Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
Looking for an accounting definition? We cover all of the basics in our quick guide to accounting terms, so you can quickly understand important accounting terms and get back to running your business.
Credit bureaus arose to help lenders quickly gauge the reliability of a potential borrower. In the past, you could go to the good ol' general store and the owner would know you, your character, and whether or not putting your items on "charge" (or on credit) was a good idea. That method may have worked in the past, when communities were small and isolated, but there had to be a better way moving forward. Thus credit bureaus were born.
Learn what invoice financing is, whether it’s right for your business, and how to find a great financing company to work with in our complete guide.
Lenders like to know exactly how you plan on using the money they may potentially lend to you. If you've made successful investments in the past, like purchasing additional equipment that increased your sales revenue by 25%, and are planning on purchasing more equipment with the loan your applying for, be sure to tell your lender! It will demonstrate that you're experienced in business and that you're likely to increase your cash flow (which a lender hears as "we're getting our money back").
Yes, you need a business checking account. A business bank account is an essential tool just like the internet or your computer, you could run your business without one, but why should you? This protects you legally and helps with taxes.Â
You can get an EIN immediately by applying online via the IRS’s website. All other application methods have a waiting period of at least four business days after applying.
From a rewards-checking perks and features perspective, Grasshopper seems worth it. With APY, cashback, built-in cash flow, invoicing, and no monthly fees, Grasshopper Bank has an enticing package for small business owners. Add potential for lending to the mix and Grasshopper Bank could be a good choice.
Lili Bank has a lot going for it: great accounting features, basic tax support, unlimited transactions, no ACH fees, built-in invoicing, checking and savings account options, banking rewards, and flexible eligibility requirements. These factors contributed to our overall rating of 4.1/5.
The biggest disadvantages of a DBA are that a DBA doesn’t establish a new legal entity and you don’t have ownership over your DBA. You couldn’t sue another company for violating a trademark if it registers a business name similar or identical to yours.
BusinessLoans.com is free, quick, easy to use, and can direct you to the funding you need without ever talking to anybody — and if you do need personalized assistance (or if you simply prefer the personal touch), BusinessLoans.com offers that in spades.
Brex Cash delivers most of the features and functions you’d expect to find in a business bank account and then some. Brex’s no-fee structure and unlimited free transactions are reason enough to like Brex Cash; the high APY and rewards rates are even better.
Ramp and BILL both have a lot to offer to businesses seeking corporate cards. With few if any fees, ample features for expense management and spend control, numerous software integrations, and cashback rewards, either of these cards can be a good choice.
Mercury bank delivers for its target audience: startups looking for an easy entry into business banking services. Of course, it’s not the only business bank ready to serve new businesses, but some features make Mercury stand out in its field.
Two factors in particular influence our decision to recommend Brex over BILL in most cases: BILL’s foreign transaction fees and user reviews indicating that, for some, the BILL application process is difficult. Combined with a concerning lack of transparency about BILL’s eligibility terms, companies looking for a credit card might prefer the easy application process and clear eligibility requirements they’ll find with Brex.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
