Banking Fundamentals For Business Owners

<p>Having multiple bank accounts is crucial to managing money properly in any business.</p><br><p>However, most small business owners do not manage their money properly.</p><br><p>Many even use their personal account for business - this for me is a NO-NO!</p><br><p>In my first role in financial services in 2001, I was responsible for managing over 30 bank accounts for a smallish insurance Company,&nbsp;and as complex as this sounds it made cash management easier.</p><br><p>So what are these bank accounts ?</p><br><p>Well, if you are small business owner (with t/o up to £50 million) based on the PROFIT FIRST SYSTEM you need&nbsp;five bank accounts, even if you are a one-person business:</p><br><p> 1️⃣&nbsp;&nbsp;Revenue (100% inflow)</p><p> 2️⃣ &nbsp;&nbsp;OPEX</p><p> 3️⃣&nbsp;&nbsp;Profit</p><p> 4️⃣&nbsp;&nbsp;Renumeration</p><p> 5️⃣&nbsp;&nbsp;TAX</p><br><p>You allocate from the revenue account to the other accounts based on predetermined percentages.</p><p>Send me a message or email me at&nbsp;<a href="mailto:roy@racmacs.com" rel="noopener noreferrer" target="_blank">roy@racmacs.com</a>&nbsp;if you need support in enhancing your money management systems and processes.</p><br><p>You can find out more about me through social media profiles or visiting my website www.racmacs.com.&nbsp;&nbsp;</p><br><p>Follow me on Social Media:</p><p>LinkedIn:&nbsp;<a href="https://www.linkedin.com/in/royston-andrew-cumberbatch-finance" rel="noopener noreferrer" target="_blank">https://www.linkedin.com/in/royston-andrew-cumberbatch-finance</a>.</p><p>Instagram: <a href="https://www.instagram.com/royston.cumberbatch/" rel="noopener noreferrer" target="_blank">https://www.instagram.com/royston.cumberbatch/</a></p><p>YouTube: <a href="https://www.youtube.com/feed/my_videos" rel="noopener noreferrer" target="_blank">https://www.youtube.com/feed/my_videos</a></p><p>Facebook: <a href="https://www.facebook.com/RoyceCum" rel="noopener noreferrer" target="_blank">https://www.facebook.com/RoyceCum</a></p><p>Join Facebook Community: <a href=