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Last episode, I interviewed fractional CFO David Richter, and we talked all about profit first. Here, Deana from Relay joins me to chat about how to work with a bank that will help you implement profit first. If you know my story, you know how important profit first is to me. It helped me out of a really tough tax situation, and I’m a huge fan of the strategy. Working with a profit first bank could be a big win for your real estate business and keep you from making the same mistakes I did.

I'm going to be talking about profit first for the rest of my business career. As long as I'm in business, as long as I have a platform, you need to understand your numbers and cash flow. If you don't understand or you don't know your numbers, you do not have a real business. When you implement profit first, your business will always be profitable. I just found out about Relay a month or two months ago, and it’s really awesome. Deana explains what Relay is and how it works, and she answers all of my questions. Click the link below to get more info on Relay and a $50 credit if you want to open an account.

Listen and learn:

What’s inside:

  • Why you should be implementing profit first in your business.
  • How Relay can help you set up and run profit first.
  • How to get a $50 credit when opening a Relay account.

Mentioned in this episode:

Download episode transcript in PDF format here…

Joe: Hey, what's up? Joe McCall here. This is the Real Estate Investing Mastery podcast. And last episode, if you remember, we talked about what talked about profit first, right? I interviewed David Richter, who is a fractional CFO who will help you implement profit first. Well, today we're going to be talking with a bank that will also actually help you implement profit first. It's a profit first bank, which is blows me away when I saw this. You know my story just real quick. If I have a few seconds of your time. Profit first is really, really important to me for a lot of reasons. And back when I first heard about the book ten years ago, I only got through half of it and thought, okay, I get it. This is cool. But I never did anything with it. Never implemented it. Fast forward about six, seven years ago. So three or four years later I started to get into a lot of tax issues and I got into a situation where I was kind of not paying much in taxes because I had so many write offs from when the market crashed. I had a ton of write offs and we adopted four of our kids. So I had a lot of adoption tax credits. Well, something happened at the same time where I ran out of all my deductions and my income started really going up. And so after filing two or three extensions of my tax returns, you know, you just file extensions and all of a sudden I'm hit with a 40 or $50,000 tax bill and like, oh, crap, I didn't prepare for this. And then all of a sudden I'm as I'm starting to pay that old tax off that old tax bill, write my next year's taxes come due, and I file another couple three extensions. Can any of you relate? You're right. And fast forward a few years. I'm in a huge world of hurt. I'm making a lot of money. I can't claim hardship. But listen, some of us, we're entrepreneurs, small business owners. We're Ellis Island. You know, we're just not very good at managing our numbers. We need other people, other systems and softwares and banks that can help us with this and do it for us. So I got a into a world of hurt. I had a $520,000 federal tax lean on me and my property and everything I owned. And I had a come to Jesus moment with the IRS. And they're the world's largest debt collection agency. I went back to that book Profit first, and I said, I've got to figure this out. Read the whole book this time, and decided to implement. And I went more than just implementing it because I'm not good at numbers. I hired somebody to implement it for me. I gave her the book. I said, This is your Bible just for a few months and I want you to implement this in my business today. So the first thing we did, we implemented profit. First, we set up the buckets. We'll talk about profit first here in a minute, and then a certain amount of money went to. I first got caught up on my current year's taxes and then I had a I don't remember as a five year plan to pay off. Maybe it was ten year plan to pay off the $520,000. And you know what? Most of that like 30, 35% of that was late fees and penalties and interest anyway, where I paid all of that off in like two years and talk about the relief and the excitement. And so I am a huge, huge fan of profit first. And the more I've been talking about all of this, the more of you have been telling me when especially when I go to Mastermind and I tell my story or other life events, I get people that come up to me and say, Joe, I mean, I can't believe it. I thought I was bad. It feels so good to hear you talk about this man. I only have a $200,000 tax problem and other people came to me and say, Hey, man, that's nothing. I have a $5 million. $2 million. There's so many people that you guys have known you seen on the stages. They drive the Lamborghinis. They are not as well off and profitable as you think, right? You'll be shocked if I named if I told you. But anyways, this isn't about them. It's not about me. It's about you. And this is such an important topic. I'm going to be talking about it for the rest of my business career. When as long as I'm in business, as long as I have a platform, you need to understand your numbers and cash flow. If you don't understand or you don't know your numbers, you do not have a real business. And when you implement profit first get this your business will always be profitable. It will always be profitable. That's the way it works. Most of us take revenue minus expenses equals profit. Well, what if we reversed it and said revenue minus profit equals expenses and we pay ourselves first profit, then we pay the IRS, right? Every two weeks I get I'm on payroll now. Every two weeks, the feds get their money for whatever you think of them. You know, if I don't want to pay taxes, I could move somewhere else. Right? But I'm gonna have to pay somebody else taxes then. So you've got. You can't ignore it. You got to get your head out of the sand. I'm talking to you guys right now, but have your head buried in the sand and you're hoping this goes away. And you think the problem, the fix it is just to make more money. That's not going to fix it. You need a bank like Relay. We're going to talk about that here in a minute. And I'm excited about this. I'm passionate about it. I just found out about Relay a month or two months ago. It's really awesome. It's amazing. We're going to share a little bit about their platform. I have Deana here. We're going to interview and talk about what Relay is. It's an. Online bank for people who are implementing profit first. It's crazy and it's amazing and it's exciting. Are you are you ready to go into this? Or if you want more information, we've got a special deal where if you open an account with relay, you get a $50 credit. If you open an account through my link, you have to do it through my link. If you go to Joe McCall dot com slash bank, Joe McCall dot com slash bank if you're watching this we'll have it live down below here in a minute. You get a free $50. I'm not sure what it is a credit or gift certificate or something in your account. If you open up through my link Joe McCall dot com slash bank. Now I do get a small referral fee for doing this, but I would still be I say this all the time. I would still be recommending this even if I didn't get anything from it. Okay. So should we bring Deana on? Deana, how are you? Are you unmuted? 

