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Found vs. Traditional Banks

7 Reasons Self-Employed People and Small Business Owners Should Ditch Traditional Banks
Business BankingMay 28, 2024

Self-employed and fed up with traditional banks? You’re not alone. Whether you’ve been a small business owner for a month or a decade, you’ve probably experienced the frustrations of dealing with traditional banks in the past. 

You know the challenges of irregular income streams, managing your own taxes, and juggling multiple business roles. And you know the challenges of having too many things to do and not enough time in your day. Yet traditional banks often treat you like just another number, making you schlep yourself to an in-person branch for a simple task or charging you fees for minimum balances or multiple accounts. 

But what if there was a better way? A financial solution designed specifically for the self-employed, offering the flexibility, tailored services, and understanding that you deserve?

Found: A Game-Changer for the Self-Employed

For the self-employed professional, traditional banking often falls short. Our team talks to hundreds of customers every week who are fed up with traditional banks and are eager to find a better—and more affordable—option. With over half the U.S. workforce predicted to be self-employed by 2027, traditional banking just won’t cut it anymore. As the population of independent workers continues to grow at record rates, a new solution is needed to serve them. 

And that’s where Found was born. Found was built to make self-employment easier. With business banking and smart, simple financial tools, Found helps people seamlessly run their own businesses. With Found, you get access to all of the traditional banking products Found offers, as well as a suite of financial tools built specifically for the self-employed, such as:

  • Found Mastercard Business debit card: The cornerstone to every bank account. Use your card online, in-store, or in your digital wallet.

  • Virtual cards: You can streamline purchasing with virtual debit cards. Create and share in seconds to enable others to spend. Easy tracking, limits, and card locking keep you in control.

  • Get paid faster*: Payday comes up to 2 days earlier with direct deposit into your account.

  • Expense tracking done for you: Every time you use your Found Mastercard Business debit card, Found will track your expenses automatically, helping you find write-offs and save on taxes.

  • Mileage tracking: Keep tabs on your driving, log trips, and calculate deductions right from the Found app.

  • Capture and save receipts: Never lose track of another receipt with receipt capture and notes built right into the app.

  • Auto-save for taxes: We'll estimate how much you owe in taxes based on your income, and help you set money for taxes every time you get paid so you’re ready on tax day.

  • Find write-offs and save: Found automatically tracks expenses and finds write-offs, helping you deduct as much as possible.

  • Simplify tax time: Get an auto-generated Schedule C form and pay quarterly taxes, right in your Found app.

Gone are the days of toggling between various bookkeeping or invoicing platforms or mileage-tracking apps to run your business. With Found, you get access to these essential business banking tools, all-in-one bookkeeping, and intelligent tax features without sacrificing the quality or service a traditional bank might provide.

7 Reasons to Switch from Traditional Banks to Found

See how Found’s business banking and powerful tools can be game-changers for you.

1. Found was built for small business owners.

Traditional banks often overlook the unique needs of small business owners and self-employed individuals. In fact, a study by Aite-Novarica Group shows 84% of millennial-operated SMBs either are already using or have considered using alternatives to traditional banks to run their finances. Built from the ground up specifically to meet this need, Found's all-in-one platform integrates business banking, tax management, bookkeeping, and invoicing. We simplify the challenges of self-employment, such as tax withholding, expense tracking, and financial reporting, so you can focus on running your business. From freelancers to single-member S-corps and consultants to contractors, more than 500,000 business owners have chosen Found to help their businesses run more smoothly. 

2. Found saves you time with full-featured banking.

As a self-employed professional, your time is precious. That's why Found is designed to streamline your financial management, saving you hours of tedious admin work like tracking expenses. Along with powerful banking tools, Found tracks your income, expenses, and tax estimates, helping you manage your books effortlessly–all from one app. Found also offers a range of benefits like custom pockets, multiple virtual cards, and cashback rewards. If you sign up for Found Plus, you get even more, like in-app tax payments for Schedule C filers, custom rules, categories, and tags—not to mention 1.5% APY on balances up to $20K. Keep tabs on your other accounts by importing Venmo, PayPal, bank, and card transactions into Found, so you can track everything in one place. Work with an accountant or bookkeeper to manage your finances? You can easily collaborate with your accountant right from your Found account. 

3. Found saves you money.

Say goodbye to business software with expensive monthly fees. Found offers an entire financial suite, from tax and accounting tools to invoicing to contractor management, for free. (Plus, there are no hidden banking fees or monthly minimums.) When you use Found’s built-in bookkeeping, invoicing, and contractor management tools, get ready to cancel your invoicing tool, payroll system, and Quickbooks, and let Found do the hard work for you. 

4. Found helps you with taxes.

Found makes it easy to estimate and automatically save for future tax payments. All Found customers can set aside a fixed percentage of deposits for tax savings. If you are a sole proprietor, you can also opt to use Found’s smart percentage, which estimates the taxes you need to set aside as a sole proprietor. With every swipe of your card, Found tracks business expenses so you don’t have to. Automatic categorization helps you find write-offs and save on taxes.

5. Your money and data are safe and secure.

Found’s two-factor authentication, fraud monitoring, and data encryption all work overtime to keep your money and data safe. You can monitor transactions with real-time expense notifications and lock your card anytime. Plus, you can rest easy knowing your deposits are FDIC-insured up to $250k through Piermont Bank**.

6. Convenience at your fingertips.

In today's fast-paced world, you need the ability to access your funds on the go.  With Found's mobile app and online platform, you can access your accounts, make transactions, and manage your finances from anywhere, at any time. No more waiting in line or adhering to restrictive branch hours–Found puts convenience at your fingertips.

7. Found will help you grow.

Found doesn’t just stop at business banking. As your business grows, Found will help you grow, too. Ready to outsource some of your work to 1099 contractors? Great! We simplify managing those 1099 contractors with built-in tools that streamline onboarding, W-9 collection, payments, and tax compliance, allowing you to easily scale your business without getting bogged down in more administrative tasks. Found also offers a comprehensive business toolkit with exclusive offers and resources to help you take your business to the next level. From obtaining a Tax Identification Number (TIN) and establishing an LLC to accessing discounted rates on small business insurance and setting up a custom email address, Found provides the tools and resources you need to thrive as a self-employed professional.

Getting started with Found is fast, easy, and free. 

It takes just minutes to sign up for Found, and creating an account is free. No credit check, no minimum deposits, and you can use your virtual card right away.

Time is money. Save both with Found.

Business banking built for the self-employed. Sign up for free.
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Disclaimer: The information on this website is not intended to provide, and should not be relied on, for tax advice. Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. Found's core features are free. They also offer a paid product, Found Plus.

*Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.

**The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.

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    *Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.

    The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.

    The information on this website is not intended to provide, and should not be relied on, for tax advice.

    **Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.

    Found partners with various providers to enable you to compare offers from participating institutions, such as lending, filing service, and insurance providers. Found is not a lender, a filing service, nor an insurance provider.