Explore the powerful features of Relay Banking that can transform how you manage your business finances.

From multiple accounts to automated transfers and team management, Relay offers everything you need for efficient financial operations.

A New Money Management Platform

Do you know exactly how much you’re earning, spending, and saving in your business?

If not, your banking habits might be to blame.

While accounting is crucial, it’s your day-to-day understanding of where your cash is going that can make or break your financial goals.

Why Choose A Financial Technology Company Like Relay over Traditional Banks

In this article, we’ll explore Relay Banking. Relay is a business banking platform designed to simplify your financial management and help you achieve your business objectives.

Why Choose Relay Over Traditional Banks?

Traditional banks often come with headaches such as fees, poor customer service, and outdated technology.

Relay, a fintech company partnering with FDIC-insured banks, offers cutting-edge technology and convenience without the drawbacks of traditional banking.

Here’s why Relay stands out:

Multiple Account Functionality

One of the standout features of Relay? The ability to open up to 20 checking accounts and two business savings accounts seamlessly. These accounts have separate account and routing numbers, allowing you to allocate funds for different purposes:

• Tax Savings Account: Set aside funds specifically for tax liabilities, ensuring you’re prepared when tax season arrives.
• Operating Expenses Account: Keep day-to-day business expenses separate, simplifying financial tracking and management.
• Business Savings Account: Build a financial cushion for future investments or emergencies.

This level of organization ensures you have a clear understanding of your finances. Which makes it easier to manage and plan for the future.

Easy Setup and Management

Opening and managing multiple accounts in Relay is straightforward. You can add new accounts with just a few clicks, assign them nicknames, and determine access permissions for team members.

The process is user-friendly and designed to enhance your financial efficiency.

Automation and Efficiency

Relay allows you to automate your banking operations, saving you time and reducing the risk of human error. You can set up auto-transfer rules to move money between accounts based on your business needs.

For example, you can automatically allocate a percentage of your income to a tax savings account. This makes sure you’re always prepared for tax obligations.

Profit First Integration To Manage Your Cash Flow

Relay is a Profit First certified bank. This means Relay supports the Profit First methodology that helps businesses prioritize profit by allocating funds into different accounts.

You can easily implement Profit First rules in Relay. Automate the process of distributing income to various accounts based on predefined percentages.

To learn more ways to help track your cash flow in your business check out my Deluxe Cash Flow Forecast Template that comes with a Bonus on how to Improve your Cash Flow Guide! Learn more here about managing and improving cash flow in your business.

Team Management Features

Relay offers robust team management functionality, allowing you to grant specific access levels to employees and team members. You can:

• Set Permission Levels: Assign different roles and permissions to team members based on their responsibilities.
• Manage Physical and Virtual Cards: Issue physical or virtual cards linked to specific accounts, set transaction limits, and monitor spending.
• Control Access: Easily change PIN numbers, freeze cards, or revoke access as needed. This ensures security and control over your business finances.

Receipt Capture Functionality

Relay’s receipt capture functionality helps keep your business organized by automatically linking receipts to expenses.

This feature is particularly useful for managing team expenses and ensuring you have all the necessary documentation for tax purposes.

Employees can capture receipts in real time, reducing the administrative burden of manual receipt tracking. 

For a full run-down of the receipt capture functionality, see this video: How to capture and manage receipts (Relay Banking Tutorial)

How Relay Transformed My Business Finances

As a CPA and profit strategist, I switched to Relay because it provided the tools I needed to manage my business finances more effectively.

Here are the top three benefits I discovered:

1. Seamless Account Management: The ability to open multiple accounts and manage them effortlessly transformed how I handled my business finances. I could easily allocate funds for taxes, operating expenses, and savings, ensuring a clear financial overview.
2. Automated Transfers: Setting up auto-transfer rules streamlined my financial operations. I could automate the allocation of income to various accounts based on my Profit First strategy. Thereby reducing manual work and ensuring consistency.
3. Team Management and Security: The team management features allowed me to delegate financial tasks to my team securely. I could issue cards with specific limits, monitor spending, and ensure that everyone had the access they needed without compromising security.

I documented all of my observations here and show you behind the scenes in this YouTube video: Why I switched to Relay Banking. 

Conclusion

Relay Banking offers a comprehensive suite of features designed to simplify and enhance your business financial management.

From multiple account functionality and automation to robust team management and receipt capture, Relay provides the tools you need to stay organized and efficient.