Deana: I'm unmuted. 

Joe: Nice, it's working. 

Deana: Thank you for having me on today. This is exciting. 

Joe: Well, I told you my story. You're not like, Oh, my gosh, what did I get into you? Like not wanting to tell you? You've probably heard that story from a lot of different people, right? Like, usually I have to get hit over the head a couple of hundred times before it finally clicks. What I need to be doing right. 

Deana: Or hit over the head with the profit first book a few times, maybe. All right. Yeah. 

Joe: All right. So talk about Relay, Relay as a bank and. But it's not called Relay Bank. It's just called Relay, right? 

Deana: Yeah. So Relay is a online business banking platform. We are fully virtual. We offer free banking for small businesses and are probably the most friendliest bank out there for implementing profit first. 

Joe: Nice. And we're going to show your insurer your screen in a minute, kind of show how it works. But where are you guys located? You're 100% online bank, right? 

Deana: We are, yes. So actually, most of the Relay team is actually in Canada. So I'm joining the call today from Toronto, which is different. But we work with only U.S. registered businesses. So we have no physical locations. However, we're a little bit different how we're structured. So Relay is actually what's called a neobank and a Neobank is a fintech company built on top of a partner bank. So our physical partner bank has their main location in Tennessee. We've been operational since like 1906, but they are FDIC insured. They're how we have banking capability. So that's where our banking partner is located. But Relay is fully virtual. So you can bank from wherever. 

Joe: So Relay is still FDIC insured because of your relationship with the bank in Tennessee. Exact you don't sound like you have a Canadian accent. Are you from the U.S.? 

Deana: No, not from the U.S., But so many people say that. 

Joe: You need to work on your Canadian accent. Hey, I used to live in Edmonton, Alberta, so. 

Deana: Oh, no way. Okay, so you know all about it. 

Joe: Yeah. Yeah. Okay. Okay. So Joe McCall dot com slash bank. Everybody should go there right now. Get a free $50 gift for signing up for an account. But let's why profit first? Why? Why have you guys decided to really focus and target on those business professionals who need to implement profit first? And then what does relay do to help them with that? 

Deana: Yeah, it's a great question. And when people are implementing profit first or when you're reading that book or you listen to Mike's story, you connect so well to his story and to the results, right? You want to see that in your business immediately. And what the challenging part of profit first is, is actually getting started and executing this side of the aisle for you. And usually that actually comes in with the bank, right? You had your bank, even if you've been there with them for 20 years, when you say, Hey, I want four or five extra more checking accounts, we might you like you have three heads, right? 

Joe: Well, look at you cross-eyed. 

