Hackers and makers! How do you manage funds and expenses?
As an early stage maker, how do you manage funds and expense? Do you have full fledged bank accounts opened or just put together hacks? E.g. we at Narration Box have a transferwise account. We get payouts from stripe and then pay expenses using the wise account. But since transferwise is not a bank and basically a "money transfer" company, we face couple of problems like payouts sometimes get delayed, we end up paying ridiculous transaction fees, etc. Is there a better way to deal with this kind of stuff for early stage products? Would love to hear your ways and opinions.
Highly recommend Novo or Mercury Bank - (Novo has some nice perks).
Use WaveApps.com if you want free accounting and don’t mind privacy (they’re free, so they most likely sell your data).
If not, Quickbooks is good and connects directly w/ Novo.
@saynotochurn You don’t necessarily need a business checking account, but getting a separate account altogether is recommended + you avoid those fees/easier for accounting purposes.
Also, it’s best to get into the habit of separating biz expenses from personal now vs. waiting until tax time. (FYI: I live in the US, always check your local/state laws)
It largely depends on where you're based. If you're able to open a bank account with a NeoBank (Revolut, Mercury Monzo, etc…) then do that, makes like so much easier.
We currently use Transferwise but it doesn't come without its limitations but for us, for now it's good enough. We are currently in the process of opening a bank account.
We use Quickbooks to keep track of everything going on.
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