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Tech-Stack: Banking & Credit Cards

Updated: Mar 21

Welcome to our first edition in our series of the CFO Tech Stack!

For the next few articles, we are going to take you through the tools that you NEED to have in your organization…whether it’s to save time, reduce errors, or look cool in front of your friends and family 😎.

Today, we’re going to talk all about business banking and credit cards under the Accounting Software.

Let’s begin!

Choosing the right banking - Accounting Software

The right bank - Accounting software

Before you can do anything in your business…you’ll need a bank.

Sure, you can always pay for things on your personal credit card, but you’ll then have to

deal with all the headache of process expense reimbursements 🤕.

Choosing a bank is also an exciting task as that makes your business “legit”!

While every institution varies in terms of what they need in order for you to open a bank

account, you generally will need:

1. Your Articles of Incorporation (or Certificate of Incorporation). This is proof that

you formed a business.

2. Your Employer Identification Number (EIN).

3. Various forms of identification.

Most banks require you to go into a branch to open an account, but nowadays more and

more banks are allowing you to do so entirely virtually, and some will allow you to open an

account in less than an hour.

Here are the key things to look out for when choosing a bank:

1. Integrations

Many regional banks may seem great to work with because they are a part of your home

town…but they end up causing a lot of issues when you try to connect your bank feed to

various platforms.

The most common integration to set up is one between your accounting software and

bank account, so that all of your transactions will automatically sync without the need for

manual uploading.

Just this one task alone will save you a ton of time each month.

2. Service offerings

Your bank often times won’t be just a place that you hold your cash…

it will also be a place where you apply for a line of credit, put money in a high yield

savings account, invest in a money market account, process ACH / Wires, and much


You may not have this need right when you open your bank account, but it’s a wise move

to think ahead for when your business grows, and your needs expand. Changing banks is

not a fun task!

3. Fees

We’re believers that most activities with your bank should be free.

Nowadays, there are so many options to choose from, there should be little reason why

you would need to pay an annual fee for your account….

Another common fee is for payments, whether that be domestic or international payments,

or ACH vs wire payments.

While it may not be common to get all of these services for free, it should ideally not cost

you a fortune each month

4. Level of Support

OK…this is a really big one.

You do NOT want to wait on hold every time you need to get in touch with someone at

your bank - odds are you are calling because of an issue, and banking issues are not fun.

Instead, look for a bank where you can establish a relationship with someone directly at

the bank who you can email or call.

Accounting Software - Physical vs Virtual credit Cards

Credit cards - Accounting software

Odds are, the bulk of your spending won’t be directly via your bank account.

Instead, it’s common to use credit cards to rack up points, and pay net 30.

There are many options for credit cards, with the most common options to be to get one

from your bank, or via American Express.

But just like there are many options for physical credit cards, there are many options for

virtual credit cards.

And if you haven’t heard of a virtual credit card…oh boy, we are excited to fill you in on

the magic.

With virtual credit cards, you can:

1. Create and destroy cards in a matter of seconds

This is really helpful, as you won’t have to wait in the mail for a new card to arrive, and

instead you can start using your card right away.

2. Assign limits for employees

Remember our comment earlier about how painful expense reimbursements can be?

That’s the beauty of virtual credit cards…there’s no need to reimburse anyone when they

use a company card 😃

Even better, you can assign a specific limit for how much an employee can spend over the

lifetime of the card, or on a monthly basis…

You can also assign specific vendors to the card, ensuring that employees only spend on

specific approved items

The way virtual cards work is that they typically either apply a limit based on a % of your

bank account, or instead act as a debit card where the funds are deducted directly from

your bank account.

Banking & Credit Card providers - Accounting Software

Banks and credit cards - Accounting software

OK…so you know what to look out for when choosing a bank…and you know how to find

the best credit card. Which option should you go for?

Well…we can’t tell you who to choose for each, and that will depend a lot on your

personal preference, and business, but we can suggest a few good options!

Traditional Providers

The benefit of traditional providers is that they have billions and billions in funding,

allowing you to sleep more comfortably knowing that your money is in good hands.

The most common banking & credit card providers that we see are:

Traditional Banking providers - Accounting software

But nowadays, many fintech platforms have come into the mix, allowing you to avoid a lot of red tape involved in working with a traditional provider. Here are our favorite:

Multiple fintech platforms - Accounting software

Choosing the right bank and credit card may seem like a small task, but it can affect a lot

of things in your Finance & Accounting function.

If you haven’t already set up a bank or credit card, take advantage of one of the options

mentioned in this email and set yourself up for success from day one.

If you are thinking of switching banks, recognize that while it’s doable, it will most likely

require a lot of extra work and effort, as migrations can be cumbersome.

What is your favorite bank & credit card?

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