At Antler Elevate, we’ve focused a lot of our time and energy on identifying companies that are pushing the boundaries of automation. Internally, we’ve used https://www.citybiz.co/article/785736/the-real-value-of-accounting-services-for-startups/ the term ‘AI agents’ to describe this category, though we recognize that’s a catch-all term. The reality is, the space is still evolving, and definitions are far from settled – what qualifies as an ‘agent’ can vary widely depending on who you ask.

• With Novo Boost, Stripe payments hit your account up to 95% faster, keeping your cash flow moving without the usual wait times.
• An outsourced accounting partner can fill this gap, acting as a strategic advisor.
• Graphite manages tax deadlines and optimizes Fintech tax strategies to maximize deductions and credits.
• If you need a banking platform that offers high FDIC coverage, interest-earning accounts, and financial tools to scale your business, Mercury is a great choice.
• Neobanks often offer the same services as traditional banks, such as checking and savings accounts, but they may have lower fees due to their lower overhead costs.
• Startups usually don’t have large reserves of cash to stick in a bank account, which means that avoiding these requirements and costs can be a huge help.

Best for Online Sellers: Novo

Your best funding options in one place, and move forward with guidance from experts who understand your stage and goals. Mercury Treasury allows owners to invest excess cash for higher yields. However, it will take several business days to withdraw funds from Mercury Treasury. Luisa Beltran is a former finance reporter at Fortune where she covers private equity, Wall Street, and fintech M&A. If you’re constantly traveling or managing finances on the go, you’ll want to research user reviews of each bank’s mobile app for reliability and feature depth. A poorly designed app can turn simple tasks into frustrating ordeals.

• The Ink Business Premier Credit Card has a $195 annual fee, and Chase offers other credit card options with no annual fees.
• Venture debt is a type of non-dilutive funding that commonly follows a round of equity funding.
• Chase is huge in terms of branch locations and the options they provide businesses for the long haul.
• For accounting and financial reporting these entities normally present inter-company and consolidation challenges to the finance team.
• Overall, entrepreneurs need a bank that can provide flexible and affordable solutions.

Interest Rates and Fees

AI-native startups have this wow factor that wins over early customers. At the root of this wow factor — the AI does complex tasks that would normally take multiple people working on them full-time. Sarah Tavel from Benchmark writes that founders should “sell work, not accounting services for startups software”. Instead of software being a platform where humans do work, next-gen AI software can just do the work. In most cases, you cannot open a business account if you don’t have an established, legally registered business.

• It’s important to consider whether or not Mercury is the right fit for your startup’s financial needs.
• The SVB crisis is still fresh for everybody, and one of the worst things that came out of the crash was how payroll was almost missed for thousands of companies.
• This tool can help give you an idea of the number of accounts you may need based on the amount of funding your startup has, and the industry you’re in.
• Their Academy program trains professionals in American and Australian accounting practices.
• Fintech platforms are engineered for automated scaling, seamless spending controls, live insights, and instant approval workflows.
• When readers purchase services discussed on our site, we often earn affiliate commissions that support our work.

Invoicing Tools

The Brex business account consists of Checking, a commercial checking account provided by Column N.A., Member FDIC, and Treasury and Vault, cash management services provided by Brex Treasury LLC, Member FINRA/SIPC. Even when the fintech company itself isn’t a bank, they operate through partnerships with chartered institutions. Brex checking accounts, for example, are held with Column N.A., Member FDIC, which faces the same regulatory oversight as any traditional bank.

However, startups looking for a robust platform with access to a savings account and rewards for idle cash should choose Mercury. Mercury has a clear advantage over Novo when it comes to investor connections — particularly for tech startups and high-growth companies. Through its Mercury Raise program, Mercury provides qualified startups with introductions to a network of top-tier investors who can potentially open doors to crucial funding opportunities.

Meow promotes the high APY rate on the Maximum Checking account and the ability to invest in money market funds. It does not offer many of the other financial services startups may need to operate efficiently. Businesses can earn APY rates on checking accounts that are much higher than rates offered by most FDIC-insured banks. Grasshopper’s business checking account, Accelerator Checking, is available to venture-backed startups with Seed and Series A funding, with some restrictions by industry. Grasshopper provides banking products to small businesses and startups, including VC-backed startups. Cash deposits are free for some checking accounts up to a specific monthly amount.

American Express® Business Checking

A Gartner 2023 survey reports that setting a finance technology strategy is a top priority for CFOs. Startup founders need a fully integrated platform so that every cash transaction can be tracked and reviewed in real time. Transfers between bank and investment accounts are fully automated, and month-end reconciliations are performed electronically. Arc does not currently offer a mobile app, which may slow down user productivity. Relay provides business checking and savings accounts, AP processing, and receipt management for businesses.

Business checking for startups and growing companies

“I help founders build with intention, from first funding and turnarounds to exits. My job is to be your partner in the trenches who knows the numbers and brings the right playbook for the moment.” It’s 50/50 people and software—smart tools for instant insights, expert people for strategic guidance. Even though you may not necessarily “need” a small business accountant, you will definitely benefit greatly from hiring and working with one. The bank may also ask for info like the line of business you’re in or annual revenue and expenses. They are also designed with startup business and their owners in mind.

Similar to other online business accounts, Novo does not have physical locations and does have transaction limits. Unfortunately, these limits are opaque and specific to each business. We like the fact that this account charges no monthly or overdraft fees and has no minimum deposit requirement. This account is a good option for growing businesses with moderate transaction activity requiring a higher cash deposit limit.