As a tech entrepreneur or startup founder, you know that managing money is as important as creating the next new thing.

And one of the first steps in solidifying your financial planning is opening up the right business checking account. Whether you’re running payroll, paying suppliers, or tracking other daily business expenses, a business checking account will help streamline your money flow and give you valuable insights into the overall health of your company. Business checking account offerings like those available from Bluevine are perfect for the modern tech business, with flexible features and digital-first tools to help you succeed.

Finding the Right Business Checking Account for Your Startup

When selecting the right account, it is critical to consider features that will improve your tech startup’s productivity. Technology-driven companies should pay close attention to accounts that provide digital-first services, low fees, and an easy-to-use experience. Although there are a number of other factors to think about, the following are of utmost importance:

  • No or Low Monthly Fees — It can be tempting to spend more for additional features, but many startups are looking to save money wherever possible. Look for options that offer fee-free or low-fee checking accounts. And for businesses with cash flow limitations, some platforms offer no minimum balance requirements, reducing the financial strain during this period of significant growth.
  • Streamlined Online Banking — One of the biggest challenges for entrepreneurs is a lack of time, so having a robust mobile and online banking platform is a must. Find business checking accounts that allow you to bank on the go, offering real-time transaction tracking, mobile deposits, and seamless integration with popular accounting software like QuickBooks or Xero.
  • High-Interest or Rewards Opportunities — For businesses with higher cash reserves, some business checking accounts offer an opportunity to earn interest or rewards. While this is not always applicable to the tech industry, younger companies may be able to earn extra funds to reinvest in their startup.

Why Technology Startups Benefit from Digital Business Checking

Tech startups often have a geographically dispersed team or multiple office locations, which makes having to visit a bank to open an account a hassle. Digital business checking accounts address the challenge with same-day access to cash, easy-to-use online money movement, and additional cutting-edge financial software features. A digital-first base account allows founders and operators to pay team members, including contractors, quickly, add and cancel software subscriptions with ease, and keep an eye on cash balances without needing to visit a physical branch location.

Beyond the base online banking and traditional checking account features, tech business banking accounts will have built-in automation. Automatically tagging expenses, the ability to download transaction reports on demand, and connecting a tech company’s other internal software tools will save time that can be used to build new features and bring emerging technology to market.

Conclusion

A great business checking account can offer technology entrepreneurs more than just a place to keep their hard-earned revenue. It’s an opportunity to save time and increase operational efficiency. It can lead to better oversight and a perspective on a startup's overall spend. The solution for startups is to find a low-fee, digitally native account that easily integrates with the business tools.