Accountants and bookkeepers have a different relationship with their business checking provider than most small-business owners. You use it as a working example of the tools you recommend to clients, and as the source of transaction data for your own month-end close. A messy bank feed costs you twice: once when you reconcile your firm's books, and again when a client asks why their QuickBooks looks the way it does.

CPA firms, enrolled-agent practices, and bookkeeping firms should look for a business checking account that helps them reconcile transactions, collect client payments, and keep overhead predictable.

What accountants and bookkeepers need from a business checking account

Five things matter more than the rest:

• Clean transaction data. Vendor names should come through readable, not as a string of merchant codes. Categories should map predictably. If you have to scrub the feed every month before importing to QuickBooks or Xero, the provider is adding reconciliation work.
• Client invoicing and ACH collection. Most firms bill on net-15 or net-30. You need a way to send invoices and collect card or ACH payments without setting up a separate payments stack.
• Separation of operating, tax, and payroll funds. Quarterly estimated taxes and payroll runs are predictable, but only if the money is set aside before you spend it. A banking platform that lets you bucket funds inside one account is easier to reconcile than four accounts at four logins.
• Predictable, low overhead. Monthly maintenance fees and transaction caps reduce margins, especially for solo practices.
• Mobile and web access that actually works. Most accounting firms run remote or hybrid. Branch hours don't help when you're closing books on a Sunday night.

Is Novo good for accountants and bookkeepers?

For most service-only firms, yes. Novo fits service-only accounting practices that collect payments by ACH, card, wire, or check and want connected bookkeeping tools.

• No monthly fees, no minimum balance, no-fee ACH in and out. A solo bookkeeper running 30 client retainers through ACH doesn't pay per transaction.
• Direct integrations with QuickBooks Online, Xero, Stripe, Square, and Shopify, included at no additional cost. Using the same integrations can help you understand the payment and bank-feed behavior clients may ask about.
• Novo Reserves let you set aside funds for quarterly taxes, payroll, and operating expenses in separate buckets inside one account, so your books reconcile against one set of statements.
• Built-in invoicing with Stripe so clients can pay by card or ACH directly from an emailed invoice.

The honest tradeoff: Novo does not accept cash deposits. If your firm only takes ACH, card, and check payments — which describes most accounting and bookkeeping practices — this doesn't affect you. If you receive physical cash from clients, you'll want a traditional bank with branch deposits.

Does Novo integrate with QuickBooks and Xero?

Yes. Novo connects directly to both QuickBooks Online and Xero, and both integrations are included at no extra cost.

Transactions sync automatically, so you spend less time on data entry for your own firm's books. You can attach receipts and notes to transactions inside Novo for your own records, which matters when you're substantiating a deduction six months later.

There is also an advisory benefit. Because you use QuickBooks and Xero daily for clients, running your own books through the same connectors sharpens advisory conversations. When a client asks why their bank feed is duplicating entries, you've seen the connector behavior from the banking-platform side, not just the QBO side.

How accountants can get paid by clients through Novo

Most bookkeeping firms bill monthly retainers, and most CPA firms bill engagement fees plus hourly work. Both depend on getting the invoice out and the payment in without friction.

Inside Novo, you can:

• Send invoices directly from the dashboard with Stripe-powered card and ACH payment links.
• Receive incoming wires for larger client retainers or annual engagement payments.
• Send and receive ACH transfers at no cost, which is the realistic channel for recurring monthly bookkeeping retainers.
• Use Novo Reserves to move a portion of each client payment into a tax bucket as payments arrive.

How accountants can use a client invoice template

Here's a plain-text invoice template you can adapt for a monthly bookkeeping retainer or a CPA engagement:

INVOICE

From:
[Firm Name]
[Address]
[EIN]
[Email] | [Phone]

Bill To:
[Client Business Name]
[Client Contact Name]
[Client Address]

Invoice #: [0001]
Invoice Date: [YYYY-MM-DD]
Due Date: [Net 15 / Net 30]

Description                                 Qty   Rate     Amount
-----------------------------------------------------------------
Monthly bookkeeping retainer — [Month]       1    $XXX     $XXX
Bank + credit card reconciliation (3 accts)  3    $XX      $XXX
Payroll journal entries                      1    $XX      $XX
Sales tax filing                             1    $XX      $XX
-----------------------------------------------------------------
                                          Subtotal:        $XXX
                                          Discount:         $XX
                                          Total Due:       $XXX

Payment methods:
- ACH (preferred, no fee): [link]
- Card: [link]
- Check payable to: [Firm Name], mailed to [Address]

Late fee: 1.5% per month on balances past due.
Questions: [Email]

Paste this block into ChatGPT or Claude with a prompt like: "Turn this invoice template into a fillable Google Sheet with line-item formulas, subtotal, discount, and total, plus a second tab that auto-generates a PDF-ready invoice from the line items." Use the output as a starting point, then check the formulas and formatting before adding your firm's branding.

How do Novo Reserves help accounting firms manage cash flow?

