how the firm was run like a traditional CPA firm. I thought that there was a better way to run an outsourced accounting department. So I left.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"She started on her own. Committed to running a modern firm, Nikole dove deep into accounting automation in her first year of operations. \u201cI went to Xerocon, and that\u2019s when I got introduced to this world of having Xero and QuickBooks Online as the general ledger with an open API and all of these applications that integrate with it. I saw this immense opportunity to automate many accounting tasks that historically were done very manually.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Leveraging automation would make her more competitive. If Nikole eliminated manual processes, she could focus on advisory, deliver more value to her clients, and reduce her operating costs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole wanted to use best-in-class technology to achieve this. \u201cIn the first couple of years, I probably tried out a hundred different apps. I was like an app addict,\u201d she jokes. \u201cI\u2019ve toned it down since.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The firm\u2019s toolset became more standardized as it grew. Momentum Accounting now works with a \u201ccore app stack,\u201d and all of the firm\u2019s team members are deeply knowledgeable about each app.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The last barrier to standardization and automation was business banking.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Challenges with managing and administering each client\u2019s business bank","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"\\nNikole insists on building standardized processes because it makes her firm more cost-effective.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe run into issues when we can\u2019t make decisions about the client\u2019s processes and technology. Our team then has to stumble through, change our documented workflows, uncover things from scratch, and try to adapt to a new process.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having to develop a new process for a new tool with every new client obstructs you from scaling. And business banks were forcing Momentum Accounting into precisely that situation. \u201cWe usually discover that a client has issues with their bank immediately because we run into friction right away \u2014 during the onboarding process.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3H5V9fydKWXueyhskq3HL7","type":"Asset","createdAt":"2021-09-23T12:13:10.712Z","updatedAt":"2022-08-23T01:11:10.752Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":16,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Friction from Banks","description":"Relay case study with Momentum Accounting. Why banks create administrative work for firms: no access to client\'s bank, poor data quality, and lack of flexibility.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3H5V9fydKWXueyhskq3HL7/0e6c5bfc0ca9206f934f415b5494f901/Case_Study_-_Nikole_Mackenzie_1.3.jpg","details":{"size":119843,"image":{"width":1800,"height":825}},"fileName":"Case Study - Nikole Mackenzie 1.3.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"The three most significant points of friction: lack of access to client banking, poor data quality, and lack of flexibility. Here\u2019s what these issues meant for the firm:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"No access to banking","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting access to client banking has always been a challenge for firms, Momentum Accounting included. \u201cWe\'ll be trying to get view-only access to the client\u2019s bank account, and the client is frustrated because they can\'t get it to us,\u201d Nikole explains. \u201cAnd we can\'t start doing our job until they give it to us.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As a result, clients either share bank logins with their advisor, or the advisor has to chase clients for bank statements. In the first scenario, the firm takes on liability risks; in the second, it\u2019s stuck with a lot of back-and-forths.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This initial friction point usually starts surfacing other problems. Nikole explains: \u201cNormally during this time, the client goes, \u2018Oh, I hate this bank,\u2019 and they\'ll start describing other issues they\'re having.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Poor data quality","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the other issues clients describe: incomplete or unreliable data. Connecting the bank feed to your accounting system is typically pitched as a timesaver, yet it can create more work in practice. \u201cThere\u2019s a lot of friction in the bank feed not working,\u201d says Nikole.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Often, banks send incomplete or inaccurate data into the accounting system.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cIt will just be some random transaction description. We have no idea what the transaction is. We\'ll have this long list of transactions to send to the client and ask, \u2018Hey, what was this?\u2019 Then when it comes to filling out the vendor information in accounting, that\u2019s a very manual process, because again, the description fields are inconsistent.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"Lack of banking flexibility","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"Perhaps the biggest problem for Momentum Accounting was that traditional business banks lack flexibility and rarely \u2014 if ever \u2014 make it easy to delegate banking tasks.