Deana: Yes. Yeah, exactly. And as you do, kind of beat them over the head and get them to allow you to open those accounts. The next question is typically, well, what's this going to cost me for four or five extra accounts at my bank? So the execution of setting up, of course, is usually the biggest challenge. Or if you do get there, it's expensive. So Relay has always had functionality really well paired with profit first. And we decided to go into a partnership together because they know that on their side too. The only thing hard about profit versus getting started, so why not partner with a bank? So when somebody is interested, it's a clear path forward. We can get you set up in, you know, 10 minutes on line. So it's been a pretty great experience. 

Joe: So the cool thing about this too, is this isn't something that you just kind of do on the side. Like if you go to your home page, it's right there on the home page. And it's a big emphasis for you guys. And I think this is so important for small business. Listen, anybody watching this, if you have a small business, if you're trying to get into real estate, maybe you've already open an account somewhere else. But like, you need to seriously look at this and get prepared for it, because when you start making more money, it gets harder. When the bigger you get to get started, you need to get started now when you're small and you're growing your business. Okay, so let's talk about what profit first is. Okay, I kind of mentioned it a little bit, but will you dive a little deeper into your understanding of how it works? 

Deana: Yeah, absolutely. So I actually went through the profit first professional training myself in earlier this spring, so I'm very well acquainted with it. For those of you that are newer or just starting with probably first. It's a great cash flow methodology to start paying yourself first. A lot of entrepreneurs in the U.S. leave themselves for last. So it's truly in the name. You're paying yourself out first as a business owner. And the whole point is to eradicate entrepreneurial property. And that's what and you accomplish this by having separate bank accounts. One for your owners pay one income, your taxed, your profits, your operating expenses. So the point is you're out. 

Joe: That's so good. You're there. Separate buckets. It's really, really simple. It's not rocket science. You have separate buckets where money comes in one thing and it funnels into these other buckets. Right. All right. So are these treated like separate bank accounts or are these just buckets online. 

Deana: In Relay they are separate bank accounts. So many, many options out there will allow you to have sub accounts or an envelope system that these are true individual checking account. So unique account numbers. And they will show us such in your accounting software, too. 

Joe: Yeah, that's key. That's really, really important there. So, okay, explain profit first from top down, like money comes in. Most entrepreneurs are what? Mike McCallum It's calls checkbook entrepreneurs where you just look at the checkbook and whatever is in there, that's where we can spend our money on, right? But when every dollar that comes in, we should be taking out certain amounts. Talk about the target amounts of what should be going in each of those buckets again, would you? 

Deana: Yeah, absolutely. So just like you said, a checkbook business or a one bank account, Right. That's I think what everybody can relate to, too, is you're looking at one account and thinking, do I have enough to pay my vendors to pay myself to meet all my bills? It's challenging. So, yeah. So everything gets deposited into your income account. That's where everything will show up, no matter how many times you have deposits coming in a month and then twice a month you're able to distribute into your other four accounts. So the targeted percentages are appropriate. First, what, 30% heading over to your owner's pay bucket, 30% over to your operating expenses, 15% to tax and 5% profit. But of course, those are target percentages. Not every business can start out that way. So it's just a nice goal to have in mind. And you can start any underneath there, whatever works for you. 

Joe: Yeah, some people like if you're just going into this and you're already running a business, you might just be able to do 1% profit into your profit bucket. But that's okay. You got to start with something, even if it's a half of 1%. But start with, you know, half to 1%, right? The next would be taxes. We talked about this in the last podcast, but I'll just mention it again. You may say, well, 15% that's I pay way more than that in taxes, but this is 15% of the gross revenue that comes in. So when you deduct your expenses and business write offs and things like that, it'll be much higher than that. But again, this is so this is designed to be so simple. So you do not have to think about it. You don't have to be a CFO, an accountant to understand this money comes in, it goes into about four or five different buckets, however many you want profit. Number one, owners pay could be number two. But for me, I do taxes. I am deathly afraid of the IRS. So number two for me is the IRS. What do you call it in Canada, too, by the way. 

Deana: The CRA. 

Joe: Oh, has to be a three letter. So it. All right. So number two is the IRS. Number three is owners pay and then whatever's left, about 40, 50% will go to your operating expenses. And when you do it this way, guys, you'll always be profitable. And then doing it this way helps you know your numbers. It forces you to know where the money is coming from and where it's going to be. Anything else you want to add to that? 

