As an accountant at Olympia Tax Service, I am always on the lookout for ways to make my small business clients’ financial lives easier and more efficient. That’s why I’m excited to introduce them to Relayfi.com, a bank designed by forward-thinking accountants for small businesses.
One of the main reasons I recommend Relayfi to my clients is because it works seamlessly with popular accounting software like Xero and Quickbooks Online. This makes it easy to keep track of financial transactions and stay organized. Additionally, the bank feeds from Relayfi are much more accurate and contain better information than those from other banks. This helps reduce the risk of errors and ensures that my clients have the most up-to-date financial information at their fingertips.
One of my favorite features is the ability to automatically transfer money from bank accounts, not just as set dollar amounts, but as percentages. RelayFi has recently teamed up with Profit First, a popular system for small business owners to budget. Profit First emphasizes the importance of systematically setting aside a percent of revenue for taxes and personal compensation. By automating the process of transferring funds, business owners can implement a system that works with them with ease.
You can create up to 20 different Checking accounts and 2 savings accounts free of charge with no minimum balances required. This is in stark contrast to most big banks that try to nickel and dime you with fees. But this is not some fly-by-night internet bank. RelayFi is FDIC-insured, just like traditional banks. This means that deposits up to $250,000 are insured, and my clients can have peace of mind that their funds are secure.
One unique feature of Relayfi is that it allows employers to give each of their employees a debit card with unique limits. This is a great tool for businesses that need to keep track of employee expenses, saving a lot of time and hassle in comparison to traditional expense report systems. You can have up to 50 different physical and virtual cards.
However, it is an online platform, so if you take physical cash, you will need to keep a traditional bank account for cash deposits. Besides one account we keep open for cash deposits, all of our other accounts are on RelayFi, as we wouldn’t recommend something that we don’t use ourselves.
Overall, Relayfi.com is a great choice for small businesses looking to streamline their financial processes and take control of their financial assets. Olympia Tax Service recommends RelayFi for its seamless integration with popular accounting software, accurate bank feeds, FDIC insurance, and unique features, making it a top choice for businesses of all sizes.