Business Banking & Accounting

Small Business Bank Account Options

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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
 
 
business banking and accounting

Some popular banking options among small businesses include:

Wave

NOVO

BlueVine

NorthOne

Lili

Minimum Balance Required?

No

No

No

$50 starting balance only

No

Monthly Service Fees?

No

No

No

$10

No

Overdraft fees?

n/a

$27

No

$5

No

Integrations?

Yes

Yes

Stripe, Quickbooks, Xero, etc.

Yes

Yes

Quickbooks, Stripe, Paypal, etc.

No

Invoicing & Payment Processing?

Yes

Yes

 

Yes

With integrations

No

Additional Features

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

Accounting

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

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