In this piece, accountant and money coach Paula Day outlines the simple four-account system that she uses with clients to get their business finances under control.
A client said to me recently: “We’re bringing in over a million a year… but I still don’t feel like I’ve got control over the money. I never know if I can afford to pay myself more or if I’m about to get hit with a big tax bill.”
Sound familiar?
Most practice owners are growing fast, but they’ve never had the time (or support) to build proper financial structure. So instead of making empowered decisions, they’re reacting. They’ve got money coming in but one slow month or unexpected expense throws everything out of whack.
The problem is clear to me. There is no structure in their business and therefore they live with constant stress. I see it all the time. Seven-figure businesses will have one big account, where all the money lives, and no one knows what’s actually available to spend.
I realise it’s not that they’re “bad with money.” They’ve outgrown their system or never had one in the first place.
I have one main solution that works every time: give every dollar a job.
What you want to do is set up a money allocation system that gives you structure, visibility, and peace of mind. No spreadsheets required.
Here is the simple step-by-step version I use with my clients.
Step 1: Set aside time every week or every fortnight to check in with your money.
Book it into your calendar like a client meeting.
During this meeting, take a look at what came in, what’s due out, and how you’re tracking in each account.
This sounds simple but it’s also the thing most business owners avoid.
Awareness is everything.
Step 2: Split your income across four core accounts
Every time revenue comes in, you allocate it into these four buckets:
- Operating expenses: This covers all your regular outgoings, rent, wages, tech, marketing, and any ongoing business costs. Use your average monthly spend to guide how much you’ll need to cover this consistently.
- Tax: This one causes a lot of stress and for good reason. Here’s what to do:
- Talk to your accountant and get a recommended percentage based on your business structure and obligations (including GST and company tax).
- Then, every time money lands, move that portion into a dedicated tax account. No more guessing. No more scrambling.
- Profit: This is not what’s left over. Profit is planned. This is the account that builds your business wealth and gives you breathing space. From this allocation, you’ll pay:
- Yourself (owner’s pay)
- Any bonuses or dividends
- Long-term reinvestment
This is how you start to feel the rewards of running a successful business, rather than just the pressure.
- Cash buffer / business savings: This is your safety net. If revenue slows or something unexpected happens, this account gives you options. Your goal is to build this up to cover three to six months of expenses, including your pay. Even if you start by setting aside a small portion of each week’s revenue, it adds up fast.
This system works because when everything sits in one account, it’s almost impossible to know what’s what.
You see a big number and assume it’s all available to you. But it’s not.
When you split your income into clear categories, you take control. You make better decisions. You stop feeling reactive.
You can finally start building a business that supports you, not the other way around.
This isn’t about perfection. It’s about putting a simple, intentional system in place so you can lead with confidence. Because at this level of business, you shouldn’t be guessing.
You should know with clarity that your bills are covered, your pay is secured, and your business can weather any month.
Let your money work for you, not the other way around.
