The main thing Live Oak Bank has going for it is high APY and no monthly fee. You won’t find fintech features like invoicing or accounting like you would with LendingClub and Lili Bank. You also won’t find business checking yet, so if you want additional features, a checking account, or no foreign transaction fees, a Live Oak bank alternative might be a better fit for your business.

Depreciation is a method of writing off an expense over a period of years rather than all at once with a typical tax deduction. Depreciation is used for purchases and expenses that are considered long-term assets, meaning their usefulness lasts longer than one year.

By knowing the basics of what tax deductions are and how tax deductions operate, you’ll be able to understand how to lower your overall taxable income and take the deductions you’re eligible for with confidence this tax season.

There are four types of payroll software systems to choose from: traditional payroll software, industry-specific payroll software, payroll software for accountants, and professional employer organizations (PEOs). Each option will make it easier to process payroll for your business, but may be designed for specific users or provide advanced services.

Most businesses should open a business bank account. Although it’s possible to run a business using your personal bank account, opening a business account makes it easier to track and control your finances. You’ll also find tax time easier and your audit risk lower when you separate your business and personal finances by using business bank services.

The best business savings accounts are easy to apply for, offer an interest rate or APY at or above the national average for savings accounts, and offer features aimed at small businesses. We think Live Oak, First Internet Bank, BlueVine, LendingClub, NBKC, U.S. Bank Platinum Money Market, Lili, Grasshopper, and Prime Alliance meet those requirements.

Opening a business bank account for your LLC can be done quickly and easily. You can even apply online. What you need to open a business bank account will depend on how your business is structured and what the bank you choose requires. Expect to provide government-issued identification, an EIN or Social Security number, your business license, and your incorporation documents.

A business bank account doesn’t have to cost you anything. You can find online accounts for your business that have $0 minimum deposits, $0 monthly fees, and $0 minimum balance requirements.

Maybe your business has been generating a solid amount of income, and you’ve been storing that cash in a traditional business savings account. You want to make more passive income on your savings, but you don’t want to risk your funds evaporating in a volatile marketplace. A high-yield savings account is the middle ground for business owners in this scenario.

If you’re currently using your personal savings or checking account as a savings account for your business, it’s time to start researching and deciding what bank is going to be best for you. Read our article on the documents needed to open a business bank account to learn more about your next steps.