Business Banking & Accounting
Small Business Bank Account Options
This post may contain affiliate links and I may earn a small commission at no additional cost to you.
Note: None of the contents of this site should be considered legal advice.
It’s important that you keep your personal and business finances separate. To do this, you’ll need a business bank account. To set up your business bank account, you’ll need your EIN number that was assigned when you registered your business entity.
Most banks offer business checking accounts. However, as a new business, here’s what you’ll want to look for:
- No monthly service charge
- Unlimited card transactions at no additional cost
- Payment processing fees (if applicable)
- No minimum balances
Minimum Balance Required?
$50 starting balance only
Monthly Service Fees?
Stripe, Quickbooks, Xero, etc.
Quickbooks, Stripe, Paypal, etc.
Invoicing & Payment Processing?
Free built-in bookkeeping
Ability to segregate funds within your account
Advancement of funds against unpaid invoices for 85-90% of their total value
Envelope feature helps you save for taxes, rent, and other large expenses
Track and categorize expenses, tax planning, and savings tools buil-in
Once you have your business banking set up, you’ll need bookkeeping software. Accounting and bookkeeping software is essential for running a healthy business. If you plan to use an outside bookkeeper or accountant to help you manage your business finances, be sure to get their input on what software you’ll use.
Accounting software provides you with the tools to track your account’s payables (money you pay to others) and accounts receivable (money paid to you). It’ll also help later on when it’s time to file your taxes.
The best software for you will depend largely on your specific business, financial goals, and desired features. Below are a few of the most popular online options for small businesses:
Wave free, but limited (businesses typically outgrow Wave and its capabilities)
GoDaddy Bookkeeping $4.99 per month
Freshbooks $6 per month
Quickbooks $12.50 per month
Join the Private Facebook Group
Join us in the private Facebook group where we talk all things business. Whether you’re just getting started in your business, working on growing your business, or are simply looking for a side-hustle; we’d love to have you.