Deana: No, it sounds pretty good. I would say just what people get hung up on is how do I do the math? Do I have a separate spreadsheet? Are my percentages where I should be? And that's actually something really can help you with. So I'm excited to share that part. 

Joe: Yeah, let's share your screen. Can you go ahead and share your screen there? I'll try to get make sure this works. 

Deana: We are testing it live on air. 

Joe: Yeah. And if it's not there, there it is. Bam! We see Relay. Welcome back. $96,000. That looks good. 

Deana: I'm rich. 

Joe: Yes. Okay, we see your screen. You look good. 

Deana: Okay, fantastic. So as I mentioned earlier, you know, relays a virtual business bank and our core services are free. So whether that's opening your checking accounts, making based payments, we've got direct connections to accounting software, as you might use, like QuickBooks Online and Xero. We are FDIC insured. But what's important I always like to point out here is there's no sign up. See, there's no monthly fee and no minimum balance requirement. And I know you mentioned you've got a lot of first time real estate investors that you know are part of your community. And that's something to think about, right? If you don't have a lot of cash flow coming in or out can be expensive to get a bank account started. So it's nice to know about a free option out there. 

Joe: So this is cool. What you're looking at here is your balance. That's the total balance in all the accounts, right? And then you have four or five, six buckets there, OpEx operating expenses, owners pay profit. I mean you earn interest on these are just some of them are. 

Deana: So you'll see there's a the little green highlight on top of the profit and the taxes. So if your bank does offer savings accounts, that's what they, you know, Mike will suggest for your savings as property tax this you'll be touching those the least. So they you can have two for business on relay and they can earn 1 to 3% depending on how much you're keeping in those accounts. 

Joe: Cool. All right. So what is income over there? What's the income bucket for? 

Deana: The income bucket would be for all of your deposits. So whether you're accepting customer payments or rent directly in there, if you have your PayPal, your stripe, your square accounts, everything would get deposited into that. 

Joe: Oh, so that's the income. That's the first bucket. Everything comes in. 

Deana: Right, Exactly. And something nice about relays, you can actually reorder how you do these checking accounts. And so now it happens. 

Joe: Makes sense to me. 

Deana: There you go. 

Joe: Yeah, yeah. Okay. Income's not a bucket. Kind of is, but it's not one of the ones that are on the bottom. All right, So then each of those have their own account number. Can you get checks or debit cards from each of those, or how does that work? 

Deana: Yeah. So really, it doesn't offer checkbooks. Today. However, we will print and send checks on your behalf for free cereal to send it from any checking account you like. And yes, absolutely. You can set up debit cards. Each business can actually have up to 50 and you can create them at any time.  

Joe: So cool. You understand what we're talking about here. Like in each of those buckets, you could have a debit card for your OpEx for your if you have another bucket for maybe managing your properties, like repairs for your properties. And then you could have a debit card, which is like MasterCard or Visa. You can be used anywhere. MasterCard Visa's accepted to pay for those things. Maybe you have a bucket for rehab money, right? And if you have payroll that you can if using a payroll company, they can connect to that payroll account. Wow. This is cool. 

Deana: Yeah. And you have that option exactly when you're creating the card. So choose exactly which checking account it's connected to. They can be physical or virtual cards. And let's say maybe you're not a first timer or maybe you've got some project managers, maybe property managers out there. You can create cards for anybody on your team. Also have full control over that so you can breathe or terminate the card. You can update the daily or monthly spending limits, change the pin. So it's really customizable, which I think is not something we're used to in the Big Three. 

Joe: Oh, that's really simple and looks really intuitive. Each of those accounts can have their own physical cards. Yeah, when you when you do online bill pay. I do online bill pay a lot. Yeah. So it that looks like so you can send online checks or through the mail or whatever through. 

Deana: You definitely can. So on relay we offer next day for free. So that's the fastest and cheapest way to pay anybody on Relay. But you can also send checks of course of all those. 

Joe: So that is really cool there. Can you receive payments as well? 

Deana: Absolutely. You can receive a wire and checks for free. Okay. 

