The 2019 launch of Found gives self-employed and freelancers a single platform to handle their company’s banking finances, maintain records of their bookkeeping, and control their budgets and expenditures. In addition to giving you a Mastercard debit card for business purchases, the business also provides tax and invoicing services, like automatic invoice production. Also, thanks to Found, paying taxes was made easier using their mobile app.

Found versus Regular Banks

Given that many banks impose expensive monthly fees on their business accounts, Found’s no-hidden fees are perhaps its biggest advantage over other banking services for many freelancers and entrepreneurs. You may subscribe to Found+ to have more perks but this comes with monthly payments. Otherwise, the use of Found is completely free.

Found will not run a credit check on you when you open an account in case you’re worried about exposing your financial transactions?

Banking Services Available at Found

Opening an account with Found only takes about five minutes. You’ll get an activation code after providing your email address upon the application. Following this, more of your financial information, like your Taxpayer Identification Number (TIN), will be asked to provide to proceed with your registration.

Instead of commercial banking, Found’s most novel features are related to its tax and invoicing services. Some may forget about their receipts when paying taxes. You’re in luck because Found can screenshot your receipts so you don’t have to worry about misplacing them, making this one of their exceptionable features. Your time spent organizing your accounts and expenses might be significantly decreased by its automatic categorization function. For example, you can make specific expense categories for your company’s needs in sections like travel expenses and office supplies.

As stated Found is more focused on tax management so there’s a wide selection of features to handle your tax more effectively. You can review your tax bills even before their deadline so there will be no unpleasant surprise with how much you’ll have to pay by the end of the month. Save your time and energy going out because you can pay your taxes now using their application. Additionally, if you’re self-employed, Found will create your Schedule C form immediately.

Here’s a list of tax tools that you can use with Found:

• Income Monitoring and Tracker

• Expense tracking integrated for maximum deductions

• Viewing of real-time tax estimate

• Reports on income, loss, expenses, and profit

• Auto-generation of Schedule C and Form 1099

• Auto-save taxes

• Filing of Taxes annually

• Receipts verification and capture

• Can determine write-offs

Additionally, you may add your company’s details to your bills, which can help you project a credible brand to clients. You can also choose a mode of payment to receive money. On the other hand, you cannot receive wire transfers or cash payments, despite the fact that this covers bank deposits, credit cards, and payment methods like Zelle.

Upon opening an account, you will get a Mastercard debit card with no charge. Found will immediately notify you of any transactions placed with your card so you can keep track of the amount on your account. The card can also be used at any Master card ATM to make a withdrawal. Like other regular banking services, account and routing numbers will be made available to your account.

Found Account’s Privacy, Security, and Accessibility

Small business owners’ biggest worry is account safety and protection. Found’s security measures are solid so business owners can feel secure with their accounts. For additional security, Found established a 24/7 monitoring service that will promptly notify you of any unusual activities on your account. This is mainly to prevent fraud.

The strongest protection level currently offered, which is AES-256 encryption, is used to protect all databases. By issuing verification codes to cell phones, Found’s two-factor authentication function allows additional security on their client’s accounts.

Found accounts are also kept by Piermont Bank, an FDIC-insured member, which is also their partnered bank. FDIC member banks are guaranteed $250,000 utmost. So if there has been an emergency crisis, the money that you’ve deposited would be refunded up to this amount.

For more information about their privacy policy, you may check their website.

Mobile Application

You can get the mobile version of Found from Google Play and the App Store where you can:

• Create your income and expense statements

• Pay your taxes

• Cancel and freeze your debit card

• Send and monitor invoices

• Modify the way you classify your expenses

Is Found the Right Bank for Me?

Found is a good tool to centralize all of your finances for your business. Found has a great deal of services when it comes to tax management, bookkeeping solutions, and online coaching that might be really helpful if you have a business to manage. On the downside, physical locations are haven’t yet established. Moreover, accounts on Found are insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) as the banking and tax app is partnered with Piermont Bank.