Choosing the Right Bank Account for Your Doula Business

As a doula starting your own business, selecting the proper bank account is one of your first important financial decisions. A dedicated business account keeps client payments separate from personal finances and offers tools to help your business grow successfully. However, with various account options available, deciding which features best suit your needs can feel daunting. This article will break down key factors to consider when choosing the right business bank account for your doula business.

Business vs. Personal Account


Before selecting specific features, determine if a dedicated business account or your personal checking is best long-term. Though using one account seems simpler initially, keeping finances fully separate professionally is advisable for tax and legal reasons. Opening a business checking account demonstrates you run your doula services as a legitimate entrepreneurial endeavor. 

Key Account Features


Evaluate features most valuable for your business model. Doulas may value different perks than other professions, so research which are highest priority:

  • Low or no monthly maintenance fees. Look for accounts without charges or balances waiving fees to avoid unnecessary costs.
  • Low transaction fees. Compare ATM reimbursement and chargeback policies for deposit convenience if accepting cash payments from clients. 
  • Debit card. Having a separate business card makes expenditures verifiable for tax reporting versus a personal card.
  • Online and mobile access. Manage deposits, balances, and transfers remotely through computer and app access anywhere, anytime. Some banks even offer photo check deposits on their apps.  
  • Account linkage. Connect your banking directly to accounting programs through automatic data feeds for simple bookkeeping and invoicing tasks.
  • Small business resources. Consider value-added offerings like discounted payroll, merchant card services, and website domains to aid new business setup.

Accounting Integration


To effortlessly track financials, seek accounts integrating smoothly with bookkeeping software. Popular options include:

  • QuickBooks – Allows bank syncs to code transactions, reconcile statements, and generate reports automatically within your accounting platform. 
  • Wave – Offers free basic accounting with bank imports supplying real-time insight into cash flow and expenses.
  • FreshBooks – Tailored specifically for small service businesses, it incorporates bank feeds for simplified time tracking, invoicing and bill payments.

Other Considerations


You may also want to talk to your bookkeeper or CPA to find out if they have a recommendation for a specific bank or a specific function that would be helpful. As an entrepreneur it may all look the same to you but there can be huge differences for others working with your account.

Taking the Time to Choose Right


Carefully research account options thoroughly before decision. Consult fellow doulas for first-hand bank recommendations. You may initially open accounts at multiple institutions to utilize new customer incentives before consolidating finances optimally. Proper banking infrastructure establishes compliance and organizational efficiency indispensable for long-term business administration and operations.

Talk to other doulas! What are you looking for in a doula business bank account?


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