I didn't intentionally set out to be here but have accumulated a handful of diverse businesses over the years: short-term and long-term rental properties in Texas and Florida; private lending; a Hill Country ranch that I lease out for grazing and offer for outdoor activities; and a small horse operation in Oklahoma. (And a demanding full-time tech job for now.)

Currently I operate the businesses out of 3 bank accounts. But multiple bank accounts are a pain in the arse and don't seem to help me with bookkeeping.

I am wondering whether I should:

• Keep operating cash for each business in separate checking accounts
• Or, throw all operating cash into a single account and track expenses and incomes for different businesses in a spreadsheet. I don't have payroll or POS, so transaction volume is manageable: a few revenue checks and a few dozen expenses each month.

What are your thoughts and ideas?

Follow up question for extra credit: Do you have business-friendly bank recommendations for the Austin area, Williamson Co or the Hill Country?

Thanks for sharing your experience.

cgh1999 said:

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For a variety of reasons, keeping them separate is the best answer- even if it's annoying. Liability, future sale, accounting, etc.

Bigger picture- if they aren't profitable enough to be worth the effort to manage or hire someone do you think you should get rid of one of the businesses?

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Hi cgh, thanks for the reply. I get your point but "not profitable enough to be worth the effort" isn't the situation.

The purpose of my question is to draw on forum 57 expertise to determine the leanest way to set up banking for multiple businesses. Your recommendation to use separate accounts is probably the right general advice.

Separate accts for sure. I have multiple businesses as well and its just a lot easier tracking expenses to the acct and business

Quote:

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Follow up question for extra credit: Do you have business-friendly bank recommendations for the Austin area, Williamson Co or the Hill Country?

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We switched from Wells Fargo to Plains Capital Bank a few years ago for business accounts, and have been very pleased with their personal and non-bureaucratic approach. I think they have 5-6 branches in the Austin area, and are VERY focused on the needs of small businesses. Highly recommend them.

cgh1999 is an expert. Great source for this type question.