Finding the right small business banking solution can be difficult when you’re running a business alone. For example, you’ll need more than a personal checking account to manage your day-to-day operations and track your expenses.Craving a robust bank for business, but may not be enthusiastic payment of fees it comes with it.
found offers solutions for freelancers and other self-employed people through its business banking options. For those running their own business, Found is worth exploring because it’s specifically tailored to what you need and don’t.
Let’s explore what Found has to offer.
- Found is a fintech that provides a business banking experience for freelancers and self-employed people.
- No need to pay monthly fees.
- This account includes access to billing, bookkeeping, and tax planning functionality.
What is Found Business Banking?
Found is a fintech that launched in 2019 to provide a freelancer-friendly banking experience.
Importantly, the fund itself is not a bank. Instead, Fintech works with Peermont Bank, which provides the banking side of the service.
what does it offer?
Across the platform, you’ll find features designed to make running your personal business easier. Below we will take a closer look at those features.
Even if you don’t meet the minimum deposit requirements or pass a credit check, you can still sign up for a business checking account at The Found. An unlimited number of transactions are supported once the account is set up.
As a freelancer, an important part of running a business is getting paid on time. This often means offering your customers convenient payment methods.
Found connects to a wide range of apps such as Venmo, Cash App and PayPal to provide a streamlined payment solution.
You can also accept direct deposits through your account. However, you cannot deposit checks or cash into this account.
Bookkeeping is a tedious part of running a small business. Found provides a way to simplify the bookkeeping process.
The account automatically tracks expenses and enables receipt retrieval. Need to keep track of your expenses? Use our handy reporting tools to get a visual picture of how your business is doing.
The best part about being a business owner is that you can handle bookkeeping and banking in one place. No need to manage multiple apps to monitor your finances.
If you are self-employed, tax liability is probably one of your biggest concerns. It’s important to save throughout the year to cover your taxes. However, it is not always clear how much money should be secured. Found solves this pain point for freelancers.
Found automatically sets aside taxes in a separate savings account. Each time we receive a payment, we set aside an amount owed to the IRS. This automation is convenient and helps prevent you from accidentally spending more than you need because your tax money is already set aside.
During the tax period, the Found app will provide a tax estimate. Estimates help you avoid expensive surprises. Additionally, Found will automatically generate a Schedule C form to help you pay your taxes in the app.
This essential business budgeting tool will help you keep your taxes on track.
Last but not least, Found gives you access to unlimited professional invoices. You can create your own invoices, but using Found removes another step in the process of running your business.
After submitting your invoice, Found will help you track its status. For example, you can see when your bill was viewed and paid. If a reminder is needed, Found will automatically send a payment reminder to the client.
Are there any fees?
Found does not charge monthly fees for banking services. You can also avoid ATM fees by sticking to ATMs within the network.
There are no fees, but there is also no APY associated with this account. This means that you will not earn extra money on your account.
How do I contact Found Business Banking?
You can contact Found by sending an email to firstname.lastname@example.org light of the positive trust pilot Rating, you should expect a good experience.
How does Found Business Banking compare?
Found is not the only banking business for freelancers and self-employed people.
Lili is another option for freelancers. We offer different levels of banking, some of which have a monthly fee. However, if you choose to pay the $9 monthly fee, you can take advantage of the lucrative opportunities. Lili also serves as a useful business budgeting tool.
Novo is another banking platform for freelancers. Through this bank account, freelancers can harness the power of algorithms to efficiently handle their finances.
Free (However, some ATMs may charge a fee)
Unlimited (with refund)
How do I open an account?
Want to work with a found? It only takes a few minutes to open an account.
Start by entering your email address and entering your password. Then you have to share information about your business.
Be prepared to share your name, company name, type of business entity, company address, etc. You also have to share your social security number, but you have the option to add his EIN for business later.
If you want to fund your account, please have your funding account information ready.
Is it safe and secure?
When you open a fund account, your deposit is insured by the FDIC through Peermont Bank up to $250,000. This means that your funds are protected within this account.
Is it worth it?
Found offers business banking tailored to the needs of freelancers and self-employed people. Send invoices, collect payments, pay taxes, and monitor the financial health of your business on a single platform.
However, the fund has no way to deposit cash or checks. As a business owner, I also cannot write checks from my account. If you want the option to accept cash or checks, Found may not be the best option for you.
Business Debit Mastercard Found
Withdrawals are free, but be aware that some ATMs may charge their own fees.
Do you accept cash or check deposits?
Ability to earn interest on checks?
Automatically save tax dollars through Found
59154 (via Peermont Bank)