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole plays Golden Gate Australian Rules Football (GGAFL) and works as a treasurer for the league. Since the team, the board, and the leadership team changes every year, everyone loses access to their cards after each change. \u201cNobody would know how to access the bank account. People were paying things out of pocket and then trying to get reimbursed for it. It would take me hours to do these reimbursements.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On top of that, the old president \u2014 who no longer lived in the United States \u2014 was still the only person with full access to banking. \u201cWe would try to log into the bank account. It would send a two-factor authentication code to him. He\'s in Australia, so we\u2019re juggling time zones while I\'m trying to log in. If we want to send out a credit card to someone, he has to physically be at the bank to do it. The mail would go to his old address, which we weren\u2019t able to update. It was just a complete nightmare where nobody could get access to anything or use the funds because it was all contingent on him.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In other words, the way traditional banks worked was poles apart from how Nikole wanted to run her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finding Relay and speeding up the reconciliation process up to 5x","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Having accelerated her success thanks to emerging technology and automation, Nikole was always looking for tools to streamline her accounting process further. Then in 2019, she met Relay\u2019s Co-Founder & CEO Yoseph West at Xerocon San Diego.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole tried out Relay herself first. \u201cEvery app I roll out for my clients, I always try myself first. I opened a Relay account for myself and put a few thousand dollars in there. The very first thing that I was focused on and was really impressed with was just how cleanly the data came into Xero.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole explains why getting clean banking data was such a game-changer:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWhen transactions come from Relay to the accounting system, you get to see the transaction type. So you know it was a restaurant, home goods, or whatever without having to call the client and track things down. You can also see which team member made the transaction, so you can go directly to them if you have a question. Then, it comes through with the vendor filled out. It will say: \u2018Starbucks. Restaurant. Spent by Nikole Mackenzie.\u2019 So you can sort transactions by \u201cRestaurant\u201d and then mass code all of those to meals.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"At scale \u2014 when you\u2019re dealing with hundreds or thousands of transactions per month \u2014 having rich and accurate banking data is a huge time-saver. By Nikole\u2019s estimation, \u201creconciling bank transactions when the bank is Relay is up to five times faster compared to a traditional bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2dHO3BGJzwMnz5WLcGZwqu","type":"Asset","createdAt":"2021-09-23T12:22:01.325Z","updatedAt":"2022-08-23T01:11:40.696Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":21,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Data Comparison","description":"Relay case study with Momentum Accounting. Comparing data quality of most banks vs. Relay. While the majority of banks provide you with limited and incomplete data, Relay sends enriched data to your accounting system.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2dHO3BGJzwMnz5WLcGZwqu/1445a6e99aa4b92fee9f43624e4cdfd1/Case_Study_-_Nikole_Mackenzie_1.4.jpg","details":{"size":110429,"image":{"width":1800,"height":1118}},"fileName":"Case Study - Nikole Mackenzie 1.4.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"While Nikole\u2019s initial focus was on data quality, she soon found other advantages to using Relay. It was easy to add new accounts. She could manage multiple clients from a single dashboard. Issuing cards was a breeze and simplified expenses for her teams.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now a Relay power user, Nikole is more aware of how much time traditional banks cost her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Getting clients to switch to Relay by putting a cost on inefficient processes","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of the administrative work created by traditional banks adds up to a noticeable increase in operating costs. So Nikole prefers that clients use Relay as an operating account for business banking. And when they don\u2019t, Nikole has to assess the potential costs this incurs on her firm.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cWe have a conversation with clients that use inefficient banks or apps. We explain that their bank feed doesn\'t work, that it\'s a manual process for us, and that this is reflected in pricing. But if we get you on a bank that integrates with the accounting software, then the price will go down.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"As Nikole tells it, many clients don\u2019t like their bank as it is \u2014 but putting a cost to the inefficient process motivates them to switch. \u201cWe had a client that switched banks because we went through this exercise with them. They were on a really old bank that didn\'t integrate with Xero. We had to call the bank constantly. The client was frustrated with the bank as well, but nobody would make the change. There was no catalyst for that change until we raised their prices \u2014 then it was like, \u2018Okay, I should do this now.