A common method for firm cash flow is Profit First: every dollar that comes in gets split immediately into buckets for taxes, owner pay, operating expenses, and profit. At a traditional bank, that means opening four checking accounts, each with its own monthly fee, minimum, and login.

Inside one Novo account you can create a Reserve for each bucket. Novo Reserves enable Profit First-style cash allocation without opening multiple bank accounts. Money moves between Reserves and the main account at no cost. There's one statement, one bank feed into QuickBooks, and no inter-account reconciliation across institutions. If you're new to the concept, our guide to business sub-accounts walks through how to bucket money for taxes and payroll in more detail.

This separation is most useful in Q1 for tax-focused firms with seasonal revenue. If you've been routing a fixed percentage of each client payment into a tax Reserve all year, you walk into April with the money already separated and visible on the dashboard.

A Reserves allocation you can copy

A reasonable starting allocation for a solo bookkeeping or CPA practice with no employees:

Every client payment received → split as follows:

  Taxes (federal + state estimated):   25%
  Owner pay:                           50%
  Operating expenses:                  20%
  Profit (quarterly distribution):      5%
                                      ----
                                      100%

These percentages are only a starting point; adjust them with your own tax advisor based on entity type, state taxes, payroll, and margins. If you want this as a calculator, paste the block above into ChatGPT or Claude with: "Build me a Google Sheet where I enter a deposit amount in cell B2 and the four allocation percentages in B4:B7, and the sheet outputs the dollar amount that should move into each Reserve, with a running year-to-date total per bucket." Use the output as a starting point, then check the formulas before logging real deposits.

How does Novo compare to traditional banks for accountants?

The honest comparison for a service firm is between Novo and the big-bank business checking products most accountants opened first.

| | Novo | Chase Business Complete Banking | |---|---|---| | Monthly fee | $0 | $15, waived at $2,000 average balance | | Included transactions | Unlimited | Up to 20 per month, then per-item fees apply | | ACH transfers | No-fee in and out | Included with the account | | QuickBooks / Xero integration | Included, no extra cost | Available via bank feed | | Stripe invoicing built in | Yes | No | | Cash deposits | Not accepted | Accepted at branches | | Minimum balance | None | None to open; $2,000 to waive fee |

What traditional banks still have over Novo: physical branches, cash deposits, and an existing relationship if you hold a personal account with the same institution. If you accept cash deposits or need in-person branch help, that matters. For a service firm running ACH, card, and check payments through software you already use, the branch is rarely the deciding factor. For a broader view across providers, see our roundup of top business checking accounts.

A few other practical notes for the comparison:

• Novo accepts sole proprietors, so a solo bookkeeper operating under a Schedule C can apply without forming an LLC or corporation.
• Novo integrates directly with QuickBooks Online and Xero.
• For e-commerce-adjacent advisory work, Novo's Shopify, Square, and Stripe integrations let you see the same data flow your clients see.

How can accounting firms open a Novo account?

The online application is designed to be completed in a single sitting.

What you'll need:

• Business formation documents. For an LLC or corporation, your filed articles. For a sole proprietor, your DBA filing if you operate under a trade name. For a full list of what most providers ask for, see our business checking account requirements checklist.
• EIN letter (CP 575 from the IRS), or your SSN if you're a sole proprietor without an EIN.
• Government-issued photo ID for each beneficial owner.
• Basic business details: legal name, address, industry, expected monthly transaction volume.

Once approved, connect QuickBooks Online or Xero, create Reserves for taxes and operating expenses, and send yourself a test invoice before sending one to a client.

What questions do accountants ask about Novo?

Does Novo integrate with QuickBooks Online and Xero?

Yes, Novo integrates directly with both QuickBooks Online and Xero at no additional cost. Transactions sync automatically and you can attach receipts to transactions inside Novo.

Can I accept client payments through Novo?

Yes, Novo includes built-in invoicing powered by Stripe so clients can pay by card or ACH from the emailed invoice. ACH and card availability may depend on the payment method and applicable Stripe fees.

Does Novo charge monthly fees for accountants?

No, Novo has no monthly fees and no minimum balance requirement. There are no per-transaction fees for ACH transfers in or out.

Can I deposit cash at Novo?

No, Novo does not accept cash deposits. For service firms that only take ACH, card, and check payments, this is rarely an issue. If your firm receives physical cash, a traditional bank with branch access is a better fit.

Is Novo good for a one-person bookkeeping business?

Yes. Sole proprietors can open a Novo account, not just LLCs or corporations. Reserves for tax savings, no-fee ACH transfers for retainer collection, and the QuickBooks and Xero integrations cover the main needs of a solo practice.

How long does it take to open a Novo account?

The online application is designed to be completed in a single sitting. Approval timelines vary by applicant.

Does Novo work for accountants who advise e-commerce clients?

Novo integrates with Shopify, Square, and Stripe in addition to QuickBooks and Xero. If you advise e-commerce clients, running your own firm's payments through the same integrations gives you firsthand experience with the connector behavior they'll ask about.