Relay is now an official banking platform of Profit First

You may have already heard by now, but we’re thrilled to announce that Relay is an official banking platform for Profit First Professionals.

Many of our members already know and love Relay. But in case you don’t know them, Relay is a business banking and money management platform that is thoughtfully designed to help you and your clients put Profit First into action.

Why we’re partnering with Relay

We know how challenging it is for PFPs to find a banking solution that works both for them and their clients. It takes convincing, negotiating, and adapting to do Profit First banking. This costs time and forces you and your clients to make difficult tradeoffs.

We’re putting a stop to that. We’ve been on the hunt for solutions that truly embrace the Profit First method—not the other way around—so you can focus your time on your clients’ success. We also wanted a partner that is as invested in both the Profit First method and the success of our PFP family as we are.

Finding the right partner has taken several years. But it was worth it. We’ve found that partner in Relay.

Building better business banking

Relay knows accounting, bookkeeping and client advisory. The company was founded in 2018 by co-founders Yoseph West and Paul Klicnik, who have a long track record of working in payments (previously Wave and Hubdoc), with small businesses, and with small business advisors.

But there’s an even deeper alignment between Profit First and Relay: a shared belief that business advisors—accountants, bookkeepers and coaches—play a critical role in the lives of business owners. At Relay, this belief is reflected in their banking platform, which is built to meet the needs of advisors as much as business owners. It can be seen in their content, through series like Gearing Up, aimed at uncovering the tools and strategies that help accountants and bookkeepers thrive. And of course, it’s something that we believe here at Profit First Professionals.

Because of these shared communities and commitment to business owners, we’re so excited to come together to make it easier for businesses to be profitable. We know the impact that Profit First has in building permanently profitable businesses, but we often hear from business owners that they don’t have time to go to the bank and set it up. With Relay, not only does their product truly enable Profit First banking, but it can be set up for free in just 10 minutes. With this partnership, Relay has built dedicated Profit First features, such as auto-transfer rules, to make implementing the system easier than ever before.

The gold standard for Profit First banking

Here’s why we’re making Relay an official banking partner of Profit First and giving them the Profit First Professionals stamp of approval:

    • Sign-up online, from the comfort of your own home, in just 10 minutes.
    • Forget about fees. You and your clients can bank with Relay with no monthly fees, no minimum balance requirements, and no overdraft fees.
    • Open up to 20 individual business checking accounts (i.e., real accounts — not just virtual envelopes) per business entity. And each account can have its own unique nickname, like “Profit – 5%”.
    • Allocate your money by your Profit First percentages. Transfer money from your Income account to your other accounts all at once and have the math done for you.
    • Create automatic transfer rules based on account balances, so your Profit First transfers will get done no matter what.

Reliable bank feeds that don’t break, skip or duplicate. Relay integrates directly with Quickbooks Online and Xero so you can reconcile accounts faster.

  • Streamline accounts payable with Relay Pro to automate bill approval rules for your team and unlock faster, same-day ACH and free wires.
  • Get secure, role-based access to your client’s Relay account to review expenses, strategize, and keep you accountable.
  • A partner portal to manage all of your clients who bank with Relay, so you can advise them and keep them accountable from one login.
  • Get hands-on support from the Relay team that’s here to help you every step of the way.

A Profit First Certified banking partner

Relay is building a banking platform that gives you total clarity and control over your cash flow because they know how critical it is to entrepreneurial success.

Most of all, Relay believes in the impact that our two matching tools—Profit First and Relay—can create for business owners. The team gets it. As part of their commitment to Profit First, Relay has become a Profit First Certified firm, with members of their team—Deanna Zubrickas and Olivia Cummings—completing the PFP training. Having invested the time in becoming PFPs, they know deeply the pain points that PFPs face and are committed to building features that are a perfect fit for your practice.

Tailored onboarding for current and aspiring PFPs

Profit First Professionals new to Relay can get a personalized demo, including how to get the most out of Relay’s newly-launched auto-transfer rules. You can book a 1:1 onboarding session with Relay’s Certified Profit First Professional Deanna here. In it, you’ll get a personalized session where you’ll learn:

  • How to get started with Relay
  • How to set up your Profit First accounts
  • How to set up automatic transfer rules
  • Tips for moving clients to Relay

Helping businesses become permanently profitable

We’re excited to join forces with Relay to provide Profit First Professionals with the tools they need to gain total cash flow clarity and help their clients build successful, profitable and long-lasting businesses.

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