How to set up your bank accounts when starting a business
Anaita explains a simple money management system for new business owners without a formal accounting setup: keep one main personal account and open four zero-fee accounts for marketing, tax, stock, and emergency funds. She recommends transferring set percentages of weekly revenue into each account so you're never scrambling to cover bills or restock.
The lessons
Open zero-fee accounts specifically for marketing, tax, stock and emergency funds
Transfer a set percentage of revenue into each account weekly rather than spending from one pool
Keep a portion of revenue, around 30 percent, in your main personal account
Set aside money for stock and marketing in advance so you're never stressed about covering costs
Questions people ask
How should I structure my bank accounts when starting a business?
Keep your main account for revenue and personal funds, and open four additional zero-fee accounts labeled marketing, tax, stock, and emergency. Anaita's example allocates 30 percent to marketing, 10 percent to tax, wait she actually splits it as 20 percent marketing, 10 percent tax, 30 percent stock, and 10 percent emergency, transferred weekly, while leaving 30 percent in the main personal account. She notes these percentages worked for her but yours might differ.
Transcript
if you have just started a business this is how you need to set up your bank accounts having an accounting system is the goal but if you're not there yet this is what you need to do the way that it usually works is that all the revenue that you usually make goes into one account and usually people pay their bills from that one account but here's what i want you to do i want you to create four more bank accounts the trick is you need to make sure these are zero dollar fee accounts a lot of banks offer this that main account where you get all of your revenue is going to be your personal account and you're gonna leave 30 of your revenue in there the other four accounts are gonna be called marketing tax stock and emergency every week you're going to transfer 20 of your revenue into the marketing account 10 into the tax account 30 into the stock account and 10 into the emergency account so when it comes time to paying marketing bills or buying stock already have money set aside and you're not stressed about where you're going to get that money from those are the percentages that i used but yours might be different