Joe: This is a big deal. I don't know if you all know this, but not every bank does that. And they will take your left arm. And if you like my bank, that's ridiculous. I used to have and I used to have several different bank accounts. And the way is getting in here. And they would I had to like it was like applying for a home loan to get permissions to ask for money and send to send and receive money. So you're saying that's part of the account that you get here? This is really good, because one of the things that we set up with my tenants is I would give them the option. Do you want us to just take your rent every two weeks out of your checking account when you get paid? And almost every single one of my tenants said, yes, that would be awesome because that money gets direct deposited into their account. They don't have to worry about it. That's is why the government runs the biggest scam in the world. I'm just not really. But like that's why the government takes out your taxes every two weeks. Do you think for a second, guys, that if we had two every month or once a year write a check to the IRS, there wouldn't be riots and war on the streets because people would realize finally how much they're paying. So what if you could set up ACH? Where you could just ACH? You know half of that month's rent every two weeks when that tenant gets paid into your. Okay, that's cool. I'm excited about that because it's hard to get that. 

Deana: So I do just want to correct just one thing here, Joe. So you get accept and send it just for free. But you could not in from a client or a renters account, they would have to push it. Yeah. Yeah. So we don't receivables function. They're like send and receive for free word I think is also important about that is a lot of banks will charge you to receive wires actually had a business switch to relay specifically to receive wires and they saved about $12,000 a year on that. Oh wow, that's true. And I know before purchasing properties, wires come into effect. Right. You need to send money so you can do that on relay to domestically, it's $5 and internationally it's the. 

Joe: Cool thing to do with bill pay is you can send a business check through. Bill pay? I don't know. I still probably 75% of my bills that I'm paying through my bank go through check through the mail. I don't know how to send the message. Wow. Okay, cool. 

Deana: Yeah, it depends on the vendor. Right. If they'll give you that information. If you're paying the government, they're certainly not going to give you their information. 

Joe: Yeah. Okay, what else? 

Deana: So something else that I'd share here, specifically for profit first users is you can open these accounts whenever you want. So you put in a name for this new checking account. Select whether it's checking your savings, select if there's somebody else on your team that needs access and you can create yourself a new account within 5 seconds. So a lot of the profit first mentality is when in doubt, open another account and you're able to set that up whenever you want. Now, another really cool thing about this is obviously probably first is all about your allocations and we've got two options for you to run these. So if you are newer to profit first and you want to, you know, manually move that money and understand how it's moving, you can come in here and do your transfers. So we're going to select to move it from our income account and we can select multiple accounts to transfer to. Once you have multiple accounts to transfer to, you can do this by dollar amount or by percentage, which in nice. Yeah. So kind of takes the Excel spreadsheet method away. You don't have to calculate there. But and Joe, I think this would be interesting for your own business is if you've been doing this for a while and you're ready for some automation, we have something we created specific for profit first users called the Auto. 

Joe: Oh, I was going to ask about this. 

Deana: Oh yeah. So many people out there have read the book. You'll know that Mike does the just doing twice monthly allocations on the 10th and the 25th of the month. Yeah. 

Joe: And explain why that is. 

Deana: Yeah. So there is it's an equal billing period between them so that you're able to zero out your account twice a month and equal days in between it no matter where you were or what month you are. 

Joe: Yeah. If you have a bookkeeper or an accountant, they will. Thank you for this. It just makes everything so much easier. When all the bills get paid on certain days, it helps manage your cash flow. It helps you plan and predict things that are coming and going. So this is important. So what we're setting up here is automatic distribution into these buckets on the 10th and the 25th of each month. 

Deana: Exactly. And so we're kind of talking about, you know, what's the purpose of the income account. So that's where, again, everything gets deposited. And twice a month you can zero that out here on replay. So we're going to move everything to our other accounts here. And this is just going to run in the background of your business. 

Joe: Oh, my gosh. Do you see that? That's amazing. 

Deana: It's pretty unheard of to be excited about banking, right? 

Joe: That yeah, this there's nothing nobody else is doing this. 

Deana: Yeah. And no matter what starting point you're out for, probably first, whether your percentages look like this or not, you have accounts. This is meant to run how you run property and your business. So it's completely custom. 

Joe: Now, this is really cool. All right. Now. 

Deana: Yeah. Another thing that usually we talk a lot about here is I'm sure many people that have already started investing in real estate probably have a business bank relationship already. Doesn't necessarily mean that it serves their business well. They're happy with it. Most people are more settled than anything and really does connect to 100% of US bank. So whether it's business or personal, you can connect directly to your bank. It is free to transfer in and out of relay. So you can see we've got the larger banks listed here. If you think or locally you search for it here, but it's very easy to transition over to Relay or maybe keep your personal account connected either or. You can kind of look to Relay as your primary bank account to run profit first. Out of that, you can still have other relationships going. We're very friendly with other banks. 

