Business finances can already be complicated. You don’t need five different accounts making it worse for yourself. Let’s simplify it with one bank account for your business finances.
If you’ve ever tried to follow the ‘Profit First’ method and thought something like “why the hell do I need this many bank accounts?”, you’re not alone. I’ve been there too. And while I know it’s helped people, I genuinely think it’s overcomplicating something that doesn’t need to be that hard.
You don’t need five accounts. You just need clarity. And one account can absolutely give you that, with the right system.
🚫 Why I Don’t Use Profit First
I’ll be honest – I’ve recommended it in the past. But the truth is, most people don’t stick with it, myself included. It’s too fiddly.
You’re moving tiny percentages around, tracking five different balances, and feeling like a failure every time one of those accounts drops to zero.
That doesn’t help anyone feel safe with money. And if you’re in scarcity mode (more on scarcity mindset in this blog), and constantly staring at empty accounts… It’s going to mess with your ability to grow, or even think straight about your finances.
🫗 My Overflow Formula: It’s Simple, Sustainable, & It Works
Here’s what I do now. I call it the Overflow Formula, and it works beautifully with just one account (maybe two or three if you really want, but no more than that).
Here’s the breakdown:
❇️ One main account
All your income and expenses live here. It’s your business hub. You don’t need a separate account for every little thing; you just need to track what’s coming in and what’s going out.
❇️ One tax pot
Most modern business banks have “pots” or “spaces” now (like Monzo, Starling, Revolut, etc). I use one to automatically set aside a percentage of every payment for tax.
Tip: Look at what % of your revenue you paid in tax last year, and use that number as a guide.
❇️ One overflow pot
This is where your buffer lives. Any money left after you’ve paid yourself and covered your expenses goes here. Overflow is what gives you breathing room in those slower months.
📆 How I Use It Month to Month
Here’s what this actually looks like in practice.
➡️ I log in once a month (yes, really).
➡️ I check if I have enough in my main account to cover my owner’s pay + monthly business expenses (I call this my “magic number”).
➡️ If the answer is yes, I pay myself and leave the rest to cover bills.
➡️ If there’s extra, I move it into overflow.
➡️ If I fall short, I top up from overflow instead of panicking.
It’s that simple. You don’t need to be checking your accounts daily. You don’t need a spreadsheet for every penny. You just need a system that works with your brain, and your real-life income patterns.
🫙 But What If There’s Not Enough?
It happens. Sometimes overflow isn’t there, and you feel like there’s no wiggle room.
Here’s what I do when that happens:
〰️ I make a quick sales push or open up a short-term offer.
〰️ I might reduce my owner’s pay for that month (but I really try not to).
〰️ I pause my savings for a second.
〰️ I remind myself that debt is a tool, not a moral failure, as long as there’s a solid plan to pay it off.
What I don’t do is panic or give up on the system. That’s the point of overflow… it’s meant to catch you when needed.
💫 Don’t Overthink It
If your current bank doesn’t let you set up pots or automations, switch to one that does (even better if you can find a joining or referral bonus).
You’re allowed to make money management easier. Money doesn’t have to be this sticky, awkward, difficult beast within your business.
This system is about consistency, not perfection. You won’t always have loads of overflow, but you will have clarity, and that’s what gives you confidence and comfortability.
You only need one account. One system. And one check-in a month. That’s it.
If you want to hear more about how I use the Overflow Formula (and why I ditched Profit First entirely), you can listen to the full podcast episode here:
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