\u2019\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Nikole\u2019s advice to firms who want to streamline accounting","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Of course, not everyone is ready to switch banks right away. Some businesses, Nikole finds, hesitate to open a digital-first banking account.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"But Nikole sees it differently. \u201cI think some people are hesitant to move because they want to know that there\'s a bank they can physically walk into. But we explain that if a bank is good, you should never need to talk to anyone or go into the bank. Technology allows you to do everything seamlessly.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2m36ZFMMtrnve2ChJhXX37","type":"Asset","createdAt":"2021-09-23T12:25:54.844Z","updatedAt":"2022-08-23T01:12:06.209Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Case Study with Momentum Accounting - Nikole Quote","description":"Relay case study with Momentum Accounting. \\"Reconciling bank transactions with Relay is up to 5x faster compared to a traditional bank. There\'s no reason a business shouldn\'t be on Relay \u2014 it just makes everything so much faster.\\"","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2m36ZFMMtrnve2ChJhXX37/650e0874464d3a911aeed035c6ea52a8/Case_Study_-_Madeline_Pratt_1.5-1.jpg","details":{"size":135499,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Madeline Pratt 1.5-1.jpg","contentType":"image/jpeg"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"As for those that have a loan with their existing bank, Nikole tells them to keep it. \u201cYou can keep that line of credit, we explain, but let\'s use Relay for all your operating expenses. So we can use features like virtual debit cards and the ","nodeType":"text"},{"data":{"uri":"https://relayfi.com/blog/accounts-payable-software-small-business"},"content":[{"data":{},"marks":[],"value":"bill pay module","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". But, you can still keep the relationship with your existing bank.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For those on the fence, Nikole suggests starting with a small deposit just to get the hang of it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"\u201cI would say move $500 to your Relay account for your own business, or a side hustle you have. Issue yourself a physical debit card. Issue yourself a virtual debit card. Pay a bill through the bill pay module. Integrate it with your accounting software, and just try it out.\u201d","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"There\u2019s no reason a business shouldn\u2019t be on Relay, Nikole explains, because \u201cit just makes everything so much faster.\u201d","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Want to try Relay?","nodeType":"text"},{"data":{},"marks":[],"value":"\xa0","nodeType":"text"},{"data":{"uri":"https://app.relayfi.com/register"},"content":[{"data":{},"marks":[],"value":"Sign up for a free account","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Accountants and bookkeepers can also\xa0","nodeType":"text"},{"data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo"},"content":[{"data":{},"marks":[],"value":"book a demo","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"\xa0with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","nodeType":"text"}],"nodeType":"heading-6"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"heroImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"2rRc2CPkgGiHq41dZoyHrJ","type":"Asset","createdAt":"2022-08-19T19:46:58.919Z","updatedAt":"2022-08-19T21:02:09.835Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":2,"locale":"en-US"},"fields":{"title":"Case Study - Nikole Mackenzie","description":"Nikole Mackenzie, Founder & President of Momentum Accounting.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/2rRc2CPkgGiHq41dZoyHrJ/32330c4e20efa5978293a1b74ee432b6/Case_Study_-_Nikole_Mackenzie_1.1.jpg","details":{"size":156958,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Nikole Mackenzie 1.1.jpg","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"43oWZEwROt5IELEzhBzBbR","type":"Entry","createdAt":"2021-09-03T12:34:36.667Z","updatedAt":"2022-08-23T01:20:20.946Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":227,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogEntry"}},"locale":"en-US"},"fields":{"author":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4P5N5C3S1RkZxcikbctAHq","type":"Entry","createdAt":"2021-09-03T12:23:39.790Z","updatedAt":"2022-06-08T18:07:16.549Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":90,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"locale":"en-US"},"fields":{"name":"Matas Pranckevicius","jobTitle":"Content Manager","company":"Relay","bio":"Matas is the SMB Content Manager at Relay, where he helps small business owners learn how to take control of their finances and run healthy businesses. Prior to Relay, Matas worked across sales and marketing functions in fintech and financial service firms. He managed content for a cashless payments provider, Intellitix; managed partner relations at a payroll technology company, Knit People; and led sales and marketing at a cloud accounting firm, OpenDigits. He loves to nerd out about business growth strategies, business models and startups.","about":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matas is the SMB Content Manager at Relay, where he helps small business owners learn how to take control of their finances and run healthy businesses. Prior to Relay, Matas worked across sales and marketing functions in fintech and financial service firms. He managed content for a cashless payments