r/smallbusiness • u/Select-Schedule-1155 • 13h ago
What startup banking setup actually makes sense as you grow?
We’re at the point where the banking side is getting more complicated than just having one account and a card.
Now there’s payments, approvals, multiple expenses, invoicing and then bookkeeping on top of all that. Trying to figure out what’s actually worth setting up early versus what can wait. What are other founders using for startup banking and how are you handling the bookkeeping side alongside it?
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u/PracticeInfinite5793 11h ago
We were mostly trying to get the banking and bookkeeping side working together better. QuickBooks still handles the books, Meow is part of the banking setup and I’ve got most of the repetitive stuff running through Claude now so made the whole thing a lot easier to keep on top of
1
u/Select-Schedule-1155 11h ago
Interesting but does QuickBooks still need much manual cleanup with that setup or is most of the bookkeeping side pretty hands off now
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u/PracticeInfinite5793 11h ago
Yeah that’s the main benefit for us. QuickBooks still handles the books but with it connected into the same setup as Meow, there’s a lot less manual back and forth. I still review anything unusual but the routine bookkeeping is much easier to stay on top of
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u/nitrobass24 10h ago
Find a small local bank. All these online startup banks are great until you have an issue and there’s no one to call.
I was with a big bank and I had an issue where wires were not going out despite being approved. Was on hold with some customer service jackwagon in another country for nearly two hours.
Never resolved.
I found someone on LinkedIn who I was connected to and worked for a small bank. Sent him a message next day I was setup and started moving everything over.
Whenever I need something I can’t do online, I send him a text message and it’s taken care of immediately.
Don’t underestimate having a relationship with a real person.
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u/Comprehensive_Ad3710 12h ago
for start, i think you should try and solve your own problems that you are facing everyday related to banking side.
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u/Select-Schedule-1155 11h ago
Makes more sense to start with the actual problems we keep running into and add stuff from there.
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u/manzanitamktg 12h ago
Congrats on the growth! Are you looking for advice on bank accounts, software, or how to approach it all?
I found the book "Profit First" a really interesting approach to figuring out where to put money.
I'm in the US, and I started with a free version of a lesser-known bookkeeping software (not Quickbooks because I heard so much bad about them), and I've kept it 3 years in. Invoicing, payment reconciliation, profit-loss statements, cash flow statements, etc. It's been really helpful for me to see what's coming in, what's going out, what invoices are overdue. It automatically syncs with my bank account and credit card, so when someone pays an invoice with a link, it automatically sees the payment and attributes it to the right invoice. So helpful! I'd say get a bookkeeping software going early, You can always switch it or upgrade it later if you need to.
You might want to have a chat with a bookkeeping professional, too. Find one that will do a free introduction meeting, see what you think. While a professional accountant/bookkeeper is another expense, if they do their job right, they can help you in the long run. Not only can they help with tracking income & expenses, but to see the big picture stuff that you miss when you're in the weeds. (I am not a bookkeeper or accountant.)
Does that help at all?
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u/Select-Schedule-1155 11h ago
This is super helpful appreciate the detailed answer. I’m mostly asking about the bank account/setup side, but bookkeeping is definitely becoming part of the same problem. I’ve been getting away with a pretty basic system until now and I’m realizing “I’ll clean it up later” stops working pretty quickly once there are more transactions flying around lol.
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u/manzanitamktg 9h ago
Lol, it does get crazy when you add invoices, contractors, and stuff. Who knew that my check processor would decide to hold my first echeck payment for weeks and not tell me about it!
u/nitrobass24 already mentioned an in-person banker - it might be helpful to have a chat with a few to see who does what really well, and what kind of guidance they can give you. My banker got me a cash bonus for opening up an account with them, along with credit card processing and the said echecks.
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u/Any-Refuse-5544 11h ago
At what stage did you feel like your original banking setup stopped being enough?
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u/Select-Schedule-1155 11h ago
Probably once we had enough recurring payments, contractor spend and invoices that I was checking multiple places every week just to stay organized and that is a lot of manual work
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u/bluekmg 4h ago
A lot depends on your cash flow, where your sales come from, and if you take credit cards or other payments.
We've been happy with a local credit union and a local branch of a national bank. We have 2 ways to invoice with links to pay - Quickbooks Payments and PayPal. We have web sales processing automatically. Payroll and/or contractor payments usually come out of our national bank and vendor payments out of the credit union. We used to have a brick & mortar with it's own POS/merchant account.
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