When it comes to business tools we often think in terms of marketing, analytics, tracking, referral, performance, subscription tools but we aren’t often thinking about one of the most important parts of the business: financial management.
When we incorporated Customerly in Ireland, I started looking around the banks here for a Business account.
I wasn’t thinking too much about the tools the bank was offering me. I was thinking: “I just need a bank account to receive money and a business card to pay expenses”. Right?
If you have an online business you want to have full control of what’s happening in every part of the business.
Keep every transaction under control
This is where Revolut is helping us in the first place.
For each transaction, we have connected our Slack finance channel to Revolut. Geniuses.
In this way, Revolut is notifying us for every single transaction of money in and money out.
I need to put 4 codes to check the Business account of the traditional bank we are using to just check transactions. This is taking me 2 minutes every time I’ve to open the account.
Now I don’t need to anymore since Revolut is becoming our day to day business account.
The slack channel, of course, is private and shared along with the founders.
Time is money. And I’m saving a lot of time now thanks to this integration.
Cards: Physical and Virtual
Now, if you are running an online business I’m quite sure you are paying other subscriptions and services for software as we do.
Well, now you can have multiple virtual business cards created in seconds without any additional charges.
Each of them comes with a monthly spending limitation and its list of transactions easy to understand.
Virtual cards can be added to Apple Pay within seconds.
This means you don’t need a Physical card at all.
At least we don’t need it.
Cards can be frozen if you have any problem with an online service you have been using.
For each card you can choose:
- Monthly limit
- Expense reporting
- Linked account
- Allowed countries
You can have your expenses categorized and you can do budgeting in a smart way.
Profit First Applied
I’ve been reading to the Profit First formula book and I wanted to apply it straight away after I’ve ended the book.
If you don’t know the Profit first formula I strongly suggest you read the book and apply it to your business.
What is profit? Check any business textbook, and you’ll find that your profit is whatever’s leftover after you subtract your expenses from your revenue: Sales – Expenses = Profit. While it makes sense to cover your expenses first, there’s no guarantee that you’ll make a profit with this formula.
The Profit First Formula flips the equation, giving profit the focus it deserves Sales – Profit = Expenses.
First of all, put money in your profit account. Then split the rest of them into different accounts.
Since I was applying this method, our earnings grew incredibly.
To apply this with a common bank account, the process is usually painful.
Revolut simplified this process and let you create unlimited accounts with their own IBAN, currency, budgeting and so on.
So now we have 5 Revolut accounts in EUR, one in USD, and one in GBP.
To apply the Profit First method you need at least the following accounts:
- Profit First
- Owner’s pay
- Operating Expenses
Revolut is giving us the freedom of managing our funds in a smart and quick way.
Moving money along different accounts it’s easy and takes seconds.
Accounting: Love again
Who loves accounting? Few people.
If you are running an online business you want to dedicate more time to handle marketing, customer success, and making money.
But of course, we need to do accounting.
So now, every expense will be automatically recorded and synchronized with Quickbooks to align your statements and expenses.
They even introduced a new feature where you can keep track of your receipts and invoices by taking a picture from the phone and attach it to an expense you did.
This is again, smart and time-saving.
As I said before, we did connect our Revolut account to Slack to track in real-time expenses and top-ups and to Quickbooks to sync transactions.
They even have a Zapier connection. This means you can create triggers every time a transaction happens.
This is mindblowing if you want to do more with your transactions.
Of course, they have their own API and other integrations.
This means flexibility and expandability.
Revolut knows how difficult can be launching a startup, this is why they offer a series of perks for their business clients.
We do know this very well as we are bootstrapped and we wanted to help other businesses with one of our perks as well for our Revolut friends.
Revolut is the future
There is nothing more we could ask for improving our financial management. Revolut ticks all our expectations and even more positioning itself at one of the most advanced and easy-to-use money management solution ever tried.
The simplicity to handle virtual cards, multiple accounts, multiple currencies is simply the most helpful part of an online business.
The connectivity with other services like Slack and Quickbooks makes our life easier to check what’s going on in our business account.
The expenses manager is a killer feature to save a ton of time in terms of bookkeeping.
This is why I strongly suggest you use Revolut Business as well.