If you are a small business owner, you know how important it is to have a reliable and efficient bank that can handle your bookkeeping needs. You want a bank that offers low fees, high security, easy integration with your accounting software, and convenient features that save you time and money. But with so many options out there, how do you choose the best one for your business?
In this blog post, we will compare three of the best business banks for bookkeeping in 2023: Relay Financial, Wells Fargo, and Global Credit Union. We will look at their pros and cons, and help you decide which one is right for you.
Relay Financial: The Best Online Bank for Bookkeeping
Relay Financial is an online-only bank that is designed specifically for small businesses. It is backed by Thread Bank, which was founded in 1906 and is FDIC-insured for up to $2 million per account. Relay Financial has no fees and no minimum balance requirements, making it ideal for startups and solopreneurs.
Relay Financial also offers high security with app-based two-factor authentication (2FA) support. You can access your account from any device, and easily set up accountant access to share your financial data. Relay Financial also has great integrations with popular accounting software like QuickBooks Online, Xero, Hubdoc, and Gusto. You can sync your transactions, invoices, bills, receipts, and payroll with just a few clicks.
One of the most unique features of Relay Financial is its enhanced bill pay service, which costs $20 per month and includes same-day ACH payments. You can also request W-9 forms from your contractors when you pay them, and track their tax information. Relay Financial also supports multiple checking accounts, not just subfolders, so you can separate your funds for different purposes.
Another feature that sets Relay Financial apart is its automated Profit First system, which helps you budget your business finances according to the Profit First method by Mike Michalowicz. You can allocate a percentage of your income to different buckets like profit, taxes, operating expenses, and owner’s pay. Relay Financial will automatically transfer the funds to the corresponding accounts every time you get paid.
And if that’s not enough, Relay Financial also offers 1-3% interest-bearing savings accounts that can help you grow your money faster. With all these benefits, it’s no wonder that Relay Financial is our first choice for the best online bank for bookkeeping in 2023.
Wells Fargo: The Best Brick-and-Mortar Bank for Bookkeeping
If you prefer a traditional bank that has physical branches and ATMs, then Wells Fargo is a fantastic choice for your bookkeeping needs. Wells Fargo is one of the largest and oldest banks in the US, with over 5,000 locations and 13,000 ATMs nationwide. Wells Fargo offers a variety of business checking and savings accounts to suit different needs and budgets.
Wells Fargo also has a strong technology presence that makes bookkeeping easier and more accurate. Wells Fargo offers a direct integration with QuickBooks Online that includes automated pulling of bank statements and check/deposit information. This can save you time and reduce errors in reconciling your accounts. Wells Fargo also offers a direct integration with Xero that bypasses Yodlee, which creates a more accurate bank feed. And if you use Hubdoc for statement fetching, Wells Fargo also integrates with it seamlessly.
Wells Fargo also has a highly-rated mobile app (4.8 out of 5 stars) that lets you manage your business finances on the go. You can deposit checks, pay bills, transfer funds, view transactions, and more from your smartphone or tablet. You can also set up alerts and notifications to stay on top of your cash flow and avoid overdrafts or fees.
Wells Fargo is not without its drawbacks, however. Wells Fargo charges monthly service fees for most of its business accounts unless you meet certain balance or transaction requirements. Wells Fargo also has a history of scandals and lawsuits involving fraud, mismanagement, and customer abuse. While Wells Fargo has taken steps to improve its reputation and practices, some customers may still be wary of trusting them with their money.
Overall, Wells Fargo is a solid choice for bookkeeping if you value convenience, reliability, and integration with your accounting software. Wells Fargo is our second choice for the best brick-and-mortar bank for bookkeeping in 2023.
Global Credit Union: The Best Local Bank for Bookkeeping
If you want to support your local community and enjoy personalized service, then finding a bank that plays well with your accounting software can be a challenge when it comes to credit unions and local banks. However, Global Credit Union (formerly Alaska USA Federal Credit Union) has proved to be a step above others in this area.
Global Credit Union is a member-owned cooperative that serves over 700,000 members in Alaska, Washington, California, Arizona, and Nevada. Global Credit Union offers competitive rates and fees, as well as free checking and savings accounts for most businesses. Global Credit Union also has over 55,000 surcharge-free ATMs and 5,000 shared branches nationwide through the CO-OP network.
Global Credit Union also has some features that make bookkeeping easier and faster. Global Credit Union automatically fetches check images and deposit information, which can be a huge time saver when reconciling your accounts. You can also download your transactions in various formats, including CSV, QFX, QBO, and OFX. Global Credit Union also supports direct connections with Quicken and QuickBooks Desktop.
Global Credit Union does have some limitations, however. Global Credit Union does not integrate with Xero or Hubdoc, which may be a deal-breaker for some users. Global Credit Union also has fewer locations and services than larger banks, which may limit your options and convenience. And while Global Credit Union has a mobile app, it is not as robust or user-friendly as some of the other banks.
Global Credit Union is a great option for bookkeeping if you are looking for a local bank that offers low fees, high security, and decent integration with your accounting software. Global Credit Union is our third choice for the best local bank for bookkeeping in 2023.
Choosing the best bank for your bookkeeping needs can make a big difference in your business’s success. You want a bank that offers low fees, high security, easy integration with your accounting software, and convenient features that save you time and money.
Based on our comparison, we recommend Relay Financial as the best online bank for bookkeeping in 2023, Wells Fargo as the best brick-and-mortar bank for bookkeeping in 2023, and Global Credit Union as the best local bank for bookkeeping in 2023.
We hope this blog post has helped you make an informed decision about which bank to choose for your bookkeeping needs. If you have any questions or comments, please feel free to leave them below. And if you need help with your bookkeeping, please contact us today. We would love to help you grow your business.