provider, Intellitix; managed partner relations at a payroll technology company, Knit People; and led sales and marketing at a cloud accounting firm, OpenDigits. He loves to nerd out about business growth strategies, business models and startups.","marks":[],"data":{}}]}]},"slug":"matas-pranckevicius","linkedIn":"https://www.linkedin.com/in/mataspr/","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"6k0azj0C6k8F5kGSxqf4xc","type":"Asset","createdAt":"2021-09-02T21:43:07.627Z","updatedAt":"2021-09-02T21:43:07.627Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"Matas Pranckevicius Headshot","description":"Matas Pranckevicius Headshot","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/6k0azj0C6k8F5kGSxqf4xc/99c6e6d0a2fd87bfd7a04fdef7fea0ee/Matas-Headshot.png","details":{"size":71274,"image":{"width":251,"height":244}},"fileName":"Matas-Headshot.png","contentType":"image/png"}}}}},"metaDescription":"Relay case study with Salma Hatim, Founder & Managing Director at PROKONECT. Salma started her advisory firm remotely. She quickly learned that no access to a physical branch also meant no service from her bank \u2014 until she found Relay.","category":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"4znwndNfx7gYGSZhOOU5oH","type":"Entry","createdAt":"2021-09-02T21:43:44.347Z","updatedAt":"2022-11-24T17:41:43.021Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogCategory"}},"locale":"en-US"},"fields":{"category":"Case Study","hub":["None"]}},"title":"How banking with Relay helps Salma\u2019s remote clients avoid month-long delays","slug":"How-banking-with-Relay-helps-Salma\'s-remote-clients-avoid-month-long-delays","description":"Salma started her advisory firm remotely. She soon learned that no access to a physical bank branch also meant no service \u2014 until she found Relay.","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1L1lnklmyB9og4NXx7YUcd","type":"Asset","createdAt":"2021-09-02T21:58:40.137Z","updatedAt":"2021-09-03T15:05:41.483Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":27,"revision":2,"locale":"en-US"},"fields":{"title":"Salma Hatim PROKONECT - Relay Case Study","description":"Case Study: How banking with Relay helps Salma\'s remote clients avoid month-long delays","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1L1lnklmyB9og4NXx7YUcd/349c3154bdc98155adadc03c820c90eb/x2-Salma-Case-Study-Title-Image.png","details":{"size":933833,"image":{"width":3000,"height":1500}},"fileName":"x2-Salma-Case-Study-Title-Image.png","contentType":"image/png"}}},"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"A Texas-licensed CPA, Salma Hatim started her remote advisory firm, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://prokonect.com/"},"content":[{"nodeType":"text","value":"PROKONECT","marks":[{"type":"underline"}],"data":{}}]},{"nodeType":"text","value":", while residing in Morocco. She quickly learned that no access to a physical branch also meant no service from her traditional bank, even when she needed it most.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s drive to help small businesses","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma\u2019s decision to pursue accounting came early in life, while she was still in high school. She had witnessed her parents struggle financially as they tried to start and keep multiple small businesses afloat \u2014 only to run into cash flow challenges. Salma recalls walking into one of these businesses, a medical supply dealership, and coming into contact with an accountant for the first time in her life.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI knew that my parents were struggling with their finances. One day I walked in and saw this guy with a stack of invoices and a calculator. My dad explained that this man was an accountant, that he was working on fixing our numbers. And immediately, I saw this accountant as a hero who was going to save my parents\u2019 business. And that day, I swear, I decided that this was what I wanted to do, to be an accountant.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma went on to become a CPA, working at PwC for seven years. The nature of her work directed her focus to enterprise clients, and eventually, Salma started to feel that she\u2019d have a bigger impact helping small businesses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A 100% remote, tech-enabled advisory firm","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When Salma decided to start her business, she had two goals. First, find a way to operate in both of the countries she calls home: Morocco, where Salma spent her childhood, and The United States, where she earned her CPA and spent years working. And second, Salma wanted to work on something that would let her directly impact clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At first, Salma considered starting a traditional outsourcing business. But as she was exploring how to set up her operations, Salma discovered a world of accounting apps and tools that she had never been exposed to during her time at PwC.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI started looking at what I needed to manage my business and to serve clients, and I realized that there were all of these tools that I didn\u2019t know about. As I dug deeper reading, watching videos, and connecting with people on LinkedIn, I realized that there was this big opportunity to provide accounting and financial strategy services remotely.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That\u2019s how Salma landed on the idea behind PROKONECT: a 100% remote, tech-enabled accounting and advisory firm. The firm provides monthly accounting, advises clients on financial strategy, and streamlines financial operations.