Setting up your bank accounts and credit cards the right way is one of the most important - yet often overlooked - foundations of a successful short-term rental (STR) property management business. In this guide, we answer the most common questions to help you create a financial setup that scales with your business and keeps your books clean.

1. Why does having the right bank account structure matter for STR property managers?

The right structure ensures your business is built on solid ground. As your portfolio grows, you'll save time, reduce headaches, and avoid costly reorganizations. Just as important, separating client funds into a designated trust account keeps your business compliant and professionally managed.

2. What types of bank accounts should an STR manager have?

At a minimum, you need two accounts:

• Trust Account - Holds funds collected on behalf of clients.
• Operating Account - Used for business operations and management income.

A trust account is simply a regular checking account that you designate for this purpose, it doesn’t require any special features at the bank.

3. Should I use personal bank accounts?

No. Always open business bank accounts in your company’s name. This protects your personal assets, keeps finances clean, and supports a professional brand image.

4. What banks do you recommend and why?

We suggest banks that integrate well with third-party tools like QuickBooks Online and allow bookkeeper access.

Top Online Banks:

• Relay Bank
• Mercury Bank
• Bluevine

Top Traditional Banks:

• Chase Bank
• Wells Fargo

These options provide flexible account setups and reliable access controls for your financial team.

5. How many bank accounts should I open?

• Minimum: Trust + Operating
• Profit First Adaptation: Trust, Operating, plus Taxes, Reserves, and Profit accounts. This creates transparency and encourages disciplined cash management while maintaining compliance with trust accounting rules.

6. What is Profit First and how does it fit into STR management?

Profit First is a cash management strategy that ensures you're consistently setting aside money for taxes, profit, and reserves. While not built for property management directly, we adapt it by funneling management income from your Operating Account into separate buckets for clarity and control.

7. How should I implement Profit First in my business?

Once funds hit your Operating Account, transfer portions regularly into:

• Profit Account
• Tax Account
• Reserves Account

This keeps your business cash flow clean and supports long-term growth and financial health.

8. What’s the best way to manage credit cards in an STR business?

Always use business credit cards. If not possible, dedicate a personal card solely to business use. Avoid mixing personal and business expenses - it creates confusion, complicates bookkeeping, and can create potential liability issues.

9. Which credit cards do you recommend?

Choose cards that integrate smoothly with bookkeeping systems and support multi-user access:

• Best for Integration & Access: Chase, Wells Fargo, American Express
• Cards to Avoid (harder for bookkeepers): Capital One, Citi, Bank of America

Also, consider the card rewards (cash back vs. travel points) if you consistently pay your balance in full.

10. Should I get a credit card per property?

No. That’s a logistical nightmare. Use one main card and track expenses by property using:

• Spreadsheets
• Tools like TopKey, Ramp, BILL Spend & Expense
• A third-party bookkeeper like Keystone!

For field and remote employees, issue sub-cards with spending limits.

11. How do I handle owners’ funds and expenses responsibly?

Keep owner money in the Trust Account until disbursement. Only your earned management income and business expenses should flow through the Operating Account. This maintains trust accounting compliance and ensures accurate owner reporting.

12. Should I connect my PMS like OwnerRez or Guesty to QuickBooks or my bank?

Generally, no. Most PMS systems do not integrate well with accounting platforms and can cause significant issues in your ledger. Use PMS for reservation management and QuickBooks (with tools like VR Platform) for accounting.

13. What are common mistakes to avoid?

• Mixing personal and business funds
• Using personal credit cards for business expenses
• Having too many accounts and racking up fees
• Failing to maintain a separate trust account
• Carrying balances on credit cards and paying unnecessary interest

14. How can Keystone help with your banking and credit card setup?

During onboarding, we review your current structure and recommend streamlined, compliant solutions tailored to your business. We help eliminate unnecessary complexity, set up the right accounts, and ensure proper monthly reconciliation - especially for your trust account.

Ready to scale your STR business with clean books and smart systems?

Keystone Bookkeepers helps STR managers get out of the weeds and build financial systems that grow with them. Whether you manage 5 or 75 properties, we’ll help you get your bank and credit card setup right the first time.

Stay tuned for our next blog post, where we’ll dive into the flow of funds - how money moves from guests to owners and how to make the process seamless.