By leveraging these features, you can focus more on growing your business and less on administrative tasks.

Click my partner link to sign up for a free Relay account and get $50 once you deposit your first $100 (for a limited time, the deal is subject to change).

FAQs

How do I sign up for a Relay account?

Visit https://jamietrull.com/relay to sign up for a Relay account. Use this link to receive an extra $50 after depositing $100 into your account.

Is Relay Banking suitable for small businesses?

Yes, Relay Banking is designed to meet the needs of small businesses, offering features like multiple accounts, automation, and team management to simplify financial operations.

Can Relay handle electronic receipts?

Absolutely. You can forward electronic receipts to a designated email address provided by Relay, and they will be automatically matched to the relevant expenses in your account.

What is the Profit First methodology?

Profit First is a financial management strategy that prioritizes profit by allocating funds into different accounts. Relay supports this methodology, allowing you to implement Profit First rules seamlessly.

How does Relay ensure the security of my business finances?

Relay offers robust security features, including permission levels, card management, and access controls, ensuring your business finances are secure and well-managed.

Can I automate transfers between Relay accounts?

Yes, Relay allows you to set up auto transfer rules, automating the movement of funds between accounts based on your business needs.

Video Transcript

Please note that the following is a direct transcript and has not been edited for errors or omissions. It is a verbatim representation of the spoken words and may include colloquial language, grammatical errors, or other inconsistencies. We have chosen to provide the transcript in its raw form to preserve the authenticity of the conversation. We recommend cross-referencing with the original audio or video source for complete accuracy.

Do you know exactly how much you’re earning, spending, and saving in your business? If not, it could be your banking habits fault. And yes, I said banking, not accounting. Which is a little weird considering I’m an accountant. Now, the reason I say that is because as much as I love a good profit and loss, chances are you’re not updating or checking your profit and loss every single day, but you are checking your bank account.

And you know that having a day-to-day understanding of where your cash is going is critical to being able to meet your goals in your business. So today I’m going to talk to you about Relay, which is a business banking platform. And I’m going to tell you a little bit about Why I switched to Relay. If you don’t know me, hi, I’m Jamie Troll, CPA, and profit strategist, and this channel is dedicated to helping you find the best tools and resources to help you become more profitable in your business.

Now you’re going to want to make sure to stay until the end of this video because I’m going to show you one of my favorite bonus features to keep everything [00:01:00] super organized in your business finances. And if you’re an organization nerd like me, You’re going to want to see this. Now, before we jump into these features, I do want to be super clear that this video is sponsored by Relay.

However, I only partner with companies that I really believe in and trust, and Relay did not tell me what I needed to say in this video, so all of these opinions are completely mine. So, why should you consider using something like Relay instead of a more transcript? Traditional bank? Well, if you’ve used the big banks before, you probably have had some of the same headaches that I have.

Don’t get me started on Wells Fargo right now. And you’ve probably been frustrated with things like fees or surprises or bad customer service or really outdated technology. All of these things are very typical with a traditional banking environment. Now, the great thing about Relay and other banking platforms like Relay is that they are actually fintechs, which means they are technology companies that partner with FDIC-insured banks, which means they are going to be on the [00:02:00] forefront of technology and convenience.

Now, one thing I realized when I was trying to open a business banking account several years ago is that it was hard to find one where I could separate my money into different buckets, which is something that was really important to me as an entrepreneur who wanted to make sure that I was prepared for taxes and for things like that within my business.

And there wasn’t a whole lot available at the time. I did eventually find Novo, which is a great bank for an envelope reserve method of being able to put your money into different buckets. And that was super great for me, especially as a solopreneur, it was really simple and easy to use. But then I eventually heard about Relay.

And I heard about them at first when they partnered with Profit First. And so I figured, well, if they’re partnered with Profit First, which is a system all about putting your money into different buckets. Well, they must have the ability to do that. So I wanted to check it out and I signed up for a free account.

So that’s why I originally moved to Relay. But then I discovered three amazing hidden benefits of Relay that we’re going to talk about here today. Now the [00:03:00] first hidden benefit is that you can open up to 20 different checking accounts in Relay and two business savings accounts in Relay, totally seamlessly.

And these are real separate accounts, meaning they have separate account and routing numbers and you can use them for different things. Now, if that sounds complicated, don’t worry, it really, really isn’t. It’s super simple to manage. So this is actually the inside of Relay, where you can see the various different accounts that have been set up here.