Joe: So what does that mean? Like if I kept if somebody had an account with Bank of America, for example, and they opened up an account with Relay, the money goes to Bank of America. But then explain that again. And they're just organizing the buckets on your side.  

Deana: So a lot of people yeah, you would keep the buckets on the Relay side. A lot of people might need a loan relationship or a credit card option. Those are resources that Relay doesn't offer yet. So that's something you still need for your business but still want to utilize all of Relay's features for free. Keep that Bank of America account, but keep it, you know, really minimal. We're not using it too much. Maybe we're just transferring some money over a few times a month, but you can use it alongside another bank. We find that it's just a little bit more digestible, I think, than thinking, you know, how am I going to move 100% of my banking? It can be gradual and you can do it alone. 

Joe: Okay, Super cool. All right. Anything else? Talk about support, customer support. If somebody has questions they need, they need some help. 

Deana: Yeah, that's it's very important, especially for a virtual bank, right? You can't go in and meet us anywhere physically. So we have to be good at support. That's just something that we have to do in our business. So on every account when you're signed down, you can come to our support page. So we've got a huge knowledge base that you can search keywords, you can find articles, screenshots and videos teaching you absolutely anything you need to do on relay. But we. Also have live phone supports with real humans answering the phones. We've got email 24 seven. We've got a live chat feature as well. So there's always somebody here to help you if you do need it. But at the beginning I kind of mentioned how really structured and how we are a tech company built on top of the bank, and that just makes our platform a whole lot more intuitive. So less people need help utilizing Relay because the buttons are where they should be. Features make sense. So you'd be surprised about the lack of support you do need when using something so intuitive like Relay. 

Joe: And I was just looking you have an app, you can see it there, there's a Relay app, it's got really good reviews. Unlike my old bank. Which has horrible reviews. Like literally my old bank at 1.2 out of five stars, but cool. So talk a little bit about the app you can do with things there. 

Deana: Yeah, you can do everything that you can do on the desktop. The one thing that you can do on mobile that you can't do on desktop is deposit checks. So that's what I have pulled up on my screen here. And you're actually able to view this check deposit whenever you need. So just like at your bank, take a photo of the front in the back, but you're also required to leave a note upon depositing. And that's specifically to help. You know, maybe you have a bookkeeper working with you just answer more questions and we're able to kind of reconcile this a whole lot easier. 

Joe: Nice. Okay. Anything else I'm forgetting that maybe we should ask? 

Deana: So I feel like I've got so many things to share now. It's a little bit about, you know, how you can create the cards easily separated by project, maybe even by property. And what's nice about utilizing the relay debit cards is when you use them, we will pull the brand names and logos for the businesses you're transacting at. So whether it's you, your staff, your bookkeeper, everybody actually understands the transactions rather than decoding them, but you don't recognize the vendor. Let's use, you know, Sutter Stockton here as an example. You can click into the transaction and not only get the category, but also this business phone number, their website, that press and map location. 

Joe: Really, that's huge. I mean, at least three or four times a week. My bookkeepers like, what is this? Where is this from? Woody? And we have to dig into my emails and look at my bank statement and try to Google some weird word to find these. 

Deana: But yeah, yeah, exactly. So this even though we think all the answers are on Google, they're still not write your bookkeeper still comes back to you with those questions you are here your business is in the more transaction you have, the more that you spend time doing that. And yeah, that's not why you got into business in the first place, right? So you can keep tasks like this pretty efficient. 

Joe: Okay, good. So I know you mentioned this, but easy integration in and out of QuickBooks or whatever. 

Deana: Yeah, absolutely. So we have direct connections to QuickBooks Online and Xero. You connect your bank feed once and you never have to reconnect again. So if you anybody here today is familiar with their bookkeeper, constantly pinging them to reconnect their feed or what's your password, you know too well, right Joe? So yeah, you don't have to worry about that. And another thing specific to your industry is many people will start with on one property and end up with multiple, multiple entities in the future, right? It's very common. And once you have one business registered with relay, you can actually register all of the other entities you own for the same set of credentials. So let's say I own six different properties, I have six and I can log into a screen that looks exactly like this. So all of my companies are in one spot. I can switch in between them, transfer funds in between them if I need. But it's all centralized in one log in. 

