Bill pay and accounts payable
Route vendor invoices for approval, schedule payments and keep a record.
BILLMelioRamp Bill Pay
Capital Library · Expense management
Expense management & banking
Capital is not only what you borrow. It is also what you keep. The right card, bill pay, payroll and banking tools can cut costs, tighten control and smooth out a seasonal business.
Corporate cards and spend control
Give managers cards without losing control.
Examples, not endorsements or rankings. FEClife receives no payment from any company named here. Confirm fees, rewards and requirements with each provider.
Ramp
Corporate cards with spending limits per employee, receipt matching and bill pay in one platform.
No annual feeBill payAccounting sync
Learn more BILL Spend & Expense
Cards and budgets by team or location, connected to BILL's accounts payable tools. Formerly Divvy.
Budgets by locationAP automation
Learn more Brex
Corporate cards, expense management and business banking built for growing companies.
CardsBankingTravel
Learn more American Express business cards
Charge and credit cards with rewards and employee cards. Fees vary by card.
RewardsEmployee cards
Learn more The back-office stack
Tools that save hours every week.
Accounting
Your general ledger and financial statements. Restaurant-focused tools add inventory and prime cost reporting.
QuickBooks OnlineXeroRestaurant365
Payroll and tips
Payroll, tip distribution, tax filings and new-hire paperwork. Some connect directly to your POS or scheduling tool.
GustoADPPaychexToast PayrollHomebase
Business banking
Online-first banks offer free accounts, sub-accounts and easy integrations. Local banks offer relationships and lending.
MercuryRelayYour local bank
Cash flow forecasting
Project cash 13 weeks ahead so a slow month never surprises you. Many accounting tools include it.
Receipt and mileage capture
Snap receipts from a phone and match them to card charges automatically. Built into most spend platforms.
Fees
Card processing
The fee most operators never negotiate.
- Know your pricing model. Flat rate is simple. Interchange-plus shows the card network cost plus a fixed markup and is usually cheaper at higher volume. Tiered pricing is the hardest to compare.
- Calculate your effective rate. Divide total monthly processing fees by total card sales. Compare that number, not the advertised rate.
- Look for extra fees. PCI compliance, statement, batch, gateway and early termination fees add up.
- Surcharging has rules. Card networks cap surcharges and require notice, and some states restrict them. Check before adding a fee at checkout.
Get your last three processing statements and ask for a quote in writing.
Cash for seasonal venues
Build the cushion before the slow season.
Separate accounts by purpose
Operating, payroll, taxes and reserves. Moving tax money out on payday keeps it from being spent.
Set a reserve target
Many operators aim for two to three months of fixed costs in reserve. Fund it during peak months.
Open a line of credit early
Lenders approve lines when sales are strong. Apply in your busy season, then use it only if needed.
Earn on idle cash
Business savings, money market and sweep accounts pay interest on balances you are not using.
Mind deposit insurance
FDIC insurance covers $250,000 per depositor, per bank, per ownership category. Sweep networks can spread larger balances across banks.
Learn morePrepay with discipline
Deposits for parties and group events are cash you have not earned yet. Track them separately until the event happens.
Keep exploring
More of the capital library
i
Independent information. Your decision. FEClife is not a bank, lender, broker, tax adviser, investment adviser or grant administrator. Programs, tax rules and provider offerings change; confirm current details with the program, the provider and a qualified professional before making decisions.