And to add an account, it takes nothing more than to hit this button, put in an account, An account nickname, let’s say I want it to be My opportunity fund, which if you follow my profit planning, that’s something that I recommend you have in order to earmark money to reinvest back into your business more strategically.

And then you can determine, again, if you have team members, who’s going to get access to this, is it a checking account or a savings account. The savings account does earn interest, a massive bonus, and then you’re going to go ahead and create that [00:04:00] account. Okay? And then you can transfer funds in. or create an auto transfer rule.

I’m not going to do either of those right now, but check this out, y’all. It is already sitting here. It has its own account number and routing number, and I could easily transfer money directly into that right now. So for me, that is a total and complete game changer. changer. If you’re thinking about Relay, make sure, make sure, make sure to use my link because if you sign up using my link, you’re going to get 50 once you deposit your first 100 into your Relay account.

So check the link below or go to https://jamietrull.com/relay  to get your totally free account. Now the second hidden benefit for Relay for me was absolutely the automation that you can do within the banking platform. So you can move money around super easily and seamlessly. You can do it manually, or you can automatically.

Automate it all so you don’t even need to touch it. How awesome is that? So to show you how this works, we’re going to go to the auto transfer rules here. And you can see that not only can you put in some maximum balance rules, you can also go ahead and set up [00:05:00] profit first rules. So if you are going to relay because you have read profit first and you want to implement it, you can automatically get all of that set up with just the push of a button with relay, which is just Fabulous.

Now you can see here that two different rules were already set up. So one of them is moving money over an income maximum. So let’s say you make an X amount of income that is going into your regular income account. You can automatically have it portioned out by percentage over a certain amount, how much goes into those other accounts.

So that can all be done automatically. If you want to make sure that 25 percent of the total income that comes in is going to your tax savings. You can automate that so that you’re always, always prepared. Personally, I’m a really big fan of set it and forget it, and the more things that can be running in the background to help me meet my income goals, the The better.

Now, the third hidden benefit of Relay for me was [00:06:00] really the team management functionality within the system. This is something I hadn’t seen in other places. I didn’t really need it when it was just me in my business, but when I expanded and had a team, this was really, really useful, especially for team members that were buying things for the company.

I could manage this within Relay specifically, which was super duper helpful. So you’ll see here as an example on the team tab where there are multiple different team members. You can add a new team member really easily. You can select a permission level and it’ll tell you a little bit about each one of these different permission levels if you click on it and what that person can do with each of those different permission levels.

And you can set that up and you can even set up advisors. So maybe you have an accountant that you want to give read only access. You can do that. super easily with the click of a button. And not only that, you can give them specific access to physical cards or virtual cards that they can use, where they’re getting access to one specific [00:07:00] account that you have created within Relay.

So this is an example of different accounts that Bruce Banner, love the name, has within Relay. And if you click on the card, you can see some information about it and you’ll see you can set the daily transaction limits, you can set the monthly transaction limits for Bruce, um, you can see the most recent transactions they’ve had, you can even add receipt admin, which we’re going to talk about in just a minute, and determine who has access.

access. So this is such a great thing that you can do. And let’s say Bruce, uh, is leaving the company. And so you’re worried about access controls. Well, you can really easily change the PIN number on the card or freeze the card with just the click of a button. So this is an alternative to having to get corporate cards for your employees.

Instead, you can give them easy access. to what they need within Relay, and you can easily control that access with simple button clicks. Now, I promised at the beginning of this video that I would tell you my favorite [00:08:00] organizational feature within Relay, and that is the Receipt Capture functionality. The Receipt Capture keeps you organized and keeps all of your receipts together in one place.

And it allows you to do the same thing for your employees. In fact, I recently did an entire video demoing this receipt capture functionality that you’re definitely going to want to check out next. If you’re interested in getting $50 for signing up and depositing your first $100 for a free relay account, definitely use my link to sign up.

And if you liked this video, please make sure to hit the subscribe button for more updates on great tools and comment below and tell me what you thought. I’ll see you next time.

*Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided through Thread Bank, Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
This blog is proudly sponsored by Relay Financial. However, all ideas and opinions expressed are entirely my own and are not influenced by any sponsorship arrangements. While Relay Financial has graciously supported this content, the views presented are genuine and independent. Out of respect for our viewers, we only collaborate with companies that we truly believe in. Thank you for watching and supporting the sponsors who make these videos possible.