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"No process with a single point of failure","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One year in, PROKONECT has grown from a solo operation to a team of five. The firm works primarily with tech startups and eCommerce businesses, and much like the firm itself, many of PROKONECT\u2019s clients are remote.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe started right at the beginning of the Covid-19 era, so we basically didn\'t have to convince companies that working with a remote accounting firm was strategic, something that could add value to their business.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the core of Salma\u2019s strategy is the idea that no process should have a single failure point or be reliant on a single team member. \u201cA firm needs people, but it shouldn\u2019t need a specific person,\u201d says Salma. \u201cAt PROKONECT, this means everything is well-documented, and anyone can pick up a job and do it just as well as the next person.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"bWF6t7kMdsRSJGGppN8dl","type":"Asset","createdAt":"2021-09-02T22:08:53.553Z","updatedAt":"2022-08-23T01:16:30.233Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":19,"revision":3,"locale":"en-US"},"fields":{"title":"PROKONECT Firm Profile","description":"PROKONECT is an advisory firm launched in 2020. Services include monthly accounting, financial strategy, and financial operations.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/bWF6t7kMdsRSJGGppN8dl/53cf957814e35d2a21b972e889d7c0f5/Case_Study_-_Salma_Hatim_1.2.jpg","details":{"size":69281,"image":{"width":1800,"height":825}},"fileName":"Case Study - Salma Hatim 1.2.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But no matter how well-documented your process is, it\u2019s hard to stick to it when your tools actively work against you \u2014 especially when one of those tools is unreliable banking.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma learned this early on. \u201cI wanted to work on my business, not in it. And our traditional bank made that a big challenge for us.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Starting with a traditional bank account","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma spent six months preparing before signing her first client. She\u2019s a Texas-licensed CPA but was starting her business remotely from Morocco. Registering PROKONECT in the US posed no problems, despite being remote. Issues began when Salma tried to open a bank account. She picked a traditional bank, expecting that it would welcome her business. Instead, she was met with delays.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was expecting to go to the bank, say, \'Hey, I want a bank account,\' and that a bank would be happy to welcome me, and that\'s it! But it took a month of back-and-forths before my firm had an account.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And once set up, Salma started running into day-to-day banking issues.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThere was always some sort of challenge. Whether I was sending an ACH or a wire transfer, I always had to pick up the phone and call the bank. And when you call a traditional bank, you wait for an hour on the phone, and then you don\'t even know if you\u2019ll be lucky to get somebody on the other line.\u201d","marks":[],"data":{}}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Getting locked out of banking completely","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Soon after opening her account, Salma needed to change her phone number. Doing this, it turns out, would lock her out of her business account completely, with no options to unlock the account remotely.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cIf you get locked out of a traditional bank \u2014 say you don\'t remember your password, or you change your phone number and can\u2019t verify your account, the bank will not resolve this for you remotely. That\u2019s what happened to me. I changed my phone number, wasn\'t able to verify my account, and wasn\'t able to log in and access my funds.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite countless phone calls and emails to the bank, her account stayed locked. Now, she had to forego payments from her clients while also using her personal funds to cover invoices. \u201cI ended up paying for invoices from my personal account,\\" Salma explains. \\"We practice what we preach, and that\'s not something you\'re supposed to do as a business owner. But the bank put us in this situation where we had no other choice.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"All other options exhausted, Salma had to fly from Morocco to the United States to unlock her funds.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma was without a bank account for another month before it was unlocked. And even after the bank unlocked her account, fixing the mess created by mixing personal and business banking added another month to Salma\u2019s timeline.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Switching to Relay for fast remote onboarding and personalized customer service","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Realizing that a traditional bank would continue slowing her down, Salma wasted no time finding an alternative.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI had heard about Relay from someone at a Xero networking event. We have a small Houston community \u2014 I recall someone mentioning it, and that\'s how it all started.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She reached out to Relay\'s team. From there, Relay streamlined Salma\u2019s onboarding process and she had a new account before getting back to the United States to close her old one.