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Freelancers need solutions that are just as smart and savvy as they are. They need quick transfers, insightful data, and the least of all fees. These make mastering the art of money easy and sensible.
There are some situations where you could use your personal , but we don’t recommend it. If your business is incorporated (LLC) you MUST have a . Sole proprietors could use their personal , but you may want to give yourself a kick in the pants later. You will be better prepared for tax season and new business growth with a . Many are easy to start and completely -free. Our recommendation: Get the . Keep personal and business accounts separate always.
The only tools worth having are the ones that make your life easier. An tailored for freelancers gives you the autonomy and power to control cash in and out of your business. Here’s why an is completely worth it:
There are many great options for online banks. A great not only looks good on paper, but provides you with the functionality you need to run your business.
Just like with credit cards, there are banks out there with some fees. When you operate as a solo or , cutting unnecessary overhead costs is paramount. What really doesn’t work for freelancers is banks with minimum deposits and/or monthly fees. (Looking at you Chase) If you have a small or inconsistent monthly income, these banks are not for you. And always read the fine print. Many perks come only under certain circumstances that your may not be able to achieve.
You also want a that’s friendly with the other apps and software you use to run your business. Look for a that integrates with the things you use: Shopify/Paypal/Stripe, as well as your accounting software. A well-integrated will make the financial management of your business so much easier. Check out what these five banks have to offer you for a .
Tops the list with no monthly fees or balance minimums. The application process is quick and easy, plus they have a human-powered customer service team. Money transfers are wicked fast. Novo integrates well with numerous platforms out there like Shopify, Etsy, Amazon, Stripe, Square, and WooCommerce to name a few. Not to mention they refund all (my doesn’t even do that!)
Favorite low-key awesome feature: Set up to five “Reserves” that pull a dedicated % amount aside from each deposit. This makes saving for tax season and new equipment a no-brainer. A great choice for your .
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Lili‘s mission speaks to our soul: We remove hurdles and support our customers’ freedom, so they can do their thing. Their straightforward approach to makes everything from invoicing to tracking expenses as easy as swiping left or right. Lili is a no-fees, no minimum balance that even offers automatic savings with 1.00% APY. Lili does a fantastic job of making stress-free and…(dare we say) fun?!
Biggest perk: ‘s cash back program partners with vendors that you already use for your business (like MailChimp and Microsoft) and deposits the cash directly into your .
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A NorthOne doesn’t just look classy, they offer first-class features for freelancers and the self-employed. You can easily manage your money, classify transactions, and budget from anywhere. Plus, you can send AND receive payment with just a few clicks on their mobile app.
Stand out feature: Expert budgeting assistance. You can customize your budget to smartly put aside money for rent, taxes, or payroll automatically.
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If you need lending support, Bluevine is for you. Here you can apply to start a line of credit for your business. Not sure if you need a ? Learn if that’s the right move for you here. They offer checking, lending, and bill pay services that can help you streamline your finances. And you better believe that Bluevine checks all our other must-have boxes: no monthly fees, no minimum balances, and unlimited transactions.
The sugar on top: Bluevine checking accounts are eligible to earn 1.5% interest if you meet at least one of the following requirements:
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Hooray for no monthly fees and unlimited -free transactions! Oxygen is well-matched for small- who are looking for a cost-effective way to separate their personal and business finances. You can manage everything on-the-go with the Oxygen app. If you’re looking for opportunities to cash in on more benefits (but with the caveat that you’ll pay an annual ), you can check out Oxygen’s tiered loyalty program here. You will land great benefits like cashback for your regular coffee runs and more!
Biggest perk: You can start with the Oxygen if you have not yet set up an LLC. From there you can follow the steps and get support for forming an LLC for your business. Then you switch over to a .
Freelancing comes with a bucket full of benefits, but you do have to be more responsible and more aware of how you run your business. Mismanaging finances can lead to cash shortages, low-earning months, and heavy doses of stress. Set your freelance business up for success by building good habits early on.
These are fantastic tools for becoming the financial master for your business. A is just the start of the great tools you’ll come to love while running your own company. You will be able to improve your profits by carefully planning and managing your finances. From there your growth and potential are unlimited.
The for your is one that works to improve your experience as an entrepreneur. Consider what daily/weekly/monthly operations will look like for your business and choose a that has the best benefits and functionality for you.
It takes more than a . We can help with that.
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