Relay Business Banking Review (AFTER 9 MONTHS)

[@CreateWithPennies]

💵 Try Relay (get $50 when you add $100 to a new account with my link) ➝ penniesnotperfection.com/relay/ 👀 Watch my initial review: kzbin.info/www/bejne/i2nYq5yBdq6Zqq8

[@redlover5088]

how did you "fix" the issue of the multiple "sub" accounts resulting in higher bookkeeping fees?

[@CreateWithPennies]

@@redlover5088 Something I've done is run the automations less often, moving from daily to biweekly then monthly, which results in fewer transactions. This helped a lot in my own case. And then I also just learned how to do some of my own bookkeeping and create rules that auto-categorized some of it. So my later bookkeeping bills have been much lower than that first one which surprised me mostly because I wasn't expecting it.

[@initforthetech790]

How do you go about how much and when to pay yourself? Is it an hourly by tracking how much time putting in, or do you choose a percentage to go in from whenever you receive revenue?

[@CreateWithPennies]

Personally I choose a percentage! In my case I found 60% to owners compensation works well for me to take regular steady draws. I get paid randomly throughout the month from multiple income streams so it’s very detached from my hourly efforts. I like having a steady paycheck despite irregular income so this works for me!

[@initforthetech790]

Thank you, when setting up your %s for each category how do you determine what you are taking those % from? For example, im selling on amazon, I get paid every 2 weeks, but im constantly buying merchandise, so how do I know what my profits are from what I'm selling? Sorry if I'm sounding stupid, I just don't know how to explain it? If I do it by month, I might spend 3k in a month but only get paid $1200 from things that sold. Thanks

[@CreateWithPennies]

I think it makes sense, but also remember I'm not an accountant or tax advisor, just a youtube creator! As far as profits, have you read Profit First? It's basically setting aside 5% before anything else so that you have a profit account set to the side for situations like this where sometimes expenses would take all of the income. I'd recommend giving it a read: amzn.to/4fYePh3

[@macmantim]

Thank you for this video and for sharing your hiccups with it. How did you resolve the bookkeeping issue and do you use a bookkeeping software?

[@CreateWithPennies]

Personally I stopped doing the transfers so frequently! I reduced the frequency which reduced the amount of items in the bookkeeping software to go over. I also went through and made sure things were categorized correctly so they would auto match in the future and that reduced it too. Overall it's not much more now than it was before using this method, but it was problematic when I first switched over.

[@catgodfrey6451]

Thank you for sharing

[@CreateWithPennies]

Thanks for watching!

[@josevargas4826]

Is that relay app good for doordash delivery driver as well

[@CreateWithPennies]

Yes!! If you are a delivery driver you are an independent contractor in most places. DoorDash doesn’t take taxes out of your pay so you will have to pay taxes like any other self employed person. With relay you can set up accounts to save for taxes, an emergency fund in case you can’t drive for a while, etc.

[@AyoubAhrimech]

Hi there! I'm a non-US citizen and I have an LLC. Can I open a Relay account?

[@CreateWithPennies]

Is your business in the us? Is it a US LLC?

[@vasaprashanth3822]

Please don’t trust Relay they will freeze the accounts with out knowing

[@CreateWithPennies]

They don’t freeze them without reason so something must have happened. Did you ask why or know what might have triggered it?

[@goldeneagle9761]

After reading reddit reviews on relay and all the complaints and how they operate. Freezing accounts. Bouncing checks. Scamming their users. I decided to run away from them. F that I am good.

[@ricardo3500]

No response is indicative of not carrying about follow through and smearing this public service announcement. Your initial statement lacks substance and more facts to be inputted to be even considered. Stop trying to circumvent the system Relay is intended for. I believe your shady practices got your account frozen.

[@LearningArms]

Yes, the horror stories about them are overwhelming. Be cautious