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI was approved the same day at Relay. Then, I went to Houston and closed my traditional bank account. That was the first thing I did after my flight landed. I\'ve been with Relay ever since, and it has been the best banking experience I could\'ve asked for.\u201d","marks":[],"data":{}}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"5pWmFqtT9YwwTluyXdq9Aj","type":"Asset","createdAt":"2021-09-02T22:13:18.515Z","updatedAt":"2022-08-23T01:13:53.050Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":3,"locale":"en-US"},"fields":{"title":"Relay Remote Banking Timeline vs Traditional Bank","description":"Using a traditional bank delayed the firm by 3 months \u2014 whereas with Relay, PROKONECT was able to set up in a few business days.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/5pWmFqtT9YwwTluyXdq9Aj/52c02db09230dc2cc9b4221f9c89588f/Case_Study_-_Salma_Hatim_1.3.jpg","details":{"size":125252,"image":{"width":1800,"height":1541}},"fileName":"Case Study - Salma Hatim 1.3.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma considered other digital banks as well but found them as unresponsive as their traditional counterparts. \u201cI wasn\'t getting any responses from their customer support. In contrast, Relay was a complete lifesaver. I struggled with multiple different options, and Relay was the only one that delivered,\u201d says Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Having experienced banking challenges while starting PROKONECT, Salma has a more in-depth understanding of her client\u2019s pain points and the potential risks they take with traditional banks.\xa0","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cI\'m glad I\'m out of it, and I will never go back to a traditional banking system.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, she helps her clients understand those risks and avoid banking pitfalls.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Taking clients from chaos to clarity and confidence","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma designed her firm\u2019s onboarding process to take clients from what is often a state of chaos toward clarity and confidence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cWe work with a lot of startups, which are often chaotic. One of our huge differentiators is how we optimize systems for our clients.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Every client is unique, facing challenges specific to their industry and their business. Before pitching anything, PROKONECT takes the time to dive deep and build a complete picture of the client\u2019s business.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cThe first thing we do is understand the client\u2019s pain points in terms of systems and processes. Once we get to know their business model and see their pain points, we craft an accounting process to fit their needs. We identify the right technology and how everything should integrate.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Salma, streamlining the client\u2019s financial operations is always step one. The accounting work follows after. Not only does this simplify her team\u2019s work \u2014 it also sets the client up for success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cOnly once this is done do we start thinking about accounting, bookkeeping, financial reporting, financial strategy, budgets, forecasts, KPI measurements, and everything else.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Introducing Relay in the client\'s \u201capps map\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To present their recommendations to clients, PROKONECT puts together an applications map. \u201cThis \u2018apps map\u2019 shows the client what their accounting system will look like,\u201d explains Salma.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma then connects the dots for her clients. \u201cWhen we present the client their apps map, the typical response is, \u2018Oh, I didn\'t know about that. That\'s interesting. Oh, wow. Oh, okay.\u2019 Light bulb, light bulb, light bulb.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"3GWwXgPVaWlelv8GRqvp3A","type":"Asset","createdAt":"2021-09-02T22:16:46.672Z","updatedAt":"2022-08-23T01:14:18.357Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":3,"locale":"en-US"},"fields":{"title":"Sample apps map by PROKONECT","description":"Apps map by PROKONECT, showing how different software integrates with Xero. Includes Relay, Hubdoc, Gusto, Fathom, PayPal, GoCardless.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/3GWwXgPVaWlelv8GRqvp3A/e5c5e8c2a4f321970699729caa83bf3d/Case_Study_-_Salma_Hatim_1.4.jpg","details":{"size":76324,"image":{"width":1800,"height":825}},"fileName":"Case Study - Salma Hatim 1.4.