Relay Financial
Business banking platform designed for small businesses and their accountants.
About Relay Financial
Relay is a business bank account built around Mike Michalowicz's Profit First system. Clients open up to 20 individual checking accounts within one business relationship, then set percentage-based auto-transfer rules so money moves on a schedule into Owner Pay, Tax, Operating Expenses, and Profit envelopes without manual intervention. Accountants get a read-only or collaborative portal with live transaction feeds, eliminating the monthly statement chase with clients. It fits sole proprietors and small businesses with under roughly $5M in revenue who are actively running Profit First, and the bookkeepers or accountants managing those clients. Direct feeds push transactions into QuickBooks or Xero in near real-time, which meaningfully reduces reconciliation lag compared to waiting on CSV exports or bank feeds that refresh daily. The main friction point is client adoption: Relay has to become the client's primary operating bank, which is a harder ask than installing an app. It does not offer loans, lines of credit, or merchant services, so it cannot replace a full-service bank for any client who needs credit products. Transaction categorization auto-rules are basic compared to dedicated bookkeeping tools like Synder or Hubdoc. If your client base is not specifically running Profit First, the multi-account structure is overkill and the value proposition shrinks considerably.
Best for
Small businesses using Profit First methodology and accountants who want real-time visibility into client bank accounts
Key Features
- Profit-first banking automation with rule-based transfers
- Real-time accountant collaboration portal
- Multi-account management for business banking
- Direct accounting software integrations
- Automated transaction categorization and feeds
Pros & Cons
Pros
- Auto-transfer rules execute Profit First percentage allocations on a set schedule, removing the manual transfer step clients routinely skip
- Up to 20 checking accounts under one business EIN, each labeled and managed separately within a single login
- Accountant portal gives practitioners live read access to client account balances and transactions without requesting statements
- Direct QuickBooks and Xero integrations push transactions in near real-time, cutting reconciliation lag compared to daily bank feeds
- Free base plan covers core banking and accountant access with no minimum balance requirement
- Zapier connection allows custom automation between Relay activity and other tools in a firm's stack
- Purpose-built for Profit First rather than a generic bank with a Profit First marketing page bolted on
Cons
- Requires the client to switch primary business banking to Relay — a significant adoption barrier compared to tools that connect to existing accounts
- No lending products, lines of credit, or merchant services, so clients with credit needs still need a second banking relationship
- Transaction categorization rules are rudimentary; firms relying on Hubdoc, Dext, or Synder for receipt capture and categorization will still need those tools
- Relay Pro pricing adds a per-month fee and is required for features like priority support and higher transfer limits — the free plan has wire and ACH restrictions
- Smaller user community than established banks means fewer third-party guides, ProAdvisor walkthroughs, and community troubleshooting resources
- Not practical for clients outside the Profit First methodology — the multi-account model creates unnecessary complexity for standard single-account operating setups
Ledger Brief Take
This banking platform tackles the operational headaches of implementing Profit First methodology by automating the percentage-based transfers between accounts that most clients struggle to maintain manually. The accountant collaboration portal gives practitioners direct visibility into client banking without the usual back-and-forth for statements, though you'll need clients willing to switch their primary business banking relationship. Built specifically around Mike Michalowicz's cash management system rather than being a general-purpose business bank with Profit First bolted on.
Frequently Asked Questions
Common questions accountants ask about Relay Financial.
How much does Relay cost for accountants and their clients?
Relay's base plan is free with no minimum balance. Relay Pro runs $30 per month per business account and adds higher ACH limits, outgoing wires, and priority support. Accountants access the collaboration portal at no charge.
How does Relay connect to QuickBooks and Xero?
Relay connects directly to QuickBooks Online and Xero through native integrations, pushing transactions in near real-time. Each Relay account maps to a separate ledger account in the accounting software. The sync is one-directional — banking data flows out to QBO or Xero, not back.
Is Relay a real bank, and how is money protected?
Relay is a financial technology company, not a chartered bank. Banking services are provided by Thread Bank, Member FDIC. Deposits are FDIC-insured up to $3 million through Thread Bank's sweep program across multiple partner banks.
Who is Relay actually built for?
Relay fits small businesses — typically under $5M revenue — that are actively running Profit First and the bookkeepers or accountants serving those clients. It is a poor fit for clients who need credit products, run high transaction volumes requiring advanced categorization, or are unwilling to switch their primary operating bank.
How does Relay compare to Mercury or Bluevine for small business banking?
Mercury targets startups and tech companies with a strong UI and no fees but lacks Profit First automation. Bluevine emphasizes high-yield checking and credit lines. Relay's differentiator is the multi-account Profit First structure and the accountant collaboration portal — neither Mercury nor Bluevine offer both natively.
Can an accountant manage multiple clients inside one Relay login?
Yes. Accountants access an advisor portal that aggregates multiple client Relay accounts in one view. Each client controls their own banking relationship and grants the accountant access. The accountant does not need a personal Relay account to participate.