๐ผ๐ฅ Question for the Skool Community โ Best Online Business Bank Accounts (under $500 to start) & Accounting Setup
Hey Skool Fam ๐, Iโm currently setting up my consulting/wellness brand and looking for insight from fellow business owners and digital entrepreneurs. Iโd love your feedback on the best online business bank accounts and accounting tools for small businesses โ especially ones you can open with $100โ$500 or less. โ
Hereโs what Iโm looking to learn: 1. Best online business bank accounts that: 2. If I'm a Sole Proprietor without an LLC, do I need an EIN from IRS.gov to open a business account? 3. Should I register an LLC, or consider a seasoned shelf corporation later for business credit? 4. Which software works best for digital entrepreneurs to track: 5. Expenses 6. Invoices 7. Tax prep 8. Recurring income (like consulting/coaching services) 9. ๐ฆ Top 7 Online Business Bank Accounts You Can Open with $100โ$500 or Less: Bank NameMinimum Opening DepositHighlightsBluevine$02.0% APY on balances up to $250K, integrates with QuickBooks, no fees.Novo$50Fast setup, virtual debit card, connects to Stripe & Shopify.Relay$0Perfect for solopreneurs and accountants, team access, categorization.Lili Bank$0Great for freelancers/creators. Tax tools, invoicing, debit card.NorthOne$50Simple budgeting with โenvelopes,โ app-friendly.Mercury$0Great for startups, has team management tools & virtual cards.Axos Basic Business Checking$100Reputable, mobile-friendly, no monthly fees, free bill pay. ๐ฌ Bonus Question: What are you using for accounting software that works well with your bank and business structure?Iโm considering: - QuickBooks Online - Xero - Wave (free) - Or something else? - ๐ Iโd appreciate hearing whatโs working best for you, especially if youโve integrated your business bank with Kajabi, ClickFunnels 2.0, or other platforms. ๐ - Letโs help each other win in consultanting, coaching, wellness, wealth, and wisdom ๐ - To your infinite success, Charlie