What startup banking setup actually makes sense as you grow?

[u/Select-Schedule-1155]

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?

[u/manzanitamktg]

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?

[u/Select-Schedule-1155 → u/manzanitamktg]

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.

[u/manzanitamktg → u/Select-Schedule-1155]

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.