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If you're looking to start a business, it's highly likely that you'll need to establish a business checking account.
What is a Good Business Checking Option for Small Businesses?
In this post, I'll discuss why a separate business checking account is important, a few key features to consider, and a great small business checking option with no fees I recommend for entrepreneurs and small business owners.
Why is a Business Checking Account Important?
One important reason to establish a business checking account is that it will help you keep personal and business finances separate. When tax season rolls around, having business finances separated from personal expenses will help you avoid tax problems and more clearly provide insight into the profitability of the business.
A business checking account can help you look more professional in the eyes of vendors, allow you to accept credit cards, and simplify bookkeeping tasks - much of which can be automated to save time as well.
Key Business Checking Features to Consider
When searching for and opening a new bank account, a few key features to consider are as follows:
Small Business Checking With No Fees
During my quest for a good small business checking account, there was one option that stood out among its peers. The checking account is by Novo and they market themselves as being "built for small business owners, entrepreneurs, and freelancers."
Here are a few reasons I like Novo and why you should consider them when opening a business checking account:
Any serious entrepreneur or small business owner should understand the importance of a business checking account and keeping personal finances separate.
If you're looking to set up a new business checking account, I'd highly recommend Novo. They have 1) no minimum balance requirements and 2) no monthly maintenance fees. For cash-strapped entrepreneurs, this can make a big difference.
Novo also has a number of other great features that can scale with your business and the application process only takes about 15 minutes.
I hope this post has been a good resource for your small business needs and if you need assistance setting up a checking account for your small business, we'd love to help!
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