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Salma includes Relay in her apps map to address specific problems or risks. For PROKONECT, these typically include:","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Remote businesses with distributed teams or ","marks":[],"data":{}},{"nodeType":"text","value":"no access to a nearby branch","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Companies that require ","marks":[],"data":{}},{"nodeType":"text","value":"multiple checking accounts","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to manage cash flow","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Clients that want to ","marks":[],"data":{}},{"nodeType":"text","value":"outsource their AP management","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" to PROKONECT","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"\u2022 Clients looking to equip their employees with ","marks":[],"data":{}},{"nodeType":"text","value":"business debit cards","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Salma presents the map to the client, she explains exactly how each application fits into the larger picture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How Salma positions Relay when speaking to clients","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In Salma\u2019s view, you must always do what is best for your client. Because of this, Salma pitches solutions only when she knows that there\u2019s a real need. \u201cIf you can articulate how something will save the client time and money, how it will make things stress-free, or why it\u2019s a good foundation for growth,\u201d Salma explains, \u201cthen clients are ecstatic to change to something more digital.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not everyone buys into the pitch right away. \u201cSome people maybe have trust issues when they hear about an online bank,\u201d says Salma. But what counts is advising clients correctly, even if they\u2019re hesitant. Some may change their minds later, \u201cWe had a client message us saying that they want to move to Relay, that they\u2019re tired of going to Houston to unlock their account.\u201d","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She\u2019s explicit about the trade-offs with her clients. \u201cWhen clients need banking, they have two choices: go with the hassle of a traditional bank and expect long wait times and a lot of back-and-forths to get an account \u2014 especially if you\'re not physically in the US \u2014 or go with Relay. I recommend Relay because it will take a day to get an account, and you will get outstanding customer support from day one.\u201d","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"1xtJ1I55UHUW9nbsK1hFgp","type":"Asset","createdAt":"2021-09-02T22:18:54.011Z","updatedAt":"2022-08-23T01:14:41.762Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":20,"revision":3,"locale":"en-US"},"fields":{"title":"Salma Hatim on Relay","description":"Relay\'s long-term vision is perfectly aligned with a tech-driven accounting firm.","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/1xtJ1I55UHUW9nbsK1hFgp/b9714cf0d54f9f0669d383d63448bff7/Case_Study_-_Salma_Hatim_1.5.jpg","details":{"size":133114,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Salma Hatim 1.5.jpg","contentType":"image/jpeg"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond enabling PROKONECT and their clients to bank remotely, Salma sees Relay as a way to run a more efficient firm.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Putting advisors at the center of banking","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As Salma sees it, the real value of Relay is working with a banking partner that understands the needs of accountants and bookkeepers.","marks":[],"data":{}}]},{"nodeType":"blockquote","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\u201cRelay has done something critical in building for accountants and financial advisors. ","marks":[],"data":{}},{"nodeType":"text","value":"We already do so many things manually with other banks \u2014 and Relay automates all that administrative work","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":". And when you provide easy access to the accountant, you\u2019re in effect saying to the business: accountants are the ones that you need to trust to handle these transactions.\u201d","marks":[],"data":{}}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As her business grows, Salma is thinking long-term. And that means partnering with apps that share the same long-term vision and enable her firm\u2019s growth. \u201cRelay\'s long-term vision is perfectly aligned with a tech-driven accounting firm. You are going to grow alongside the tools you use, and with Relay, it\'s like working with a partner, not just an app.\u201d","marks":[],"data":{}}]},{"nodeType":"heading-6","data":{},"content":[{"nodeType":"text","value":"Want to try Relay?","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://app.relayfi.com/register"},"content":[{"nodeType":"text","value":"Sign up for a free account here","marks":[],"data":{}}]},{"nodeType":"text","value":". Accountants and bookkeepers can also ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://meetings.hubspot.com/matas-pranckevicius/book-a-relay-demo"},"content":[{"nodeType":"text","value":"book a demo","marks":[],"data":{}}]},{"nodeType":"text","value":" with our team \u2014 you\'ll get a comprehensive walkthrough of how to get the most out of Relay\'s business banking when collaborating with clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"heroImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"kan7h0im4kyl"}},"id":"55s00DFSV0lMoQd9PjMS5N","type":"Asset","createdAt":"2022-08-19T19:44:18.176Z","updatedAt":"2022-08-19T21:01:44.373Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"revision":2,"locale":"en-US"},"fields":{"title":"Relay Case Study - Salma Hatim","description":"Salma Hatim, CPA, Founder and Owner of PROKONECT","file":{"url":"//images.ctfassets.net/kan7h0im4kyl/55s00DFSV0lMoQd9PjMS5N/0d54854d60edcaa13c41b343b08d44ef/Case_Study_-_Salma_Hatim_1.1.jpg","details":{"size":133301,"image":{"width":1800,"height":1013}},"fileName":"Case Study - Salma Hatim 1.1.jpg","contentType":"image/jpeg"}}}}}],"postList":[{"title":"How Anna solved a $200,000 accounts payable problem with Relay Pro","id":"accrew-case-study","description":"Learn how Accrew founder Anna Ready solved a $200,000 accounts payable problem and created customer delight with Relay. 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