If you’re taking photos professionally, one of the first things you should do is open a business bank account. It might feel like one of those things that you just put off until you’re “making enough,” but it’s one of the most important steps you can take to protect your business AND yourself. In this post, I’m sharing the best business bank account for phtoographers!
Truthfully, there is no threshold of “when” you should open a business bank account. If you are collecting money for photography services, ya need one!
Disclaimer: This post contains a referral link. If you open a Novo account using my link, you’ll receive a $40 reward, and I also earn a commission at no extra cost to you. I only recommend products and services that I personally use and believe are genuinely helpful for photographers running a business!
Why Do Photographers Need a Business Bank Account?
1. More Protection for Personal Assets
Mixing personal and business transactions is a big no-no. 🙅🏻♀️ In the legal world, this is called “piercing the corporate veil.” Let’s say you get into legal trouble with your business. If your business + personal funds are mixed, then that puts both your business AND personal assets at risk. A separate business bank account keeps your personal finances safer.
2. More Organized Finances and Bookkeeping
A business bank account helps you track your income and expenses easier. Instead of digging through your personal bank statements, you’ll have clear, organized records of your business transactions. This makes bookkeeping and tax season SO much easier!
3. More Professional
Trust me – you’ll feel more like a professional photography business owner when you have a separate bank account for your photography business.
Separating your personal and business banking information is also more secure so you don’t have to unnecessarily share personal details with your photography clients.
The BEST Business Bank Account for Photographers: Novo
The best business bank account for photographers is Novo. I’ve used Novo for my own photography business for years, and I absolutely love it! Here’s why I recommend it:
Top Features of Novo for Photographers
- Send Invoices Directly: If you don’t have a full CRM (customer relationship management) software, sending invoices directly from Novo is quick and professional.
- No Minimum Balance Required: A lot of business bank accounts will require a minimum balance to open an account. With Novo, there’s no minimum balance so you can open an account right away!
- Fully Online: I really HATE going into brick & mortar bank locations and waiting in line to do any kind of banking activity. Novo is totally online which is so convenient for me!
- Send Checks Without a Checkbook: I usually prefer to pay people via online methods, but sometimes certain vendors need checks (like when I paid rent at my old studio). With Novo, I don’t have to order a checkbook. I can send checks to my contractors + landlord through my online portal.
- ATM Fee Reimbursement: I don’t usually pull out cash, but it’s nice to know that Novo will reimburse up to $7/mo if I need to. Since I don’t do it often, cash withdrawals are basically free because of this reimbursement.
- The Reserves Feature: I follow the Profit First method, which means I allocate a percentage of every payment to different categories (like taxes, savings, or expenses). Novo’s Reserves feature makes this super simple and will automatically percentages away into different reserves for every payment that comes in.
- Stripe Integration: If you use Stripe to accept payments, Novo integrates seamlessly, making it easier to manage your income.
Get a $40 Bonus When You Join Novo
If you’re ready to open a Novo business bank account, use my referral link! We’ll both get a $40 bonus. It’s a win-win! As I mentioned earlier, I only recommend tools that I love and use myself.
Final Thoughts
Opening a business bank account is one of the first moves you should make when starting a photography business. It protects your personal assets, keeps you organized, and makes your business look more professional. If you’re looking for the best business bank account for photographers, I highly recommend giving Novo a try.
Tap here to register with my referral link and get $40.
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