Profit First friendly bank?

joolshmse

Hi, has anyone read and implemented Profit First by Mike Michalowicz? It requires you to have 5 current accounts within one bank so that you can separate out your Income, Profit, Owner's Compensation, Tax and Operating Expenses. Would love to hear if anyone has done this already and can recommend a bank that will easily allow this without fees? Thanks

[Deleted User]

Does anyone else smell spam?

Shakin_Steve

You don't need five current accounts. One current account with four savings pots would do the same thing. At least, that's for personal accounts, the OP is talking about business accounts.

tacpot12

Yes, although the book is a good book, and I've recommended it to others.
I'm not aware of any UK banks that are flexible enough to allow you to open multiple business savings accounts - to operate the Profit First system you only need one Current Account (a Checking Account as our American cousins would call it), and multiple Savings Accounts. All banks will offer a Business Current Account and some from of linked savings account that earns interest. You can use a simple excel spreadsheet to create multiple savings 'pots' within the one linked savings account. This is all you need to implement the system and you can use Excel to automate other aspects of the system such as working out how much needs paying into each account when you receive a payment in.