Joe: Yeah, this is really cool. So you're saying if you have multiple LLCs and there's a lot of real estate investors that do this, they might have one umbrella LLC and then an LLC for house deals, an LLC for land deals, an LLC for multi families or whatever, or different partnerships that you can have. You have it all under one umbrella in Relay, but they're also treated like different accounts, too. Right? 

Deana: Exactly. So although you log in once to access them all, they're all separated by EIN. And so each EIN or LLC in this in this case would have their own 20 checking accounts. You can add your own 50 debit cards. They're all in connection to QBO. So it's all separate. It's just easier to access. 

Joe: Nice. That's really cool. Yeah. All right. What else? What other goodies do you have? 

Deana: I know. I feel like you just keep pulling things out of my bag. That's something new that we recently rolled out at. Relay is an onboarding checklist, so I'm sure many people from your link Joe will be signing up and checking out Relay for the first time, and you might be wondering, how do I get started after I'm approved? So we've launched a onboarding checklist and this is available at the top here, and this is going to help you go through steps to set up your entire relay account. And what's really cool about this specifically for profit first is you can see the first line item here is to create relay accounts and you'll see you can use a template like profit first or start like scraps. So when you go into this option, it's actually going to allow you to set up all of your problem first accounts in one swipe. 

Joe: Wow. Nice. 

Deana: Yeah. And you can select. Which one of those are our wanting to be savings accounts, if any, And you can create them all within one button so you can do the manual way or this way. Honestly, it doesn't matter. It's just more automation and then you just keep going down the list too, to set everything up, which is pretty cool. 

Joe: This looks really simple and easy, but I know there's somebody that's going to be thinking, Oh my gosh, I'm not good. I barely know how to turn a mouse on. So how are they? How do they get help if they need it to set this stuff up? 

Deana: Yeah. So we firstly, I would go I would say go to our knowledge base here. Literally, you search a keyword and you can teach yourself how to do anything. But on a biweekly basis we actually run a webinar going into some of the basics of proper first also. But we're it's a huge focus on how to utilize Relay as a small business owner. So it's basically doing the same thing we do today just with, you know, people in the chat asking questions specific to their business. So that's an option for you as well to join with a bunch of other people wanting to utilize Relay to though and always have recordings of those too. So it's pretty easy. 

Joe: Very cool. Deana This has been great. Anything else you want to show us before we wrap it up? 

Deana: I would just say that collaborating on Relay is really easy too. So if you have other business partner staff, anybody you need access, need to access your account and you can invite them at any time you're in charge of that permission level. But this also works on the advisor side. So if you have a bookkeeper or probably first professional working with, you can also give them access and control what that access looks like. So you can collaborate with anybody that you need to for your business. 

Joe: You know what? I think we have four kids and I was thinking about this like you could even set up each of your kids as a separate account inside of Relay, couldn't you? 

Deana: We could, yeah. We do officially only work with U.S. registered businesses, but, yeah, that is how you could organize a checking account similar to that. Or maybe let's think of it as employees. 

Joe: Yeah, well, now there's something to be said. Some guys do that. They'll. They'll take their kids, make them employees things. Either write offs. Well, this is super cool. Thank you so much again guys Joe McCall dot com slash bank, Joe McCall dot com slash bank Deana it's been super helpful appreciate you being here and putting up with was my shenanigans and asking a million questions I think this is pretty amazing. Thanks. 

Deana: No problem. Thank you for having me, Joe. I've got a million answers here. Millions of questions. So it works for me. I think we make a good duo. But thank you so much for calling me and letting me talk about Relay and profit first. 

Joe: All right. Thank you, Deana. We'll see ya. All right, guys, listen, go to Joe McCall dot com slash bank right now you get a free $50. Oh I forgot to ask what's this if she's still here Deana how does that $50 gift thing work? Is it a gift certificate or is it go to their account or how does that work? 

Deana: Yeah, so they have to use your link that that you have posted here. Sign up and get approved on relay. They have to fund their account with $1. At least you can find it with more of course. And then you'll get a deposit of $50 in your new Relay account shortly after that. 

Joe: Good. All right. Thank you again, Deana. We'll see you later. Thanks, everybody. Go to Joe McCall dot com slash bank and we'll see you later. Take care. Bye bye. 

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